Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
  

 
  

AIRCRAFT LEASE AGREEMENT 

[VIRGIN/NPA 2015] 
 dated
as of April 29, 2015 
 between 

VX 2015 LLC 
 as Lessor 

and 
 VIRGIN AMERICA INC.

 as Lessee 
  

 
 Certain rights, title and
interests of the Lessor in and to this Lease Agreement have been, or will be, assigned to and are, or will be, subject to a security interest in favor of Bank of Utah (the “Security Trustee”) as security trustee for the Secured
Parties (as defined in a Mortgage and Security Agreement dated as of the date hereof between Lessor and the Security Trustee). This Lease Agreement has been executed in multiple counterparts. The counterpart to be deemed the Original Counterpart
contains a receipt therefor executed by the Security Trustee on its signature page. To the extent that this Lease Agreement constitutes chattel paper (as such term is defined in the Uniform Commercial Code as in effect in any applicable
jurisdiction), a security interest in this Lease Agreement may be perfected only by the transfer of possession of that Original Counterpart. 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 Section 1.
	  	Definitions	  	 	1	  
			
	 Section 2.
	  	Agreement to Lease	  	 	1	  
			
	 (a)
	  	Delivery	  	 	1	  
	 (b)
	  	Acceptance	  	 	1	  
	 (c)
	  	Cape Town Convention	  	 	2	  
	 (d)
	  	Commitment Termination	  	 	2	  
	 (e)
	  	Finance Lease Matters	  	 	2	  
			
	 Section 3.
	  	Term and Rent	  	 	3	  
			
	 (a)
	  	Term	  	 	3	  
	 (b)
	  	Initial Rent; Basic Rent	  	 	3	  
	 (c)
	  	Supplemental Rent	  	 	3	  
	 (d)
	  	Manner of Payment	  	 	3	  
	 (e)
	  	Early Termination Option	  	 	4	  
	 (f)
	  	Note Acceleration; Mandatory Prepayment	  	 	4	  
	 (g)
	  	Absolute Obligation	  	 	5	  
	 (h)
	  	No Deductions or Withholdings	  	 	5	  
			
	 Section 4.
	  	Lessor’s Disclaimer of Warranties; Treatment of Manufacturer’s Warranties	  	 	6	  
			
	 (a)
	  	Disclaimer	  	 	6	  
	 (b)
	  	Manufacturer’s Warranties	  	 	7	  
			
	 Section 5.
	  	Purchase Option; Return of Aircraft	  	 	8	  
			
	 (a)
	  	Purchase Option	  	 	8	  
	 (b)
	  	Purchase Procedure; Termination	  	 	8	  
	 (c)
	  	Return of Aircraft; Condition Upon Return	  	 	9	  
	 (d)
	  	Place of Redelivery; Storage Upon Return	  	 	9	  
	 (e)
	  	Commercially Reasonable	  	 	9	  
			
	 Section 6.
	  	Representations and Warranties; Certain Covenants	  	 	9	  
			
	 (a)
	  	Representations and Warranties	  	 	9	  
	 (b)
	  	Certain Covenants	  	 	14	  
			
	 Section 7.
	  	Registration, Maintenance, Operation and Possession	  	 	17	  
			
	 (a)
	  	Registration and Maintenance	  	 	17	  
	 (b)
	  	Operation	  	 	21	  
	 (c)
	  	Possession and Subleases	  	 	22	  
	 (d)
	  	Terms of Permitted Subleases	  	 	25	  
	 (e)
	  	Wet Leases	  	 	25	  
	 (f)
	  	Assignment of Subleases	  	 	25	  
	 (g)
	  	No Interests in Other Airframes and Engines	  	 	25	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 (h)
	  	Special Operation and Possession Covenants	  	 	26	  
	 (i)
	  	Permitted Sublessee’s Performance and Rights	  	 	28	  
	 (j)
	  	Inspection	  	 	28	  
	 (k)
	  	Information Concerning the Aircraft and Engines	  	 	29	  
	 (l)
	  	Substitution of Engines	  	 	29	  
			
	 Section 8.
	  	Replacement; Temporary Installation; Pooling; Alterations, Modifications and Additions; Etc.	  	 	29	  
			
	 (a)
	  	Replacement of Parts	  	 	29	  
	 (b)
	  	Pooling of Parts; Temporary Replacement Parts	  	 	29	  
	 (c)
	  	Alterations, Modifications and Additions	  	 	30	  
	 (d)
	  	Nameplate and Other Markings	  	 	30	  
	 (e)
	  	No Authorization to Contract for Lessor	  	 	31	  
	 (f)
	  	No Rights of Retention	  	 	31	  
			
	 Section 9.
	  	Loss, Destruction, Requisition, Etc	  	 	31	  
			
	 (a)
	  	Event of Loss with Respect to an Aircraft	  	 	31	  
	 (b)
	  	Replacement Aircraft	  	 	32	  
	 (c)
	  	Release of Liens upon Compliance	  	 	35	  
	 (d)
	  	Event of Loss With Respect to an Engine	  	 	35	  
	 (e)
	  	Application of Payments From Governmental Authorities for Requisition of Title, Etc.	  	 	37	  
	 (f)
	  	Requisition for Use of an Aircraft by the United States Government or the Government of Registry of such Aircraft	  	 	38	  
	 (g)
	  	Application of Payments During Existence of Special Defaults or Lease Events of Default	  	 	38	  
			
	 Section 10.
	  	Insurance	  	 	38	  
			
	 (a)
	  	Bodily Injury Liability and Property Damage Liability Insurance	  	 	38	  
	 (b)
	  	Insurance Against Loss or Damage to an Aircraft	  	 	39	  
	 (c)
	  	Reports, Etc.	  	 	42	  
	 (d)
	  	Self-Insurance	  	 	42	  
	 (e)
	  	Additional Insurance by Lessee; Insurance by Security Trustee	  	 	42	  
	 (f)
	  	Application of Payments During Existence of a Special Default or a Lease Event of Default	  	 	43	  
	 (g)
	  	Terms of Insurance Policies	  	 	43	  
	 (h)
	  	Failure to Insure	  	 	45	  
	 (i)
	  	Continuing Insurance for Indemnity	  	 	45	  
	 (j)
	  	Indemnification by United States Government in Lieu of Insurance	  	 	45	  
			
	 Section 11.
	  	Absolute Obligations	  	 	46	  
			
	 Section 12.
	  	Assignment	  	 	47	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 13.
	  	Events of Default	  	 	47	  
			
	 (a)
	  	Payments on Rent and Notes	  	 	47	  
	 (b)
	  	Other Payments	  	 	47	  
	 (c)
	  	Insurance	  	 	47	  
	 (d)
	  	Breach of Covenant	  	 	47	  
	 (e)
	  	Incorrect or False Representation or Warranty	  	 	48	  
	 (f)
	  	Voluntary Bankruptcy Proceeding	  	 	48	  
	 (g)
	  	Involuntary Uncured Bankruptcy Proceeding	  	 	48	  
	 (h)
	  	Air Carrier License	  	 	48	  
	 (i)
	  	Security Interest	  	 	48	  
	 (j)
	  	Note Purchase Agreement	  	 	49	  
	 (k)
	  	Default under Other Mortgage	  	 	49	  
			
	 Section 14.
	  	Remedies	  	 	49	  
			
	 Section 15.
	  	Further Assurances; Investment of Security Funds	  	 	51	  
			
	 (a)
	  	Further Assurances	  	 	51	  
	 (b)
	  	Investment of Security Funds	  	 	52	  
			
	 Section 16.
	  	Quiet Enjoyment	  	 	53	  
			
	 Section 17.
	  	Notices	  	 	53	  
			
	 Section 18.
	  	Miscellaneous; Governing Law	  	 	53	  
			
	 Section 19.
	  	WAIVER OF JURY TRIAL	  	 	54	  
			
	 Section 20.
	  	Security for Lessor’s Obligation	  	 	54	  
			
	 Section 21.
	  	Lessor and Security Trustee Appointed Attorney-in-Fact	  	 	55	  
			
	 Section 22.
	  	Lessor’s Right to Perform for Lessee	  	 	56	  
			
	 Section 23.
	  	English Language Prevails	  	 	56	  
			
	 Section 24.
	  	Complete Agreement; ACC Counsel-Mandated Revisions	  	 	56	  
			
	 Section 25.
	  	No Merger of Title	  	 	56	  
			
	 Section 26.
	  	General Indemnity	  	 	56	  
			
	 (a)
	  	Operational indemnity	  	 	56	  

  

					
	SCHEDULE 1	 	-	  	Permitted Sublessees
	EXHIBIT I	 	-	  	Form of Lease Supplement
	APPENDIX A	 	-	  	Definitions

  
 iii 

 AIRCRAFT LEASE AGREEMENT [VIRGIN/NPA 2015] 

THIS AIRCRAFT LEASE AGREEMENT [VIRGIN/NPA 2015] dated as of April 29, 2015 (this “Lease”) is between VX 2015
LLC, as lessor (“Lessor”) and VIRGIN AMERICA INC., a corporation organized under the laws of the State of Delaware, as lessee (“Lessee”). 

W I T N E S S E T H: 

WHEREAS, pursuant to the Purchase Agreement Assignments, Lessor will acquire certain rights under the Purchase Agreement in respect of
the Aircraft; 
 WHEREAS, pursuant to the terms and conditions of this Lease, Lessor has agreed to lease the Aircraft to
Lessee; and 
 WHEREAS, Lessee is a certificated air carrier duly authorized by the FAA to operate aircraft, including, without
limitation, the Aircraft, in commercial passenger air transportation. 
 NOW, THEREFORE, the parties hereto agree as
follows: 
 Section 1. Definitions. Unless the context otherwise requires, (a) capitalized terms used herein
and not otherwise defined herein shall have the meanings assigned thereto in Appendix A hereto for all purposes of this Lease and (b) the rules of construction and interpretation shall be as set forth in Appendix A hereto for all
purposes of this Lease. In addition, the following terms shall have the following meanings: 
 “Obsolete Part Amount”
means, in respect of any Aircraft, $780,000, escalated annually on January 1st of each year (commencing January 1, 2016) by 4.0% per annum. 

Section 2. Agreement to Lease. 

(a) Delivery. Lessor hereby agrees on each Delivery Date, subject to (i) the purchase of the Aircraft to be delivered on such
Delivery Date by Lessor in accordance with the Note Purchase Agreement and pursuant to the Purchase Agreement and the relevant Purchase Agreement Assignment, (ii) the satisfaction or waiver of the conditions with respect to such Aircraft set
forth or referred to in Section 4 of the Note Purchase Agreement and (iii) Section 2(d) below, to deliver to and lease to Lessee hereunder, and Lessee hereby agrees, subject to the foregoing and the satisfaction of the conditions set
forth in Section 4 of the Note Purchase Agreement, to accept delivery of, and to lease from Lessor hereunder, such Aircraft, whereupon the Term for such Aircraft shall commence. Lessee acknowledges and agrees that at all times during the
relevant Term, title to such Aircraft (including the Aircraft Documentation) shall remain vested in Lessor. 
 (b) Acceptance. Lessor
hereby appoints Lessee or Lessee’s designee as its attorney-in-fact to accept delivery of the Aircraft under the Purchase Agreement. Lessee hereby agrees that the execution of a Lease Supplement in the form of Exhibit I hereto for an
Aircraft shall be deemed to constitute acceptance of such Aircraft (“as-is”, “where-is”) by Lessee under this Lease. 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 (c) Cape Town Convention. The parties hereto agree that for all purposes of the Cape
Town Convention, upon execution of a Lease Supplement for an Aircraft (i) this Lease, together with such Lease Supplement, will constitute a separate International Interest under the Cape Town Convention with respect to the Airframe and each
Engine identified in such Lease Supplement, (ii) each of the Airframe and Engines identified in each Lease Supplement constitutes an Aircraft Object under the Cape Town Convention and (iii) this Lease, together with such Lease Supplement,
will constitute an agreement for the registration of the Airframe and each Engine identified therein. 
 (d) Commitment Termination.
Notwithstanding anything to the contrary herein, if Delivery of an Aircraft shall not have occurred by the Commitment Termination Date for such Aircraft, this Lease shall terminate with respect to such Aircraft, and the Lessee shall pay to the
Lessor on such Commitment Termination Date an amount equal to all accrued and unpaid Rent in respect of such Aircraft (including, without duplication, any amounts necessary to enable Lessor to meet its obligations under the Operative Documents in
respect of any termination of the associated financing pursuant to the Note Purchase Agreement relating to such Aircraft). 
 (e) Finance
Lease Matters. 
 (i) Granting Clause. Lessee hereby irrevocably grants, assigns, conveys, mortgages, pledges,
hypothecates and transfers to Lessor a security interest in all Lessee’s right, title and interest in, to and under the Aircraft and all proceeds thereof, such proceeds to have the broadest meaning possible in accordance with the Uniform
Commercial Code as adopted by the State of New York and as amended therein from time to time. Lessee hereby specifically authorizes Lessor to execute in its name and to file any and all financing statements, continuation statements, amendments and
other documents as may from time to time be necessary or desirable to perfect any security interest in favor of Lessor granted by Lessee now or hereafter in any and all Aircraft included within any Lease Supplement. Any execution on filing of any
financing statement by Lessor pursuant to this paragraphs is hereby ratified and confirmed in all respects. 
 (ii)
Release. Upon (or at any time after) this Lease shall be terminated in respect of any Aircraft and there shall have been paid in full all amounts owing hereunder in respect of such Aircraft, and provided that there shall be no Default Event
continuing after giving effect to such payment, the Lessee may direct the Lessor to execute and deliver to or as directed in writing by the Lessee an appropriate instrument or instruments prepared by the Lessee and reasonably satisfactory to the
Lessor releasing such Aircraft from the lien of this Lease and the Lessor shall execute and deliver such instruments as aforesaid and give written notice thereof to such Persons as the Lessee may reasonably request. 

(iii) Finance Lease. This Lease is a finance lease. The parties hereto recognize and agree that the Lessee shall be
deemed to be the owner (but not the title owner) of the Aircraft for all commercial, accounting, FAA and tax purposes. 

  
 2 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 Section 3. Term and Rent. 

(a) Term. Subject to acceptance of an Aircraft as provided in Section 2, Lessee hereby leases from Lessor such Aircraft for the
Term applicable thereto. 
 (b) Initial Rent; Basic Rent. Lessee agrees to pay or cause to be paid on the Delivery Date in respect of
each Aircraft the Initial Rent in Dollars in respect of such Aircraft. In addition, Lessee agrees to pay Lessor rent in Dollars for each Aircraft in arrears on each Payment Date occurring during the Term applicable thereto, in each case in an amount
equal to the Basic Rent for such Aircraft. For all purposes of this Lease Agreement, the Basic Rent payable in respect of an Aircraft on each related Payment Date occurring during the Term applicable thereto shall be equal to the sum of
(x) the “Principal Component” set forth in Schedule I to the Lease Supplement for such Aircraft for such Payment Date and (y) the “Interest Component” set forth in Schedule I to the Lease Supplement for such
Aircraft for such Payment Date. 
 Each installment of Basic Rent in respect of an Aircraft payable on any Payment Date shall in all
events be in an amount that is at least equal to the amount of the scheduled principal of, and interest on, the Notes relating to such Aircraft on such Payment Date. 

(c) Supplemental Rent. Lessee shall pay all Supplemental Rent to Lessor or to such other Person to whom such amount may be owed under
the Operative Documents promptly as the same shall become due and owing and in the currency (whether Dollars or another currency) in which the same is due and owing. Lessee will also pay interest on demand to the recipient entitled thereto, as
Supplemental Rent, to the extent permitted by applicable law, at a rate per annum equal to the applicable Post-Default Rate on any part of any installment of Basic Rent not paid when due for the period from and including the due date thereof to but
excluding the date on which the same is paid in full and, in the case of payment to any of the Lessor, any Purchaser and the Security Trustee, on any payment of Supplemental Rent payable but not paid when due for the period from and including the
due date thereof to but excluding the date on which the same is paid in full. For the avoidance of doubt, Supplemental Rent shall include all Commitment Fees, Prepayment Fee, and Break Amount due and payable under the Note Purchase Agreement in
respect of any Series of Notes and all other amounts, other than the principal of and interest on the Notes, payable by the Owner under the Note Purchase Agreement and the other Operative Documents. 

(d) Manner of Payment. All Rent and other sums payable hereunder shall be paid by 1:00 p.m. (New York City time) on the date payment is
due, in Dollars (or, in the case of any Supplemental Rent denominated in a currency other than Dollars, in the relevant currency) and in immediately available funds (or such other funds as are from time to time customary for the settlement of
international banking transactions in Dollars or other relevant currency in New York City or other relevant jurisdiction of such other currency). If any sum payable hereunder falls due on a day which is not a Business Day, then such sum shall be
payable on the next succeeding Business Day; provided that, in the case of Basic Rent payable on a Payment Date, if by virtue of such extension such payment would fall in the next succeeding month, such sum shall be payable on the next
preceding Business Day. All payments of Rent to Lessor and all other amounts payable hereunder by Lessee to Lessor shall be paid to 

  
 3 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 
the Payment Office (or such other account as Lessor, with the prior written consent of the Security Trustee, may specify from time to time in writing not less than ten Business Days prior to the
date on which the relevant amount is payable). 
 (e) Early Termination Option. Provided that neither this Lease nor the Term for the
applicable Aircraft has otherwise terminated, Lessee may, by not less than five Business Days’ prior written notice delivered to Lessor (which notice shall be irrevocable), request that Lessor prepay in full the Notes in respect of (x) any
Aircraft or (y) all of the Aircraft, in each case on the Business Day specified in such notice (the “Voluntary Termination Date”). In such event, Lessor shall promptly give notice of its election to prepay the relevant Notes on
such date as shall be agreed by Lessee and Lessor. On the Voluntary Termination Date, the Lessee shall pay or cause to be paid (A) in the case of the preceding clause (x), an amount sufficient to permit Lessor to pay the Note Value for the
applicable Aircraft as of such date, together with all accrued but unpaid Rent in respect of such Aircraft and all other amounts then due and payable by Lessee under the Operative Documents and (B) in the case of the preceding clause (y),
an amount sufficient to permit Lessor to pay the aggregate of the Note Values for all of the Aircraft as of such date, together with all accrued but unpaid Rent, if any, and all other amounts then due and payable by Lessee under the Operative
Documents. As a condition to any purchase of an Aircraft pursuant to the foregoing, the outstanding principal and interest on the Notes Allocated To such Aircraft, together with all other amounts then due and payable hereunder and under the other
Operative Documents, shall have been (or shall concurrently be) paid in full. Upon payment in full of the amounts payable under this Section 3(e) in respect of an Aircraft, the Term for such Aircraft shall end, and Lessor shall transfer title
to such Aircraft to Lessee or its designee in accordance with Section 5(b). 
 (f) Note Acceleration; Mandatory Prepayment. If
the Notes are expressed to become due and payable or become due and payable in full, upon payment in full of the amounts payable in respect thereof under the Operative Documents, the Term shall end and Lessor shall transfer title to the Aircraft to
Lessee or its designee in accordance with Section 5(b) hereof. 
 (i) If for any reason whatsoever the Notes Allocated
To an Aircraft are expressed to become due and payable or become due and payable in full under any provision of the Operative Documents, including by reason of a mandatory prepayment under Section 3(g)(ix) of the Note Purchase Agreement, then
on the date on which such Notes are expressed to become due and payable or become due and payable in full by Lessor thereunder, Lessee shall pay or cause to be paid, on behalf of Lessor, to the Person entitled thereto in accordance with the terms of
the Operative Documents the sum of (A) an amount sufficient to satisfy, in full, Lessor’s obligation to pay the relevant Note Value applicable to such date, (B) any accrued but unpaid Rent (including, without limitation, amounts
corresponding to accrued interest on such Notes through the date of prepayment) and (C) all other amounts then due and payable by Lessee under this Lease and the other Operative Documents. Upon payment in full of the amounts payable under this
Section 3(f)(i) in respect of an Aircraft, the Term for such Aircraft shall end and Lessor shall transfer title to such Aircraft to Lessee or its designee in accordance with Section 5(b). 

  
 4 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 (ii) In the event that Lessor is obliged to or becomes obliged to prepay any
part the Notes Allocated To an Aircraft under the Operative Documents in a circumstance where the whole of such Notes is not due and payable, then Lessee shall on the date which Lessor is obliged to make the relevant prepayment thereunder pay or
cause to be paid, on behalf of Lessor, to the Person entitled thereto in accordance with the terms of the Operative Documents an amount equal to the amount necessary for Lessor to satisfy the obligation to prepay the relevant amount of the
prepayment to be paid by Lessor under the Operative Documents and all other amounts then due and payable by the Lessor in respect of such prepayment. Any payment made pursuant to the preceding sentence shall (as it relates to principal)
correspondingly reduce the related Note Value. Promptly following any payment by Lessee pursuant to this Section 3(f)(ii), the Purchasers shall prepare revised schedules in substitution for the then current schedules to this Lease. Such revised
schedules shall be prepared on the same basis as the schedules prepared in accordance with the Note Purchase Agreement to reflect that the payment of Basic Rent and Note Value with respect to such Aircraft under this Lease shall each be in an amount
which is sufficient to repay the Notes Allocated To such Aircraft and interest thereon under the Note Purchase Agreement. The revised schedules shall be submitted to each of Lessor and Lessee for approval (which approval shall not be unreasonably
withheld or delayed). Following approval by such parties, the revised schedules shall be substituted for the then existing schedules and henceforth all payments to be made by Lessee under this Lease shall be made in accordance with such substituted
schedules. 
 (g) Absolute Obligation. The obligation of Lessee to pay Rent hereunder shall be absolute and
unconditional as more fully set forth in Section 11. 
 (h) No Deductions or Withholdings. 

(i) All payments by Lessee under or in connection with this Agreement shall be made in full without any deduction or
withholding for or on account of any Taxes unless a deduction or withholding is required by any applicable law, in which event the Lessee shall: 

(1) ensure that the deduction or withholding does not exceed the minimum amount legally required; 

(2) in relation to any payment to a Lessor or an Indemnitee (each, a “Tax Indemnitee”), pay to such Tax
Indemnitee immediately the additional amount that will result in the net amount received by that Tax Indemnitee being equal to the amount which would have been received by that Tax Indemnitee had no such deduction or withholding for Indemnified
Taxes been made; 
 (3) pay to the relevant Governmental Authority within the period for payment permitted by any applicable
law the minimum amount of the deduction or withholding required by law; and 

  
 5 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 (4) when requested to do so by such Tax Indemnitee, provide to such Tax
Indemnitee, within the period for payment permitted by any applicable law, an official receipt or copy of an official receipt (if available) of the relevant Governmental Authority for all amounts deducted or withheld, or if such receipts are not
issued by the relevant Governmental Authority, a certificate of deduction or any other evidence of the relevant deduction or withholding reasonably requested by such Tax Indemnitee. 

(ii) Lessee shall promptly upon becoming aware that it must make a withholding or deduction from any payment required to be
made by it under this Agreement or other Operative Document (or that there is any change in the rate or the basis of a withholding or deduction), notify the affected Tax Indemnitee in writing accordingly. 

(iii) Each Tax Indemnitee and Lessee shall timely furnish a duly executed IRS Form W-9 or an applicable IRS Form W-8 and shall
co-operate in completing any procedural formalities necessary for such Tax Indemnitee and Lessee to obtain authorization to make each payment without deduction or withholding, or, if not possible, to the extent possible at the cost and expense of
Lessee. 
 Section 4. Lessor’s Disclaimer of Warranties; Treatment of Manufacturer’s Warranties. 

(a) Disclaimer. Subject to Section 4(b), Lessee acknowledges and agrees that (A) each Aircraft is of a size, design, capacity
and manufacture selected by and acceptable to Lessee and (B) Lessee is satisfied that each Aircraft is suitable for its purposes. NONE OF LESSOR, ANY PURCHASER OR THE SECURITY TRUSTEE SHALL MAKE OR GIVE OR SHALL BE DEEMED TO HAVE MADE OR GIVEN
AND HEREBY EXPRESSLY DISCLAIMS ANY REPRESENTATION, WARRANTY OR GUARANTEE OF ANY KIND, EXPRESS OR IMPLIED, AS TO (I) THE AIRWORTHINESS, VALUE, CONDITION, DESIGN, COMPLIANCE WITH SPECIFICATIONS OF, OPERATION OF, OR THE QUALITY OF THE MATERIAL OF
OR WORKMANSHIP IN, OR TITLE TO, OR ANY DEFECT IN, ANY AIRCRAFT, ANY AIRFRAME, ANY ENGINE, ANY PART, ANY DATA OR ANY OTHER THING DELIVERED, LEASED, SOLD OR TRANSFERRED HEREUNDER, (II) THE MERCHANTABILITY OR FITNESS FOR USE OR FOR A PARTICULAR
PURPOSE OF ANY AIRCRAFT, ANY AIRFRAME, ANY ENGINE, ANY PART, ANY DATA OR ANY OTHER THING DELIVERED, LEASED, SOLD OR TRANSFERRED HEREUNDER, OR AS TO THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY
INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT OR THE LIKE, OR ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE, (III) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT WITH RESPECT TO ANY AIRCRAFT, ANY
AIRFRAME, ANY ENGINE, ANY PART, ANY DATA OR ANY OTHER THING DELIVERED, LEASED, SOLD OR TRANSFERRED HEREUNDER, WHETHER OR NOT IN STRICT OR ABSOLUTE LIABILITY OR ARISING FROM THE NEGLIGENCE OF LESSOR, ANY PURCHASER OR THE SECURITY TRUSTEE, ACTUAL OR
IMPUTED, (INCLUDING ANY STATUTORY WARRANTY OR 

  
 6 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 
CONDITION UNDER THE LAW OF THE UNITED STATES OR ANY STATE THEREOF, OR (IV) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF, OR DAMAGE TO, ANY AIRCRAFT, ANY AIRFRAME, ANY
ENGINE, ANY PART, ANY DATA OR ANY OTHER THING, FOR ANY LOSS OF USE, REVENUE OR PROFIT, OR ANY OTHER DIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES THEREFROM, IT BEING UNDERSTOOD THAT ALL SUCH RISKS, AS BETWEEN LESSEE AND SUCH OTHER PERSONS, ARE TO BE
BORNE BY LESSEE, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THE OPERATIVE DOCUMENTS. NO PURCHASER NOR THE SECURITY TRUSTEE SHALL BE LIABLE OR OTHERWISE RESPONSIBLE IN ANY MANNER FOR ANY REPRESENTATION OR WARRANTY MADE BY LESSOR HEREUNDER OR UNDER
ANY OTHER OPERATIVE DOCUMENT. 
 (b) Manufacturer’s Warranties. None of the provisions of this Section 4 or any other
provision of this Lease shall be deemed to amend, modify or otherwise affect the representations, warranties or other obligations (express or implied) of the Manufacturer or Engine Manufacturer or any subcontractor or supplier of the Manufacturer or
Engine Manufacturer with respect to any Aircraft, any Airframe, any Engine or any Parts forming a part of or installed on or attached to any Aircraft, any Airframe or any Engine or to release the Manufacturer or Engine Manufacturer or any such
subcontractor or supplier from any such representation, warranty or obligation. So long as no Lease Event of Default shall have occurred and be continuing, Lessee shall have the benefit of and shall be entitled to enforce (as it shall deem
appropriate), either in its own name or in the name of Lessor (at the cost of Lessee and in respect of which enforcement Lessee hereby agrees to indemnify Lessor) for the use and benefit of Lessee during the relevant Term by way of revocable license
(provided that Lessor shall not revoke such license until a Lease Event of Default occurs and shall reinstate such license in the event the Lease Event of Default is cured or waived), any and all dealer’s, manufacturer’s or
subcontractor’s credits, guarantees, indemnities, warranties or other benefits, if any, available to Lessor in respect of any Aircraft, any Engine and/or any Part; provided, that Lessee shall not be entitled to modify, amend or otherwise
alter any of the foregoing without the prior written consent of Lessor except in circumstances where such modification, amendment or alteration could not reasonably be expected to have a material adverse effect in relation to Lessor or any Secured
Party, and Lessor agrees at Lessee’s expense to do, execute and deliver such further acts, deeds, matters or things as may be reasonably requested by Lessee to enable Lessee to obtain customary warranty service furnished for any Aircraft, any
Engine and/or Part by such dealer, manufacturer or subcontractor or any supplier as aforesaid or to exercise any other rights in relation to any of the foregoing benefits, and any moneys recovered from such enforcement shall be promptly paid to, and
retained by, Lessee; provided further, that if a Lease Event of Default shall have occurred and be continuing, any such moneys payable to Lessee shall instead be paid to Lessor as security for, and applied to, the obligations of Lessee
under the Operative Documents in such order as Lessor shall elect and, at such time as no Lease Event of Default shall be continuing, to the extent not so applied, promptly paid to Lessee. Lessee hereby acknowledges the provisions of the Purchase
Agreement Assignments and the Warranty Agreements and of the security interests granted to the Security Trustee in respect of Lessor’s rights, title and interests in and to the Purchase Agreement and the Engine Agreement (as defined in the
applicable Warranty Agreement) created by the Operative Documents. 

  
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 Section 5. Purchase Option; Return of Aircraft. 

(a) Purchase Option. Provided that (i) this Lease has not otherwise terminated in respect of the applicable Aircraft and
(ii) all Rent and other amounts that shall be then due and payable by Lessee to Lessor in respect of the relevant Aircraft shall have been paid, Lessee shall, on the expiry of the Term of an Aircraft, purchase such Aircraft for a purchase price
equal to the remaining balance of the Notes issued in respect of such Aircraft. 
 (b) Purchase Procedure; Termination. In connection
with the purchase of an Aircraft pursuant to clause (a) above or pursuant to Section 3(e) or 3(f)(i), upon payment to Lessor of all amounts payable hereunder and under the other Operative Documents and provided that no Lease Event of
Default has occurred and is continuing, Lessor will transfer to Lessee all of Lessor’s right, title and interest in and to such Aircraft (including any warranties relating thereto and assigned to Lessor pursuant to the relevant Warranty
Agreement), in “AS-IS, WHERE-IS” condition, WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND EXCEPT AS TO THE ABSENCE OF LESSOR LIENS. THE WARRANTY CONTAINED IN THE IMMEDIATELY PRECEDING SENTENCE WILL BE MADE BY LESSOR IN LIEU OF AND IN
SUBSTITUTION FOR, AND LESSEE HEREBY WAIVES, RELEASES AND RENOUNCES, ALL OTHER EXPRESS OR IMPLIED WARRANTIES, CONDITIONS OR REPRESENTATIONS WITH REGARD TO THE CONDITION OF SUCH AIRCRAFT (INCLUDING SUCH AS TO THE STATE, DESCRIPTION, QUALITY,
AIRWORTHINESS, VALUE OR FITNESS OF SUCH AIRCRAFT), AND ALL OBLIGATIONS AND LIABILITIES OF LESSOR HEREUNDER WITH RESPECT TO CONSEQUENTIAL DAMAGES THEREFROM, AND ALL RIGHTS, CLAIMS AND REMEDIES OF LESSEE, EXPRESS OR IMPLIED, ARISING OUT OF LAW OR
OTHERWISE WITH RESPECT THERETO THE USE OR OPERATION OF SUCH AIRCRAFT AND ANYTHING GIVEN OR SOUGHT TO BE IMPLIED FROM ANYTHING SAID OR WRITTEN IN THE NEGOTIATIONS BETWEEN THE PARTIES HERETO OR THEIR REPRESENTATIVES PRIOR TO ENTERING INTO THIS
AGREEMENT WITH RESPECT THERETO. ANY STATUTORY OR OTHER WARRANTY, CONDITION, DESCRIPTION OR REPRESENTATION, EXPRESS OR IMPLIED, AS TO THE STATE, QUALITY, AIRWORTHINESS, VALUE OR FITNESS OF SUCH AIRCRAFT IS EXPRESSLY EXCLUDED, INCLUDING BUT NOT
LIMITED TO: (AA) ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS; (BB) ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE; (CC) ANY OBLIGATION OR LIABILITY WITH RESPECT TO ANY ACTUAL OR
ALLEGED INFRINGEMENT OF PATENTS, LICENSES OR THE LIKE, OR ANY OTHER INTELLECTUAL PROPERTY; (DD) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM EACH PARTY’S OR ITS ASSIGNS’ NEGLIGENCE, ACTUAL OR
IMPUTED; AND (EE) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF OR DAMAGE TO SUCH AIRCRAFT, FOR LOSS OF USE, REVENUE OR PROFIT WITH RESPECT TO LESSEE OR FOR ANY OTHER DIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF WHATEVER
DESCRIPTION. In connection with such transfer, Lessee shall prepare and Lessor shall execute, all in form recordable in the State of Registration, a bill of sale evidencing each such transfer, a termination of this Lease with respect to such
Aircraft and such other documents (including the discharge of the Lien of the Mortgage with respect to such Aircraft and 

  
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opinions of counsel) as Lessee may reasonably request, all at the expense of Lessee. Upon a purchase of an Aircraft by Lessee pursuant to Section 5(a) and payment in full of the amounts
payable under such Section in respect to such Aircraft, this Lease shall terminate for purposes of such Aircraft. 
 (c) Return of
Aircraft; Condition Upon Return. Unless Lessee or its designee shall have acquired title to the relevant Aircraft pursuant to Section 5(b), Lessee will, upon the termination or expiration of this Lease with respect to an Aircraft (other
than following an Event of Loss with respect to such Aircraft), at its own risk and expense, cause the Airframe for such Aircraft together with the Aircraft Documentation therefor to be delivered to Lessor pursuant to Section 5(d), equipped
with its two Engines (or two engines of the same manufacturer or of another manufacturer, of the same or an improved model (it being understood that such engines on such Aircraft shall be of the same model and suitable for installation and use on
the related Airframe but having a value and utility at least equal to, and being in as good operating condition as, the Engines for such Aircraft)), duly installed thereon. At the time of such return, (A) such Aircraft shall have a valid
Certificate of Airworthiness, (B) the Airframe for such Aircraft and such Engines or engines shall be free and clear of all Liens (other than Permitted Liens), (C) the Airframe for such Aircraft and such Engines or engines shall be in as
good operating condition as when originally accepted by Lessee under this Lease, ordinary wear and tear excepted, and in proper operating condition for scheduled revenue passenger flights as provided in this Section 5(c), Section 7(b) and
Section 8 and (D) such Aircraft shall, except as otherwise provided herein, be in substantially the same configuration and have installed the same or equivalent avionics and other equipment, safety equipment and appurtenances as when such
Aircraft was originally delivered to Lessee hereunder (it being agreed that the records of the Manufacturer, including the Purchase Agreement and the Aircraft Documentation, shall be prima facie evidence thereof). 

(d) Place of Redelivery; Storage Upon Return. Each Aircraft to be returned pursuant to Section 5(c) shall be returned at any
airport in Lessee’s network (as reasonably designated by Lessor in its sole discretion) that is an airport in the continental United States of America where the Aircraft may safely land, and Lessee shall retain the risk of loss for such
Aircraft, its Airframe, Engines and Parts until they are returned in conformity with the provisions of this Lease at such airport. 
 (e)
Commercially Reasonable. Lessor and Lessee agree that all of the foregoing provisions of this Section 5 are commercially reasonable. 

Section 6. Representations and Warranties; Certain Covenants. 

(a) Representations and Warranties. Lessee represents and warrants to Lessor that as of the date hereof and on each Delivery Date: 

(i) Existence. The Lessee is a corporation duly organized and validly existing in good standing pursuant to the laws of
the State of Delaware; is duly qualified to do business as a foreign corporation in each jurisdiction in which its operations or the nature of its business requires to be so qualified, except where the failure to be so qualified would not have a
material adverse effect on the Lessee or its business; is a U.S. 

  
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Air Carrier; and has the corporate power and authority to engage in air transport and to carry on scheduled passenger service as presently conducted, to own each Aircraft and to enter into and
perform its obligations under the Operative Documents. 
 (ii) Authorization. The execution, delivery and performance
by the Lessee of the Operative Documents will, on such Delivery Date, have been duly authorized by all necessary corporate action on the part of the Lessee, do not require any stockholder approval, or approval or consent of any trustee or holders of
any indebtedness or obligations of the Lessee except such as have been duly obtained by such Delivery Date and will on such Delivery Date be in full force and effect, and none of such Operative Documents contravenes any law, judgment, government
rule, regulation or order binding on the Lessee or the certificate of incorporation or bylaws of the Lessee or contravenes the provisions of, or constitutes a default under, or results in the creation of any Lien (other than Permitted Liens) upon
the property of the Lessee under, any indenture, mortgage, contract or other agreement to which the Lessee is a party or by which it or its properties may be bound or affected. 

(iii) No Additional Authorization. Neither the execution and delivery by the Lessee of the Operative Documents nor the
performance by the Lessee of its obligations thereunder requires the consent or approval of, the giving of notice to, or the registration with, or the taking of any other action in respect of any Federal, state or foreign government authority or
agency, except for (A) the orders, permits, waivers, exemptions, authorizations and approvals of the regulatory authorities having jurisdiction over the operation of each Aircraft by the Lessee, which orders, permits, waivers, exemptions,
authorizations and approvals have been duly obtained or will on or prior to such Delivery Date be duly obtained, and will on such Delivery Date be in full force and effect, (B) any normal periodic and other reporting requirements under the
Federal Aviation Act and the regulations promulgated thereunder and the applicable rules and regulations of the FAA, in each case to the extent required to be given or obtained only after such Delivery Date and (C) any filings, registrations or
applications specifically described in this Agreement or the Note Purchase Agreement. 
 (iv) Enforceability. The
Operative Documents to which the Lessee is a party delivered on or prior to the date hereof or such Delivery Date, as the case may be, each constitute legal, valid and binding obligations of the Lessee enforceable against the Lessee in accordance
with the terms thereof except as such may be limited by equitable principles or applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally. 

(v) No Pending Actions. There are no pending or threatened actions or proceedings before any court, arbitrator or
administrative agency which individually (or in the aggregate in the case of any group of related lawsuits) is expected to have a material and adverse effect on the financial condition of the Lessee or the ability of the Lessee to perform its
obligations under the Operative Documents. 
 (vi) Validity of Security Interests. Except for (A) the filing with
the FAA of an FAA Entry Point Filing Form – AC Form 8050-135 and the procurement of a 

  
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unique authorization code for the following registrations on the International Registry and the registration of such interests on the International Registry: (i) the contracts of sale with
respect to the related Airframe and each Engine constituted by the FAA Bill of Sale and/or the Warranty Bill of Sale with the Manufacturer as seller and the Lessor as buyer, (ii) the international interests with respect to the related Airframe
and each Engine constituted by the Mortgage and the related Mortgage Supplement (incorporating the terms of the Mortgage) with the Security Trustee as creditor and the Owner as debtor, (iii) the international interest with respect to the
related Airframe and each Engine under the Lease and the related Lease Supplement (incorporating the terms of the Lease) with the Lessor as creditor and the Lessee as debtor, (iv) the assignment of international interest with respect to the
related Airframe and each Engine constituted by the Mortgage and the related Mortgage Supplement (incorporating the terms of the Mortgage) (assigning the international interest under the Lease and the related Lease Supplement, including an
assignment of the right to discharge such international interest) with the Security Trustee as assignee and the Lessor as assignor and (v) the transfer of the right to discharge the international interest with respect to the related Airframe
and each Engine under the Lease and the related Lease Supplement with the Lessor as transferor and the Security Trustee as transferee, (B) the filing for recording pursuant to the Federal Aviation Act of the FAA Bill of Sale for such Aircraft
(and the application for registration of such Aircraft in the name of the Lessee) and the Mortgage with the Mortgage Supplement and the Lease with the Lease Supplement for such Aircraft and (C) the filing of financing statements (and
continuation statements at periodic intervals) with respect to the interests created by such documents under the Uniform Commercial Code of Delaware and such other states as may be specified in the opinion furnished pursuant to
Section 4(b)(xii) of the Note Purchase Agreement, no further action, including any filing or recording of any document (including any financing statement in respect thereof under Article 9 of the Uniform Commercial Code of any applicable
jurisdiction), is necessary or advisable in order to establish and perfect the first mortgage Lien on such Aircraft and the assignment of the Lease with respect to such Aircraft in favor of the Security Trustee pursuant to the Mortgage or to
establish as against third parties the international interests and assignment of international interests under the Mortgage in any applicable jurisdiction in the United States. 

(vii) No Defaults. There has not occurred any event which constitutes a Lease Default or a Lease Event of Default under
the Mortgage which is presently continuing. 
 (viii) Finances of Lessee. (x) On the date hereof (in the case of
the December 31, 2014 financial statements) and on the Delivery Date for a Designated Aircraft, the statements of financial position of the Lessee as of December 31, 2014 and March 31, 2015 and the related statements of earnings and
cash flow of the Lessee in all material respects for the year and fiscal quarter, as the case may be, then ended, copies of which have been furnished to each Purchaser, fairly present the financial condition of the Lessee at such date and the
results of operations and cash flow of the Lessee for the period ended on such dates, in accordance with generally accepted accounting principles consistently applied, subject, in the case of the March 31, 2015 statements, to normal year-end
adjustments, and (y) since December 31, 2014 there has been no material 

  
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adverse change in such condition having a material adverse effect on the Lessee’s ability to perform its obligations under the Operative Documents. 

(ix) Liens on Aircraft. On the Delivery Date for a Designated Aircraft, the Lessor will have good title to such Aircraft
free and clear of all Liens, except the Lien of the Mortgage. On the Delivery Date for a Designated Aircraft, such Aircraft (A) shall have a valid export certificate of airworthiness issued by the French Direction générale de
l’aviation civile, (B) will have been insured by the Lessee in accordance with the terms of the Mortgage, will have suffered no Event of Loss and will be in the condition and state of repair required under the terms of the Mortgage and
(C) will have the necessary instruments filed with the FAA in order to duly register such Aircraft in the name of the Lessee under the Federal Aviation Act. 

(x) Securities Compliance. Assuming the Purchasers are purchasing their Notes in the ordinary course of their commercial
banking business, none of the transactions contemplated by this Agreement will violate or result in a violation of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any regulations issued pursuant thereto.

 (xi) No Public Offering. Neither the Lessee nor anyone acting on behalf of the Lessee has directly or indirectly
offered any interest in the Notes for sale to, or solicited any offer to acquire any of the same from, anyone other than the Purchasers and not more than 35 other institutions believed capable of evaluating and bearing the risks of investment in the
transactions contemplated hereby. 
 (xii) No ERISA Violation. (v) The Lessee has not engaged in any transaction
in connection with which the Lessee could be subjected to either a material civil penalty assessed pursuant to Section 502(i) of ERISA, or a material tax imposed by Section 4975 of the Code; (w) no material liability to the Pension
Benefit Guaranty Corporation (other than liability for premiums) has been incurred by the Lessee with respect to any Plan; (x) there has been no event or condition which presents a material risk of termination of any Plan by the Pension Benefit
Guaranty Corporation; (y) the Lessee and any affiliate (as defined below) has not committed, or does not expect to commit, a failure described in ERISA Section 303(k)(1) or Section 430(k)(1) of the Code (whether or not waived) with
respect to any Plan; and (z) no material amount of “withdrawal liability,” as that term is used in Section 4201 of ERISA, has been or is expected to be incurred by the Lessee nor has the Lessee or any affiliate of the Lessee been
notified by any multi-employer plan (within the meaning of Section 3(37)(A) of ERISA) that such multi-employer plan is in reorganization or insolvency within the meaning of Section 4241 or Section 4245 of ERISA or that such
multi-employer plan intends to terminate or has been terminated under Section 4041A of ERISA (for purposes of subclauses (y) and (z), the term “affiliate” shall mean any corporation or person (within the meaning of ERISA
Section 3(9)) which together with the Lessee and any other related entity would be deemed to be a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code. 

  
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 (xiii) No “Prohibited Transactions”. Assuming the accuracy
of the representations set forth in Section 7(b)(ii) of the Note Purchase Agreement (and Section 5(ii) of each Assignment and Assumption Agreement, if any), the purchase and holding of the Notes will not result in a “prohibited
transaction,” within the meaning of Section 406 of ERISA or Section 4975 of the Code with respect to the transactions contemplated hereby which could subject the Lessee to any tax or penalty pursuant to Section 4975 of the Code
or Section 502(i) of ERISA. 
 (xiv) Investment Company. The Lessee is not an “investment company” as
defined in, or subject to regulation under, the Investment Company Act of 1940. 
 (xv) No Material Misstatement or
Omission. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Lessee to the Security Trustee, any Agent or any Purchaser in connection with the negotiation of this Agreement or delivered
hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading. 
 (xvi) Federal Reserve Regulations. No part of the proceeds of any Note hereunder will be
used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve, including Regulations U and X. 

(xvii) Cape Town Matters. (A) The Lessee: is a “transacting user entity” (as such term is defined in the
Regulations of the International Registry); and is “situated”, for the purposes of the Cape Town Convention, in the United States; (B) the Airframe and related Engines financed on such Delivery Date are “aircraft objects”
(as defined in the Cape Town Convention); (C) the United States is a Contracting State under the Cape Town Convention; (D) the FAA Bill of Sale for the Airframe and/or the Warranty Bill of Sale for such Airframe and related Engines
constitutes a “contract of sale” (as defined in the Cape Town Convention), the Mortgage and the Mortgage Supplement for such Aircraft conveys an international interest in such Airframe and related Engines and assigns an international
interest in the Lease and the Lease Supplement with respect to such Airframe and related Engines, and the Lease and the Lease Supplement for such Aircraft constitutes an international interest in such Airframe and related Engines; and (E) the
obligations of the Lessee under this Lease in respect of such Airframe and related Engines are “associated rights” (as defined in the Cape Town Convention). 

(xviii) AML Laws; Anti-Corruption Laws and Sanctions. The Lessee has implemented and maintains in effect policies and
procedures designed to ensure compliance by the Lessee, its subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, applicable AML Laws and applicable Sanctions. None of (a) the Lessee, any
subsidiary or any of their respective directors or officers, or, to the knowledge of the Lessee, any of their respective employees or Affiliates, or (b) to the knowledge of the Lessee, any agent of the Lessee or any

  
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subsidiary or other Affiliate that will act in any capacity in connection with or benefit from the credit facility established hereby, (i) is a Sanctioned Person, or (ii) is in
violation of AML Laws, Anti-Corruption Laws, or Sanctions. No Notes, use of proceeds or other transaction contemplated by this Agreement will cause a violation of AML Laws, Anti-Corruption Laws or applicable Sanctions by any person participating in
the transactions contemplated by this Agreement, whether as lender, Lessee, guarantor, agent, or otherwise. The Lessee represents that, except as disclosed to each Agent and the Purchasers prior to the date hereof, neither it nor any of its
subsidiaries, nor its parent company, or, to the knowledge of the Lessee, any other Affiliate has engaged in or intends to engage in any dealings or transactions with, or for the benefit of, any Sanctioned Person or with or in any Sanctioned
Country. 
 (xix) Citizenship. The Lessee is a “Citizen of the United States” within the meaning of 49
U.S.C. § 40102(a)(15), as amended, or any successor statutes thereto. 
 (b) Certain Covenants. Lessee covenants and agrees
as follows: 
 (i) Lessee Merger. For so long as the Lien of the Mortgage remains in force, the Lessee shall not enter
into any merger or consolidation, or sell, transfer, lease or convey all or substantially all of its assets, unless: 
 (1)
No Default. No Event of Default has occurred and is continuing or would result therefrom; 
 (2) U.S. Air
Carrier. The Lessee is the surviving corporation or, if otherwise, such other Person or continuing corporation (herein called “Successor Corporation”) is a corporation or limited liability company incorporated under the laws of
a state of the United States, and shall be a U.S. Air Carrier; 
 (3) Requirements of Successor Corporation. In the
case of Successor Corporation, the Successor Corporation shall (A) execute, prior to or contemporaneously with the consummation of such transaction, such agreements, if any, as are in the reasonable opinion of the Security Trustee necessary or
advisable to evidence the assumption by the Successor Corporation of liability for all of the obligations of the Lessee under the Mortgage and the other Operative Documents, (B) make such registrations, recordings and filings, and take such
other action with respect to the Operative Documents, as shall be necessary or advisable in the reasonable opinion of the Purchasers to protect their security interest in each Aircraft, and (C) cause to be delivered to the Security Trustee and
each Purchaser such legal opinions (which may be from in-house counsel) as any of them may reasonably request in connection with the matters specified in the preceding clauses (A) and (B) provided that if by operation of law
(x) assumption by the Successor Corporation of liability for all of the obligations of the Lessee under this Lease and the other Operative Documents and (y) protection of the Purchasers’ security interest in each Aircraft, occurs
automatically, to the extent 

  
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applicable, the agreements, registrations, recordations, filings and legal opinions described in this Section 6(b)(i)(3) shall not be required; and 

(4) Tangible Net Worth of Successor Corporation. Prior to such transaction, the Purchasers shall obtain evidence to the
effect that the Tangible Net Worth of the Lessee or Successor Corporation after giving effect to such transaction is no less than the Tangible Net Worth of the Lessee immediately prior to such transaction. 

As used herein, 

“Tangible Net Worth” means, as at any date for any Person, the sum for such Person and its Subsidiaries (determined on
a consolidated basis without duplication in accordance with generally accepted accounting principles), of the following: 

(a) the amount of capital stock, plus 

(b) the amount of surplus and retained earnings (or, in the case of a surplus or retained earnings deficit, minus the
amount of such deficit), minus 
 (c) the sum of the following: cost of treasury shares and the book value of all
assets which should be classified as intangibles, including goodwill, minority interests, research and development costs, trademarks, trade names, copyrights, patents and franchises, and unamortized debt discount and expense. 

