Document:

Exhibit 4.6

 

 

INTERCREDITOR
AGREEMENT

 

(2015-1)

 

Dated as of
May 29, 2015

 

among

 

WILMINGTON TRUST
COMPANY,

as Trustee of
the

 

LATAM Pass Through
Trust 2015-1A

 

and

 

LATAM Pass Through
Trust 2015-1B

 

 

NATIXIS,

ACTING THROUGH
ITS NEW YORK BRANCH,

 

 

as Class A
Liquidity Provider

 

and as Class
B Liquidity Provider

 

and

 

WILMINGTON TRUST
COMPANY,

as Subordination
Agent

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I
	 
	DEFINITIONS
	 	 	 
	Section 1.01.	Definitions	2
	 	 	 
	ARTICLE II
	 
	TRUST ACCOUNTS; CONTROLLING PARTY
	 	 	 
	Section 2.01.	Agreement to Terms of Subordination; Payments from Monies Received
    Only	22
	Section 2.02.	Trust Accounts	23
	Section 2.03.	Deposits to the Collection Account and Special Payments Account	25
	Section 2.04.	Distributions of Special Payments	25
	Section 2.05.	Designated Representatives	26
	Section 2.06.	Controlling Party	27
	 	 	 
	ARTICLE III
	 
	RECEIPT, DISTRIBUTION AND APPLICATION OF
	AMOUNTS RECEIVED
	 	 	 
	Section 3.01.	Written Notice of Distribution	29
	Section 3.02.	Distribution of Amounts on Deposit in the Collection Account	30
	Section 3.03.	Other Payments	33
	Section 3.04.	Payments to the Trustees and the Liquidity Providers	33
	Section 3.05.	Liquidity Facilities	33
	 	 	 
	ARTICLE IV
	 
	EXERCISE OF REMEDIES
	 	 	 
	Section 4.01.	Directions from the Controlling Party	41
	Section 4.02.	Remedies Cumulative	43
	Section 4.03.	Discontinuance of Proceedings	43
	Section 4.04.	Right of Certificateholders and the Liquidity Providers to Receive
    Payments Not to Be Impaired	44

 

     

     

    

  

	ARTICLE V
	 
	DUTIES OF THE SUBORDINATION AGENT;
	AGREEMENTS OF TRUSTEES, ETC.
	 	 	 
	Section 5.01.	Notice of Indenture Event of Default or Triggering Event	44
	Section 5.02.	Indemnification	45
	Section 5.03.	No Duties Except as Specified in Intercreditor Agreement	46
	Section 5.04.	Notice from the Liquidity Providers and Trustees	46
	 	 	 
	ARTICLE VI
	 
	THE SUBORDINATION AGENT
	 	 	 
	Section 6.01.	Authorization; Acceptance of Trusts and Duties	46
	Section 6.02.	Absence of Duties	46
	Section 6.03.	No Representations or Warranties as to Documents	46
	Section 6.04.	No Segregation of Monies; No Interest	47
	Section 6.05.	Reliance; Agents; Advice of Counsel	47
	Section 6.06.	Capacity in Which Acting	47
	Section 6.07.	Compensation	47
	Section 6.08.	May Become Certificateholder	48
	Section 6.09.	Subordination Agent Required; Eligibility	48
	Section 6.10.	Money to Be Held in Trust	48
	Section 6.11.	Notice of Substitution or Replacement of Airframe	48
	 	 	 
	ARTICLE VII
	 
	SUCCESSOR SUBORDINATION AGENT
	 	 	 
	Section 7.01.	Replacement of Subordination Agent; Appointment of Successor	49
	 	 	 
	ARTICLE VIII
	 
	SUPPLEMENTS AND AMENDMENTS
	 	 	 
	Section 8.01.	Amendments, Waivers, Etc	50
	Section 8.02.	Subordination Agent Protected	54
	Section 8.03.	Effect of Supplemental Agreements	55
	Section 8.04.	Notice to Rating Agencies	55
	 	 	 
	ARTICLE IX
	 
	MISCELLANEOUS
	 	 	 
	Section 9.01.	Termination of Intercreditor Agreement	55
	Section 9.02.	Intercreditor Agreement for Benefit of Trustees, Liquidity Providers
    and Subordination Agent	55

 

    ii 

     

    

  

	Section 9.03.	Notices	55
	Section 9.04.	Severability	56
	Section 9.05.	No Oral Modifications or Continuing Waivers	57
	Section 9.06.	Successors and Assigns	57
	Section 9.07.	Headings	57
	Section 9.08.	Counterparts	57
	Section 9.09.	Subordination	57
	Section 9.10.	Governing Law	58
	Section 9.11.	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	59
	Section 9.12.	Non-Petition	60

 

    iii 

     

    

 

INTERCREDITOR
AGREEMENT

 

This
INTERCREDITOR AGREEMENT, dated as of May 29, 2015, is made by and among WILMINGTON TRUST COMPANY, a Delaware trust company (in
its individual capacity, together with its successors and permitted assigns, “WTC”), not in its individual
capacity but solely as trustee of each Trust (such term and other capitalized terms used herein without definition being defined
as provided in Article I), NATIXIS, a French société anonyme organized under the laws of France,
acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider (the “Liquidity
Provider”), and WILMINGTON TRUST COMPANY, a Delaware trust company, not in its individual capacity except as expressly
set forth herein, but solely as Subordination Agent and trustee hereunder (in such capacity, together with any successor appointed
pursuant to Article VII, the “Subordination Agent”).

 

WHEREAS,
pursuant to each Indenture with respect to an Aircraft, the Owner of such Aircraft will issue on a recourse basis two series of
Equipment Notes secured by, among other things, such Aircraft;

 

WHEREAS,
pursuant to each Participation Agreement, each Trust will acquire Equipment Notes having an interest rate identical to the interest
rate applicable to the Certificates issued by such Trust;

 

WHEREAS,
pursuant to each Trust Agreement, the Trust created thereby proposes to issue a single Class of Certificates bearing the interest
rate and having the final distribution date described in such Trust Agreement on the terms and subject to the conditions set forth
therein;

 

WHEREAS,
pursuant to the Certificate Purchase Agreement, the Initial Purchasers propose to purchase the Class A Certificates issued by
the Class A Trust and the Class B Certificates issued by the Class B Trust in the aggregate face amount set forth opposite the
name of such Trust on Schedule I thereto on the terms and subject to the conditions set forth therein;

 

WHEREAS,
the Liquidity Provider proposes to enter into two separate revolving credit agreements with the Subordination Agent, as agent
and trustee for the Trustee of each of the Class A Trust and the Class B Trust, respectively, for the benefit of the Certificateholders
of such Trust; and

 

WHEREAS,
it is a condition precedent to the obligations of the Initial Purchasers under the Certificate Purchase Agreement that the Subordination
Agent, the Trustees and the Liquidity Provider agree to the terms of subordination set forth in this Agreement in respect of each
Class of Certificates, and the Subordination Agent, the Trustees and the Liquidity Provider, by entering into this Agreement,
hereby acknowledge and agree to such terms of subordination and the other provisions of this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

    	 	1	 

     

    

  

ARTICLE
I

 

DEFINITIONS

 

Section
1.01.         Definitions.  (a) The definitions stated herein apply
equally to the singular and the plural forms of the terms defined.

 

(b)          All
references in this Agreement to designated “Articles”, “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this Agreement.

 

(c)          The
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Article, Section or other subdivision.

 

(d)          Unless
the context otherwise requires, whenever the words “including”, “include” or “includes” are
used herein, it shall be deemed to be followed by the phrase “without limitation”.

 

(e)          All
references in this Agreement to a Person shall include successors and permitted assigns of such Person.

 

(f)          For
purposes of this Agreement, unless the context otherwise requires, the following capitalized terms shall have the following meanings:

 

“60-Day
Period” means a 60 day period commencing on the day a Lessee Bankruptcy Event or an Indenture Event of Default pursuant
to Section 4.01(f), (g), (h) or (i) of any Indenture has occurred.

 

“2015
Narrowbody Owner” means Parina Leasing Limited, an exempted limited liability company incorporated under the laws
of the Cayman Islands.

 

“2015
Widebody Owner” means Rayador Leasing Limited, an exempted limited liability company incorporated under the laws
of the Cayman Islands.

 

“2016
Narrowbody Owner” means Cuclillo Leasing Limited, an exempted limited liability company incorporated under the laws
of the Cayman Islands.

 

“2016
Widebody Owner” means Canastero Leasing Limited, an exempted limited liability company incorporated under the laws
of the Cayman Islands.

 

“Acceleration”
means, with respect to the amounts payable in respect of the Equipment Notes issued under any Indenture, such amounts becoming
immediately due and payable by declaration or otherwise. “Accelerate”, “Accelerated” and “Accelerating”
have meanings correlative to the foregoing.

 

“Actual
Disposition Event” means, in respect of any Equipment Note: (i) the sale or disposition by the applicable Loan
Trustee of the Aircraft securing such Equipment Note for cash, (ii) the occurrence of the mandatory redemption date for such
Equipment Note following an Event of Loss (as defined in such Indenture) with respect to such Aircraft or (iii) the sale
by the Subordination Agent of such Equipment Note for cash.

 

    	 	2	 

     

    

  

“Additional
Certificateholders” has the meaning specified in Section 8.01(d).

 

“Additional
Certificates” has the meaning specified in Section 8.01(d).

 

“Additional
Equipment Notes” has the meaning specified in Section 8.01(d).

 

“Additional
Trust” has the meaning specified in Section 8.01(d).

 

“Additional
Trust Agreement” has the meaning specified in Section 8.01(d).

 

“Additional
Trustee” has the meaning specified in Section 8.01(d).

 

“Administration
Expenses” has the meaning specified in clause “first” of Section 3.02.

 

“Advance”
means, with respect to any Liquidity Facility, any Advance as defined in such Liquidity Facility.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under direct or indirect
common control with such Person. For the purposes of this definition, “control”, when used with respect to any specified
Person, means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities or by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Agreement”
means this Intercreditor Agreement, as it may be amended, supplemented or otherwise modified from time to time.

 

“Aircraft”
means, with respect to each Indenture, the “Aircraft” referred to therein.

 

“Appraisal”
has the meaning specified in Section 4.01(a)(iv).

 

“Appraised
Current Market Value” of any Aircraft means the lower of the average and the median of the three most recent Post-Default
Appraisals of such Aircraft.

 

“Appraisers”
means Aircraft Information Services, Inc., Aviation Specialists Group, Inc. and Morten Beyer & Agnew, Inc. or, so long as
the Person entitled or required hereunder to select such Appraiser acts reasonably, any other nationally recognized appraiser
reasonably satisfactory to the Subordination Agent and the Controlling Party.

 

    	 	3	 

     

    

 

“Available
Amount” means, with respect to any Liquidity Facility on any drawing date, subject to the proviso contained in the
first sentence of Section 3.05(g), an amount equal to (a) the Stated Amount of such Liquidity Facility at such
time, less (b) the aggregate amount of each Interest Drawing honored by the Liquidity Provider under such Liquidity Facility
on or prior to such date that has not been reimbursed or reinstated as of such date; provided, that, following a Downgrade
Drawing (subject to any reinstatement of the obligations of such Liquidity Provider pursuant to Section 2.06(d) of such Liquidity
Facility), a Non-Extension Drawing, a Special Termination Drawing or a Final Drawing under such Liquidity Facility, the Available
Amount of such Liquidity Facility shall be zero.

 

“Bankruptcy
Code” means the United States Bankruptcy Code, 11 United States Code §§101 et seq., as amended,
or any successor statutes thereto.

 

“Basic
Agreement” means that certain Pass Through Trust Agreement, dated as of the date hereof, between LATAM and Wilmington
Trust Company, as trustee, as the same may be amended, supplemented or otherwise modified from time to time in accordance with
its terms, but does not include any Trust Supplement.

 

“Business
Day” means, with respect to the Certificates of any Class, any day other than a Saturday, or a Sunday or a day on
which commercial banks are required or authorized to close in New York, New York, Santiago, Chile, Wilmington, Delaware, or, so
long as any Certificate is outstanding, the city and state in which any Trustee, the Subordination Agent or any related Loan Trustee
maintains its Corporate Trust Office or receives and disburses funds, and that, solely with respect to draws under any Liquidity
Facility, also is a “Business Day” as defined in such Liquidity Facility.

 

“Call
Option Agreement (2015 Narrowbody Owner)” means the Call Option Agreement, dated as of the date hereof, between
LATAM and the Subordination Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Call
Option Agreement (2015 Widebody Owner)” means the Call Option Agreement, dated as of the date hereof, between LATAM
and the Subordination Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Call
Option Agreement (2016 Narrowbody Owner)” means the Call Option Agreement, dated as of the date hereof, between
LATAM and the Subordination Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Call
Option Agreement (2016 Widebody Owner)” means the Call Option Agreement, dated as of the date hereof, between LATAM
and the Subordination Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Call
Option Agreements” means, collectively, the Call Option Agreement (2015 Narrowbody Owner), the Call Option Agreement
(2016 Narrowbody Owner), the Call Option Agreement (2015 Widebody Owner) and the Call Option Agreement (2016 Widebody Owner).

 

“Cash
Collateral Account” means the Class A Cash Collateral Account or the Class B Cash Collateral Account,
as applicable.

 

“Certificate”
means a Class A Certificate or a Class B Certificate, as applicable.

 

    	 	4	 

     

    

  

“Certificate
Buy-Out Event” means (i) a Lessee Bankruptcy Event or an Indenture Event of Default pursuant to Section 4.01(f),
(g), (h) or (i) of any Indenture has occurred and is continuing and (ii) (A) (1) the 60-Day Period has expired and (2) LATAM or
the relevant Owner or an applicable reorganization administrator has not cured all defaults under all of the Indentures and all
of the Leases (other than a default constituted by the occurrence of the event(s) described in clause (i) above) and agreed to
perform all future obligations under all of the Indentures and all of the Leases, as the case may be, or if it has done so, thereafter
an Indenture Event of Default or a Lease Event of Default (other than a default constituted by the occurrence of the event(s)
described in clause (i) above) shall have occurred and be continuing; or (B) if prior to the expiry of the 60-Day Period, LATAM
or any Owner shall have abandoned any Aircraft.

 

“Certificate
Purchase Agreement” means the Purchase Agreement, dated May 14, 2015, among the Initial Purchasers, the Depositary,
the Owners and LATAM, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its
terms.

 

“Certificateholder”
means, with respect to any Class of Certificates, the Person in whose name a Certificate is registered in the Register for the
Certificates of such Class.

 

“Charge
over Shares (Owner Parent)” means, with respect to each Owner, the Charge over Shares between LATAM, as the sole
shareholder of such Owner, and the Subordination Agent in respect of 100% of the shares in such Owner, as amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Charge
over Shares (Put & Call Trustee)” means, with respect to each Owner, the Charge over Shares between the Put
& Call Trustee, as the prospective sole shareholder of such Owner, and the Subordination Agent in respect of 100% of the shares
in such Owner, as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Class”
means a single class of Certificates issued by a Trust pursuant to a Trust Agreement.

 

“Class A
Cash Collateral Account” means, in respect of the Class A Liquidity Facility, an Eligible Deposit Account in
the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it so qualifies,
into which amounts shall be deposited as referred to in Section 3.05(f).

 

“Class A
Certificateholder” means, at any time, any Certificateholder of one or more Class A Certificates.

 

“Class A
Certificates” means the certificates issued by the Class A Trust, substantially in the form of Exhibit A to
the Class A Trust Agreement, and authenticated by the Class A Trustee, representing Fractional Undivided Interests in
the Class A Trust, and any certificates issued in exchange therefor or replacement thereof pursuant to the terms of the Class A
Trust Agreement.

 

    	 	5	 

     

    

  

“Class A
Liquidity Expenses” means all Class A Liquidity Obligations other than (i) the principal amount of any
Drawings under the Class A Liquidity Facility and (ii) any interest accrued on any Class A Liquidity Obligations.

 

“Class A
Liquidity Facility” means, initially, the Revolving Credit Agreement (2015-1A), dated as of the date hereof, between
the Subordination Agent, as agent and trustee for the Class A Trustee, and Natixis and, from and after the replacement of
such agreement pursuant hereto, the Replacement Liquidity Facility therefor, if any, in each case as amended, supplemented or
otherwise modified from time to time in accordance with its terms; provided that for purposes of any obligation of LATAM,
no amendment, modification or supplement to, or substitution or replacement of, any Class A Liquidity Facility shall be effective
unless consented to by LATAM.

 

“Class A
Liquidity Obligations” means all principal, interest, fees and other amounts owing to the Class A Liquidity
Provider under the Class A Liquidity Facility, Section 2.14 of the Indentures or the applicable Fee Letter.

 

“Class A
Liquidity Provider” means Natixis, a French société anonyme organized under the laws of France,
acting through its New York Branch, together with any Replacement Liquidity Provider that has issued a Replacement Liquidity Facility
to replace the Class A Liquidity Facility pursuant to Section 3.05(c) or 3.05(e).

 

“Class A
Trust” means the LATAM Pass Through Trust 2015-1A created and administered pursuant to the Class A Trust Agreement.

 

“Class A
Trust Agreement” means the Basic Agreement, as supplemented by Trust Supplement No. 2015-1A thereto, dated as of
the date hereof, governing the creation and administration of the LATAM Pass Through Trust 2015-1A and the issuance of the Class A
Certificates, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Class A
Trustee” means Wilmington Trust Company, not in its individual capacity except as expressly set forth in the Class A
Trust Agreement, but solely as trustee under the Class A Trust Agreement, together with any successor trustee appointed pursuant
thereto.

 

“Class B
Adjusted Interest” means, as of any Current Distribution Date: (I) any interest described in clause (II) of
this definition accrued prior to the immediately preceding Distribution Date which remains unpaid and (II) the sum of (A) interest
determined at the Stated Interest Rate for the Class B Certificates for the period commencing on, and including, the immediately
preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Closing Date) and ending
on, but excluding, the Current Distribution Date, on the Eligible B Pool Balance on such Current Distribution Date and (B) the
sum of interest for each Series B Equipment Note with respect to which, or with respect to the Aircraft with respect to which
such Equipment Note was issued, a disposition, distribution, sale or Deemed Disposition Event has occurred since the immediately
preceding Distribution Date (but only if no such event has previously occurred with respect to such Series B Equipment Note),
determined at the Stated Interest Rate for the Class B Certificates for each day during the period commencing on, and including,
the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Closing
Date) and ending on, but excluding, the date of the earliest of such disposition, distribution, sale or Deemed Disposition Event
with respect to such Series B Equipment Note or such Aircraft, as the case may be, on the principal amount of such Series B
Equipment Note calculated pursuant to clause (B)(i), (ii), (iii) or (iv), as applicable, of the
definition of Eligible B Pool Balance.

 

    	 	6	 

     

    

  

“Class B
Cash Collateral Account” means, in respect of the Class B Liquidity Facility, an Eligible Deposit Account in
the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it so qualifies,
into which amounts shall be deposited as referred to in Section 3.05(f).

 

“Class B
Certificateholder” means, at any time, any Certificateholder of one or more Class B Certificates.

 

“Class
B Certificates” means the certificates issued by the Class B Trust, substantially in the form of Exhibit A to the
Class B Trust Agreement, and authenticated by the Class B Trustee, representing Fractional Undivided Interests in the Class B
Trust, and any certificates issued in exchange therefor or replacement thereof pursuant to the terms of the Class B Trust Agreement.

 

“Class
B Liquidity Expenses” means all Class B Liquidity Obligations other than (i) the principal amount of any Drawings
under the Class B Liquidity Facility and (ii) any interest accrued on any Class B Liquidity Obligations.

 

“Class
B Liquidity Facility” means, initially, the Revolving Credit Agreement (2015-1B), dated as of the date hereof, between
the Subordination Agent, as agent and trustee for the Class B Trustee, and Natixis and, from and after the replacement of such
agreement pursuant hereto, the Replacement Liquidity Facility therefor, if any, in each case as amended, supplemented or otherwise
modified from time to time in accordance with its terms; provided that for purposes of any obligation of LATAM, no amendment,
modification or supplement to, or substitution or replacement of, any Class B Liquidity Facility shall be effective unless consented
to by LATAM.

 

“Class
B Liquidity Obligations” means all principal, interest, fees and other amounts owing to the Class B Liquidity Provider
under the Class B Liquidity Facility, Section 2.14 of the Indentures or the applicable Fee Letter.

 

“Class
B Liquidity Provider” means Natixis, a French société anonyme organized under the laws of France,
acting through its New York Branch, together with any Replacement Liquidity Provider that has issued a Replacement Liquidity Facility
to replace the Class B Liquidity Facility pursuant to Section 3.05(c) or 3.05(e).

 

“Class
B Trust” means the LATAM Pass Through Trust 2015-1B created and administered pursuant to the Class B Trust Agreement.

 

    	 	7	 

     

    

 

“Class
B Trust Agreement” means the Basic Agreement, as supplemented by Trust Supplement No. 2015-1B thereto, dated as
of the date hereof, governing the creation and administration of the LATAM Pass Through Trust 2015-1B and the issuance of the
Class B Certificates, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its
terms.

 

“Class
B Trustee” means Wilmington Trust Company, not in its individual capacity except as expressly set forth in the Class
B Trust Agreement, but solely as trustee under the Class B Trust Agreement, together with any successor trustee appointed pursuant
thereto.

 

“Closing
Date” means May 29, 2015.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder.

 

“Collateral”
means, all or any part of the “Collateral” as specified in the Indentures and the other Security Documents, as the
context may require.

 

“Collection
Account” means the Eligible Deposit Account established by the Subordination Agent pursuant to Section 2.02(a)
in and from which the Subordination Agent shall make deposits and withdrawals in accordance with this Agreement.

 

“Controlling
Party” means the Person entitled to act as such pursuant to the terms of Section 2.06.

 

“Corporate
Trust Office” means, with respect to any Trustee, the Subordination Agent or any Loan Trustee, the office of such
Person in the city at which, at any particular time, its corporate trust business shall be principally administered.

 

“Current
Distribution Date” means a Distribution Date specified as a reference date for calculating the Expected Distributions
with respect to the Certificates of any Trust as of such Distribution Date.

 

“Deemed
Disposition Event” means, in respect of any Equipment Note, the continuation of an Indenture Event of Default in
respect of such Equipment Note without an Actual Disposition Event occurring in respect of such Equipment Note for a period of
five years from the date of the occurrence of such Indenture Event of Default.

 

“Delivery
Period Termination Date” has the meaning specified in the Note Purchase Agreement.

 

“Deposit
Agreement” means, subject to Section 5 of the Note Purchase Agreement, with respect to any Class of Certificates,
the Deposit Agreement pertaining to such Class, dated as of the date hereof, between the Escrow Agent and the Depositary, as the
same may be amended, modified or supplemented from time to time in accordance with the terms thereof.

 

“Depositary”
means, subject to Section 5 of the Note Purchase Agreement, Natixis, a French société anonyme organized under
the laws of France, acting through its New York Branch, as depositary under each Deposit Agreement.