Upon any consolidation or merger in accordance with this Section 6(b)(i), the Successor Corporation shall succeed to, and be substituted
for, and may exercise every right and power of, the Lessee under this Agreement with the same effect as if such Successor Corporation had been named as the Lessee herein. 

(ii) Financial Information. The Lessee shall provide to the Agents and the Security Trustee (i) (x) within
60 days after the end of each of the first three quarterly periods in each fiscal year of the Lessee, either (1) a consolidated balance sheet of the Lessee and its consolidated subsidiaries prepared by it as of the close of such period,
together with the related consolidated statements of income for such period, certified by the Lessee’s chief executive officer or chief financial officer as having been prepared on a consolidated basis in accordance with GAAP consistently
applied (except for inconsistencies required by changes to GAAP and changes approved by the accountants referred to in clause (y)(1) below in accordance with GAAP), subject to normal year-end audit adjustments and the absence of footnotes or
(2) a report of the Lessee on Form 10-Q in respect of such period in the form filed with the Securities and Exchange Commission; and (y) within 120 days after the close of each fiscal year of the Lessee, either (1) a
consolidated balance sheet of the Lessee and its consolidated subsidiaries as of the close of such fiscal year, together with the related consolidated statements of income for such fiscal year, as certified by independent public accountants of
recognized national standing selected by the Lessee to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Lessee and its subsidiaries on a
consolidated basis in accordance with GAAP consistently 

  
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applied (except for inconsistencies required by changes to GAAP and changes approved by such accountants in accordance with GAAP), or (2) a report of the Lessee on Form 10-K in respect
of such year in the form filed with the Securities and Exchange Commission; and (ii) such other non-confidential information readily available to the Lessee as the Agents or the Security Trustee shall reasonably request. The items required to
be furnished pursuant to clause (i) above shall be deemed to have been furnished on the date on which such item is posted on the Securities and Exchange Commission’s website at www.sec.gov, and such posting shall be deemed to satisfy the
requirements of clause (i). 
 (iii) U.S. Air Carrier. The Lessee covenants and agrees that at all times until
the Lien of the Mortgage shall be discharged, released or terminated pursuant to Section 6.01 of the Mortgage, it will be an “air carrier” within the meaning of Section 40102(a) of the Federal Aviation Act operating under
certificates issued pursuant to such Act and shall otherwise meet the standards of the definition of U.S. Air Carrier. 

(iv) Further Assurances. The Lessee covenants and agrees with each party hereto as follows: 

(1) Further Acts. The Lessee will cause to be done, executed, acknowledged and delivered all and every such further
acts, conveyances and assurances as any Holder shall reasonably require for accomplishing the purposes of this Agreement and the other Operative Documents; provided that any instrument or other document so executed by the Lessee will not expand any
obligations or limit any rights of the Lessee in respect of the transactions contemplated by any Operative Documents. The Lessee shall cause each Aircraft to remain duly registered, in the name of the Lessee, except as otherwise permitted under
Section 7(a), under the Federal Aviation Act. 
 (2) Maintenance of Security Interests. The Lessee, at its
expense, will cause (A) the Mortgage, all Mortgage Supplements and all amendments to the Mortgage, the Lease, all Lease Supplements and all amendments to the Lease to be promptly filed and recorded, or filed for recording, to the extent
permitted under the Federal Aviation Act, or required under any other applicable law, (B) subject only to the consent of the Security Trustee (or the Manufacturer, in the case of the FAA Bill of Sale and the Warranty Bill of Sale), the
registration with the International Registry of the contract of sale, the international interests and the assignment of international interests with respect to the FAA Bill of Sale and/or Warranty Bill of Sale, the Mortgage and Mortgage Supplement,
the Lease and Lease Supplement and (C) the Lien of the Mortgage to at all times be and remain a first priority and perfected Lien on the Mortgage Estate. The Lessee agrees to furnish the Security Trustee, each Agent and the Purchasers with
copies of the foregoing documents with recording and registration data as promptly as practicable following the issuance of same by the FAA and the International Registry. 

  
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 (3) Costs and Expenses. The Lessee shall pay all reasonable costs and
expenses (including costs and disbursements of counsel) incurred by the Security Trustee, each Agent and the Holders after the date hereof in connection with (x) any supplements or amendments of the Operative Documents requested by the Lessee
(including, without limitation, any related recording and registration costs) (other than any supplement or amendment associated with the syndication of the Notes or the sale of participation interests therein), (y) any Event of Default and any
enforcement or collection proceedings resulting therefrom or in connection with the negotiation of any restructuring or “work-out” (whether or not consummated), or (z) the enforcement of this Section 6(b)(iv)(3). 

(v) Sanctions, Etc. 

(1) Compliance with Anti-Corruption Laws and Sanctions. The Lessee will maintain in effect and enforce policies and
procedures designed to ensure compliance by the Lessee, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, applicable AML Laws and applicable Sanctions. 

(2) Use of Proceeds. The Lessee will not request any Notes, and the Lessee shall not use, and shall procure that its
subsidiaries and its or their respective directors, officers, employees, Affiliates and agents shall not use, directly or indirectly, the proceeds of any Notes, or lend, contribute or otherwise make available such proceeds to any subsidiary, other
Affiliate, joint venture partner or other Person, (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or
AML Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or involving any goods originating in or with a Sanctioned Person or
Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions by any Person (including any Person participating in the transactions contemplated hereunder, whether as underwriter, advisor lender, investor or
otherwise). 
 Section 7. Registration, Maintenance, Operation and Possession. 

(a) Registration and Maintenance. 

(i) Generally. The Lessee shall: 

(1) On the Delivery Date for each Aircraft, (i) file with the FAA the instruments necessary to cause such Aircraft to be
duly registered in its name (if not so registered) and cause the ownership interest of such Airframe and each Engine to be duly registered with the International Registry as a contract of sale, and, at all times thereafter, to remain duly registered
in the United States of America in its name under the Federal Aviation Act, and (ii) cause this Lease (and the related Lease Supplement) and the related Mortgage (and the related 

  
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Mortgage Supplement) to be duly filed with the FAA for recordation and, except as otherwise expressly provided herein, cause the international interest with respect to this Lease (and the related
Lease Supplement), the international interest with respect to the Mortgage (and the related Mortgage Supplement), and the assignment of international interest with respect to the assignment of the Lease (and the related Lease Supplement) in the
applicable Airframe and each Engine to be duly registered on the International Registry as an international interest and an assignment of international interest and, at all times thereafter, so long as any Note in respect of the related Aircraft
shall be outstanding, cause (A) this Lease to be maintained of record as a perfected finance lease on such Aircraft and (B) the Mortgage to be maintained of record as a first priority and perfected mortgage of the Lessor’s interest in
such Aircraft and the assignment of the Lease, and cause such international interests and assignments of international interests to remain so registered as an international interest and assignment of international interest in such Airframe and such
Engines (subject only to the interest of the Lessee as lessee and of the Lessor as mortgagor); 
 (2) Maintain, service,
repair, and overhaul (or cause to be maintained, serviced, repaired, and overhauled) such Aircraft (and any engine which is not an Engine but which is installed on such Aircraft): 

(A) so as to keep such Aircraft in as good condition as when delivered to the Lessee by the Manufacturer (ordinary wear and
tear excepted) and so as to keep such Aircraft in good operating condition and in such condition as may be necessary to enable the airworthiness certification for such Aircraft to be maintained in good standing at all times under the Federal
Aviation Act except when (x) such Aircraft is being serviced, repaired, maintained, overhauled, tested or modified as permitted or required by the terms of this Lease or (y) all Airbus A320-200 aircraft powered by engines of the same type
as those with which such Airframe shall be equipped at the time of such grounding and registered in the United States have been grounded by the FAA (although such certification need actually be maintained only during such periods as such Aircraft is
registered in the United States), or the applicable laws of any other jurisdiction in which such Aircraft may then be registered from time to time in accordance with Section 7(a)(ii) below; 

(B) in accordance with the Maintenance Program for such Aircraft, utilizing, except during any period that a Sublease is in
effect, the same manner and standard of maintenance, service, repair or overhaul used by the Lessee with respect to similar aircraft operated by the Lessee in similar circumstances and utilizing, during any period that a Sublease is in effect, the
same manner and standard of maintenance, service, repair or overhaul used by the Sublessee with respect to similar aircraft operated by the Sublessee in similar circumstances; and 

  
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 (C) so as to keep such Aircraft in passenger configuration; and 

(3) Maintain or cause to be maintained in English all records, logs and other materials required to be maintained in respect
of such Aircraft by the FAA or any other applicable aviation authority, which may be maintained in electronic format. 
 (ii)
Reregistration. Notwithstanding the registration requirements of Section 7(a)(i) hereof, the Lessee shall have the right, at any time so long as no Special Default or Lease Event of Default shall have occurred and be continuing, to
request with at least 30 days’ prior written notice, a change in the registration of any Aircraft in association with the subleasing by the Lessee of such Aircraft to a Permitted Sublessee. The Lessor agrees to cooperate in good faith with the
Lessee in effecting such change; provided that prior to any such change in the country of registry of such Aircraft, the Lessor (and the Security Trustee and each Purchaser) shall have received evidence satisfactory thereto in its judgment acting
reasonably, which evidence may be established by means of legal opinions from counsel of recognized reputation satisfactory to the Lessor and qualified under the laws of the relevant jurisdiction, certificates of insurance, officer’s
certificates and/or other suitable and available means, that: 
 (1) Protection of Interests. Such country would
provide substantially equivalent protection (both as a matter of law and practice) for the rights and remedies of finance lessors and mortgagees in similar transactions as provided under the laws of United States of America (it being understood
that, in the absence of restrictions similar to those imposed under §§ 362 and 363 of the Bankruptcy Code, rights and remedies similar to those available under § 1110 of the Bankruptcy Code are not required). 

(2) Recognition of Interests. After giving effect to such change in registration, the Lessee’s, Lessor’s and
Security Trustee’s interest in the applicable Aircraft shall be recognized under the laws of such jurisdiction, and all filing, recording or other action necessary to effect the same will be accomplished. 

(3) Enforceability of Interests. After giving effect to such change in registration, the obligations of the Lessee and
Lessor, and the rights and remedies of the Security Trustee under this Mortgage shall remain valid, binding and enforceable under the laws of the jurisdiction to which the laws of the jurisdiction of registry would refer as the applicable governing
law; provided that opinions of counsel addressing this provision may be subject, with respect to the enforceability of remedies, to customary exceptions relating to insolvency or bankruptcy, general principles of equity, or other similar matters
which do not hinder the Lessor’s or the Security Trustee’s ability to enforce the remedies under this Lease or the Mortgage in any manner greater than would have been the case had the applicable Aircraft been registered in the United
States. 

  
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 (4) Priority of Interests. After giving effect to such change in
registration, the lien of this Lease and of the Mortgage in the applicable Aircraft will continue as a valid and duly perfected first priority security and international interest (offering a similar level of protection as compared to a registered
United States aircraft mortgage), and all filing, recording or other action necessary to protect the same will be accomplished, including at the International Registry. 

(5) No Doing Business. It is not necessary, solely as a consequence of such change in registration and without giving
effect to any other activity of the Lessor or any Purchaser or the Security Trustee, for the Lessor or such Purchaser or the Security Trustee to qualify to do business in such jurisdiction, unless qualification only results in an obligation to pay
fees or taxes and the Lessee provides adequate funds or, in the case of future payments, makes adequate provision for that purpose. 

(6) Conversion of Currency. (Unless the Lessee shall have agreed to provide insurance covering the risk of requisition
of use or title of the applicable Aircraft by the government of such jurisdiction so long as such Aircraft is registered under the laws of such jurisdiction) the laws of such jurisdiction require fair compensation by the government of such
jurisdiction payable in currency freely convertible into Dollars for the loss of use or title of such Aircraft in the event of the requisition by such government of such use or title. 

(7) Insurance. After giving effect to such change in registration, the insurance requirements of Section 10 are
satisfied in respect of the applicable Aircraft. 
 (8) Exchange Permits. Any exchange permits necessary to remit
rent and other payments provided for under the related Lease shall be in full force and effect. 
 (9) Indemnities.
After giving effect to such change in registration, the original indemnities in favor of the Purchaser(s) and the Security Trustee under the Note Purchase Agreement and this Lease afford each such party substantially the same protection as provided
prior to such change of registry. 
 (10) Licenses. (Unless the Lessee shall have agreed to provide insurance
reasonably satisfactory to the Security Trustee covering the risk of the government of such jurisdiction preventing the export of the applicable Aircraft out of such jurisdiction so long as such Aircraft is registered under the laws of such
jurisdiction) that any import and, if requested by the Security Trustee (and such request is reasonable in light of the circumstances) and if and to the extent obtainable with reasonable effort and if it is otherwise customary to obtain the same in
such jurisdiction, export permits or licenses necessary to take such Aircraft into or out of such jurisdiction shall be in full force and effect. 

  
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 (11) De-registration Power of Attorney. If the same is necessary or
advisable in order to effect a de-registration of the applicable Aircraft, the Security Trustee, as assignee of the Lessee, shall have obtained a de-registration power of attorney in respect of such Aircraft from the Sublessee and the Lessee. 

(12) Airworthiness. The applicable Aircraft shall have been duly certified as to type and airworthiness by the
appropriate aviation authority. 
 (13) Taxes. Any value added tax, customs duty, tariff or similar governmental
charge relating to the change in jurisdiction or registration of the applicable Aircraft shall have been paid or adequately provided for by the Lessee. 

All reasonable costs and expenses (including reasonable legal fees and expenses) of the Lessor, the Purchasers and the Security Trustee incurred in connection
with any such reregistration shall be for account of the Lessee. Such costs and expenses, to the extent incurred, shall include the following: (w) the fees and disbursements of United States counsel and counsel in the country of registry;
(x) filing or recordation fees, taxes or similar payments incurred in connection with the registration of the applicable Aircraft and the creation and perfection of the security interest therein; (y) any costs and expenses incurred in
connection with any UCC filings necessary to continue in the United States the perfection of the security interest in such Aircraft and the Mortgage Estate; and (z) any other reasonable costs, expenses or taxes, whether initial or continuing,
incurred by the Lessor, the Security Trustee or the Purchasers as a result of the registration of such Aircraft, or the creation of the security interest therein, under the country of registry. 

(b) Operation. 

(i) No Violation by Lessee. The Lessee will not maintain, use, service, repair, overhaul or operate any Aircraft in
violation of any law, rule, regulation, treaty, or order of any government or governmental authority (domestic or foreign) having jurisdiction, or in violation of any airworthiness certificate, license or registration relating to such Aircraft
issued by any such authority except the Lessee may contest in good faith the validity or application of any such law, rule, regulation, treaty, order, certificate, license or registration, so long as there is no material risk of the sale, forfeiture
or loss of such Aircraft, the related Airframe or any Engine, or the Security Trustee’s interest therein. The Lessee will not operate or fly any Aircraft: (i) in any area of recognized or, in the Lessee’s reasonable judgment,
threatened hostilities unless (a) covered by war risk and allied perils insurance covering such risks or (b) operated or used under contract with the government of registry under which contract such government assumes liability for the
same risks in at least the same amounts and on the same terms as would be covered by such insurance; or (b) in any area excluded from coverage by any insurance required to be maintained by the terms of Section 10 (or any indemnity issued
in lieu thereof) unless operated or used under contract with the government of registry under which contract such government assumes liability for the same risks in at least the same amounts and on the same terms as would be covered by such
insurance; provided, however, that the failure of the Lessee to comply with the provisions of this sentence shall not give rise to an Event of Default hereunder for up to 

  
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30 days where such failure is attributable to a hijacking, medical emergency, equipment malfunction, weather condition, navigational error or other event or circumstances beyond the control of
the Lessee or any Sublessee and the Lessee or Sublessee, as the case may be, is using all reasonable efforts to retrieve such Aircraft during such period. 

(ii) No Violation by Permitted Sublessee. The Lessee will not permit any Permitted Sublessee to use or operate any
Aircraft in violation of any applicable law, except to the extent the application of such law is being contested in good faith and except for unanticipated, minor or non-recurring violations, provided the Lessee is using all reasonable efforts to
mitigate any such illegality and such mitigation is not prejudicial to the Mortgage Estate or any Financing Party’s reputation. 
 (c)
Possession and Subleases. The Lessee will not, without the prior written consent of the Lessor, which consent will not be unreasonably withheld or delayed, lease, sublease or otherwise in any manner deliver, transfer or relinquish possession
of any Airframe or any Engine or install any Engine or permit any Engine to be installed on any airframe other than such Airframe; provided that so long as no Lease Event of Default or Special Default shall have occurred and be continuing at the
time of such delivery, transfer or relinquishment of possession or installation and the Lessee shall continue to comply with the provisions of Section 7(a) and Section 10 hereof, the Lessee may, without the prior written consent of the
Security Trustee: 
 (i) Customary Pooling Arrangements. Subject any Airframe and the Engines or engines installed
thereon to any interchange agreements or any Engine to normal pooling or similar arrangements customary in the airline industry and entered into by the Lessee in the ordinary course of its business with, (A) in the case of the Lessee or any
U.S. Air Carrier, another U.S. Air Carrier, (B) a Foreign Air Carrier that is a Permitted Sublessee under this Section 7(c), (C) a manufacturer of aircraft, engines or parts or (D) any other Person if approved in writing by the
Security Trustee (which approval will not be unreasonably withheld or delayed); provided that (1) no such agreement or arrangement contemplates or requires the transfer of title to such Airframe, (2) if the Lessor’s title to any
Engine shall be divested under any such agreement or arrangement, such divestiture shall be deemed to be an Event of Loss with respect to such Engine and the Lessee shall (or shall cause a Sublessee to) comply with Section 9(d) hereof in
respect thereof, and (3) any interchange agreement to which such Airframe may be subject shall be with a U.S. Air Carrier, a Foreign Air Carrier or any other air carrier if approved in writing by the Security Trustee (which approval will not be
unreasonably withheld or delayed). 
 (ii) Repairs and Maintenance. Deliver possession of any Airframe or any Engine
to the Manufacturer or the Engine Manufacturer, or to any Person (or for delivery thereto) for testing, service, repair, maintenance or overhaul work on such Airframe or any Engine or for alterations or modifications in or additions to such
Airframe(s) or Engine(s). 
 (iii) Other Airframes. Install an Engine on an airframe owned by the Lessee, leased to
the Lessee, or owned or purchased by the Lessee subject to a conditional sale or other security agreement, provided that (1) such airframe is free and 

  
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clear of all Liens, except (A) in the case of airframes leased to the Lessee or owned or purchased by the Lessee subject to a conditional sale or other security agreement, the rights of the
parties to the lease or conditional sale agreement or other security agreement covering such airframe, or their assignee, (B) Permitted Liens, and (C) the rights of other air carriers under normal interchange agreements which are customary
in the airline industry and do not contemplate, permit or require the transfer of title to the airframe or engines installed thereon, and (2) any such lease, conditional sale or other security agreement provides that such Engine shall not
become subject to the lien of such lease, conditional sale or other security agreement, notwithstanding the installation thereof on such airframe, and the inclusion in such agreement of a provision similar to the last paragraph of this
Section 7(c) shall satisfy such requirement. 
 (iv) Event of Loss. Install an Engine on an airframe owned by the
Lessee, leased to the Lessee or purchased by the Lessee subject to a conditional sale or other security agreement under circumstances where paragraph 7(c)(iii) above is inapplicable, provided that such installation shall be deemed an Event of
Loss with respect to such Engine and the Lessee shall comply with Section 9(d) hereof in respect thereof, the Security Trustee not intending hereby to waive any right or interest it may have to or in such Engine under applicable law until
compliance by the Lessee with such Section 9(d), which shall be achieved within 30 days for the purposes of this clause. 

(v) Other Pooling Arrangements. To the extent permitted by Section 8(b) hereof, subject any appliances, Parts or
other equipment owned by the Lessee and removed from any Airframe or any Engine to any pooling arrangement referred to in Section 8(b) hereof. 

(vi) Transfers to CRAF. Transfer possession of any Airframe or any Engine to the United States of America or any
instrumentality or agency thereof pursuant to CRAF so long as the Lessee shall promptly notify the Security Trustee upon transferring possession of such Airframe or such Engine to the United States of America or any agency or instrumentality thereof
pursuant to such program and provide the Security Trustee with the name and address of the Contracting Office Representative for the Military Airlift Command of the United States Air Force to whom notice must be given. 

(vii) Transfer to United States Government. Transfer possession of any Airframe or any Engine to the United States of
America or any instrumentality or agency thereof which bears the full faith and credit of the United States of America. 

(viii) Permitted Subleases. Provided that no Special Default or Lease Event of Default has occurred and is continuing,
enter into a lease of any Aircraft with a Permitted Sublessee; provided, that the Security Trustee shall have received: 

(A) evidence that: 

(1) all necessary governmental approvals required for such Aircraft to be imported and, if requested by the Security Trustee
(and such request 

  
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is reasonable in light of the circumstances) and if and to the extent obtainable with reasonable effort and if it is otherwise customary to obtain the same in such jurisdiction, exported from the
applicable country of domicile upon repossession of such leased equipment by the Security Trustee (and the Lessee as lessor) shall have been obtained prior to commencement of any such lease; 

(2) the insurance requirements of Section 10 are satisfied and that War Risk Insurance shall be carried and maintained of
such scope and coverage, and subject to such exclusions and exceptions, as is standard for air carriers flying similar equipment on routes comparable to those flown by such Aircraft; and 

(3) if re-registration is required, the Lessee shall have complied with the provisions of Section 7(a); and 

(B) in the case of a Sublease to any air carrier that is listed in Schedule 1, an opinion of counsel (which counsel and
opinion are satisfactory to the Security Trustee) that: 
 (1) it is not necessary for the Security Trustee or any Holder to
register or qualify to do business in such jurisdiction solely as a result of the proposed lease, unless the only result of such registration or qualification is a Tax or cost that the Lessee is indemnifying such party against; 

(2) the Security Trustee’s Lien on such Aircraft will be recognized; 

(3) the laws of such jurisdiction of domicile require fair compensation by the government of such jurisdiction payable in a
currency freely convertible into Dollars for the loss of the title to such Aircraft or such Engine in the event of the requisition by such government of title (unless the Lessee shall provide insurance covering the risk of requisition of title to
such Aircraft by the government of such jurisdiction so long as such Aircraft is subject to such lease); 
 (4) the required
agreement of such non-U.S. air carrier that its rights under the Sublease are subject and subordinate to all of the terms of this Lease is enforceable against such non-U.S. air carrier under applicable law (subject only to customary exceptions as to
enforceability); and 
 (5) there exist no possessory rights in favor of such Sublessee under the laws of such jurisdiction
which would, upon bankruptcy of or other default by the Sublessee, prevent or unreasonably delay the return or repossession of such Aircraft to the Lessor or the Security Trustee in accordance with and when permitted by the terms of Section 14
hereof upon the exercise by the Security Trustee of remedies under Section 14 hereof. 
 (ix) The currency of payments
under such Sublease must be Dollars or a currency freely convertible into Dollars. 

  
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 (d) Terms of Permitted Subleases. The rights of any Sublessee or other transferee who
receives possession by reason of a transfer permitted by this Section 7(d) (other than the transfer of an Engine deemed an Event of Loss) shall be subject and subordinate to, and any Sublease permitted by this Section 7(d), shall expressly
provide that it is subject and subordinate to, all the terms of this Lease; provided that in the case of the use of such Aircraft in CRAF the subject and subordinate requirements herein shall be subject to the notice specified in Section 14 and
other requirements of the CRAF program. In the case of any Sublease, the Lessee shall remain primarily liable hereunder for the performance of all of the terms of this Lease, and the terms of any such Sublease shall not permit any Sublessee to take
any action not permitted to be taken by the Lessee hereunder with respect to the leased Aircraft but may permit the Sublessee to cure any default by Lessee and to terminate the Sublease upon such default; provided, however, that the Lessee may
procure such performance from any Sublessee pursuant to the relevant Sublease, and the Security Trustee hereby agrees to accept such performance by such Sublessee in satisfaction of the Lessee’s obligations hereunder; and provided further that
all rights accruing hereunder to the Lessee (including, without limitation, the right to contest any law as provided in Section 7(b), the right to relinquish possession of such Aircraft as provided in Section 7(c) (other than
Section 7(c)(vii)), the right to subject Parts to pooling arrangements as provided in Section 8(b), the right to make alterations, modifications and additions as provided in Section 8(c) (except that no Sublessee shall be entitled to
reduce the value of such Aircraft by utilizing the “obsolete parts” provision therein) and the right to create a Permitted Lien) shall likewise accrue to such Sublessee to the extent the Lessee so permits and to the extent such rights may
be subject to any limitation or conditions herein. The Lessee shall promptly notify the Security Trustee after entering into any Lease. 

(e) Wet Leases. Any Wet Lease or similar arrangement under which the Lessee maintains operational control of any Aircraft shall not
constitute a delivery, transfer or relinquishment of possession for purposes of this Section 7. 
 (f) Assignment of Subleases.
The Lessee shall assign each Sublease with a term of more than 12 months (including mandatory renewals and extensions) to the Security Trustee as security for the obligations secured hereby, which assignment shall be in form and substance
reasonably satisfactory to the Security Trustee and shall provide that so long as no Event of Default or Special Default shall have occurred and be continuing, all payments made under such Sublease shall be paid to the Lessee and, during any period
when a Special Default shall have occurred and be continuing, shall be paid to the Security Trustee to be held as collateral and applied against the Lessee’s obligations hereunder as and when due. Unless a Special Default shall have occurred
and be continuing, the Lessee shall be entitled to exercise all rights as lessor under any Sublease, including with respect to any amendment thereto or any defaults thereunder. 

(g) No Interests in Other Airframes and Engines. The Security Trustee agrees, for the benefit of the Lessee and for the benefit of any
mortgagee or other holder of a security interest in any engine owned by the Lessee, any lessor of any engine leased to the Lessee and any conditional vendor of any engine purchased by the Lessee subject to a conditional sale agreement or any other
security agreement, that no interest shall be created hereunder in any engine so owned, leased or purchased and that neither the Security Trustee nor its successors or assigns will acquire or claim, as against the Lessee or any such mortgagee,

  
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lessor or conditional vendor or other holder of a security interest or interest in such engine as the result of such engine being installed on any Airframe; provided, however, that such agreement
of the Security Trustee shall not be for the benefit of any lessor or secured party of any airframe leased to the Lessee or purchased by the Lessee subject to a conditional sale or other security agreement or for the benefit of any mortgagee of or
any other holder of a security interest in an airframe owned by the Lessee, unless such lessor, conditional vendor, other secured party or mortgagee has agreed (which agreement may be contained in such lease, conditional sale or other security
agreement or mortgage and may consist of a paragraph similar to this paragraph) that neither it nor its successors or assigns will acquire, as against the Security Trustee, any right, title or interest in an Engine as a result of such Engine being
installed on such airframe. 
 (h) Special Operation and Possession Covenants. In addition to the foregoing requirements, Lessee
covenants and agrees as follows: 
 (i) Restricted Use of Aircraft. Lessee shall not cause or permit (whether,
directly, under a dry lease, Wet Lease or charter or under requisition by any Governmental Authority) any Aircraft, any Engine or any Part to be: 

(1) flown to or within, or otherwise operated or used to or within, an Excluded Country in contravention of applicable law
(including, without limitation, the requirements of 15 C.F.R. 740.15, where applicable) or operated or used (whether under a dry lease, Wet Lease, charter, pooling, blocked-space or similar arrangement, or other arrangement) by or for an
airline or by any other Person which is a national of, or established under, the laws of, or whose principal place of business or principal place of aircraft operations is located in, an Excluded Country; 

(2) operated or used (whether under a dry lease, Wet Lease, charter, pooling, or other similar arrangement) by or for any
other Person except in accordance with Sections 7(c), 7(d) and 7(e); 
 (3) operated or used in contravention of any
United States law, regulation or stated policy of general applicability prohibiting the operation or use of United States-manufactured or financed aircraft and engines and such restrictions are applicable to the transactions contemplated hereby; or

 (4) operated or used for any purpose for which it is not designed or reasonably suited in accordance with the Approved
Maintenance Program, applicable law and applicable material warranties or for any primary purpose or other than the commercial transport of passengers and cargo. 

(ii) Waiver of Defenses to Repossession. Neither Lessee, nor anyone claiming through or under it, shall set up, claim or
seek to take advantage of any applicable law now or hereafter in force in any jurisdiction in which any Aircraft or any portion thereof may be situated in order to prevent, hinder or delay any effort in accordance with this Lease on the part of
Lessor or the Security Trustee to regain possession of an Aircraft or re-export an Aircraft or any portion thereof from any 

  
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jurisdiction in which such Aircraft or any portion thereof may be situated following the occurrence of a Lease Event of Default and while the same shall be continuing, and Lessee, for itself and
all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such applicable law (including, without limitation, any rights it may have, if any, to avail itself of the
protection provided by the Convention of 1933 on the Unification of Certain Rules Relating to the Precautionary Arrest of Aircraft, or any other similar law, treaty or convention applicable to Lessee or any Aircraft which would limit the ability of
Lessor or the Security Trustee to repossess or otherwise recover any Aircraft following the occurrence and during the continuance of a Lease Event of Default). 

(iii) Statement of Account of Landing Fees or Navigation Charges. In the event that a Governmental Authority of any
country in which any Aircraft, Lessee or any Permitted Sublessee operates shall adopt legislation which permits the detention or seizure of aircraft for unpaid landing fees or navigation charges without formal legal proceedings, Lessee shall
promptly following demand, deliver to Lessor a letter, in form and substance reasonably acceptable to Lessor, addressed to the airport or air navigation authority of such country authorizing such authority to release to the Security Trustee from
time to time a statement of account of all such fees and charges then due in respect of all aircraft owned by or leased to Lessee or such Permitted Sublessee but indicating, where applicable, that such request is not being made in connection with a
Lease Default, as the case may be. 
 (iv) No Operation by the Secured Parties. Lessee shall in no event represent any
Secured Party as carrying goods or passengers on any Aircraft or as being in any way connected or associated with any operation or carriage which may be undertaken by Lessee or any Permitted Sublessee or as having any operational interest in any
Aircraft. 
 (v) Seizure of the Aircraft. Lessee shall not do, and shall use all lawful and reasonable efforts to
prevent, any act which could reasonably be expected to result in any Aircraft, any Airframe or any Engine being arrested, confiscated, seized, taken in execution, attached, impounded, forfeited, detained in exercise or purported exercise of any
registered or possessory lien or other claim or otherwise taken from the possession of Lessee or any Permitted Sublessee, and if any such arrest, confiscation, seizure, execution, taking, attachment, impoundment, forfeiture, detention or other loss
of possession occurs, Lessee shall give Lessor immediate notice thereof and shall forthwith procure the prompt release of such Aircraft, Airframe or Engine. 

(vi) Credit for Maintenance. Lessee shall not pledge the credit of any Secured Party for any maintenance, service,
repairs, overhauls of, or modifications to, or changes or alterations in, or additions to, any Aircraft, any Airframe, any Engine or any Part. 

(vii) Notice of Suspension. Lessee shall give Lessor immediate written notice of any action being taken by the
management of Lessee relating to any general suspension of payment proceeding under any applicable law. 

  
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 (viii) Notice of War Risk Insurance Claim. Lessee shall give Lessor
prompt written notice of the occurrence of any loss, damage or casualty affecting any Aircraft, any Airframe, any Engine or any Part which is likely to result in a claim being made under the War Risk Insurance required to be maintained under
Section 10 and shall take immediate action to increase any fleet limitation (including automatic reinstatement) applicable to such war risk coverage to the level (including automatic reinstatement) that existed immediately prior to such event
of loss, damage or casualty. 
 (i) Permitted Sublessee’s Performance and Rights. Any obligation imposed on Lessee in this Lease
shall require only that Lessee perform or cause to be performed such obligation, even if stated herein as a direct obligation, and the full or partial performance of any such obligation by any permitted assignee, Permitted Sublessee or permitted
transferee under a permitted sublease, pooling or transfer agreement then in effect shall be deemed to have been caused by Lessee and shall pro tanto constitute performance by Lessee and discharge such obligation by Lessee to the extent performed;
provided, however, that where performance consists of an agreement or undertaking for further action or performance or in the case of only partial performance, Lessee shall remain liable for discharge of its obligations until such
further action or performance is completed. Except as otherwise expressly provided herein, any right granted to Lessee in this Lease shall grant Lessee the right to exercise such right or permit such right to be exercised by any such permitted
assignee, Permitted Sublessee or permitted transferee. The inclusion of specific references to obligations or rights of any such assignee, Permitted Sublessee or transferee in certain provisions of this Lease shall not in any way prevent or diminish
the application of the provisions of the two sentences immediately preceding with respect to obligations or rights in respect of which specific reference to any assignee, Permitted Sublessee or transferee has not been made in this Lease. 

(j) Inspection. At reasonable times, each of the Security Trustee, each Agent and any Holder of a Note in respect of any Aircraft, or
their authorized representatives, may inspect such Aircraft and FAA (or other applicable governmental authority) required books and records of the Lessee relating to the maintenance of such Aircraft (at the inspecting party’s expense (other
than in the case of an inspection occurring while an Event of Default has occurred and is continuing, in which case the Lessee shall bear the reasonable cost of such inspection)) and shall keep any information obtained thereby confidential as
provided in Section 16(g) of the Note Purchase Agreement. Any such inspection of such Aircraft shall be upon at least 10 Business Days’ advance written notice from such inspecting party to the Lessee (other than in the case of an
inspection occurring while a Special Default or a Lease Event of Default has occurred and is continuing, in which case there shall be no notice requirement), shall be during normal business hours and shall be a visual, walk-around inspection
(including on-board inspection) and may include inspection of areas exposed by any open panels, bays or the like, but shall not include opening any panels, bays or the like without the express written consent of the Lessee; provided that, so long as
no Special Default or Lease Event of Default shall have occurred and be continuing, such Aircraft (including related books and records) may not be inspected more frequently than once in any 12-month period. No exercise of such inspection right shall
interfere with the normal operation or maintenance of such Aircraft by, or the business of, the Lessee or any Permitted Sublessee. Neither the Security Trustee nor any Holder shall have any duty to make any such inspection nor shall any such Person
incur any liability or obligation by reason of not making any such inspection. 

  
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 (k) Information Concerning the Aircraft and Engines. Lessee shall at its own cost and
expense promptly provide Lessor with such information (to the extent required by this Lease or maintained by Lessee or any Permitted Sublessee in accordance with its standard fleet procedures) regarding the registration, location, operation, use,
insurance, maintenance and condition of each Aircraft and any Engines, including all Parts to the extent practicable, as Lessor may from time to time reasonably request in writing. 

(l) Substitution of Engines. So long as no Special Default or Lease Event of Default shall have occurred and be continuing, the Lessee
shall have the right at its option at any time for operational reasons on at least five Business Days’ prior written notice, to terminate the Lien of the Mortgage with respect to any Engine. In such event, and at the time of such termination,
the Lessee shall replace such Engine hereunder by complying with the terms of Section 9(d) hereof to the same extent as if an Event of Loss had occurred with respect to such Engine (other than the time periods allowed for such replacement), and
the Security Trustee shall release the replaced Engine from the Lien of the Mortgage as provided in Section 9(d). 
 Section 8.
Replacement; Temporary Installation; Pooling; Alterations, Modifications and Additions; Etc. 
 (a) Replacement of Parts.
The Lessee will promptly replace or cause to be replaced all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever,
except as otherwise provided in Section 8(c) or if an Airframe or an Engine to which a Part relates has suffered an Event of Loss. In addition, the Lessee (or any Permitted Sublessee) may, at its own cost and expense, remove in the ordinary
course of maintenance, service, repair, overhaul or testing, any Parts, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use, provided that the Lessee (or any
Sublessee), except as otherwise provided in Section 8(c), will, at its own cost and expense, replace such Parts as promptly as practicable. All replacement parts (other than replacement parts temporarily installed as provided in
Section 8(b)) shall be free and clear of all Liens (except Permitted Liens), and shall be in as good an operating condition as, and shall have a value and utility substantially equal to, the Parts replaced, assuming such replaced Parts were in
the condition and repair required to be maintained by the terms hereof. Except as otherwise provided in Section 8(c), all Parts at any time removed from such Airframe or any Engine shall remain subject to the Lien of the Mortgage, no matter
where located, until such time as such Parts shall be replaced by parts which meet the requirements for replacement parts specified above. Upon any replacement part becoming incorporated or installed in or attached to such Airframe or any Engine,
without further act (subject only to Permitted Liens and any arrangement permitted by Section 8(b) hereof and except in the case of replacement property temporarily installed as provided in Section 8(b)), (i) such replacement part
shall become subject to the Lien of the Mortgage and be deemed a Part for all purposes hereof to the same extent as the Parts originally incorporated or installed in or attached to such Airframe or such Engine and (ii) the replaced Part shall
be free and clear of all rights of the Security Trustee, and shall no longer be subject to the Lien of the Mortgage or deemed a Part hereunder. 

(b) Pooling of Parts; Temporary Replacement Parts. Any Part removed from any Airframe or any Engine as provided in Section 8(a)
hereof may be subjected by the 

  
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Lessee to a pooling arrangement of the type which is permitted for Engines by paragraph 7(c) hereof; provided that the Part replacing such removed Part shall be incorporated or installed in
or attached to such Airframe or such Engine in accordance with Section 8(a) as promptly as practicable after the removal of such removed Part. In addition, the Lessee may use temporary parts or pooled parts on an Aircraft as temporary
replacements for Parts, provided that the Lessee as promptly thereafter as practicable, either (1) causes such pooled or temporary replacement part to become subject to the Lien of the Mortgage free and clear of all Liens other than Permitted
Liens, at which time such temporary replacement part shall become a Part or (2) replaces such replacement part by incorporating or installing in or attaching to such Airframe or an Engine a further replacement part owned by the Lessee which
meets the requirements of Section 8(a) and which shall become subject to the Lien of the Mortgage, free and clear of all Liens other than Permitted Liens. 

(c) Alterations, Modifications and Additions. The Lessee will make (or cause to be made) such alterations, modifications and additions
to each Airframe and each Engine as may be required to meet the applicable standards of the FAA, subject to clause (i)(2) of Section 7(a). In addition, the Lessee or any Permitted Sublessee may from time to time, at its own expense, make
such alterations and modifications in and additions to any Airframe or any Engine as the Lessee or such Permitted Sublessee may deem desirable in the proper conduct of its business, including removal of Parts which the Lessee or such Permitted
Sublessee deems to be obsolete or no longer suitable or appropriate for use on such Airframe or such Engine; provided that no such alteration, modification, removal or addition materially decreases the value, utility and remaining useful life
of such Airframe or such Engine below the value, utility or remaining useful life thereof (without regard to hours or cycles) immediately prior to such alteration, modification, removal or addition, assuming that such Airframe or such Engine is in
the condition required hereunder, except that, so long as no Special Default or Event of Default is continuing, the value (but not the utility) of such Airframe or any Engine may be reduced by the value of obsolete Parts which shall have been
removed so long as the aggregate value of all obsolete Parts which shall have been removed and not replaced shall not exceed the Obsolete Part Amount. All parts incorporated or installed in or attached or added to an Airframe or an Engine as the
result of such alteration, modification or addition (except PCE which the Lessee has leased from others and Parts which may be removed by the Lessee pursuant to the next sentence) (the “Additional Part” or “Additional
Parts”) shall, without further act, become subject to the Lien of the Mortgage. Notwithstanding the foregoing, the Lessee may remove any Additional Part, provided that such Additional Part (i) is in addition to, and not in replacement
of or substitution for, any Part originally incorporated or installed in or attached to such Airframe or any Engine at the time of delivery thereof hereunder or any Part in replacement of or substitution for any such Part, (ii) is not required
to be incorporated or installed in or attached or added to such Airframe or any Engine pursuant to the terms of Section 7 hereof or the first sentence of this Section 8(c), and (iii) can be removed from such Airframe or such Engine
without impairing the airworthiness of such Airframe or such Engine or diminishing the value, utility and remaining useful life of such Airframe or such Engine which such Airframe or such Engine would have had at such time had such alteration,
modification or addition not occurred. 
 (d) Nameplate and Other Markings. Lessee shall affix and maintain (or cause to be affixed
and maintained) in the cockpit of each Airframe and on each related Engine a nameplate bearing the inscription “THIS [AIRFRAME/ENGINE] IS OWNED BY VX 2015 

  
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LLC, LEASED TO VIRGIN AMERICA INC. AND SUBJECT TO A MORTGAGE IN FAVOR OF BANK OF UTAH, AS SECURITY TRUSTEE”, or such other inscription as Lessor from time to time may reasonably request
(such nameplate to be affixed within ten days after the Delivery Date for such Airframe and such Engines, and Lessee shall thereupon so advise Lessor). Nothing herein contained shall prohibit the Lessee from placing its customary colors and insignia
on such Airframe or any Engine or from otherwise operating the applicable Aircraft in its livery. 
 (e) No Authorization to Contract for
Lessor. Nothing contained in this Lease shall constitute any consent or request by Lessor or any Secured Party express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of
any Aircraft, any Engine or any Part thereof, nor as giving Lessee any right, power or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property, in such fashion as would permit
the making of any claim against Lessor or any Secured Party in respect thereof or any claim that any Lien (other than Permitted Liens) based on the performance of such labor or services or the furnishing of any such materials or other property is
prior to the interests of Lessor or any other Person in any Aircraft, any Engine or any Part thereof. 
 (f) No Rights of Retention.
Lessee hereby waives any and all rights of retention which it may have or which at any time hereafter may be conferred upon it, by virtue of law or otherwise, related to any replacement of Parts, alterations, modifications or additions that Lessee
may make to any Airframe or any Engine. Lessee hereby expressly releases Lessor and the Secured Parties from any and all obligations, whether present or future, to indemnify or reimburse Lessee for any of the aforementioned replacements,
alterations, modifications, improvements or additions. 
 Section 9. Loss, Destruction, Requisition, Etc. 

(a) Event of Loss with Respect to an Aircraft. Generally. Upon the occurrence of an Event of Loss with respect to any Aircraft
or any Airframe and the Engines and/or engines then installed thereon, the Lessee shall forthwith give each Holder and the Security Trustee written notice of such Event of Loss but in any event within five Business Days of the definitive
determination of such occurrence. On the Business Day next following the earlier of (x) the 120th day following the occurrence of such Event of Loss or (y) the third Business Day following the receipt of the insurance proceeds in
respect of such Event of Loss, the Lessee shall either: 
 1. pay or cause to be paid to the Security Trustee an amount equal to the
aggregate amount of principal, Break Amount (if any), interest and other amounts then due on or in respect of the Notes for the Series relating to the applicable Aircraft, or 

2. deliver the amount determined in paragraph 1 above to the Security Trustee to be held by the Security Trustee as security for the
obligations of the Lessee under this Section 9 pending the Lessee’s decision, to be made no later than 90 days following such Event of Loss, whether or not to substitute an aircraft, airframe or an airframe and one engine as provided
below. 

  
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 The obligation of the Lessee under the preceding sentence shall be deemed satisfied by the depositing of
insurance proceeds relating to such Event of Loss, pursuant to Section 10(b)(i)(2) hereof, with the Security Trustee in the amounts and the timing specified above. The Lessee may utilize such funds on deposit pursuant to paragraph 2 above
to purchase the Replacement Airframe and Replacement Engines, if any, necessary to comply with the terms of this Section 9(a). 

Concurrently with any payment pursuant to paragraph 1 or 2 above, the Lessee will provide each Holder and the Security Trustee with
written notice specifying whether such amounts have been provided pursuant to paragraph 1 or paragraph 2, as the case may be; provided that in the case of a direct payment by the insurers to the Security Trustee, the Lessee shall have a
minimum of 90 days from the date of such Event of Loss to provide such notification. If the Lessee intends to replace any Aircraft, any Airframe, any Engine, or any Airframe and one related Engine subject to an Event of Loss as provided below,
the Lessee will obtain a suitable substitute and otherwise comply with the provisions hereof regarding substitution within 120 days following the occurrence of the Event of Loss and if the Lessee fails to do so (and has not obtained an
extension of such 120 day period from the Security Trustee), the Lessee shall be deemed to have elected to pay, and shall pay, to the Security Trustee on such 120th day (or the next following Business Day if such day is not a Business Day)
the amount determined in accordance with paragraph 1 above. The amounts held by the Security Trustee as collateral security for the Lessee’s obligations on such date, together with interest or other earnings on such amount shall be applied
by the Security Trustee on such date (to the extent not in excess of the amount then due and payable by the Lessee) and, to the extent of such application and payment, shall reduce the amount required to be paid by the Lessee on such payment date.
To the extent, if any, that such amounts held by the Security Trustee as collateral security, together with interest and earnings thereon, exceed the amounts payable by the Lessee pursuant to the second preceding sentence, the Security Trustee
shall, after application of such excess amounts to any amounts payable by the Lessee pursuant to the immediately succeeding paragraph, pay to the Lessee any such excess amounts. 

(b) Replacement Aircraft. In the event the Lessee shall elect to substitute an aircraft (or an airframe or an airframe and one engine,
as the case may be) for any Aircraft (or any airframe and one or more Engines) subject to an Event of Loss, the Lessee shall, not later than the 120th day following the occurrence of such Event of Loss (or the next succeeding Business Day if
the 120th day is not a Business Day): 
 (i) cause to be conveyed to the Lessor (if not already owned by the Lessor)
title to an aircraft (or an airframe or an airframe and one engine which, together with the Engines constituting a part of such Aircraft but not installed thereon at the time of such Event of Loss, constitute such Aircraft) free and clear of all
Liens (other than Incohate Liens) and having at least the age (as determined by year of manufacture), value and utility and being in as good an operating condition as such Aircraft subject to such Event of Loss (in each case without taking into
account hours, cycles and maintenance schedule) assuming that such Aircraft had been maintained in accordance with the terms of the Mortgage; provided that any aircraft, airframe or engine so substituted hereunder shall be an Airbus A320-200
aircraft or an CFM International Inc., model CFM56-5B4 engine, as applicable; and 

  
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 (ii) prior to or at the time of any such substitution, the Lessee will: 

(1) Lease and Mortgage Supplement. Cause a Lease Supplement and a Mortgage Supplement with respect to any replacement
airframe or engine to be duly executed by the Lessee and Lessor, respectively, and filed for recording pursuant to the Federal Aviation Act, or the applicable laws, rules and regulations of any other jurisdiction in which an airframe is to be
registered, cause the international interest with respect to such Mortgage Supplement, the international interest with respect to such Lease Supplement (with the right to discharge transferred by the Lessor as transferor to the Security Trustee as
transferee), and the assignment of an international interest (assigning the international interest of this Lease) to be registered with the International Registry as an international interest with respect to such replacement airframe or engine, and
cause to be prepared for execution and filing such additional documents as are necessary to reflect the security interests of the Lessor and the Security Trustee. 

(2) Title and Insurance. Furnish the Lessor with such evidence of the Lessor’s title to such replacement airframe
and engine(s) and of compliance with the insurance provisions of Section 10 with respect to such substituted property as the Lessor may reasonably request. 

(3) Certificate of Lessee. Furnish a certificate satisfactory to the Lessor signed by a duly authorized officer of the
Lessee stating the following: 
 (x) with respect to any replacement airframe: 

(i) a description of the Airframe subject to the Event of Loss which shall be identified by manufacturer, model, U.S.
registration number (or other applicable registration information) and manufacturer’s serial number; 
 (ii) a
description of the replacement airframe to be received (including the manufacturer, model, U.S. registration number (or other applicable registration information) and manufacturer’s serial number); 

(iii) that on the date of the Lease Supplement and the Mortgage Supplement relating to the replacement airframe the Lessor will
be the title owner of such replacement airframe, free and clear of all Liens except Inchoate Liens (if acquired by the Lessor after February 28, 2006, with such ownership interest reflected on the International Registry as a contract of sale),
that such replacement airframe will be on such date in good operating condition (subject to maintenance permitted or required by this Lease) and that such replacement airframe has been or, substantially concurrently therewith, will be duly
registered in the name of the Lessee under the Federal Aviation Act (with Lessor’s title ownership interest reflected on the International Registry as a contract of sale), or under the law then applicable to the registration of the replaced
Airframe and that an airworthiness certificate has been duly issued under such Act (or such other applicable law) with respect to such replacement airframe, that such 

  
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registration and certificate is in full force and effect, and that the Lessee will have the full right and authority to use such replacement airframe; 

(iv) the existence of the insurance (or self-insurance) required by Section 10 hereof with respect to such replacement
airframe and the payment of all premiums, if any, then due on any such insurance; 
 (v) that the replacement airframe is of
the same or improved model as such Airframe subject to the Event of Loss; 
 (vi) the fair market value of the replacement
airframe (subject to maintenance permitted or required by this Lease) as of the date of such certificate (which shall be not less than the fair market value of the replaced Airframe immediately prior to the date such Airframe suffered an Event of
Loss (assuming such Airframe was in the condition and repair required to be maintained under this Lease)); and 
 (vii) that
no Special Default or Lease Event of Default has occurred which has not been remedied or waived, or 
 (y) with respect to any replacement
engine: 
 (i) a description of the Engine suffering the Event of Loss, which shall be identified by manufacturer’s
serial number; 
 (ii) a description of the replacement engine (including the manufacturer’s name and serial number);

 (iii) that on the date of the Mortgage Supplement and Lease Supplement relating to the replacement engine the Lessor will
be the title owner of such replacement engine (if acquired by the Lessor after February 28, 2006, with such ownership interest reflected on the International Registry as a contract of sale) free and clear of all Liens except Inchoate Liens,
that such replacement engine on such date will be in good working order (subject to maintenance permitted or required by this Lease) and condition and will have a value and utility (without regard to hours or cycles) at least equal to the Engine,
and that such replacement engine is of the same or an improved model of the Engine; and 
 (iv) that each of the conditions
specified in Section 9(d) below with respect to such replacement engine has been satisfied. 
 (4)
Manufacturer’s Warranties. Furnish the appropriate instruments assigning to the Security Trustee the benefit of all manufacturer’s and vendor’s warranties generally available with respect to such replacement airframe. 

(5) Appraisal. Deliver a certificate from an independent aircraft appraiser satisfactory to the Lessor confirming the
accuracy of the information set forth in clause (b)(ii)(3)(x)(vii) above. 

  
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 (6) Opinion of Counsel. Provide an opinion from the Lessee’s
counsel reasonably satisfactory to the Security Trustee, to the effect that the instruments referred to in clause (1) above have been duly authorized and delivered, the replacement airframe and any replacement engine is free and clear of all
Liens of record, the Security Trustee is entitled to the benefits of 11 USC §1110 with respect to the replacement airframe and any replacement engine to the same extent as with respect to the original Airframe and Engine(s) subject to the Event
of Loss, the replacement airframe or replacement engine has been duly subjected to the Lien of the Mortgage and the Lease on a first priority and perfected basis (or, if such Aircraft is not then subject to U.S. registry, having the same priority
and perfection required to be maintained under the Operative Documents in respect of the property being so replaced), the instruments subjecting such replacement airframe and any replacement engine to the Mortgage and to the Lease have been duly
filed for recordation pursuant to the Federal Aviation Act or any other law then applicable to the registration of such Aircraft, (x) if any of the same was acquired by the Lessor after February 28, 2006, a contract of sale in favor of the
Lessor as owner of such replacement airframe and/or engine(s) and (y) the international interest of the Mortgage in favor of the Security Trustee as mortgagee, the international interest of the Lease in favor of the Lessor (with the right to
discharge transferred by the Lessor as transferor to the Security Trustee as transferee), and the assignment of an international interest (assigning the international interest of the Lease) by the Lessor as assignor in favor of the Security Trustee
as assignee, with respect to such replacement airframe and/or engine(s) have been duly registered with the International Registry (subject to no prior interests) and no further action or filing or recording of any document is necessary or advisable
in order to establish and perfect the Lien of the Security Trustee or the Lessor to such replacement airframe and any replacement engine. 

(c) Release of Liens upon Compliance. Upon compliance by the Lessee with all of the terms of Section 9(b) applicable to any
replacement airframe and any engine, the Lessor will (and will direct the Security Trustee to) execute such documents as Lessee shall request to release from the Lien of the Mortgage and this Lease the applicable Aircraft or an Airframe and one or
more related Engines, and the assignment of this Lease as it pertains to the applicable Aircraft or an Airframe and one or more related Engines, as the case may be, with respect to which such Event of Loss occurred; and the Security Trustee shall,
contemporaneously with such transfer, release to the Lessee (or to the Person from which the Lessee is obtaining any Replacement Aircraft) all monies deposited by or on behalf of the Lessee with the Security Trustee as collateral security for the
Lessee’s obligations pursuant to this Section. For all purposes hereof, the property so substituted shall after such transfer be deemed part of the property subject to the Lien of the Mortgage and to this Lease and shall be deemed the
“Aircraft,” the “Airframe,” and an “Engine,” as the case may be, as defined herein. 
 (d) Event of Loss
With Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in which there has not occurred an Event of Loss with respect to the related Airframe, the Lessee shall forthwith give the Lessor
written notice thereof (but in any event within ten days of such occurrence) and shall, within 

  
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 [Lease Agreement [Virgin/NPA 2015]] 

 

 
90 days after the occurrence of such Event of Loss, as replacement for the Engine with respect to which such Event of Loss occurred, subject to the Lien of the Mortgage another CFM
International Inc. model CFM56-5B4 engine (or, in each case, an engine of the same manufacturer of the same or an improved model and suitable for installation and use on such Airframe and compatible with the other Engines mortgaged hereunder) free
and clear of all Liens (other than Inchoate Liens) and having a value and utility (without regard to hours or cycles) at least equal to, and being in as good an operating condition (subject to maintenance permitted or required by this Lease), as the
Engine subject to such Event of Loss, assuming such Engine was maintained in accordance with the provisions of the Mortgage. Prior to or at the time of any such conveyance, the Lessee will: 

(i) Mortgage Supplement. Cause a Mortgage Supplement and a Lease Supplement with respect to such Replacement Engine to
be duly executed and filed for recording pursuant to the Federal Aviation Act, and cause the international interest of such Mortgage Supplement, the international interest of such Lease Supplement (with the right to discharge transferred by the
Lessor as transferor to the Security Trustee as transferee), and the assignment of an international interest (assigning the international interest of the Lease) to be registered with the International Registry with respect to such replacement
engine; 
 (ii) Opinion of Counsel. Furnish the Lessor with a certificate from an officer of the Lessee to the effect
that such Replacement Engine is free and clear of all Liens (other than Inchoate Liens), and an opinion of the Lessee’s counsel that upon execution and filing of the Mortgage Supplement and the Lease Supplement or other required document the
Replacement Engine will be subject to the Lien of the Mortgage and the Lease on a first priority and perfected basis and (x) if such Replacement Engine was acquired by the Lessor after February 28, 2006, a contract of sale in favor of the
Lessor as owner of such replacement engine(s) and (y) the international interest of the Mortgage in favor of the Security Trustee as mortgagee, the international interest of the Lease in favor of the Lessor (with the right to discharge
transferred by the Lessor as transferor to the Security Trustee as transferee), and the assignment of an international interest (assigning the international interest of the Lease) by the Lessor as assignor in favor of the Security Trustee as
assignee, with respect to such replacement engine(s) have been duly registered with the International Registry (subject to no prior international interests); provided that, in the case of any such Lien which ranks on par with or ahead in priority to
the Lien of the Mortgage, the Lessee may satisfy the foregoing requirement if the Lessee shall have provided a bond or other security in respect of such Lien in an amount and under terms reasonably satisfactory to the Lessor; 

(iii) Certificate of Lessee. Furnish the Lessor with a certificate signed by a duly authorized officer of the Lessee
stating with respect to any Replacement Engine: 
 (1) a description of the Engine suffering the Event of Loss, which shall
be identified by manufacturer’s serial number; 

  
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 (2) a description of the Replacement Engine (including the
manufacturer’s name and serial number); 
 (3) that on the date of the Lease Supplement and Mortgage Supplement
relating to the Replacement Engine the Lessor will be the owner of such Replacement Engine (with such ownership interest reflected on the International Registry as a contract of sale if such Replacement Engine was acquired by the Lessor after
February 28, 2006) free and clear of all Liens except Inchoate Liens, that such Replacement Engine will be on such date in good working order (subject to maintenance permitted or required by this Lease) and condition and that such Replacement
Engine is of the same or an improved model of the Engine; and 
 (4) that each of the conditions specified in this
Section 9(d) with respect to such Replacement Engine has been satisfied; 
 (iv) Insurance Compliance. Furnish
the Lessor with such evidence of compliance with the insurance provisions of Section 10 hereof with respect to such Replacement Engine as the Security Trustee may reasonably request; 

(v) Placement into Service. Furnish the Lessor with evidence that such Replacement Engine was either first placed in
service after October 22, 1994 or was acquired by the Lessee with the proceeds of insurance resulting from the associated Event of Loss of the Engine being replaced; and 

(vi) Appraisal. Furnish the Lessor with an appraisal or engineer’s report reasonably satisfactory to the Security
Trustee attesting to the requisite valuation of such Replacement Engine. Upon compliance by the Lessee with all of the terms of this Section 9(d) such Engine shall thereupon cease to be an Engine secured hereunder. For all purposes hereof, each
such Replacement Engine shall, after such conveyance, be deemed an “Engine” hereunder. 
 (e) Application of Payments From
Governmental Authorities for Requisition of Title, Etc. Any payments (other than insurance proceeds the application of which is provided for in Section 10) received at any time by the Lessee, Lessor or the Security Trustee from any
governmental authority or other Person with respect to an Event of Loss (other than a requisition for use by the government of the United States of America or any other government of registry of any Aircraft or any instrumentality or agency of any
thereof not constituting an Event of Loss) will be applied as follows: 
 1. Reimbursement of Aircraft or Airframe. If
payments are received with respect to an Aircraft (or an Airframe or any Engines or engines then installed thereon), after reimbursement of the Security Trustee and the Holders for reasonable costs and expenses, so much of such payments remaining as
shall not exceed the amounts required to be paid by the Lessee pursuant to Section 9(a) shall be paid to the Security Trustee and applied in reduction of the Lessee’s obligation to pay such other amounts, if not already paid by the Lessee,
or, if already paid by the Lessee, shall be applied to reimburse the 

  
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 [Lease Agreement [Virgin/NPA 2015]] 

 

 
Lessee for its payment of such amounts, and following the foregoing application, the balance, if any, of such payments shall be paid to the Lessee; and 

2. Reimbursement of Engine. If such payments are received with respect to an Engine under circumstances contemplated by
Section 9(d) hereof, so much of such payments remaining after reimbursement of the Security Trustee for reasonable costs and expenses shall be paid over to, or retained by, the Lessee, provided that the Lessee shall have fully performed, or
will perform, the terms of Section 9(d) with respect to the Event of Loss for which such payments are made. 
 (f) Requisition for
Use of an Aircraft by the United States Government or the Government of Registry of such Aircraft. In the event of the requisition for use of any Airframe or the Engines or engines installed on such Airframe by the government of the United
States of America or any other government of registry of any Aircraft or any instrumentality or agency of any thereof or a CRAF activation, in either case not constituting an Event of Loss, the Lessee shall promptly notify the Lessor of such
requisition or activation, and all of the Lessee’s obligations under this Lease with respect to such Aircraft shall continue to the same extent as if such requisition or activation had not occurred. All payments received by the Security Trustee
or the Lessee from such government for the use of such Airframe and Engines or engines shall be paid over to, or retained by, the Lessee. 

(g) Application of Payments During Existence of Special Defaults or Lease Events of Default. Any amount referred to in this
Section 9 which is payable to or retainable by the Lessee shall not be paid to or retained by the Lessee if at the time of such payment or retention a Special Default or a Lease Event of Default shall have occurred and be continuing, but shall
be held by or paid over to the Security Trustee as security for the obligations of the Lessee under this Lease and, if the Lessor declares this Lease to be in default pursuant to Section 14 hereof, applied against the Lessee’s obligations
hereunder as and when due. At such time as there shall not be continuing any such Special Default or Event of Default, such amount shall be paid to the Lessee to the extent not previously applied in accordance with the preceding sentence. 

Section 10. Insurance. 

(a) Bodily Injury Liability and Property Damage Liability Insurance. 

(i) Liability Insurance. Except as provided in paragraph (ii) of this Section 10, and subject to the
self-insurance to the extent permitted by Section 10(d), the Lessee will at all times carry and maintain or cause to be carried and maintained, on a non-discriminatory basis and with insurers of internationally recognized responsibility,
airline liability insurance, including third party and passenger legal liability, bodily injury liability, war risk and allied perils liability (“Liability War Risk Insurance”) as per and of a scope as comprehensive as AVN 52E,
clause property damage liability, and contractual liability (exclusive of manufacturer’s product liability insurance) with respect to each Aircraft: 

  
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 (1) Amount. In an amount per occurrence and in the aggregate where
applicable not less than the greater of (x) the Minimum Liability Insurance Amount and (y) such amount as shall be standard in the industry and customarily maintained by a majority of similarly situated comparable U.S. carriers operating
similar equipment on similar routes; 
 (2) Type. Of the type and covering the same risks as from time to time
applicable to aircraft operated by the Lessee of the same type which comprise the Lessee’s fleet; and 
 (3)
Scope. Of a scope consistent with industry practice for major U.S. carriers operating similarly-sized equipment on similar routes; provided that, in the case of Liability War Risk Insurance, such insurance shall be maintained by the Lessee if
and to the extent that a majority of similarly-situated U.S. carriers operating similarly-sized equipment on similar routes maintain such insurance. The Lessee shall maintain cargo liability insurance for each Aircraft in an amount not less than the
amount of cargo liability insurance maintained for other aircraft operated by the Lessee which is consistent with industry practice for major U.S. carriers operating similar sized equipment on similar routes. 

(ii) Liability Insurance While Not in Operation. During any period that any Aircraft is on the ground and not in
operation, the Lessee may carry or cause to be carried, in lieu of the insurance required by paragraph (i) above, and subject to the self-insurance to the extent permitted by Section 10(d), insurance otherwise conforming to the provisions
of said paragraph (i) except that: 
 (1) Coverage. The amounts of coverage shall not be required to exceed the
amounts of bodily injury liability and property damage liability insurance from time to time applicable to aircraft owned or leased by major U.S. carriers of the same or similar type as such Aircraft which are on the ground and not in operation; and

 (2) Scope of Risks. The scope of the risks covered and the type of insurance shall be consistent with industry
practice and the same as from time to time shall be applicable to aircraft owned or leased by major U.S. carriers of the same or similar type which are on the ground and not in operation and will be consistent with industry practice. 

(b) Insurance Against Loss or Damage to an Aircraft. 

(i) Hull All Risks and Hull War Risks and Allied Perils Insurance. 

(1) Generally. Except as provided in paragraph (ii) of this Section 10, and subject to the provisions of
Section 10(d) permitting self-insurance, the Lessee shall at all times carry and maintain or cause to be carried and maintained, on a non-discriminatory basis, in effect with insurers of internationally recognized responsibility: 

  
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 [Lease Agreement [Virgin/NPA 2015]] 

 

 i. All Risk. “All risk” aircraft hull insurance covering
each Aircraft (with flight, taxiing and ingestion coverages) on an agreed value basis; 
 ii. Transit and Extended
Coverage. Fire, transit and extended coverage of Engines and Parts while removed from such Aircraft (providing insurance for replacement value); and 

iii. War Risk. War risk and allied perils insurance, including governmental confiscation and expropriation (other than
by the government of registry of such Aircraft) and hijacking insurance (collectively, “Hull War Risk Insurance” and, collectively with Liability War Risk Insurance, “War Risk Insurance”) as per and of a scope as
comprehensive as LSW 555D clause; provided that, in the case of Hull War Risk Insurance, such insurance shall be maintained by the Lessee if and to the extent that a majority of similarly-situated U.S. carriers operating similarly-sized equipment on
similar routes maintain such insurance. 
 The foregoing insurances under clauses (A) and (C) shall at all times while an Aircraft is subject to
the Mortgage be for an amount (taking into account self-insurance to the extent permitted by Section 10(d)) not less than the Stipulated Insured Amount for such Aircraft. In the case of a loss with respect to an engine (other than an Engine)
installed on an Airframe, the Security Trustee shall hold any payment received by it of any hull insurance proceeds in respect of such loss for account of the Lessee or any other third party to the extent the Lessee or such third party is entitled
to receive such proceeds. 
 (2) Adjustment. Except during a period when a Special Default or an Event of Default has
occurred and is continuing (in which case all losses will be adjusted by the loss payee), all losses will be adjusted with the insurers by the Lessee (giving due regard to the interest of the Security Trustee). It is agreed that all insurance
payments received under insurance policies required to be maintained by the Lessee pursuant to this Section 10(b) as the result of the occurrence of an Event of Loss will be applied as follows: 

1. (x) if such payments are received as a result of an Event of Loss with respect to any Airframe (or such Airframe and
the Engines installed thereon) that has been or is being replaced by the Lessee as contemplated by Section 9(a) hereof, such payments shall be paid over to, or retained by, the Security Trustee as security and upon completion of such
replacement shall be paid over to the Lessee and (y) if such payments are received with respect to such Airframe (or such Airframe and the Engines installed thereon) that has not been or is not being replaced by the Lessee as contemplated by
Section 9(a), payments as shall not exceed the amounts due pursuant to Section 3(g)(ii) of the Note Purchase Agreement shall be applied, after reimbursement of the Security Trustee for reasonable costs and expenses, in reduction of the
Lessee’s obligation to pay 

  
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such amounts, if not already paid by the Lessee, or, if already paid by the Lessee, shall be applied to reimburse the Lessee for its payment of such amounts and the balance, if any, of such
payments remaining thereafter will be paid over to, or retained by, the Lessee; and 
 2. if such payments are received with
respect to an Engine under the circumstances contemplated by Section 9(d) hereof, such payments shall be paid over to, or retained by, the Lessee, provided that the Lessee shall have fully performed or, concurrently therewith, will fully
perform the terms of Section 9(d) with respect to the Event of Loss for which such payments are made. 
 (3)
Non-Event of Loss. The insurance payments for any property damage loss to an Airframe or any Engine not constituting an Event of Loss with respect thereto or with respect to an Event of Loss of an Engine (except as provided in this
Section 10(b)(i)(2)) shall be paid as follows: all proceeds in respect of losses less than or equal to the Partial Loss Threshold shall be paid to the Lessee or to the repairmen, and all proceeds in respect of losses greater than the Partial
Loss Threshold shall be paid to the Security Trustee, to be held as collateral security for the Lessee’s obligations hereunder, and applied to reimburse the Lessee for accomplishing repairs and/or replacements as required, or to pay suppliers
directly for such repairs and/or replacements as directed by the Lessee; provided that any amounts in excess of the Stipulated Insured Amount for such Aircraft shall be paid to the Lessee. In the case of any payment to the Security Trustee (other
than in respect of an Event of Loss of such Aircraft), the Security Trustee shall, upon receipt of evidence reasonably satisfactory to it that the damage giving rise to such payment shall have been repaired or that such payment shall then be
required to pay for repairs then being made or the replacement of the Engine suffering the Event of Loss, pay the amount of such payment, and any interest or income earned thereon, to the Lessee or its order. The Security Trustee shall pay any
insurance proceeds received by it to the Security Trustee at any time such proceeds are required to be applied to prepay the Notes for the Series relating to the applicable Aircraft. 

(ii) Hull All Risks and Hull War Risks and Allied Perils While Not in Operation. During any period that any Aircraft is
on the ground and not in operation, the Lessee may carry or cause to be carried, in lieu of the insurance required by paragraph (i) above, and subject to the self-insurance to the extent permitted by Section 10(d), insurance otherwise
conforming with the provisions of said paragraph (i), except that the scope of the risks and the type of insurance shall be the same as from time to time applicable to aircraft owned or leased and operated by major U.S. carriers of the same or
similar type similarly on the ground and not in operation, provided that, subject to the self-insurance to the extent permitted by Section 10(d), the Lessee shall maintain insurance against risk of loss or damage to such Aircraft in an amount
at least equal to the Stipulated Insured Amount during such period that such Aircraft is on the ground and not in operation. 

  
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 (c) Reports, Etc. The Lessee will furnish, or cause to be furnished, to the Security
Trustee and the Holders on or before the Delivery Date and annually on or before the renewal dates of the Lessee’s relevant insurance policies, a report, signed by Marsh or any other recognized independent firm of insurance brokers, which
brokers may be regularly retained by the Lessee (the “Insurance Brokers”), describing in reasonable detail the hull and liability insurance then carried and maintained with respect to each Aircraft and stating the opinion of such
firm that, to the best of its knowledge, such insurance complies with the terms of this Section 10. Such information shall remain confidential as provided in Section 16(g) of the Note Purchase Agreement. The Lessee will cause the Insurance
Brokers to agree to advise the Security Trustee and the Holders in writing: 
 (i) Notice of Default; Etc. (1) Of
any default in the payment of premium, (2) of receipt of any notice of cancellation of such insurance policies, (3) if the Insurance Brokers cease to be the Lessee’s insurance broker for such insurance policies, (4) upon written
request, of the premium payment situation, and (5) upon written request no later than one month prior to the expiration of such insurance policies, and within 14 days of receipt of such written request, whether the Lessee has sent renewal
instructions to the Insurance Brokers; and 
 (ii) Notice of Cancellation or Material Adverse Change. At least
30 days (seven days (or such other period as shall be available) in the case of War Risk Insurance) prior to the cancellation (but not scheduled expiration) or material adverse change of any insurance maintained pursuant to this
Section 10, provided that, in respect of the War Risk Insurance, if the notice period specified above is not obtainable, the Insurance Brokers shall provide for as long a period of prior notice as shall then be obtainable. 

(d) Self-Insurance. The Lessee may self-insure, by way of deductible, premium adjustment
provisions in insurance policies, or otherwise, under a program applicable to all aircraft in the Lessee’s fleet, the risks required to be insured against pursuant to Sections 10(a) and 10(b) but in no case shall the self-insurance with
respect to any Aircraft exceed the lesser of (i) $2,000,000 and (ii) the prevailing mandatory minimum per aircraft (or, if applicable, any annual or other period) hull or liability insurance deductible imposed by aircraft hull and/or
liability insurers in the applicable world-wide insurance markets; provided that no deductible shall be applicable in the case of a total loss of the applicable Airframe (unless U.S. industry standard requires a deductible to apply in such
situation). No other self-insurance shall be permitted. 
 (e) Additional Insurance by Lessee; Insurance by Security Trustee. The
Lessee may carry for its own account at its sole cost and expense additional insurance with respect to its interest in each Aircraft, provided that such insurance does not prevent the Lessee from carrying the insurance required or permitted by this
Section 10 or adversely affect such insurance provided hereunder or the cost thereof. In the event that the Lessee shall fail to maintain or cause to be maintained insurance as herein provided, the Security Trustee may, at its sole option,
provide such insurance and, in such event, the Lessee shall, upon demand, reimburse the Security Trustee for the cost thereof. 

  
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 (f) Application of Payments During Existence of a Special Default or a Lease Event of
Default. Any amount referred to in this Section 10 which is payable to or retainable by or to be held for the benefit of the Lessee shall not be paid to or retained by or held for the benefit of the Lessee if at the time of such payment or
retention a Special Default or a Lease Event of Default shall have occurred and be continuing, but shall be held by or paid over to the Security Trustee, as security for the obligations of the Lessee under the Mortgage and, if the Security Trustee
shall have declared the Mortgage to be in default, applied against the Lessee’s obligations hereunder as and when due. At such time as there shall not be continuing any such Special Default or Event of Default, such amount shall be paid to the
Lessee to the extent not previously applied in accordance with the preceding sentence. 
 (g) Terms of Insurance Policies. Any
policies carried in accordance with Sections 10(a) and 10(b) covering any Aircraft, and any policies taken out in substitution or replacement for any such policies, as applicable: 

(1) shall (in the case of policies of airline liability and hull war liability coverage only) name the Additional Insureds as
additional insureds, as their interests may appear; 
 (2) shall (in the case of aircraft hull and hull war and allied
perils insurance coverages only) name the Security Trustee as loss payee to the extent provided in clause (12) below; 

(3) may provide for self-insurance to the extent permitted in Section 10(d); 

(4) shall provide that if the insurers cancel such insurance for any reason whatsoever, or if any material change is made in
the insurance which adversely affects the interest of any Additional Insured, such cancellation or change shall not be effective as to the Additional Insureds for 30 days after receipt by (but, in the case of War Risk Insurance, seven
(7) days (or such other period as shall be available) after sending to) the Additional Insureds of written notice by such insurers of such cancellation or change, provided, however, that if, in respect of the War Risk Insurance, any notice
period specified above is not obtainable, such policies shall provide for as long a period of prior notice as shall then be obtainable; 

(5) shall provide that in respect of the Additional Insureds’ respective interests in such policies the insurance shall
not be invalidated by any action or inaction of the Lessee and shall insure the respective interests of the Additional Insureds regardless of any breach or violation of any warranty, declaration or condition contained in such policies by the Lessee;

 (6) shall (in the case of airline liability and hull war liability coverages only) be primary without any right of
contribution from any other insurance which is carried by any Additional Insured; 

  
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 (7) shall (in the case of airline liability and hull war liability coverages
only) expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if a separate policy covered each insured; 

(8) shall waive any right of subrogation of the insurers or any right of the insurers to set-off or counterclaim or any other
deduction, whether by attachment or otherwise, in respect of any liability of any Additional Insured but only to the extent of the indemnities provided under the Note Purchase Agreement; 

(9) shall provide that losses (other than for total loss of such Aircraft) shall be adjusted with the Lessee (or, if an Event
of Default shall have occurred which is continuing, with the Security Trustee); 
 (10) shall provide that the Additional
Insureds are not liable for any insurance premiums; 
 (11) shall be effective with respect to both domestic and
international operations; 
 (12) shall provide that: 

(i) except as specified in clause (iii) of this clause (12), in the event of a loss involving payments in excess of
the Partial Loss Threshold, all payments in respect of such loss up to the amount of Stipulated Insured Amount (whether such payment is payable to the Lessee or any third party) shall be paid to the Security Trustee, it being understood and agreed
that in the case of any payment to the Security Trustee otherwise than in respect of an Event of Loss of such Aircraft, the Security Trustee shall, upon receipt of evidence reasonably satisfactory to it that the damage giving rise to such payment
shall have been repaired or that such payment shall then be required to pay for repairs then being made or the replacement of the Engine suffering the Event of Loss, pay the amount of such payment, and any interest or income earned thereon, to the
Lessee or its order; 
 (ii) except as specified in clause (iii) of this clause (12), all proceeds involving
payments of the Partial Loss Threshold or less and any payments of any loss in excess of Stipulated Insured Amount for such Aircraft shall be paid to the Lessee or its order; and 

(iii) notwithstanding anything to the contrary contained in the preceding clauses (i) and (ii), if such payment is made on
account of an Event of Loss of the applicable Airframe or a Special Default or an Event of Default shall have occurred and be continuing and the insurers have been notified thereof by the Security Trustee, all payments of loss shall be paid to the
Security Trustee; and 
 (13) if war risk coverage is maintained, shall contain a 50/50 clause as per AVS 103. 

  
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 (h) Failure to Insure. If the Lessee fails to maintain or cause to be maintained
insurances in compliance with this Agreement: 
 (1) the Lessee shall, if the result is that: 

(A) hull and hull war insurance in an amount at least equal to the Stipulated Insured Amount; or 

(B) liability insurance in the amount required by this Agreement 

is not in force with respect to the Aircraft, ensure that the Aircraft is immediately grounded and kept grounded until such time as the
insurances are again in force or, if earlier, until the Lessor gives its consent for the Aircraft to continue to be operated; and 

(2) the Lessee shall immediately notify the Security Trustee of the non-compliance and provide the Security Trustee with full
details of any steps which the Lessee is taking, or proposes to take, in order to remedy such non-compliance; and each of the Security Trustee will be entitled but not bound (without prejudice to any other rights under this Agreement: 

(A) subject to the agreement of the relevant insurers and/or brokers, to pay the premia due or to effect or maintain
insurances satisfactory to the Security Trustee or otherwise remedy such failure in such manner (including by effecting and maintaining an “owner’s interest” policy) as the Security Trustee consider appropriate whereupon the Lessee
shall immediately reimburse the Security Trustee for any amount so expended; and 
 (B) at any time while such failure is
continuing to require the Aircraft to remain at any airport or to proceed to and remain at any airport designated by the Security Trustee, until such failure is remedied to the Security Trustee’s satisfaction. 

(i) Continuing Insurance for Indemnity. The Lessee shall continue to effect and maintain (or shall cause to be effected and
maintained), at its own cost, liability insurance on each Aircraft after the payment in full of all Obligations with respect to such Aircraft and the release of such Aircraft from the lien hereof for such period as the Security Trustee may
reasonably require (but for not after the earlier of (a) the second anniversary of such release and (b) completion of the next major overhaul with respect to such Aircraft and each associated Engine) which liability insurances provide for
each Additional Insured to continue to be named as an additional insured thereunder. 
 (j) Indemnification by United States Government
in Lieu of Insurance. Notwithstanding any provisions of Sections 10(a) or 10(b) requiring insurance, in lieu of insurance against any risk with respect to the Aircraft, indemnification from or insurance provided by the United States
government or any agency or instrumentality thereof shall be at 

  
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least equal to the amount of insurance against such risk otherwise required by Sections 10(a) or 10(b) and shall be considered adequate insurance for the purpose of Sections 10(a) and
10(b). 
 Section 11. Absolute Obligations. This Lease is a net lease, and, except as may otherwise be expressly provided
herein or in the other Operative Documents, it is intended that Lessee shall pay or cause to be paid all costs, charges, fees, assessments, expenses, withholdings and Taxes (other than Excluded Taxes) of every character whether foreseen or
unforeseen, ordinary or extraordinary, incurred in connection with or arising out of the use, operation, maintenance, repair, modification, alteration, replacement and leasing of any Aircraft during the related Term, including the costs, expenses
and taxes and similar levies set forth in the Note Purchase Agreement. Lessee’s obligation to pay all Rent and to perform all other obligations hereunder is absolute and unconditional and shall not be affected or reduced by any circumstances or
for any reason, including (i) any setoff, counterclaim, recoupment, defense or other right which Lessee may have against Lessor, the Purchasers, the Security Trustee, the Manufacturer, the Engine Manufacturer or any Person providing services
with respect to any Aircraft, or any other Person, for any reason whatsoever (whether in connection with the transactions contemplated hereby or otherwise), including any breach by Lessor of its warranties contained herein or in the other Operative
Documents; (ii) any defect in the title, airworthiness, eligibility of registration under any applicable law, condition, design, operation, or fitness for use of, or any damage to or loss or destruction of, any Aircraft or any portion thereof
(subject to the provisions of Section 9 hereof), any interruption or cessation in the use of or possession thereof by or availability to Lessee for any reason whatsoever, whether arising out of or related to an act or omission of Lessor, the
Purchasers, the Security Trustee, the Manufacturer, the Engine Manufacturer or any other Person; (iii) any Lien with respect to any Aircraft or any portion thereof; (iv) the invalidity or unenforceability or lack of due authorization or
other infirmity of this Lease or any absence of right, power or authority of any Person to enter into any Operative Document; (v) any change, waiver, extension, indulgence or liability or other act or omission in respect of any liability or
obligation of Lessor, the Security Trustee or the Purchasers; (vi) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to Lessee, Lessor or any Secured Party or any
disaffirmance, rejection or other action taken with respect to this Lease, any other Operative Document, by Lessor, the Purchasers, the Security Trustee or any other Person, or by any court, in any such proceeding; (vii) Lessee at any time
having immunity from suit, prejudgment attachment, attachment in aid of execution or execution on the grounds of sovereignty or otherwise, which immunity, if any, Lessee hereby expressly waives; (viii) any restrictions applicable to Lessee on
the transfer or conversion of currency; or (ix) any other circumstances or happening of any nature whatsoever, whether or not similar to any of the foregoing; it being the express intention of Lessor and Lessee that all Rent payable hereunder
shall be payable in all events, unless the obligation to pay the same shall be terminated pursuant to the express provisions of this Lease or the other Operative Documents. 

This Lease shall not, except as expressly set forth herein, be cancelable by Lessee and, except as expressly set forth elsewhere in this
Lease, Lessee hereby waives any and all rights which it may now have or which at any time hereafter may be conferred upon it, by statute or otherwise, to terminate, abate, cancel, quit, reduce, defer, suspend or surrender this Lease or any Aircraft
or any obligation imposed upon Lessee hereunder or under the other Operative Documents (including payment of Rent), except in accordance with the terms hereof and thereof. 

  
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 If for any reason whatsoever this Lease shall be terminated in whole or in part by operation
of applicable law, except as specifically provided herein, Lessee, if and to the extent that Lessee retains the use and possession of an Aircraft, nonetheless agrees to pay to Lessor in respect of such Aircraft an amount equal to each Basic Rent
payment and any Supplemental Rent payment at the time such payments would have become due and payable in accordance with the terms hereof and the other Operative Documents had this Lease not been terminated in whole or in part and so long as such
payments are made and all other terms and conditions hereof are complied with by Lessee, Lessor and Lessee will deem this Lease to remain in full force and effect. 

Nothing contained in this Lease shall be construed as a waiver of Lessee’s right to seek any claim against the Lessor, the Security
Trustee, any Secured Party or any other Person arising out of the transactions contemplated by the Operative Documents in a separate proceeding. 

Section 12. Assignment. The terms and provisions of this Lease shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. Except as otherwise provided in Sections 6(b)(i) and 7(c), neither party hereto shall, without the prior written consent of the other and except as expressly permitted by the
Operative Documents, assign any of its rights or obligations hereunder. 
 Section 13. Events of Default. The
following events shall constitute “Lease Events of Default” hereunder (whether any such event shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body in the United States or any other jurisdiction, or the administration or interpretation thereof) and each such Lease Event of Default shall be
deemed to exist and continue so long as, but only so long as, it shall not have been remedied: 
 (a) Payments on Rent and
Notes. The Lessee shall have failed to make a payment of any principal of or interest of Basic Rent or on any Note in respect of any Aircraft within five Business Days after the same shall have become due; or 

(b) Other Payments. The Lessee shall have failed to make any payment of any amount under the Operative Documents other than principal
and interest on the Note or of Basic Rent in respect of any Aircraft after the same shall have become due and such failure shall continue for 10 Business Days after the Lessee’s receipt of written notice of such failure; or 

(c) Insurance. (i) The Lessee shall fail to procure and maintain (or cause to be procured and maintained), with respect to any
Aircraft, insurance required to be maintained in accordance with the provisions of Section 10 hereof or such insurance shall lapse or be canceled; or (ii) the Lessee shall fail to comply with its obligations in Section 7(b) hereof; or

 (d) Breach of Covenant. The Lessee shall have failed to perform or observe, or caused to be performed and observed, in any
material respect any other covenant or agreement to be performed or observed by it under any Operative Document, and such failure 

  
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shall continue unremedied for a period of 30 days after the Lessee’s receipt of written notice thereof from any Agent or any Holder; provided that, if such failure is capable of being
remedied, no such failure shall constitute an Event of Default for a period of 180 days after such notice is received by the Lessee so long as the Lessee is diligently proceeding to remedy such failure; or 

(e) Incorrect or False Representation or Warranty. Any representation or warranty made by the Lessee in any Operative Document or any
document or certificate furnished by the Lessee in connection therewith or pursuant thereto shall prove to have been incorrect in a material respect at the time made and shall remain materially incorrect at the time discovered and, if such
incorrectness, together with its consequences, is subject to cure, the adverse impact of such incorrectness remains uncured for 30 days after receipt of notice thereof by the Lessee; or 

(f) Voluntary Bankruptcy Proceeding. The commencement by the Lessee of a voluntary case under the federal bankruptcy laws, as now
constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law in the United States, or the consent by the Lessee to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of the Lessee or for all or substantially all of its property, or the making by the Lessee of any general assignment for the benefit of creditors or the Lessee shall take any corporate
action to authorize any of the foregoing or to authorize a general payment moratorium; or 
 (g) Involuntary Uncured Bankruptcy
Proceeding. The commencement of an involuntary case or other proceeding in respect of the Lessee in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law in the United States or seeking the appointment of a receiver liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Lessee or for all or substantially all of its property, or seeking the
winding-up or liquidation of its affairs and the continuation of any such case or other proceeding remains undismissed and unstayed, in each case, provided that such event is curable and the Lessee is diligently proceeding to cure, for a period of
90 consecutive days, or an order, judgment or decree shall be entered in any proceeding by any court of competent jurisdiction appointing, without the consent of the Lessee, a receiver, trustee or liquidator of the Lessee, or for all or
substantially all of its property, or sequestering of all or substantially all of the property of the Lessee and any such order, judgment or decree or appointment or sequestration shall be final or shall remain in force undismissed, unstayed or
unvacated, in each case, provided that such event is curable and the Lessee is diligently proceeding to cure, for a period of 90 consecutive days after the date of entry thereof; or 

(h) Air Carrier License. The Lessee fails or ceases to be a certificated air carrier or is suspended as a certificated air carrier or
no longer has licenses to operate as an airline; or 
 (i) Security Interest. The Security Trustee’s first priority and
perfected lien and international interest on the Mortgage Estate shall cease to exist; or 

  
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 (j) Note Purchase Agreement. There exists any “Event of Default” under and
as defined in the Note Purchase Agreement; or 
 (k) Default under Other Mortgage. For so long as the Junior Underwriter is the
Majority Junior Holder hereunder and the “Majority Junior Holder” under the Other Mortgage, an “Event of Default” shall have occurred and shall be continuing under and as defined in any Other Mortgage. 

Section 14. Remedies. Upon the occurrence of any Lease Event of Default and at any time thereafter so long as the same
shall be continuing, Lessor may, at its option, declare this Lease by notice to Lessee to be in default and by notice to Lessee may, at its option, terminate any commitment of Lessor to lease any Aircraft for which the Delivery Date has not yet
occurred (provided, that upon the occurrence of any Lease Event of Default described in Section 13(f) and (g), this Lease shall automatically be deemed in default and the Lessor’s commitment shall automatically terminate); and at any time
after this Lease shall be declared or deemed to be declared to be in default, Lessor may, so long as Lessee shall not have remedied all outstanding Lease Events of Default or Lessor shall not have waived such Events of Default, exercise one or more
of the following remedies with respect to all or any part of the Aircraft as Lessor in its sole discretion shall elect: 
 (a) Lessor
may demand that Lessee pay Lessor, and Lessee shall pay to Lessor all Basic Rent for each Aircraft that is accrued but unpaid in respect thereof until the date of receipt thereof, together with the then applicable Termination Sum computed as of the
date of final payment in full thereof, all Supplemental Rent then due and payable by Lessee hereunder and all amounts then due and payable by Lessee under all other Operative Documents, and upon such payment of all such amounts, all Supplemental
Rent then due and payable by Lessee hereunder, the Term shall terminate and, so long as no Lease Event of Default shall have occurred and be continuing, Lessor shall transfer pursuant to the terms and conditions set forth in Section 5(b) all of
its rights, title and interest in and to the Aircraft (free and clear of all Liens created by the Security Documents) to Lessee, and Lessor and Security Trustee shall, at Lessee’s expense, execute and deliver such documents evidencing such
transfer and shall take such further actions as may be required to effect such transfer; 
 (b) Lessor shall be entitled in addition to
making any demand referred to in clause (a) above: 
 (i) to cause Lessee upon demand of Lessor (provided that such
demand shall be deemed to have been given if Lessor is stayed by operation of law from making such demand) and at Lessee’s expense, to return promptly, and Lessee shall return promptly, all or such part of the Aircraft and the Aircraft
Documentation relating thereto, as Lessor may so demand, to Lessor in the manner and condition required by, and otherwise in accordance with all the provisions of, Section 5 as if the Aircraft were being returned at the end of the Term, or if
Lessee does not so deliver the Aircraft or the Aircraft Documentation, Lessor, at its option, may enter upon the premises where all or any part of the Aircraft and the Aircraft Documentation are located and take immediate possession of and remove
the same (together with any engine or part which is not an Engine or Part but which is installed on an Airframe or stored with or attached to any 

  
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Engine subject to all of the rights of the Lessee, lessor, lienor or secured party of such engine or part provided, that as soon as practicable after Lessor has taken possession of such
Aircraft, Lessor shall, at no cost to Lessor and at the request of the relevant owner, lessor, lienor or secured party, return such engine or part to Lessee unless such engine or part shall be an accession to such Aircraft under applicable law) by
summary proceedings or otherwise all without liability accruing to Lessor for or by reason of such entry or taking of possession (except for liability caused by the gross negligence, willful misconduct or fraud of Lessor), whether for restoration of
damage to property caused by such taking or otherwise; provided that all actions of Lessor in this respect are reasonable and necessary, and Lessor may institute proceedings to repossess an Aircraft in any jurisdiction where such Aircraft may
be located; and provided further that if at any time after Lessor has exercised its rights under this clause (b), Lessee shall make the payments referred to in clause (a) above, the Term shall terminate; 

(ii) following repossession of an Aircraft pursuant to Section 14(b)(i), to sell such Aircraft at public or private sale,
as the Lessor may determine; provided that Lessor shall apply the proceeds of any sale in the manner set forth in the Mortgage, and Lessor agrees to give Lessee at least 15 days’ prior notice of the date fixed for any public sale of
such Aircraft or of the date on or after which will occur the execution of any contract providing for any private sale thereof, and any such sale shall be conducted so as to afford Lessee a reasonable opportunity to bid; and 

(iii) Lessor may exercise any other right or remedy which may be available to it as a secured party under applicable law or
under and subject to the Cape Town Convention, including, without limitation, all rights and remedies under and subject to Chapter III of the Convention and Chapter II of the Protocol. To the extent permitted by applicable law, Lessee and
Lessor hereby agree that Lessor (including the Security Trustee and its assigns) shall not be required to provide notice to Lessee as set forth in Article IX(6) of the Protocol in connection with a proposal to procure the de-registration and
export of the Aircraft without a court order. Lessee expressly agrees to permit Lessor to obtain from any applicable court, pending final determination of any claim resulting from a Lease Event of Default hereunder, speedy relief in the form of any
of the orders specified in Article 13 of the Convention and Article X of the Protocol as Lessor shall determine in its sole and absolute discretion, subject to any procedural requirements proscribed by applicable laws. 

In addition, Lessee shall be liable, except as otherwise provided above, for any and all unpaid Supplemental Rent due hereunder before, after
or during the exercise of any of the foregoing remedies and for all proper legal fees and other costs and expenses actually incurred by Lessor, the Purchasers or the Security Trustee by reason of the occurrence of any Lease Event of Default or the
exercise of Lessor’s remedies with respect thereto, including (A) all costs and expenses incurred in connection with the return of the Aircraft in accordance with the terms of Section 5 or in placing the Aircraft in the condition and
airworthiness required by such Section and (B) any other costs and expenses that Lessor, any Purchaser or the Security Trustee may incur in connection with the retaking, holding, storage, export, deregistration and preparing for sale of the
Aircraft and other like action or that Lessee has agreed to assume in any other Operative Document or pursuant to applicable law. Except as otherwise expressly provided 

  
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above, no remedy referred to in this Section 14 is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to above; and the exercise or beginning
of exercise by Lessor of any one or more of such remedies shall not preclude the simultaneous or later exercise by Lessor of any or all of such other remedies. No express or implied waiver by Lessor of, and no course of dealing by it with respect
to, any Lease Event of Default shall in any way be, or be construed to be, a waiver of any future or subsequent Lease Event of Default. 

(c) In any proceeding in any jurisdiction commenced to repossess any Aircraft, it shall not be necessary for Lessor, or any other Person, to
post any bond, security, undertaking or indemnity, in favor of, or for the benefit of Lessee, or any other Person, all of which are hereby knowingly, intentionally and irrevocably waived by Lessee. 

(d) Lessee hereby consents to the exercise by Lessor of the remedies granted herein and in the Cape Town Convention (in accordance with the
terms of the Cape Town Convention). Lessee acknowledges and agrees that Lessor may exercise such of the foregoing remedies as it shall determine in its sole discretion and none of the foregoing remedies is manifestly unreasonable. To the extent
permitted by applicable law, Lessee and Lessor hereby agree that paragraph 2 of Article 13 of the Convention shall not apply to this Lease or to the exercise of any remedy by the Lessor under this Lease or the Cape Town Convention.
Following termination of this Lease, Lessee agrees to immediately discharge, upon demand by Lessor or the Security Trustee, any registration made with the International Registry in its favor. 

Section 15. Further Assurances; Investment of Security Funds. 

(a) Further Assurances. Lessee and Lessor shall from time to time, at the cost and expense of Lessee, do and perform such other and
further acts and duly execute and deliver such further documents and assurances as may be required by applicable law or reasonably requested by the one party to establish, maintain and protect the respective rights and remedies of the other party
and to carry out and effect the intent and purpose of this Lease including, if reasonably requested by Lessor and at the expense of Lessee, the execution and delivery of supplements hereto or to the other Operative Documents, in recordable form,
subjecting to this Lease or to the other Operative Documents, any replacement or substitute airframe or engine and the recording or filing of counterparts hereto or thereto, in accordance with the laws of such jurisdictions in which any Aircraft is
based as Lessor may from time to time reasonably deem necessary after prior consultation with Lessee. Lessee shall be solely responsible for obtaining all required consents and approvals of, giving all required notices to, performing all required
registrations and filings for recordation with, and taking all other necessary actions in the State of Registration and/or the United States, including any governmental or political agency, subdivision or instrumentality thereof. Without limiting
the foregoing, Lessee shall cause this Lease, and any and all additional instruments which shall be executed pursuant to the terms hereof, to be kept, filed, deposited or recorded, at all times, in such places in the State of Registration, the
jurisdiction where Liens are perfected against Lessor (if different), and such other jurisdictions in which any Aircraft is based as Lessor may reasonably request in order to perfect and preserve the rights of Lessor, the Security Trustee or the
other Secured Parties hereunder, and furnish to Lessor an opinion or opinions of counsel or other evidence satisfactory to Lessor (acting reasonably) of each such filing, deposit or recordation and, without limitation of any of the foregoing, at the
request of Lessor, promptly 

  
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correct any defect, error or omission which may at any time hereafter be discovered in the contents of this Lease or in the execution, acknowledgment or delivery hereof and, at the request of
Lessee, Lessor shall promptly correct any defect, error or omission which may at any time be discovered in the contents of this Lease or in the execution, acknowledgment or delivery hereof. Without limiting any of the foregoing, Lessee will
cooperate fully with Lessor for obtaining the deregistration of each Aircraft and any required export licenses, when requested by the Security Trustee upon any return of an Aircraft required hereunder. 

(b) Investment of Security Funds. Any moneys held by the Security Trustee as security hereunder for Lessee’s obligations shall,
until paid to Lessee or otherwise applied in accordance with the terms of the Operative Documents, be invested by the Security Trustee as Lessee may from time-to-time direct in writing (or orally and confirmed in writing), but subject to
availability at the Security Trustee’s discretion (it being understood that absent such a direction, there shall be no obligation to invest such moneys) in: 

(i) Governmental Obligations. Obligations of, or guaranteed by, the United States Government or agencies thereof. 

(ii) Commercial Paper. Open market commercial paper of any corporation incorporated under the laws of the United States
of America or any State thereof rated at least P 2 or its equivalent by Moody’s Investors Service, Inc. or at least A-2 or its equivalent by Standard & Poor’s Ratings Service. 

(iii) Certificates of Deposit. Certificates of deposit issued by commercial banks organized under the laws of the United
States or of any political subdivision thereof having a combined capital and surplus in excess of $750,000,000 which banks or their holding companies have a rating of A or its equivalent by Moody’s Investors Service, Inc. or Standard &
Poor’s Ratings Service; provided, however, that the aggregate amount at any one time so invested in certificates of deposit issued by any one bank shall not exceed five percent (5%) of such bank’s capital and surplus. 

(iv) Offshore Certificates of Deposit. Dollar denominated offshore certificates of deposit issued by, or offshore time
deposits with, any commercial bank described in (iii) or any subsidiary thereof. 
 (v) Repurchase Agreements.
Repurchase agreements with any financial institution having combined capital and surplus of at least $750,000,000 with any of the obligations described in clauses (i) through (iv) as collateral, none of which investments (but exclusive of
any underlying investment that may be subject to a repo) shall have a term to maturity in excess of 30 days. 
 There shall be promptly
remitted to Lessee or its order (but no more frequently than monthly) any gain (including interest received) realized as a result of any such investment (net of any, fees, commissions and other expenses, if any, incurred in connection with such
investment) unless a Special Default or an Event of Default shall have occurred and be continuing. The Lessee shall be responsible for any net loss realized as a result of any such investment and shall reimburse the Security Trustee on demand. 

  
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 Section 16. Quiet Enjoyment. Notwithstanding anything contained herein to
the contrary, Lessor agrees and covenants that, unless a Lease Event of Default shall have occurred and be continuing, it will not take, and it will not permit any Person claiming through or under it to take, any action inconsistent with
Lessee’s rights under this Lease, or otherwise through its own actions or failure to observe its obligations hereunder or under any other Operative Document in any way interfere with or interrupt or permit any Person claiming through or under
it to interfere with or interrupt the quiet enjoyment of the use, operation and possession of any Aircraft, any Airframe or any Engine by Lessee or any sublessee, assignee or transferee under any sublease, assignment or transfer then in effect and
permitted by the terms of this Lease. 
 Section 17. Notices. All notices, requests and other communications provided for
herein (including, without limitation, any modifications of, or waivers or consents under, this Lease) shall be given or made in writing (including, without limitation, by telecopy or e-mail), delivered to the intended recipient at the “Address
for Notices” specified on its signature page hereto (or, in the case of the Security Trustee, in the Administrative Schedule of the Note Purchase Agreement) or, as to any party, at such other address as shall be designated by such party by
notice to each other party. Except as otherwise provided in this Lease, all such communications shall be deemed to have been duly given when transmitted by telecopier or e-mail or personally delivered or, in the case of a notice sent by commercial
courier or by hand, upon receipt, in each case given or addressed as aforesaid. 
 Section 18. Miscellaneous;
Governing Law. 
 (a) Any provision of this Lease that is prohibited or unenforceable in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction, and shall not invalidate or render unenforceable the other provisions hereof in any jurisdiction. To the extent permitted by applicable law, Lessee hereby waives any provision of law which
renders any provision hereof prohibited or unenforceable in any respect. No term or provision of this Lease may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which the
enforcement of the change, waiver, discharge or termination is sought and only as permitted by the Operative Documents. The section and paragraph headings in this Lease and the table of contents are for convenience of reference only and shall not
modify, define, expand or limit any of the terms or provisions hereof. 
 (b) THIS LEASE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401 AND
SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (c) Any suit, action or proceeding
against any of the parties hereto with respect to this Lease or any judgment entered by any court in respect thereof may be brought in the Supreme Court of the State of New York, County of New York or in the United States District Court for the
Southern District of New York, as either party hereto in its sole discretion may elect, and each party hereto hereby submits to the non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. Each of Lessee and
Lessor irrevocably consents to service of process in the manner provided for notices in Section 17. Nothing in this 

  
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Lease or any other Operative Document will affect the right of any party to this Lease or any other Operative Document to serve process in any other manner permitted by law. Each party hereto
hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Lease brought in any of the aforesaid courts and hereby further irrevocably waives
any claim that any such suit, action or proceeding has been brought in an inconvenient forum. 
 (d) To the extent that Lessee may be or
hereafter become entitled, in any jurisdiction in which judicial proceedings may at any time be commenced with respect to this Lease, to claim for itself or its property, assets or revenues immunity (whether by reason of sovereignty or otherwise)
from suit, jurisdiction of any court, attachment prior to judgment, attachment in aid of execution of a judgment, setoff, execution of judgment or from any other legal process, and to the extent that in any such jurisdiction there may be attributed
any such immunity (whether or not claimed), Lessee hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity. 