 

    	 	8	 

     

    

  

“Deposits”
with respect to any Class of Certificates, has the meaning set forth in the Deposit Agreement pertaining to such Class.

 

“Designated
Representatives” means the Subordination Agent Representatives, the Trustee Representatives and the LP Representatives
identified under Section 2.05.

 

“Distribution
Date” means a Regular Distribution Date or a Special Distribution Date.

 

“Dollars”
or “$” means the lawful currency of the United States.

 

“Downgrade
Date” has the meaning specified in Section 3.05(c)(i).

 

“Downgrade
Drawing” has the meaning specified in Section 3.05(c)(iii).

 

“Downgrade
Event” with respect to any Liquidity Facility has the meaning specified in such Liquidity Facility.

 

“Downgraded
Facility” has the meaning specified in Section 3.05(c)(i).

 

“Drawing”
means an Interest Drawing, a Final Drawing, a Non-Extension Drawing, a Special Termination Drawing or a Downgrade Drawing, as
the case may be.

 

“DTC”
means The Depository Trust Company.

 

“Eligible
B Pool Balance” means, as of any date of determination, the excess of (A) the Pool Balance of the Class B
Certificates as of the immediately preceding Distribution Date (or, if such date of determination is on or before the first Distribution
Date, the original aggregate face amount of the Class B Certificates) (after giving effect to distributions made on such
date of determination) over (B) the sum of, with respect to each Series B Equipment Note, one of the following amounts,
if applicable: (i) if there has previously been a sale or disposition by the applicable Loan Trustee of the applicable Aircraft
for cash under the Indenture pursuant to which such Series B Equipment Note was issued, the outstanding principal amount
of such Series B Equipment Note that remains unpaid as of such date of determination subsequent to such sale or disposition
and after giving effect to any distributions of the proceeds of such sale or disposition applied under such Indenture to the payment
of such Series B Equipment Note, (ii) if there has previously been an Event of Loss (as defined in such Indenture) with
respect to the applicable Aircraft to which such Series B Equipment Note relates, the outstanding principal amount of such
Series B Equipment Note that remains unpaid as of such date of determination subsequent to the scheduled date of mandatory
redemption of such Series B Equipment Note following such Event of Loss and after giving effect to the distributions of any
proceeds in respect of such Event of Loss applied under such Indenture to the payment of such Series B Equipment Note, (iii) if
such Series B Equipment Note has previously been sold for cash by the Subordination Agent, the excess, if any, of (x) the
outstanding amount of principal and interest as of the date of such sale by the Subordination Agent of such Series B Equipment
Note over (y) the purchase price received with respect to such sale of such Series B Equipment Note for cash (net of
any applicable costs and expenses of such sale) or (iv) if a Deemed Disposition Event has occurred with respect to such Series B
Equipment Note, the outstanding principal amount of such Series B Equipment Note; provided, however, that if
more than one of the clauses (i), (ii), (iii) and (iv) is applicable to any one Series B
Equipment Note, only the amount determined pursuant to the clause that first became applicable shall be counted with respect to
such Series B Equipment Note.

 

    	 	9	 

     

    

  

“Eligible
Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated
trust account with the corporate trust department of a depository institution organized under the laws of the United States of
America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), having corporate
trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution
has a Long-Term Rating of at least A- or its equivalent from S&P or at least A3 or its equivalent from Moody’s. An Eligible
Deposit Account may be maintained with the Subordination Agent or a Liquidity Provider so long as the Subordination Agent or such
Liquidity Provider is an Eligible Institution; provided that the Subordination Agent, in its individual capacity, or such
Liquidity Provider shall have waived all rights of set-off and counterclaim with respect to such account.

 

“Eligible
Institution” means (a) the corporate trust department of the Subordination Agent or any Trustee, as applicable,
or (b) a depository institution organized under the laws of the United States of America or any one of the states thereof
or the District of Columbia (or any U.S. branch of a foreign bank), which has a Long Term Rating of at least A- or its equivalent
by S&P or at least A3 or its equivalent by Moody’s.

 

“Eligible
Investments” means investments in (a) obligations of the United States government or agencies thereof, or obligations
guaranteed by the United States government having maturities no later than 90 days following the date of such investment, (b) open
market commercial paper of any corporation incorporated under the laws of the United States of America or any state thereof having
a Short-Term Rating of at least A-1 or its equivalent by S&P or at least P-1 or its equivalent by Moody’s, having maturities
no later than 90 days following the date of such investment, (c) certificates of deposit, time deposits, banker’s acceptances,
commercial paper or other direct obligations of, or obligations guaranteed by, commercial banks organized under the laws of the
United States or of any political subdivision thereof (or any United States branch of a foreign bank) having a combined capital
and surplus in excess of $500,000,000 which banks or their holding companies have a Long-Term Rating of at least A- or its equivalent
by S&P or at least A3 or its equivalent by Moody’s, having maturities no later than 90 days following the date of such
investment; provided, however, that the aggregate amount at any one time invested in certificates of deposit issued
by any one bank shall not be in excess of 5% of such bank’s capital and surplus, (d) Dollar denominated offshore certificates
of deposit issued by, or offshore time deposits with, any commercial bank described in clause (c) or any subsidiary
thereof having maturities no later than 90 days following the date of such investment, and (e) repurchase agreements with
any financial institution having combined capital and surplus of at least $500,000,000 with any of the obligations described in
clauses (a) through (d) as collateral. If none of the above investments is available, the entire amounts to
be invested may be used to purchase Federal funds from an entity described in clause (c). All Eligible Investments
must be held in an Eligible Deposit Account. Any of the investments described herein may be made through or with, as applicable,
the bank acting as Trustee or its Affiliates.

 

    	 	10	 

     

    

  

“Equipment
Note Special Payment” means a Special Payment on account of the redemption, purchase or prepayment of all of the
Equipment Notes issued pursuant to an Indenture.

 

“Equipment
Notes” means, at any time, the Series A Equipment Notes and the Series B Equipment Notes and in either case,
any Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of the Indentures.

 

“Escrow
Agent” means Wilmington Trust, National Association, as escrow agent under each Escrow and Paying Agent Agreement,
together with its successors in such capacity.

 

“Escrow
and Paying Agent Agreement” means with respect to any Class of Certificates, the Escrow and Paying Agent Agreement
pertaining to such Class, dated as of the date hereof, between the Escrow Agent, Citigroup Global Markets Inc., as representative
of the several Initial Purchasers, the Trustee for such Class and the Paying Agent, as the same may be amended, modified or supplemented
from time to time in accordance with the terms thereof.

 

“Escrow
Receipts” has the meaning assigned to such term in the Escrow and Paying Agent Agreement for the Class A Trust or
Class B Trust, as applicable.

 

“Excess
Liquidity Obligations” means, with respect to an Indenture, the amounts payable under clauses (a), (b), (c), (d),
(e) and (f) of Section 2.14 of such Indenture.

 

“Expected
Distributions” means, with respect to the Certificates of any Trust on any Current Distribution Date, the difference
between (A) the Pool Balance of such Certificates as of the immediately preceding Distribution Date (or, if the Current Distribution
Date is the first Distribution Date after the date of issuance of such Certificates, the original aggregate face amount of the
Certificates of such Trust) and (B) the Pool Balance of such Certificates as of the Current Distribution Date calculated on the
basis that (i) the principal of any Non-Performing Equipment Notes held in such Trust has been paid in full and such payments
have been distributed to the holders of such Certificates, (ii) the principal of any Performing Equipment Notes held in such Trust
has been paid when due (whether at stated maturity or upon prepayment or purchase or otherwise, but without giving effect to any
Acceleration of Performing Equipment Notes) and such payments have been distributed to the holders of such Certificates and (iii)
the principal of any Equipment Notes formerly held in such Trust that have been sold pursuant to the terms hereof has been paid
in full and such payments have been distributed to the holders of such Certificates, but without giving effect to any reduction
in the Pool Balance as a result of any distribution attributable to Deposits occurring after the immediately preceding Distribution
Date (or, if the Current Distribution Date is the first Distribution Date, occurring after the initial issuance of the Certificates
of such Trust). For purposes of calculating Expected Distributions with respect to the Certificates of any Trust, any Premium
paid on the Equipment Notes held in such Trust which has not been distributed to the Certificateholders of such Trust (other than
such Premium or a portion thereof applied to the payment of interest in respect of the Certificates of such Trust or the reduction
of the Pool Balance of such Trust) shall be added to the amount of such Expected Distributions.

 

    	 	11	 

     

    

  

“Expiry
Date” with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 

“Fee
Letter” means any fee letter entered into among the Subordination Agent, the Owners, LATAM and a Liquidity Provider
and “Fee Letters” has a correlative meaning.

 

“Final
Distributions” means, with respect to the Certificates of any Trust on any Distribution Date, the sum of (x) the
aggregate amount of all accrued and unpaid interest on such Certificates (excluding interest, if any, payable with respect to
the Deposits relating to such Trust) and (y) the Pool Balance of such Certificates as of the immediately preceding Distribution
Date (less the amount of Deposits for such Class of Certificates as of such preceding Distribution Date other than any portion
of such Deposits thereafter used to acquire Equipment Notes pursuant to the Note Purchase Agreement). For purposes of calculating
Final Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust
which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion thereof applied to
the payment of interest on the Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be added to
the amount of such Final Distributions.

 

“Final
Drawing” has the meaning specified in Section 3.05(i).

 

“Final
Legal Distribution Date” means (i) with respect to the Class A Certificates, August 15, 2029 and (ii) with respect
to the Class B Certificates, August 15, 2025.

 

“Fractional
Undivided Interest” means the fractional undivided interest in a Trust that is represented by a Certificate relating
to such Trust.

 

“Indenture”
means each of the Indenture and Security Agreements entered into by the Loan Trustee on one hand, and the 2015 Narrowbody Owner,
the 2016 Narrowbody Owner, the 2015 Widebody Owner or the 2016 Widebody Owner on the other hand, pursuant to the Note Purchase
Agreement, in each case, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its
terms.

 

“Indenture
Event of Default” means, with respect to any Indenture, any “Indenture Event of Default” (as such term
is defined in such Indenture) thereunder.

 

“Initial
Purchasers” means Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Natixis
Securities Americas LLC.

 

“Interest
Drawing” has the meaning specified in Section 3.05(a).

 

“Interest
Payment Date” means, with respect to any Liquidity Facility, each date on which interest is due and payable under
such Liquidity Facility on a Downgrade Drawing, Non-Extension Drawing, Special Termination Drawing or Final Drawing thereunder,
other than any such date on which interest is due and payable under such Liquidity Facility only on an Applied Provider Advance
(as such term is defined in such Liquidity Facility).

 

    	 	12	 

     

    

  

“Investment
Earnings” means investment earnings on funds on deposit in the Trust Accounts net of losses and the Subordination
Agent’s reasonable expenses in making such investments.

 

“LATAM”
means LATAM Airlines Group, S.A., a company organized under the laws of the Republic of Chile, and its successors and permitted
assigns.

 

“LATAM
Provisions” has the meaning specified in Section 8.01(a).

 

“Lease”
means, with respect to each Indenture, the “Lease” referred to therein.

 

“Lease
Event of Default” means, with respect to any Lease, any “Lease Event of Default” (as such term is defined
in such Lease) thereunder.

 

“Lessee
Bankruptcy Event” means the occurrence and continuation of a Lease Event of Default under any of clauses 13(g),
(h), (i), (j) or (k) of any Lease.

 

“Lending
Office” has the meaning specified in the applicable Liquidity Facility.

 

“Lessee”
means LATAM, as lessee under any Lease.

 

“Lien”
means any mortgage, pledge, lien, charge, claim, disposition of title, encumbrance, lease, sublease, sub-sublease or security
interest of any kind, including, without limitation, any of the foregoing arising under any conditional sales or other title retention
agreement.

 

“Liquidity
Event of Default”, with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 

“Liquidity
Expenses” means the Class A Liquidity Expenses and the Class B Liquidity Expenses.

 

“Liquidity
Facility” means, at any time, the Class A Liquidity Facility or the Class B Liquidity Facility, as applicable.

 

“Liquidity
Obligations” means the Class A Liquidity Obligations and the Class B Liquidity Obligations.

 

“Liquidity
Provider” means, at any time, the Class A Liquidity Provider or the Class B Liquidity Provider, as applicable.

 

“Loan
Trustee” means, with respect to any Indenture, the bank, trust company or other financial institution designated
as loan trustee or mortgagee thereunder, and any successor to such loan trustee.

 

“Long-Term
Rating” means, for any entity (a) in the case of Moody’s, the long-term senior unsecured debt rating
of such entity and (b) in the case of S&P, the long-term issuer credit rating of such entity.

 

    	 	13	 

     

    

  

“LP
Incumbency Certificate” has the meaning specified in Section 2.05(c).

 

“LP
Representatives” has the meaning specified in Section 2.05(c).

 

“Majority
in Interest of Noteholders”, with respect to any Indenture, has the meaning specified in such Indenture.

 

“Minimum
Sale Price” means, with respect to (i) any Aircraft or the Equipment Notes issued in respect of such Aircraft, at
any time, the lesser of (1) in the case of the sale of an Aircraft, 80%, or in the case of the sale of such Equipment Notes,
90%, of the Appraised Current Market Value of such Aircraft and (2) the sum of the aggregate Note Target Price of such Equipment
Notes and an amount equal to the Excess Liquidity Obligations in respect of the Indenture under which such Equipment Notes were
issued and (ii) the Collateral subject to any Pledge Agreement, 80% of the sum of the Appraised Current Market Values of the Aircraft
for which the related Equipment Notes are then held by the Subordination Agent.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Narrowbody
Owner” means any of the 2015 Narrowbody Owner or 2016 Narrowbody Owner.

 

“Non-Controlling
Party” means, at any time, any Trustee, Liquidity Provider or other Person which is not the Controlling Party at
such time.

 

“Non-Extended
Facility” has the meaning specified in Section 3.05(d).

 

“Non-Extension
Drawing” has the meaning specified in Section 3.05(d).

 

“Non-Performing
Equipment Note” means an Equipment Note issued pursuant to an Indenture that is not a Performing Equipment Note.

 

“Note
Guarantee” means, with respect to each Aircraft, the Guarantee delivered by the each Owner (other than the Owner
purchasing such Aircraft) for the benefit of the Loan Trustee (collectively, the “Note Guarantees”).

 

“Note
Purchase Agreement” means the Note Purchase Agreement, dated as of the date hereof, among LATAM, each Owner, each
Trustee, the Escrow Agent, the Subordination Agent, the Paying Agent and the Put & Call Trustee, as amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Note
Target Price” means, for any Equipment Note issued under any Indenture, (i) the aggregate outstanding principal
amount of such Equipment Note, plus (ii) the accrued and unpaid interest thereon, together with all other sums owing on or
in respect of such Equipment Note under such Indenture (including, without limitation, enforcement costs incurred by the Subordination
Agent in respect of such Equipment Note).

 

“Notice
Date” has the meaning specified in Section 3.05(d).

 

    	 	14	 

     

    

  

“Officer’s
Certificate” of any Person means a certification signed by a Responsible Officer of such Person.

 

“Operative
Agreements” means this Agreement, the Liquidity Facilities, the Fee Letters, the Leases, the Indentures, the Trust
Agreements, the Put Option Agreements, the Participation Agreements, the Pledge Agreements, the Call Option Agreements, the other
Security Documents, the Note Guarantees, the Equipment Notes and the Certificates, together with all exhibits and schedules included
with any of the foregoing.

 

“Outstanding”
means, when used with respect to each Class of Certificates, as of the date of determination, all Certificates of such Class theretofore
authenticated and delivered under the related Trust Agreement, except:

 

(i)          Certificates
of such Class theretofore canceled by the Registrar (as defined in such Trust Agreement) or delivered to the Trustee thereunder
or such Registrar for cancellation;

 

(ii)         all
of the Certificates of such Class for which money in the full amount required to make the Final Distribution with respect to such
Certificates pursuant to Section 11.01 of such Trust Agreement has been theretofore deposited with the related Trustee in
trust for the holders of such Certificates as provided in Section 4.01 of such Trust Agreement, pending distribution of such
money to such Certificateholders pursuant to such Final Distribution payment; and

 

(iii)        Certificates
of such Class in exchange for or in lieu of which other Certificates of such Class have been authenticated and delivered pursuant
to such Trust Agreement;

 

provided,
however, that in determining whether the holders of the requisite Fractional Undivided Interest of such Certificates have
given any request, demand, authorization, direction, notice, consent or waiver hereunder, any Certificates owned by any Owner
or LATAM or any of their respective Affiliates shall be disregarded and deemed not to be Outstanding except that, in determining
whether the Trustee of the applicable Trust shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Certificates that such Trustee knows to be so owned shall be so disregarded. Notwithstanding the
foregoing, (x) if, together, any one or more of the Owners and LATAM and its Affiliates own 100% of the Certificates of any
Class, such Certificates shall not be so disregarded and (y) if any amount of such Certificates owned by an Owner or LATAM
or its Affiliates have been pledged in good faith, such Certificates shall not be disregarded if the pledgee establishes to the
satisfaction of the applicable Trustee the pledgee’s right so to act with respect to such Certificates and that the pledgee
is not an Owner or LATAM or any of their respective Affiliates.

 

“Overdue
Scheduled Payment” means any Scheduled Payment which is not in fact received by the Subordination Agent within five
days after the Scheduled Payment Date relating thereto.

 

“Owner”
means each of the 2015 Narrowbody Owner, the 2016 Narrowbody Owner, the 2015 Widebody Owner and the 2016 Widebody Owner.

 

    	 	15	 

     

    

  

“Participation
Agreement” means, with respect to each Indenture, the “Participation Agreement” referred to therein,
as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Payees”
has the meaning specified in Section 2.04(c).

 

“Paying
Agent” means Wilmington Trust Company, as paying agent under each Escrow and Paying Agent Agreement, together with
its successors in such capacity.

 

“Paying
Agent Account” has the meaning assigned to such term in the Escrow and Paying Agent Agreements.

 

“Payment
Default” with respect to any Indenture, has the meaning specified in such Indenture.

 

“Performing
Equipment Note” means an Equipment Note issued pursuant to an Indenture with respect to which no Payment Default
has occurred and is continuing (without giving effect to any Acceleration); provided, that in the event of a reorganization proceeding
of the Lessee under Chilean Insolvency Law No. 20720, (i) any payment default occurring before the initiation of such proceeding
shall not be taken into consideration during the 60-Day Period, (ii) any payment default occurring after the initiation of such
proceeding shall not be taken into consideration if such payment default is cured before the later of 30 days after the date of
such default or the expiration of the 60-Day Period and (iii) any payment default occurring after the 60-Day Period will not be
taken into consideration if such payment default is cured before the end of the grace period, if any, set forth in the related
Indenture.

 

“Performing
Note Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment
Notes (other than any Additional Equipment Notes issued under any Indenture) are Performing Equipment Notes.

 

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

 

“Pledge
Agreement” means each of the Charges over Shares (Owner Parent) and the Charges over Shares (Put & Call Trustee).

 

“Pool
Balance” means, with respect to the Certificates of any Class, as of any date, (i) the original aggregate face
amount of the Certificates of such Class less (ii) the aggregate amount of all distributions made in respect of such Certificates
of such Class or in respect of Deposits relating to such Class, other than distributions made as of such date in respect of interest
or Premium or reimbursement of any costs or expenses incurred in connection therewith. The Pool Balance as of any Distribution
Date with respect to each Class shall be computed after giving effect to any distribution with respect to unused Deposits, the
payment of principal, if any, on the Equipment Notes or payment with respect to other Trust Property held in the related Trust
and the distribution thereof to be made on such date.

 

“Post-Default
Appraisal” has the meaning specified in Section 4.1(a)(iv).

 

    	 	16	 

     

    

  

“Premium”
means any “Make-Whole Amount” as such term is defined in any Indenture.

 

“Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding.

 

“PTC
Event of Default” means, with respect to each Trust Agreement, the failure to distribute within 10 Business Days
after the applicable Distribution Date: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final
Legal Distribution Date for such Class or (ii) interest scheduled for distribution on such Certificates on any Distribution
Date (unless, in the case of the Class A Trust Agreement or the Class B Trust Agreement, the Subordination Agent shall
have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class,
with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee
entitled thereto).

 

“Put
Option Agreement (2015 Narrowbody Owner)” means the Put Option Agreement, dated as of the date hereof, between LATAM
and the Put & Call Trustee in respect of the 2015 Narrowbody Owner, as amended, supplemented or otherwise modified from time
to time in accordance with its terms.

 

“Put
Option Agreement (2015 Widebody Owner)” means the Put Option Agreement, dated as of the date hereof, between LATAM
and the Put & Call Trustee in respect of the 2015 Widebody Owner, as amended, supplemented or otherwise modified from time
to time in accordance with its terms.

 

“Put
Option Agreement (2016 Narrowbody Owner)” means the Put Option Agreement, dated as of the date hereof, between LATAM
and the Put & Call Trustee in respect of the 2016 Narrowbody Owner, as amended, supplemented or otherwise modified from time
to time in accordance with its terms.

 

“Put
Option Agreement (2016 Widebody Owner)” means the Put Option Agreement, dated as of the date hereof, between LATAM
and the Put & Call Trustee in respect of the 2016 Widebody Owner, as amended, supplemented or otherwise modified from time
to time in accordance with its terms.

 

“Put
Option Agreements” means, collectively, the Put Option Agreement (2015 Narrowbody Owner), the Put Option Agreement
(2016 Narrowbody Owner), the Put Option Agreement (2015 Widebody Owner) and the Put Option Agreement (2016 Widebody Owner).

 

“Put
& Call Trustee” means MaplesFS Limited, together with its successors and assigns.

 

“Rating
Agencies” means, with respect to any Class of Certificates, collectively, at any time, each nationally recognized
rating agency which shall have been requested to rate such Class of Certificates and which shall then be rating such Class of
Certificates. The initial Rating Agencies for the Certificates will be Moody’s and S&P.

 

    	 	17	 

     

    

  

“Ratings
Confirmation” means, with respect to any action proposed to be taken, with respect to any Class of Certificates,
a written confirmation from each of the Rating Agencies to the effect that such action would not result in (i) a reduction
of the rating for such Class of Certificates below the then current rating for such Class of Certificates or (ii) a withdrawal
or suspension of the rating of such Class of Certificates.

 

“Refinancing
Certificateholders” has the meaning specified in Section 8.01(c).

 

“Refinancing
Certificates” has the meaning specified in Section 8.01(c).

 

“Refinancing
Equipment Notes” has the meaning specified in Section 8.01(c).

 

“Refinancing
Trust Agreement” has the meaning specified in Section 8.01(c).

 

“Refinancing
Trust” has the meaning specified in Section 8.01(c).

 

“Refinancing
Trustee” has the meaning specified in Section 8.01(c).

 

“Register”,
with respect to any Trust, has the meaning ascribed to such term in the Trust Agreement for such Trust.