(e) The payment obligations of Lessee payable under this Lease and any other Operative Document (the “payor”) expressed to be
payable thereunder in one currency (the “first currency”) shall not be discharged by an amount paid in another currency (the “second currency”), whether pursuant to a judgment or otherwise, to the extent that the amount so paid
on prompt conversion to the first currency under normal banking procedures does not yield the full amount of the first currency due thereunder, and the payor shall indemnify the recipient of such payment (the “payee”) against any such
shortfall; and in the event that any payment by the payor, whether pursuant to a judgment or otherwise, upon conversion and transfer does not result in payment of such amount of the first currency, the payee shall have a separate cause of action
against the payor for the additional amount necessary to yield the amount due and owing to the payee. 
 (f) If it is necessary to determine
for any reason other than that referred to in Section 18(e) above the equivalent in the first currency of a sum denominated in the second currency, the rate of exchange used shall be that at which in accordance with normal banking procedures
the Security Trustee could purchase the first currency with the second currency on the Business Day on which such determination is to be made (or, if such day is not a Business Day, on the next preceding Business Day). 

Section 19. WAIVER OF JURY TRIAL. EACH OF LESSOR AND LESSEE IRREVOCABLY WAIVES AS AGAINST THE OTHER PARTY HERETO ANY RIGHTS
IT MAY HAVE TO A JURY TRIAL IN THE UNITED STATES OF AMERICA IN RESPECT OF ANY CIVIL ACTION ARISING UNDER THIS LEASE. 
 Section 20.
Security for Lessor’s Obligation. In order to secure the repayment, inter alia, of the Notes, Lessor has agreed in the Mortgage, among other things, to mortgage and assign to the Security Trustee its right, title and interest in and
to this Lease and the Aircraft, subject to the reservations and conditions therein set forth. Lessee hereby consents to such mortgage and assignment and acknowledges receipt of a copy of the Mortgage it being understood that such consent shall not
affect any requirement or the absence of any requirement for any consent under any other circumstances. Until the Lien of the Mortgage has been 

  
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released, (a) Lessee shall, notwithstanding anything herein to the contrary, make all payments of Rent and all other amounts payable hereunder in accordance with Section 3(h) of the
Note Purchase Agreement and such payments shall not be subject to any defense, counterclaim, set-off or other right or claim of any kind which Lessee may be able to assert against Lessor or any other Person in an action brought by any thereof on
this Lease, (b) all rights of Lessor with respect to this Lease (including, without limitation, all consent, waiver and notice rights, and rights to make any requests or determinations), any Aircraft, any Airframe, any Engine or any Part
thereof, to the extent set forth in and subject in each case to the exceptions set forth in the Mortgage, shall be exercisable by the Security Trustee (to the exclusion of Lessor) and (c) all documents, notices, certificates and opinions of
counsel sent by Lessee to Lessor shall also be sent to the Security Trustee. To the extent, if any, that this Lease constitutes tangible chattel paper (as such term is defined in the Uniform Commercial Code as in effect in any applicable
jurisdiction), no security interest in this Lease may be perfected through the transfer or possession of any counterpart hereof other than the original executed counterpart, which shall be identified as the counterpart containing the receipt
therefor executed by the Security Trustee on the signature page thereof. 
 Section 21. Lessor and Security Trustee Appointed
Attorney-in-Fact. Lessee hereby irrevocably appoints each of Lessor and the Security Trustee the true and lawful attorney of Lessee (with full power of substitution) in the name, place and stead of, and at the expense of, Lessee in connection
with the enforcement of the rights and remedies provided for in this Lease, exercisable upon the occurrence of and during the continuation of a Lease Event of Default: (i) to act singly and in its own name to represent Lessee before any
governmental authority, ministry, agency or department in the State of Registration and also before any company, organization, individual or other entity and to execute and to do and perform on behalf of Lessee and in the name of Lessee or otherwise
to deliver any applications, documents, consents, instruments or certificates which may be required in order to effect the deregistration in the State of Registration to obtain export licenses from the State of Registration, if required, and to take
any other actions necessary or advisable for the repossession and exportation from the State of Registration of any Aircraft, any Airframe, any Engine or any Part, (ii) to give any necessary receipts or acquittances for amounts collected or
received hereunder, (iii) to make all necessary transfers of any Aircraft, any Airframe, any Engine or any Part or part thereof in connection with any sale, lease or other disposition made pursuant hereto, in each case, in conformity with the
applicable provisions hereof and of the other Operative Documents, (iv) to execute and deliver all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale, lease or other disposition made
pursuant hereto and the other Operative Documents, Lessee hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto and (v) to terminate any pooling agreement or interchange
agreement of Lessee pursuant to which any Airframe, any Engine or any Part may then be possessed by a Person other than Lessee. The power hereby granted is absolute, irrevocable and unconditional and is hereby deemed coupled with an interest.
Nevertheless, if so requested by Lessor, the Security Trustee or a purchaser, lessee, or other transferee, Lessee shall ratify and confirm any such sale, lease or other disposition by executing and delivering to Lessor, the Security Trustee or such
purchaser, lessee or transferee all proper bills of sale, assignments, releases, leases and other instruments as may be properly designated in any such request. Any recoveries by Lessor or the Security Trustee, whether pursuant to the exercise of
any remedy 

  
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hereunder or otherwise, shall be paid over to the Security Trustee and applied by the Security Trustee in accordance with the Mortgage. 

Section 22. Lessor’s Right to Perform for Lessee. If Lessee fails to make any payment of Rent required to be made by
it hereunder or fails to perform or comply with any of its agreements contained herein, then (but in each case, other than in the case of failure to maintain insurance as required hereunder, no earlier than five Business Days after notice to the
Lessee as to the occurrence of such failure, whether or not it shall yet constitute a Lease Event of Default hereunder) Lessor or the Security Trustee may (but shall be under no obligation to) itself make such payment or perform or comply with such
agreement, and the amount of such payment and the amount of the reasonable expenses of Lessor or the Security Trustee incurred in connection with such payment or the performance of or compliance with such agreement, as the case may be, shall be
deemed Supplemental Rent payable by Lessee upon demand together with interest thereon at the applicable Post-Default Rate. 

Section 23. English Language Prevails. For the avoidance of doubt, Lessor and Lessee agree any translation of this Lease
shall not apply in construing this Lease and that the English version of this Lease shall govern for all purposes. 
 Section 24.
Complete Agreement; ACC Counsel-Mandated Revisions. Except for the other Operative Documents, this Lease contains the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior written or
oral communications or agreements with respect thereto. Subject to the legend on the cover page of this Lease, this Lease may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the same instrument. The parties hereto agree to amend this Lease in order to comport with any changes required by ACC counsel of the FAA following their review hereof to
allow registration of the Aircraft in the name of the Lessee. 
 Section 25. No Merger of Title. There shall be no merger
of this Lease or of the leasehold estate created hereby by reason of the fact that the same Person may acquire, own or hold, directly or indirectly, in whole or in part, (i) this Lease or the leasehold estate created hereby or any interest in
this Lease or such leasehold estate, (ii) the fee estate in any Aircraft, or (iii) a beneficial interest in the Lessor. 

Section 26. General Indemnity. 

(a) Operational indemnity. The Lessee shall indemnify and at all times keep indemnified each Indemnitee against, on an After-Tax Basis,
all Losses which may at any time be incurred by that Indemnitee: 
 (i) Subject to the next following paragraph, the Lessee
hereby agrees to indemnify each Indemnitee against, and agrees to protect, save and keep harmless each of them from any and all Expenses imposed on, incurred by or asserted against any Indemnitee arising out of or directly resulting from
(A) the operation, possession, use, maintenance, overhaul, testing, registration, reregistration, delivery, non-delivery, lease, nonuse, modification, alteration, or sale of any Aircraft, any Airframe or any Engine, or

  
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any engine used in connection with such Airframe or any part of any of the foregoing by the Lessee, any lessee or any other Person whatsoever, whether or not such operation, possession, use,
maintenance, overhaul, testing, registration, reregistration, delivery, non-delivery, lease, nonuse, modification, alteration, or sale is in compliance with the terms of the Mortgage, including, without limitation, claims for death, personal injury
or property damage or other loss or harm to any person whatsoever and claims relating to any laws, rules or regulations pertaining to such operation, possession, use, maintenance, overhaul, testing, registration, reregistration, delivery,
non-delivery, lease, non-use, modification, alteration, sale or return including environmental control, noise and pollution laws, rules or regulations; (B) the manufacture, design, purchase, acceptance, rejection, delivery, or condition of such
Aircraft, such Airframe or any Engine, any engine used in connection with such Airframe, or any part of any of the foregoing including, without limitation, latent and other defects, whether or not discoverable, or trademark or copyright
infringement; (C) any breach of or failure to perform or observe, or any other noncompliance with, any covenant or agreement to be performed, or other obligation of the Lessee under any of the Operative Documents to which it is a party, or the
falsity of any representation or warranty of the Lessee in any of the Operative Documents to which it is a party; (D) the offer, sale and delivery by the Lessee or anyone acting on behalf of the Lessee of any Note or successor debt obligations
issued in connection with the refunding or refinancing thereof (including, without limitation, any claim arising out of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any other Federal or state statute,
law or regulation, or at common law or otherwise relating to securities (collectively “Securities Liabilities”)) (the indemnity provided in this clause (D) to extend also to any Person who controls an Indemnitee, its
successors, assigns, employees, directors, officers, servants and agents within the meaning of Section 15 of the Securities Act of 1933, as amended); and (E) the transactions contemplated by the Operative Documents or any lease hereunder,
any Lease Event of Default or the enforcement against the Lessee of any of the terms thereof (including, without limitation, Article V of the Mortgage). 

(ii) Limitations on Indemnity. The foregoing indemnity shall not extend to any Expense of any Indemnitee to the extent
attributable to one or more of the following: (1) acts or omissions involving the willful misconduct or gross negligence of such Indemnitee or any Person acting on behalf of such Indemnitee (other than gross negligence imputed to such
Indemnitee solely by reason of its interest in any Aircraft); (2) the failure by such Indemnitee to perform or observe any agreement, covenant or condition in any of the Operative Documents applicable to it, including, without limitation, the
creation or existence of a Security Trustee Lien or a Lender Lien (except to the extent such failure was caused directly by the failure of the Lessee to perform any of its obligations under the Operative Documents); (3) any representation or
warranty by such Indemnitee in the Operative Documents or in connection therewith being incorrect in any material respect; (4) with respect to any Indemnitee, a disposition (voluntary or involuntary) by such Indemnitee of all or any part of
such Indemnitee’s interest in such Airframe, any Engine or in any Operative Document other than during the continuance of an Event of Default; (5) other than amounts necessary to make payments on an
after-tax basis, any Tax, or increase in Tax liability under any applicable law whether or not the Lessee is required to indemnify for such Tax pursuant to Schedule III to the Note

  
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Purchase Agreement; (6) acts or events occurring after (x) the Notes and all other amounts due to such Indemnitee under the Operative Documents have been paid in full or (y) the
transfer of possession of an Aircraft pursuant to Article V of the Mortgage except to the extent that such Claim is attributable to acts occurring in connection with the exercise of remedies pursuant to Section 5.01 of the Mortgage
following the occurrence and continuance of an Event of Default; (7) a failure on the part of the Security Trustee or either Agent to distribute in accordance with the Note Purchase Agreement or the Mortgage any amounts received and
distributable by it thereunder; and (8) any Expense which is payable or borne by a Person other than the Lessee pursuant to any provision of any Operative Document. 

(iii) Claims Against Indemnities. If a claim is made against an Indemnitee involving one or more Expenses and such
Indemnitee has notice thereof, such Indemnitee shall promptly after receiving such notice give notice of such claim to the Lessee; provided that the failure to provide such notice shall not release the Lessee from any of its obligations to indemnify
hereunder except to the extent that the Lessee is prejudiced as a result of the failure to give such notice in a timely fashion, and no payment by the Lessee to an Indemnitee pursuant to this Section 26(c) shall be deemed to constitute a waiver
or release of any right or remedy which the Lessee may have against such Indemnitee for any actual damages as a result of the failure by such Indemnitee to give the Lessee such notice. The Lessee shall be entitled, at its sole cost and expense,
acting through counsel reasonably acceptable to the respective Indemnitee, so long as the Lessee has acknowledged in writing its responsibility for such Expense hereunder (unless such Expense is covered by clause (ii) of this
Section 26(c), except that such acknowledgment does not apply if the decision of a court or arbitrator provides that the Lessee is not liable hereunder), (A) in any judicial or administrative proceeding that involves solely a claim for one
or more Expenses, to assume responsibility for and control thereof, (B) in any judicial or administrative proceeding involving a claim for one or more Expenses and other claims related or unrelated to the transactions contemplated by the
Operative Documents, to assume responsibility for and control of such claim for Expenses to the extent that the same may be and is severed from such other claims (and such Indemnitee shall use its reasonable efforts to obtain such severance), and
(C) in any other case, to be consulted by such Indemnitee with respect to judicial proceedings subject to the control of such Indemnitee and to be allowed, at the Lessee’s sole expense, to participate therein. The Indemnitee may
participate at its own expense and with its own counsel in any judicial proceeding controlled by the Lessee pursuant to the preceding provisions. Notwithstanding any of the foregoing, the Lessee shall not be entitled to assume responsibility for and
control of any such judicial or administrative proceedings if any Lease Event of Default shall have occurred and be continuing, if such proceedings will involve a material risk of the sale, forfeiture or loss of any Aircraft unless the Lessee shall
have posted a bond or other security reasonably satisfactory to the relevant Indemnitee with respect to such risk or if such proceedings could entail any risk of criminal liability being imposed on such Indemnitee. 

(iv) Information for Lessee. The Indemnitee shall supply the Lessee with such information reasonably requested by the
Lessee as is necessary or advisable for the Lessee to control or participate in any proceeding to the extent permitted by this 

  
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Section 26(c). Such Indemnitee shall not enter into a settlement or other compromise with respect to any Expense without the prior written consent of the Lessee, which consent shall not be
unreasonably withheld or delayed, unless such Indemnitee waives its right to be indemnified with respect to such Expense under this Section 26(c). 

(v) Information for Indemnitees. The Lessee shall supply the Indemnitee with such information reasonably requested by
the Indemnitee as is necessary or advisable for the Indemnitee to control or participate in any proceeding to the extent permitted by this Section 26(c). 

(vi) Expenses Covered by Insurance. In the case of any Expense indemnified by the Lessee hereunder which is covered by a
policy of insurance maintained by the Lessee (or any Lessee) pursuant to Section 10 or otherwise, it shall be a condition of such indemnity with respect to any particular Indemnitee that such Indemnitee shall cooperate with the insurers in the
exercise of their rights to investigate, defend or compromise such Expense as may be required to retain the benefits of such insurance with respect to such Expense. Notwithstanding any of the foregoing to the contrary, with respect to any Expense
which is covered under policies of insurance maintained by the Lessee (or any Lessee) pursuant to Section 10 or otherwise, the rights of an Indemnitee to control or participate in any proceedings shall be modified to the extent necessary to
comply with the requirements of such policies and the rights of the insurers thereunder. 
 (vii) Subrogation. To the
extent of any payment of any Expense pursuant to this Section 26(c), the Lessee, without any further action, shall be subrogated to any claims the Indemnitee may have relating thereto. The Indemnitee agrees to give such further assurances or
agreements and to cooperate with the Lessee to permit the Lessee to pursue such claims, if any, to the extent reasonably requested by the Lessee. 

(viii) Reimbursement. In the event that the Lessee shall have paid an amount to an Indemnitee pursuant to this
Section 26(c), and such Indemnitee subsequently shall be reimbursed in respect of such indemnified amount from any other Person, such Indemnitee shall promptly pay the Lessee the amount of such reimbursement, including interest received
attributable thereto, provided that no Lease Event of Default has occurred and is continuing. 

*         *         * 

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

									
		 		 		 	 VX 2015 LLC

		 		 		 	By VX 2015 Trust, its Manager
		 		 		 	By Delaware Trust Company, not in its individual capacity but solely as Trustee
					
		 		 		 	By:	 	 /s/ Alan R. Halpern

		 		 		 		 	Name: Alan R. Halpern
		 		 		 		 	Title: Vice President
				
		 		 		 	Address for Notices:
				
		 		 		 	 VIRGIN AMERICA INC. 

					
		 		 		 	By:	 	 /s/ Peter D. Hunt

		 		 		 		 	Name: Peter D. Hunt
		 		 		 		 	Title: SVP & CFO
				
		 		 		 	Address for Notices:
	 Receipt of this original counterpart No. 1 is acknowledged by:
	 		 		 	
				
	 BANK OF UTAH,
 as
Security Trustee
	 		 		 	
					
	By:	 	 /s/ Arge Feotis
	 		 		 	
		 	Name: Arge Feotis	 		 		 	
		 	Title: Asst. Vice President	 		 		 	

  
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 APPENDIX A 

DEFINITIONS AND RULES OF USAGE 

(a) Unless a contrary indication appears, a reference in this Agreement to: 

(i) the “agreed form” of any Operative Document means the form of such Operative Document which on the date hereof
has been agreed by the Lessee and the Security Trustee (acting on the instructions of the Purchasers); 
 (ii) any
“applicable law” means (a) applicable laws, statutes, decrees, decree laws, acts, codes, regulations, legislation, treaties, conventions and similar instruments and, in respect of any of the foregoing, unless the context otherwise
requires, any instrument passed in substitution therefor or for the purposes of consolidation thereof with any other instrument or instruments, in each case, unless the context otherwise requires, as amended, modified, varied or supplemented from
time to time, (b) applicable final judgments, orders, determinations or awards of any court from which there is no right of appeal or if there is a right of appeal such appeal is not prosecuted within the allowable time and (c) applicable
orders, guidelines, notices, guidance, rules and regulations of any state or government or any government entity, in each case having the force of law; 

(iii) any person includes its and any subsequent successors in title, permitted assigns and permitted transferees; 

(iv) “assets” includes present and future properties, revenues and rights of every description; 

(v) “indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment
of money, whether present or future, actual or contingent; 
 (vi) an “Operative Document” or any other agreement
or instrument is a reference to that Operative Document or other agreement or instrument as amended, supplemented or novated in accordance with the terms thereof and of this Agreement or any other Operative Document, together with all exhibits,
schedules and other attachments thereto; 
 (vii) a “regulation” includes any regulation, rule or official
directive (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organization; 

(viii) a reference to a “Schedule” is a reference to such Schedule as it may be amended from time to time in
accordance herewith; 
 (ix) unless the context shall otherwise require, a provision of law is a reference to that provision
as amended or reenacted; and 

  
 APPENDIX A 

Page 1 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 (x) a time of day is, unless stated otherwise, a reference to New York
time. 
 (b) Section and Schedule headings are for ease of reference only. 

(c) Unless a contrary indication appears, a term used in any other Operative Document or in any notice given under or in connection with any
Operative Document has the same meaning in that Operative Document or notice as in this Agreement. 
 DEFINED TERMS 

“Additional Insured(s)” means the Lessor, the Lessor Parent, DTC, the Security Trustee and the Holders.

 “Affected Person” means, (i) the Owner, (ii) any subsidiary of the Owner, (iii) any Affiliate
of the Owner (other than any Person that is an Affiliate of the Owner solely by reason of its ownership of shares of the Owner), or (iv) any officer, director, trustee or agent of the Owner or such subsidiary or such Affiliate that will act in
any capacity with respect to this Agreement. 
 “Affiliate” means, with respect to any Person, any other
Person which directly or indirectly controls, is controlled by, or under common control with, such Person. The term “control” means the possession, directly or indirectly of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” or “Agents” means either or both, as the context may require, of the Senior
Agent and the Junior Agent. 
 “Aircraft” means the Airframe together with the two Engines referenced
in a Mortgage Supplement delivered in connection with a Designated Aircraft, including buyer furnished equipment, whether or not such Engines are installed on the Airframe or any other airframe, and, where the context permits, all logs, manuals and
data and inspection, modification and overhaul records required to be maintained with respect to the foregoing property. 

“Aircraft Related Agreement” means, for any Aircraft, its Bills of Sale, Purchase Agreement and Purchase Agreement
Assignment. 
 “Airframe” means: (i) the Airbus A320-200 aircraft (excluding Engines or engines
from time-to-time installed thereon) specified by United States Registration Number and Manufacturer’s Serial Number in a Mortgage Supplement; (ii) any and all related Parts; and (iii) any Replacement Airframe which may from time to
time be substituted for the Airframe then subject to the Mortgage pursuant to Section 9(b) of the Lease. 
 “Airframe
Warranties Agreement” means each agreement dated a Delivery Date, between, inter alios, the Manufacturer, the Lessee and the Security Trustee in respect of the airframe warranties associated with the Aircraft delivered on such
date. 

  
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 “Allocated To” means, with reference to any Aircraft, the
portion of the Notes relating to such Aircraft which shall be designated as a specific “Series”, being the outstanding principal amount of the related issuance made with respect to such Aircraft. 

“AML Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Purchaser, the Owner or any
subsidiary or Affiliate of the Owner from time to time concerning or relating to anti-money laundering. 
 “Anti-Corruption Law” means all laws, rules, and regulations of any jurisdiction applicable to the Owner or any subsidiary or Affiliate of the Owner from time to time concerning or relating to bribery or
corruption. 
 “Anti-Terrorism Law” means, with respect to any Person, any
applicable law, rule or regulation related to financing terrorism including (a) the Patriot Act, (b) the Currency and Foreign Transactions Reporting Act (31 U.S.C. §§ 5311-5330) (also known as the “Bank Secrecy
Act”), (c) the Trading With the Enemy Act (50 U.S.C. § 1 et seq.), the International Economic Emergency Powers Act (15 U.S.C. § 1701 et seq.) and (d) Executive Order 13224 (effective September 24,
2001). 
 “Applicable Margin”, in respect of the Notes for any Aircraft, has the meaning set forth in
Section 1 of the Note Purchase Agreement. 
 “Applicable Rate” means, for any Interest Period
with respect to any Note, a rate per annum equal to (i) in the case of a Floating Rate Note, the relevant Floating Rate for such Interest Period and (ii) in the case of a Fixed Rate Note, the relevant Fixed Rate for such Interest
Period. 
 “Assigned Warranties” means the warranties referenced in the Airframe Warranties Agreement
and the Engine Consent. 
 “Assignment and Assumption Agreement” means an agreement substantially in
the form of Exhibit B to the Note Purchase Agreement. 
 “Basel II” means the agreements on
capital requirements, a leverage ratio and liquidity standards contained in, or methods of calculating capital adequacy pursuant to, “Basel II: International Convergence of Capital Measurement and Capital Standards: a Revised Framework -
Comprehensive Version” published by the Basel Committee on Banking Supervision in June 2006, as amended, supplemented or restated (other than by Basel III), or any implementation, adoption (whether voluntary or compulsory) thereof, whether
by an EC Directive or the FSA Integrated Prudential Sourcebook or any other law or regulation. 
 “Basel III”
means the agreements on capital requirements, a leverage ratio and liquidity standards contained in, or methods of calculating capital adequacy pursuant to, “Basel III: A global regulatory framework for more resilient banks and banking
systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the

  
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Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented or restated, or any implementation, adoption (whether voluntary or compulsory) thereof, whether by
an EC Directive or the FSA Integrated Prudential Sourcebook or any other law or regulation. 
 “Basic Rent”
means, in respect of an Aircraft, the rent payable under Section 3(b) of the Lease. 
 “Benchmark Index Rate
Adjustment” means the difference between the Closing Benchmark Index Rate and the Initial Benchmark Index Rate. 

“Bills of Sale” means, for any Aircraft, the FAA Bill of Sale and the Warranty Bill of Sale in favor of Owner
in respect of such Aircraft. 
 “Break Amount” means, as of any date of determination and for the
Junior Notes, the amount, if any, equal to the sum of (i) LIBOR Break Amount and (ii) Swap Breakage Loss. 

“Business Day” means any day other than a Saturday or Sunday or a day on which commercial banks are required or
authorized to close in New York, New York and, if such day relates to (i) the giving of notices or quotes in connection with the LIBOR, the city and state in which the Payment Office is located, New York, New York and London, England or
(ii) the borrowing of any Note or payment or prepayment of principal of or interest on the Notes, the city and state in which the Payment Office is located, New York, New York and London, England. 

“Cape Town Convention” means the official English language texts of the Convention on International Interests
in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment which were signed in Cape Town, South Africa on November 16, 2001. 

“Certificate Register” has the meaning specified in Section 14(d) of the Note Purchase Agreement.

 “Change in Law” means the occurrence, after the date of the Note Purchase Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Body or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in
Law”, regardless of the date enacted, adopted or issued and all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States or foreign regulatory authorities, pursuant to Basel II shall not be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

  
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 “Civil Reserve Air Fleet Program” or
“CRAF” means the Civil Reserve Air Fleet Program administered by the United States Government or any substantially similar program. 

“Class” means, with respect to any Note, a designation of whether such Note is a Senior Note or Junior Note.

 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor
statute. 
 “Collections” means, in respect of an Aircraft or the Lease, the “Collections”
as defined in the Granting Clause to the Mortgage, but in all cases excluding Excluded Payments. 

“Commitment” has the meaning specified in Section 2(a) of the Note Purchase Agreement. 

“Consent and Agreement” means the Manufacturer Consent and Agreement [Virgin/NPA 2015], dated as of the
Delivery Date, of Airbus S.A.S. in respect of the Aircraft. 
 “Controlling Creditor” has the meaning
specified in the Intercreditor Agreement. 
 “Default” means any event which with the giving of notice
or the lapse of time or both if not timely cured or remedied would become a Lease Event of Default pursuant to Section 13 of the Lease. 

“Default Event” means a Lease Event of Default or an Event of Default. 

“Delivery Date” means, for any Aircraft, the date of the initial Mortgage Supplement for such Aircraft.

 “Dollars”, “Dollar” and “$” means the lawful currency
of the United States of America. 
 “DTC” means Delaware Trust Company, in its individual capacity.

 “Effective Date” means the date the Note Purchase Agreement becomes effective as provided in
Section 4(a) of the Note Purchase Agreement. 
 “Engine” means (i) each of the two CFM
International Inc. model CFM56-5B4 engines listed by Manufacturer’s Serial Numbers in the initial Mortgage Supplement for each Aircraft, whether or not from time to time installed on an Airframe or any other airframe; (ii) any Replacement
Engine which may from time to time be substituted for any Engine pursuant to the terms of the Lease; and (iii) in each case, any and all related Parts. 

“Engine Agreement” means General Terms Agreement CFM-04-0012B, dated June 14, 2004 between the Lessee and
Engine Manufacturer. 
 “Engine Consent and Agreement” means the Engine Consent and Agreement
[Virgin/NPA 2015] dated as of the Delivery Date of the Engine Manufacturer in respect of the Aircraft. 

  
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 “Engine Manufacturer” means CFM International Inc. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Event of Default” has the meaning specified in Section 10 of the Note Purchase Agreement, which, for ease
of reference is also contained below: 
 “SECTION 10 Events of Default. If one or more of the following events (herein
called “Events of Default”) shall occur and be continuing: 
 (i) the Owner shall default in the payment of
any interest on any Note on the Payment Date thereof; or 
 (ii) the outstanding principal amount of the Notes shall not have
been paid in full by Final Legal Maturity; 
 THEREUPON: (A) the Security Trustee may, by notice to the Owner, terminate the Commitments
and they shall thereupon terminate, (B) the Security Trustee may and, upon request of the Controlling Creditor shall, by notice to the Owner demand payment of the Termination Sum, (C) declare the principal amount then outstanding of, and
the accrued interest on, the Notes and all other amounts payable by the Owner and the Lessee (under such Operative Document to which each is a party and without duplication) hereunder and under the Notes to be forthwith due and payable, whereupon
such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Owner and (D) exercise any or all of the remedies set forth in
Article V to the Mortgage. 
 For the avoidance of doubt, the failure to pay interest on any Note that converts to principal as provided
in Section 3.2(d) hereof shall be deemed not to be a default in payment of interest for the purposes of clause (i) of this Section 10.” 

“Event of Loss” means, with respect to any Aircraft or any Airframe or any Engine, any of the following events
with respect to such property: 
 (a) the loss of such property or of the use thereof due to destruction, damage beyond economic
repair or rendition of such property permanently unfit for normal use for any reason whatsoever; 
 (b) any damage to such property that
results in an insurance settlement with respect to such property on the basis of a total loss or a constructive total loss; 
 (c) the
requisition for use or hire of such property by any government (other than the government of the country of registry of such Aircraft) that shall have resulted in the loss of possession of such property by the Lessee (or any Permitted Sublessee) for
a period in excess of nine consecutive months; 

  
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 (d) requisition of title or other compulsory acquisition, capture, seizure, deprivation,
confiscation or detention for any reason of such Aircraft or any Airframe or any Engine associated with such Aircraft by any government, whether de facto or de jure, but shall exclude requisition for use or hire not involving requisition of title;

 (e) as a result of any law, rule or regulation, order or other action by the FAA or other government of the country of registry, the use
of such Aircraft or Airframe in the normal business of air transportation shall have been prohibited by virtue of a condition affecting all aircraft of the same type for a period of 12 consecutive months, unless the Lessee (or Permitted Sublessee),
prior to the expiration of such 12 month period, shall be diligently carrying forward all steps that are necessary or desirable to permit the normal use of such Aircraft or Airframe or, in any event, if such use shall have been prohibited for a
period of 18 consecutive months; and 
 (f) with respect to an Engine only, any divestiture of title to or interest in such Engine or any
event with respect to such Engine that is deemed to be an Event of Loss with respect to such Engine pursuant to Section 7(c) of the Lease. 

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

“Excluded Taxes” has the meaning specified in Schedule III to the Note Purchase Agreement. 

“Expense” or “Expenses” means any and all liabilities, obligations, losses, damages,
penalties, claims, actions, suits, out of pocket costs, expenses and disbursements (including reasonable legal fees and expenses) of whatever kind and nature but excluding internal costs and expenses such as salaries, any amounts that would be
included in Break Amount, and overhead of whatsoever kind and nature. 
 “FAA Bill of Sale” means a
bill of sale on AC Form 8050-2 or such other form as may be approved by the FAA in favor of the Owner from the Manufacturer in respect of an Aircraft. 

“FAA Counsel” means McAfee & Taft, A Professional Corporation. 

  
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 “FATCA” has the meaning specified in Schedule III to the
Note Purchase Agreement. 
 “FCPA” means the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq. 
 “Federal Aviation Act” means
subtitle VII of Title 49 of the United States Code, or any successor provision. 
 “Federal Aviation
Administration” and “FAA” mean the United States Federal Aviation Administration and any successor agency or agencies thereto. 

“FedWire” means the funds transfer system used to transfer reserve balances for immediately available credit
among the member banks of the United States Federal Reserve System. 
 “Fee Letter” means each of
(i) in the case of New York Life, the letter agreement between the Lessee and New York Life, pursuant to which the Lessee has agreed to pay certain fees and (ii) in the case of Investec, the letter agreement between the Lessee and
Investec, pursuant to which the Lessee has agreed to pay certain fees. 
 “Finance Parties” means,
together, the Purchasers, each Agent and the Security Trustee (each, a “Finance Party”). 
 “Fixed
Rate” means, if the Notes of any Class in respect of any Aircraft are to bear interest at a fixed rate, the fixed rate for such Notes determined in accordance with Section 3(b)(ii) of the Note Purchase Agreement (calculated on the
basis of a year of 360 days consisting of 12 30-day months). The Fixed Rate for any Senior Note shall be the rate specified on Schedule I to the Mortgage Supplement for the applicable Aircraft and the Fixed Rate for any Junior Note shall
be the rate specified on Schedule II to the Mortgage Supplement for the applicable Aircraft; provided that, in the case of any Special Junior Lender, the Fixed Rate applicable to its Junior Notes shall be reduced by 15 basis points for
so long as it shall be a holder of such Junior Notes. 
 “Fixed Rate Note” means a Note evidenced by
Notes which bear interest at a Fixed Rate. 
 “Floating Rate Note” means Junior Notes which bear interest at
the Floating Rate. Each Junior Note shall be a Floating Rate Note unless the Owner shall have made an election to have such Note bear interest at a Fixed Rate in accordance with Section 3(b)(ii) of the Note Purchase Agreement. 

“Foreign Air Carrier” means any air carrier which is not a U.S. Air Carrier and which performs maintenance,
preventative maintenance and inspections for the Aircraft, the Airframe and/or any Engine or engine to standards which are approved by, or which are substantially equivalent to those required by, the Federal Aviation Administration, the Civil
Aviation Authority of the United Kingdom, the Direction Generale de l’Aviation Civile of the French Republic, the Luftfahrt Bundesamt of the Federal Republic of Germany, the Nederlandse Luchtvaart Authoriteit of the Kingdom of the Netherlands,
the Ministry of Transportation of Japan or the Federal Ministry of Transport of Canada (and any agency or instrumentality of the applicable government succeeding to the functions of any of the foregoing entities). 

  
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 “GAAP” means generally accepted accounting principles then in
effect in the United States, consistently applied. 
 “Governmental Authority” means (a) any
federal, state or similar government, and any body, board, department, commission, court, tribunal, authority, agency or other instrumentality of any such government or otherwise exercising any executive, legislative, judicial, administrative or
regulatory functions of such government or (b) any other government entity having jurisdiction over any matter contemplated by the Operative Documents or relating to the observance or performance of the obligations of any of the parties to the
Operative Documents. 
 “Hedging Transaction” means, for any Junior Purchaser of a Fixed Rate Note and
in respect of the Notes of any Class for such Note, an interest rate swap transaction entered into by such Holder (on an actual or notional basis) with a Swap Counterparty in connection with such Fixed Rate Note on customary terms consistent with
market practice (documented (or deemed documented)) by the Swap Form and a hedge confirmation incorporating the terms of this definition) where such Holder will (i) pay to such Swap Counterparty under such swap transaction on each Interest
Payment Date for such Class following the Swap Effective Date, an amount equal to the interest scheduled to be paid to such Holder on such Notes calculated at a rate equal to the Fixed Rate for such Note minus the Applicable Margin for such Note
(calculated on the basis of a year of 360 days and actual number of days elapsed) and (ii) receive from such Swap Counterparty on each such Interest Payment Date an amount equal to the amount of interest that would have accrued on such Notes
during the Interest Period for such Class ending on such Interest Payment Date at LIBOR (flat) (subject, for the avoidance of doubt, to the 0% floor as provided in the definition of LIBOR) taking into account any stub periods on the first and/or
last Interest Periods (for which stub periods the applicable floating rate for such period will be calculated using standard interpolation methodologies) for such Interest Period (calculated on the basis of a year of 360 days and actual number
of days elapsed) and incorporating the methodologies described in the definition of “Swap Break Amount” associated with any termination of such swap transaction in whole or in part in association with any acceleration or prepayment of such
Fixed Rate Note. 
 “Holder” means, at any time, any holder of any Senior Note or any Junior Note.

 “Illegality Event” means the occurrence of any of the following events or circumstances: 

(a) it becomes unlawful or contrary to any applicable law for any party to any of the Operative Documents to perform any of its material
obligations under the Operative Documents and/or to continue as a party to any of the Operative Documents; or 
 (b) all or any material
part of any Operative Document becomes void, illegal, invalid, unenforceable or of limited force and effect. 
 “Increased
Cost Notice” has the meaning specified in Section 3(k) of the Note Purchase Agreement. 

“Increased Costs” has the meaning specified in Section 3(k) of the Note Purchase Agreement. 

  
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 “Indemnitee” or “Indemnitees” means
the Lessor, the Lessor Parent, DTC, the Security Trustee, the Holders, the Agents and each of their respective successors, permitted assigns, and directors, officers, and employees. 

“Initial Rent” means, in respect of an Aircraft, an amount equal to the difference between the purchase price
for such Aircraft and the sum of the pre-delivery payments made on account of such Aircraft and the aggregate Commitments of the Purchasers therefor. 

“Intercreditor Agreement” means the Intercreditor Agreement [Virgin/NPA 2015], dated as of April 29, 2015,
among the Owner, the Senior Purchasers, the Junior Purchasers, the Agents and the Security Trustee. 
 “Interest
Payment Date” means, in respect of any Series of Notes, each of the four quarterly anniversary dates of the Issuance Date of the related Aircraft (or if there is no comparable day in any applicable month, the last day of such month);
provided that, (i) in the case of a Floating Rate Note, if any such date shall not be a Business Day, then the relevant Interest Payment Date shall be the next succeeding Business Day unless by virtue of such extension such date would
fall in the next succeeding calendar month, in which case the relevant Interest Payment Date shall be the next preceding Business Day and (ii) in the case of a Fixed Rate Note, there shall be no adjustment to period end dates by virtue of
non-Business Days for the purpose of interest accruals. The Interest Payment Dates shall be the dates specified in the amortization schedule relating thereto attached to the Notes of the applicable Series (subject to modification by the above
proviso). 
 “Interest Period” means (a) initially, the period commencing on the Issuance Date
and ending on the first Interest Payment Date thereafter and (b) thereafter, each successive three-month (or other applicable) period commencing on the final day of the preceding Interest Period and ending on the next succeeding Interest
Payment Date. 
 “international interest” is defined in the Cape Town Convention. 

“International Registry” is defined in the Cape Town Convention. 

“Investec” means Investec Bank plc. 

“Issuance Date” has the meaning specified in Section 2(b)(i) of the Note Purchase Agreement. 

“Junior Agent” has the meaning specified in the preamble to the Note Purchase Agreement. 

“Junior Applicable Margin” has the meaning specified in Section 1 of the Note Purchase Agreement.

 “Junior Note” means each Note issued by the Owner to the Junior Purchasers pursuant to
Section 2(a)(i) of the Note Purchase Agreement and any such Note issued in exchange or replacement therefor pursuant to Section 14(d) or 14(e) of the Note Purchase Agreement. 

  
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 “Junior Purchasers” means Investec Bank plc, and each successor,
permitted assignee or permitted transferee thereof as a Holder of a Junior Note. 
 “Lease” means the Aircraft Lease
Agreement [Virgin/NPA 2015] dated as of April 29, 2015 between the Owner, as lessor, and Lessee. 
 “Lease Event of
Default” is defined in Section 13 of the Lease. 
 “Lease Supplement” means, in respect of an
Aircraft, the lease supplement relating to such Aircraft to be entered into between Owner and Lessee under the Lease dated the Drawdown Date for such Aircraft, substantially in the form of Exhibit I to the Lease 

“Lender Lien” means any Lien which arises from acts or claims against a Purchaser not related to the transactions
contemplated by the Operative Documents. 
 “Lessor” means VX 2015 LLC, a Delaware limited liability company. 

“Lessor Parent” means VX 2015 Trust, a Delaware statutory trust. 

“LIBOR” means, for any Interest Period for any Note, the rate per annum equal to: 

(a) the Screen Rate for such Interest Period for such Note; or 

(b) (i) if no such Screen Rate is available for Dollars or for such Interest Period, the rate for deposits of an amount comparable to the
aggregate outstanding principal amount of such Note for such Interest Period in Dollars for that period determined to be the arithmetic mean of the rates offered at or about 11:00 a.m. London time on the relevant Quotation Date by at least two
Reference Banks to prime banks in the London interbank market and (ii) if the rate specified in (b)(i) is not available, then the rate for deposits of an amount comparable to the aggregate outstanding principal amount of such Note for such
Interest Period in Dollars for that period determined to be the arithmetic mean of the rates offered at or about 11:00 a.m. New York time on the relevant Quotation Date by at least two Reference Banks to prime banks in the New York interbank
market; provided, that for any Interest Period having a duration of less than three months, LIBOR for such Interest Period shall be the interpolated LIBOR determined using the Screen Rate and standard interpolation methodologies by reference
to the next higher and next lower available maturities (as determined by the Agent for such Note). 
 Notwithstanding the foregoing, LIBOR for any Interest
Period shall not be less than 0% per annum. 
 “LIBOR Break Amount” means the amount, if any, required to compensate
each Holder for any losses, costs or expenses (excluding loss of profit) which it may incur as the result of the prepayment (including any by virtue of an acceleration) (or the failure to make any such prepayment on the date irrevocably scheduled
therefor) of any Junior Note held by it on a date other than the last day of the then current Interest Period therefor, including, without limitation, losses, costs or expenses incurred in connection with unwinding or liquidating any deposits or
funding or financing arrangement with its funding sources, as reasonably determined by such 

  
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Holder. Without limiting the effect of the preceding sentence, such compensation shall include an amount equal to the excess, if any, of (i) the amount of interest which otherwise would
have accrued on the principal amount so prepaid (including any by virtue of an acceleration) from the date of such prepayment (including any by virtue of an acceleration) to the last day of such Interest Period (the “Break Period”)
at the LIBOR therefor in excess of (ii) the interest component of the amount the affected Holder would have bid in the London interbank market for Dollar deposits of leading banks in amounts comparable to such principal amount and with
maturities comparable to the Break Period (as reasonably determined by such Holder). Each Holder shall provide a certificate to the Owner and the Lessee documenting its calculation of LIBOR Break Amount. 

“Lien” means any mortgage, pledge, lien, claim, encumbrance, lease, security interest or other lien of any kind
on property. “Lien” shall include any interest registered on the International Registry other than the Owner’s ownership interest registered on the International Registry as a contract of sale with respect to the Aircraft. 

“Loan Documents” means the Operative Documents. 

“Losses” shall mean and include all losses (including loss of profit), payments, damages, liabilities, claims,
proceedings, actions, penalties, fines, Taxes, duties, fees, rates, levies, charges, demands, royalties or other sanctions of a monetary nature, fees, insurance premiums, calls, judgments, costs and expenses. 

“Maintenance Program” means (a) the maintenance program for the Aircraft which is approved by the FAA or
the regulatory authority having jurisdiction over the Aircraft and (b) in respect of the Engines, the OnPoint program provided by CFM and its affiliates. 

“Majority Junior Holders” means, as of any date of the determination thereof, (i) if no amount in respect
of any Junior Note is then outstanding, a Junior Purchaser or Junior Purchasers whose Junior Commitments aggregate more than 50% of the aggregate Junior Commitments of all Junior Purchasers, or (ii) otherwise, the Holders of more than 50% in
aggregate outstanding principal amount of all Junior Notes. For all purposes of the foregoing definition, in determining as of any date the then aggregate outstanding principal amount of any Junior Notes or amount of the Junior Commitments, there
shall be excluded all Junior Notes and Junior Commitments, if any, held by the Owner or any Affiliate thereof. 

“Majority Senior Holders” means, as of any date of the determination thereof, (i) if no amount in respect
of any Senior Note is then outstanding, a Senior Purchaser or Senior Purchasers whose Senior Commitments aggregate more than 50% of the aggregate Senior Commitments of all Senior Purchasers, or (ii) otherwise, the Holders of more than 50% in
aggregate outstanding principal amount of all Senior Notes. For all purposes of the foregoing definition, in determining as of any date the then aggregate outstanding principal amount of any Senior Notes or amount of the Senior Commitments, there
shall be excluded all Senior Notes and Senior Commitments, if any, held by the Owner or any Affiliate thereof. 

“Manufacturer” means Airbus S.A.S., in its capacity as manufacturer of the Aircraft, and its successors and
assigns. 

  
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 “Market Disruption Cost of Funds” has the meaning specified in
Section 3(g)(ii) of the Note Purchase Agreement. 
 “Market Disruption Event” has the meaning specified
in Section 3(g)(i) of the Note Purchase Agreement. 
 “Maturity Date” means, in respect of any
Note, the date that all remaining principal and the Balloon payable in respect of such Note shall be due and payable. 

“Mortgage” means the Mortgage and Security Agreement [Virgin/NPA 2015] dated as of April 29, 2015 between
the Owner and the Security Trustee, including any Mortgage Supplement and each other supplement from time to time entered into pursuant hereto. 

“Mortgage Estate” is defined in the Granting Clause to the Mortgage. 

“Mortgage Supplement” means a supplement to the Mortgage substantially in the form of Exhibit A, which
shall particularly describe the Airframe and Engines, or any Replacement Airframe or Replacement Engine, included in the property of the Owner covered by the Mortgage, or any other supplement hereto. 

“Mortgagor” means the Owner. 

“New York Life” means New York Life Insurance Company. 

“Non-U.S. Person” means any Person other than (i) a citizen or
resident of the United States of America (for purposes of this definition, the “United States”), (ii) a corporation, partnership, limited liability company or other entity created or organized under the laws of the United States or
any political subdivision thereof or therein or (iii) an estate or trust that is subject to United States federal income taxation regardless of the source of its income. 

“Note” means either or both, as the context may require, of a Senior Note or a Junior Note and
“Notes” means all Notes, whether a Junior Note or Senior Note, issued pursuant to Section 2(a) of the Note Purchase Agreement and any such certificates issued in exchange or replacement therefor pursuant to Section 14(d)
or 14(e) of the Note Purchase Agreement. 
 “Note Purchase Agreement” means that certain Note Purchase
Agreement [Virgin/NPA 2015], dated as of the date hereof, among the Owner, the Purchasers, the Agents and the Security Trustee as such Note Purchase Agreement may be amended or supplemented from time to time pursuant to the applicable provisions
thereof. 
 “Note Value” means, as of any particular date of computation, in respect of an Aircraft,
the amount required to prepay or repay the Notes of the Series relating to such Aircraft in full, together with interest thereon accrued to (but excluding) the date of such prepayment or repayment, Prepayment Fee and all other amounts of whatever
description in respect of such Notes due to the Purchasers and the Security Trustee under the Note Purchase Agreement and the other Operative Documents as of such date. 

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

  
 APPENDIX A 

Page 13 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 “Obligor” or “Obligors” means each of
the Owner and the Lessee 
 “Obsolete Part Amount” has the meaning specified in Section 1 of the
Note Purchase Agreement. 
 “Operative Documents” means the Note Purchase Agreement, the Mortgage, any
Mortgage Supplement, each Note, the Pledge Agreement, the Fee Letter, the Intercreditor Agreement, the Consent and Agreement, the Engine Consent and Agreement and any amendments or supplements of any of the foregoing. 

“Original Amount” means, with respect to a Series of Notes, the stated aggregate original principal amount of
such Notes, which shall, on the Delivery Date for an Aircraft, equal the amount of the Notes issued in respect of such Aircraft. The Original Amount for the Notes for each Series shall be as specified in Section 1 of the Note Purchase
Agreement. 
 “Other Aircraft” means each “Aircraft” under and as defined in the Other Note
Purchase Agreement. 
 “Other Note Purchase Agreement” means the Facility Agreement [Virgin/Bank
2015], dated as of April 29, 2015, among the Lessee, as borrower, each Loan Participant party thereto, BNP Paribas, New York Branch, as senior agent, the Junior Agent and the Security Trustee. 

“Other Junior Purchasers” means the “Junior Purchasers” as defined in the Other Note Purchase
Agreement. 
 “Other Junior Notes” means each note purchased by the “Junior Purchasers” as
defined in the Other Note Purchase Agreement. 
 “Other Junior Obligations” means, with respect to the
Other Note Purchase Agreement, the principal and interest on the Other Junior Notes and all other amounts due and payable under the Other Note Purchase Agreement to the Other Junior Purchasers. 

“Other Mortgage” means the Mortgage and Security Agreement [Virgin/Bank 2015], dated as of April 29, 2015,
between the Owner, as mortgagor, and the Security Trustee, as mortgagee, in respect of the Other Aircraft. 

“Owner” means the Lessor. 

“Parts” means all appliances, parts, instruments, appurtenances, accessories, furnishings and other equipment
of whatever nature (other than (i) complete Engines or engines or (ii) PCE), which are from time to time incorporated or installed in or attached to the Airframe or any Engine and all such items which are subsequently removed therefrom so
long as the Lien of the Mortgage shall cover the same pursuant to the terms of the Mortgage. 
 “Past Due
Rate” has the meaning specified in Section 1 of the Note Purchase Agreement. 