 

“Registration
Rights Agreement (Class A)” means the Registration Rights Agreement, dated as of the date hereof, among LATAM, the
Class A Trustee and Citigroup Global Markets Inc., as the same may be amended, supplemented or otherwise modified from time to
time in accordance with its terms.

 

“Registration
Rights Agreement (Class B)” means the Registration Rights Agreement, dated as of the date hereof, among LATAM, the
Class B Trustee and Citigroup Global Markets Inc., as the same may be amended, supplemented or otherwise modified from time to
time in accordance with its terms.

 

“Registration
Rights Agreements” means the Registration Rights Agreement (Class A) and the Registration Rights Agreement (Class
B), each individually a “Registration Rights Agreement”.

 

“Regular
Distribution Dates” means each February 15, each May 15, each August 15 and each November 15 commencing on August
15, 2015; provided, however, that, if any such day shall not be a Business Day, the related distribution shall be
made on the next succeeding Business Day without additional interest.

 

“Rent”
means any “Rent” as such term is defined in any Lease.

 

“Replacement
Depositary” has the meaning specified in the Note Purchase Agreement.

 

    	 	18	 

     

    

 

“Replacement
Liquidity Facility” means, for any Liquidity Facility, an irrevocable revolving credit agreement (or agreements)
in substantially the form of the replaced Liquidity Facility, including reinstatement provisions, or in such other form (which
may include a letter of credit, surety bond, financial insurance policy or guaranty) as shall permit the Rating Agencies to confirm
in writing their respective ratings then in effect for the Certificates of the Class with respect to which such Liquidity Facility
was issued (before downgrading of such ratings, if any, as a result of the downgrading, if any, of the applicable Liquidity Provider),
in a face amount (or in an aggregate face amount) equal to the applicable Required Amount and issued by a Person (or Persons)
having either the minimum Long-Term Rating or the minimum Short-Term Rating, if applicable, from each Rating Agency designated
in the definition of “Threshold Rating” as the applicable Threshold Rating for such Rating Agency and the applicable
Class of Certificates. Without limitation of the form that a Replacement Liquidity Facility otherwise may have pursuant to the
preceding sentence, a Replacement Liquidity Facility for any Class of Certificates may have a stated expiration date earlier than
15 days after the Final Legal Distribution Date of such Class of Certificates so long as such Replacement Liquidity Facility provides
for a Non-Extension Drawing as contemplated by Section 3.05(d) hereof.

 

“Replacement
Liquidity Provider” means a Person (or Persons) who issues a Replacement Liquidity Facility.

 

“Required
Amount” means, with respect to each Liquidity Facility or the Cash Collateral Account for any Class, for any day,
the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest Rate for the related
Class of Certificates on the basis of a 360-day year comprised of twelve 30-day months, that would be distributable on such
Class of Certificates on each of the seven successive Regular Distribution Dates immediately following such day or, if such day
is a Regular Distribution Date, on such day and the two succeeding Regular Distribution Dates, in each case calculated on the
basis of the Pool Balance of such Class of Certificates on such day and without regard to expected future distributions of principal
on such Class of Certificates.

 

“Responsible
Officer” means (i) with respect to the Subordination Agent and each of the Trustees, any officer in the Corporate
Trust Department or similar department of the Subordination Agent or such Trustee, as the case may be, or any other officer customarily
performing functions similar to those performed by the persons who at the time shall be such officers or to whom any corporate
trust matter is referred because of his knowledge of and familiarity with a particular subject, and (ii) with respect to
any Liquidity Provider, any authorized officer of such Liquidity Provider.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.

 

“Scheduled
Payment” means, with respect to any Equipment Note, (i) any payment of principal or interest on such Equipment
Note (other than an Overdue Scheduled Payment) or (ii) any distribution in respect of interest on such Equipment Note to
the Certificateholders of Certificates of the corresponding Class of Certificates with funds drawn under the Liquidity Facility
for such Class or withdrawn from the Cash Collateral Account for such Class, which payment in the case of clause (i) or
clause (ii) represents an installment of principal on such Equipment Note at the stated maturity of such installment, or
the payment of regularly scheduled interest accrued on the unpaid principal amount of such Equipment Note, or both; provided,
however, that any payment of principal, Premium, if any, or interest resulting from the redemption or purchase of any Equipment
Note shall not constitute a Scheduled Payment.

 

    	 	19	 

     

    

  

“Scheduled
Payment Date” means, with respect to any Scheduled Payment, the date on which such Scheduled Payment is scheduled
to be made.

 

“Section 2.04
Fraction” means, with respect to any Special Distribution Date, a fraction, the numerator of which shall be the
amount of principal of the applicable Series A Equipment Notes and Series B Equipment Notes being redeemed, purchased
or prepaid on such Special Distribution Date, and the denominator of which shall be the aggregate unpaid principal amount of all
Series A Equipment Notes and Series B Equipment Notes outstanding as of such Special Distribution Date immediately before
giving effect to such redemption purchase or prepayment.

 

“Security
Documents” has the meaning assigned to such term in the Indentures.

 

“Series A
Equipment Notes” means the equipment notes, if any, issued pursuant to each Indenture by the applicable Owner and
authenticated by the Loan Trustee thereunder, and designated “Series A Equipment Notes” thereunder, and any such
Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture.

 

“Series B
Equipment Notes” means the equipment notes, if any, issued pursuant to each Indenture by the applicable Owner and
authenticated by the Loan Trustee thereunder, and designated “Series B Equipment Notes” thereunder, and any such
Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture.

 

“Short-Term
Rating” means, for any entity, (a) in the case of Moody’s, the short-term senior unsecured debt rating
of such entity, and (b) in the case of S&P, the short-term issuer credit rating of such entity.

 

“Special
Distribution Date” means, with respect to any Special Payment, the Business Day chosen by the Subordination Agent
pursuant to Section 2.04(a) for the distribution of such Special Payment in accordance with this Agreement.

 

“Special
Payment” means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment Note
or Collateral.

 

“Special
Payments Account” means the Eligible Deposit Account created pursuant to Section 2.02(a)(ii) as a sub-account
to the Collection Account.

 

“Special
Termination Drawing” has the meaning specified in Section 3.05(k).

 

“Special
Termination Notice” with respect to any Liquidity Facility has the meaning assigned to such term (if such term is
used therein) in such Liquidity Facility.

 

    	 	20	 

     

    

  

“Stated
Amount” with respect to any Liquidity Facility, means the Maximum Commitment (as defined in such Liquidity Facility)
of the applicable Liquidity Provider thereunder.

 

“Stated
Expiration Date” has the meaning specified in Section 3.05(d).

 

“Stated
Interest Rate” means with respect to (i) the Class A Certificates, 4.200% per annum and (ii) the Class B Certificates,
4.500% per annum in each case plus an additional margin of 0.50% for any period to the extent required by the relevant Registration
Rights Agreement.

 

“Subordination
Agent” has the meaning specified in the introductory paragraph to this Agreement.

 

“Subordination
Agent Incumbency Certificate” has the meaning specified in Section 2.05(a).

 

“Subordination
Agent Representatives” has the meaning specified in Section 2.05(a).

 

“Substitute
Airframe” with respect to each Indenture, has the meaning specified in such Indenture.

 

“Tax”
and “Taxes” means all governmental fees (including, without limitation, license, filing and registration
fees) and all taxes (including, without limitation, franchise, excise, stamp, value added, income, gross receipts, sales, use
and property taxes), withholdings, assessments, levies, imposts, duties or charges, of any nature whatsoever, together with any
related penalties, fines, additions to tax or interest thereon imposed, withheld, levied or assessed by any country, taxing authority
or governmental subdivision thereof or therein or by any international authority, including any taxes imposed on any Person as
a result of such Person being required to collect and pay over withholding taxes.

 

“Termination
Notice” has the meaning specified in the Liquidity Facility.

 

“Threshold
Rating” means, (i) with respect to the Class A Liquidity Provider, a Long-Term Rating of BBB as determined by S&P
and a Long-Term Rating of Baa2 as determined by Moody’s and (ii) with respect to the Class B Liquidity Provider, a Long-Term
Rating of BBB- as determined by S&P and a Long-Term Rating of Baa2 as determined by Moody’s.

 

“Treasury
Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References
herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations
or other successor Treasury Regulations.

 

    	 	21	 

     

    

 

“Triggering
Event” means (x) the occurrence of an Indenture Event of Default under all of the Indentures resulting in a
PTC Event of Default with respect to the most senior Class of Certificates then Outstanding, (y) the Acceleration of all
of the outstanding Equipment Notes or (z) the occurrence of a Lessee Bankruptcy Event.

 

“Trust”
means the Class A Trust or the Class B Trust.

 

“Trust
Accounts” has the meaning specified in Section 2.02(a).

 

“Trust
Agreement” means the Class A Trust Agreement or the Class B Trust Agreement.

 

“Trust
Property”, with respect to any Trust, has the meaning specified in the Trust Agreement for such Trust.

 

“Trust
Supplement” means an agreement supplemental to the Basic Agreement pursuant to which (i) a separate trust is
created for the benefit of the holders of Certificates of a Class, (ii) the issuance of the Certificates of a Class representing
Fractional Undivided Interests in such trust is authorized and (iii) the terms of the Certificates of such Class are established,
as such agreement may from time to time be supplemented, amended or otherwise modified.

 

“Trustee”
means the Class A Trustee or the Class B Trustee, as applicable.

 

“Trustee
Incumbency Certificate” has the meaning specified in Section 2.05(b).

 

“Trustee
Representatives” has the meaning specified in Section 2.05(b).

 

“Unapplied
Provider Advance” has the meaning specified in the applicable Liquidity Facility.

 

“United
States” means the United States of America.

 

“Written
Notice” means, from the Subordination Agent, any Trustee or Liquidity Provider, a written instrument executed by
the Designated Representative of such Person. An invoice delivered by a Liquidity Provider pursuant to Section 3.01
in accordance with its normal invoicing procedures shall constitute Written Notice under such Section.

 

“WTC”
has the meaning specified in the introductory paragraph of this Agreement.

 

ARTICLE
II

 

TRUST
ACCOUNTS; CONTROLLING PARTY

 

Section
2.01.         Agreement to Terms of Subordination; Payments from Monies Received
Only. (a) Each Trustee hereby (i) acknowledges and agrees to the terms of
subordination and distribution set forth in this Agreement in respect of each Class of Certificates and (ii) agrees to enforce
such provisions and cause all payments in respect of the Equipment Notes held by the Subordination Agent and the Liquidity Facilities
to be applied in accordance with the terms of this Agreement. In addition, each Trustee hereby agrees to cause the Equipment Notes
purchased by the related Trust to be registered in the name of the Subordination Agent or its nominee, as agent and trustee for
such Trustee, to be held in trust by the Subordination Agent solely for the purpose of facilitating the enforcement of the subordination
and other provisions of this Agreement.

 

    	 	22	 

     

    

  

(b)          Except
as otherwise expressly provided in the next succeeding sentence of this Section 2.01(b), all payments to be made by
the Subordination Agent hereunder shall be made only from amounts received by it that constitute Scheduled Payments, Special Payments
and other payments under the Operative Agreements, including payments under Sections 4.03 and 4.08 of the Participation Agreements
and Section 2.14 of the Indentures, and only to the extent that the Subordination Agent shall have received sufficient income
or proceeds therefrom to enable it to make such payments in accordance with the terms hereof. Each of the Trustees and the Subordination
Agent hereby agrees, and each Certificateholder, by its acceptance of a Certificate, and each Liquidity Provider, by entering
into the Liquidity Facility to which it is a party, has agreed to look solely to such amounts to the extent available for distribution
to it as provided in this Agreement, the relevant Deposits or the applicable Trust Agreement, as the case may be, and that none
of the Trustees, the Loan Trustees or the Subordination Agent is personally liable to any of them for any amounts payable or any
liability arising under this Agreement, any Trust Agreement, any Liquidity Facility or such Certificate, except (in the case of
the Subordination Agent) as expressly provided herein or (in the case of the Trustees) as expressly provided herein and in each
Trust Agreement or (in the case of the Loan Trustees) as expressly provided in any Operative Agreement.

 

(c)          Notwithstanding
anything to the contrary in this Agreement and in the other Operative Agreements, the Certificates do not represent indebtedness
of the related Trust, and references in this Agreement and the Operative Agreements to accrued interest or principal amounts payable
on the Certificates of any Class are included only for computational purposes. For purposes of such computations, the Certificates
of any Class shall be deemed to be comprised of interest and principal components, with the principal component deemed to be the
Pool Balance, and the interest component deemed to equal interest accruing at the Stated Interest Rate for such Class of Certificates
from the later of (i) the date of the issuance thereof and (ii) the most recent but preceding Distribution Date to which
such interest was distributed to, but excluding, the applicable date of determination, such interest to be considered payable
in arrears and to be calculated on the basis of a 360-day year comprised of twelve 30-day months.

 

Section
2.02.         Trust Accounts.
(a) Upon the execution of this Agreement, the Subordination Agent shall establish and maintain in its name (i) the Collection
Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in
trust for the benefit of the Trustees, the Certificateholders and the Liquidity Providers, and (ii) as a sub-account in the
Collection Account, the Special Payments Account as an Eligible Deposit Account, bearing a designation clearly indicating that
the funds deposited therein are held in trust for the benefit of the Trustees, the Certificateholders and the Liquidity Providers.
The Subordination Agent shall establish and maintain the Cash Collateral Accounts pursuant to and under the circumstances set
forth in Section 3.05(f). Upon such establishment and maintenance under Section 3.05(f), the Cash Collateral
Accounts shall, together with the Collection Account, constitute the “Trust Accounts” hereunder. Without limiting
the foregoing, all monies credited to the Trust Accounts shall be, and shall remain, the property of the relevant Trust(s).

 

    	 	23	 

     

    

  

(b)          Funds
on deposit in the Trust Accounts shall be invested and reinvested by the Subordination Agent in Eligible Investments selected
by LATAM or its designated representative if such investments are reasonably available and have maturities no later than the earlier
of (i) 90 days following the date of such investment and (ii) the Business Day immediately preceding the Regular Distribution
Date or the date of the related distribution pursuant to Section 2.04, as the case may be, next following the date
of such investment; provided, however, that following the making of a Non-Extension Drawing under any Liquidity
Facility, the Subordination Agent shall invest and reinvest the amounts in the applicable Cash Collateral Account in Eligible
Investments pursuant to the written instructions of the Liquidity Provider funding such Drawing, and provided further,
however, that upon the occurrence and during the continuation of a Triggering Event, the Subordination Agent shall invest
and reinvest the amounts on deposit in the Trust Accounts (other than amounts in the Cash Collateral Accounts as a result of a
Non-Extension Drawing, which shall be governed by the foregoing proviso) in Eligible Investments in accordance with the written
instructions of the Controlling Party. Unless otherwise expressly provided in this Agreement (including with respect to Investment
Earnings on amounts on deposit in the Cash Collateral Accounts, pursuant to Section 3.05(f) hereof), any Investment
Earnings shall be deposited in the Collection Account when received by the Subordination Agent and shall be applied by the Subordination
Agent in the same manner as the other amounts on deposit in the Collection Account are to be applied. The Subordination Agent’s
reasonable fees and expenses actually incurred in making such investments and any losses incurred in such investments shall be
charged against the principal amount invested. The Subordination Agent shall not be liable for any loss resulting from any investment,
reinvestment or liquidation required to be made under this Agreement other than by reason of its willful misconduct or negligence.
Eligible Investments and any other investment required to be made hereunder shall be held to their maturities except that any
such investment may be sold (without regard to its maturity) by the Subordination Agent without instructions whenever such sale
is necessary to make a distribution required under this Agreement. Uninvested funds held hereunder shall not earn or accrue interest.

 

(c)          The
Subordination Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts
and in all proceeds thereof (including all income thereon, except as otherwise expressly provided herein with respect to Investment
Earnings). The Trust Accounts shall be held in trust by the Subordination Agent under the sole dominion and control of the Subordination
Agent for the benefit of the applicable Trustee, the applicable Certificateholders and the applicable Liquidity Provider, as the
case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Subordination Agent shall
within 10 Business Days (or such longer period, not to exceed 30 calendar days, to which a Rating Agency may consent) establish
a new Collection Account, Special Payments Account or Cash Collateral Account, as the case may be, as an Eligible Deposit Account
and shall transfer any cash and/or any investments to such new Collection Account, Special Payments Account or Cash Collateral
Account, as the case may be. So long as the Subordination Agent is an Eligible Institution, the Trust Accounts shall be maintained
with it as Eligible Deposit Accounts.

 

    	 	24	 

     

    

  

Section
2.03.         Deposits to the Collection Account and Special Payments Account.
(a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by
it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

 

(b)          The
Subordination Agent shall, on each day when one or more Special Payments are made to the Subordination Agent as holder of the
Equipment Notes, deposit in the Special Payments Account the aggregate amount of such Special Payments.

 

Section
2.04.         Distributions of Special Payments.
(a) Notice of Special Payment. Except as provided in Section 2.04(c) below, upon receipt by the Subordination
Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the absence of any such notice,
upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each
Trustee and the Liquidity Providers. The Subordination Agent shall promptly calculate the amount of the proceeds of any redemption
or purchase of any Equipment Note or the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or Collateral,
as the case may be, comprising such Special Payment under the applicable Indenture or Indentures and shall promptly send to each
Trustee and the Liquidity Providers a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice
shall also set the distribution date for such Special Payment (a “Special Distribution Date”), which shall
be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice
and (y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the
Special Payments Account shall be distributed in accordance with Sections 2.04(b) and 2.04(c) and Article III
hereof, as applicable.

 

For
the purposes of the application of any Special Payment in respect of any Equipment Note to be distributed on any Special Distribution
Date in accordance with Section 3.02 hereof, so long as no Indenture Event of Default shall have occurred and be continuing
under any Indenture:

 

(i)          clause
“second” thereof shall be deemed to read as follows: “second, accrued and unpaid Liquidity Expenses then overdue
plus an amount equal to all accrued and unpaid Liquidity Expenses not yet overdue multiplied by the Section 2.04 Fraction
shall be distributed to the Liquidity Providers pro rata on the basis of the amount of the Liquidity Expenses owed to each Liquidity
Provider”;

 

(ii)         clause
“third” thereof shall be deemed to read as follows: “third, (i) such amount as shall be required to pay
accrued and unpaid interest then overdue on all Liquidity Obligations (at the rate, or in the amount, provided in the applicable
Liquidity Facility) plus an amount equal to the amount of accrued and unpaid interest on the Liquidity Obligations not yet overdue
multiplied by the Section 2.04 Fraction and (ii) if one or more Special Termination Drawings have been made under the
Liquidity Facilities that have not been converted into a Final Drawing, the outstanding amount of such Special Termination Drawings
shall be distributed to the Liquidity Providers pro rata on the basis of the amounts owed to each Liquidity Provider”;

 

    	 	25	 

     

    

  

(iii)        clause
“seventh” thereof shall be deemed to read as follows: “seventh, such amount as shall be required to pay accrued,
due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class A Certificates, together
with (without duplication) any other accrued and unpaid interest at the Stated Interest Rate on the outstanding principal amount
of the Series A Equipment Notes held in the Class A Trust being redeemed, purchased or prepaid, in each case, excluding
interest, if any, payable with respect to the Deposits relating to the Class A Trust shall be paid to the Class A Trustee”;

 

(iv)        clause
“eighth” thereof shall be deemed to read as follows: “eighth, such amount as shall be required to pay any accrued,
due and unpaid Class B Adjusted Interest to the holders of the Class B Certificates (excluding interest, if any, payable with
respect to the Deposits relating to the Class B Trust) shall be paid to the Class B Trustee”; and

 

(v)         clause
“tenth” thereof shall be deemed to read as follows: “tenth, such amount as shall be required to pay in full
accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class B Certificates which
was not previously paid pursuant to clause “eighth” above to the holders of the Class B Certificates, together
with (without duplication) any other accrued and unpaid interest at the Stated Interest Rate on the outstanding principal amount
of the Series B Equipment Notes held in the Class B Trust and being redeemed, purchased or prepaid, in each case, excluding interest,
if any, payable with respect to the Deposits relating to the Class B Trust, shall be paid to the Class B Trustee”.

 

(b)          Investment
of Amounts in Special Payments Account. Any amounts on deposit in the Special Payments Account prior to the distribution thereof
pursuant to Section 2.04 or 3.02 shall be invested in accordance with Section 2.02(b). Investment
Earnings on such investments shall be distributed in accordance with Article III hereof.

 

(c)          Certain
Payments. Except for amounts constituting Liquidity Obligations which shall be distributed as provided in Section 3.02,
the Subordination Agent will distribute promptly upon receipt thereof (i) any indemnity payment or expense reimbursement
received by it from any Owner or LATAM in respect of any Trustee, any Liquidity Provider, any Paying Agent, any Depositary or
any Escrow Agent (collectively, the “Payees”) and (ii) any compensation received by it from any such party
under any Operative Agreement in respect of any Payee, directly to the Person entitled thereto, provided that if such Payee
has previously received from the Collection Account such payment, compensation or reimbursement, then the Subordination Agent
shall deposit such amount in the Collection Account.

 

Section
2.05.         Designated Representatives.
(a) With the delivery of this Agreement, the Subordination Agent shall furnish to each Liquidity Provider and each Trustee, and
from time to time thereafter may furnish to each Liquidity Provider and each Trustee, at the Subordination Agent’s discretion,
or upon any Liquidity Provider’s or any Trustee’s request (which request shall not be made more than one time in any
12-month period), a certificate (a “Subordination Agent Incumbency Certificate”) of a Responsible Officer of
the Subordination Agent certifying as to the incumbency and specimen signatures of the officers of the Subordination Agent and
the attorney-in-fact and agents of the Subordination Agent (the “Subordination Agent Representatives”) authorized
to give Written Notices on behalf of the Subordination Agent hereunder. Until each Liquidity Provider and Trustee receives a subsequent
Subordination Agent Incumbency Certificate, it shall be entitled to rely on the last Subordination Agent Incumbency Certificate
delivered to it hereunder.

 

    	 	26	 

     

    

 

(b)          With
the delivery of this Agreement, each Trustee shall furnish to the Subordination Agent, and from time to time thereafter may furnish
to the Subordination Agent, at such Trustee’s discretion, or upon the Subordination Agent’s request (which request
shall not be made more than one time in any 12-month period), a certificate (with respect to each such Trustee, a “Trustee
Incumbency Certificate”) of a Responsible Officer of such Trustee certifying as to the incumbency and specimen signatures
of the officers of such Trustee and the attorney-in-fact and agents of such Trustee (with respect to each such Trustee, the “Trustee
Representatives”) authorized to give Written Notices on behalf of such Trustee hereunder. Until the Subordination Agent
receives a subsequent Trustee Incumbency Certificate from a Trustee, it shall be entitled to rely on the last Trustee Incumbency
Certificate with respect to such Trustee delivered to it hereunder.