  
 APPENDIX A 

Page 14 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 “Payment Office” means the Security Trustee’s office and
bank account referred to in Schedule I to the Note Purchase Agreement. 
 “PCE” means passenger
convenience equipment. 
 “Permitted Investments” means those investments described in
Section 2(b)(iv) of the Note Purchase Agreement. 
 “Permitted Lien” means (i) the
respective rights of each of the parties to the Operative Documents as provided in the Operative Documents, (ii) the rights of any Permitted Sublessee and other Persons under any subleases and other agreements and arrangements to the extent
permitted by the terms of Sections 7 and 8 of the Lease, (iii) Liens for fees or charges of any airport or air navigation authority payable by Lessee or any Permitted Sublessee either not yet due or being contested in good faith by
appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of any Aircraft, or any part thereof, title thereto, interest therein or use thereof and that do not involve any potential for criminal
liability, (iv) Liens for Taxes payable by Lessee or any Permitted Sublessee either not yet due or being contested in good faith by appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of
any Aircraft or any Part thereof, title thereto, interest therein or use thereof and that do not involve either any potential for criminal liability or the imposition of any Lien for which an adequate bond has not been posted by Lessee, and in the
case of such proceedings so long as adequate reserves are maintained in respect of such Taxes in accordance with relevant generally accepted accounting principles, (v) materialmen’s, mechanics’, workmen’s, repairmen’s,
employees’ or other like Liens on any Aircraft, any Airframe or any Engine arising in the ordinary course of business of Lessee or any Permitted Sublessee for amounts the payment of which is either not yet due or which are being contested in
good faith by appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of any Aircraft or any Part thereof, title thereto, interest therein or use thereof and in the case of such proceedings so
long as adequate reserves are maintained in respect of such amounts in accordance with relevant generally accepted accounting principles, (vi) Liens arising out of judgments or awards against Lessee with respect to which at the time an appeal
or proceeding for review is being prosecuted in good faith by appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of any Aircraft or any Part thereof, title thereto, interest therein or use
thereof and in the case of such proceedings so long as adequate reserves are maintained in respect of such amounts in accordance with relevant generally accepted accounting principles or a bond in accordance with the requirements of any applicable
law, (vii) salvage or similar rights of insurers under insurance policies maintained pursuant to and in accordance with Section 10 of the Lease and (viii) any Lien created with the prior written consent of the Security Trustee (in its
sole discretion). 
 “Permitted Sublessee” means (i) any United States air carrier as to which there is
in force at the time of entering into such sublease or other transfer a certificate issued pursuant to 49 U.S.C. 44705 or any successor provisions that give like authority and that is not subject to bankruptcy proceedings; or (ii) any
manufacturer of airframes or engines or any air carrier that is listed in Schedule 1 to the Lease; provided that for any entity described in clause (ii), (x) such entity is based in a country with which the United States
maintains normal diplomatic relations, 

  
 APPENDIX A 

Page 15 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 
(y) such entity is not subject to bankruptcy proceedings and (z) such transfer of possession shall not deprive the Finance Parties of their perfected and enforceable security interest.

 “Permitted Transferee” means (i) the Lessee or any of its Affiliates, (ii) any Purchaser or any
Affiliate of a Purchaser, (iii) any reputable bank or other reputable financial institution that is regularly engaged in or established for the purposes of making, purchasing or investing in commercial loans or secured notes; provided
that, without the prior written consent of the Lessee, no airline or Affiliate of an airline shall be a Permitted Transferee. 

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

“Plan” means an “employee benefit plan” (as such term is defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended) or any “plan” (as such term is defined in Section 4975(e)(1) of the Code) which has been established or maintained or contributed to by the Lessee or an Affiliate (other than a
multiemployer plan within the meaning of Section 3(37) of ERISA) that, together with the Lessee, is treated as a single employer under Section 414(b), (c) or (m) of the Code. 

“Pledge Agreement” means the Pledge Agreement dated on or before the first Issuance Date between the Trust and
the Security Trustee with respect to the Pledged Interest, substantially in the form of Exhibit D to the Note Purchase Agreement as may from time to time be supplemented, modified or amended in accordance with the applicable provisions
thereof. 
 “Pledged Interest” has the meaning assigned to such term in the Pledge Agreement.

 “Purchase Agreement” means those provisions of the Airbus A320 Family Purchase Agreement between the
Lessee and the Manufacturer dated as of December 29, 2010 relating to the purchase by the Lessee of, inter alia, the Aircraft, as originally executed or as modified, amended or supplemented in accordance with the terms thereof, but only insofar
as the foregoing relates to the Aircraft. 
 “Purchase Agreement Assignment” means, in respect of an
Aircraft, a purchase agreement assignment dated as of the Delivery Date for such Aircraft, between Owner, as assignee, and Lessee, as assignor, pursuant to which Lessee assigns to Owner, inter alia, its right to purchase such
Aircraft under the Purchase Agreement, in form and substance reasonably satisfactory to the Security Trustee. 

“Purchaser” means each Holder initially a party to the Note Purchase Agreement, and its successors and
assigns. 
 “Quotation Date” means, in relation to any Interest Period, two London business days
before the first day of such Interest Period. 
 “Rating Agency” means Fitch, or such other nationally
recognized credit rating agency as agreed by the Lessee and the Purchasers (in their sole discretion). 

  
 APPENDIX A 

Page 16 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 “Ratings Requirement” means the obligation of the Owner to
obtain a preliminary long term credit rating (at no particular required rating level) with respect to the Notes, from the Rating Agency with respect to the current payment of interest and ultimate payment of principal on Final Legal Maturity.

 “Reference Banks” means, with respect to any Note, the principal London offices of BNP, Investec and
JPMorgan Chase or such other bank or banks as may from time to time be designated by the Agent for such Note and as may be reasonably acceptable to the Lessee. 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System (or any
successor), as the same may be modified and supplemented and in effect from time to time. 
 “Rent” means,
collectively, Initial Rent, Basic Rent and Supplemental Rent. 
 “Replacement Engine” means (a) CFM
International Inc. model CFM56-5B4 engines or (b) an improved engine of the same manufacturer, which, in the case of any engine described in clauses (a) or (b) hereof, shall be in compliance with the requirements of Section 7(l)
or 9(b) of the Lease. 
 “Reserve Requirement” means, for any Note, the average maximum rate at which
reserves (including, without limitation, any marginal, supplemental or emergency reserves) are required to be maintained during the Interest Period in respect of such Note under Regulation D by member banks of the Federal Reserve System in New
York City with deposits exceeding one billion Dollars against “Eurocurrency liabilities” (as such term is used in Regulation D). Without limiting the effect of the foregoing, the Reserve Requirement includes any other reserves
required to be maintained by such member banks by reason of any Change in Law with respect to (i) any category of liabilities that includes deposits by reference to which the LIBOR is to be determined or (ii) any category of extensions of
credit or other assets that includes the Notes. 
 “Sanctioned Country” means, at any time, a country
or territory which is, or whose government is, the subject or target of any Sanctions broadly restricting or prohibiting dealings with such country, territory or government (currently, Cuba, Iran, Burma, North Korea, Sudan, and Syria). 

“Sanctioned Person” means, at any time, any Person with whom dealings are restricted or prohibited under Sanctions,
including (a) any Person listed in any Sanctions-related list of designated Persons maintained by the United States (including by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or the
U.S. Department of Commerce), the United Nations Security Council, the European Union or any of its member states, Her Majesty’s Treasury, Switzerland or any other relevant authority, (b) any Person located, organized or resident in, or
any Governmental Entity or governmental instrumentality of, a Sanctioned Country or (c) any Person 25% or more directly or indirectly owned by, controlled by, or acting for the benefit or on behalf of, any Person described in clauses (a)
or (b) hereof. 

  
 APPENDIX A 

Page 17 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 “Sanctions” means economic or financial sanctions or trade
embargoes or restrictive measures enacted, imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S.
Department of State, or the U.S. Department of Commerce (b) the United Nations Security Council; (c) the European Union or any of its member states; (d) Her Majesty’s Treasury; (e) Switzerland; or (f) any other relevant
authority. 
 “Screen Rate” means, for any Interest Period with respect to any Note, the London
Interbank Offered Rate administered by ICE Benchmark Administration Limited (or any other successor person which takes over the administration of that rate) for Dollar deposits for a three-month period (without rounding), which rate is displayed on
the relevant Bloomberg page (or such other screen as may replace such Bloomberg page) at or about 11:00 a.m. (London time) on the Quotation Date for such Interest Period. If the agreed page is replaced or service ceases to be available, the
Security Trustee may specify another page or service displaying the appropriate rate after consultation with the Purchasers and the Lessee. 

“Secured Parties” means each Purchaser and the Security Trustee. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Trustee” means Bank of Utah in its capacity as Security Trustee hereunder, and any successor thereto
in such capacity. 
 “Security Trustee Lien” means any Lien which arises as a result of
(A) claims against the Security Trustee not related to its interest in the Aircraft, (B) acts of the Security Trustee not permitted by, or failure of the Security Trustee to take any action required by, the Operative Documents to the
extent such acts arise or such failure arises from or constitutes gross negligence or willful misconduct, (C) claims against the Security Trustee relating to Taxes or Expenses which are excluded from the indemnification provided by
Section 8 of the Facility Agreement, or (D) claims against the Security Trustee arising out of the transfer by the Security Trustee of all or any portion of its interest in the Aircraft or the Operative Documents other than a transfer of
the Aircraft pursuant to Article V of the Mortgage while an Event of Default has occurred and is continuing and prior to the time that the Security Trustee has received all amounts due pursuant to the Mortgage. 

“Senior Agent” has the meaning specified in the preamble to the Note Purchase Agreement. 

“Senior Applicable Margin” has the meaning specified in Section 1 of the Note Purchase Agreement.

 “Senior Discharge Date” means the date on which all Senior Secured Obligations have been fully and
indefeasibly discharged in full. 
 “Senior Note” means each Note issued by the Owner to the Senior
Purchasers pursuant to Section 2(a)(i) of the Note Purchase Agreement and any such Senior Note issued in exchange or replacement therefor pursuant to Section 14(d) or 14(e) of the Note Purchase Agreement. 

  
 APPENDIX A 

Page 18 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 “Senior Purchasers” means New York Life Insurance Company and
each successor, permitted assignee or permitted transferee thereof as a Holder of a Senior Note. 
 “Senior Secured
Obligations” means all obligations payable in respect of the Senior Notes under the Note Purchase Agreement. 

“Senior Swap Rate” has the meaning specified in Section 1 of the Note Purchase Agreement. 

“Series” has the meaning specified in Section 2(a)(iii) of the Note Purchase Agreement. 

“Special Default” means a Default under any of Sections 13(a), 13(b), 13(f) and 13(g) of the Lease.

 “Special Junior Lender” means a Junior Purchaser that has identified itself as such in the Assignment
and Assumption Agreement; and for which the Lessee’s consent has been obtained if and as required under Section 14(c) of the Note Purchase Agreement. 

“Specified Jurisdiction” means any of France, Germany, Ireland, Luxembourg, The Netherlands, the United Kingdom
or the United States. 
 “Specified Transferee Jurisdiction” has the meaning specified in
Schedule III to the Note Purchase Agreement. 
 “State of Registration” means, with respect to
any Aircraft, the United States or each other country in which the Aircraft is registered from time to time pursuant to Section 7(a) of the Lease. 

“Stipulated Insured Amount” means, in respect of any Aircraft and as of any date of determination, an amount
equal to 110% of the aggregate principal amount then outstanding on all Notes in respect of such Aircraft. 

“Sublease” means any sublease agreement permitted by the terms of Section 7(c) of the Lease. 

“Sublessee” means any sublessee under a Sublease. 

“Supplemental Rent” means any amount that the Lessee assumes or agrees to pay to the Owner or any other Person
under the Lease or any other Operative Document with respect to any Aircraft (excluding Basic Rent for the Aircraft) and (without duplication) any amount payable by the Owner under the terms of the Note Purchase Agreement and the other Operative
Documents. 
 “Swap Break Amount” means, as of any date on which Break Amount may be payable under the
Operative Documents in respect of a Junior Note which is a Fixed Rate Note and for any Holder’s related Hedging Transaction, the amount a Swap Counterparty would require in accordance with market practice on the basis of the “Close-out
Amount” (as defined in the Swap Form) approach to have paid to such Swap Counterparty on such date by such Holder (such amount to be expressed as a positive number), or the amount such Swap Counterparty would be 

  
 APPENDIX A 

Page 19 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 
willing to pay in accordance with market practice on the basis of “Close-out Amount” to such Holder on such date (such amount to be expressed as a negative number), in either case, to
terminate such Hedging Transaction on such date with respect to, and to the extent of, such Holder’s then outstanding principal amount of all of the Junior Notes held by such Holder relating to Fixed Rate Notes that are subject to prepayment or
purchase (or the entire Commitment), but excluding any unpaid amounts under such Hedging Transaction due to or payable by such Swap Counterparty prior to such date in respect of interest payments received by such Holder); provided that where
a Holder has not entered into a Hedging Transaction, such amount shall be calculated on the basis of a deemed fixed-for-floating interest rate swap on market terms that meets the definition of Hedging Transaction for a notional amount equal to the
outstanding principal amount of the Junior Notes which are Fixed Rate Notes of such Holder (taking into account any required amortization of such Fixed Rate Notes). 

“Swap Breakage Gain” means, as to any Holder of a Fixed Rate Note, the absolute value of the Swap Break Amount
payable to such Holder if the Swap Break Amount is a negative number. 
 “Swap Breakage Loss” means,
as to any Holder, the value of the Swap Break Amount payable by such Holder if the Swap Break Amount is a positive number. 

“Swap Counterparty” means, for any Hedging Transaction, a floating rate payor counterparty sourced by the
applicable Holder, or in the case of an internal Hedging Transaction, such Holder’s swap or treasury desk. For the avoidance of doubt, neither the Owner nor the Lessee shall be a Swap Counterparty to any Hedging Transaction. 

“Swap Effective Date” has the meaning specified in Section 3(b)(ii) of the Note Purchase Agreement.

 “Swap Form” means a 2002 Master Agreement of the International Swaps and Derivatives Association in
the form published in 2002 (or any comparable form) and supplemented by the 2006 ISDA Definitions (as amended). 

“Tax” or “Taxes” is defined in Schedule III to the Note Purchase Agreement.

 “Taxing Authority “ is defined in Schedule III to the Note Purchase Agreement. 

“Term” means, in respect of an Aircraft, the period commencing on the Delivery Date for such Aircraft to and
including the Maturity Date relating to such Aircraft or such shorter period that may result from earlier termination of the leasing of such Aircraft in accordance with the terms of the Lease. 

“Termination Sum” means (i) all expenses incurred by the Purchasers and the Security Trustee, including,
without limitation, those incurred in enforcing any right, power or remedy, (ii) the Prepayment Fee, (iii) all accrued and unpaid interest on the Notes, including interest on past due amounts at the Post-Default Rate and PIK Interest and
(iv) all outstanding principal of the Notes. 
 “transacting user entity” is defined in the
Regulations for the International Registry. 

  
 APPENDIX A 

Page 20 

 [Lease Agreement [Virgin/NPA 2015]] 

 

 “Treaty Purchaser” has the meaning specified in
Schedule III to the Note Purchase Agreement. 
 “Trust” means VX 2015 Trust. 

“U.S. Air Carrier” means any United States air carrier as to which there is in force a certificate issued
pursuant to Section 41102(a) of the Federal Aviation Act, and which is a citizen of the United States (as defined in 49 U.S.C. § 40102(a)(15)) holding an air carrier operating certificate issued by the Secretary of Transportation
pursuant to chapter 447 of title 49 (or the equivalent authority issued by the Civil Aeronautics Board under the predecessor regulatory laws, rules and regulations) for aircraft capable of carrying 10 or more individuals or
6,000 pounds or more of cargo or which may operate as an air carrier by certification or otherwise under any successor or substitute provisions therefor or in the absence thereof. 

“Underwriters” means the Purchasers originally party to the Note Purchase Agreement on the date of the Note
Purchase Agreement. 
 “War Risk Insurance” has the meaning assigned to such term in
Section 10(b) of the Lease. 
 “Warranty Bill of Sale” means a full warranty bill of sale in
favor of the Owner from the Manufacturer in respect of an Aircraft. 
 “Wet Lease” means any
arrangement whereby the Lessee agrees to furnish the Airframe and associated Engines or engines installed thereon to a third party pursuant to which the Airframe and Engines or engines (i) are operated by pilots who are regular employees of the
Lessee, and (ii) such property is maintained by the Lessee. 

  
 APPENDIX A 

Page 21EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 
  

 
  

NOTE PURCHASE AGREEMENT 

[Virgin/NPA 2015]  

Dated as of  

April 29, 2015 
 among

 VX 2015 LLC, 

Owner, 
 EACH PURCHASER 

IDENTIFIED ON SCHEDULE I HERETO, 

NEW YORK LIFE INSURANCE COMPANY, 

Senior Agent, 
 INVESTEC BANK
PLC, 
 Junior Agent, 

and 
 BANK
OF UTAH, 
 Security Trustee 
  

 
 New York Life
Insurance Company 
 Senior Underwriter 

Investec Bank plc 

Junior Underwriter 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 SECTION 1
	  	CERTAIN DEFINITIONS	  	 	1	  
			
	 SECTION 2
	  	THE COMMITMENT; FUNDING PROCEDURES; CLOSING PROCEDURE	  	 	5	  
			
	 (a)
	  	Commitment; Notes; Special Funding Elections	  	 	5	  
	 (b)
	  	Funding Procedures	  	 	6	  
	 (c)
	  	Registrations Upon Closing	  	 	8	  
	 (d)
	  	Funding Mechanics	  	 	8	  
	 (e)
	  	Closing Location	  	 	8	  
			
	 SECTION 3
	  	NOTE ECONOMICS	  	 	8	  
			
	 (a)
	  	Principal Amortization	  	 	8	  
	 (b)
	  	Senior Interest	  	 	9	  
	 (c)
	  	Junior Interest	  	 	10	  
	 (d)
	  	PIK Interest	  	 	12	  
	 (e)
	  	Structuring Fees	  	 	13	  
	 (f)
	  	Commitment Fees	  	 	13	  
	 (g)
	  	Prepayments	  	 	13	  
	 (h)
	  	Method of Payment	  	 	15	  
	 (i)
	  	Application of Payments	  	 	15	  
	 (j)
	  	Market Disruption	  	 	16	  
	 (k)
	  	Increased Costs	  	 	18	  
			
	 SECTION 4
	  	CONDITIONS PRECEDENT	  	 	20	  
			
	 (a)
	  	Conditions Precedent to the Effectiveness of the Commitments	  	 	20	  
	 (b)
	  	Conditions Precedent to the Purchasers’ Participation in each Designated Aircraft	  	 	21	  
	 (c)
	  	Conditions Subsequent	  	 	27	  
			
	 SECTION 5
	  	CLOSING PROCEDURE	  	 	27	  
			
	 (a)
	  	Filings with FAA	  	 	27	  
	 (b)
	  	Registrations by FAA Counsel	  	 	28	  
	 (c)
	  	Discharges in Event of Failure to Fund	  	 	28	  
	 (d)
	  	International Registry Filings	  	 	28	  
			
	 SECTION 6
	  	EXTENT OF INTEREST OF HOLDERS	  	 	28	  
			
	 SECTION 7
	  	REPRESENTATIONS AND WARRANTIES	  	 	28	  
			
	 (a)
	  	Owner’s Representations and Warranties	  	 	28	  
	 (b)
	  	Representations and Warranties of the Security Trustee and Purchasers	  	 	33	  
			
	 SECTION 8
	  	TAXES	  	 	34	  
			
	 SECTION 9
	  	COVENANTS OF THE OWNER	  	 	34	  
			
	 (a)
	  	Notifications	  	 	34	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 (b)
	  	Litigation	  	 	34	  
	 (c)
	  	Existence, Etc	  	 	34	  
	 (d)
	  	Special Purpose	  	 	35	  
	 (e)
	  	Limitation on Liens	  	 	35	  
	 (f)
	  	Protection of Collateral	  	 	35	  
	 (g)
	  	Separateness	  	 	36	  
	 (h)
	  	Co-operation with Rating Agency	  	 	37	  
	 (i)
	  	IR Registrations; IDERA	  	 	37	  
	 (j)
	  	Sanctions, Etc	  	 	37	  
			
	 SECTION 10
	  	EVENTS OF DEFAULT	  	 	38	  
			
	 SECTION 11
	  	NOTICES	  	 	38	  
			
	 SECTION 12
	  	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	 	38	  
			
	 (a)
	  	Governing Law	  	 	38	  
	 (b)
	  	Submission to Jurisdiction	  	 	39	  
	 (c)
	  	Forum	  	 	39	  
	 (d)
	  	Service of Process	  	 	39	  
	 (e)
	  	Waiver of Jury Trial	  	 	39	  
			
	 SECTION 13
	  	INVOICES AND PAYMENT OF EXPENSES	  	 	39	  
			
	 SECTION 14
	  	SUCCESSORS AND ASSIGNS; NOTES	  	 	40	  
			
	 (a)
	  	Benefits	  	 	40	  
	 (b)
	  	Assignments by Owner	  	 	40	  
	 (c)
	  	Assignments by Purchasers	  	 	40	  
	 (d)
	  	Registration, Transfer and Exchange of Notes	  	 	41	  
	 (e)
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	42	  
	 (f)
	  	Payment of Expenses on Transfer	  	 	42	  
			
	 SECTION 15
	  	THE AGENTS; THE SECURITY TRUSTEE	  	 	42	  
			
	 (a)
	  	Appointment, Powers and Immunities	  	 	42	  
	 (b)
	  	Reliance by Agent	  	 	43	  
	 (c)
	  	Non-Receipt of Funds by the Agents	  	 	43	  
	 (d)
	  	Defaults	  	 	44	  
	 (e)
	  	Indemnification	  	 	44	  
	 (f)
	  	Non Reliance on Agents and Other Purchasers	  	 	44	  
	 (g)
	  	Failure to Act	  	 	45	  
	 (h)
	  	Resignation or Removal of Agent	  	 	45	  
	 (i)
	  	Consents under Operative Documents	  	 	45	  
	 (j)
	  	The Security Trustee	  	 	46	  
	 (k)
	  	Representations and Warranties of the Senior Purchasers	  	 	49	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 16
	  	MISCELLANEOUS	  	 	51	  
			
	 (a)
	  	Section 1110 Compliance	  	 	51	  
	 (b)
	  	Survival of Agreements	  	 	51	  
	 (c)
	  	Separate Counterparts	  	 	51	  
	 (d)
	  	No Liability of Purchasers	  	 	51	  
	 (e)
	  	Approvals by Purchasers	  	 	51	  
	 (f)
	  	Non-Disclosure of Purchase Agreement	  	 	52	  
	 (g)
	  	Confidentiality	  	 	52	  
	 (h)
	  	Quiet Enjoyment	  	 	52	  
	 (a)
	  	General Tax Indemnity	  	 	1	  
	 (b)
	  	Withholding Taxes	  	 	3	  
	 (c)
	  	Payment	  	 	5	  
	 (d)
	  	Contest	  	 	6	  
	 (e)
	  	Withholding Tax Forms	  	 	8	  
	 (f)
	  	Reimbursement by Indemnitees	  	 	8	  
	 (g)
	  	Interest	  	 	9	  
	 (h)
	  	Definitions	  	 	9	  

 Schedules: 
  

					
	 I.
	 		  	Notice and Account Information
	 II.
	 		  	Participations in Original Amount
	 III.
	 		  	Tax Provisions
	 3(a)(i)
	 		  	Amortization Schedule (Senior Notes)
	 3(a)(ii)
	 		  	Amortization Schedule (Junior Notes)
	 Exhibit A 
	 	 –
	  	Form of Notice of Issuance
	 Exhibit B 
	 	 –
	  	Form of Assignment Agreement
	 Exhibit C 
	 	 –
	  	Form of Note
	 Exhibit D 
	 	 –
	  	Form of Pledge Agreement
	 Appendix A
	 	 –
	  	Definitions and Rules of Usage

  
 iii 

 NOTE PURCHASE AGREEMENT [Virgin/NPA 2015] 

THIS NOTE PURCHASE AGREEMENT [Virgin/NPA 2015] dated as of April 29, 2015 (as modified, amended or supplemented from time to time, this
“Agreement”) among VX 2015 LLC, a Delaware limited liability company (the “Owner”), each Purchaser identified on Schedule I hereto (collectively, together with their successors, permitted assigns and permitted
transferees, the “Purchasers”), New York Life Insurance Company, as Senior Agent hereunder (together with its successors hereunder in such capacity, the “Senior Agent”), Investec Bank plc, as Junior Agent hereunder
(together with its successors hereunder in such capacity, the “Junior Agent”), and Bank of Utah, as Security Trustee hereunder (together with its successors hereunder in such capacity, the “Security Trustee”). 

W I T N E S S E T H: 

WHEREAS, certain terms are used herein as defined in Section 1 hereof; and 

WHEREAS, concurrently with the execution and delivery of this Agreement, the Owner and the Security Trustee are entering into the Mortgage and
Security Agreement [Virgin/NPA 2015] dated as of the date hereof (as modified, amended or supplemented from time to time, the “Mortgage”) pursuant to which the Owner agrees, among other things, to issue one or more Notes in respect
of each Aircraft as evidence of the Owner’s indebtedness to the Purchasers, which Notes will be issued upon the financing of such Aircraft and which Notes will be secured by the mortgage and security interest on such Aircraft created by the
Owner in favor of the Security Trustee, and the Owner shall execute and deliver a Mortgage Supplement covering such Aircraft, supplementing the Mortgage at the time of such delivery and financing. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

SECTION 1 Certain Definitions. 

Except as otherwise defined in this Agreement, including its annexes, schedules and exhibits, terms used herein in capitalized form shall have
the meanings attributed thereto in Appendix A hereto, and the rules of usage specified therein shall be applicable to this Agreement. In addition, the following terms shall have the following meanings: 

“Applicable Margin” means, for any Class of any Series of Notes, (i) the Senior Applicable Margin or (ii) the
Junior Applicable Margin. 
 “Balloon” means, in respect of any Senior Note, an amount equal to 20% of the principal amount
of such Senior Note payable on its Maturity Date. 
 “Benchmark Index Rate” means, as at any date of determination, the
10-day moving average Barclays Industrial Corporate Bond Index as referenced on Bloomberg screen LUAIOAS at 11:00 a.m. New York time on such date; which rate is presented as a percentage. 

“Closing Benchmark Index Rate” shall mean the 10 day moving average as referenced at 11:00 a.m. New York time two
Business Days prior to each Issuance Date. 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 “Closing Date” means, in respect of any Notes, the date on which such Notes
are initially issued to the Holders in accordance with the terms of this Agreement. 
 “Commitment” means, as the context
requires, the Senior Commitment and/or the Junior Commitment. 
 “Commitment Termination Date” means the last Business Day
of January 2016; provided that the Commitment Termination Date for any Aircraft may be extended to a date mutually agreed by the Lessee and the Underwriters. 

“Designated Aircraft” means each of the three Airbus A320-200 aircraft identified as follows: (i) manufacturer’s
serial number 6704 with FAA registration No. N282VA, scheduled to be delivered to the Owner under the Purchase Agreement in August 2015; (ii) manufacturer’s serial number 6787 with FAA registration No. N283VA, scheduled to be
delivered to the Owner under the Purchase Agreement in October 2015; and (iii) manufacturer’s serial number 6889 with FAA registration No. N285VA, scheduled to be delivered to the Owner under the Purchase Agreement in December 2015,
respectively (such months, in each case, being the “Scheduled Delivery Month” for such Designated Aircraft). 

“Discount Rate” means, as at any date of determination, the sum of (i) the Make-Whole plus (ii) 0.50%. 

“Federal Funds Rate” for any day, means the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average
of the quotations for the day of such transactions received by the relevant Agent from three federal funds brokers of recognized standing selected by it. 

“Final Legal Maturity” means, with respect to any Note, the calendar date 36 months following the Maturity Date of such Note.

 “Fixed Benchmark Index Rate” means, if the Owner (acting at the direction of the Lessee) elects to use a “Fixed
Benchmark Index Rate” pursuant to Section 3(b)(iii), the Benchmark Index Rate established on the date the Owner or Lessee notifies the Senior Purchasers of such election. 

“Fixed Rate Margin” means, for any Junior Note, 0.15% per annum. 

“Fixed Senior Swap Rate” means the Senior Swap Rate as determined pursuant to Section 3(b)(iii)(1) hereof. 

“Floating Benchmark Index Rate” means the Benchmark Index Rate as determined, for each Series of Senior Notes, on the third
Business Day prior to the Issuance Date for such Series of Notes. 

  
 2 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 “Floating Rate” means, for any Interest Period and Junior Note, the sum of
(1) LIBOR for such Interest Period, plus (2) the Applicable Margin applicable to such Junior Note (calculated on the basis of actual number of days elapsed in a year of 360 days). 

“Floating Senior Swap Rate” means the Senior Swap Rate as determined, for each Series of Senior Notes, pursuant to
Section 3(b)(iii)(2) hereof. 
 “Initial Benchmark Index Rate” means 1.35%. 

“Junior Applicable Margin” means, (a) for any Series of Junior Notes bearing interest at a Fixed Rate, 5.27% per
annum and (b) for any Series of Junior Notes bearing interest at a Floating Rate, 5.20% per annum. 
 “Junior
Commitment” shall have the meaning ascribed thereto in Section 2(a). 
 “Junior Maturity Date” means, for any
Series of Junior Notes, the six year anniversary of the Issuance Date of such Notes. 
 “Junior Swap Rate” means, as of any
Swap Effective Date and as relates to any fixed rate setting provided in Section 2(b)(ii)(1) for any Junior Notes of any Series, the mid-market swap rate as at the time of rate-set on such date, determined by the swap desk of the Junior Agent
on a market basis, to effect a swap transaction consistent with the swap described in Hedging Transaction. 
 “Make-Whole”
means, for any Senior Note as at any determination date, the interest rate for the fixed leg of a U.S. Dollar Interest Rate “Swap Mid” appearing on Bloomberg Screen USSW (the “Screen”) with maturities equal to the
Remaining Weighted Average Life of (i) in the case of establishing the Fixed Rate for the Senior Notes of any Series, all Senior Notes (of both Tranches) of such Series on a blended basis and (ii) otherwise, such Note, or if such a
maturity is not posted on the Screen, an interpolation of such rate as provided below based on maturities next above and below the then Remaining Weighted Average Life of such Note at approximately 11:00 a.m. New York time on the date one
Business Day before the determination date; such interpolated rate to be calculated by the original Purchasers (or, if an original Senior Purchaser is no longer a Holder of any Notes, the Holder then holding the greatest principal amount of Notes)
in accordance with the following formula: 
  

							
	WAY	 	=	  	 Y1 + (Y2-Y1)(X-X1)
	  	
		 		  	(X2-X1)	  	

 where: 
  

					
	WAY	 	=	  	weighted average yield.
			
	X	 	=	  	Remaining Weighted Average Life in years of such Note.
			
	X1	 	=	  	whole integer closest to and less than X that is closest in maturity to Make-Whole and available on the Screen.

  
 3 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

					
	X2	 	=	  	whole integer closest to and greater than X that is closest in maturity in years to Make-Whole and available on the Screen.
			
	Y1	 	=	  	Make-Whole with maturities equal to X1.
			
	Y2	 	=	  	Make-Whole with maturities equal to X2.

 “Minimum Liability Insurance Amount” means $600,000,000. 

“Original Amount” means, in respect of any Aircraft, $39,000,000. 

“Partial Loss Threshold” means $3,000,000. 

“Past Due Rate” means, as to any Note (or amount owing in respect thereof or to the Holder thereof), the lesser of
(a) 2.00% plus the relevant Applicable Rate or (b) the maximum interest rate permitted under applicable law. 

“Prepayment Fee” means, in respect of a Senior Note as at any date of determination, the excess, if any, of (a) the
present value, as of the date of the relevant prepayment of such Note, of the installments of principal of and interest on such Note that, but for such prepayment, would have been payable on the Payment Dates after such prepayment, over (b) the
principal amount of such Note then being prepaid. Such present value shall be determined by discounting the amounts of such installments semi-annually (assuming a 360-day year and the actual number of days elapsed) from their respective Payment
Dates to the date of such prepayment at a rate equal to the Discount Rate. If the Discount Rate is equal to or higher than the Fixed Rate for any Note, the Prepayment Fee for such Note shall be zero. 

“Senior Applicable Margin” means, for any Senior Notes of any Series, as selected by the Owner (acting at the direction of
the Lessee) on or prior to the establishment of the applicable Fixed Rate for such Senior Notes, (i) the applicable Floating Benchmark Index Rate or (ii) the Fixed Benchmark Index Rate. 

“Senior Commitment” shall have the meaning ascribed thereto in Section 2(a). 

“Senior Maturity Date” means, for any Series of Senior Notes, the 12 year anniversary of the Closing Date of such Notes. 

“Senior Swap Rate” means, as at any date of determination, the interpolated mid-market swap rate for a USD fixed rate swap
interpolated to a 7.75 weighted average life using the 7 and 8 year mid-market rates published on Bloomberg screen IRSB18 (as referenced at the time of rate setting). 

Unless the context otherwise requires, any reference herein to any of the Operative Documents refers to such document as it may be modified,
amended or supplemented from time to time in accordance with its terms and the terms of each other agreement restricting the modification, amendment or supplement thereof. 

  
 4 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 SECTION 2 The Commitment; Funding Procedures; Closing Procedure. 

(a) Commitment; Notes; Special Funding Elections. 

(i) The Notes. Subject to the terms and conditions of this Agreement, (i) the Owner agrees to authorize and issue
the sale of secured notes (the “Notes”), such Notes to be issued (A) in two Classes (each, a “Class”), “Senior Notes” and “Junior Notes” and (B) in three separate series (each, a
“Series”) as relate to each Designated Aircraft and (ii) each Purchaser severally agrees to purchase Notes of each Series and Class in respect of each Designated Aircraft on a date to be designated for such Aircraft pursuant to
Section 2(b)(i) hereof, but in no event later than the Commitment Termination Date, as provided in clause (iii) below. The Senior Class Notes are to be issued to the Senior Purchasers in an aggregate principal amount of $102,600,000, not
to exceed $34,200,000 per Designated Aircraft (the “Senior Notes”). The Junior Class Notes are to be issued to the Junior Purchasers in an aggregate principal amount of $14,400,000, not to exceed $4,800,000 per Designated Aircraft
(the “Junior Notes”). The aggregate original principal amount of the Notes for all Designated Aircraft shall not exceed $117,000,000 (which amount, for the avoidance of doubt, shall not be subject to any appraisal or other test or
condition precedent]. 
 (ii) Commitment. Each Purchaser’s funding obligation in respect of any Class shall be
its Commitment of the amount thereof (respectively, its “Senior Commitment” and its “Junior Commitment”). Each Purchaser shall receive, as evidence of the Senior Note and/or Junior Note made by it in respect of any
Designated Aircraft, a Note(s) of the applicable Class and Series in the amount of such Note. 
 (iii) Class and
Series. Notes shall be issued by reference to a particular “Class” and “Series”. The “Class” of any Note, designated as “Senior” or “Junior”, shall indicate whether such Note
is issued in respect of a Senior Note or a Junior Note. The “Series” of any Note, designated by manufacturer’s serial number of the applicable Designated Aircraft, shall indicate the Designated Aircraft relating to such Note.
The Class and Series of a Note shall be indicated on the face of such Note. Each Note and the related Commitment may be designated as being of the Class and Series of its related Notes. 

(iv) Purchasers’ Elections. Schedule 1 to Exhibit A hereto sets out the Class of Notes of each Series that
each Purchaser has irrevocably elected to receive on behalf of itself and its successors, permitted assigns and permitted transferees. Any Note initially issued to a Senior Purchaser shall be and remain a Senior Note, and any Note initially issued
to a Junior Purchaser shall be and remain a Junior Note, in each case, regardless of the Holder thereof. A Note, once issued as a particular Class or Series, shall only be transferred, assigned and/or reissued as such Class or Series, as the case
may be, entitling its Holder to the rights, and subjecting such Holder to the obligations, applicable to such Class or Series only, as further set forth herein. 

(v) Notes. The Notes shall be substantially in the form set forth in Exhibit C. On the Delivery Date of each
Designated Aircraft, the Owner shall issue 

  
 5 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
Notes in respect of such Aircraft in an aggregate amount equal to the Original Amount constituting (A) the Senior Commitment advanced by the Senior Purchasers for such Aircraft and
(B) the Junior Commitment advanced by the Junior Purchasers for such Aircraft. 
 (vi) Sub-Tranchings.
Notwithstanding the foregoing, at the election of the original Senior Purchasers, the original Senior Purchasers may, so long as they continue to be the Holders of all Senior Notes of a Series: 

(1) tranche of such Series and Class into separate tranches (a “Tranche”) and reallocate the principal
amounts of the existing Senior Notes as amongst the Tranches, and 
 (2) adjust the Applicable Margin (and, accordingly, the
Fixed Rate) applicable to such Tranches, 
 so long as the overall principal amount of the Senior Notes of such Series and the all-in amount payable to the
Holders of the Senior Notes of such Series payable on each Payment Date and any amount payable by Owner hereunder and under the Lease does not change. In connection therewith, (A) the original Senior Purchasers shall exchange their Senior Notes
of the relevant Series for new Senior Notes of the relevant Series as so adjusted, and the Owner shall execute and deliver the replacement Senior Notes of the relevant Series therefor and (B) an NPA Supplement shall be executed and delivered by
the parties hereto reflecting all such changes and adjustments, including the subordination of one Tranche over another in a default situation. Any costs of the Owner and the Lessee associated with such reissuance and exchange shall be for account
of the original Senior Purchasers. Prior to or contemporaneously with the effectiveness of any new Tranche created under clause (1) above, amendments or other modifications to the Operative Documents, in each case in form and substance
satisfactory to the Senior Purchasers, and acceptable to the Owner and the Lessee, each acting reasonably, shall be entered into in order to effect changes thereto necessary or reasonably requested by the Senior Purchasers in connection therewith.

 (b) Funding Procedures. 

(i) Issuance Date. In connection with the financing of any Designated Aircraft hereunder, the Owner agrees to give each
Purchaser, each Agent and the Security Trustee at least three Business Days’ prior written notice of the anticipated Delivery Date of such Aircraft (for any Designated Aircraft, its “Issuance Date”), which date shall be a
Business Day not later than the Commitment Termination Date, and which notice shall be countersigned by the Lessee and in substantially the form of the Notice of Issuance attached hereto as Exhibit A (a “Notice of Issuance”).

 (ii) Account. In order to facilitate the timely closing of the transactions contemplated hereby on any Issuance
Date, the Owner, by delivery of the Notice of Issuance to the Purchasers and each Agent, irrevocably instructs such Purchasers to wire transfer (for receipt by no later than 10:00 a.m. New York City time) on such Issuance Date its Commitment by
the wiring of immediately available funds 

  
 6 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
(reference: Virgin/NPA 2015) to the account of the Security Trustee at the Payment Office (the “Account”). 

(iii) Deposit. The funds so paid by each Purchaser (the “Deposit”) into the Account are to be held by
the Security Trustee for account of such Purchaser. Subject to paragraph (vi) below, upon the satisfaction (as determined by each Purchaser) or waiver of the conditions precedent set forth in Section 4(b) hereof in respect of the
applicable Designated Aircraft, such Purchaser (or its special counsel acting on its behalf) shall instruct the Security Trustee to disburse the Deposit for application of its Commitment for such Aircraft as instructed by the Owner. 

(iv) Investment of Deposit. If, for any reason, the applicable Designated Aircraft to be financed hereunder on its
Issuance Date shall not be so financed on such date, the Deposit, and earnings thereon, will be invested and reinvested by the Security Trustee at the sole direction, for the account, and at the risk of the Lessee in an overnight investment selected
by the Lessee and acceptable to the Security Trustee having consulted with the Purchasers. Upon the Lessee’s oral (to be confirmed in writing) instructions, earnings on any such investments shall be applied to the Owner’s payment
obligations to each Purchaser under this Section 2(b) or released to the Lessee to the extent of such earnings. 
 (v)
Interest After Issuance Date. If the actual Delivery Date for the applicable Designated Aircraft is a date falling after its Issuance Date, the Owner shall pay interest hereunder to each Purchaser on the amount of its Commitment transferred
to the Security Trustee for each Note as indicated on Schedule 1 to the Notice of Issuance for the period from and including such Issuance Date to but excluding the earlier of (A) the Delivery Date for such Aircraft or (B) the Cutoff
Date (as defined below). For each Purchaser, such interest shall accrue on the amount of such Purchaser’s Commitment transferred to the Security Trustee at the Applicable Rate. Interest on the Commitments accrued pursuant to the preceding
sentence shall (I) if accrued to the Delivery Date for such Aircraft, be paid on the first Interest Payment Date and (II) if accrued to the Cutoff Date, be due and payable to each Purchaser within three Business Days of such date. 

(vi) Cutoff Date. If for any reason, other than the failure of any Purchaser to comply with the terms hereof, the
Delivery Date for the applicable Designated Aircraft shall not have occurred on or prior to seven Business Days (or such longer period as mutually agreed by the Owner and the Underwriters) after the Issuance Date for such Aircraft (the
“Cutoff Date”), the Owner hereby irrevocably agrees that each Purchaser may cancel, terminate or otherwise unwind its funding arrangements made in the London interbank market or otherwise to fund its Commitment on the Issuance Date,
and the Security Trustee shall return each Purchaser’s Commitment to it, subject, however, to such Purchaser’s continuing commitment to fund as provided herein. 

(vii) Unwinding. In the event of the occurrence of the events described in paragraph (vi) above, (1) the Owner
agrees to pay each Purchaser promptly (but in any event within three Business Days of the relevant Cutoff Date) (A) in the case of the 

  
 7 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
Junior Purchasers only, an amount of liquidated damages equal to any Swap Breakage Loss plus any loss incurred in connection with the unwinding or liquidating of any deposits or funding or
financing arrangement with its funding sources and (B) without duplication of the amounts covered by the preceding clause (A), all reasonable out-of-pocket costs and expenses of such Purchaser (including, without limitation, reasonable
legal costs and expenses) incurred by such Purchaser described in the definition of Transaction Expenses in Section 13 hereof; and (2) each Junior Purchaser agrees, so long as no Event of Default shall have occurred and be continuing, to
pay to the Lessee promptly (but in any event within three Business Days of the relevant Cutoff Date) any Swap Breakage Gain in connection with the unwinding or liquidating of any deposits or funding or financing arrangement with its funding sources.
For the avoidance of doubt, no other amounts shall be payable to the Senior Purchasers as a result of the occurrence of the events described in paragraph (vi) above. 

(c) Registrations Upon Closing. Subject to the terms and conditions of this Agreement, and simultaneously with receipt by the Owner of
the proceeds of the Notes made in connection with any Designated Aircraft pursuant to this Section 2, the Owner shall authorize (i) the delivery and filing for record at the FAA of the Mortgage and the Mortgage Supplement and the Lease and
the Lease Supplement for such Aircraft and (ii) the registration at the International Registry of the Security Trustee’s international interest in the related Airframe and each Engine installed thereon and in the Lease and such Lease
Supplement. 
 (d) Funding Mechanics. On the Delivery Date for the Designated Aircraft specified in the Owner’s notice referred
to in Section 2(b)(i) hereof, subject to the terms and conditions of this Agreement, each Purchaser, through the Security Trustee, agrees to pay the amount of its Commitment to the Owner by wire transferring such amounts to the account of the
Owner as set forth on Schedule I hereto or to such other account as the Owner shall direct the Security Trustee in writing, upon closing. 

(e) Closing Location. The closing with respect to the financing of each Aircraft shall take place at the offices of Vedder Price P.C.,
1633 Broadway, New York, New York 10019. 
 SECTION 3 Note Economics. 

(a) Principal Amortization. 

(i) Senior Notes. The aggregate principal amount of the Senior Notes of each Series shall amortize quarterly on each
Interest Payment Date (the first of which being the first Interest Payment Date following the Delivery Date of the related Designated Aircraft), as provided in Schedule 3(a)(i) hereto. 

(ii) Junior Notes. The aggregate principal amount of the Junior Notes of each Series shall amortize quarterly on each
Interest Payment Date (the first of which being the first Interest Payment Date following the Delivery Date of the related Designated Aircraft) to the Balloon as provided in Schedule 3(a)(ii) hereto. 

  
 8 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 (iii) Amortization Schedules. The aggregate amortization schedules for
the Notes of each Series and Class shall, based on the foregoing, be appended to the Mortgage Supplement delivered in connection with such Series (reflecting the Interest Payment Dates applicable thereto). 

(b) Senior Interest. The Senior Notes of each Series shall bear interest at a fixed rate equal to the sum of the applicable Senior Swap
Rate plus the applicable Senior Applicable Margin (calculated on the basis of a year of 360 days consisting of 12 30-day months). Such interest rate shall be determined as provided in the following clauses (i), (ii) and (iii) of
this Section 3(b). 
 (i) Senior Applicable Margin. The Owner (acting at the direction of the Lessee) shall,
subject to the terms and conditions of this Section 3(b), have the right to elect on or prior to the date that is five Business Days following the Effective Date to fix the Senior Applicable Margin in respect of each Designated Aircraft (on an
aircraft by aircraft basis). If the Owner shall not have notified the Senior Purchasers of such election, the Senior Applicable Margin shall be the Floating Benchmark Index Rate and the Floating Senior Swap Rate shall be applicable. 

(ii) Benchmark Index Rate Adjustment. The Senior Applicable Margin shall be adjusted by the Benchmark Index Rate
Adjustment. Based on the election made by the Owner of the Senior Applicable Margin, the Owner (acting at the direction of the Lessee) shall further elect to either (A) increase the Senior Applicable Margin for each Series of Senior Notes or
(B) increase the Senior Upfront Fee, in each case pursuant to the corresponding values: 
  

											
	 	  	Senior Applicable
Margin	 	 	Senior Upfront
Fee	 	 	Plus Benchmark
Index Rate
Adjustment
	 Floating Benchmark Index Rate and Floating Senior Swap Rate
	  	 	2.40	% 	 	 	.375	% 	 	Yes
	 Floating Benchmark Index Rate and Fixed Senior Swap Rate
	  	 	2.54	% 	 	 	1.475	% 	 	Yes
	 Fixed Benchmark Index Rate and Floating Senior Swap Rate
	  	 	2.57	% 	 	 	1.675	% 	 	No
	 Fixed Benchmark Index Rate and Fixed Senior Swap Rate
	  	 	2.71	% 	 	 	2.775	% 	 	No

 (iii) Senior Swap Rate. The Senior Swap Rate shall be set either (1) in the event
the Owner elects the Fixed Senior Swap Rate, three Business Days after the Owner provides notice of such election to the Senior Purchasers and (2) in the event the Owner elects the Floating Senior Swap Rate, two Business Days prior to the
Issuance Date for the Senior Notes relating to the applicable Designated Aircraft. If the Owner 

  
 9 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
elects the Fixed Senior Swap Rate, (A) neither the Owner nor the Lessee shall be required to post any collateral and (B) in the event of any delay in the Delivery Date, any swap or
other hedge (notional or otherwise) shall not be broken until the Commitment Termination Date and the Senior Swap Rate, Senior Upfront Fee and Senior Applicable Margin shall apply until such Commitment Termination Date; provided that in the case of
any such break, the Owner shall pay the “Senior Swap Breakage” as provided in the following clause (iv). 

(iv) Senior Swap Rate Breakage. Any “Senior Swap Breakage” amounts payable in connection with an unwinding of
an established Fixed Senior Swap Rate shall be calculated in accordance with ISDA Close-out Amount provisions in respect of a notional fixed for floating interest rate swap reflecting notional amounts that match the anticipated Delivery Dates and
amortization schedules included in Schedule 3(a)(i) hereto. The Senior Purchasers shall have no obligation to pay to the Owner any swap breakage “gain” associated with any such break unless (A) the Senior Purchasers do not purchase
the Notes for any reason solely within such Senior Purchasers’ control or (B) there is a material adverse change in the financial position of the Lessee since its last audited financial statements that materially impairs its ability to
perform its obligations under the Operative Documents. 
 (c) Junior Interest. The Owner (acting at the direction of the Lessee)
shall, subject to the terms and conditions of this Section 3(c), have the right to elect on or prior to the date that is two Business Days prior to the Issuance Date for any Designated Aircraft that the Junior Class of Notes in respect of such
Designated Aircraft bear interest either at a Floating Rate or a Fixed Rate. 
 (i) Floating Rate. If the Owner shall
not have notified the Junior Purchasers of its request, pursuant to the Notice of Issuance in respect of any Designated Aircraft, to have the Junior Notes in respect of such Designated Aircraft bear interest at a Fixed Rate, then the Applicable Rate
for such Series of Junior Notes shall be, for each Interest Period, the applicable Floating Rate for such Interest Period. Interest on each Junior Note of each Series payable by reference to the Floating Rate shall be payable quarterly in arrears on
each Interest Payment Date for such Series and shall be calculated on the basis of a year of 360 days and actual number of days elapsed. 

(ii) Fixed Rate Setting. The Owner (acting at the direction of the Lessee) may notify the Junior Purchasers of its
request, pursuant to the Notice of Issuance in respect of any Designated Aircraft, for the Junior Notes in respect of such Designated Aircraft to bear interest at a Fixed Rate, which Fixed Rate shall be fixed two Business Days prior to the Issuance
Date for such Aircraft (the “Swap Effective Date”). Upon delivery by the Owner of the Notice of Issuance relating to any Fixed Rate Notes of a particular Series to the Junior Agent and Junior Purchasers, the following procedures
shall apply to determine the “Fixed Rate” for such Series of Junior Notes: 
 (1) Notification of Rate. No
later than 11:30 a.m. New York time (but no earlier than 11:00 a.m. New York time) on the second Business Day prior to the applicable Issuance Date, the Junior Agent, the Junior Purchasers and

  
 10 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
the Lessee shall convene a conference call during which the Junior Agent will notify the Lessee of a single fixed rate of interest to be used as the basis for the calculation of the Fixed Rate
for the applicable Series of Junior Notes. Such Fixed Rate for any Series of Junior Notes shall be the sum of (A) the Swap Rate plus (B) the Applicable Margin plus (C) the Fixed Rate Margin, and shall be the “Fixed Rate” for
the Junior Notes of such Series, effective on the Swap Effective Date; provided that if such Fixed Rate cannot be established because the Lessee does not agree to the Swap Rate quoted by the relevant Agent, then Section 3(c)(i) shall apply to
such Series of Junior Notes as though the Owner never requested such Junior Notes to bear interest at a Fixed Rate. 
 (2)
Fixed Rate Stipulation. The Fixed Rate, as so established for the Junior Notes of any Series, shall be included on the cover page of the applicable Notes at issuance thereof. 

(3) Rate Swaps Sophistication. The Owner understands and acknowledges that, in order to provide any Fixed Rate, the
Junior Purchasers may be entering into one or more interest rate swaps or other hedging transactions (which may be effected internally (including on a notional basis) or externally), and that it has assessed the risks (including but not limited to
risks in relation to any Swap Breakage Loss), benefits and consequences of obtaining a fixed interest so as to procure a fixed rate funding. The Owner confirms that the Lessee is solely responsible for any decision to select a Fixed Rate for any
Junior Note, having relied on its own independent business judgment and advisers in connection herewith. 
 (iii) Fixed
Rate. If the Applicable Rate for any Series of Junior Notes in respect of any Designated Aircraft is calculated by reference to a Fixed Rate: 

(1) Interest Generally. Interest on such Note shall be payable quarterly in arrears on each Interest Payment Date and
shall be calculated on the basis of a year of 360 days consisting of 12 30-day months. 
 (2) Swap Breakage on
Prepayment. On the date of any prepayment of such Notes, the Owner may request that each Junior Purchaser advise the Security Trustee, the Lessee and the Owner by 11:00 a.m., New York time, on such date of the Swap Break Amount applicable
to such event. 
 (3) Payment of Swap Breakage Gain. The Junior Purchaser agrees that, so long as no Special Default
or Event of Default shall have occurred and be continuing, it shall promptly pay to the Lessee at such account as the Lessee may specify any Swap Breakage Gain in respect of the Junior Notes, except that it may first deduct therefrom any amounts
then due and payable to it under the Operative Documents and apply any amount so retained to the satisfaction thereof. Each Holder of a Junior Note may retain any Swap Breakage Gain that arises after the occurrence of a Special Default or an Event
of Default as security for the obligations of the Owner until the earlier of (i) the date that such 

  
 11 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
Special Default or Event of Default is cured by the Owner (or, if such Holder reasonably anticipates that its costs and expenses incurred in connection with such Special Default or Event of
Default cannot be determined at such time, the earlier of (x) the date such costs and expenses can be determined and (y) five Business Days after the date such Special Default or Event of Default is cured), promptly following which date
such amount shall be paid over to the Owner (or its designee), except that such Holder may first deduct therefrom any amounts then due and payable to it under the Operative Documents and apply any amount so retained to the satisfaction thereof, or
(ii) the date that Section 5.07 of the Mortgage shall be applicable, promptly following which date such amounts shall be remitted to the Security Trustee for application as provided in such Section 5.07. 

(4) Swap Breakage Estimate. Upon the request of the Owner or the Lessee to the Junior Agent, such Agent shall obtain
from each Junior Purchaser, and each such Junior Purchaser shall provide to such Agent, a good faith written estimate of the Swap Breakage Loss or Swap Breakage Gain, as the case may be, in connection with the occurrence, or anticipated occurrence,
of any event contemplated by the Operative Documents that might give rise to an obligation to pay Swap Breakage Loss or the right to receive Swap Breakage Gain. 

(5) Confirmation of Swap Breakage Estimate. Upon determination by a Junior Purchaser of any Swap Breakage Loss or Swap
Breakage Gain payable to or by it, as the case may be, such Purchaser will provide to the Owner and the Lessee a written confirmation confirming such Swap Breakage Loss or Swap Breakage Gain, which confirmed amount shall be determined in accordance
with the procedures set out in the definition of “Swap Break Amount”. 
 (6) Special Junior Lender.
Anything herein or in any other Operative Document notwithstanding, if any Junior Purchaser shall be a Special Junior Lender, such Junior Purchaser shall neither be entitled to receive any Swap Breakage Loss nor be obligated to pay any Swap Breakage
Gain in any circumstance in which Break Amount shall be payable hereunder or under any other Operative Document. 
 (iv)
Past Due Interest. Overdue payments of principal of any Class of Note (and to the extent permitted by applicable law, overdue payments of interest and other amounts overdue under the Operative Documents) shall bear interest at the Past Due
Rate, payable on demand, for any period during which the same shall be overdue. 
 (d) PIK Interest. Notwithstanding anything to the
contrary in Section 3(a) or 3(b) above, if interest on any Note is not paid on the date such payment becomes due, such amount shall be converted automatically to principal as of the date such interest fell due unless, at the time of such
conversion, a cumulative 18 months of interest on such Note shall have been converted to principal pursuant to this Section 3(d). Interest so converted to principal (“PIK  

  
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Interest”) shall be treated for all purposes hereof and the Operative Documents as principal, provided that interest shall accrue on the amount of the PIK Interest until paid at the
Past Default Rate (and such default interest shall likewise “PIK” as and when it shall become due and payable). 
 (e)
Structuring Fees. The Owner agrees to pay to the Security Trustee for account of each Underwriter as and when due the structuring fee specified for such Underwriter in its Fee Letter. 

(f) Commitment Fees. With respect to each Designated Aircraft, the Owner agrees to pay to the Security Trustee for account of each
Purchaser a commitment fee accrued for the period from and including (1) in the case of the Senior Purchasers, March 23, 2015 and (2) in the case of the Junior Purchasers, the Effective Date, to the earlier of (i) the Delivery
Date of the third Designated Aircraft and (ii) the Commitment Termination Date, equal to the Commitment Fee Rate calculated on the average daily amount of such Purchaser’s unutilized Commitment during the period for which payment of the
commitment fee is made (calculated on the basis of a year of 360 days and actual days elapsed), payable quarterly in arrears on each three monthly anniversary dates of the Effective Date and on the date the commitment fee ceases to accrue in
accordance with the foregoing. As used herein, “Commitment Fee Rate” means (A) for any Senior Commitment, 0.50% per annum and (B) for any Junior Commitment, 1.25% per annum. 

(g) Prepayments. 

(i) Generally. On at least five Business Days’ prior written notice to the Security Trustee, the Owner (acting on
instructions of the Lessee) may prepay on the date specified in its notice of prepayment delivered pursuant to paragraph (iv) below in whole, or in part, any or all Notes in respect of any Class or any Series then outstanding at the principal
amount thereof (or portion thereof to be repaid), together with accrued interest thereon to the date of prepayment plus all Break Amount (if any), Prepayment Fee (if any) and all other amounts due to the Holders of such Notes hereunder, thereunder
and under the other Operative Documents; provided that, (A) no prepayment under this Section 3(g)(i) of any Note may be effected prior to the third anniversary of the Issuance Date of such Note and (B) any partial prepayment of
such Notes shall be in an aggregate original principal amount of at least $5,000,000 and in $1,000,000 multiples thereafter (or such lesser amount as shall equal the entire outstanding principal amount of such Notes), and the amount thereof shall be
specified in such written notice. Any partial prepayment shall be applied ratably among the Senior Notes and Junior Notes; provided that, so long as no Event of Default shall have occurred and be continuing, the Owner may (subject to the limitations
contained in clause (A) above, which may be waived by the Junior Purchasers) prepay Junior Notes of a single Series without having to effect a prepayment on the Senior Notes of the same Series after the eighth Payment Date for such Junior
Notes; provided further that only the Junior Notes of a single Series may be prepaid unless Other Junior Notes in respect of an aircraft financed under the Other Note Purchase Agreement shall likewise have been prepaid (concurrently or previously).
The Security Trustee will give prompt notice of the Owner’s notice to prepay to the Holders. 

  
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 (ii) Prepayment upon Event of Loss. On at least five Business
Days’ prior written notice to the Security Trustee, the Owner shall prepay, without any Prepayment Fee, on the date specified in its notice of prepayment delivered pursuant to paragraph (iv) below all Notes of the Series issued in respect
of an Aircraft in full, but not in part, together with accrued interest thereon to the date of prepayment plus all Break Amount (if any) and all other amounts due thereunder and hereunder and under the other Operative Documents to the Holders upon
the occurrence of an Event of Loss with respect to such Aircraft; such prepayment shall, in any event, be the last day permitted for such payment under Section 9(a) of the Lease; provided that if, pursuant to the terms of the Lease, a
Replacement Airframe, together with the same number of Replacement Engines as the Engines, if any, subject to such Event of Loss, shall have been substituted for such Airframe and the Engines, if any, subject to such Event of Loss, then no such
prepayment shall be required. The Security Trustee will give notice of prepayment to the Holders under this Section 3(g)(ii) promptly. 

(iii) Prepayment in Event of Change of Law. On at least five Business Days’ prior written notice to the Security
Trustee, the Owner (acting on instructions of the Lessee) may prepay, without any Prepayment Fee, on the date specified in its notice of prepayment delivered pursuant to paragraph (iv) below, all Junior Notes held by any Holder claiming
compensation for Increased Costs and any Holder to whom the Owner is required to pay an additional amount pursuant to Schedule III(b) of this Agreement, so that after making all required withholdings or deductions for withholding Taxes from any
payment, such Holder receives the same amount it would have received had no such withholdings or deductions been made, together with accrued interest thereon to the date of prepayment plus all Break Amount (if any) and all other amounts due to such
Holder hereunder and under the other Operative Documents. The Security Trustee will give notice of prepayment to any affected Holder under this Section 3(g)(iii) promptly. 

(iv) Notice Irrevocable. Any notice of prepayment delivered pursuant to paragraph (i), (ii) or
(iii) above shall be irrevocable if not revoked at least five Business Days prior to the specified date of payment and shall identify the amount to be prepaid. 

(v) Amounts to Be Prepaid. Notice of prepayment having been given and not revoked as aforesaid, the principal amount of
the Notes so to be prepaid, plus accrued interest thereon to the date of prepayment, together with the Break Amount (if any) and Prepayment Fee (if any) to the extent herein provided, shall become due and payable on the prepayment date specified in
the notice. 
 (vi) Prepayment Date. On the date fixed for prepayment under this Section 3(g), immediately
available funds in Dollars shall be deposited by the Owner in the account of the Security Trustee at the place and by the time and otherwise in the manner provided in Section 3(h), in an amount equal to the principal amount of Notes to be
prepaid together with accrued and unpaid interest thereon to the date fixed for such prepayment, all Break Amount (if any), Prepayment Fee (if any) and all other amounts due to the Holders of the Notes hereunder, thereunder and under the other
Operative Documents. 

  
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 (vii) Calculation of Break Amount. Each Holder of a Note shall furnish
to the Owner, with a copy to the Security Trustee, a certificate setting forth in reasonable detail the calculation of the amounts of Break Amount or Prepayment Fee, if any, due to such Holder, which certificate shall be presumptively correct. 

(viii) No Amounts to Be Re-Borrowed. Any amount prepaid pursuant to this Section 3(g) hereof may not be re-borrowed
by the issuance of Notes or otherwise. 
 (ix) Supplemental Mandatory Prepayments. 

(1) Supplemental Mandatory Prepayments. The Owner shall prepay the Notes in accordance with paragraph (2) below in
full following notice to the Owner of a Lease Event of Default and demand therefor (which notice and demand shall not be required if such Lease Event of Default is a Special Default). 

(2) Manner of Payment. Any prepayment required by the preceding paragraph (1) shall be due and payable on the date
of demand therefor without presentment, demand, protest or other notice of any kind, all of which are hereby waived. Any prepayment of principal on the Notes required by the preceding paragraph (1) shall be accompanied by interest on the amount
prepaid through the date of prepayment, together with any Prepayment Fee and Break Amount and all other amounts then due and payable. 
 (h)
Method of Payment. Principal and interest and other amounts due hereunder or under the Notes or in respect hereof or thereof shall be payable in Dollars in immediately available funds prior to 1:00 p.m., New York time, on the due date
thereof, to the Security Trustee at the Payment Office and the Security Trustee shall, subject to the terms and conditions hereof, remit all such amounts so received by it to the Holders at such account or accounts at such financial institution or
institutions as the Holders shall have designated to the Security Trustee in writing, in immediately available funds for distribution to the relevant Holders, such payment to be made, in the case of any such designated account in the United States,
prior to 3:00 p.m., New York time, on the due date thereof. In the event the Security Trustee shall fail to make any such payment as provided in the immediately foregoing sentence after its receipt of funds at the place and prior to the time
specified above, the Security Trustee, without right of reimbursement from the Owner or the Lessee, agrees to compensate the Holders for loss of use of funds in a commercially reasonable manner. All such payments by the Owner and the Security
Trustee shall be made free and clear of and without reduction on account of all wire and other like charges, and without setoff or deduction (except as required by applicable law). Prior to the due presentment for registration of transfer of any
Note, the Owner and the Security Trustee shall deem and treat the Person in whose name any Note is registered on the Certificate Register as the absolute owner of such Note for the purpose of receiving payment of all amounts payable with respect to
such Note and for all other purposes whether or not such Note shall be overdue, and neither the Owner nor the Security Trustee shall be affected by any notice to the contrary. 

(i) Application of Payments. Except as otherwise expressly provided herein or in the Intercreditor Agreement, each payment of principal
and interest or other amounts due in 

  
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respect of each Note shall be distributed to the Holders thereof ratably, without priority of any one Note over any other Note in the proportion that the amount of such payment or payments then
due under each Note bears to the aggregate amount of the payments then due under all Notes. Each such payment shall, except as otherwise expressly provided herein, be applied, first, to the payment of any amount (other than the principal of
or interest on such Note) due in respect of such Note, second, to the payment of interest on such Note (as well as any interest on overdue principal and, to the extent permitted by law, interest and other amounts payable thereunder) due
thereunder, third, to the payment of the principal of such Note then due and fourth, the balance, if any, remaining thereafter, to the payment of the principal of such Note remaining unpaid (provided that such Note shall not be subject
to prepayment without the consent of the affected Holder except as permitted by Section 3(g)). The amounts paid pursuant to clause fourth above shall be applied to the installments of principal of such Note in inverse order of maturity. 

(j) Market Disruption. 

(i) If with respect to any Interest Period for any Aircraft: 

(1) LIBOR Screen Unavailable. In the case of a Floating Rate Note, the Junior Agent determines that, by reason of
circumstances affecting the London interbank market or any other applicable financial market, adequate and reasonable means do not exist for ascertaining the LIBOR screen rate for an Interest Period and that no more than one of the Reference Banks
was able to provide the respective Agent with its offered quotation for US dollar deposits for a period most comparable to such Interest Period to prime banks in the relevant interbank market; or 

(2) Cost of Funds. In the case of a Fixed Rate Note or a Floating Rate Note, the Majority Junior Lenders advise the
Junior Agent that the LIBOR screen rate as determined in accordance with the definition thereof will not adequately and fairly reflect the cost to such Purchasers of maintaining or funding their respective Notes for any Interest Period, provided
that such inadequacy is the result of circumstances affecting banks and other financial institutions participating in the relevant interbank market generally and is not directly and solely the result of a deterioration in the financial or other
condition of such Purchaser, 
 (each, a “Market Disruption Event”), then so long as such circumstances shall continue, each affected
Junior Note shall bear interest, for each Interest Period (A) in the case of subclause (1) above, at the Market Disruption Cost of Funds for such Purchaser, plus the Applicable Margin and (B) in the case of subclause (2)
above, at the applicable Interest Rate (whether a Fixed Rate or a Floating Rate) at a per annum rate equal to their respective incremental cost of funds for such Interest Period over the then-current LIBOR. 

(ii) Market Disruption Cost of Funds. If the provisions of this Section 3(j) are applicable, then each affected
Junior Purchaser shall report, as provided in paragraph (iv) below, to the Security Trustee, the Junior Agent and the Lessee its cost of funding its share of the Junior Notes for such Interest Period, expressed as a

  
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percentage rate per annum (such Purchaser’s “Market Disruption Cost of Funds”). Based on the report of each affected Junior Purchaser, the Junior Agent shall calculate the
weighted average (all in) interest amount (and equivalent per annum rate) due by the Owner on the applicable Junior Note for such Interest Period and provide such calculation to the Lessee and the Security Trustee. 

(iii) Report as Certification. The report by any affected Junior Purchaser to the Security Trustee, the Junior Agent and
the Lessee of its cost of funds for any Interest Period shall be conclusive, absent manifest error, and shall constitute a certification by such Purchaser that the interest rate so provided is an accurate, fair and non-discriminatory calculation of
its treasury (or comparable) desk’s assessed funding costs which assessment has been made on a fair and non-discriminatory basis for such period relative to similarly situated issuers from which it is entitled to assess market disruption costs
and does not include any mark-up, fees, overhead allocations or other amounts not constituting the interest expense-type cost of obtaining such funding. 

(iv) Notice of Cost of Funds. If the provisions of this Section 3(j) are applicable, each affected Junior Purchaser
shall report to the Security Trustee, the Junior Agent and the Lessee its cost of funds for each affected Interest Period as soon as practicable and, in any event, prior to the first day of such Interest Period (or promptly thereafter under
circumstances where such costs of funds are generally not available to lenders similarly situated to any affected Junior Purchaser); provided that if any affected Junior Purchaser is not able to obtain deposits in the London interbank (or other
relevant) market matching such Interest Period, notice of its cost of funds rate shall be provided as follows: (i) prior to the first day of such Interest Period (or promptly thereafter under circumstances where such costs of funds are
generally not available to lenders similarly situated to any affected Purchaser), such Purchaser shall provide to the Security Trustee, the relevant Agent and the Owner an approximation of the cost to such Purchaser of such funding for such Interest
Period; and (ii) prior to the last day of such Interest Period (or earlier, to the extent practicable if deposits of a duration longer than one day are obtained), such Purchaser shall provide to the Security Trustee, the Junior Agent and the
Lessee the actual cost to such Purchaser of such funding for such Interest Period. 
 (v) Actual/360. All amounts
payable under this Section 3(j) shall be calculated on the basis of a year of 360 days and actual number of days elapsed. 

(vi) Termination of Market Disruption Event. Upon any Junior Purchaser affected by a Market Disruption Event confirming
to the Security Trustee, the Junior Agent and the Lessee that the event(s) giving rise to such Market Disruption Event have ceased (which confirmation shall be provided promptly on the cessation of such event(s)), the rate of interest applicable to
such Purchaser’s Junior Notes will revert to such rate of interest immediately in effect prior to the occurrence of such Market Disruption Event. 

(vii) Substitute Basis for Determination of Cost of Funds. If a Market Disruption Event occurs and is continuing and the
Junior Purchasers or the Lessee so requests, the Purchasers affected by such Market Disruption Event and the Lessee shall 

  
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enter into negotiations (for a period of not more than 30 days) with a view to agreeing on a substitute basis for determining the rate of interest payable in respect of the affected Notes,
provided that any alternative basis agreed shall, with the prior consent of each affected Purchaser and the Owner, be binding on such parties. If within such 30 day period each of the affected Purchasers and the Lessee agree upon a
substitute basis for determining the rate of interest payable in respect of the affected Notes, such alternative basis shall be retroactive to and effective from the first day of the applicable Interest Period until and including the last day of
such Interest Period. For the avoidance of doubt, during any such period of negotiation, the Owner shall be required to perform its obligations under this Section 3(j). 

(viii) Prepayment of Holders affected by a Market Disruption Event. The Owner shall have the right (acting on
instructions of the Lessee) but not the obligation to (x) prepay the Junior Notes of any Holder affected by a Market Disruption Event, together with accrued interest thereon and any Break Amount, or (y) direct the affected Holder to
transfer such Holder’s Junior Notes to another person for a purchase price equal to the amount that would otherwise have been paid on such a prepayment. 

(k) Increased Costs. 

(i) Payment to Holders. The Owner shall pay directly to each Holder of a Junior Note from time to time within five
Business Days of the presentation by such Holder of the certificate specified in the second sentence of Section 3(k)(iii) hereof such amounts as such Holder may reasonably determine to be necessary to compensate such Holder for any increase in
actual costs that such Holder reasonably determines are attributable to its making or maintaining of its Commitment or the loans evidenced by its Junior Notes or funding arrangements utilized in connection with such loans, or any reduction in any
amount receivable by such Holder hereunder in respect of any of Commitments, such loans or such arrangements (such increases in costs and reductions in amounts receivable being herein called “Increased Costs”), resulting from any
Change in Law under which: 
 (1) Reduction of Rate of Return. Any Junior Purchaser has a reduction on its rate of
return on its capital as relates to the class of assets and liabilities that includes its Commitments and loans made under this Agreement materially below that which such Purchaser would have achieved but for such Change in Law (taking into account
the capital adequacy and liquidity adequacy policies developed by such Purchaser in connection with the adoption and/or implementation of the Basel II accord); 

(2) Cost of Performance. A Purchaser incurs a cost as a result of such Purchaser entering into or assuming or
maintaining a commitment or performing its obligations (including its obligation to participate in the making of the Loan) under this Agreement; or 

(3) Costs of Funding. There is any increase in the cost to any Purchaser of funding or maintaining all or any of the
loans comprised in a class of 

  
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loans formed by or including such Purchaser’s share of the loans made or to be made by such Purchaser, including any reserve, special deposit or similar requirement assessed against assets
of, deposits with or for account of, or credit extended by, such Purchaser. 
 (ii) Compensation for Increased Costs.
Without limiting the effect of the foregoing provisions of this Section 3(k) (but without duplication), the Owner shall pay directly to each Holder of a Junior Note from time to time within five Business Days of the presentation by such Holder
of the certificate specified in the second sentence of Section 3(k)(iii) hereof, such amounts as such Holder may determine to be necessary to compensate such Holder (or, without duplication, the holding company of which such Holder is a
subsidiary) for any increase in costs that it determines are attributable to the maintenance by such Holder (or any lending office or such holding company) of capital or liquidity, pursuant to any law or regulation or any interpretation, directive
or request (whether or not having the force of law and whether or not failure to comply therewith would be unlawful so long as compliance therewith is standard banking practice in the relevant jurisdiction) of any court or governmental or monetary
authority following any Change in Law. The Holders of Junior Notes will not treat the Junior Notes any less favorably than another similarly-situated aircraft loan for any similarly situated issuer. 

(iii) Notifications to Owner. Each Holder of a Junior Note shall notify the Owner of any event occurring after the date
of this Mortgage entitling such Holder to compensation under paragraph (a) or (b) of this Section 3(k) as promptly as practicable after such Holder obtains actual knowledge thereof; provided that (1) such Holder shall,
with respect to compensation payable pursuant to this Section 3(k) in respect of any Increased Costs resulting from such event, only be entitled to payment under this Section 3(k) for Increased Costs incurred from and after the later of
(x) the Closing Date and (y) the date that is 180 days prior to the date such Holder does give such notice and (2) each Holder will use commercially reasonable efforts (at the Owner’s expense) in consultation with the Owner
for up to 30 days to mitigate the amount of the Increased Costs associated with such event, including designating a different lending office for the Notes of such Holder affected by such event if such designation will avoid the need for, or
reduce the amount of, such compensation and will not, in the sole opinion of such Holder, result in any economic, legal or regulatory disadvantage to such Holder (other than economic disadvantages for which the Owner agrees to indemnify such Holder
and which indemnity is acceptable to such Holder in its discretion acting reasonably based on its credit assessment of the Owner). Each Holder of a Junior Note will furnish to the Owner an officer’s certificate setting forth in reasonable
detail (A) the events giving rise to such Increased Costs, (B) the basis for determining and allocating such Increased Costs and (C) the amount of each request by such Holder for compensation under paragraph (i) or (ii) of
this Section 3(k) (subject, however, to any limitations such Holder may require in respect of disclosure of confidential information relating to its capital structure), together with a statement that the determinations and allocations made in
respect of the Increased Costs comply with the provisions of this Section 3(k), including as provided in the last proviso of this paragraph (iii). Determinations and allocations by any Holder for purposes of this Section 3(k) of the
effect of any Change in Law pursuant to paragraph (i) of this Section 3(k), or of the effect of capital maintained pursuant to paragraph (ii) of 

  
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this Section 3(k), on its costs or rate of return of maintaining Notes or its funding, or on amounts receivable by it in respect of Notes, and of the amounts required to compensate such
Holder under this Section 3(k), shall be conclusive absent manifest error, provided that such determinations and allocations are made on a reasonable basis and, in the case of allocations, are made fairly. 

(iv) Certain Exceptions. The Owner shall not be required to make payments under this Section to any Holder of a Junior
Note (1) if a claim hereunder arises through circumstances peculiar to such Holder and which do not affect commercial lenders in the same jurisdiction generally, (2) if the claim arises out of a voluntary relocation by such Holder of its
lending office (it being understood that any such relocation effected pursuant to Section 3(k)(iii)(2) is not “voluntary”), (3) to the extent such claim exceeds such amount as a Holder domiciled in any Specified Jurisdiction
would be entitled to claim hereunder and (4) without prejudice to the Owner’s obligations under Schedule III to this Agreement, to the extent the increase in costs or reduction in amounts receivable is as a result of Taxes imposed on such
Holder or amounts payable to such Holder. 
 SECTION 4 Conditions Precedent. 

(a) Conditions Precedent to the Effectiveness of the Commitments. It is agreed by each of the parties hereto that the respective
Commitments of each Purchaser in respect of each Designated Aircraft and the effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent: 

(i) Effectiveness Documents. The following documents shall have been duly authorized, executed and delivered by the
respective party or parties thereto, shall each be satisfactory in form and substance to each Purchaser and shall be in full force and effect and executed counterparts shall have been delivered to each Purchaser and its counsel: 

(1) this Agreement; 

(2) the Mortgage; 

(3) the Lease; and 

(4) the Intercreditor Agreement. 

(ii) Corporate Documents. Each Purchaser shall have received the following, in each case in form and substance
satisfactory to it: 
 (1) Constitutional Documents of Obligors. A certified copy of the certificate of incorporation
and bylaws of each Obligor and a copy of resolutions of the board of directors of such Obligor or the executive committee thereof, certified by the Secretary, an Assistant Secretary or other officer of such Obligor, duly authorizing the execution,
delivery and performance by such Obligor of this Agreement and each other document required to be executed and 

  
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delivered by such Obligor on the Delivery Date for a Designated Aircraft in accordance with the provisions hereof and thereof; 

(2) Signatories of Obligors. A certificate of each Obligor as to the person or persons authorized to execute and
deliver this Agreement (in the case of the Owner), the other Operative Documents to which they are a party, and any other documents to be executed on behalf of such Obligor in connection with the transactions contemplated hereby and as to the
signature of such person or persons; 
 (3) Incumbency Certificate of Security Trustee. An incumbency certificate of
the Security Trustee as to the person or persons authorized to execute and deliver this Agreement, the Mortgage, and any other documents to be executed on behalf of the Security Trustee in connection with the transactions contemplated hereby and as
to the signatures of such person or persons (which may be in the form of a general “authorized signatories” certificate); 

(4) Security Trustee’s Resolutions. Copy of the resolutions of the board of directors of the Security Trustee,
certified by the Secretary or an Assistant Secretary of the Security Trustee, duly authorizing the transactions contemplated hereby and the execution and delivery of each of the documents required to be executed and delivered on behalf of the
Security Trustee in connection with the transactions contemplated hereby (which may be in the form of general standing resolutions to carry out its business in the manner contemplated by this Agreement); and 

(5) Constitutional Documents of Security Trustee. A copy of the articles of association and by-laws of the Security
Trustee, each certified by the Secretary, an Assistant Secretary or other officer of the Security Trustee. 
 (iii)
Opinions of Counsel. Such Purchaser shall have received an opinion addressed to such Purchaser, each Agent and the Security Trustee from (A) Milbank, Tweed, Hadley & McCloy, special New York counsel to the Lessee and
(B) the Associate General Counsel or other duly authorized in-house counsel for the Lessee, in each case, in form and substance reasonably satisfactory to the addressees thereof. 

(iv) Know Your Customer for Owner and Lessee. Such Purchaser shall have received any document reasonably requested from
the Owner or Lessee (not less than five Business Days prior to the Effective Date) by such Purchaser in order for such Purchaser to satisfy any “know your customer” requirements with respect to the Owner and Lessee. 

(b) Conditions Precedent to the Purchasers’ Participation in each Designated Aircraft. It is agreed by each of the parties hereto
that the respective obligations of each 

  
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Purchaser to purchase its Notes in respect of any Designated Aircraft is subject to the satisfaction prior to or on the Delivery Date for such Aircraft of the following conditions precedent: 

(i) Notice of Delivery Date. Such Purchaser shall have received due notice with respect to such Delivery Date pursuant
to Section 2 hereof. 
 (ii) International Interests. International interests in the related Airframe and Engines
shall have been duly registered by FAA Counsel (which shall be the “professional user entity” (as defined in the Cape Town Convention) with respect to such Aircraft) (or any other professional user entity agreed to by the Security Trustee
and the Lessee), on the International Registry with respect to (A) the international interests with respect to the related Airframe and each Engine constituted by the Mortgage and related Mortgage Supplement (incorporating the terms of the
Mortgage) with the Security Trustee as creditor and the Owner as debtor, (B) the international interest with respect to the related Airframe and each Engine under the Lease and the related Lease Supplement (incorporating the terms of the Lease)
with the Owner as creditor and the Lessee as debtor, (C) the assignment of international interest with respect to the related Airframe and each Engine constituted by the Mortgage and the related Mortgage Supplement (incorporating the terms of
the Mortgage) (assigning the international interest under the Lease and related Lease Supplement, including an assignment of the right to discharge such international interest) with the Security Trustee as assignee and the Owner as assignor and
(D) the transfer of the right to discharge with respect to Airframe and each Engine under the Lease and the related Lease Supplement with the Owner as transferor and the Security Trustee as transferee. 

(iii) No Change in Law. No change shall have occurred after the date of the execution and delivery of this Agreement in
applicable law or regulations thereunder or interpretations thereof by appropriate regulatory authorities which, in the reasonable opinion of such Purchaser would make it a violation of law or regulations for such Purchaser to make its Commitment
available to acquire its Note(s) or to realize the benefits of the security afforded by the Mortgage. 
 (iv) No Material
Adverse Change. On such Delivery Date, no material adverse change in the financial condition of the Lessee shall have occurred since December 31, 2014 that would materially and adversely affect the Lessee’s ability to perform its
obligations under the Operative Documents. 
 (v) Fees and other Payments. Each Underwriter shall have received its
structuring fee specified in Section 3(e) and the Lessee shall have made the Initial Rent payment to the Manufacturer. 

(vi) Certain Documents. The following documents shall have been duly authorized, executed and delivered by the
respective party or parties thereto, shall each be satisfactory in form and substance to each Purchaser (acting reasonably) and shall be in full force and effect and executed counterparts shall have been delivered to such Purchaser and its counsel,
provided that only such Purchaser shall receive an executed original of its Note(s) to be issued to it: 

  
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 (1) the Mortgage Supplement covering such Aircraft and dated the Delivery
Date for such Aircraft; 
 (2) the Notes of each Class of the Series relating to such Aircraft, with Annex A for
each Class of Note duly completed as provided in Section 3(a) hereof (with a CUSIP Number); 
 (3) the Airframe
Warranties Agreement, the Consent and Agreement and the Engine Consent and Agreement, in each case, in respect of such Aircraft; 

(4) the Warranty Bill of Sale and FAA Bill of Sale for such Aircraft; 

(5) the NPA Supplement for the relevant Series of Notes; 

(6) the Purchase Agreement Assignment for such Aircraft; 

(7) the Pledge Agreement (to be delivered on the initial Delivery Date); 

(8) the Lease Supplement for such Aircraft (the chattel paper original to be delivered to the Security Trustee); and 

(9) if necessary, a copy of that portion of the Purchase Agreement and Engine Agreement relating to such Aircraft certified by
the Secretary or an Assistant Secretary or other officer of the Owner as being a true and accurate copy of the same that relates to the Assigned Warranties and the related obligations of the Owner or a successor in interest to the Owner which has
the right to exercise any such warranty. 
 (vii) Financing Statements. Uniform Commercial Code financing statements
covering all the security interests created by or pursuant to the Lease and pursuant to the granting clause of the Mortgage that are not covered by the recording system established by the Federal Aviation Act shall have been duly prepositioned for
filing on closing in all places deemed necessary or advisable in the reasonable opinion of counsel for the Purchasers, and any additional Uniform Commercial Code financing statements deemed advisable by such Purchaser shall have been duly
prepositioned for filing on closing and all other action shall have been taken as is deemed necessary or advisable, in the reasonable opinion of counsel for the Purchasers, to establish and perfect the Security Trustee’s security interest in
such Aircraft. 
 (viii) FAA Actions. All appropriate action required to have been taken by the Federal Aviation
Administration, or any governmental or political agency, subdivision or instrumentality of the United States, on or prior to such Delivery Date in connection with the transaction contemplated by this Agreement shall have been taken, and all orders,
permits, waivers, authorizations, exemptions and approvals of such entities required to be in effect on such Delivery Date in connection with the transaction 

  
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contemplated by this Agreement shall have been issued, and all such orders, permits, waivers, authorizations, exemptions and approvals shall be in full force and effect on such Delivery Date.

 (ix) Evidence of Title and Security Interests. On such Delivery Date, the following statements shall be true, and
such Purchaser shall have received evidence satisfactory to it (including a printout of the “priority search certificates” (as defined under the Cape Town Convention) from the International Registry relating to such Aircraft (and the
constituent Airframe and Engines)) to the effect that: 
 (1) the Owner has good title to such Aircraft and the Lessee is
the registered owner of such Aircraft, free and clear of Liens other than (subject to filing and recording of the FAA Bill of Sale with the Federal Aviation Administration and the registration of a contract of sale on the International Registry
between the Manufacturer as seller and the Owner as buyer with respect to the Airframe and Engines of such Aircraft) the mortgage and security and international interests created by the Mortgage and the Mortgage Supplement for such Aircraft and the
lease and international interest created by the Lease and the Lease Supplement for such Aircraft; 
 (2) the FAA Bill of
Sale, the Mortgage (if not previously filed), the Mortgage Supplement for such Aircraft, the Lease (if not previously filed) and the Lease Supplement for such Aircraft have been duly filed with the FAA for recordation (or are in form suitable for
recordation and are in the process of being so filed for recordation) and there exist no Liens of record on such Aircraft; 

(3) (A) the international interests with respect to the related Airframe and each Engine constituted by the Mortgage and
related Mortgage Supplement (incorporating the terms of the Mortgage) shall have been (or shall be concurrently) registered with the International Registry with the Security Trustee as creditor and the Owner as debtor, (B) the international
interest with respect to the related Airframe and each Engine under the Lease and the related Lease Supplement (incorporating the terms of the Lease) shall have been (or shall be concurrently) registered with the International Registry with the
Owner as creditor and the Lessee as debtor, (C) the assignment of international interest with respect to the related Airframe and each Engine constituted by the Mortgage and the related Mortgage Supplement (incorporating the terms of the
Mortgage) (assigning the international interest under the Lease and related Lease Supplement, including an assignment of the right to discharge such international interest) shall have been (or shall be concurrently) registered with the International
Registry with the Security Trustee as assignee and the Owner as assignor and (D) the transfer of the right to discharge with respect to Airframe and each Engine under the Lease and the related Lease Supplement shall have been (or shall be
concurrently) registered with the International Registry with the Owner as transferor and the Security Trustee as transferee; and there shall exist no other undischarged registered international interest with respect to the related Airframe or any
Engine on the International Registry; 

  
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 (4) the Security Trustee shall have a perfected first priority Lien on the
Pledged Interests; 
 (5) such Aircraft has a valid export certificate of airworthiness issued by the Direction
générale de l’aviation civile of France; 
 (6) the Lessee is a U.S. Air Carrier (and such Purchaser
shall have received a copy of the Lessee’s air carrier operating certificate); and 
 (7) the Security Trustee, as
assignee of the Owner’s rights under the Lease, is entitled to the protection of Section 1110 of the United States Bankruptcy Code in connection with its right to take possession of such Aircraft in the event of a case under
Chapter 11 of the United States Bankruptcy Code in which the Lessee is a debtor. 
 (x) Representations and
Warranties. On such Delivery Date, (A) the representations and warranties of the Owner contained in Section 7 of this Agreement and the representations and warranties of the Lessee contained in Section 6(a) of the Lease shall be
true and accurate as though made on and as of such date except to the extent that such representations and warranties relate solely to an earlier date (in which case such representations and warranties shall be true and accurate on and as of such
earlier date), and (B) no event shall have occurred and be continuing which constitutes (or would, with the passage of time or the giving of notice or both, constitute) a Default Event. 

(xi) Ratings Requirement. The Senior Purchasers shall have received evidence satisfactory to them that the Ratings
Requirement has been satisfied. 
 (xii) Opinions of Counsel. Such Purchaser shall have received an opinion addressed
to such Purchaser, each Agent and the Security Trustee from (A) Milbank, Tweed, Hadley & McCloy, special New York counsel to the Lessee, confirming, among other things, the statement set forth in Section 4(b)(ix)(6) hereof and
(B) Morris James LLP, special counsel to the Owner and the Trust, in each case in form and substance reasonably satisfactory to the addressees thereof. 

(xiii) Opinion of FAA Counsel. Such Purchaser shall have received an opinion addressed to such Purchaser, each Agent and
the Security Trustee, the Lessee and the Owner from FAA Counsel, in form and substance reasonably satisfactory to the addressees thereof. 

(xiv) Opinion of Airbus. Such Purchaser shall have received an opinion addressed to such Purchaser, each Agent and the
Security Trustee from counsel to Airbus S.A.S., in respect of the Bills of Sale, in form and substance reasonably satisfactory to the addressees thereof. 

(xv) Pledged Interest. If the Pledged Interests are certificated, the Security Trustee or its nominee shall have
received the Pledged Instruments (as defined 

  
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in the Pledge Agreement) in respect of the Pledged Interest, together with originals of the executed transfer form(s) in respect thereof. 

(xvi) Certificate of Lessee. Such Purchaser shall have received a certificate signed by the President, a Vice President,
the Chief Financial Officer, the General Counsel or the Treasurer of the Lessee, dated the Delivery Date for such Aircraft, addressed to such Purchaser and certifying as to the matters stated in paragraphs (x), (xvii) and (xix) of
this Section 4(b). 
 (xvii) Insurance Certificate and Report. Such Purchaser shall have received an independent
insurance brokers’ report and certificate(s) of insurance, in form and substance reasonably satisfactory to such Purchaser as to the due compliance with the terms of Section 10 of the Lease relating to insurance with respect to such
Aircraft and, if applicable, a certificate, in form and substance reasonably acceptable to such Purchaser, signed by the Treasurer, Chief Financial Officer, the President, a Vice President or General Counsel of the Lessee confirming indemnification
or insurance provided by the United States and evidence of such indemnification or insurance, if any. 
 (xviii) No Event
of Loss. On such Delivery Date it shall be true that no Event of Loss (or event which with the passage of time would become an Event of Loss) with respect to such Aircraft (or constituent Airframe) or any associated Engine has occurred. 

(xix) No Governmental Action. No action or proceeding shall have been instituted nor shall governmental action be
threatened before any court or governmental agency, nor shall any order, judgment or decree have been issued or proposed to be issued by any court or governmental agency at the time of such Delivery Date to set aside, restrain, enjoin or prevent the
completion and consummation of this Agreement or the transaction contemplated hereby. 
 (xx) Know Your Customer for the
Security Trustee. Such Purchaser shall have received any document reasonably requested from the Security Trustee (not less than five Business Days prior to the initial Issuance Date) by such Purchaser in order for such Purchaser to satisfy any
“know your customer” requirements with respect to the Security Trustee; provided that, should the Security Trustee fail to provide any such document, or the Security Trustee fails to pass a “know your customer” test of a
Purchaser, the Purchasers shall appoint a successor Security Trustee pursuant to Section 15(h). 
 Promptly upon the recording of the Mortgage and the
Mortgage Supplement and the Lease and the Lease Supplement at the FAA covering such Aircraft pursuant to the Federal Aviation Act, the Owner will cause FAA Counsel to deliver to each Purchaser, the Lessee and the Owner an opinion as to the due and
valid registration of such Aircraft in the name of the Lessee, the due recording of the FAA Bill of Sale, the Mortgage and the Mortgage Supplement covering such Aircraft and the Lease and Lease Supplement covering such Aircraft and the lack of
filing of any intervening documents with respect to such Aircraft. Following the Delivery Date for such Aircraft, the Purchasers may, if required by applicable law to perfect the security interest granted

  
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in any Assigned Warranties, cause a huissier to serve a copy of a notice delivered on such Delivery Date to the Aircraft Manufacturer in accordance with Article 1690 of the French Civil
Code. 
 (c) Conditions Subsequent. The following conditions shall be conditions subsequent to the issuance of any Notes Allocated To
a Designated Aircraft on its Delivery Date: 
 (i) Airworthiness. Within two Business Days of such Delivery Date, each
Purchaser shall have received evidence that such Aircraft has been duly certified as to type and airworthiness by the FAA, and the Lessee has authority to operate such Aircraft (and each Purchaser shall have received a copy of the airworthiness
certificate for such Aircraft); and 
 (ii) Registration. Within 10 days of such Delivery Date, each Purchaser
shall have received evidence that such Aircraft has been duly registered in the name of the Lessee under the Federal Aviation Act, and such Purchaser shall have received a copy of the FAA certificate of registration for such Aircraft. 

Failure to satisfy these conditions subsequent within such time frame shall, on notice of the Security Trustee, constitute an automatic Event
of Default. 
 SECTION 5 Closing Procedure. 

(a) Filings with FAA. Following the Owner’s notice of the Delivery Date for any Designated Aircraft as provided in Section 2
hereof, the parties will pre-position each of the executed Mortgage and/or Mortgage Supplement and the Lease and/or Lease Supplement with FAA Counsel in Oklahoma City, Oklahoma, together with the FAA Bill of Sale (and photocopy of the Warranty Bill
of Sale) for such Aircraft, the AC Form 8050-1 Aircraft Registration Application for such Aircraft in the name of the Lessee and AC Form 8050-135 FAA Entry Point Filing Form (which the parties agree shall be prepared by FAA Counsel). On the Delivery
Date for a Designated Aircraft and in sufficient time to permit the closing to occur during business hours of the FAA in Oklahoma City, Oklahoma, each Purchaser will wire transfer its Commitment prior to 10:00 a.m. New York time for such
Aircraft to the Security Trustee. On such Delivery Date, by conference telephone call among the Manufacturer, the Owner, the Lessee, the Purchasers (and/or their counsel acting on their behalf), each Agent, the Security Trustee and FAA Counsel, the
Manufacturer will authorize the filing of the FAA Bill of Sale for such Aircraft to be delivered on such Delivery Date and the Owner will cause the ownership interest of the Airframe and each Engine associated with such Aircraft to be duly
registered with the International Registry as a contract of sale and Owner will authorize the filing of each of the AC Form 8050-135 FAA Entry Point Filing Form, the AC Form 8050-1 Aircraft Registration Application, the Mortgage and/or the Mortgage
Supplement and the Lease and/or Lease Supplement for such Aircraft upon receipt by the Manufacturer of the purchase price for such Aircraft and receipt by the Owner (or its order) of the proceeds from the issuance of the Notes for such Aircraft. The
irrevocable authorization to FAA Counsel to date and file the FAA Bill of Sale, the AC Form 8050-135 FAA Entry Point Filing Form, the AC Form 8050-1 Aircraft Registration Application, the Mortgage and/or Mortgage Supplement and the Lease and/or
Lease Supplement for such Aircraft will occur prior to the transfer of the Note for such Aircraft to or 

  
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for account of the Owner, but the filing will not occur until the Owner’s (or its order) receipt of the funds at the designated account and the Manufacturer has released the Warranty Bill of
Sale. The Note(s) will be delivered to the Purchasers and legal opinions delivered to all parties immediately following the transfer of the proceeds from the issuance of the related Notes as provided in Section 2(c). 

(b) Registrations by FAA Counsel. The Owner irrevocably authorizes FAA Counsel to file with the FAA the Mortgage and/or Mortgage
Supplement and the Lease and/or Lease Supplement and register the appropriate international interests and other interests described herein with the International Registry for each Designated Aircraft following the closing of the financing for such
Aircraft. FAA Counsel may rely, without any further investigation, on any statement or certification by the Security Trustee that the closing of the financing for such Aircraft has occurred. 

(c) Discharges in Event of Failure to Fund. If the financing for any Designated Aircraft shall fail to occur utilizing the Commitments
hereunder, the Security Trustee agrees to register, at the Owner’s cost, a discharge at the International Registry of any international interest in favor of the Security Trustee in respect of the related Airframe and the Engines. 

(d) International Registry Filings. Each of the parties hereto consents to the registration with the International Registry of the
international interests and other interests described herein with respect to the Mortgage and each Mortgage Supplement and the Lease and each Lease Supplement, and each party hereto covenants and agrees that it will take all such action reasonably
requested by the Lessee, the Owner or the Security Trustee in order to make any registrations with the International Registry, including becoming a transacting user entity with the International Registry and providing consents to any registration as
may be contemplated by the Operative Documents. 
 SECTION 6 Extent of Interest of Holders. 

No Holder shall have any further interest in, or other right with respect to, the mortgage and security interests created by the Mortgage when
and if the Original Amount of and interest on all Notes in respect of all Aircraft held by such Holder and all other sums payable to such Holder hereunder, under the Mortgage and under such Notes shall have been paid in full, provided, however, to
the extent, for any reason, any such sums paid to a Holder are rescinded or must otherwise be restored by such Holder, the obligations of the Owner and the security interests created by the Mortgage shall be automatically reinstated with respect to
such Holder and the Security Trustee, as applicable. 
 SECTION 7 Representations and Warranties. 

(a) Owner’s Representations and Warranties. The Owner represents and warrants that on the date hereof and on the Delivery Date for
each Designated Aircraft: 
 (i) Existence. The Owner is a limited liability company duly organized and validly
existing in good standing pursuant to the laws of the State of 

  
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Delaware and has the power and authority to enter into and perform its obligations under this Agreement and the other Operative Documents. 

(ii) No Conflict. The execution, delivery and performance of this Agreement, each of the other Operative Documents to
which Owner is a party, and the execution, delivery and payment of the Notes, does not and will not: (i) contravene any provision of its constitutional documents, (ii) contravene, conflict with or violate any Applicable Law, or any order,
writ, judgment, injunction, decree, determination or award of any Governmental Authority; or (iii) violate or result in the breach of, or constitute a default under any indenture or other loan or credit agreement, or other agreement or
instrument to which it is a party or by which it, or its property and assets, may be bound or affected. It is not in violation or breach of or default under any Applicable Law, order, writ, judgment, injunction, decree, determination or award or any
contract, agreement, lease, license, indenture or other instrument to which it is a party. 
 (iii) Authorization. The
Owner has all power necessary, and has been duly authorized, to execute and deliver this Agreement and the other Operative Documents to which it is a party. The Owner is and will continue to be duly authorized to issue notes hereunder, and Owner is
and will continue to have the organizational authority to perform its obligations under this Agreement and under the other Operative Documents to which it is a party. The execution, delivery and performance by Owner of this Agreement and the other
Operative Documents to which Owner is a party and the issuances hereunder do not and will not require any consent or approval of any Governmental Authority or any other Person which has not already been obtained. 

(iv) Enforceability. The Operative Documents to which the Owner is a party delivered on or prior to the date hereof or
such Delivery Date, as the case may be, each constitute legal, valid and binding obligations of the Owner enforceable against the Owner in accordance with the terms thereof except as such may be limited by equitable principles or applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally. 
 (v)
No Pending Actions. There are no pending or threatened actions or proceedings before any court, arbitrator or administrative agency which individually (or in the aggregate in the case of any group of related lawsuits) is expected to have a
material and adverse effect on the financial condition of the Owner or the ability of the Owner to perform its obligations under the Operative Documents. 

(vi) Ownership of the Owner. The Trust is the legal and beneficial owner of all Pledged Interests (as defined in the
Pledge Agreement) issued by the Owner. 
 (vii) Validity of Security Interests. 

(1) Security Interest in the Collateral. On the relevant Delivery Date, the security interest in the Collateral created
pursuant to the Mortgage and any applicable Mortgage Supplement shall have been validly created, and no action (other than the filings and actions referred to in Section 7(a)(vii)(2) and the 

  
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related continuation statements) is required to be taken by any person in order for the full benefit of the security interest created thereby to vest in the Security Trustee on behalf of the
Purchasers or in order to ensure the first priority perfected security interests of the Security Trustee for the benefit of the Purchasers in such Collateral will be maintained. The security interest in the Pledged Interest created pursuant to the
Pledge Agreement has been validly created, and no action (other than the filings and actions referred to in Section 7(a)(vii)(2) and the related continuation statements) is required to be taken by any person in order for the full benefit of the
security interests created thereby to vest in the Security Trustee on behalf of the Purchasers or in order to ensure the first priority perfected security interests of the Security Trustee for the benefit of the Purchasers in such Collateral will be
maintained. 
 (2) Filings, Registrations, Etc. It is not necessary to ensure the legality, validity, enforceability
or admissibility in evidence in the United States of the Operative Documents that any of them or any other instrument be filed, recorded, registered or enrolled in any court, public office or elsewhere in the United States, except as expressly
provided herein, or that any stamp, registration or similar tax be paid in the United States on or in relation to any of the Operative Documents, and no further action in the United States, including any filing or recording of any document, is
necessary or permissible to establish and/or perfect Owner’s title to and interest in, and the Security Trustee’s security interests pursuant to the Operative Documents in, any Aircraft, the Lease and the other Collateral as against any
Obligor and any third parties, except for (i) the filing of financing statements (and continuation statements at regular intervals) under the Uniform Commercial Code in the State of Delaware, (ii) the taking and retaining of possession by
the Security Trustee of the chattel paper original of the Lease, (iii) the taking of the actions specified in Section 4(b)(ix)(3) in respect of each Aircraft (and associated Airframe and Engines) with the International Registry and
(iv) the affixation of nameplates to each Airframe and each Engine. 
 (viii) No Defaults. There has not occurred
any event which constitutes a Default, a Lease Event of Default or an Event of Default under the Mortgage which is presently continuing. 