 

(c)          With
the delivery of this Agreement, each Liquidity Provider shall furnish to the Subordination Agent, and from time to time thereafter
may furnish to the Subordination Agent, at such Liquidity Provider’s discretion, or upon the Subordination Agent’s
request (which request shall not be made more than one time in any 12-month period), a certificate (with respect to each such
Liquidity Provider, an “LP Incumbency Certificate”) of a Responsible Officer of such Liquidity Provider certifying
as to the incumbency and specimen signatures of the officers of such Liquidity Provider and the attorney-in-fact and agents of
such Liquidity Provider (with respect to each such Liquidity Provider, the “LP Representatives” and, together
with the Subordination Agent Representatives and the Trustee Representatives, the “Designated Representatives”)
authorized to give Written Notices on behalf of such Liquidity Provider hereunder. Until the Subordination Agent receives a subsequent
LP Incumbency Certificate from a Liquidity Provider, it shall be entitled to rely on the last LP Incumbency Certificate with respect
to such Liquidity Provider delivered to it hereunder.

 

Section
2.06.         Controlling Party.
(a) Subject to Section 8.01(b), the Trustees and the Liquidity Providers hereby agree that, with respect to any Indenture
or any other Security Document at any given time, the Loan Trustee thereunder (or the Subordination Agent, in the case of the
Pledge Agreements, in its capacity as secured party thereunder, or the Call Option Agreements) will be directed: (i) so long
as no Indenture Event of Default has occurred and is continuing thereunder, in taking, or refraining from taking, any action under
such Indenture (or any other Security Document) or with respect to the Equipment Notes issued thereunder by a Majority in Interest
of Noteholders of such Equipment Notes (or in the case of any Pledge Agreement or the Call Option Agreements by a majority of
holders under all Equipment Notes then outstanding); provided that for so long as the Subordination Agent is the registered
holder of such Equipment Notes, the Subordination Agent shall act with respect to this clause (i) in accordance with
the directions of the Trustees (in the case of each such Trustee, with respect to the Equipment Notes issued under such Indenture
and held as Trust Property of such Trust) constituting, in the aggregate, directions with respect to an outstanding principal
amount of such Equipment Notes that, if held by such Trustees directly, would make such Trustees a Majority in Interest of Noteholders,
and (ii) after the occurrence and during the continuance of an Indenture Event of Default thereunder, in taking, or refraining
from taking, any action under such Indenture, or other Security Document, or with respect to the Equipment Notes issued under
any Indenture, including exercising remedies thereunder (including Accelerating the Equipment Notes or foreclosing the Lien created
over the Collateral under any Indenture or other Security Document), by the Controlling Party.

 

    	 	27	 

     

    

  

(b)          Subject
to paragraph (c) below, the “Controlling Party” shall be (x) the Class A Trustee, (y) upon
payment of Final Distributions to the holders of Class A Certificates, but prior to payment of Final Distributions to the
holders of Class B Certificates, the Class B Trustee, (z) upon payment of Final Distributions to the holders of the Class
A Certificates and the Class B Certificates, but, if any Additional Certificates are outstanding, prior to payment of Final Distributions
to the holders of the most senior class of Additional Certificates, the Additional Trustee for the Additional Trust related to
such most senior class of Additional Certificates. For purposes of giving effect to the provisions of Section 2.06(a)
and this Section 2.06(b), the Trustees (other than the Controlling Party) irrevocably agree (and the Certificateholders
(other than the Certificateholders represented by the Controlling Party) shall be deemed to agree by virtue of their purchase
of Certificates) that the Subordination Agent, as record holder of the Equipment Notes, and subject always to the provisions of
Section 2.06(a) and Article VIII, shall exercise its voting rights in respect of the Equipment Notes so
held by the Subordination Agent as directed by the Controlling Party and any vote so exercised shall be binding upon the Trustees
and all Certificateholders.

 

The
Subordination Agent shall give Written Notice to all of the other parties to this Agreement promptly upon a change in the identity
of the Controlling Party. Each of the parties hereto agrees that it shall not exercise any of the rights of the Controlling Party
at such time as it is not the Controlling Party hereunder; provided, however, that nothing herein contained shall
prevent or prohibit any Non-Controlling Party from exercising such rights as shall be specifically granted to such Non-Controlling
Party hereunder and under the other Operative Agreements.

 

(c)          Notwithstanding
the foregoing, at any time after 21 months from the earliest to occur of (i) the date on which the entire Available Amount
as of such date under any Liquidity Facility shall have been drawn (for any reason other than a Downgrade Drawing or a Non-Extension
Drawing but including a Final Drawing, a Special Termination Drawing or a Downgrade Drawing or Non-Extension Drawing that has
been converted into a Final Drawing under such Liquidity Facility) and remains unreimbursed, (ii) the date on which the entire
amount of any Downgrade Drawing or Non-Extension Drawing under any Liquidity Facility shall have become and remain “Applied
Downgrade Advances” or “Applied Non-Extension Advances”, as the case may be, under and as defined in such Liquidity
Facility and (iii) the date on which all Equipment Notes under all Indentures shall have been Accelerated, the Liquidity
Provider with the greatest amount of unreimbursed Liquidity Obligations owed to it (so long as such Liquidity Provider has not
defaulted in its obligation to make any Drawing under its Liquidity Facility) shall have the right to elect, by Written Notice
to the Subordination Agent and each of the Trustees, to become the Controlling Party hereunder with respect to any Indenture at
any time from and including the last day of such 21-month period.

 

(d)          [Reserved].

 

    	 	28	 

     

    

  

(e)          The
exercise of remedies by the Controlling Party under this Agreement shall be expressly limited by Sections 4.01(a)(ii)
and 4.01(a)(iii) hereof.

 

(f)          The
Controlling Party shall not be entitled to require or obligate any Non-Controlling Party to provide funds necessary to exercise
any right or remedy hereunder.

 

(g)          Notwithstanding
anything contained herein, neither the Controlling Party nor the Subordination Agent shall be authorized or empowered to do anything
that would cause any Trust to fail to qualify as a “grantor trust” for federal income tax purposes.

 

ARTICLE
III

 

RECEIPT,
DISTRIBUTION AND APPLICATION OF

AMOUNTS
RECEIVED

 

Section
3.01.         Written Notice of Distribution.
(a) No later than 3:00 P.M. (New York City time) on the Business Day immediately preceding each Distribution Date, each of the
following Persons shall deliver to the Subordination Agent a Written Notice setting forth the following information as at the
close of business on such Business Day:

 

(i)          With
respect to the Class A Certificates, the Class A Trustee shall separately set forth the amounts to be paid in
accordance with clause “first” (to reimburse payments made by such Trustee or the Class A
Certificateholders, as the case may be, pursuant to subclause (ii) or (iv) of clause
“first”) of Section 3.02 hereof, subclauses (ii) and (iii) of clause
“sixth” of Section 3.02 hereof and clauses “seventh” and “ninth”
of Section 3.02 hereof;

 

(ii)         With
respect to the Class B Certificates, the Class B Trustee shall separately set forth the amounts to be paid in accordance
with clause “first” (to reimburse payments made by such Trustee or the Class B Certificateholders, as
the case may be, pursuant to subclause (ii) or (iv) of clause “first”) of Section 3.02
hereof, subclauses (ii) and (iii) of clause “sixth” of Section 3.02 hereof
and clauses “eighth”, “tenth” and “eleventh” of Section 3.02
hereof;

 

(iii)        With
respect to each Liquidity Facility, the Liquidity Provider thereunder shall separately set forth the amounts to be paid to it
in accordance with subclauses (iii) and (iv) of clause “first” of Section 3.02 hereof,
clause “second” of Section 3.02 hereof, clause “third” of Section 3.02
hereof, clause “fourth” of Section 3.02 hereof and clause “fifth” of Section 3.02
hereof; and

 

(iv)        Each
Trustee shall set forth the amounts to be paid in accordance with clause “sixth” of Section 3.02
hereof.

 

(b)          At
such time as a Trustee or a Liquidity Provider shall have received all amounts owing to it (and, in the case of a Trustee, the
Certificateholders for which it is acting) pursuant to Section 3.02 hereof, as applicable, and, in the case of a Liquidity
Provider, its commitment or obligations under the related Liquidity Facility shall have terminated or expired, such Person shall,
by a Written Notice, so inform the Subordination Agent, LATAM and each other party to this Agreement.

 

    	 	29	 

     

    

  

(c)          As
provided in Section 6.05, the Subordination Agent shall be fully protected in relying on any of the information set
forth in a Written Notice provided by any Trustee or any Liquidity Provider pursuant to paragraphs (a) and (b)
above and shall have no independent obligation to verify, calculate or recalculate any amount set forth in any Written Notice
delivered in accordance with such paragraphs.

 

(d)          Any
Written Notice delivered by a Trustee, a Liquidity Provider or the Subordination Agent, as applicable, pursuant to Section 3.01,
if made prior to 10:00 A.M. (New York City time) on any Business Day shall be effective on the date delivered (or if delivered
later on a Business Day or if delivered on a day that is not a Business Day shall be effective as of the next Business Day). Subject
to the terms of this Agreement, the Subordination Agent shall as promptly as practicable comply with any such instructions; provided,
however, that any transfer of funds pursuant to any instruction received after 10:00 A.M. (New York City time) on any Business
Day may be made on the next succeeding Business Day.

 

(e)          In
the event the Subordination Agent shall not receive from any Person any information set forth in paragraph (a) above
which is required to enable the Subordination Agent to make a distribution to such Person pursuant to Section 3.02 hereof,
the Subordination Agent shall request such information and, failing to receive any such information, the Subordination Agent shall
not make such distribution(s) to such Person. In such event, the Subordination Agent shall make distributions pursuant to clauses
“first” through “eleventh” of Section 3.02 to the extent it shall have sufficient
information to enable it to make such distributions, and shall continue to hold any funds remaining on the terms hereof, including
Section 2.02(b), after making such distributions, until the Subordination Agent shall receive all necessary information
to enable it to distribute any funds so withheld, and upon receipt of the information necessary to distribute any funds so withheld,
the Subordination Agent shall distribute such funds.

 

(f)          On
such dates (but not more frequently than monthly) as any Liquidity Provider or any Trustee shall request, but in any event automatically
at the end of each calendar quarter, the Subordination Agent shall send to such party a written statement reflecting all amounts
on deposit with the Subordination Agent pursuant to Section 3.01(e).

 

The
notices required under this Section 3.01(a) may be in the form of a schedule or similar document provided to the Subordination
Agent by the parties referenced therein or by any one of them, which schedule or similar document may state that, unless there
has been a prepayment of the Equipment Notes, such schedule or similar document is to remain in effect until any substitute notice
or amendment shall be given to the Subordination Agent by the party providing such notice.

 

Section
3.02.         Distribution of Amounts on Deposit in the Collection Account.
Except as otherwise provided in Sections 2.04, 3.01(e), 3.03, 3.05(b) and 3.05(k), amounts
on deposit in the Collection Account (including amounts on deposit in the Special Payments Account) shall be promptly distributed
on each Regular Distribution Date (or, in the case of any amount described in Sections 2.04(a) or 2.04(b), on the Special
Distribution Date thereof) in the following order of priority and in accordance with the information provided to the Subordination
Agent pursuant to Section 3.01(a):

 

    	 	30	 

     

    

  

first,
such amount as shall be required to reimburse (i) the Subordination Agent for any reasonable out-of-pocket costs and expenses
actually incurred by it (to the extent not previously reimbursed) or reasonably expected to be incurred by it for the period ending
on the next succeeding Regular Distribution Date (which shall not exceed $150,000 unless approved in writing by the Controlling
Party and accompanied by evidence that such costs are actually expected to be incurred) in the protection of, or the realization
of the value of, the Equipment Notes or any Collateral, shall be applied by the Subordination Agent in reimbursement of such costs
and expenses, (ii) any Trustee for any amounts of the nature described in clause (i) above actually incurred
by it under the applicable Trust Agreement (to the extent not previously reimbursed), shall be distributed to such Trustee, (iii) any
Liquidity Provider for any amounts of the nature described in clause (i) above actually incurred by it (to the extent
not previously reimbursed), shall be distributed to such Liquidity Provider, and (iv) any Liquidity Provider or any Certificateholder
for payments, if any, made by it to the Subordination Agent or any Trustee in respect of amounts described in clause (i)
above actually incurred by it (to the extent not previously reimbursed) (collectively, the “Administration Expenses”),
shall be distributed to such Liquidity Provider or the applicable Trustee for the account of such Certificateholder, in each such
case, pro rata on the basis of all amounts described in clauses (i) through (iv) above;

 

second,
such amount as shall be required to pay all accrued and unpaid Liquidity Expenses owed to each Liquidity Provider (other than
amounts distributed pursuant to clause “first” of this Section 3.02) shall be distributed to the
Liquidity Providers pro rata on the basis of the amount of Liquidity Expenses owed to each Liquidity Provider;

 

third,
such amount as shall be required to pay (i) the aggregate amount of accrued and unpaid interest on all Liquidity Obligations (at
the rate, or in the amount, provided in the applicable Liquidity Facility) shall be distributed to the Liquidity Providers pro
rata on the basis of the amounts owed to each Liquidity Provider, and (ii) if one or more Special Termination Drawings have
been made under the Liquidity Facilities that have not been converted into a Final Drawing, the outstanding amount of such Special
Termination Drawings shall be distributed to the Liquidity Providers, pro rata on the basis of the amounts owed to each Liquidity
Provider;

 

fourth,
such amount as shall be required (A) if any Cash Collateral Account had been previously funded as provided in Section 3.05(f),
unless (i) on such Distribution Date a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred
and be continuing with respect to the relevant Liquidity Facility or (ii) a Final Drawing shall have occurred with respect to
such Liquidity Facility, to fund such Cash Collateral Account up to its Required Amount shall be deposited in such Cash Collateral
Account, (B) if any Liquidity Facility shall become a Downgraded Facility or a Non-Extended Facility at a time when unreimbursed
Interest Drawings under such Liquidity Facility have reduced the Available Amount thereunder to zero, unless (i) on such Distribution
Date a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to
the relevant Liquidity Facility or (ii) a Final Drawing shall have occurred with respect to such Liquidity Facility, to fund such
Cash Collateral Account up to its Required Amount shall be deposited in the related Cash Collateral Account, and (C) if, with
respect to any particular Liquidity Facility neither subclause (A) nor subclause (B) of this clause “fourth”
is applicable, to pay or reimburse the Liquidity Provider in respect of such Liquidity Facility in an amount equal to the
outstanding amount of all Liquidity Obligations then due under such Liquidity Facility (other than amounts distributed pursuant
to clauses “first”, “second” or “third” of this Section 3.02), pro rata on the
basis of the amounts of all such fundings and/or unreimbursed Liquidity Obligations payable to each Liquidity Provider;

 

    	 	31	 

     

    

  

fifth,
if, with respect to any particular Liquidity Facility, any amounts are to be distributed pursuant to either subclause (A)
or (B) of clause “fourth” above, then the Liquidity Provider with respect to such Liquidity Facility
shall be paid the excess of (x) the aggregate outstanding amount of unreimbursed Advances (whether or not then due) under such
Liquidity Facility over (y) the Required Amount for the relevant Cash Collateral Account without duplication of any amounts distributed
pursuant to clauses “first”, “second”, “third”, and “fourth”
of this Section 3.02, pro rata on the basis of such amounts in respect of such Liquidity Provider;

 

sixth,
such amount as shall be required to reimburse or pay (i) the Subordination Agent for any Tax (other than Taxes imposed on
compensation paid hereunder), expense, fee, charge or other loss incurred by, or any other amount payable to, the Subordination
Agent in connection with the transactions contemplated hereby (to the extent not previously reimbursed), shall be applied by the
Subordination Agent in reimbursement of such amount, (ii) each Trustee for any Tax (other than Taxes imposed on compensation
paid under the applicable Trust Agreement), expense, fee, charge or other loss incurred by, or any other amount payable to, such
Trustee under the applicable Trust Agreements (to the extent not previously reimbursed), shall be distributed to such Trustee,
and (iii) each Certificateholder for payments, if any, made by it pursuant to Section 5.02 hereof in respect of amounts
described in clause (i) above (without duplication of any amounts distributed pursuant to subclause (iv) of
clause “first” of this Section 3.02) shall be distributed to the applicable Trustee for the account
of such Certificateholder, in each such case, pro rata, without duplication, on the basis of all amounts described in clauses (i)
through (iii) above;

 

seventh,
such amount as shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on the Pool Balance of
the Class A Certificates (excluding interest, if any, payable with respect to the Deposits relating to the Class A Trust)
shall be distributed to the Class A Trustee;

 

eighth,
such amount as shall be required to pay unpaid Class B Adjusted Interest to the holders of the Class B Certificates
(excluding interest, if any, payable with respect to Deposits relating to the Class B Trust) shall be distributed to the Class B
Trustee;

 

ninth,
such amount as shall be required to pay in full Expected Distributions to the holders of the Class A Certificates on such
Distribution Date shall be distributed to the Class A Trustee;

 

tenth,
such amount as shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on the Pool Balance of
the Class B Certificates which was not previously paid pursuant to clause “eighth” above to the holders
of the Class B Certificates (excluding interest, if any, payable with respect to Deposits relating to the Class B Trust)
shall be distributed to the Class B Trustee;

 

    	 	32	 

     

    

  

eleventh,
such amount as shall be required to pay in full Expected Distributions to the holders of the Class B Certificates on such
Distribution Date shall be distributed to the Class B Trustee; and

 

twelfth,
the balance, if any, of any such amount remaining thereafter shall be held in the Collection Account for later distribution in
accordance with this Article III.

 

With
respect to clauses “first” and “sixth” above, no amounts shall be reimbursable to the Subordination
Agent, any Trustee, any Liquidity Provider or any Certificateholder for any payments made by any such Person in connection with
any Equipment Note that is no longer held by the Subordination Agent (to the extent that such payments relate to periods after
such Equipment Note ceases to be held by the Subordination Agent).

 

Section
3.03.         Other Payments.  (a)
Any payments received by the Subordination Agent for which no provision as to the application thereof is made in this Agreement
shall be distributed by the Subordination Agent (i) in the order of priority specified in Section 3.02 hereof
and (ii) to the extent received or realized at any time after the Final Distributions for each Class of Certificates have
been made, in the manner provided in clause “first” of Section 3.02 hereof.

 

(b)          Notwithstanding
the priority of payments specified in Section 3.02, in the event any Investment Earnings on amounts on deposit in
any Cash Collateral Account resulting from an Unapplied Provider Advance are deposited in the Collection Account or the Special
Payments Account, such Investment Earnings shall be used to pay interest payable in respect of such Unapplied Provider Advance
to the extent of such Investment Earnings.

 

(c)          If
the Subordination Agent receives any Scheduled Payment after the Scheduled Payment Date relating thereto, but prior to such payment
becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the Collection Account
and promptly distribute such Scheduled Payment in accordance with the priority of distributions set forth in Section 3.02;
provided, that, for the purposes of this Section 3.03(c) only, each reference in clauses “ninth”
and “eleventh” of Section 3.02 to “Distribution Date” shall be deemed to refer
to such Scheduled Payment Date.

 

Section
3.04.         Payments to the Trustees and the Liquidity Providers.  Any
amounts distributed hereunder to any Liquidity Provider shall be paid by wire transfer of funds to the account that such Liquidity
Provider shall provide to the Subordination Agent. The Subordination Agent shall provide a Written Notice of any such transfer
to the applicable Liquidity Provider at the time of such transfer. Any amounts distributed hereunder by the Subordination Agent
to any Trustee that is not the same institution as the Subordination Agent shall be paid to such Trustee by wire transfer of funds
at the account such Trustee shall provide to the Subordination Agent.

 

    	 	33	 

     

    

 

Section
3.05.         Liquidity Facilities.  (a)
Interest Drawings.  If on any Distribution Date, after giving effect to the subordination provisions of this
Agreement, the Subordination Agent shall not have sufficient funds for the payment of any amounts due and owing in respect of
accrued interest on the Class A Certificates or the Class B Certificates (at the Stated Interest Rate for such Class
of Certificates) (other than any amount of interest which was due and payable on the Class A Certificates or the Class B
Certificates on such Distribution Date but which remains unpaid due to the failure of the Depositary to pay any amount of accrued
interest on the Deposits on such Distribution Date), then, prior to 12:30 p.m. (New York City time) on such Distribution Date,
(i) the Subordination Agent shall request a drawing (each such drawing, an “Interest Drawing”) under the
Liquidity Facility with respect to such Class of Certificates in an amount equal to the lesser of (x) an amount sufficient
to pay the amount of such accrued interest shortfall (at the applicable Stated Interest Rate for such Class of Certificates) and
(y) the Available Amount under such Liquidity Facility, and (ii) the Subordination Agent shall upon receipt of such amount
pay such amount to the Trustee with respect to each such Class of Certificates in payment of such accrued interest shortfall.

 

(b)          Application
of Interest Drawings. Notwithstanding anything to the contrary contained in this Agreement, (i) all payments received
by the Subordination Agent in respect of an Interest Drawing under the Class A Liquidity Facility and all amounts withdrawn
by the Subordination Agent from the Class A Cash Collateral Account, and payable, in each case, to the Class A Certificateholders
or the Class A Trustee, shall be promptly distributed to the Class A Trustee, and (ii) all payments received by
the Subordination Agent in respect of an Interest Drawing under the Class B Liquidity Facility and all amounts withdrawn
by the Subordination Agent from the Class B Cash Collateral Account, and payable, in each case, to the Class B Certificateholders
or the Class B Trustee, shall be promptly distributed to the Class B Trustee.

 

(c)          Downgrade
Drawings.

 

(i)          Each
Liquidity Provider will promptly, but in any event within ten (10) days of the occurrence of a Downgrade Event with respect to
it (the date of such occurrence, the “Downgrade Date”), deliver notice to the Subordination Agent and LATAM
of the occurrence of such Downgrade Event and the Downgrade Date therefor. After the occurrence of a Downgrade Event with respect
to any Liquidity Provider, each Liquidity Facility provided by such Liquidity Provider shall become a “Downgraded Facility”
on the thirty-fifth (35th) day after the related Downgrade Date, unless, not later than such thirty-fifth (35th) day
(or, if earlier, the expiration date of such Liquidity Facility), the Rating Agency whose downgrading of such Liquidity Provider
resulted in such Downgrade Event shall have provided a written confirmation that the occurrence of such Downgrade Event will not
result in the downgrading, withdrawal or suspension of the ratings then issued by such Rating Agency of the related Class of Certificates.
Notwithstanding the foregoing, if at any time after the occurrence of such Downgrade Event, such Liquidity Provider notifies the
Subordination Agent in writing that no such confirmation will be provided by such Rating Agency, each Liquidity Facility provided
by such Liquidity Provider shall become a Downgraded Facility as of the date of such notice to the Subordination Agent.

 

(ii)         If
at any time any Liquidity Facility becomes a Downgraded Facility, not later than the thirty-fifth (35th) day after the related
Downgrade Date (or, if earlier, the expiration date of such Downgraded Facility), the Liquidity Provider under such Downgraded
Facility or LATAM may arrange for a Replacement Liquidity Provider to issue and deliver a Replacement Liquidity Facility to the
Subordination Agent.

 

    	 	34	 

     

    

  

(iii)        If
a Downgraded Facility has not been replaced by a Replacement Liquidity Facility in accordance with Section 3.05(c)(ii), the Subordination
Agent shall, on the 35th day referred to in Section 3.05(c)(ii) (or if such 35th day is not a Business Day, on the next succeeding
Business Day) (or, if earlier, the expiration date of such Downgraded Facility), request a drawing in accordance with and to the
extent permitted by such Downgraded Facility (such drawing, a “Downgrade Drawing”) of the Available Amount
thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be maintained and invested as provided in Section 3.05(f)
hereof. Subject to Section 3.05(e)(iii), the applicable Liquidity Provider may also arrange for a Replacement Liquidity
Provider to issue and deliver a Replacement Liquidity Facility at any time after such Downgrade Drawing so long as such Downgrade
Drawing has not been reimbursed in full to such Liquidity Provider.

 

(iv)        For
the avoidance of doubt, the provisions of this Section 3.05(c) shall apply to each occurrence of a Downgrade Event with
respect to a Liquidity Provider, regardless of whether or not one or more Downgrade Events have occurred prior thereto and whether
or not any confirmation by a Rating Agency specified in Section 3.05(c)(i) has been obtained with respect to any prior
occurrence of a Downgrade Event.

 

(v)         If
at any time after making a Downgrade Drawing, the applicable Liquidity Provider satisfies the Threshold Rating and delivers written
notice to such effect to the Subordination Agent and LATAM, as of the second Business Day following receipt of such notice, (i)
the Downgraded Facility shall cease to be a Downgraded Facility, (ii) the Subordination Agent shall withdraw the unapplied amount
of such Downgrade Drawing on deposit in the Class A Cash Collateral Account and reimburse such amount to the Liquidity Provider
and (iii) any applied amount of such Downgrade Drawing shall be deemed to have been converted to an Interest Drawing as of such
date in accordance with the applicable Liquidity Facility (without prejudice to the first proviso of Section 2.06(a)).

 

(d)          Non-Extension
Drawings. If any Liquidity Facility with respect to any Class of Certificates is scheduled to expire on a date (the “Stated
Expiration Date”) prior to the date that is fifteen (15) days after the Final Legal Distribution Date for such Class
of Certificates, then, if before the 25th day prior to any anniversary date of the Closing Date (such 25th day, the “Notice
Date”) the Liquidity Provider shall have advised the Subordination Agent that such Liquidity Facility shall not be extended
beyond the immediately following anniversary date of the Closing Date and on or before the Notice Date such Liquidity Facility
shall not have been replaced in accordance with Section 3.05(e), the Subordination Agent shall, on the Notice Date (or
as soon thereafter as possible but prior to the date of expiration of the expiring Liquidity Facility (a “Non-Extended
Facility”)), in accordance with the terms of such Non-Extended Facility, request a drawing under such Non-Extended Facility
(such drawing, a “Non-Extension Drawing”) of all available and undrawn amounts thereunder.

 

    	 	35	 

     

    

 

(e)          Issuance
of Replacement Liquidity Facility.  (i) Subject to Section 3.05(e)(iii) and the agreements, if any, in the
applicable Fee Letter, at any time, LATAM may, at its option and at its own expense, with cause or without cause, arrange for
a Replacement Liquidity Facility to replace any Liquidity Facility for any Class of Certificates (including any Replacement Liquidity
Facility provided pursuant to Section 3.05(e)(ii)); provided, however, that if the initial Liquidity
Provider is replaced (including as a result of a refinancing of the Class B Certificates) it shall be replaced with respect to
all Liquidity Facilities under which it is a Liquidity Provider. If such Replacement Liquidity Facility is provided at any time
after a Downgrade Drawing, a Non-Extension Drawing or a Special Termination Drawing has been made, all funds on deposit in the
relevant Cash Collateral Account resulting from such Downgrade Drawing, Non-Extension Drawing or Special Termination Drawing will
be returned to the Liquidity Provider being replaced.

 

(ii)         If
any Liquidity Provider shall determine not to extend its Liquidity Facility in accordance with Section 3.05(d), then
such Liquidity Provider may, at its option, arrange for a Replacement Liquidity Facility to replace such Liquidity Facility during
the period no earlier than forty (40) days and no later than twenty-five (25) days prior to the then effective Stated Expiration
Date of such Liquidity Facility. At any time after a Non-Extension Drawing has been made under any Liquidity Facility, the Liquidity
Provider thereunder may, at its option, arrange for a Replacement Liquidity Facility to replace the Liquidity Facility under which
such Non-Extension Drawing has been made.

 

(iii)        No
Replacement Liquidity Facility arranged by LATAM or a Liquidity Provider in accordance with clause (i) or (ii)
above or pursuant to Section 3.05(c), respectively, shall become effective and no such Replacement Liquidity Facility
shall be deemed a “Liquidity Facility” under the Operative Agreements, unless and until (A) each of the conditions
referred to in sub-clauses (iv)(x) and (z) below shall have been satisfied, (B) if such Replacement Liquidity
Facility shall materially adversely affect the rights, remedies, interests or obligations of the Class A Certificateholders
or the Class B Certificateholders under any of the Operative Agreements, the applicable Trustee shall have consented, in
writing, to the execution and issuance of such Replacement Liquidity Facility and (C) in the case of a Replacement Liquidity
Facility arranged by a Liquidity Provider under Section 3.05(e)(ii) or pursuant to Section 3.05(c), such
Replacement Liquidity Facility is reasonably acceptable to LATAM.

 

(iv)        In
connection with the issuance of each Replacement Liquidity Facility, the Subordination Agent shall (x) prior to the issuance
of such Replacement Liquidity Facility, obtain written confirmation from each Rating Agency that such Replacement Liquidity Facility
will not cause a reduction, withdrawal or suspension of any rating then in effect for the related Class of Certificates by such
Rating Agency (without regard to any downgrading of any rating of the Liquidity Provider being replaced pursuant to Section 3.05(c)),
(y) pay all Liquidity Obligations then owing to the replaced Liquidity Provider (which payment shall be made first from available
funds in the applicable Cash Collateral Account as described in Section 3.05(f), and thereafter from any other available
source, including, without limitation, a drawing under the Replacement Liquidity Facility) and (z) cause the issuer of the
Replacement Liquidity Facility to deliver the Replacement Liquidity Facility to the Subordination Agent, together with a legal
opinion opining that such Replacement Liquidity Facility is an enforceable obligation of such Replacement Liquidity Provider.

 

    	 	36	 

     

    

 

(v)         Upon
satisfaction of the conditions set forth in clauses (iii) and (iv) of this Section 3.05(e) with
respect to a Replacement Liquidity Facility, (1) the replaced Liquidity Facility shall terminate, (2) the Subordination
Agent shall, if and to the extent so requested by LATAM or the Liquidity Provider being replaced, execute and deliver any certificate
or other instrument required in order to terminate the replaced Liquidity Facility, shall surrender the replaced Liquidity Facility
to the Liquidity Provider being replaced and shall execute and deliver the Replacement Liquidity Facility and any associated Fee
Letter, (3) each of the parties hereto shall enter into any amendments to this Agreement necessary to give effect to (a) the
replacement of the applicable Liquidity Provider with the applicable Replacement Liquidity Provider and (b) the replacement
of the applicable Liquidity Facility with the applicable Replacement Liquidity Facility, and (4) the applicable Replacement
Liquidity Provider shall be deemed to be a Liquidity Provider with the rights and obligations of a Liquidity Provider hereunder
and under the other Operative Agreements and such Replacement Liquidity Facility shall be deemed to be a Liquidity Facility hereunder
and under the other Operative Agreements.

 

(f)          Cash
Collateral Accounts; Withdrawals; Investments. In the event the Subordination Agent shall draw all Available Amounts under
the Class A Liquidity Facility or the Class B Liquidity Facility pursuant to Section 3.05(c), 3.05(d),
3.05(i) or 3.05(k), or in the event amounts are to be deposited in the Class A Cash Collateral Account or the
Class B Cash Collateral Account pursuant to subclause (A) or (B) of clause “fourth”
of Section 3.02, amounts so drawn or to be deposited, as the case may be, shall be deposited by the Subordination
Agent in the Class A Cash Collateral Account or the Class B Cash Collateral Account, as applicable. All amounts on deposit
in each Cash Collateral Account shall be invested and reinvested in Eligible Investments in accordance with Section 2.02(b).

 

On
each Interest Payment Date (or, in the case of any Special Distribution Date with respect to the distribution of a Special Payment,
on such Special Distribution Date), Investment Earnings on amounts on deposit in each Cash Collateral Account with respect to
any Liquidity Facility (or in the case of any Special Distribution Date with respect to the distribution of a Special Payment,
so long as no Indenture Event of Default shall have occurred and be continuing under any Indenture, a fraction of such Investment
Earnings equal to the Section 2.04 Fraction) shall be deposited in the Collection Account (or, in the case of any Special
Distribution Date with respect to the distribution of a Special Payment, the Special Payments Account) and applied on such Interest
Payment Date (or Special Distribution Date, as the case may be) in accordance with Section 3.02 or 3.03 (as
applicable). The Subordination Agent shall deliver a written statement to LATAM and each Liquidity Provider one day prior to each
Interest Payment Date and Special Distribution Date setting forth the aggregate amount of Investment Earnings held in the Cash
Collateral Accounts as of such date. In addition, from and after the date funds are so deposited, the Subordination Agent shall
make withdrawals from such accounts as follows:

 

(i)          on
each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued and unpaid
interest due and owing on the Class A Certificates (at the Stated Interest Rate for the Class A Certificates) (other than any
amount of interest which was due and payable in respect of the Class A Certificates on such Distribution Date but which remains
unpaid due to the failure of the Depositary to pay any amount of accrued interest on the Deposits on such Distribution Date) after
giving effect to the subordination provisions of this Agreement, withdraw from the Class A Cash Collateral Account, and pay to
the Class A Trustee, an amount equal to the lesser of (x) an amount necessary to pay accrued and unpaid interest (at the Stated
Interest Rate for the Class A Certificates) on the Class A Certificates (excluding interest, if any, payable with respect to the
Deposits relating to the Class A Trust) and (y) the amount on deposit in the Class A Cash Collateral Account;

 

    	 	37	 

     

    

  

(ii)         on
each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued and unpaid
interest due and owing on the Class B Certificates (at the Stated Interest Rate for the Class B Certificates) (other than any
amount of interest which was due and payable in respect of the Class B Certificates on such Distribution Date but which remains
unpaid due to the failure of the Depositary to pay any amount of accrued interest on the Deposits on such Distribution Date) after
giving effect to the subordination provisions of this Agreement, withdraw from the Class B Cash Collateral Account, and pay to
the Class B Trustee, an amount equal to the lesser of (x) an amount necessary to pay accrued and unpaid interest (at the Stated
Interest Rate for the Class B Certificates) on such Class B Certificates (excluding interest, if any, payable with respect to
the Deposits relating to the Class B Trust) and (y) the amount on deposit in the Class B Cash Collateral Account;

 

(iii)        on
each date on which the Pool Balance of the Class A Trust shall have been reduced by payments made to the Class A Certificateholders
pursuant to Section 3.02 hereof or pursuant to Section 2.03 of the Escrow and Paying Agent Agreement for such Class, the
Subordination Agent shall withdraw from the Class A Cash Collateral Account such amount as is necessary so that, after giving
effect to the reduction of the Pool Balance on such date (and any reduction in the amounts on deposit in the Class A Cash Collateral
Account resulting from a prior withdrawal of amounts on deposit in the Class A Cash Collateral Account on such date) and any transfer
of Investment Earnings from such Cash Collateral Account to the Collection Account or the Special Payments Account on such date,
an amount equal to the sum of the Required Amount (with respect to the Class A Liquidity Facility) plus (if on a Distribution
Date not coinciding with an Interest Payment Date) Investment Earnings on deposit in such Cash Collateral Account (after giving
effect to any such transfer of Investment Earnings) will remain on deposit in the Class A Cash Collateral Account and shall first,
pay such withdrawn amount to the Class A Liquidity Provider until the Class A Liquidity Obligations owing to the Class A Liquidity
Provider shall have been paid in full, and second, deposit any remaining withdrawn amount in the Collection Account;

 

(iv)        on
each date on which the Pool Balance of the Class B Trust shall have been reduced by payments made to the Class B Certificateholders
pursuant to Section 3.02 hereof or pursuant to Section 2.03 of the Escrow and Paying Agent Agreement for such Class, the
Subordination Agent shall withdraw from the Class B Cash Collateral Account such amount as is necessary so that, after giving
effect to the reduction of the Pool Balance on such date (and any reduction in the amounts on deposit in the Class B Cash Collateral
Account resulting from a prior withdrawal of amounts on deposit in the Class B Cash Collateral Account on such date) and any transfer
of Investment Earnings from such Cash Collateral Account to the Collection Account or the Special Payments Account on such date,
an amount equal to the sum of the Required Amount (with respect to the Class B Liquidity Facility) plus (if on a Distribution
Date not coinciding with an Interest Payment Date) Investment Earnings on deposit in such Cash Collateral Account (after giving
effect to any such transfer of Investment Earnings) will remain on deposit in the Class B Cash Collateral Account and shall first,
pay such withdrawn amount to the Class B Liquidity Provider until the Class B Liquidity Obligations owing to such Liquidity Provider
shall have been paid in full, and second, deposit any remaining withdrawn amount in the Collection Account;

 

    	 	38	 

     

    

  

(v)         if
a Replacement Liquidity Facility for any relevant Class of Certificates shall be delivered to the Subordination Agent following
the date on which funds have been deposited into the Cash Collateral Account for such Class of Certificates, the Subordination
Agent shall withdraw all amounts remaining on deposit in such Cash Collateral Account and shall pay such amounts to the replaced
Liquidity Provider, if any, until all Liquidity Obligations owed to such Person shall have been paid in full, and deposit any
remaining amount in the Collection Account;

 

(vi)        if
the Liquidity Provider with respect to a Downgraded Facility satisfies the Threshold Rating and delivers written notice to such
effect to the Subordination Agent and LATAM, on the second Business Day following receipt of such notice, the Subordination Agent
shall withdraw all amounts remaining on deposit in the applicable Cash Collateral Account constituting the unapplied amount of
any Downgrade Drawing and shall pay such amounts to such Liquidity Provider and the obligations of the Liquidity Provider shall
be reinstated in accordance with the applicable Liquidity Facility; and

 

(vii)       following
(x) the payment of Final Distributions or (y) the Final Legal Distribution Date with respect to any Class of Certificates
covered by a Liquidity Facility, on the date on which the Subordination Agent shall have been notified by the Liquidity Provider
for such Class of Certificates that the Liquidity Obligations owed to such Liquidity Provider have been paid in full, or, if earlier,
the first Business Day after such Final Legal Distribution Date, the Subordination Agent shall withdraw all amounts on deposit
in the Cash Collateral Account in respect of such Class of Certificates, if any, and shall deposit such amounts in the Collection
Account.

 

(g)          Reinstatement.  With
respect to any Interest Drawing under the Liquidity Facility for any relevant Trust, upon the reimbursement of the applicable
Liquidity Provider for all or any part of the amount of such Interest Drawing, together with any accrued interest thereon, the
Available Amount of such Liquidity Facility shall be reinstated by an amount equal to the amount of such Interest Drawing so reimbursed
to the applicable Liquidity Provider but not to exceed the Stated Amount for such Liquidity Facility; provided, however,
the Available Amount of such Liquidity Facility shall not be so reinstated in part or in full at any time if (x) both a Performing
Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity
Facility or (y) a Final Drawing, Downgrade Drawing, Non-Extension Drawing or Special Termination Drawing shall have occurred
with respect to such Liquidity Facility or an Interest Drawing shall have been converted into a Final Drawing. In the event that,
with respect to any particular Liquidity Facility, (i) funds are withdrawn from the related Cash Collateral Account pursuant
to clause (i) or (ii) of Section 3.05(f) or (ii) such Liquidity Facility shall become
a Downgraded Facility or a Non-Extended Facility at a time when unreimbursed Interest Drawings under such Liquidity Facility have
reduced the Available Amount thereunder to zero, then funds received by the Subordination Agent at any time, other than (x) any
time when both a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with
respect to such Liquidity Facility or (y) any time after a Final Drawing shall have occurred with respect to such Liquidity
Facility or an Interest Drawing for such Liquidity Facility shall have been converted into a Final Drawing, shall be deposited
in such Cash Collateral Account as and to the extent provided in clause “fourth” of Section 3.02
and applied in accordance with Section 3.05(f).

 

    	 	39	 

     

    

  

(h)          Reimbursement.
The amount of each drawing under the Liquidity Facilities shall be due and payable, together with interest thereon, on the dates
and at the rates, respectively, provided in the Liquidity Facilities.

 

(i)          Final
Drawing. Upon receipt from a Liquidity Provider of a Termination Notice with respect to its applicable Liquidity Facility,
the Subordination Agent shall, not later than the date specified in such Termination Notice, in accordance with the terms of such
Liquidity Facility, request a drawing under such Liquidity Facility of all available and undrawn amounts thereunder (a “Final
Drawing”). Amounts drawn pursuant to a Final Drawing shall be maintained and invested in accordance with Section 3.05(f).

 

(j)          Adjustments
of Stated Amount. Promptly following each date on which the Required Amount of the Liquidity Facility for a relevant Class
of Certificates is reduced as a result of a reduction in the Pool Balance with respect to such Certificates or otherwise, the
Subordination Agent shall, if any such Liquidity Facility provides for reductions of the Stated Amount of such Liquidity Facility
and if such reductions are not automatic, request such Liquidity Provider for such Class of Certificates to reduce such Stated
Amount to an amount equal to the Required Amount with respect to such Liquidity Facility (as calculated by the Subordination Agent
after giving effect to such payment). Each such request shall be made in accordance with the provisions of the applicable Liquidity
Facility.

 

(k)          Special
Termination Drawing. Upon receipt from a Liquidity Provider of a Special Termination Notice with respect to any Liquidity
Facility, the Subordination Agent shall, not later than the date specified in such Special Termination Notice, in accordance with
the terms of such Liquidity Facility, request a drawing under such Liquidity Facility of all available and undrawn amounts thereunder
(a “Special Termination Drawing”). Amounts drawn pursuant to a Special Termination Drawing shall be maintained
and invested in accordance with Section 3.05(f) hereof.

 

(l)          Relation
to Subordination Provisions. Interest Drawings under the Liquidity Facilities and withdrawals from the Cash Collateral Accounts,
in each case, in respect of interest on the Certificates of any Class, will be distributed to the Trustee for such Class of Certificates,
notwithstanding Sections 2.01(b) and 3.02.

 

(m)          Assignment
of Liquidity Facility. The Subordination Agent agrees not to consent to the assignment by any Liquidity Provider of any of
its rights or obligations under any Liquidity Facility or any interest therein unless (i) LATAM shall have consented to such
assignment and (ii) each Rating Agency shall have provided a Ratings Confirmation with respect to each Class of Certificates
then rated by such Rating Agency in connection with such assignment; provided that the Subordination Agent shall consent
to such assignment if the conditions in the foregoing clauses (i) and (ii) are satisfied, and the foregoing
is not intended to and shall not be construed to limit the rights of any initial Liquidity Provider under Section 3.05(e)(ii).

 

    	 	40	 

     

    

  

ARTICLE
IV

 

EXERCISE
OF REMEDIES

 

Section
4.01.         Directions from the Controlling Party.  (a)
(i) Following the occurrence and during the continuation of an Indenture Event of Default under any Indenture, the Controlling
Party shall direct the Subordination Agent, as the holder of the Equipment Notes issued under such Indenture, which in turn shall
direct the Loan Trustee under such Indenture (and the other Security Documents), in the exercise of remedies available to the
holders of such Equipment Notes under such Indenture and the other Security Documents (except as set forth in the last sentence
of this clause (i)), including, without limitation, the ability to vote all such Equipment Notes held by the Subordination
Agent in favor of Accelerating such Equipment Notes in accordance with the provisions of such Indenture. Subject to Section 4.01(a)(iii),
if the Equipment Notes issued pursuant to any Indenture have been Accelerated following an Indenture Event of Default with respect
thereto, the Controlling Party may direct the Subordination Agent to sell, assign, contract to sell or otherwise dispose of and
deliver all (but not less than all) of such Equipment Notes to any Person at public or private sale, at any location at the option
of the Controlling Party, all upon such terms and conditions as the Controlling Party may reasonably deem advisable and in accordance
with applicable law. Following the occurrence and during the continuation of an Indenture Event of Default, the Controlling Party
shall direct the Subordination Agent, in its capacity as secured party under the Pledge Agreements and the Call Option Agreements,
in the exercise of the rights and remedies available to it thereunder, including the right to manage, terminate or replace any
service provider arrangements, or to sell, assign, contract to sell or otherwise dispose of and deliver all (but not less than
all) of the Collateral thereunder to any Person at a public or private sale, to the extent permitted by applicable law, at any
location at the option of the Controlling Party, all upon such terms and conditions as it may reasonably deem advisable in accordance
with applicable law.

 

(ii)         Following
the occurrence and during the continuation of an Indenture Event of Default under any Indenture, in the exercise of remedies pursuant
to such Indenture and/or any other Security Document, the Loan Trustee under such Indenture or other Security Document may be
directed to lease the related Aircraft to any Person (including LATAM) so long as the Loan Trustee in doing so acts in a “commercially
reasonable” manner within the meaning of Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction
(including Sections 9-610 and 9-627 thereof).

 

    	 	41	 

     

    

 

(iii)        Notwithstanding
the foregoing, so long as any Certificates remain Outstanding, during the period ending on the date which is nine months after
the earlier of (x) the Acceleration of the Equipment Notes issued pursuant to any Indenture or (y) the occurrence of
a Lessee Bankruptcy Event, without the consent of each Trustee (other than the Trustee of any Trust all of the Certificates of
which are held or beneficially owned by any Owner, LATAM and/or their respective Affiliates), (A) no Aircraft subject to the Lien
of such Indenture or such Equipment Notes may be sold if the net proceeds from such sale would be less than the Minimum Sale Price
for such Aircraft or such Equipment Notes, (B) the amount and payment dates of rentals payable by LATAM under the Lease for any
Aircraft may not be adjusted, if, as a result of such adjustment, the discounted present value of all such rentals would be less
than 80% of the discounted present value of the rentals payable by LATAM under such Lease before giving effect to such adjustment,
in each case using the weighted average interest rate of the Equipment Notes outstanding under the related Indenture as the discount
rate and (C) the Collateral under the Pledge Agreements may not be sold if the net proceeds from such sale would be less than
the Minimum Sale Price for such Collateral.