(ix) Liens on Aircraft. On the Delivery Date for a Designated Aircraft, the Owner will have good title to such Aircraft
free and clear of all Liens, except the Lien of the Mortgage and the Lease. On the Delivery Date for a Designated Aircraft, such Aircraft (A) shall have a valid export certificate of airworthiness issued by the French Direction
générale de l’aviation civile, (B) will have been insured by the Lessee in accordance with the terms of the Lease, will have suffered no Event of Loss and will be in the condition and state of repair required under the
terms of the Mortgage and (C) will have been duly registered in the name of the Lessee under the Federal Aviation Act. 

(x) Securities Compliance. Assuming the Purchasers are acquiring their Notes in the ordinary course of their commercial
banking business, none of the transactions contemplated by this Agreement will violate or result in a violation of the 

  
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Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or any regulations issued pursuant thereto. 

(xi) No Public Offering. Neither the Owner nor anyone acting on behalf of the Owner has directly or indirectly offered
any interest in the Notes for sale to, or solicited any offer to acquire any of the same from, anyone other than the Purchasers and not more than 35 other institutions believed capable of evaluating and bearing the risks of investment in the
transactions contemplated hereby. 
 (xii) No ERISA Violation. (v) The Owner has not engaged in any transaction
in connection with which the Owner could be subjected to either a material civil penalty assessed pursuant to Section 502(i) of ERISA, or a material tax imposed by Section 4975 of the Code; (w) no material liability to the Pension
Benefit Guaranty Corporation (other than liability for premiums) has been incurred by the Owner with respect to any Plan; (x) there has been no event or condition which presents a material risk of termination of any Plan by the Pension Benefit
Guaranty Corporation; (y) the Owner and any affiliate (as defined below) has not committed, or does not expect to commit, a failure described in ERISA Section 303(k)(1) or Section 430(k)(1) of the Code (whether or not waived) with
respect to any Plan; and (z) no material amount of “withdrawal liability,” as that term is used in Section 4201 of ERISA, has been or is expected to be incurred by the Owner nor has the Owner or any affiliate of the Owner been
notified by any multi-employer plan (within the meaning of Section 3(37)(A) of ERISA) that such multi-employer plan is in reorganization or insolvency within the meaning of Section 4241 or Section 4245 of ERISA or that such
multi-employer plan intends to terminate or has been terminated under Section 4041A of ERISA (for purposes of subclauses (y) and (z), the term “affiliate” shall mean any corporation or person (within the meaning of ERISA
Section 3(9)) which together with the Owner and any other related entity would be deemed to be a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code. 

(xiii) No “Prohibited Transactions”. Assuming the accuracy of the representations set forth in
Section 7(b)(ii) (and Section 5(ii) of each Assignment and Assumption Agreement, if any), the purchase and holding of the Notes will not result in a “prohibited transaction,” within the meaning of Section 406 of ERISA or
Section 4975 of the Code with respect to the transactions contemplated hereby which could subject the Owner to any tax or penalty pursuant to Section 4975 of the Code or Section 502(i) of ERISA. 

(xiv) Investment Company. The Owner is not an “investment company” as defined in, or subject to regulation
under, the Investment Company Act of 1940. 
 (xv) No Material Misstatement or Omission. None of the reports,
financial statements, certificates or other information furnished by or on behalf of the Owner to the Security Trustee, any Agent or any Purchaser in connection with the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits to 

  
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state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(xvi) Federal Reserve Regulations. No part of the proceeds of any Note hereunder will be used, whether directly or
indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve, including Regulations U and X. 

(xvii) Cape Town Matters. (A) The Lessee is, and the Owner will be prior to the first Delivery Date, a
“transacting user entity” (as such term is defined in the Regulations of the International Registry); and each is “situated”, for the purposes of the Cape Town Convention, in the United States; (B) the Airframe and related
Engines financed on such Delivery Date are “aircraft objects” (as defined in the Cape Town Convention); (C) the United States is a Contracting State under the Cape Town Convention; (D) the FAA Bill of Sale for the Airframe and/or
the Warranty Bill of Sale for such Airframe and related Engines constitutes a “contract of sale” (as defined in the Cape Town Convention) and the Mortgage and the Mortgage Supplement for such Airframe and related Engines conveys an
international interest in such Airframe and related Engines and assigns an international interest in the Lease and Lease Supplement with respect to such Aircraft, and the Lease and the Lease Supplement for such Aircraft constitutes an international
interest in such Airframe and related Engines; (E) the obligations of the Lessee under the Lease in respect of such Airframe and related Engines are “associated rights” (as defined in the Cape Town Convention); and (F) the Owner
on each Delivery Date will have the power to “dispose” (as such term is used in the Cape Town Convention) of the Airframe and related Engines financed on the Delivery Date for an Aircraft. 

(xviii) AML Laws; Anti-Corruption Laws and Sanctions. None of (a) the Owner, any subsidiary or any of their
respective directors or officers, or, to the knowledge of the Owner, any of their respective employees or Affiliates, or (b) to the knowledge of the Owner, any agent of the Owner or any subsidiary or other Affiliate that will act in any
capacity in connection with or benefit from the credit facility established hereby, (i) is a Sanctioned Person, or (ii) is in violation of AML Laws, Anti-Corruption Laws, or Sanctions. No Notes, use of proceeds or other transaction
contemplated by this Agreement will cause a violation of AML Laws, Anti-Corruption Laws or applicable Sanctions by any person participating in the transactions contemplated by this Agreement, whether as lender, issuer, agent, or otherwise. The Owner
represents that, except as disclosed to each Agent and the Purchasers prior to the date hereof, neither it nor any of its subsidiaries, nor its parent company, or, to the knowledge of the Owner, any other Affiliate has engaged in or intends to
engage in any dealings or transactions with, or for the benefit of, any Sanctioned Person or with or in any Sanctioned Country. 

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

  
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 (b) Representations and Warranties of the Security Trustee and Purchasers. 

(i) The Security Trustee represents and warrants that: 

(1) Authorization. It has all power, authority, and legal right to execute, deliver, and carry out the terms of each of
the Operative Documents to which the Security Trustee is a party. 
 (2) Execution. It has duly authorized the
execution and delivery of this Agreement and the other Operative Documents to which it is a party. 
 (3) No
Violation. The Security Trustee’s execution and delivery of each Operative Document to which it is a party will not result in any violation of, or be in conflict with, or constitute a default under, any of the provisions of its
organizational documents, or of any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, note or bond purchase agreement, license, bank loan, credit agreement, or other agreement to which it is a party or by which
it is bound, and will not contravene any existing law, governmental rule or regulation of the State of Utah, any existing law, governmental rule or regulation of the United States of America which governs the Security Trustee’s banking and
trust powers, judgment or order applicable to or binding on the Security Trustee. 
 (4) No Approvals. Neither the
Security Trustee’s execution and delivery of the Operative Documents to which it is a party, nor the Security Trustee’s consummation of any of the transactions contemplated thereby, requires the consent or approval of, giving of notice to,
or registration with any governmental authority. 
 (5) Transaction User Entity. The Security Trustee is a
transacting user entity. 
 (ii) Purchasers’ Representations and Warranties. Each Purchaser severally represents
and warrants on the date hereof and on the Delivery Date for each Designated Aircraft that: 
 (1) it is acquiring its
interest in its Notes either (A) in the ordinary course of its general banking business or (B) for investment and not with a view to any distribution thereof that would require registration under the Securities Act of 1933, as amended,
subject, however, to the disposition of its property being at all times within its control; 
 (2) the Operative Documents
to which it is a party delivered on or prior to the date hereof or such Delivery Date, as the case may be, each constitute legal, valid and binding obligations of such Purchaser enforceable against such Purchaser in accordance with the terms thereof
except as such may be limited by equitable principles or applicable bankruptcy, insolvency, 

  
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reorganization, moratorium or other similar laws affecting creditors’ rights generally; and 

(3) either (i) no part of the funds to be used by it for the purchase of the Notes shall constitute “plan
assets” as defined in Section 3(42) of ERISA or otherwise, nor shall its interest become “plan assets” during the period it holds the Notes or (ii) its purchase and holding of the Notes shall be covered by a prohibited
transaction class exemption issued by the U.S. Department of Labor. 
 SECTION 8 Taxes. Tax matters are as provided in
Schedule III hereto which is incorporated herein by reference. 
 SECTION 9 Covenants of the Owner. 

(a) Notifications. The Owner shall deliver or cause to be delivered to each Purchaser such information regarding the financial
condition, operations, or business of the Owner as any Purchaser may reasonably request. 
 (b) Litigation. The Owner will promptly
give each Purchaser notice of all legal or arbitral proceedings, and of all proceedings by or before any governmental or regulatory authority or agency, and any material development in respect of such legal or other proceedings, involving the Owner
or Lessee if, in the case of the Lessee, the determination of those proceedings in a manner adverse to the Lessee would have a material adverse effect on the Lessee’s ability to meet its obligations under the Operative Documents to which it is
a party. 
 (c) Existence, Etc. The Owner shall: 

(i) Status. Keep in full effect its existence as a limited liability company organized under the laws of the State of
Delaware (and shall not change its jurisdiction of formation) and all of its licenses, permits, governmental approvals, rights, privileges and franchises necessary in the normal conduct of its business as now conducted or presently proposed to be
conducted. 
 (ii) Qualification. Obtain and preserve its qualification to do business as a company or other entity in
each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the rights of the Purchasers under this Agreement or the other Operative Documents. 

(iii) Compliance with Applicable Laws. Comply with (A) the provisions of its organization documents, and not amend
the same without the prior written consent of the Security Trustee and (B) the requirements of all Applicable Laws to the extent that the failure to comply therewith would, in the aggregate, have a material adverse effect on the Owner’s
ability to meet its obligations under the Operative Documents to which it is a party. 
 (iv) Records. Keep adequate
records and books of account, in which complete entries will be made in accordance with generally accepted accounting principles consistently applied. 

  
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 (v) Business Discussions. Permit representatives of any Purchaser to
discuss its business and affairs with its officers, all to the extent reasonably requested by such Purchaser. 
 (d) Special Purpose.
The Owner will not: 
 (i) have any employees earning compensation; 

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

 (iii) engage in any activity other than the execution, delivery and performance of the Operative Documents to which it is
a party and activities incidental thereto, as well as ordinary housekeeping activities; 
 (iv) except for the acquisition of
any Aircraft by the Owner, make or agree to make any capital expenditure; 
 (v) create or own any subsidiary; 

(vi) except as provided in the Mortgage, make any investments; 

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

(viii) incur any material obligation to any third party (excluding any payment or other obligation incurred pursuant to or in
the performance of the obligations under the Operative Documents). 
 (e) Limitation on Liens. The Owner will not create, incur,
assume or suffer to exist any Lien upon the Collateral except Permitted Liens. 
 (f) Protection of Collateral. The Owner agrees that
from time to time, at the expense of the Lessee (and the Lessee hereby agrees to pay such expenses), it will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary and as may be
reasonably requested by any Purchaser in order to perfect and protect any security interest granted or purported to be granted pursuant to the Security Documents (including, without limitation, to the extent applicable registrations of international
interests in respect of each Airframe and Engine with the International Registry), or to enable the Security Trustee to exercise and enforce its rights and remedies under and in accordance with the provisions hereof or of the Security Documents. The
Owner hereby authorizes, and will cause Lessee to authorize, each Purchaser and/or the Security Trustee to file one or more UCC financing or continuation statements, and amendments thereto, or any similar document, with respect to all or any part of
the Collateral granted by the Owner or the Lessee without the signature of the Owner where permitted by Applicable Law. The Security Trustee shall prepare and file on behalf of the Owner all necessary continuation statements (or such other similar

  
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documents) in order to maintain the perfection of the Security Trustee’s security interest in the Collateral (taking into account whether a Mortgage Filing for any particular item was
required). Without limiting the foregoing, the Owner will, upon the reasonable request of the Security Trustee or any Purchaser, take at the Lessee’s cost and expense (and the Lessee hereby agrees to pay such costs and expenses) such other
reasonable action necessary or advisable to: 
 (i) grant more effectively the security interest in all or any portion of the
Collateral; 
 (ii) maintain or preserve the first perfected security interest of the Security Trustee in the Collateral or
carry out more effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of the security
interest in the Collateral created by the Security Documents; 
 (iv) perfect the Security Trustee’s interest in the
applicable Aircraft and Lease under the Cape Town Convention to the extent applicable and under any international perfection standards that may be adopted after the date of this Agreement to the extent practicable and without unreasonable cost; 

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

(vi) cause the Lessee to pay any and all fees, taxes and other charges payable in connection with any financing statements
which are required to be filed with any applicable Governmental Authority pursuant to this Agreement or any other Operative Document. 
 (g)
Separateness. The Owner does and will continue to do the following: 
 (i) prepare and maintain its own full and
complete books and records separately from those of any other entity; 
 (ii) in all dealings with third parties and the
public, identify itself by its own name as a separate and distinct entity and not identify itself as being a division or part of any other entity whatsoever; 

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

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

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

(vi) observe all corporate formalities and governmental requirements and make all required filings to all applicable
authorities; 
 (vii) discharge all expenses incurred and liabilities incurred by it only out of its own funds; 

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

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

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

(h) Co-operation with Rating Agency. The Owner agrees, at the cost and expense of the Lessee (provided that any such costs and expenses
in excess of $150,000 shall be borne by the Senior Purchasers), to provide to any Rating Agency whose rating is being sought by such Purchaser on the Notes, such information as such Rating Agency (acting through such Purchaser) may reasonably
request, and otherwise cooperate with such Purchaser to procure such a rating. 
 (i) IR Registrations; IDERA. The Owner shall not
consent to any registrations made in respect of the Aircraft on the International Registry except those made pursuant to the Operative Documents. Owner shall not issue any irrevocable deregistration and export request authorization in favor of any
Person other than the Security Trustee. 
 (j) Sanctions, Etc. 

(i) Compliance with Anti-Corruption Laws and Sanctions. The Owner will comply with all applicable Anti-Corruption Laws,
applicable AML Laws and applicable Sanctions. 
 (ii) Use of Proceeds. The Owner will not issue any Notes, and the
Owner shall not use, and shall procure that its subsidiaries and its or their respective directors, officers, employees, Affiliates and agents shall not use, directly or indirectly, the proceeds of any Notes, or lend, contribute or otherwise make
available such proceeds to any subsidiary, other Affiliate, joint venture partner or other Person, (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any
Person in violation of any Anti-Corruption Laws or AML Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or involving any
goods originating in or with a Sanctioned Person or Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions by any Person 

  
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(including any Person participating in the transactions contemplated hereunder, whether as underwriter, advisor lender, investor or otherwise). 

SECTION 10 Events of Default. If one or more of the following events (herein called “Events of Default”) shall
occur and be continuing: 
 (i) the Owner shall default in the payment of any interest on any Note on the Payment Date
thereof; or 
 (ii) the outstanding principal amount of the Notes shall not have been paid in full by Final Legal Maturity;

 THEREUPON: (A) the Security Trustee may, by notice to the Owner, terminate the Commitments and they shall thereupon terminate, (B) the Security
Trustee may and, upon request of the Controlling Creditor shall, by notice to the Owner demand payment of the Termination Sum, (C) declare the principal amount then outstanding of, and the accrued interest on, the Notes and all other amounts
payable by the Owner and the Lessee (under such Operative Document to which each is a party and without duplication) hereunder and under the Notes to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without
presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Owner and (D) exercise any or all of the remedies set forth in Article V to the Mortgage. 

For the avoidance of doubt, the failure to pay interest on any Note that converts to principal as provided in Section 3.2(d) hereof shall be deemed not
to be a default in payment of interest for the purposes of clause (i) of this Section 10. 
 SECTION 11 Notices. 

All notices, demands, instructions and other communications required or permitted to be given to or made upon any party hereto shall be in
writing and shall be personally delivered or sent by registered or certified mail, postage prepaid, or by facsimile, or by prepaid courier service, and shall be effective upon receipt. 

Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section 11, notices,
demands, instructions and other communications in writing shall be given to or made upon the respective parties hereto at their respective addresses (or to their respective facsimile numbers) as follows: (a) if to the Owner or the Security
Trustee, to the respective addresses set forth in Section 6.06 of the Mortgage; (b) if to a Purchaser, to the address set forth on Schedule I hereto; or (c) if to any subsequent Holder, addressed to such Holder at its address set
forth in the Certificate Register maintained pursuant to the Mortgage. 
 SECTION 12 Governing Law; Consent to Jurisdiction; Waiver
of Jury Trial. 
 (a) Governing Law. This Agreement shall in all respects be governed by, and construed in accordance with, the
law of the State of New York, including all matters of construction, validity and performance. 

  
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 (b) Submission to Jurisdiction. Each party hereby irrevocably and unconditionally
submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from
any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Operative Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Operative Document shall affect any right that any party may otherwise
have to bring any action or proceeding relating to this Agreement or any other Operative Document against another party or its properties in the courts of any jurisdiction. 

(c) Forum. Each party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, 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 in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Service of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 11. Nothing in this Agreement or any other Operative Document will affect the right of any party to this Agreement or any other Operative Document to serve process in any other manner permitted by law. 

(e) Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 13 Invoices and Payment of Expenses. 

The Security Trustee, each Agent and the Purchasers shall promptly submit to the Owner for its prompt approval copies of invoices of the
Transaction Expenses (as defined below) as they are received. The Owner agrees to pay Transaction Expenses promptly upon receipt of invoices of such Transaction Expenses. For the purposes hereof, “Transaction Expenses” means
(i) with respect to the preparation, negotiation, execution and delivery of this Agreement and the 

  
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closing or anticipated closing of a Designated Aircraft on the Delivery Date for such Aircraft, the reasonable fees, and out-of-pocket expenses and disbursements of FAA Counsel, of Vedder Price
P.C., special counsel to the Purchasers and the Rating Agency, (ii) all fees, taxes and other charges payable in connection with the recording or filing of instruments and financing statements, or registration of any international interest with
the International Registry, (iii) the Underwriters’ and each other Purchaser’s reasonable out-of-pocket travel expenses relating to the negotiation and closing of this transaction, and (iv) the Security Trustee’s fee as
separately agreed; provided the Transaction Expenses of a Purchaser which (a) fails to fund any Note notwithstanding the satisfaction of the applicable conditions precedent or (b) fails to obtain all necessary credit approvals
required for the transactions contemplated by this Agreement, shall not be subject to reimbursement. 
 SECTION 14 Successors and
Assigns; Notes. 
 (a) Benefits. This Agreement shall be binding upon and shall inure to the benefit of, and shall be enforceable
by, the parties hereto and their respective successors and permitted assigns including each successive holder of any Note(s) issued and delivered pursuant to this Agreement or the Mortgage whether or not an express assignment to any such holder of
rights under the Agreement has been made. 
 (b) Assignments by Owner. The Owner may not assign any of its rights or obligations
under this Agreement or the other Operative Documents except to the extent expressly provided thereby or with the consent of all of the Purchasers and the Lessee. 

(c) Assignments by Purchasers. No Senior Purchaser may assign its Commitment, in whole or in part, without the prior written consent of
the Lessee. No Junior Purchaser may assign its Commitments and/or Notes, in whole or in part, prior to June 23, 2015. Thereafter, the Senior Purchaser may assign its Notes (but not its Commitments) and the Junior Purchaser may assign its
Commitments and/or Notes (A) without the prior written consent of the Lessee or the Owner to any Permitted Transferee and (B) with the consent of the Lessee (which consent shall not be unreasonably withheld or delayed) to any other Person.
Any such assignment shall be subject to the following terms: 
 (i) it shall be effected pursuant to an agreement
substantially in the form of the Assignment and Assumption Agreement; 
 (ii) it shall be in a minimum principal amount of
$5,000,000 (in the case of Senior Notes); and $2,000,000 (in the case of Junior Notes); and 
 (iii) there shall be no more
than four Senior Purchasers per Aircraft in the aggregate for the Senior Notes after giving effect to such assignment. 
 Notwithstanding
anything to the contrary set forth herein, no assignment or other transfer hereunder shall (1) require the Owner or the Lessee as a result thereof to pay any greater amount hereunder than the assignor or transferor Purchaser was entitled to
hereunder or (2) otherwise increase the obligations of the Owner or the Lessee under any Operative Document by reference to the laws in effect at the time of the assignment or transfer. Subject to Section 2(a), effective upon the
assignment of any Commitment, the assigning Purchaser shall be relieved of its 

  
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obligations in respect of such Commitment to the extent the assignee thereof shall have become obligated in respect thereof. Neither the Owner nor the Lessee shall be liable for any costs, fees
or expenses in connection with any assignment or transfer of Commitments or Notes, except if an Event of Default shall have occurred and be continuing, the Owner shall be liable for any associated legal expenses reasonably incurred. 

In addition, an assignee of any Junior Purchaser may be designated as a Special Junior Lender in the applicable Assignment and Assumption
Agreement; provided that, if either (x) such assignee has been assigned Junior Notes representing more than one-half of the aggregate outstanding principal amount of the Junior Notes of all Series, in the aggregate or (y) such assignment
shall have been effected after the date that is the six-month anniversary of the delivery date of the later of (A) the last Aircraft financed hereunder or (B) the last Other Aircraft financed under the Other Facility Agreement, then, in
either such case, such designation shall be subject to the prior written consent of the Owner. 
 (d) Registration, Transfer and Exchange
of Notes. The Security Trustee agrees with the Owner that the Security Trustee shall keep a register (herein sometimes referred to as the “Certificate Register”) in which provision shall be made for the registration of the Notes
of each Class and the registration of transfers of the Notes of such Class and Series. Prior to the due presentment for registration of the transfer of any Note, the Owner and the Security Trustee shall deem and treat the person in whose name such
Note is registered on the Certificate Register as the absolute owner of such Note, and the Holder for the purpose of receiving payment of all amounts payable with respect to such Note, and for all other purposes whether or not such Note is overdue,
and neither the Owner nor the Security Trustee shall be affected by notice to the contrary. The Certificate Register shall be kept at the Payment Office of the Security Trustee or at the office of any successor Security Trustee, and the Security
Trustee is hereby appointed “Certificate Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Subject to the terms and conditions of Section 14(c), upon surrender for registration of transfer of
any Note of any Class and Series at the Payment Office and upon delivery by the Security Trustee to the Owner of such surrendered Note, the Owner shall execute, and the Security Trustee shall deliver, in the name of the designated transferee or
transferees, one or more new Notes of a like aggregate principal amount, Class and Series. At the option of the Holder, its Notes of any Class and Series may be exchanged for other Notes of such Class and Series of any authorized denominations, of a
like aggregate principal amount, upon surrender of the Notes to be exchanged at the Payment Office. Each new Note issued upon transfer or exchange shall be in a principal amount of at least (i) $5,000,000 (in the aggregate), in the case of the
Senior Notes and (ii) $2,000,000 (in the aggregate), in the case of the Junior Notes (except as may be necessary to evidence the entire outstanding principal amount of a Note) and dated the Delivery Date. Whenever any Notes are so surrendered
for exchange, the Owner shall execute and deliver the Notes which the Holder making the exchange is entitled to receive. Each Holder may also assign to any assignee an interest in any Note held by it and the Security Trustee shall, upon receipt of a
written request of such assignee, accompanied by such proof of such assignment as the Security Trustee may reasonably require, register in the name of such assignee such interest in such Note and thereafter such assignee shall be a Holder for all
purposes of the Operative Documents (subject to any limitations in the instrument of assignment). All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Owner evidencing the same respective
obligations, and entitled to the 

  
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same security and benefits under this Mortgage, as the Notes surrendered upon such registration of transfer or exchange. Every Note presented or surrendered for registration of transfer or
exchange, shall (if so required by the Security Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form reasonably satisfactory to the Security Trustee duly executed by the Holder thereof or his attorney duly
authorized in writing, and the Security Trustee may require evidence satisfactory to it as to the compliance of any such transfer with the Securities Act and the securities laws of any applicable state. The Security Trustee shall make a notation on
each new Note or Notes of the amount of all payments of principal previously made on the old Note or Notes with respect to which such new Note is issued and the date to which interest accrued on such old Note or Notes has been paid and the extent,
if any, to which any interest therein has been subject to a registered assignment. The Security Trustee shall not be required to register the transfer of or exchange any surrendered Notes as above provided during the five calendar day period
preceding the due date of any payment on such Notes. Any Holder may transfer any or all of its Notes to any Permitted Transferee subject to the terms of Section 14(c). The Owner and the Security Trustee shall treat the Person in whose name each
Note is registered on the Certificate Register as the Holder with respect thereto for all purposes hereof until due presentment for registration of transfer as provided in this Section 14(d). The Security Trustee shall give the Owner and each
Holder notice of such transfer of a Note under this Section 14(d). 
 (e) Mutilated, Destroyed, Lost or Stolen Notes. If any
Note shall become mutilated, destroyed, lost or stolen, the Owner shall, upon the written request of the affected Holder, execute and deliver in replacement thereof, a new Note of a like Class and Series, in the same principal amount, dated the date
of such Note and designated as issued under this Mortgage. If the Note being replaced has become mutilated, such Note shall be surrendered to the Security Trustee and the original thereof shall be furnished to the Owner by the Security Trustee. If
the Note being replaced has been destroyed, lost or stolen, the affected Holder shall furnish to the Owner and the Security Trustee such security or indemnity as may be reasonably required by them to hold the Owner and the Security Trustee harmless
and evidence satisfactory to the Owner and the Security Trustee of the destruction, loss or theft of such Note and of the ownership thereof; provided, however, that if the affected Holder is an original party to the Note Purchase Agreement or an
Affiliate thereof, the written notice of such destruction, loss or theft and such ownership and the written undertaking of such Holder delivered to the Owner and the Security Trustee to hold harmless the Owner and the Security Trustee in respect of
the execution and delivery of such new Note shall be sufficient evidence, security and indemnity. 
 (f) Payment of Expenses on
Transfer. Upon the issuance of a new Note or new Notes pursuant to Section 14(d) or 14(e), the Owner and/or the Security Trustee may require from the party requesting such new Note or Notes payment of a sum sufficient to reimburse the Owner
and/or the Security Trustee for, or to provide funds for, the payment of any tax or other governmental charge in connection therewith or any charges and expenses connected with such tax or other governmental charge paid or payable by the Owner or
the Security Trustee. 
 SECTION 15 The Agents; the Security Trustee. 

(a) Appointment, Powers and Immunities. Each Senior Purchaser hereby irrevocably appoints and authorizes New York Life Insurance
Company to act as Senior Agent 

  
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 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
hereunder and under the other Operative Documents with such powers as are specifically delegated to the Senior Agent by the terms of this Agreement and of the other Operative Documents, together
with such other powers as are reasonably incidental thereto, and New York Life Insurance Company accepts such appointment. Each Junior Purchaser hereby irrevocably appoints and authorizes Investec Bank plc to act as Junior Agent hereunder and under
the other Operative Documents with such powers as are specifically delegated to the Junior Agent by the terms of this Agreement and of the other Operative Documents, together with such other powers as are reasonably incidental thereto, and Investec
Bank plc accepts such appointment. Each Agent (which term as used in this sentence and in Section 15(e) and the first sentence of Section 15(f) hereof shall include reference to such Agent and its affiliates and such Agent’s and its
affiliates’ officers, directors, employees and agents): (i) shall have no duties or responsibilities except those expressly set forth in this Agreement and in the other Operative Documents, and shall not by reason of this Agreement or any
other Operative Document be a trustee for any Purchaser; (ii) shall not be responsible to the Purchasers for any recitals, statements, representations or warranties contained in this Agreement or in any other Operative Document, or in any
certificate or other document referred to or provided for in, or received by any of them under, this Agreement or any other Operative Document, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement,
any Note or any other Operative Document or any other document referred to or provided for herein or therein or for any failure by the Owner or any other Person to perform any of its obligations hereunder or thereunder; (iii) shall not be
required to initiate or conduct any litigation or collection proceedings hereunder or under any other Operative Document; and (iv) shall not be responsible for any action taken or omitted to be taken by it hereunder or under any other Operative
Document or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith, except for its own gross negligence or willful misconduct. Each Agent may employ agents and attorneys in fact
and shall not be responsible for the negligence or misconduct of any such agents or attorneys in fact selected by it in good faith. 
 (b)
Reliance by Agent. Each Agent shall be entitled to rely upon any certification, notice or other communication (including, without limitation, any thereof by telephone, telecopy, telex, telegram or cable) believed by it to be genuine and
correct and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by such Agent. As to any matters not expressly provided for
by this Agreement or any other Operative Document, each Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or thereunder in accordance with instructions given by the Controlling Creditor or all of the
Purchasers as is required in such circumstance, and such instructions of such Purchasers and any action taken or failure to act pursuant thereto shall be binding on all of the Purchasers. 

(c) Non-Receipt of Funds by the Agents. Unless an Agent shall have been notified by a Purchaser
or the Owner (the “Payor”) prior to the date on which the Payor is to make payment to such Agent of (in the case of a Purchaser) the proceeds of a Note to be made by it hereunder or (in the case of the Owner) a payment to such Agent
for account of one or more of the Purchasers hereunder (such payment being herein called the “Required Payment”), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to such
Agent, such Agent may assume that the Required Payment has been made and 

  
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may, in reliance upon such assumption (but shall not be required to), make the amount thereof available to the intended recipient(s) on such date and, if the Payor has not in fact made the
Required Payment to such Agent, the recipient(s) of such payment shall, on demand, repay to such Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so
made available by such Agent until the date such Agent recovers such amount at a rate per annum equal to the Federal Funds Rate for such day and, if such recipient(s) shall fail promptly to make such payment, such Agent shall be entitled to recover
such amount, from the Payor, together with interest as aforesaid. 
 (d) Defaults. Neither Agent shall be deemed to have knowledge or
notice of the occurrence of a Default or Event of Default (other than the non-payment of principal of or interest on Notes) unless such Agent has received notice from a Purchaser or the Owner specifying such Event of Default and stating that such
notice is a “Notice of Default”. In the event that such Agent receives such a notice of the occurrence of an Event of Default, such Agent shall give prompt notice thereof to the Purchasers (and shall give each Purchaser prompt notice of
each such non-payment). Each Agent shall take such action with respect to such Event of Default as shall be directed by the Controlling Creditor, provided that, unless and until such Agent shall have received such directions, such Agent may (but
shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable in the best interest of the Purchasers except to the extent that the Mortgage expressly requires that
such action be taken, or not be taken, only with the consent or upon the authorization of the Controlling Creditor or all of the Purchasers. 

(e) Indemnification. The Senior Purchasers agree to indemnify the Senior Agent ratably in accordance with their respective Senior Notes
(or, prior to the issuance of the Senior Notes, their respective Senior Commitments), and the Junior Purchasers agree to indemnify the Junior Agent ratably in accordance with their respective Junior Notes (or, prior to the issuance of the Junior
Notes, their respective Junior Commitments), in each case for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever that may be imposed on,
incurred by or asserted against such Agent (including by any Purchaser) arising out of or by reason of any investigation in or in any way relating to or arising out of this Agreement or any other Operative Document or any other documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or the enforcement of any of the terms hereof or thereof or of any such other documents, provided that no Purchaser shall be liable for any of
the foregoing to the extent they arise from the gross negligence or willful misconduct of such Agent. 
 (f) Non Reliance on Agents and
Other Purchasers. Each Purchaser agrees that it has, independently and without reliance on either Agent or any other Purchaser, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the Owner
and its own decision to enter into this Agreement and the other Operative Documents to which it is or is to be a party and that it will, independently and without reliance upon either Agent or any other Purchaser, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement. Neither Agent shall be required to keep itself informed as to the performance or observance by
the Owner of this Agreement or any of the other Operative Documents or any other document referred to or provided for herein or therein or to inspect the 

  
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properties or books of the Owner. Except for notices, reports and other documents and information expressly required to be furnished to the Purchasers by such Agent hereunder, neither Agent shall
have any duty or responsibility to provide any Purchaser with any credit or other information concerning the affairs, financial condition or business of Owner (or any of its affiliates) that may come into the possession of such Agent or any of its
affiliates. 
 (g) Failure to Act. Except for action expressly required of an Agent hereunder and under the other Operative
Documents, such Agent shall in all cases be fully justified in failing or refusing to act hereunder and thereunder unless it shall receive further assurances to its satisfaction from the Purchasers of their indemnification obligations under
Section 15(e) hereof against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. 

(h) Resignation or Removal of Agent. Subject to the appointment and acceptance of a successor Agent as provided below, either Agent may
resign at any time by giving notice thereof to the Purchasers and the Owner. Upon any such resignation of the Senior Agent, the Majority Senior Holders shall have the right to appoint a successor Senior Agent which shall be, so long as no Event of
Default has occurred and is continuing, reasonably acceptable to the Lessee, and upon any such resignation of the Junior Agent, the Majority Junior Holders shall have the right to appoint a successor Junior Agent which shall be, so long as no Event
of Default has occurred and is continuing, reasonably acceptable to the Lessee. If no successor Agent shall have been so appointed by the Majority Senior Holders or the Majority Junior Holders, as the case may be, and shall have accepted such
appointment within 30 days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Purchasers, appoint a successor Agent. Upon the acceptance of any appointment as Agent hereunder by a
successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. After
the retiring Agent’s resignation hereunder as Agent, the provisions of this Section 15 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent. The Owner consents
to any change in the identity of such Agent on the International Registry as a result of the appointment of a successor Agent pursuant to this Section 15(h), and if required by the International Registry to reflect such change, will provide its
further consent thereto. 
 (i) Consents under Operative Documents. Subject to Section 4.01 of the Mortgage, no Agent may,
without the prior consent of the Controlling Creditor, consent to any modification, supplement, waiver, amendment or take any other action under any of the Operative Documents, or otherwise grant its consent, approval or waiver of any matter
hereunder or under the Mortgage, provided that, without the prior consent of each Purchaser, such Agent shall not (except as provided herein or in the Operative Documents) release any collateral or otherwise terminate any Lien under any Operative
Document providing for collateral security, or agree to additional obligations being secured by such collateral security (unless the Lien for such additional obligations shall be junior to the Lien in favor of the other obligations secured by such
Operative Document), except that no such consent shall be required, and such Agent is hereby authorized, to release any Lien covering property which is the subject of a disposition of property permitted hereunder or under any other Document or to
which the Controlling Creditor has consented. 

  
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 (j) The Security Trustee. 

(i) Appointment, Powers and Immunities. Each Purchaser hereby irrevocably appoints and authorizes Bank of Utah, and Bank
of Utah hereby accepts such appointment, to act as its Security Trustee hereunder and under the other Operative Documents with such powers as are specifically delegated to the Security Trustee by the terms of this Agreement, of the other Operative
Documents, together with such other powers as are reasonably incidental thereto. The Security Trustee (which term as used in this sentence and in Section 15(j)(v) and the first sentence of Section 15(j)(vi) shall include reference to its
affiliates and its own and its affiliates’ officers, directors, employees and agents): (a) shall have no duties or responsibilities except those expressly set forth in this Agreement and in the other Operative Documents, and shall not by
reason of this Agreement or any other Operative Document be a trustee for any Purchaser; (b) shall not be responsible to the Purchasers for any recitals, statements, representations or warranties contained in this Agreement, in any other
Operative Document, or in any certificate or other document referred to or provided for in, or received by any of them under, this Agreement, any other Operative Document, or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement, any Note, any other Operative Document or any other document referred to or provided for herein or therein or for any failure by the Owner or any other Person to perform any of its obligations hereunder or thereunder;
(c) shall not be required to initiate or conduct any litigation or collection proceedings hereunder or under any other Operative Document; and (d) shall not be responsible for any action taken or omitted to be taken by it hereunder, under
any other Operative Document or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith, except for its own gross negligence or willful misconduct. The Security Trustee may employ
agents and attorneys-in-fact and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Security Trustee may deem and treat the payee of any Note as the Holder thereof for
all purposes hereof unless and until a notice of the assignment or transfer thereof shall have been filed, together with the consent of the Lessee to such assignment or transfer (to the extent provided in Section 14(c)). 

(ii) Reliance by Security Trustee. The Security Trustee shall be entitled to rely upon any certification, notice or
other communication (including, without limitation, any thereof by telephone, telecopy or e-mail) reasonably believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice
and statements of legal counsel, independent accountants and other experts selected by the Security Trustee. As to any matters not expressly provided for by this Agreement or any other Operative Document, the Security Trustee shall in all cases be
fully protected in acting, or in refraining from acting, hereunder or thereunder in accordance with instructions given by the Controlling Creditor or, if provided herein, in accordance with the instructions given by the Controlling Creditor or all
of the Purchasers as is required in such circumstance, and such instructions of such Purchasers and any action taken or failure to act pursuant thereto shall be binding on all of the Purchasers. 

  
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 (iii) Defaults. The Security Trustee shall not be deemed to have
knowledge or notice of the occurrence of a Default or Event of Default (other than the nonpayment of principal of or interest on Notes) unless the Security Trustee has received notice from a Purchaser or the Owner specifying such Default or Event of
Default and stating that such notice is a “Notice of Default.” In the event that the Security Trustee receive such a notice of the occurrence of a Default or Event of Default, the Security Trustee shall give prompt notice thereof to
the Purchasers (and shall give each Purchaser prompt notice of each such nonpayment) and, if such Notice of Default is received from a Purchaser, to the Owner and the Lessee, provided that the failure to do so shall not affect the obligations of any
Obligor under any Operative Document. The Security Trustee shall (subject to Section 15(j)(vi)) take such action with respect to such Default or Event of Default as shall be directed by the Controlling Creditor, provided that, unless and
until the Security Trustee shall have received such directions, the Security Trustee may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable in the best interest of the Purchasers except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Controlling Creditor, or all of the
Purchasers. 
 (iv) Indemnification. The Purchasers agree to indemnify the Security Trustee ratably in accordance with
their respective Commitments, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever that may be imposed on, incurred by or asserted against
the Security Trustee (including by any Purchaser) arising out of or by reason of any investigation in or in any way relating to or arising out of this Agreement, any other Operative Document or any other documents contemplated by or referred to
herein or therein or the transactions contemplated hereby or thereby or the enforcement of any of the terms hereof or thereof or of any such other documents, provided that no Purchaser shall be liable for any of the foregoing to the extent
they arise from the gross negligence or willful misconduct of the party to be indemnified. 
 (v) Non-Reliance on Other
Purchasers. Each Purchaser agrees that it has, independently and without reliance on the Security Trustee or any other Purchaser, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the
Obligors and each of their Subsidiaries and decision to enter into this Agreement and that it will, independently and without reliance upon the Security Trustee or any other Purchaser, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement. The Security Trustee shall not be required to keep itself informed as to the performance or observance by any Obligor of
this Agreement, any of the other Operative Documents or any other document referred to or provided for herein or therein or to inspect the Properties or books of the Owner or any of its Subsidiaries. Except for notices, reports and other documents
and information expressly required to be furnished to the Purchasers by the Security Trustee hereunder, the Security Trustee shall not have any duty or responsibility to provide any Purchaser with any credit or other information concerning the
affairs, financial condition or 

  
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business of the Owner or any of its Subsidiaries (or any of their affiliates) that may come into the possession of the Security Trustee or any of its affiliates. 

(vi) Failure to Act. Except for action expressly required of the Security Trustee hereunder and under the other
Operative Documents, the Security Trustee shall in all cases be fully justified in failing or refusing to act hereunder and thereunder unless it shall receive further assurances to its satisfaction from the Purchasers of their indemnification
obligations under Section 15(j)(iv) hereof against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. 

(vii) Resignation or Removal of Security Trustee. Subject to the appointment and acceptance of a successor Security
Trustee as provided below, (i) the Security Trustee may resign at any time and (ii) the Controlling Creditor may remove the Security Trustee, in each case by giving notice thereof to the Purchasers and the Owner. Upon any such resignation
or removal, the Controlling Creditor shall have the right to appoint a successor Security Trustee, provided that, so long as no Event of Default has occurred and is continuing, such successor Security Trustee is reasonably satisfactory to the
Lessee. If no successor Security Trustee shall have been so appointed by the Controlling Creditor and shall have accepted such appointment within 30 days after the retiring Security Trustee’s giving of notice of resignation, then, in the
case of a resigning Security Trustee, the retiring Security Trustee may, on behalf of the Purchasers, appoint a successor Security Trustee, provided that such successor Security Trustee is reasonably satisfactory to the Owner. Upon the
acceptance of any appointment as Security Trustee hereunder by a successor Security Trustee, such successor Security Trustee shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed
Security Trustee, and the retiring or removed Security Trustee shall be discharged from its duties and obligations hereunder. After any Security Trustee’s resignation or removal hereunder as Security Trustee, the provisions of this
Section 15(j) shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Security Trustee. 

(viii) Representations and Warranties of the Security Trustee. The Security Trustee represents and warrants on each
Issuance Date as follows: 
 (1) it is a bank duly organized and validly existing under the laws of the State of Utah, and
it has all requisite power and authority to enter into and perform its obligations under this Agreement and each other Operative Document to which it is a party or will become a party and to carry out the transactions contemplated hereby and
thereby; 
 (2) neither the execution and delivery of this Agreement and each other Operative Document executed or to be
executed by it, the performance of its obligations hereunder or thereunder, nor its consummation of the transactions contemplated hereby or thereby will conflict with or result in any breach of, or constitute a default under, or result in the
creation or imposition of any Lien upon the Aircraft or any other part of the Collateral under the laws of the 

  
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State of Utah or federal laws of the United States governing its banking or trust powers not related to the ownership, operation or maintenance of the Aircraft, its memorandum and articles of
association or any indenture, charge, debenture, mortgage, deed or other instrument or agreement to which it is a party or by which it may be bound or to which any of its property or assets may be subject; 

(3) the execution, delivery and performance of this Agreement and each other Operative Document executed or to be executed by
it have been duly authorized by all necessary corporate action of it. Assuming due authorization, execution and delivery by the other parties hereto and thereto, this Agreement and each other Operative Document executed or to be executed by it
constitutes, or upon execution and delivery will constitute, its legal, valid and binding obligation, enforceable against it in accordance with its terms; 

(4) the execution and delivery by it of this Agreement and each other Operative Document executed or to be executed by it and
the performance of its obligations hereunder and thereunder do not require any approval or consent of any stockholder, trustee or holder of any of its indebtedness or other obligations, other than such approvals or consents as have heretofore been
obtained; and 
 (5) there are no pending or, to its knowledge, threatened suits or proceedings against it or affecting it
or its properties that, if determined adversely, would materially adversely affect its ability to perform its obligations under this Agreement and each other Operative Document executed or to be executed by it. 

(ix) Lease Obligations. The Security Trustee agrees to comply with the obligations under the Lease stated to be for its
account. 
 (k) Representations and Warranties of the Senior Purchasers. Each original Senior Purchaser (and each investment advisor
signing on behalf of such original Senior Purchaser) and each other Senior Purchaser (and each investment advisor signing on behalf of each other Senior Purchaser) from time to time, by its acceptance of a Note, represents and warrants to the Owner
and the Security Trustee that: 
 (i) This Agreement has been duly authorized, executed and delivered by a person who is duly
authorized to execute and deliver this Agreement on its behalf. Each Senior Purchaser (and each investment advisor signing on behalf of a Senior Purchaser) when acting on behalf of its accounts, has been duly authorized and empowered by its accounts
to enter into and perform its obligations under this Agreement. 
 (ii) It is both a QIB and an “accredited
investor” within the meaning of Regulation D under the Securities Act. 
 (iii) It is not purchasing the Notes as a
result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, 

  
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magazine, website or similar media or broadcast over television, radio or internet, or presented at any seminar or general meeting, or any solicitation by any person not previously known to it.

 (iv) It acknowledges that (i) the Notes have not been registered under the Securities Act or any other applicable
securities law and are being offered for sale to such Senior Purchasers in reliance upon the private offering exemption contained in Section 4(b) of the Securities Act and Rule 506 of Regulation D thereunder and (ii) the Owner
does not have an intention or obligation to register the Notes. No person may offer, sell or otherwise transfer the Notes except in compliance with the registration requirements of the Securities Act or any other applicable securities law, pursuant
to an exemption therefrom, or in a transaction not subject thereto, and in each case in compliance with the conditions for transfer set forth in Section 14(c) hereof. 

(v) It (and for each account for which it is acquiring the Notes) has carefully reviewed any disclosure documents used in the
offering of the Notes and has been furnished with all other materials that it considers relevant to an investment in the Notes, has had a full opportunity to ask questions of and receive answers from the Owner or any person or persons acting on
behalf of the Owner concerning the terms and conditions of an investment in the Notes and no statement which is contrary to the disclosure documents has been made or given to it by or on behalf of the Owner; and that it is not relying upon, and has
not relied upon, any statement, representation or warranty made by any other person, except for the statements, representations and warranties contained in this Agreement. 

(vi) It acknowledges that the Notes will bear a legend to the following effect unless otherwise agreed by the Owner and the
Holder thereof: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE HEREOF REPRESENTS THAT IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) or (7) of REGULATION D UNDER THE SECURITIES ACT. 

(vii) It acknowledges that the preceding restrictions apply to holders of beneficial interests in the Notes as well as to
Holders of the Notes. 
 (viii) It acknowledges that the Security Trustee will not be required to accept for registration or
transfer any Notes acquired by it, except upon presentation of 

  
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 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
evidence satisfactory to the Owner and the Security Trustee that the restrictions set forth in Section 14(c) hereof been complied with and it agrees that it will give to each person to whom
it transfers Notes notice of any restrictions on transfers of such Notes. 
 (ix) It acknowledges that the Owner, the other
Obligors, the Security Trustee and others will rely upon the truth and accuracy of the acknowledgements, representations and agreements in this Section 15(k) and agree that if any of the acknowledgements, representations and agreements in this
Section 15(k) deemed to have been made by its purchase of the Notes are no longer accurate, it shall promptly notify the Owner and the Security Trustee. If it is acquiring the Notes as a fiduciary or agent for one or more investor accounts, it
represents that it has sole investment discretion with respect to each such account and it has full power to make the acknowledgements, representations and agreements in this Section 15(k) on behalf of each account and that each such investor
account is eligible to purchase the Notes. 
 SECTION 16 Miscellaneous. 

(a) Section 1110 Compliance. Notwithstanding any provision herein or elsewhere contained to the contrary, it is understood and
agreed among the parties hereto that the transactions contemplated by this Agreement, and the other Operative Documents are expressly intended to be, shall be and should be construed so as to be, entitled to the full benefits of 11 U.S.C.
Section 1110, as amended from time to time, and any successor provision thereto. 
 (b) Survival of Agreements. The
representations, warranties, indemnities and agreements of the Owner, the Security Trustee and each Purchaser provided for in this Agreement and each party’s obligations under any and all thereof, shall survive the expiration or other
termination of this Agreement or any other Operative Document, except as expressly provided herein or therein. 
 (c) Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.
Neither this Agreement nor any of the terms hereof may be terminated, amended, supplemented, waived or modified, except by an instrument in writing signed by the party or parties thereto. 

(d) No Liability of Purchasers. No Purchaser shall have any obligation or duty to the Owner, or to other Persons with respect to the
transactions contemplated hereby except those obligations or duties of such Purchaser expressly set forth in this Agreement and the other Operative Documents and no Purchaser shall be liable for performance by any other party hereto of such other
party’s obligations or duties hereunder. Without limitation of the generality of the foregoing, under no circumstances whatsoever shall any Purchaser be liable to the Owner for any action or inaction on the part of the Security Trustee in
connection with the transactions contemplated herein, whether or not such action or inaction is caused by willful misconduct or gross negligence of the Security Trustee. 

(e) Approvals by Purchasers. Any reference herein to an approval, consent or waiver to be given by the Purchasers shall be deemed
hereunder to be an approval, consent or 

  
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waiver, as the case may be, if the Controlling Creditor approves, consents or waives, as the case may be. 

(f) Non-Disclosure of Purchase Agreement. The Purchasers agree that they shall not disclose to any person (other than its legal
counsel) the terms of the Purchase Agreement or the Consent and Agreement, except (i) as required by applicable law or governmental regulations, (ii) to their respective auditors, counsel or bank examiners, (iii) in connection with
any legal proceedings arising from the Consent and Agreement or the Purchase Agreement, or (iv) with the prior written consent of the Manufacturer, such consent not to be unreasonably withheld or delayed. This paragraph is for the benefit of
the Manufacturer who is a third party beneficiary of this Section 16(f). 
 (g) Confidentiality. Each of the Purchasers and the
Security Trustee covenants and agrees to keep confidential, and not to disclose to any third parties, all non-public information received by it from the Owner pursuant to the Operative Documents, including any insurance report received pursuant to
Section 10 of the Lease, provided that such information may be made available: 
 (1) to prospective and permitted
transferees of a Purchaser’s Notes or the Security Trustee’s respective interest in an Aircraft, who agree to hold such information confidential, 

(2) to any Holder’s counsel or independent certified public accountants, independent insurance advisors, any Rating Agency
from whom a rating for the Notes is sought or is outstanding or other agents who agree to hold such information confidential, 

(3) as may be required by applicable law or by any statute, court or administrative order or decree or governmental ruling or
regulation (or, in the case of any Holder, to any bank examiner or other regulatory personnel) or 
 (4) as may be necessary
for purposes of enforcement of any Operative Document. 
 Notwithstanding the foregoing, the legal obligations of confidentiality hereunder
do not extend to the U.S. federal or state tax structure or the U.S. federal or state tax treatment of this transaction. If any U.S. federal or state tax analyses or materials are provided to any party, such party is free to disclose any such
analyses or materials without limitation. 
 (h) Quiet Enjoyment. The Security Trustee, each Agent and each Purchaser each agrees
that neither it nor any Person claiming by, through or under it shall take or cause to be taken any action in violation of the Lessee’s or any Permitted Sublessee’s right to possession, use and quiet enjoyment of each Aircraft so long as
no Event of Default shall have occurred and be continuing under the Lease. 