 

(iv)        Upon
the occurrence and continuation of an Indenture Event of Default under any Indenture, the Subordination Agent will obtain three
desktop appraisals from the Appraisers selected by the Controlling Party setting forth the current market value, current lease
rate and distressed value (in each case, as defined by the International Society of Transport Aircraft Trading or any successor
organization) of the Aircraft subject to such Indenture (each such appraisal, an “Appraisal” and the
current market value appraisals being referred to herein as the “Post-Default Appraisals”). For so long
as any Indenture Event of Default shall be continuing under any Indenture, and without limiting the right of the Controlling Party
to request more frequent Appraisals, the Subordination Agent will obtain updated Appraisals on the date that is 364 days from
the date of the most recent Appraisal (or if a Lessee Bankruptcy Event shall have occurred and is continuing, on the date that
is 180 days from the date of the most recent Appraisal) and shall (acting on behalf of each Trustee) post such Appraisals on DTC’s
Internet bulletin board or make such other commercially reasonable efforts as the Subordination Agent may deem appropriate to
make such Appraisals available to all Certificateholders.

 

(b)          Following
the occurrence and during the continuance of an Indenture Event of Default under any Indenture, the Controlling Party shall take
such actions as it may reasonably deem most effectual to complete the sale or other disposition of the relevant Aircraft, Equipment
Notes or other Collateral. In addition, in lieu of any sale, assignment, contract to sell or other disposition, the Controlling
Party may maintain or cause the Subordination Agent to maintain possession of such Equipment Notes and continue to apply monies
received in respect of such Equipment Notes in accordance with Article III hereof. In addition, in lieu of such sale,
assignment, contract to sell or other disposition, or in lieu of such maintenance of possession, the Controlling Party may, subject
to the terms and conditions of the related Indenture or other Security Document, as applicable, instruct the Loan Trustee under
such Indenture or other Security Document or the Subordination Agent under the Pledge Agreements and the Call Option Agreements
to foreclose on the Lien on the related Collateral or to take any other remedial action permitted under such Indenture or other
Security Document, as the case may be, or under any applicable law.

 

    	 	42	 

     

    

 

(c)          If
following a Lessee Bankruptcy Event and during the pendency thereof, the Controlling Party receives a proposal from or on behalf
of any Owner or LATAM to restructure the financing of any one or more of the Aircraft, the Controlling Party shall promptly thereafter
give the Subordination Agent, each Trustee and each Liquidity Provider that has not made a Final Drawing notice of the material
economic terms and conditions of such restructuring proposal whereupon the Subordination Agent acting on behalf of each Trustee
shall post such terms and conditions of such restructuring proposal on DTC’s Internet bulletin board or make such other
commercially reasonable efforts as the Subordination Agent may deem appropriate to make such terms and conditions available to
all Certificateholders. Thereafter, neither the Subordination Agent nor any Trustee, whether acting on instructions of the Controlling
Party or otherwise, may, without the consent of each Trustee and each Liquidity Provider that has not made a Final Drawing, enter
into any term sheet, stipulation or other agreement (a “Restructuring Arrangement”) (whether in the form of
an adequate protection stipulation, extension of any automatic stay period or otherwise) to effect any such restructuring proposal
with or on behalf of such Owner or LATAM unless and until the material economic terms and conditions of such restructuring proposal
shall have been made available to all Certificateholders and each Liquidity Provider that has not made a Final Drawing for a period
of not less than fifteen (15) calendar days (except that such requirement shall not apply to any such term sheet, stipulation
or other agreement that is to be effective on or as of any date occurring during the 60-Day Period and that is initially effective
for a period not exceeding three months from the expiry of the 60-Day Period (an “Interim Restructuring Arrangement”)).
In the event that any Certificateholder gives irrevocable notice of the exercise of its right to purchase all (but not less than
all) of the Class of Certificates represented by the then Controlling Party pursuant to the applicable Trust Agreement, prior
to the expiry of the 15-day notice period specified above, such Controlling Party may not direct the Subordination Agent or any
Trustee to enter into any such restructuring proposal with respect to any of the Aircraft, unless and until such Certificateholder
shall fail to purchase such Class of Certificates on the date that it is required to make such purchase.

 

Section
4.02.         Remedies Cumulative.  To
the extent permitted by applicable law, each and every right, power and remedy given to the Trustees, the Liquidity Providers,
the Controlling Party or the Subordination Agent specifically or otherwise in this Agreement shall be cumulative and shall be
in addition to every other right, power and remedy herein specifically given or now or hereafter existing at law, in equity or
by statute, and each and every right, power and remedy whether specifically herein given or otherwise existing may, subject always
to the terms and conditions hereof, be exercised from time to time and as often and in such order as may be deemed expedient by
any Trustee, any Liquidity Provider, the Controlling Party or the Subordination Agent, as appropriate, and the exercise or the
beginning of the exercise of any right, power or remedy shall not be construed to be a waiver of the right to exercise at the
same time or thereafter any other right, power or remedy. No delay or omission by any Trustee, any Liquidity Provider, the Controlling
Party or the Subordination Agent in the exercise of any right, remedy or power or in the pursuit of any remedy shall, to the extent
permitted by applicable law, impair any such right, power or remedy or be construed to be a waiver of any default or to be an
acquiescence therein.

 

Section
4.03.         Discontinuance of Proceedings.  In
case any party to this Agreement (including the Controlling Party in such capacity) shall have instituted any Proceeding to enforce
any right, power or remedy under this Agreement by foreclosure, entry or otherwise, and such Proceeding shall have been discontinued
or abandoned for any reason or shall have been determined adversely to the Person instituting such Proceeding, then and in every
such case each such party shall, subject to any determination in such Proceeding, be restored to its former position and rights
hereunder, and all rights, remedies and powers of such party shall continue as if no such Proceeding had been instituted.

 

    	 	43	 

     

    

 

 

Section
4.04.         Right of Certificateholders and the Liquidity Providers to Receive
Payments Not to Be Impaired.  Anything in this Agreement to the
contrary notwithstanding but subject to each Trust Agreement, the right of any Certificateholder or any Liquidity Provider, respectively,
to receive payments hereunder (including, without limitation, pursuant to Section 3.02) when due, or to institute
suit for the enforcement of any such payment on or after the applicable Distribution Date, shall not be impaired or affected without
the consent of such Certificateholder or such Liquidity Provider, respectively.

 

ARTICLE
V

 

DUTIES
OF THE SUBORDINATION AGENT;

AGREEMENTS
OF TRUSTEES, ETC.

 

Section
5.01.         Notice of Indenture Event of Default or Triggering Event.  (a)
If the Subordination Agent shall have knowledge of an Indenture Event of Default or a Triggering Event, the Subordination Agent
shall promptly give notice thereof to the Rating Agencies, LATAM, the Liquidity Providers and the Trustees by telegram, cable,
facsimile or telephone (to be promptly confirmed in writing), unless such Indenture Event of Default or Triggering Event shall
have been cured or waived. For all purposes of this Agreement, in the absence of actual knowledge, the Subordination Agent shall
not be deemed to have knowledge of any Indenture Event of Default or Triggering Event unless notified in writing by an Owner,
LATAM, one or more Trustees, one or more Liquidity Providers or one or more Certificateholders; and “actual knowledge”
(as used in the foregoing clause) of the Subordination Agent shall mean actual knowledge of an officer in the Corporate Trust
Office of the Subordination Agent.

 

(b)          Other
Notices. The Subordination Agent will furnish to each Liquidity Provider and each Trustee, promptly upon receipt thereof,
duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and other instruments furnished
to the Subordination Agent as registered holder of the Equipment Notes or otherwise in its capacity as Subordination Agent to
the extent the same shall not have been otherwise directly distributed to such Liquidity Provider or such Trustee, as applicable,
pursuant to any other Operative Agreement.

 

(c)          Securities
Position. Upon the occurrence of an Indenture Event of Default, the Subordination Agent shall instruct the Trustees to, and
the Trustees shall, request that DTC post on its Internet bulletin board a securities position listing setting forth the names
of all the parties reflected on DTC’s books as holding interests in the Certificates.

 

(d)          Reports.
Promptly after the occurrence of a Triggering Event or an Indenture Event of Default resulting from either (A) the failure of
LATAM to make any payment of Rent or (B) the failure of any Owner to make payments on any Equipment Note and on every Regular
Distribution Date while such Triggering Event or such Indenture Event of Default shall be continuing, the Subordination Agent
will provide to the Trustees, the Liquidity Providers, the Rating Agencies and LATAM a statement setting forth the following information:

 

    	 	44	 

     

    

 

 

(i)          after
a Lessee Bankruptcy Event, whether such Aircraft is subject to an Interim Restructuring Arrangement or other agreement of the
applicable creditors and the Lessee;

 

(ii)         to
the best of the Subordination Agent’s knowledge, after requesting such information from LATAM, (A) whether the Aircraft
are currently in service or parked in storage, (B) the maintenance status of the Aircraft and (C) the location of the
Engines (as defined in the Indentures);

 

(ii)         the
current Pool Balance of each Class of Certificates, the Eligible B Pool Balance and the outstanding principal amount of all Equipment
Notes;

 

(iii)        the
expected amount of interest which will have accrued on the Equipment Notes and on the Certificates as of the next Regular Distribution
Date;

 

(iv)        the
amounts paid to each Person on such Distribution Date pursuant to this Agreement;

 

(v)         details
of the amounts paid on such Distribution Date identified by reference to the relevant provision of this Agreement and the source
of payment (by Aircraft and party);

 

(vi)        if
the Subordination Agent has made a Final Drawing or a Special Termination Drawing under any Liquidity Facility;

 

(vii)       the
amounts currently owed to each Liquidity Provider;

 

(viii)      the
amounts drawn under each Liquidity Facility; and

 

(ix)         after
a Lessee Bankruptcy Event, any operational reports filed by LATAM with the bankruptcy or other relevant court, trustee or receiver
which are available to the Subordination Agent on a non-confidential basis.

 

Section
5.02.        Indemnification.  The
Subordination Agent shall not be required to take any action or refrain from taking any action under Article IV unless
the Subordination Agent shall have received indemnification against any risks that may be incurred in connection therewith in
form and substance reasonably satisfactory to it, including, without limitation, adequate advances against costs (including fees
and expenses) that may be incurred by it in connection therewith. The Subordination Agent shall not be required to take any action
under Article IV, nor shall any other provision of this Agreement or any other Operative Agreement be deemed to impose
a duty on the Subordination Agent to take any action, if the Subordination Agent shall have been advised by outside counsel that
such action is contrary to the terms hereof or is otherwise contrary to law. Under no circumstances shall the Subordination Agent
be required to expend or risk its own funds or otherwise incur any financial liability in performing its duties or exercising
its rights or powers hereunder if it shall have reasonable grounds for believing that repayment of such funds is not assured to
it.

 

    	 	45	 

     

    

 

 

Section
5.03.         No Duties Except as Specified in Intercreditor Agreement.  The
Subordination Agent shall not have any duty or obligation to take or refrain from taking any action under, or in connection with,
this Agreement, except as expressly provided by the terms of this Agreement; and no implied duties or obligations shall be read
into this Agreement against the Subordination Agent. The Subordination Agent agrees that it will, in its individual capacity and
at its own cost and expense (but without any right of indemnity in respect of any such cost or expense) promptly take such action
as may be necessary to duly discharge all Liens on any of the Trust Accounts or any monies deposited therein that are attributable
to the Subordination Agent in its individual capacity and that are unrelated to the transaction contemplated hereby and by the
other Operative Agreements.

 

Section
5.04.         Notice from the Liquidity Providers and Trustees.  If
any Liquidity Provider or Trustee has notice of an Indenture Event of Default or a Triggering Event, such Person shall promptly
give notice thereof to all other Liquidity Providers and Trustees and to the Subordination Agent; provided, however,
that no such Person shall have any liability hereunder as a result of its failure to deliver any such notice.

 

ARTICLE
VI

 

THE
SUBORDINATION AGENT

 

Section
6.01.         Authorization; Acceptance of Trusts and Duties.  Each
of the Class A Trustee and the Class B Trustee hereby designates and appoints the Subordination Agent as the agent and
trustee of such Trustee under the applicable Liquidity Facility (if any) and authorizes the Subordination Agent to enter into
the applicable Liquidity Facility, as agent and trustee for such Trustee. Each of the Liquidity Providers and the Trustees hereby
designates and appoints the Subordination Agent as the Subordination Agent under this Agreement. WTC accepts the trusts and duties
hereby created and applicable to it and agrees to perform such duties, but only upon the terms of this Agreement and agrees to
receive, handle and disburse all monies received by it in accordance with the terms hereof. The Subordination Agent shall have
no liability hereunder except (a) for its own willful misconduct or negligence, (b) as provided in Section 2.02
and the last sentence of Section 5.03, (c) for liabilities that may result from the inaccuracy of any representation
or warranty of the Subordination Agent made in its individual capacity in any Operative Agreement and (d) as otherwise expressly
provided herein or in the other Operative Agreements.

 

Section
6.02.         Absence of Duties.  The
Subordination Agent shall have no duty to see to any recording or filing of this Agreement or any other document, or to see to
the maintenance of any such recording or filing.

 

Section
6.03.         No Representations or Warranties as to Documents.  The
Subordination Agent shall not be deemed to have made any representation or warranty as to the validity, legality or enforceability
of this Agreement or any other Operative Agreement or as to the correctness of any statement contained herein or therein (other
than the representations and warranties of the Subordination Agent made in its individual capacity under any Operative Agreement),
except that the Subordination Agent hereby represents and warrants that each of said specified documents to which it is a party
has been or will be duly executed and delivered by one of its officers who is and will be duly authorized to execute and deliver
such document on its behalf. The Certificateholders, the Trustees and the Liquidity Providers make no representation or warranty
hereunder whatsoever.

 

    	 	46	 

     

    

  

Section
6.04.         No Segregation of Monies; No Interest.  Any
monies paid to or retained by the Subordination Agent pursuant to any provision hereof and not then required to be distributed
to any Trustee or any Liquidity Provider as provided in Articles II and III or deposited into one or more Trust
Accounts need not be segregated in any manner except to the extent required by such Articles II and III and
by law, and the Subordination Agent shall not (except as otherwise provided in Section 2.02) be liable for any interest
thereon; provided, however, that any payments received or applied hereunder by the Subordination Agent shall be
accounted for by the Subordination Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable as
to the source thereof.

 

Section
6.05.         Reliance; Agents; Advice of Counsel.  The
Subordination Agent shall not incur any liability to anyone in acting upon any signature, instrument, notice, resolution, request,
consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it
to be signed by the proper party or parties. As to the Pool Balance of any Trust as of any date, the Subordination Agent may for
all purposes hereof rely on a certificate signed by any Responsible Officer of the applicable Trustee, and such certificate shall
constitute full protection to the Subordination Agent for any action taken or omitted to be taken by it in good faith in reliance
thereon. As to any fact or matter relating to the Liquidity Providers or the Trustees the manner of ascertainment of which is
not specifically described herein, the Subordination Agent may for all purposes hereof rely on a certificate, signed by any Responsible
Officer of the applicable Liquidity Provider or Trustee, as the case may be, as to such fact or matter, and such certificate shall
constitute full protection to the Subordination Agent for any action taken or omitted to be taken by it in good faith in reliance
thereon. In the administration of the trusts hereunder, the Subordination Agent may (a) execute any of the trusts or powers
hereof and perform its powers and duties hereunder directly or through agents or attorneys and (b) consult with counsel,
accountants and other skilled Persons to be selected and retained by it. The Subordination Agent shall not be liable for anything
done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other
skilled Persons acting within such counsel’s, accountants’ or Person’s area of competence (so long as the Subordination
Agent shall have exercised reasonable care and judgment in selecting such Persons).

 

Section
6.06.         Capacity in Which Acting.  The
Subordination Agent acts hereunder solely as agent or trustee herein and not in its individual capacity, except as otherwise expressly
provided herein and in the Operative Agreements.

 

Section
6.07.         Compensation.  The
Subordination Agent shall be entitled to such compensation, including reasonable expenses and disbursements, for all services
rendered hereunder as LATAM and the Subordination Agent may agree from time to time in writing and shall have a priority claim
to the extent set forth in Article III on all monies collected hereunder for the payment of such compensation, to
the extent that such compensation shall not be paid by others. The Subordination Agent agrees that it shall have no right against
any Trustee or any Liquidity Provider for any fee as compensation for its services as agent under this Agreement. The provisions
of this Section 6.07 shall survive the termination of this Agreement.

 

    	 	47	 

     

    

  

Section
6.08.         May Become Certificateholder.  The
institution acting as Subordination Agent hereunder may become a Certificateholder and have all rights and benefits of a Certificateholder
to the same extent as if it were not the institution acting as the Subordination Agent.

 

Section
6.09.         Subordination Agent Required; Eligibility.  There
shall at all times be a Subordination Agent hereunder that is a bank, trust company or other financial institution organized and
doing business under the laws of the United States or any state thereof and eligible to act as a trustee under Section 310(a)
of the Trust Indenture Act of 1939, as amended, and that has a combined capital and surplus of at least $75,000,000 (or a combined
capital and surplus in excess of $5,000,000 and the obligations of which, whether now in existence or hereafter incurred, are
fully and unconditionally guaranteed by a corporation organized under the laws of the United States or any State or territory
thereof or the District of Columbia and having a combined capital and surplus of at least $75,000,000). If such bank, trust company
or other financial institution or such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes
of this Section 6.09 the combined capital and surplus of such bank, trust company or other financial institution or
such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published.

 

In
case at any time the Subordination Agent shall cease to be eligible in accordance with the provisions of this Section 6.09,
the Subordination Agent shall resign immediately in the manner and with the effect specified in Section 7.01.

 

Section
6.10.         Money to Be Held in Trust.  All
Equipment Notes, monies and other property deposited with or held by the Subordination Agent pursuant to this Agreement shall
be held in trust for the benefit of the parties entitled to such Equipment Notes, monies and other property and the Subordination
Agent, in its individual capacity, hereby waives all rights of set-off and counterclaim with respect to all such property.

 

Section
6.11.         Notice of Substitution or Replacement of Airframe.
If the Subordination Agent, in its capacity as a holder of Equipment Notes issued under an Indenture, receives a notice of substitution
of a Substitute Airframe (as defined in such Indenture) pursuant to Section 7.04(e) of such Indenture or a notice of delivery
of a Replacement Airframe (as defined in such Indenture) pursuant to Section 7.05(a) of such Indenture, the Subordination Agent
shall promptly (i) provide a copy of such notice to each Trustee, each Liquidity Provider and each Rating Agency and (ii) on behalf
of each Trustee post such notice on DTC's Internet bulletin board or make such other commercially reasonable efforts as the Subordination
Agent may deem appropriate to make the contents of such notice available to all Certificateholders.

 

    	 	48	 

     

    

  

ARTICLE
VII

 

SUCCESSOR
SUBORDINATION AGENT

 

Section
7.01.         Replacement of Subordination Agent; Appointment of Successor.  (a)
The Subordination Agent or any successor thereto must resign if at any time it fails to comply with Section 6.09
and may resign at any time without cause by giving 60 days’ prior written notice to LATAM, the Trustees and the Liquidity
Providers. The Controlling Party or LATAM (only so long as no Indenture Event of Default has occurred or is continuing) may remove
the Subordination Agent for cause by so notifying the Subordination Agent and may appoint a successor Subordination Agent. The
Controlling Party (or the party that would be the Controlling Party if an Indenture Event of Default had occurred) shall remove
the Subordination Agent if:

 

(1)         the
Subordination Agent fails to comply with Section 6.09;

 

(2)         the
Subordination Agent is adjudged bankrupt or insolvent or files a bankruptcy petition;

 

(3)         a
receiver of the Subordination Agent shall be appointed or any public officer shall take charge or control of the Subordination
Agent or its property or affairs for the purpose of rehabilitation, conservation or liquidation; or

 

(4)         the
Subordination Agent otherwise becomes incapable of acting.

 

If
the Subordination Agent resigns or is removed or if a vacancy exists in the office of Subordination Agent for any reason (the
Subordination Agent in such event being referred to herein as the retiring Subordination Agent), the Controlling Party (or the
party that would be the Controlling Party if an Indenture Event of Default had occurred) shall promptly appoint a successor Subordination
Agent. If a successor Subordination Agent shall not have been appointed within sixty (60) days after such notice of resignation
or removal, the retiring Subordination Agent, one or more of the Trustees or one or more of the Liquidity Providers may petition
any court of competent jurisdiction for the appointment of a successor Subordination Agent to act until such time, if any, as
a successor shall have been appointed as provided above.

 

A
successor Subordination Agent shall deliver (x) a written acceptance of its appointment as Subordination Agent hereunder
to the retiring Subordination Agent and (y) a written assumption of its obligations hereunder and under each Liquidity Facility
to each party hereto, upon which the resignation or removal of the retiring Subordination Agent shall become effective, and the
successor Subordination Agent shall have all the rights, powers and duties of the Subordination Agent under this Agreement. The
successor Subordination Agent shall mail a notice of its succession to LATAM, the Liquidity Providers and the Trustees. The retiring
Subordination Agent shall promptly transfer its rights under each of the Liquidity Facilities and all of the property and all
books and records, or true, complete and correct copies thereof, held by it as Subordination Agent to the successor Subordination
Agent.

 

    	 	49	 

     

    

 

If
the Subordination Agent fails to comply with Section 6.09 (to the extent applicable), one or more of the Trustees
or one or more of the Liquidity Providers may petition a court of competent jurisdiction for the removal of the Subordination
Agent and the appointment of a successor Subordination Agent.

 

Notwithstanding
the foregoing, no resignation or removal of the Subordination Agent shall be effective unless and until a successor has been appointed.
No appointment of a successor Subordination Agent shall be effective unless and until the Rating Agencies shall have delivered
a Ratings Confirmation with respect to each Class of Certificates then rated by the Rating Agencies.

 

(b)          Any
corporation, bank, trust company or other financial institution into which the Subordination Agent may be merged or converted
or with which it may be consolidated, or any corporation, bank, trust company or other financial institution resulting from any
merger, conversion or consolidation to which the Subordination Agent shall be a party, or any corporation, bank, trust company
or other financial institution succeeding to all or substantially all of the corporate trust business of the Subordination Agent,
shall be the successor of the Subordination Agent hereunder, provided that such corporation, bank, trust company or other
financial institution shall be otherwise qualified and eligible under Section 6.09, without the execution or filing
of any paper or any further act on the part of any of the parties hereto, except that such corporation, bank, trust company or
other financial institution shall give prompt notice of such transaction to the Liquidity Providers and LATAM.

 

ARTICLE
VIII

 

SUPPLEMENTS
AND AMENDMENTS

 

Section
8.01.         Amendments, Waivers, Etc.  (a)
This Agreement may not be supplemented, amended or modified without the consent of each Trustee (acting, except in the case of
any amendment pursuant to Section 3.05(e)(v) or any amendment contemplated by the last sentence of this Section 8.01(a),
with the consent of holders of Outstanding Certificates of the related Class evidencing Fractional Undivided Interests in the
related Trust aggregating not less than a majority in interest in such Trust or as otherwise authorized pursuant to the relevant
Trust Agreement (including, without limitation, without the consent of the Certificateholders to the extent permitted thereby,
Section 9.01 thereof)), the Subordination Agent and each Liquidity Provider; provided, however, that
this Agreement may be supplemented, amended or modified without the consent of any Trustee or the Subordination Agent in order
(i) to cure any ambiguity or omission or to correct any mistake, (ii) to correct or supplement any provision, or (iii) to
make any other provision in regard to matters or questions arising hereunder that will not materially adversely affect the interests
of any Trustee or the holders of the related Class of Certificates, and without the consent of any Trustee or any Liquidity Provider
if such supplement, amendment or modification is in accordance with Section 8.01(c) or 8.01(d); provided,
further, however, that, if such supplement, amendment or modification (x) would directly or indirectly amend,
modify or supersede, or otherwise conflict with, Section 2.02(b), 3.05(c), 3.05(e), 3.05(f),
3.05(m), 4.01(a)(ii) or 4.01(c), this proviso of Section 8.01(a), the last sentence of Section 8.01(a),
Section 8.01(c), 8.01(d) or 9.06 (collectively, the “LATAM Provisions”), (y) would
otherwise adversely affect the interests of any potential Replacement Liquidity Provider or Replacement Depositary or of LATAM
with respect to LATAM’s ability to replace any Liquidity Facility or the Depositary or with respect to LATAM’s payment
obligations under any Operative Agreement or (z) is made pursuant to the last sentence of this Section 8.01(a) or
pursuant to Section 8.01(c) or pursuant to Section 8.01(d), then such supplement, amendment or modification
shall not be effective without the additional written consent of LATAM. Notwithstanding the foregoing, without the consent of
each Certificateholder affected thereby and each Liquidity Provider, no supplement, amendment or modification of this Agreement
may (i) reduce the percentage of the interest in any Trust evidenced by the Certificates issued by such Trust necessary to
consent to modify or amend any provision of this Agreement or to waive compliance therewith or (ii), except as provided in this
Section 8.01(a), Section 8.01(c) or Section 8.01(d), modify Section 2.04, 3.02
or 3.03 hereof relating to the distribution of monies received by the Subordination Agent hereunder from the Equipment
Notes or pursuant to the Liquidity Facilities. Nothing contained in this Section 8.01(a) shall require the consent
of a Trustee at any time following the payment of Final Distributions with respect to the related Class of Certificates. If the
Replacement Liquidity Facility for any Liquidity Facility is to be comprised of more than one instrument as contemplated by the
definition of the term “Replacement Liquidity Facility”, then each party hereto agrees to amend this Agreement and
the other Operative Agreements to incorporate appropriate mechanics for multiple Liquidity Facilities for a single Trust.

 

    	 	50	 

     

    

  

(b)          In
the event that the Subordination Agent, as the registered holder of any Equipment Notes, receives a request for the giving of
notice or its consent to any amendment, supplement, modification, approval, consent or waiver under such Equipment Notes, the
Indenture pursuant to which such Equipment Notes were issued, the related Participation Agreement, the related Lease, the related
Sublease, if applicable, the Note Purchase Agreement, any Pledge Agreement, the Call Option Agreements, the other Security Documents
or other related document, (i) if no Indenture Event of Default shall have occurred and be continuing with respect to such
Indenture, the Subordination Agent shall request directions with respect to each series of such Equipment Notes from the Trustee
of the Trust which holds such Equipment Notes and shall vote or consent in accordance with the directions of such Trustee and
(ii) if any Indenture Event of Default shall have occurred and be continuing with respect to such Indenture, the Subordination
Agent will exercise its voting rights as directed by the Controlling Party, subject to Sections 4.01 and 4.04.
Notwithstanding the foregoing, without the consent of each Liquidity Provider and each affected Certificateholder holding Certificates
representing a Fractional Undivided Interest in the Equipment Notes under the applicable Indenture held by the Subordination Agent,
no such amendment, supplement, modification, approval, consent or waiver shall (i) reduce the principal amount of, Premium,
if any, or interest on, any Equipment Note under such Indenture; (ii) change the date on which any principal amount of, Premium,
if any, or interest on any Equipment Note under such Indenture, is due or payable; (iii) create any Lien with respect to
the Collateral subject to such Indenture or other Security Document prior to or pari passu with the Lien thereon under
such Indenture or other Security Document except such as are permitted thereunder; provided that without the consent of
each Certificateholder, no such amendment, supplement, modification, approval, consent or waiver shall modify Section 3.03
or Section 9.01(b)(vi) of such Indenture or deprive any Certificateholder of the benefit of the Lien of such Indenture
or other Security Document on such Collateral, except as provided in connection with the exercise of remedies under Article IV
of such Indenture or as otherwise permitted by such Indenture or other Security Document; (iv) reduce, modify or amend the
scope of Secured Obligations under and as defined in any Security Document or modify the percentage of the outstanding principal
amount of the Equipment Notes under such Indenture the consent of whose holders is required for any supplemental agreement, or
the consent of whose holders is required for any waiver of compliance with certain provisions of such Indenture or of certain
defaults thereunder or their consequences provided for in such Indenture; (v) make any change in Section 4.05
or Section 9.01(b) of such Indenture, except to provide that certain other provisions of such Indenture cannot be
modified or waived without the consent of each holder of an Equipment Note under such Indenture affected thereby; or (vi) reduce
the amount or extend the time of payment of amounts payable pursuant to clauses 9(a) or 5(a) and (b) of any Lease or Rent or other
amount payable by LATAM pursuant to any Lease, in each case as set forth in such Lease, or modify, amend or supplement any Lease
or consent to any assignment of any Lease, in either case releasing LATAM from its obligations in respect of the payment of amounts
payable pursuant to clauses 9(a) or 5(a) and (b) of the Lease or Rent or other amount payable by LATAM pursuant to any Lease,
in each case as set forth in such Lease, or altering the absolute and unconditional character of the obligations of LATAM to pay
Rent as set forth in any Lease.

 

    	 	51	 

     

    

  

(c)          If
Series B Equipment Notes (or Additional Equipment Notes), with respect to all of the Aircraft for which Series B Equipment Notes
(or, as the case may be, Additional Equipment Notes) are at the time outstanding, are redeemed and new Equipment Notes of corresponding
series are to be issued in accordance with the terms of Section 2.11(b) of each Indenture and Section 4(b)(iv) of the Note
Purchase Agreement, such series of new Equipment Notes (the “Refinancing Equipment Notes”) shall be issued
to a new pass through trust (a “Refinancing Trust”) that issues a class of pass through certificates (the “Refinancing
Certificates”) to certificateholders (the “Refinancing Certificateholders”) pursuant to a pass through
trust agreement (a “Refinancing Trust Agreement”) with a trustee (a “Refinancing Trustee”).
A Refinancing Trust, a Refinancing Trustee and the Refinancing Certificates shall be subject to all of the provisions of this
Agreement in the same manner as the Trust, the Trustee and the Certificates of the Class corresponding to the series of the refinanced
Equipment Notes, including, the subordination of the Refinancing Certificates to the extent provided herein to the Administration
Expenses, the Liquidity Obligations, the Class A Certificates and, if applicable, the Class B Certificates and, if applicable,
any previously issued class of Additional Certificates. Such issuance of Refinancing Equipment Notes and Refinancing Certificates
and the amendment of this Agreement as provided below shall require Ratings Confirmation with respect to each Class of Certificates
then rated by the Rating Agencies and shall not materially adversely affect any of the Trustees in their individual capacities
or any of the Liquidity Providers. This Agreement shall be amended by written agreement of LATAM and the Subordination Agent to
give effect to the issuance of any Refinancing Certificates subject to the following terms and conditions:

 

(i)          the
Refinancing Trustee shall be added as a party to this Agreement;

 

(ii)         the
definitions of “Certificate”, “Class”, “Class B Certificates”, “Final Legal Distribution
Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable
definitions) shall be revised, as appropriate, to reflect such issuance (and the subordination of the Refinancing Certificates
and the Refinancing Equipment Notes);

 

    	 	52	 

     

    

 

(iii)        the
Refinancing Certificates in respect of any Class B Certificates may have the benefit of credit support similar to the Liquidity
Facilities or different therefrom and claims for fees, interest, expenses, reimbursement of advances and other obligations arising
from such credit support may rank pari passu with similar claims in respect of the Liquidity Facilities; provided that,
in each case, Ratings Confirmation with respect to each Class of Certificates then rated by the Rating Agencies and the prior
written consent of the Liquidity Providers shall have been obtained.

 

(iv)        the
Refinancing Certificates cannot be issued to any Owner or LATAM but may be issued to any of LATAM’s Affiliates so long as
such Affiliate shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational
documents and any subsequent transfer of the Refinancing Certificates to any Affiliate of LATAM shall be similarly restricted;
and

 

(v)         the
scheduled payment dates on the Refinancing Equipment Notes shall be the Regular Distribution Dates.

 

The
issuance of the Refinancing Certificates in compliance with all of the foregoing terms of this Section 8.01(c), shall not
require the consent of any of the Trustees or the holders of any Class of Certificates. Each of the Liquidity Providers hereby
agrees and confirms that it shall be deemed to consent to any issuance and amendment in accordance with this Section 8.01(c)
(subject to the Liquidity Providers’ consent right in Section 8.01(c)(iii)) and that any such issuance and amendment
shall not affect any of its respective obligations under the applicable Liquidity Facility.

 

(d)          Pursuant
to the terms of Section 2.02 of each Indenture and Section 4(b)(iv) of the Note Purchase Agreement, one or more additional series
of Equipment Notes (the “Additional Equipment Notes”), which shall be subordinated in right of payment to the
Series A Equipment Notes and the Series B Equipment Notes under such Indenture, may be issued at any time and from time to time.
If any series of Additional Equipment Notes are issued under any Indenture, each such series of Additional Equipment Notes shall
be issued to a new pass through trust (an “Additional Trust”) that issues a class of pass through certificates
(the “Additional Certificates”) to certificateholders (the “Additional Certificateholders”)
pursuant to a pass through trust agreement (an “Additional Trust Agreement”) with a trustee (an “Additional
Trustee”). In such case, this Agreement, including without limitation Sections 2.04, 3.01 and 3.02
hereof, shall be amended by written agreement of each Owner, LATAM and the Subordination Agent to provide for the subordination
of such series of Additional Certificates to, and to provide for distributions on the Additional Certificates after payment of,
the Administration Expenses, the Liquidity Obligations, the Class A Certificates, the Class B Certificates and, if applicable,
any other Additional Certificates that rank senior in right of payment to such Additional Certificates (subject to clause (iii)
below). Such issuance, and the amendment of this Agreement as provided below shall require Ratings Confirmation with respect
to each Class of Certificates then rated by the Rating Agencies and shall not materially adversely affect any of the Trustees
in their individual capacities or any of the Liquidity Providers. This Agreement shall be amended by written agreement of each
Owner, LATAM and the Subordination Agent to give effect to the issuance of any Additional Certificates subject to the following
terms and conditions:

 

(i)          the
Additional Trustee shall be added as a party to this Agreement;

 

    	 	53	 

     

    

  

(ii)         the
definitions of “Certificate”, “Class”, “Equipment Notes”, “Final Legal Distribution
Date”, “Trust”, “Trust Agreement”, and “Controlling Party” (and such other applicable
definitions) shall be revised, as appropriate, to reflect the issuance of the Additional Certificates (and the subordination thereof);

 

(iii)        Section
3.02 may be revised, with respect to any class of Additional Certificates, to provide for the distribution of “Adjusted
Interest” for such class of Additional Certificates (calculated in a manner substantially similar to the calculation of
Class B Adjusted Interest) after the Class B Adjusted Interest (and, if applicable, after any “Adjusted Interest”
for any Additional Certificates that rank senior in right of payment to such Additional Certificates) but before Expected Distributions
on the Class A Certificates, provided that such revision shall not adversely affect any Liquidity Provider (as determined
by such Liquidity Provider in its reasonable discretion);

 

(iv)        the
Additional Certificates will not have the benefit of a liquidity facility;

 

(v)         the
Additional Certificates may be rated by the Rating Agencies;

 

(vi)        Additional
Certificates cannot be issued to any Owner or LATAM but may be issued to any of LATAM’s Affiliates so long as such Affiliate
shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents
and any subsequent transfer of the Additional Certificates to any Affiliate of LATAM or any Owner shall be similarly restricted;

 

(vii)       the
scheduled payment dates on such series of Additional Equipment Notes shall be the Regular Distribution Dates; and

 

(viii)      for
the avoidance of doubt and without limitation of the foregoing, in the event that any Additional Certificates are issued prior
to the Delivery Period Termination Date, the definitions of Deposit Agreement, Escrow and Paying Agent Agreement, Escrow Agent,
Escrow Receipts, Paying Agent, Paying Agent Account, Expected Distributions, Final Distributions and Pool Balance (and any other
applicable definition) and the related provisions hereof may be appropriately revised to reflect any applicable deposit and escrow
arrangement in relation to such Additional Certificates.

 

The
issuance of the Additional Certificates in compliance with all of the foregoing terms of this Section 8.01(d), shall not
require the consent of any of the Trustees or the holders of any Class of Certificates. Each of the Liquidity Providers hereby
agrees and confirms that it shall be deemed to consent to any issuance and amendment in accordance with this Section 8.01(d)
(subject to the Liquidity Providers’ consent right in Section 8.01(d)(iv)) and that any such issuance and amendment
shall not affect any of its obligations under the applicable Liquidity Facility. The Subordination Agent shall deliver to each
Trustee and each Liquidity Provider a copy of the amendments made to this Agreement and all opinions, certificates and other documents
delivered in connection with the issuance of any Additional Certificates.

 

Section
8.02.         Subordination Agent Protected.  If,
in the reasonable opinion of the institution acting as the Subordination Agent hereunder, any document required to be executed
by it pursuant to the terms of Section 8.01 adversely affects any right, duty, immunity or indemnity with respect
to such institution under this Agreement or any Liquidity Facility, the Subordination Agent may in its discretion decline to execute
such document.

 

    	 	54	 

     

    

  

Section
8.03.         Effect of Supplemental Agreements.  Upon
the execution of any amendment, consent or supplement hereto pursuant to the provisions hereof, this Agreement shall be and shall
be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Agreement of the parties hereto and beneficiaries hereof shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental agreement shall be and be deemed to be part of the terms and conditions of this Agreement for any and all purposes.
In executing or accepting any supplemental agreement permitted by this Article VIII, the Subordination Agent shall
be entitled to receive, and shall be fully protected in relying upon, an opinion of counsel stating that the execution of such
supplemental agreement is authorized or permitted by this Agreement.

 

Section
8.04.         Notice to Rating Agencies.  Promptly
following its receipt of each amendment, consent, modification, supplement or waiver contemplated by this Article VIII,
the Subordination Agent shall send a copy thereof to each Rating Agency.

 

ARTICLE
IX

 

MISCELLANEOUS

 

Section
9.01.         Termination of Intercreditor Agreement.  Following
payment of Final Distributions with respect to each Class of Certificates and the payment in full of all Liquidity Obligations
to the Liquidity Providers and provided, that there shall then be no other amounts due to the Certificateholders, the Trustees,
the Liquidity Providers and the Subordination Agent hereunder or under the Trust Agreements, and that the commitment of the Liquidity
Providers under the Liquidity Facilities shall have expired or been terminated, this Agreement shall terminate and shall be of
no further force or effect. Except as aforesaid or otherwise provided, this Agreement and the trusts created hereby shall continue
in full force and effect in accordance with the terms hereof.

 

Section
9.02.         Intercreditor Agreement for Benefit of Trustees, Liquidity Providers
and Subordination Agent.  Subject to the second sentence of Section 9.06
and the provisions of Section 4.04 and 8.01, nothing in this Agreement, whether express or implied, shall
be construed to give to any Person other than the Trustees, the Liquidity Providers and the Subordination Agent any legal or equitable
right, remedy or claim under or in respect of this Agreement.

 

Section
9.03.         Notices.  Unless
otherwise expressly specified or permitted by the terms hereof, all notices required or permitted under the terms and provisions
of this Agreement shall be in English and in writing, and any such notice may be given by United States mail, courier service
or facsimile or any other customary means of communication, and any such notice shall be effective when delivered (or, if mailed,
three Business Days after deposit, postage prepaid, in the first class United States mail and, if delivered by facsimile, upon
completion of transmission and confirmation by the sender (by a telephone call to a representative of the recipient or by machine
confirmation) that such transmission was received),

 

    	 	55	 

     

    

  

if
to the Subordination Agent, to:

 

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention:Corporate
Trust Admin/Drew Davis

Reference:LATAM 2015-1
EETC

Telephone:302-636-6182

Facsimile:302-636-4140

E-mail: DHDavis@wilmingtontrust.com

 

if
to any Trustee, to:

 

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention:Corporate
Trust Admin/Drew Davis

Reference:LATAM 2015-1
EETC

Telephone:302-636-6182

Facsimile:302-636-4140

E-mail: DHDavis@wilmingtontrust.com

 

if
to the Liquidity Provider, to:

 

Natixis

1251 Avenue of the Americas

New York, NY 10020

Attention: Aviation Finance
Portfolio

Reference: LATAM 2015-1
EETC

Facsimile: 646-282-2321

 

Any
party, by notice to the other parties hereto, may designate additional or different addresses for subsequent notices or communications.
Whenever the words “notice” or “notify” or similar words are used herein, they mean the provision of formal
notice as set forth in this Section 9.03.

 

Section
9.04.         Severability.  To
the extent permitted by applicable law, any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

    	 	56	 

     

    

  

Section
9.05.         No Oral Modifications or Continuing Waivers.  No
terms or provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing
signed by the party or other Person against whom enforcement of the change, waiver, discharge or termination is sought and any
other party or other Person whose consent is required pursuant to this Agreement and any waiver of the terms hereof shall be effective
only in the specific instance and for the specific purpose given.

 

Section
9.06.         Successors and Assigns.  All
covenants and agreements contained herein shall bind and inure to the benefit of, and be enforceable by, each of the parties hereto
and the successors and permitted assigns of each, all as herein provided. In addition, the LATAM Provisions shall inure to the
benefit of LATAM and its successors and permitted assigns, and (without limitation of the foregoing) LATAM is hereby constituted,
and agreed to be, an express third party beneficiary of the LATAM Provisions.

 

Section
9.07.         Headings.  The
headings of the various Articles and Sections herein and in the Table of Contents hereto are for convenience of reference only
and shall not define or limit any of the terms or provisions hereof.

 

Section
9.08.         Counterparts.  This
Agreement may be executed in any number of counterparts (and each party shall not be required to execute the same counterpart).
Each counterpart of this Agreement including a signature page or pages executed by each of the parties hereto shall be an original
counterpart of this Agreement, but all of such counterparts together constitute one instrument. The parties intend that faxed
signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all
parties. The original documents shall be promptly delivered, if requested.

 

Section
9.09.         Subordination.  (a)
As between the Liquidity Providers (and any additional liquidity providers in respect of any class of Refinancing Certificates
or any Additional Certificates), on the one hand, and the Trustees (and any Refinancing Trustees or an Additional Trustee) and
the Certificateholders (and any Refinancing Certificateholders or Additional Certificateholders), on the other hand, and as among
the Trustees (and any Refinancing Trustees or an Additional Trustee) and the related Certificateholders (and any Refinancing Certificateholders
or Additional Certificateholders) this Agreement shall be a subordination agreement for purposes of Section 510 of the Bankruptcy
Code.

 

(b)          Notwithstanding
the provisions of this Agreement, if prior to the payment in full to the Liquidity Providers of all Liquidity Obligations then
due and payable any party hereto shall have received any payment or distribution in respect of Equipment Notes or any other amount
under the Indentures or other Operative Agreements which, had the subordination provisions of this Agreement been properly applied
to such payment, distribution or other amount, would not have been distributed to such Person, then such payment, distribution
or other amount shall be received and held in trust by such Person and paid over or delivered to the Subordination Agent for application
as provided herein.

 

    	 	57	 

     

    

 

(c)         If
any Trustee, any Liquidity Provider or the Subordination Agent receives any payment in respect of any obligations owing or amounts
distributable hereunder (or, in the case of the Liquidity Providers, in respect of the Liquidity Obligations), which is subsequently
invalidated, declared preferential, set aside and/or required to be repaid to a trustee, receiver or other party, then, to the
extent of such payment, such obligations or amounts (or, in the case of the Liquidity Providers, such Liquidity Obligations) intended
to be satisfied shall be revived and continue in full force and effect as if such payment had not been received.

 

(d)         The
Trustees (on behalf of themselves and the holders of Certificates), the Liquidity Providers and the Subordination Agent expressly
confirm and agree that the payment priorities and subordination specified in Articles II and III shall apply
in all circumstances, notwithstanding (x) the fact that the obligations owed to the Trustees are secured by certain assets
and the Liquidity Obligations may not be so secured or (y) the occurrence of a Lessee Bankruptcy Event or any similar event
or occurrence relating to any other Person (it being expressly agreed that the payment priorities and subordination specified
in Articles II and III shall apply whether or not a claim for post-petition or post-filing interest is allowed
in the proceedings resulting from such Lessee Bankruptcy Event or other event or occurrence). The Trustees expressly agree (on
behalf of themselves and the holders of Certificates) not to assert priority over the holders of Liquidity Obligations (except
as specifically set forth in Section 3.02) due to their status as secured creditors in any bankruptcy, insolvency
or other legal proceeding.

 

(e)         Each
of the Trustees (on behalf of themselves and the holders of Certificates), the Liquidity Providers and the Subordination Agent
may take any of the following actions without impairing its rights under this Agreement:

 

(i)          obtain
a Lien on any property to secure any amounts owing to it hereunder, including, in the case of the Liquidity Providers, the Liquidity
Obligations;

 

(ii)         obtain
the primary or secondary obligation of any other obligor with respect to any amounts owing to it hereunder, including, in the
case of the Liquidity Providers, any of the Liquidity Obligations;

 

(iii)        renew,
extend, increase, alter or exchange any amounts owing to it hereunder, including, in the case of the Liquidity Providers, any
of the Liquidity Obligations, or release or compromise any obligation of any obligor with respect thereto;

 

(iv)        refrain
from exercising any right or remedy, or delay in exercising any right or remedy, which it may have; or

 

(v)         take
any other action which might discharge a subordinated party or a surety under applicable law;

 

provided,
however, that the taking of any such actions by any of the Trustees, the Liquidity Providers or the Subordination Agent shall
not prejudice the rights or adversely affect the obligations of any other party under this Agreement.