*        *        * 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Note Purchase Agreement to be duly
executed by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 VX 2015 LLC, as Owner
 By VX 2015
TRUST, its Manager,
 By Delaware Trust Company, not in its
individual capacity but solely as Trustee

		
	By:	 	  /s/ Alan R. Halpern

	Name:	 	Alan R. Halpern
	Title:	 	Vice President
	
	BANK OF UTAH, as Security Trustee
		
	By:	 	  /s/ Arge Feotis

	Its:	 	Arge Feotis – Asst. Vice President
	
	NEW YORK LIFE INSURANCE
COMPANY, as a Senior Purchaser
		
	By:	 	  /s/ Edward J. Fitzgerald

	Its:	 	Edward J. Fitzgerald – Vice President
		
	By:	 	  

	Its:	 	  

  
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 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
			
	 NEW YORK LIFE INSURANCE AND
ANNUITY CORPORATION, as a Senior Purchaser 

By: NYL Investors LLC, its Investment Manager

		
	By	 	  /s/ Edward J. Fitzgerald

	Name:	 	Edward J. Fitzgerald
	Title:	 	Managing Director
	
	 NEW YORK LIFE INSURANCE AND
ANNUITY CORPORATION
INSTITUTIONALLY OWNED LIFE
INSURANCE SEPARATE ACCOUNT
(BOLI 30-C), as
a Senior Purchaser
 By: NYL Investors LLC, its Investment Manager

		
	By:	 	  /s/ Edward J. Fitzgerald

	Name:	 	Edward J. Fitzgerald
	Title:	 	Managing Director
	
	NEW YORK LIFE INSURANCE
COMPANY, as Senior Agent
		
	By:	 	  /s/ Edward J. Fitzgerald

	Its:	 	 Edward J. Fitzgerald – Vice President

		
	By:	 	  

	Its:	 	  

	
	INVESTEC BANK PLC, as a Purchaser
		
	By:	 	  /s/ Oliver Tagg

	Its:	 	Oliver Tagg – Authorised Signatory
		
	By:	 	  /s/ Celia Britt

	Its:	 	Celia Britt – Authorised Signatory

  
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	INVESTEC BANK PLC, as Junior Agent
		
	By:	 	 /s/ Oliver Tagg

	Its:	 	Oliver Tagg – Authorised Signatory
		
	By:	 	  /s/ Celia Britt

	Its:	 	Celia Britt – Authorised Signatory

  
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 APPENDIX A 

DEFINITIONS AND RULES OF USAGE 

(a) Unless a contrary indication appears, a reference in this Agreement to: 

(i) the “agreed form” of any Operative Document means the form of such Operative Document which on the date hereof
has been agreed by the Lessee and the Security Trustee (acting on the instructions of the Purchasers); 
 (ii) any
“applicable law” means (a) applicable laws, statutes, decrees, decree laws, acts, codes, regulations, legislation, treaties, conventions and similar instruments and, in respect of any of the foregoing, unless the context otherwise
requires, any instrument passed in substitution therefor or for the purposes of consolidation thereof with any other instrument or instruments, in each case, unless the context otherwise requires, as amended, modified, varied or supplemented from
time to time, (b) applicable final judgments, orders, determinations or awards of any court from which there is no right of appeal or if there is a right of appeal such appeal is not prosecuted within the allowable time and (c) applicable
orders, guidelines, notices, guidance, rules and regulations of any state or government or any government entity, in each case having the force of law; 

(iii) any person includes its and any subsequent successors in title, permitted assigns and permitted transferees; 

(iv) “assets” includes present and future properties, revenues and rights of every description; 

(v) “indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment
of money, whether present or future, actual or contingent; 
 (vi) an “Operative Document” or any other agreement
or instrument is a reference to that Operative Document or other agreement or instrument as amended, supplemented or novated in accordance with the terms thereof and of this Agreement or any other Operative Document, together with all exhibits,
schedules and other attachments thereto; 
 (vii) a “regulation” includes any regulation, rule or official
directive (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organization; 

(viii) a reference to a “Schedule” is a reference to such Schedule as it may be amended from time to time in
accordance herewith; 
 (ix) unless the context shall otherwise require, a provision of law is a reference to that provision
as amended or reenacted; and 

  
 APPENDIX A 

Page 1 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 (x) a time of day is, unless stated otherwise, a reference to New York
time. 
 (b) Section and Schedule headings are for ease of reference only. 

(c) Unless a contrary indication appears, a term used in any other Operative Document or in any notice given under or in connection with any
Operative Document has the same meaning in that Operative Document or notice as in this Agreement. 
 DEFINED TERMS 

“Additional Insured(s)” means the Lessor, the Lessor Parent, DTC, the Security Trustee and the Holders.

 “Affected Person” means, (i) the Owner, (ii) any subsidiary of the Owner, (iii) any Affiliate
of the Owner (other than any Person that is an Affiliate of the Owner solely by reason of its ownership of shares of the Owner), or (iv) any officer, director, trustee or agent of the Owner or such subsidiary or such Affiliate that will act in
any capacity with respect to this Agreement. 
 “Affiliate” means, with respect to any Person, any other
Person which directly or indirectly controls, is controlled by, or under common control with, such Person. The term “control” means the possession, directly or indirectly of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” or “Agents” means either or both, as the context may require, of the Senior
Agent and the Junior Agent. 
 “Aircraft” means the Airframe together with the two Engines referenced
in a Mortgage Supplement delivered in connection with a Designated Aircraft, including buyer furnished equipment, whether or not such Engines are installed on the Airframe or any other airframe, and, where the context permits, all logs, manuals and
data and inspection, modification and overhaul records required to be maintained with respect to the foregoing property. 

“Aircraft Related Agreement” means, for any Aircraft, its Bills of Sale, Purchase Agreement and Purchase Agreement
Assignment. 
 “Airframe” means: (i) the Airbus A320-200 aircraft (excluding Engines or engines
from time-to-time installed thereon) specified by United States Registration Number and Manufacturer’s Serial Number in a Mortgage Supplement; (ii) any and all related Parts; and (iii) any Replacement Airframe which may from time to
time be substituted for the Airframe then subject to the Mortgage pursuant to Section 9(b) of the Lease. 
 “Airframe
Warranties Agreement” means each agreement dated a Delivery Date, between, inter alios, the Manufacturer, the Lessee and the Security Trustee in respect of the airframe warranties associated with the Aircraft delivered on such
date. 

  
 APPENDIX A 

Page 2 

 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 “Allocated To” means, with reference to any Aircraft, the
portion of the Notes relating to such Aircraft which shall be designated as a specific “Series”, being the outstanding principal amount of the related issuance made with respect to such Aircraft. 

“AML Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Purchaser, the Owner or any
subsidiary or Affiliate of the Owner from time to time concerning or relating to anti-money laundering. 
 “Anti-Corruption Law” means all laws, rules, and regulations of any jurisdiction applicable to the Owner or any subsidiary or Affiliate of the Owner from time to time concerning or relating to bribery or
corruption. 
 “Anti-Terrorism Law” means, with respect to any Person, any
applicable law, rule or regulation related to financing terrorism including (a) the Patriot Act, (b) the Currency and Foreign Transactions Reporting Act (31 U.S.C. §§ 5311-5330) (also known as the “Bank Secrecy
Act”), (c) the Trading With the Enemy Act (50 U.S.C. § 1 et seq.), the International Economic Emergency Powers Act (15 U.S.C. § 1701 et seq.) and (d) Executive Order 13224 (effective September 24,
2001). 
 “Applicable Margin”, in respect of the Notes for any Aircraft, has the meaning set forth in
Section 1 of the Note Purchase Agreement. 
 “Applicable Rate” means, for any Interest Period
with respect to any Note, a rate per annum equal to (i) in the case of a Floating Rate Note, the relevant Floating Rate for such Interest Period and (ii) in the case of a Fixed Rate Note, the relevant Fixed Rate for such Interest
Period. 
 “Assigned Warranties” means the warranties referenced in the Airframe Warranties Agreement
and the Engine Consent. 
 “Assignment and Assumption Agreement” means an agreement substantially in
the form of Exhibit B to the Note Purchase Agreement. 
 “Basel II” means the agreements on
capital requirements, a leverage ratio and liquidity standards contained in, or methods of calculating capital adequacy pursuant to, “Basel II: International Convergence of Capital Measurement and Capital Standards: a Revised
Framework—Comprehensive Version” published by the Basel Committee on Banking Supervision in June 2006, as amended, supplemented or restated (other than by Basel III), or any implementation, adoption (whether voluntary or compulsory)
thereof, whether by an EC Directive or the FSA Integrated Prudential Sourcebook or any other law or regulation. 
 “Basel
III” means the agreements on capital requirements, a leverage ratio and liquidity standards contained in, or methods of calculating capital adequacy pursuant to, “Basel III: A global regulatory framework for more resilient
banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by
the 

  
 APPENDIX A 

Page 3 

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Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented or restated, or any implementation, adoption (whether voluntary or compulsory) thereof, whether by
an EC Directive or the FSA Integrated Prudential Sourcebook or any other law or regulation. 
 “Basic Rent”
means, in respect of an Aircraft, the rent payable under Section 3(b) of the Lease. 
 “Benchmark Index Rate
Adjustment” means the difference between the Closing Benchmark Index Rate and the Initial Benchmark Index Rate. 

“Bills of Sale” means, for any Aircraft, the FAA Bill of Sale and the Warranty Bill of Sale in favor of Owner
in respect of such Aircraft. 
 “Break Amount” means, as of any date of determination and for the
Junior Notes, the amount, if any, equal to the sum of (i) LIBOR Break Amount and (ii) Swap Breakage Loss. 

“Business Day” means any day other than a Saturday or Sunday or a day on which commercial banks are required or
authorized to close in New York, New York and, if such day relates to (i) the giving of notices or quotes in connection with the LIBOR, the city and state in which the Payment Office is located, New York, New York and London, England or
(ii) the borrowing of any Note or payment or prepayment of principal of or interest on the Notes, the city and state in which the Payment Office is located, New York, New York and London, England. 

“Cape Town Convention” means the official English language texts of the Convention on International Interests
in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment which were signed in Cape Town, South Africa on November 16, 2001. 

“Certificate Register” has the meaning specified in Section 14(d) of the Note Purchase Agreement.

 “Change in Law” means the occurrence, after the date of the Note Purchase Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Body or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in
Law”, regardless of the date enacted, adopted or issued and all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States or foreign regulatory authorities, pursuant to Basel II shall not be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

  
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 “Civil Reserve Air Fleet Program” or
“CRAF” means the Civil Reserve Air Fleet Program administered by the United States Government or any substantially similar program. 

“Class” means, with respect to any Note, a designation of whether such Note is a Senior Note or Junior Note.

 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor
statute. 
 “Collections” means, in respect of an Aircraft or the Lease, the “Collections”
as defined in the Granting Clause to the Mortgage, but in all cases excluding Excluded Payments. 

“Commitment” has the meaning specified in Section 2(a) of the Note Purchase Agreement. 

“Consent and Agreement” means the Manufacturer Consent and Agreement [Virgin/NPA 2015], dated as of the
Delivery Date, of Airbus S.A.S. in respect of the Aircraft. 
 “Controlling Creditor” has the meaning
specified in the Intercreditor Agreement. 
 “Default” means any event which with the giving of notice
or the lapse of time or both if not timely cured or remedied would become a Lease Event of Default pursuant to Section 13 of the Lease. 

“Default Event” means a Lease Event of Default or an Event of Default. 

“Delivery Date” means, for any Aircraft, the date of the initial Mortgage Supplement for such Aircraft.

 “Dollars”, “Dollar” and “$” means the lawful currency
of the United States of America. 
 “DTC” means Delaware Trust Company, in its individual capacity.

 “Effective Date” means the date the Note Purchase Agreement becomes effective as provided in
Section 4(a) of the Note Purchase Agreement. 
 “Engine” means (i) each of the two CFM
International Inc. model CFM56-5B4 engines listed by Manufacturer’s Serial Numbers in the initial Mortgage Supplement for each Aircraft, whether or not from time to time installed on an Airframe or any other airframe; (ii) any Replacement
Engine which may from time to time be substituted for any Engine pursuant to the terms of the Lease; and (iii) in each case, any and all related Parts. 

“Engine Agreement” means General Terms Agreement CFM-04-0012B, dated June 14, 2004 between the Lessee and
Engine Manufacturer. 
 “Engine Consent and Agreement” means the Engine Consent and Agreement
[Virgin/NPA 2015] dated as of the Delivery Date of the Engine Manufacturer in respect of the Aircraft. 

  
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 “Engine Manufacturer” means CFM International Inc. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Event of Default” has the meaning specified in Section 10 of the Note Purchase Agreement, which, for ease
of reference is also contained below: 
 “SECTION 10 Events of Default. If one or more of the following events (herein
called “Events of Default”) shall occur and be continuing: 
 (i) the Owner shall default in the payment of
any interest on any Note on the Payment Date thereof; or 
 (ii) the outstanding principal amount of the Notes shall not have
been paid in full by Final Legal Maturity; 
 THEREUPON: (A) the Security Trustee may, by notice to the Owner, terminate the Commitments
and they shall thereupon terminate, (B) the Security Trustee may and, upon request of the Controlling Creditor shall, by notice to the Owner demand payment of the Termination Sum, (C) declare the principal amount then outstanding of, and
the accrued interest on, the Notes and all other amounts payable by the Owner and the Lessee (under such Operative Document to which each is a party and without duplication) hereunder and under the Notes to be forthwith due and payable, whereupon
such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Owner and (D) exercise any or all of the remedies set forth in
Article V to the Mortgage. 
 For the avoidance of doubt, the failure to pay interest on any Note that converts to principal as provided
in Section 3.2(d) hereof shall be deemed not to be a default in payment of interest for the purposes of clause (i) of this Section 10.” 

“Event of Loss” means, with respect to any Aircraft or any Airframe or any Engine, any of the following events
with respect to such property: 
 (a) the loss of such property or of the use thereof due to destruction, damage beyond economic
repair or rendition of such property permanently unfit for normal use for any reason whatsoever; 
 (b) any damage to such property that
results in an insurance settlement with respect to such property on the basis of a total loss or a constructive total loss; 
 (c) the
requisition for use or hire of such property by any government (other than the government of the country of registry of such Aircraft) that shall have resulted in the loss of possession of such property by the Lessee (or any Permitted Sublessee) for
a period in excess of nine consecutive months; 

  
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 (d) requisition of title or other compulsory acquisition, capture, seizure, deprivation,
confiscation or detention for any reason of such Aircraft or any Airframe or any Engine associated with such Aircraft by any government, whether de facto or de jure, but shall exclude requisition for use or hire not involving requisition of title;

 (e) as a result of any law, rule or regulation, order or other action by the FAA or other government of the country of registry, the use
of such Aircraft or Airframe in the normal business of air transportation shall have been prohibited by virtue of a condition affecting all aircraft of the same type for a period of 12 consecutive months, unless the Lessee (or Permitted Sublessee),
prior to the expiration of such 12 month period, shall be diligently carrying forward all steps that are necessary or desirable to permit the normal use of such Aircraft or Airframe or, in any event, if such use shall have been prohibited for a
period of 18 consecutive months; and 
 (f) with respect to an Engine only, any divestiture of title to or interest in such Engine or any
event with respect to such Engine that is deemed to be an Event of Loss with respect to such Engine pursuant to Section 7(c) of the Lease. 

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

“Excluded Taxes” has the meaning specified in Schedule III to the Note Purchase Agreement. 

“Expense” or “Expenses” means any and all liabilities, obligations, losses, damages,
penalties, claims, actions, suits, out of pocket costs, expenses and disbursements (including reasonable legal fees and expenses) of whatever kind and nature but excluding internal costs and expenses such as salaries, any amounts that would be
included in Break Amount, and overhead of whatsoever kind and nature. 
 “FAA Bill of Sale” means a
bill of sale on AC Form 8050-2 or such other form as may be approved by the FAA in favor of the Owner from the Manufacturer in respect of an Aircraft. 

“FAA Counsel” means McAfee & Taft, A Professional Corporation. 

  
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 “FATCA” has the meaning specified in Schedule III to the
Note Purchase Agreement. 
 “FCPA” means the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq. 
 “Federal Aviation Act” means
subtitle VII of Title 49 of the United States Code, or any successor provision. 
 “Federal Aviation
Administration” and “FAA” mean the United States Federal Aviation Administration and any successor agency or agencies thereto. 

“FedWire” means the funds transfer system used to transfer reserve balances for immediately available credit
among the member banks of the United States Federal Reserve System. 
 “Fee Letter” means each of
(i) in the case of New York Life, the letter agreement between the Lessee and New York Life, pursuant to which the Lessee has agreed to pay certain fees and (ii) in the case of Investec, the letter agreement between the Lessee and
Investec, pursuant to which the Lessee has agreed to pay certain fees. 
 “Finance Parties” means,
together, the Purchasers, each Agent and the Security Trustee (each, a “Finance Party”). 
 “Fixed
Rate” means, if the Notes of any Class in respect of any Aircraft are to bear interest at a fixed rate, the fixed rate for such Notes determined in accordance with Section 3(b)(ii) of the Note Purchase Agreement (calculated on the
basis of a year of 360 days consisting of 12 30-day months). The Fixed Rate for any Senior Note shall be the rate specified on Schedule I to the Mortgage Supplement for the applicable Aircraft and the Fixed Rate for any Junior Note shall
be the rate specified on Schedule II to the Mortgage Supplement for the applicable Aircraft; provided that, in the case of any Special Junior Lender, the Fixed Rate applicable to its Junior Notes shall be reduced by 15 basis points for
so long as it shall be a holder of such Junior Notes. 
 “Fixed Rate Note” means a Note evidenced by
Notes which bear interest at a Fixed Rate. 
 “Floating Rate Note” means Junior Notes which bear interest at
the Floating Rate. Each Junior Note shall be a Floating Rate Note unless the Owner shall have made an election to have such Note bear interest at a Fixed Rate in accordance with Section 3(b)(ii) of the Note Purchase Agreement. 

“Foreign Air Carrier” means any air carrier which is not a U.S. Air Carrier and which performs maintenance,
preventative maintenance and inspections for the Aircraft, the Airframe and/or any Engine or engine to standards which are approved by, or which are substantially equivalent to those required by, the Federal Aviation Administration, the Civil
Aviation Authority of the United Kingdom, the Direction Generale de l’Aviation Civile of the French Republic, the Luftfahrt Bundesamt of the Federal Republic of Germany, the Nederlandse Luchtvaart Authoriteit of the Kingdom of the Netherlands,
the Ministry of Transportation of Japan or the Federal Ministry of Transport of Canada (and any agency or instrumentality of the applicable government succeeding to the functions of any of the foregoing entities). 

  
 APPENDIX A 

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 “GAAP” means generally accepted accounting principles then in
effect in the United States, consistently applied. 
 “Governmental Authority” means (a) any
federal, state or similar government, and any body, board, department, commission, court, tribunal, authority, agency or other instrumentality of any such government or otherwise exercising any executive, legislative, judicial, administrative or
regulatory functions of such government or (b) any other government entity having jurisdiction over any matter contemplated by the Operative Documents or relating to the observance or performance of the obligations of any of the parties to the
Operative Documents. 
 “Hedging Transaction” means, for any Junior Purchaser of a Fixed Rate Note and
in respect of the Notes of any Class for such Note, an interest rate swap transaction entered into by such Holder (on an actual or notional basis) with a Swap Counterparty in connection with such Fixed Rate Note on customary terms consistent with
market practice (documented (or deemed documented)) by the Swap Form and a hedge confirmation incorporating the terms of this definition) where such Holder will (i) pay to such Swap Counterparty under such swap transaction on each Interest
Payment Date for such Class following the Swap Effective Date, an amount equal to the interest scheduled to be paid to such Holder on such Notes calculated at a rate equal to the Fixed Rate for such Note minus the Applicable Margin for such Note
(calculated on the basis of a year of 360 days and actual number of days elapsed) and (ii) receive from such Swap Counterparty on each such Interest Payment Date an amount equal to the amount of interest that would have accrued on such Notes
during the Interest Period for such Class ending on such Interest Payment Date at LIBOR (flat) (subject, for the avoidance of doubt, to the 0% floor as provided in the definition of LIBOR) taking into account any stub periods on the first and/or
last Interest Periods (for which stub periods the applicable floating rate for such period will be calculated using standard interpolation methodologies) for such Interest Period (calculated on the basis of a year of 360 days and actual number
of days elapsed) and incorporating the methodologies described in the definition of “Swap Break Amount” associated with any termination of such swap transaction in whole or in part in association with any acceleration or prepayment of such
Fixed Rate Note. 
 “Holder” means, at any time, any holder of any Senior Note or any Junior Note.

 “Illegality Event” means the occurrence of any of the following events or circumstances: 

(a) it becomes unlawful or contrary to any applicable law for any party to any of the Operative Documents to perform any of its material
obligations under the Operative Documents and/or to continue as a party to any of the Operative Documents; or 
 (b) all or any material
part of any Operative Document becomes void, illegal, invalid, unenforceable or of limited force and effect. 
 “Increased
Cost Notice” has the meaning specified in Section 3(k) of the Note Purchase Agreement. 

“Increased Costs” has the meaning specified in Section 3(k) of the Note Purchase Agreement. 

  
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 “Indemnitee” or “Indemnitees” means
the Lessor, the Lessor Parent, DTC, the Security Trustee, the Holders, the Agents and each of their respective successors, permitted assigns, and directors, officers, and employees. 

“Initial Rent” means, in respect of an Aircraft, an amount equal to the difference between the purchase price
for such Aircraft and the sum of the pre-delivery payments made on account of such Aircraft and the aggregate Commitments of the Purchasers therefor. 

“Intercreditor Agreement” means the Intercreditor Agreement [Virgin/NPA 2015], dated as of April 29, 2015,
among the Owner, the Senior Purchasers, the Junior Purchasers, the Agents and the Security Trustee. 
 “Interest
Payment Date” means, in respect of any Series of Notes, each of the four quarterly anniversary dates of the Issuance Date of the related Aircraft (or if there is no comparable day in any applicable month, the last day of such month);
provided that, (i) in the case of a Floating Rate Note, if any such date shall not be a Business Day, then the relevant Interest Payment Date shall be the next succeeding Business Day unless by virtue of such extension such date would
fall in the next succeeding calendar month, in which case the relevant Interest Payment Date shall be the next preceding Business Day and (ii) in the case of a Fixed Rate Note, there shall be no adjustment to period end dates by virtue of
non-Business Days for the purpose of interest accruals. The Interest Payment Dates shall be the dates specified in the amortization schedule relating thereto attached to the Notes of the applicable Series (subject to modification by the above
proviso). 
 “Interest Period” means (a) initially, the period commencing on the Issuance Date
and ending on the first Interest Payment Date thereafter and (b) thereafter, each successive three-month (or other applicable) period commencing on the final day of the preceding Interest Period and ending on the next succeeding Interest
Payment Date. 
 “international interest” is defined in the Cape Town Convention. 

“International Registry” is defined in the Cape Town Convention. 

“Investec” means Investec Bank plc. 

“Issuance Date” has the meaning specified in Section 2(b)(i) of the Note Purchase Agreement. 

“Junior Agent” has the meaning specified in the preamble to the Note Purchase Agreement. 

“Junior Applicable Margin” has the meaning specified in Section 1 of the Note Purchase Agreement.

 “Junior Note” means each Note issued by the Owner to the Junior Purchasers pursuant to
Section 2(a)(i) of the Note Purchase Agreement and any such Note issued in exchange or replacement therefor pursuant to Section 14(d) or 14(e) of the Note Purchase Agreement. 

  
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 “Junior Purchasers” means Investec Bank plc, and each successor,
permitted assignee or permitted transferee thereof as a Holder of a Junior Note. 
 “Lease” means the Aircraft Lease
Agreement [Virgin/NPA 2015] dated as of April 29, 2015 between the Owner, as lessor, and Lessee. 
 “Lease Event of
Default” is defined in Section 13 of the Lease. 
 “Lease Supplement” means, in respect of an
Aircraft, the lease supplement relating to such Aircraft to be entered into between Owner and Lessee under the Lease dated the Drawdown Date for such Aircraft, substantially in the form of Exhibit I to the Lease 

“Lender Lien” means any Lien which arises from acts or claims against a Purchaser not related to the transactions
contemplated by the Operative Documents. 
 “Lessor” means VX 2015 LLC, a Delaware limited liability company. 

“Lessor Parent” means VX 2015 Trust, a Delaware statutory trust. 

“LIBOR” means, for any Interest Period for any Note, the rate per annum equal to: 

(a) the Screen Rate for such Interest Period for such Note; or 

(b) (i) if no such Screen Rate is available for Dollars or for such Interest Period, the rate for deposits of an amount comparable to the
aggregate outstanding principal amount of such Note for such Interest Period in Dollars for that period determined to be the arithmetic mean of the rates offered at or about 11:00 a.m. London time on the relevant Quotation Date by at least two
Reference Banks to prime banks in the London interbank market and (ii) if the rate specified in (b)(i) is not available, then the rate for deposits of an amount comparable to the aggregate outstanding principal amount of such Note for such
Interest Period in Dollars for that period determined to be the arithmetic mean of the rates offered at or about 11:00 a.m. New York time on the relevant Quotation Date by at least two Reference Banks to prime banks in the New York interbank
market; provided, that for any Interest Period having a duration of less than three months, LIBOR for such Interest Period shall be the interpolated LIBOR determined using the Screen Rate and standard interpolation methodologies by reference
to the next higher and next lower available maturities (as determined by the Agent for such Note). 
 Notwithstanding the foregoing, LIBOR for any Interest
Period shall not be less than 0% per annum. 
 “LIBOR Break Amount” means the amount, if any, required to compensate
each Holder for any losses, costs or expenses (excluding loss of profit) which it may incur as the result of the prepayment (including any by virtue of an acceleration) (or the failure to make any such prepayment on the date irrevocably scheduled
therefor) of any Junior Note held by it on a date other than the last day of the then current Interest Period therefor, including, without limitation, losses, costs or expenses incurred in connection with unwinding or liquidating any deposits or
funding or financing arrangement with its funding sources, as reasonably determined by such 

  
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Holder. Without limiting the effect of the preceding sentence, such compensation shall include an amount equal to the excess, if any, of (i) the amount of interest which otherwise would
have accrued on the principal amount so prepaid (including any by virtue of an acceleration) from the date of such prepayment (including any by virtue of an acceleration) to the last day of such Interest Period (the “Break Period”)
at the LIBOR therefor in excess of (ii) the interest component of the amount the affected Holder would have bid in the London interbank market for Dollar deposits of leading banks in amounts comparable to such principal amount and with
maturities comparable to the Break Period (as reasonably determined by such Holder). Each Holder shall provide a certificate to the Owner and the Lessee documenting its calculation of LIBOR Break Amount. 

“Lien” means any mortgage, pledge, lien, claim, encumbrance, lease, security interest or other lien of any kind
on property. “Lien” shall include any interest registered on the International Registry other than the Owner’s ownership interest registered on the International Registry as a contract of sale with respect to the Aircraft. 

“Loan Documents” means the Operative Documents. 

“Losses” shall mean and include all losses (including loss of profit), payments, damages, liabilities, claims,
proceedings, actions, penalties, fines, Taxes, duties, fees, rates, levies, charges, demands, royalties or other sanctions of a monetary nature, fees, insurance premiums, calls, judgments, costs and expenses. 

“Maintenance Program” means (a) the maintenance program for the Aircraft which is approved by the FAA or
the regulatory authority having jurisdiction over the Aircraft and (b) in respect of the Engines, the OnPoint program provided by CFM and its affiliates. 

“Majority Junior Holders” means, as of any date of the determination thereof, (i) if no amount in respect
of any Junior Note is then outstanding, a Junior Purchaser or Junior Purchasers whose Junior Commitments aggregate more than 50% of the aggregate Junior Commitments of all Junior Purchasers, or (ii) otherwise, the Holders of more than 50% in
aggregate outstanding principal amount of all Junior Notes. For all purposes of the foregoing definition, in determining as of any date the then aggregate outstanding principal amount of any Junior Notes or amount of the Junior Commitments, there
shall be excluded all Junior Notes and Junior Commitments, if any, held by the Owner or any Affiliate thereof. 

“Majority Senior Holders” means, as of any date of the determination thereof, (i) if no amount in respect
of any Senior Note is then outstanding, a Senior Purchaser or Senior Purchasers whose Senior Commitments aggregate more than 50% of the aggregate Senior Commitments of all Senior Purchasers, or (ii) otherwise, the Holders of more than 50% in
aggregate outstanding principal amount of all Senior Notes. For all purposes of the foregoing definition, in determining as of any date the then aggregate outstanding principal amount of any Senior Notes or amount of the Senior Commitments, there
shall be excluded all Senior Notes and Senior Commitments, if any, held by the Owner or any Affiliate thereof. 

“Manufacturer” means Airbus S.A.S., in its capacity as manufacturer of the Aircraft, and its successors and
assigns. 

  
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 “Market Disruption Cost of Funds” has the meaning specified in
Section 3(g)(ii) of the Note Purchase Agreement. 
 “Market Disruption Event” has the meaning specified
in Section 3(g)(i) of the Note Purchase Agreement. 
 “Maturity Date” means, in respect of any
Note, the date that all remaining principal and the Balloon payable in respect of such Note shall be due and payable. 

“Mortgage” means the Mortgage and Security Agreement [Virgin/NPA 2015] dated as of April 29, 2015 between
the Owner and the Security Trustee, including any Mortgage Supplement and each other supplement from time to time entered into pursuant hereto. 

“Mortgage Estate” is defined in the Granting Clause to the Mortgage. 

“Mortgage Supplement” means a supplement to the Mortgage substantially in the form of Exhibit A, which
shall particularly describe the Airframe and Engines, or any Replacement Airframe or Replacement Engine, included in the property of the Owner covered by the Mortgage, or any other supplement hereto. 

“Mortgagor” means the Owner. 

“New York Life” means New York Life Insurance Company. 

“Non-U.S. Person” means any Person other than (i) a citizen or
resident of the United States of America (for purposes of this definition, the “United States”), (ii) a corporation, partnership, limited liability company or other entity created or organized under the laws of the United States or
any political subdivision thereof or therein or (iii) an estate or trust that is subject to United States federal income taxation regardless of the source of its income. 

“Note” means either or both, as the context may require, of a Senior Note or a Junior Note and
“Notes” means all Notes, whether a Junior Note or Senior Note, issued pursuant to Section 2(a) of the Note Purchase Agreement and any such certificates issued in exchange or replacement therefor pursuant to Section 14(d)
or 14(e) of the Note Purchase Agreement. 
 “Note Purchase Agreement” means that certain Note Purchase
Agreement [Virgin/NPA 2015], dated as of the date hereof, among the Owner, the Purchasers, the Agents and the Security Trustee as such Note Purchase Agreement may be amended or supplemented from time to time pursuant to the applicable provisions
thereof. 
 “Note Value” means, as of any particular date of computation, in respect of an Aircraft,
the amount required to prepay or repay the Notes of the Series relating to such Aircraft in full, together with interest thereon accrued to (but excluding) the date of such prepayment or repayment, Prepayment Fee and all other amounts of whatever
description in respect of such Notes due to the Purchasers and the Security Trustee under the Note Purchase Agreement and the other Operative Documents as of such date. 

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

  
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 “Obligor” or “Obligors” means each of
the Owner and the Lessee 
 “Obsolete Part Amount” has the meaning specified in Section 1 of the
Note Purchase Agreement. 
 “Operative Documents” means the Note Purchase Agreement, the Mortgage, any
Mortgage Supplement, each Note, the Pledge Agreement, the Fee Letter, the Intercreditor Agreement, the Consent and Agreement, the Engine Consent and Agreement and any amendments or supplements of any of the foregoing. 

“Original Amount” means, with respect to a Series of Notes, the stated aggregate original principal amount of
such Notes, which shall, on the Delivery Date for an Aircraft, equal the amount of the Notes issued in respect of such Aircraft. The Original Amount for the Notes for each Series shall be as specified in Section 1 of the Note Purchase
Agreement. 
 “Other Aircraft” means each “Aircraft” under and as defined in the Other Note
Purchase Agreement. 
 “Other Note Purchase Agreement” means the Facility Agreement [Virgin/Bank
2015], dated as of April 29, 2015, among the Lessee, as borrower, each Loan Participant party thereto, BNP Paribas, New York Branch, as senior agent, the Junior Agent and the Security Trustee. 

“Other Junior Purchasers” means the “Junior Purchasers” as defined in the Other Note Purchase
Agreement. 
 “Other Junior Notes” means each note purchased by the “Junior Purchasers” as
defined in the Other Note Purchase Agreement. 
 “Other Junior Obligations” means, with respect to the
Other Note Purchase Agreement, the principal and interest on the Other Junior Notes and all other amounts due and payable under the Other Note Purchase Agreement to the Other Junior Purchasers. 

“Other Mortgage” means the Mortgage and Security Agreement [Virgin/Bank 2015], dated as of April 29, 2015,
between the Owner, as mortgagor, and the Security Trustee, as mortgagee, in respect of the Other Aircraft. 

“Owner” means the Lessor. 

“Parts” means all appliances, parts, instruments, appurtenances, accessories, furnishings and other equipment
of whatever nature (other than (i) complete Engines or engines or (ii) PCE), which are from time to time incorporated or installed in or attached to the Airframe or any Engine and all such items which are subsequently removed therefrom so
long as the Lien of the Mortgage shall cover the same pursuant to the terms of the Mortgage. 
 “Past Due
Rate” has the meaning specified in Section 1 of the Note Purchase Agreement. 

  
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 “Payment Office” means the Security Trustee’s office and
bank account referred to in Schedule I to the Note Purchase Agreement. 
 “PCE” means passenger
convenience equipment. 
 “Permitted Investments” means those investments described in
Section 2(b)(iv) of the Note Purchase Agreement. 
 “Permitted Lien” means (i) the
respective rights of each of the parties to the Operative Documents as provided in the Operative Documents, (ii) the rights of any Permitted Sublessee and other Persons under any subleases and other agreements and arrangements to the extent
permitted by the terms of Sections 7 and 8 of the Lease, (iii) Liens for fees or charges of any airport or air navigation authority payable by Lessee or any Permitted Sublessee either not yet due or being contested in good faith by
appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of any Aircraft, or any part thereof, title thereto, interest therein or use thereof and that do not involve any potential for criminal
liability, (iv) Liens for Taxes payable by Lessee or any Permitted Sublessee either not yet due or being contested in good faith by appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of
any Aircraft or any Part thereof, title thereto, interest therein or use thereof and that do not involve either any potential for criminal liability or the imposition of any Lien for which an adequate bond has not been posted by Lessee, and in the
case of such proceedings so long as adequate reserves are maintained in respect of such Taxes in accordance with relevant generally accepted accounting principles, (v) materialmen’s, mechanics’, workmen’s, repairmen’s,
employees’ or other like Liens on any Aircraft, any Airframe or any Engine arising in the ordinary course of business of Lessee or any Permitted Sublessee for amounts the payment of which is either not yet due or which are being contested in
good faith by appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of any Aircraft or any Part thereof, title thereto, interest therein or use thereof and in the case of such proceedings so
long as adequate reserves are maintained in respect of such amounts in accordance with relevant generally accepted accounting principles, (vi) Liens arising out of judgments or awards against Lessee with respect to which at the time an appeal
or proceeding for review is being prosecuted in good faith by appropriate proceedings that do not involve any material likelihood of the sale, seizure, forfeiture or loss of any Aircraft or any Part thereof, title thereto, interest therein or use
thereof and in the case of such proceedings so long as adequate reserves are maintained in respect of such amounts in accordance with relevant generally accepted accounting principles or a bond in accordance with the requirements of any applicable
law, (vii) salvage or similar rights of insurers under insurance policies maintained pursuant to and in accordance with Section 10 of the Lease and (viii) any Lien created with the prior written consent of the Security Trustee (in its
sole discretion). 
 “Permitted Sublessee” means (i) any United States air carrier as to which there is
in force at the time of entering into such sublease or other transfer a certificate issued pursuant to 49 U.S.C. 44705 or any successor provisions that give like authority and that is not subject to bankruptcy proceedings; or (ii) any
manufacturer of airframes or engines or any air carrier that is listed in Schedule 1 to the Lease; provided that for any entity described in clause (ii), (x) such entity is based in a country with which the United States
maintains normal diplomatic relations, 

  
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(y) such entity is not subject to bankruptcy proceedings and (z) such transfer of possession shall not deprive the Finance Parties of their perfected and enforceable security interest.

 “Permitted Transferee” means (i) the Lessee or any of its Affiliates, (ii) any Purchaser or any
Affiliate of a Purchaser, (iii) any reputable bank or other reputable financial institution that is regularly engaged in or established for the purposes of making, purchasing or investing in commercial loans or secured notes; provided
that, without the prior written consent of the Lessee, no airline or Affiliate of an airline shall be a Permitted Transferee. 

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

“Plan” means an “employee benefit plan” (as such term is defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended) or any “plan” (as such term is defined in Section 4975(e)(1) of the Code) which has been established or maintained or contributed to by the Lessee or an Affiliate (other than a
multiemployer plan within the meaning of Section 3(37) of ERISA) that, together with the Lessee, is treated as a single employer under Section 414(b), (c) or (m) of the Code. 

“Pledge Agreement” means the Pledge Agreement dated on or before the first Issuance Date between the Trust and
the Security Trustee with respect to the Pledged Interest, substantially in the form of Exhibit D to the Note Purchase Agreement as may from time to time be supplemented, modified or amended in accordance with the applicable provisions
thereof. 
 “Pledged Interest” has the meaning assigned to such term in the Pledge Agreement.

 “Purchase Agreement” means those provisions of the Airbus A320 Family Purchase Agreement between the
Lessee and the Manufacturer dated as of December 29, 2010 relating to the purchase by the Lessee of, inter alia, the Aircraft, as originally executed or as modified, amended or supplemented in accordance with the terms thereof, but only insofar
as the foregoing relates to the Aircraft. 
 “Purchase Agreement Assignment” means, in respect of an
Aircraft, a purchase agreement assignment dated as of the Delivery Date for such Aircraft, between Owner, as assignee, and Lessee, as assignor, pursuant to which Lessee assigns to Owner, inter alia, its right to purchase such
Aircraft under the Purchase Agreement, in form and substance reasonably satisfactory to the Security Trustee. 

“Purchaser” means each Holder initially a party to the Note Purchase Agreement, and its successors and
assigns. 
 “Quotation Date” means, in relation to any Interest Period, two London business days
before the first day of such Interest Period. 
 “Rating Agency” means Fitch, or such other nationally
recognized credit rating agency as agreed by the Lessee and the Purchasers (in their sole discretion). 

  
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 “Ratings Requirement” means the obligation of the Owner to
obtain a preliminary long term credit rating (at no particular required rating level) with respect to the Notes, from the Rating Agency with respect to the current payment of interest and ultimate payment of principal on Final Legal Maturity.

 “Reference Banks” means, with respect to any Note, the principal London offices of BNP, Investec and
JPMorgan Chase or such other bank or banks as may from time to time be designated by the Agent for such Note and as may be reasonably acceptable to the Lessee. 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System (or any
successor), as the same may be modified and supplemented and in effect from time to time. 
 “Rent” means,
collectively, Initial Rent, Basic Rent and Supplemental Rent. 
 “Replacement Engine” means (a) CFM
International Inc. model CFM56-5B4 engines or (b) an improved engine of the same manufacturer, which, in the case of any engine described in clauses (a) or (b) hereof, shall be in compliance with the requirements of Section 7(l)
or 9(b) of the Lease. 
 “Reserve Requirement” means, for any Note, the average maximum rate at which
reserves (including, without limitation, any marginal, supplemental or emergency reserves) are required to be maintained during the Interest Period in respect of such Note under Regulation D by member banks of the Federal Reserve System in New
York City with deposits exceeding one billion Dollars against “Eurocurrency liabilities” (as such term is used in Regulation D). Without limiting the effect of the foregoing, the Reserve Requirement includes any other reserves
required to be maintained by such member banks by reason of any Change in Law with respect to (i) any category of liabilities that includes deposits by reference to which the LIBOR is to be determined or (ii) any category of extensions of
credit or other assets that includes the Notes. 
 “Sanctioned Country” means, at any time, a country
or territory which is, or whose government is, the subject or target of any Sanctions broadly restricting or prohibiting dealings with such country, territory or government (currently, Cuba, Iran, Burma, North Korea, Sudan, and Syria). 

“Sanctioned Person” means, at any time, any Person with whom dealings are restricted or prohibited under Sanctions,
including (a) any Person listed in any Sanctions-related list of designated Persons maintained by the United States (including by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or the
U.S. Department of Commerce), the United Nations Security Council, the European Union or any of its member states, Her Majesty’s Treasury, Switzerland or any other relevant authority, (b) any Person located, organized or resident in, or
any Governmental Entity or governmental instrumentality of, a Sanctioned Country or (c) any Person 25% or more directly or indirectly owned by, controlled by, or acting for the benefit or on behalf of, any Person described in clauses (a)
or (b) hereof. 

  
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 “Sanctions” means economic or financial sanctions or trade
embargoes or restrictive measures enacted, imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S.
Department of State, or the U.S. Department of Commerce (b) the United Nations Security Council; (c) the European Union or any of its member states; (d) Her Majesty’s Treasury; (e) Switzerland; or (f) any other relevant
authority. 
 “Screen Rate” means, for any Interest Period with respect to any Note, the London
Interbank Offered Rate administered by ICE Benchmark Administration Limited (or any other successor person which takes over the administration of that rate) for Dollar deposits for a three-month period (without rounding), which rate is displayed on
the relevant Bloomberg page (or such other screen as may replace such Bloomberg page) at or about 11:00 a.m. (London time) on the Quotation Date for such Interest Period. If the agreed page is replaced or service ceases to be available, the
Security Trustee may specify another page or service displaying the appropriate rate after consultation with the Purchasers and the Lessee. 

“Secured Parties” means each Purchaser and the Security Trustee. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Trustee” means Bank of Utah in its capacity as Security Trustee hereunder, and any successor thereto
in such capacity. 
 “Security Trustee Lien” means any Lien which arises as a result of
(A) claims against the Security Trustee not related to its interest in the Aircraft, (B) acts of the Security Trustee not permitted by, or failure of the Security Trustee to take any action required by, the Operative Documents to the
extent such acts arise or such failure arises from or constitutes gross negligence or willful misconduct, (C) claims against the Security Trustee relating to Taxes or Expenses which are excluded from the indemnification provided by
Section 8 of the Facility Agreement, or (D) claims against the Security Trustee arising out of the transfer by the Security Trustee of all or any portion of its interest in the Aircraft or the Operative Documents other than a transfer of
the Aircraft pursuant to Article V of the Mortgage while an Event of Default has occurred and is continuing and prior to the time that the Security Trustee has received all amounts due pursuant to the Mortgage. 

“Senior Agent” has the meaning specified in the preamble to the Note Purchase Agreement. 

“Senior Applicable Margin” has the meaning specified in Section 1 of the Note Purchase Agreement.

 “Senior Discharge Date” means the date on which all Senior Secured Obligations have been fully and
indefeasibly discharged in full. 
 “Senior Note” means each Note issued by the Owner to the Senior
Purchasers pursuant to Section 2(a)(i) of the Note Purchase Agreement and any such Senior Note issued in exchange or replacement therefor pursuant to Section 14(d) or 14(e) of the Note Purchase Agreement. 

  
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 “Senior Purchasers” means New York Life Insurance Company and
each successor, permitted assignee or permitted transferee thereof as a Holder of a Senior Note. 
 “Senior Secured
Obligations” means all obligations payable in respect of the Senior Notes under the Note Purchase Agreement. 

“Senior Swap Rate” has the meaning specified in Section 1 of the Note Purchase Agreement. 

“Series” has the meaning specified in Section 2(a)(iii) of the Note Purchase Agreement. 

“Special Default” means a Default under any of Sections 13(a), 13(b), 13(f) and 13(g) of the Lease.

 “Special Junior Lender” means a Junior Purchaser that has identified itself as such in the Assignment
and Assumption Agreement; and for which the Lessee’s consent has been obtained if and as required under Section 14(c) of the Note Purchase Agreement. 

“Specified Jurisdiction” means any of France, Germany, Ireland, Luxembourg, The Netherlands, the United Kingdom
or the United States. 
 “Specified Transferee Jurisdiction” has the meaning specified in
Schedule III to the Note Purchase Agreement. 
 “State of Registration” means, with respect to
any Aircraft, the United States or each other country in which the Aircraft is registered from time to time pursuant to Section 7(a) of the Lease. 

“Stipulated Insured Amount” means, in respect of any Aircraft and as of any date of determination, an amount
equal to 110% of the aggregate principal amount then outstanding on all Notes in respect of such Aircraft. 

“Sublease” means any sublease agreement permitted by the terms of Section 7(c) of the Lease. 

“Sublessee” means any sublessee under a Sublease. 

“Supplemental Rent” means any amount that the Lessee assumes or agrees to pay to the Owner or any other Person
under the Lease or any other Operative Document with respect to any Aircraft (excluding Basic Rent for the Aircraft) and (without duplication) any amount payable by the Owner under the terms of the Note Purchase Agreement and the other Operative
Documents. 
 “Swap Break Amount” means, as of any date on which Break Amount may be payable under the
Operative Documents in respect of a Junior Note which is a Fixed Rate Note and for any Holder’s related Hedging Transaction, the amount a Swap Counterparty would require in accordance with market practice on the basis of the “Close-out
Amount” (as defined in the Swap Form) approach to have paid to such Swap Counterparty on such date by such Holder (such amount to be expressed as a positive number), or the amount such Swap Counterparty would be 

  
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 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 
willing to pay in accordance with market practice on the basis of “Close-out Amount” to such Holder on such date (such amount to be expressed as a negative number), in either case, to
terminate such Hedging Transaction on such date with respect to, and to the extent of, such Holder’s then outstanding principal amount of all of the Junior Notes held by such Holder relating to Fixed Rate Notes that are subject to prepayment or
purchase (or the entire Commitment), but excluding any unpaid amounts under such Hedging Transaction due to or payable by such Swap Counterparty prior to such date in respect of interest payments received by such Holder); provided that where
a Holder has not entered into a Hedging Transaction, such amount shall be calculated on the basis of a deemed fixed-for-floating interest rate swap on market terms that meets the definition of Hedging Transaction for a notional amount equal to the
outstanding principal amount of the Junior Notes which are Fixed Rate Notes of such Holder (taking into account any required amortization of such Fixed Rate Notes). 

“Swap Breakage Gain” means, as to any Holder of a Fixed Rate Note, the absolute value of the Swap Break Amount
payable to such Holder if the Swap Break Amount is a negative number. 
 “Swap Breakage Loss” means,
as to any Holder, the value of the Swap Break Amount payable by such Holder if the Swap Break Amount is a positive number. 

“Swap Counterparty” means, for any Hedging Transaction, a floating rate payor counterparty sourced by the
applicable Holder, or in the case of an internal Hedging Transaction, such Holder’s swap or treasury desk. For the avoidance of doubt, neither the Owner nor the Lessee shall be a Swap Counterparty to any Hedging Transaction. 

“Swap Effective Date” has the meaning specified in Section 3(b)(ii) of the Note Purchase Agreement.

 “Swap Form” means a 2002 Master Agreement of the International Swaps and Derivatives Association in
the form published in 2002 (or any comparable form) and supplemented by the 2006 ISDA Definitions (as amended). 

“Tax” or “Taxes” is defined in Schedule III to the Note Purchase Agreement.

 “Taxing Authority” is defined in Schedule III to the Note Purchase Agreement. 

“Term” means, in respect of an Aircraft, the period commencing on the Delivery Date for such Aircraft to and
including the Maturity Date relating to such Aircraft or such shorter period that may result from earlier termination of the leasing of such Aircraft in accordance with the terms of the Lease. 

“Termination Sum” means (i) all expenses incurred by the Purchasers and the Security Trustee, including,
without limitation, those incurred in enforcing any right, power or remedy, (ii) the Prepayment Fee, (iii) all accrued and unpaid interest on the Notes, including interest on past due amounts at the Post-Default Rate and PIK Interest and
(iv) all outstanding principal of the Notes. 
 “transacting user entity” is defined in the
Regulations for the International Registry. 

  
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 [Note Purchase Agreement [Virgin/NPA 2015]] 

 

 “Treaty Purchaser” has the meaning specified in
Schedule III to the Note Purchase Agreement. 
 “Trust” means VX 2015 Trust. 

“U.S. Air Carrier” means any United States air carrier as to which there is in force a certificate issued
pursuant to Section 41102(a) of the Federal Aviation Act, and which is a citizen of the United States (as defined in 49 U.S.C. § 40102(a)(15)) holding an air carrier operating certificate issued by the Secretary of Transportation
pursuant to chapter 447 of title 49 (or the equivalent authority issued by the Civil Aeronautics Board under the predecessor regulatory laws, rules and regulations) for aircraft capable of carrying 10 or more individuals or
6,000 pounds or more of cargo or which may operate as an air carrier by certification or otherwise under any successor or substitute provisions therefor or in the absence thereof. 

“Underwriters” means the Purchasers originally party to the Note Purchase Agreement on the date of the Note
Purchase Agreement. 
 “War Risk Insurance” has the meaning assigned to such term in
Section 10(b) of the Lease. 
 “Warranty Bill of Sale” means a full warranty bill of sale in
favor of the Owner from the Manufacturer in respect of an Aircraft. 
 “Wet Lease” means any
arrangement whereby the Lessee agrees to furnish the Airframe and associated Engines or engines installed thereon to a third party pursuant to which the Airframe and Engines or engines (i) are operated by pilots who are regular employees of the
Lessee, and (ii) such property is maintained by the Lessee. 

  
 APPENDIX A 

Page 21

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