 

Section
9.10.         Governing Law.  THIS
AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

    	 	58	 

     

    

  

Section
9.11.         Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity.  (a)
Each of the parties hereto, to the extent it may do so under applicable law, for purposes hereof and of all other Operative Agreements
hereby (i) irrevocably submits itself to the non-exclusive jurisdiction of the courts of the State of New York sitting in
the City of New York and to the non-exclusive jurisdiction of the United States District Court for the Southern District of New
York, for the purposes of any suit, action or other proceeding arising out of this Agreement, the subject matter hereof or any
of the transactions contemplated hereby brought by any party or parties hereto or thereto, or their successors or permitted assigns,
(ii) waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper
or that this Agreement or the subject matter hereof or any of the transactions contemplated hereby may not be enforced in or by
such courts, (iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to each party hereto at its address
set forth in Section 9.03 hereof, or at such other address of which the other parties shall have been notified pursuant
thereto; and (iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted
by law or shall limit the right to sue in any other jurisdiction.

 

(b)          EACH
OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP
THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all other common
law and statutory claims. Each of the parties warrants and represents that it has reviewed this waiver with its legal counsel,
and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel. TO THE EXTENT
PERMITTED BY APPLICABLE LAW, THIS WAIVER IS IRREVOCABLE AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

(c)          To
the extent that any Liquidity Provider or any of its properties has or may hereafter acquire any right of immunity, whether characterized
as sovereign immunity or otherwise, and whether under the United States Foreign Sovereign Immunities Act of 1976 (or any successor
legislation) or otherwise, from any legal proceedings, whether in the United States or elsewhere, to enforce or collect upon this
Agreement, including, without limitation, immunity from suit or service of process, immunity from jurisdiction or judgment of
any court or tribunal or execution of a judgment, or immunity of any of its property from attachment prior to any entry of judgment,
or from attachment in aid of execution upon a judgment, each of the Class A Liquidity Provider and the Class B Liquidity Provider,
hereby irrevocably and expressly waives any such immunity, and agrees not to assert any such right or claim in any such proceeding,
whether in the United States or elsewhere.

 

    	 	59	 

     

    

 

Section
9.12.         Non-Petition. Each
Liquidity Provider covenants that until one year and one day after the Equipment Notes have been paid in full, it shall not acquiesce,
petition or otherwise invoke or cause or join in invoking or causing any Trust or any other Person to invoke the process of any
governmental authority for the purpose of commencing or sustaining a case (whether voluntary or not) against such Trust under
any bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of such Trust or any substantial part of its property or ordering the winding up or liquidation of the
affairs of such Trust.

 

[Remainder
of Page Intentionally Left Blank]

 

    	 	60	 

     

    

  

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers thereunto duly
authorized, as of the date first above written, and acknowledge that this Agreement has been made and delivered in the City of
New York, and this Agreement has become effective only upon such execution and delivery.

 

	 	WILMINGTON TRUST COMPANY, as Trustee for each of the Trusts
	 	 	 
	 	By:	/s/ Anita Roselli Woolery
	 	 	Name: Anita Roselli Woolery
	 	 	Title: Vice President
	 	 	 
	 	NATIXIS, ACTING THROUGH ITS NEW YORK BRANCH, as Class
    A Liquidity Provider and Class B Liquidity Provider
	 	 	 
	 	By:	/s/ Benoist de Vimal
	 	 	Name: Benoist de Vimal
	 	 	Title: Vice President
	 	 	 
	 	By:	/s/ Louis Douady
	 	 	Name: Louis Douady
	 	 	Title: Managing Director
	 	 	 
	 	WILMINGTON TRUST COMPANY, as Subordination Agent
	 	 	 
	 	By:	/s/ Anita Roselli Woolery
	 	 	Name: Anita Roselli Woolery
	 	 	Title: Vice President

 

[Signature
Page to Intercreditor Agreement]Exhibit 4.7

 

EXECUTION VERSION

 

NOTE PURCHASE AGREEMENT

 

Dated as of May 29, 2015

 

among

  

PARINA LEASING LIMITED,

 

CUCLILLO LEASING LIMITED,

 

RAYADOR LEASING LIMITED,

 

CANASTERO LEASING LIMITED,

 

LATAM AIRLINES GROUP S.A.,

 

WILMINGTON TRUST COMPANY,

as Pass Through Trustee under each of the
Pass Through Trust Agreements

 

WILMINGTON TRUST COMPANY,

as Subordination Agent

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Escrow Agent

 

WILMINGTON TRUST COMPANY,

as Paying Agent

 

and

 

MAPLESFS LIMITED,

as Put & Call Trustee

 

    	 	 	 

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	SECTION 1.	Financing of Aircraft	4
	 	 	 
	SECTION 2.	Conditions Precedent	8
	 	 	 
	SECTION 3.	Representations and Warranties	8
	 	 	 
	SECTION 4.	Covenants	14
	 	 	 
	SECTION 5.	Depositary Downgrade and Replacement of Depositary	17
	 	 	 
	SECTION 6.	Notices	19
	 	 	 
	SECTION 7.	Expenses	19
	 	 	 
	SECTION 8.	Further Assurances	20
	 	 	 
	SECTION 9.	Miscellaneous	20
	 	 	 
	SECTION 10.	Governing Law	21
	 	 	 
	SECTION 11.	Submission to Jurisdiction	21

 

Schedules

 

	Schedule I	Aircraft
	Schedule II	Trust Supplements 
	Schedule III	Required Terms 
	Schedule IV	Process Agents

 

Annex

 

	Annex A	Definitions

 

Exhibits

 

	Exhibit A	Form of Funding Notice
	Exhibit B	Form of Participation Agreement
	Exhibit C	Form of Indenture and Security Agreement 
	Exhibit D	Form of Chilean Mortgage
	Exhibit E	Form of Brazilian Mortgage 
	Exhibit F	Form of Lease
	Exhibit G	Form of Sublease
	Exhibit H	Form of Assignment of Insurances 
	Exhibit I	Form of Lease Assignment
	Exhibit J	Form of Sublease Assignment

 

    	 	 	 

     

    

 

	Exhibit K-1	Form of Purchase Agreement Assignment (Boeing)
	Exhibit K-2	Form of Purchase Agreement Assignment (Airbus A321 – LAN) 
	Exhibit K-3	Form of Purchase Agreement Assignment (Airbus A321 – TAM) 
	Exhibit K-4	Form of Purchase Agreement Assignment (Airbus A350)
	Exhibit L-1	Form of Airframe Warranties Agreement (A321 – LAN)
	Exhibit L-2	Form of Airframe Warranties Agreement (A321 – LAN – Initial Sublease)
	Exhibit L-3	Form of Airframe Warranties Agreement (A321 – TAM)
	Exhibit L-4	Form of Airframe Warranties Agreement (A321 – TAM – Initial Sublease)
	Exhibit L-5	Form of Airframe Warranties Agreement (A350)
	Exhibit M-1	Form of Engine Warranties Agreement (Rolls Royce) 
	Exhibit M-2	Form of Engine Warranties Agreement (CFM)
	Exhibit M-3	Form of Engine Warranties Agreement (CFM – Initial Sublease)
	Exhibit N	Form of Subordination Acknowledgment
	Exhibit O	Form of Note Guarantee

 

    	 	 	 

     

    

 

NOTE PURCHASE AGREEMENT

 

This NOTE PURCHASE AGREEMENT, dated as of
May 29, 2015, is made by and among (i) LATAM AIRLINES GROUP S.A., a company incorporated under the laws of the Republic of Chile
(“LATAM” or “Lessee”), (ii) PARINA LEASING LIMITED, an exempted limited liability company
incorporated under the laws of the Cayman Islands (the “2015 Narrowbody Owner”), (iii) CUCLILLO LEASING
LIMITED, an exempted limited liability company incorporated under the laws of the Cayman Islands (the “2016 Narrowbody
Owner”), (iv) RAYADOR LEASING LIMITED, an exempted limited liability company incorporated under the laws of the Cayman
Islands (the “2015 Widebody Owner”), (v) CANASTERO LEASING LIMITED, an exempted limited liability company incorporated
under the laws of the Cayman Islands (the “2016 Widebody Owner” and together with the 2015 Narrowbody Owner,
the 2016 Narrowbody Owner and the 2015 Widebody Owner, collectively, the “Owners” and each, individually, an
“Owner”), (vi) WILMINGTON TRUST COMPANY (“WTC”), a Delaware trust company, not in its individual
capacity except as otherwise expressly provided herein, but solely as trustee (in such capacity, together with any successor in
interest and any successor or other trustee appointed as provided in the applicable Pass Through Trust Agreement (as defined below),
the “Pass Through Trustee”) under each of the two separate Pass Through Trust Agreements, (vii) WILMINGTON
TRUST COMPANY, a Delaware trust company, as subordination agent and trustee (in such capacity together with its successors in
such capacity, the “Subordination Agent”) under the Intercreditor Agreement (as defined below), (viii) WILMINGTON
TRUST, NATIONAL ASSOCIATION, a national banking association, as Escrow Agent (in such capacity together with its successors in
such capacity, the “Escrow Agent”), under each of the Escrow and Paying Agent Agreements (as defined below),
(ix) WILMINGTON TRUST COMPANY, a Delaware trust company, as Paying Agent (in such capacity together with its successors in such
capacity, the “Paying Agent”) under each of the Escrow and Paying Agent Agreements, and (x) MaplesFS Limited,
a limited company organized under the laws of the Cayman Islands (in such capacity together with its successors in such capacity,
the “Put & Call Trustee”).

 

WITNESSETH:

 

WHEREAS, capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in Annex A hereto;

 

WHEREAS, the Lessee has obtained commitments
from a Manufacturer pursuant to an Aircraft Purchase Agreement for the delivery scheduled in or prior to March 2016 of the 17
aircraft described in Schedule I hereto and (i) the Lessee and the 2015 Narrowbody Owner wish to finance pursuant to this
Note Purchase Agreement the Airbus A321-200 aircraft delivered during 2015 as described in such schedule (the “2015 Narrowbody
Aircraft”), (ii) the Lessee and the 2016 Narrowbody Owner wish to finance pursuant to this Note Purchase Agreement the
Airbus A321-200 aircraft delivered during 2016 as described in such schedule (the “2016 Narrowbody Aircraft”
and, together with the 2015 Narrowbody Aircraft, collectively, the “Narrowbody Aircraft”), (iii) the Lessee
and the 2015 Widebody Owner wish to finance pursuant to this Note Purchase Agreement the Boeing 787 -9 aircraft and Airbus A350-900
aircraft delivered during 2015 as described in such schedule (the “2015 Widebody Aircraft” (iv) the Lessee
and the 2016 Widebody Owner wish to finance pursuant to this Note Purchase Agreement the Boeing 787-9 aircraft and Airbus A350-900
aircraft delivered during 2016 as described in such schedule (the “2016 Widebody Aircraft” and, together with
the 2015 Widebody Aircraft, collectively the “Widebody Aircraft”; the Narrowbody Aircraft and the Widebody
Aircraft, collectively the “Aircraft” and each an “Aircraft”);

 

    	 	 	 

     

    

 

WHEREAS, (a) the designated Owner
of each Aircraft will use the proceeds of the issuance of Equipment Notes, together with the proceeds of the initial rent payment
under the Lease for such Aircraft, to fund the acquisition of such Aircraft from the Manufacturer and (b) simultaneously with such
purchase, such Owner will enter into a Lease for such Aircraft with the Lessee and will transfer possession of such Aircraft to
the Lessee in accordance with such Lease;

 

WHEREAS, pursuant to the Basic
Pass Through Trust Agreement and each of the Trust Supplements described in Schedule II hereto, and concurrently with the
execution and delivery of this Note Purchase Agreement, two separate grantor trusts (the “Class A Pass Through Trust”,
and the “Class B Pass Through Trust”, respectively, and collectively, the “Pass Through Trusts”
and, individually, each a “Pass Through Trust”) have been created to facilitate certain of the transactions
contemplated hereby, including, without limitation, the issuance and sale of pass through certificates pursuant thereto (together
with any other pass through certificates for which such pass through certificates may be exchanged, collectively, the “Certificates”)
to provide financing, among other things, for the purchase by such Pass Through Trusts of the Equipment Notes to be issued in
respect of, and secured by a security interest in, each of the Aircraft;

 

WHEREAS, LATAM and the Owners have
entered into the Purchase Agreement, dated as of May 14, 2015 (as amended, supplemented or otherwise modified from time to time
in accordance with its terms, the “Certificate Purchase Agreement”) with Citigroup Global Markets Inc., as
representative of the Initial Purchasers named therein (the “Initial Purchasers”), and the Depositary, which
provides that LATAM will cause the Pass Through Trustee under the Class A Pass Through Trust (the “Class A Pass Through
Trustee”), and the Pass Through Trustee under the Class B Pass Through Trust (the “Class B Pass Through Trustee”)
to issue and sell the Class A Certificates and the Class B Certificates respectively, to the Initial Purchasers on the Issuance
Date;

 

WHEREAS, LATAM may in the future enter
into Trust Supplements further to facilitate certain of the transactions contemplated hereby, including, without limitation, the
issuance of the Additional Series Pass Through Certificates to provide financing for the purchase by the Additional Series Pass
Through Trustee of the Additional Series Equipment Notes, if issued in respect of, and secured by a security interest in, the Aircraft;

 

WHEREAS, concurrently with the execution
and delivery of this Note Purchase Agreement, (i) the Escrow Agent and the Depositary have entered into that certain Deposit Agreement
(Class A), dated as of the Issuance Date, relating to the Class A Pass Through Trust and that certain Deposit Agreement (Class
B), dated as of the Issuance Date, relating to the Class B Pass Through Trust (each such agreement, as amended, supplemented or
otherwise modified from time to time in accordance with its terms, a “Deposit Agreement” and collectively, the “Deposit
Agreements”) whereby the Escrow Agent has agreed to direct the Initial Purchasers to make certain deposits referred
to therein on the Issuance Date (the “Initial Deposits”) and to permit the applicable Pass Through Trustees
to make additional deposits from time to time thereafter (the Initial Deposits together with such additional deposits are collectively
referred to as the “Deposits”), and (ii) Citigroup Global Markets Inc., as representative of the Initial Purchasers,
the applicable Pass Through Trustees, the Paying Agent and the Escrow Agent have entered into that certain Escrow and Paying Agent
Agreement (Class A), dated as of the Issuance Date, relating to the Class A Pass Through Trust and that certain Escrow and Paying
Agent Agreement (Class B), dated as of the Issuance Date, relating to the Class B Pass Through Trust (each such agreement, as
amended, supplemented or otherwise modified from time to time in accordance with its terms, an “Escrow and Paying Agent
Agreement”, and collectively, the “Escrow and Paying Agent Agreements”), whereby, among other things,
(a) the Initial Purchasers have agreed to deliver an amount equal to the amount of the Initial Deposits to the Depositary on behalf
of the applicable Escrow Agent and (b) the applicable Escrow Agent, upon the Depositary receiving such Initial Deposits, has agreed
to deliver escrow receipts to be affixed to each Certificate;

 

    	 	2	 

     

    

 

WHEREAS, concurrently with the
execution and delivery of this Note Purchase Agreement (i) LATAM has entered into a Charge over Shares (Owner Parent) with
respect to each Owner whereby LATAM has pledged all of its interest in the shares of such Owner to the Subordination Agent; (ii)
the Put & Call Trustee has entered into the Charge over Shares (Put & Call Trustee) in respect of each Owner whereby
the Put & Call Trustee has pledged all of its prospective interest in the shares of such Owner to the Subordination
Agent; (iii) LATAM and the Put & Call Trustee have entered into a Put Option Agreement in respect of each Owner;
and (iv) the LATAM and the Subordination Agent have entered into a Call Option Agreement in respect of each Owner;

 

WHEREAS, subject to the terms and
conditions of this Note Purchase Agreement, each Pass Through Trustee of each Pass Through Trust then in existence and each of
the Subordination Agent, WTC and each Owner will enter into the applicable Financing Agreements to which it is intended to be a
party relating to each Aircraft;

 

WHEREAS, upon the financing of
each Aircraft, each Pass Through Trustee will fund its purchase of the related series of Equipment Notes in respect of such Aircraft
with the proceeds of one or more Deposits withdrawn by the applicable Escrow Agent under the related Deposit Agreement bearing
the same interest rate as the Certificates issued by the applicable Pass Through Trust; and

 

WHEREAS,
concurrently with the execution and delivery of this Note Purchase Agreement, (i) the Class A Liquidity Provider has entered into
the Class A Liquidity Facility for the benefit of the Holders of the Certificates issued by the Class A Pass Through Trust and
the Class B Liquidity Provider has entered into the Class B Liquidity Facility for the benefit of the Holders of the Certificates
issued by the Class B Pass Through Trust, in each case with the Subordination Agent, as agent for the Pass Through Trustee on behalf
of each such Pass Through Trust and (ii) the Pass Through Trustees, the Liquidity Providers and the Subordination Agent
have entered into the Intercreditor Agreement.

 

    	 	3	 

     

    

 

NOW, THEREFORE, in consideration of
the foregoing premises and the mutual agreements herein contained and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1. Financing of Aircraft.

 

(a)         Agreement
to Finance. LATAM confirms that it has entered into each Aircraft Purchase Agreement with the applicable Manufacturer pursuant
to which LATAM has agreed to purchase, and such Manufacturer has agreed to deliver, the Aircraft in the months specified in Schedule
I hereto, all on and subject to terms and conditions specified in such Aircraft Purchase Agreement. LATAM agrees to enter into
a Purchase Agreement Assignment with respect to each Aircraft with the applicable Owner pursuant to which LATAM will assign the
right to purchase such Aircraft and the other relevant rights and obligations under the applicable Aircraft Purchase Agreement
to such Owner. Each Owner agrees to finance all such Aircraft in the manner provided herein, all on and subject to the terms and
conditions hereof and of the applicable Financing Agreements, by the date referred to in clause (a) of the definition of Delivery
Period Termination Date.

 

(b)          Funding
Notice. In furtherance of the foregoing, and in respect of each Aircraft to be purchased and financed by it, the designated
Owner agrees to give the parties hereto, the Depositary and each of the Rating Agencies not less than one Business Day’s
prior notice (including in the case of a substitute Funding Notice under Section 1(f) or a Funding Notice in respect of
a Substitute Aircraft under Section 1(h)), substantially in the form of Exhibit A hereto (each, a “Funding
Notice”), of the date scheduled for the financing as contemplated hereby in respect of such Aircraft (the “Funding
Date”), which notice shall:

 

(i)  specify the Funding Date
of such Aircraft (which shall be a Business Day on or prior to the Cut-Off Date);

 

(ii)  instruct each Pass Through
Trustee of each Pass Through Trust then in existence to enter into the Participation Agreement included in the Financing Agreements
with respect to such Aircraft in such form and at such a time on or before the Funding Date as specified in such Funding Notice
and to perform its obligations thereunder;

 

(iii)  instruct each Pass Through
Trustee to deliver to the applicable Escrow Agent the “Withdrawal Certificate” and the related “Applicable Notice
of Purchase Withdrawal” contemplated by Section 1.02(c) of the applicable Escrow and Paying Agent Agreement with respect
to the Equipment Notes to be issued to such Pass Through Trustee in connection with the financing of such Aircraft; and

 

(iv)  specify
the aggregate principal amount of each series of Equipment Notes to be issued, and purchased by each Pass Through Trustee, in connection
with the financing of such Aircraft scheduled to be consummated on such Funding Date (which aggregate principal amount shall be
as specified in, or as adjusted in accordance with, as the case may be, the Required Terms).

 

    	 	4	 

     

    

 

 (c)         [Reserved].

 

(d)         Entering
into Financing Agreements. Upon receipt of a Funding Notice, each Pass Through Trustee of each Pass Through Trust then in
existence shall, and shall cause the Subordination Agent to, enter into and perform their obligations under each applicable Participation
Agreement and follow the other instructions specified in such Funding Notice; provided that, with respect to each Aircraft to
be financed:

 

(i)  subject to clauses (ii)-(iv)
immediately below, the applicable Financing Agreements, as executed and delivered, shall be substantially in the respective forms
thereof annexed hereto and (x) the amortization schedule for each Equipment Note shall be as set forth in the relevant table
attached as part of Schedule III hereto and (y) the relevant Financing Agreements shall provide for the purchase
by the applicable Pass Through Trustee of Equipment Notes of the related series in the principal amounts specified in Schedule
III hereto;

 

(ii)  subject to
clauses (iii) and (iv) immediately below, if (x) the Lessee shall have obtained from each Rating Agency a Rating
Agency Confirmation with respect to each Class of Certificates then rated by such Rating Agency in connection with any
material modifications of the applicable Financing Agreements from the forms of Financing Agreements annexed hereto
(including the form of Equipment Note included in the form Indenture annexed hereto) and delivered such Rating Agency
Confirmation to each Pass Through Trustee of each Pass Through Trust then in existence on or before the applicable Funding
Date or (y) such Rating Agency Confirmation shall have been obtained with respect to material modifications of the
Financing Agreements relating to another or any Aircraft or with respect to material modifications of the forms of the
Financing Agreements annexed hereto and the applicable Financing Agreements incorporate such material modifications without
additional material modifications, the applicable Financing Agreements, as executed and delivered, may incorporate such
material modifications, if any;

 

(iii)  the applicable Financing
Agreements, as executed and delivered, shall comply with the Required Terms; and

 

(iv)  the Lessee is not required
to obtain or deliver a Rating Agency Confirmation or a certification pursuant to Section 2(b)(ii) of this Note Purchase
Agreement in connection with any modifications to the applicable Financing Agreements that are not material or that are expressly
permitted by the Required Terms or by Section 5(e) of this Note Purchase Agreement.

 

    	 	5	 

     

    

 

Notwithstanding the foregoing, (x)
the Financing Agreements with respect to any Aircraft and the forms of Financing Agreements annexed hereto may be modified to the
extent required for the issuance or the successive redemption and issuance, as applicable, of Equipment Notes or Additional Series
Equipment Notes, as the case may be, pursuant to Section 4(b)(iv) of this Note Purchase Agreement, subject to the terms
of such Section and of Section 8.01(c) or 8.01(d) of the Intercreditor Agreement, whichever may be applicable, and
the Lessee shall pay the reasonable costs and expenses of the Rating Agencies in connection with obtaining any Rating Agency Confirmation
in connection therewith, and (y) no Owner is required to deliver a certification pursuant to Section 2(b)(ii) of
this Note Purchase Agreement in connection with any modifications of the Financing Agreements contemplated by this sentence. With
respect to each Aircraft financed by it, the applicable Owner shall cause WTC (or such other Person that meets the eligibility
requirements to act as loan trustee under the applicable Indenture) to execute as the applicable Loan Trustee the Financing Agreements
relating to such Aircraft to which such Loan Trustee is intended to be a party, and shall concurrently therewith execute such Financing
Agreements to which such Owner is intended to be a party and perform its respective obligations thereunder. Upon the request of
one or more Rating Agencies, each Owner shall deliver or cause to be delivered to such Rating Agency or Rating Agencies a true
and complete copy of each Financing Agreement relating to the financing of each Aircraft owned by such Owner, together with a true
and complete set of the closing documentation (including legal opinions) delivered to the applicable Loan Trustee, the Subordination
Agent and each Pass Through Trustee of each Pass Through Trust then in existence under the applicable Participation Agreement.

 

(e)         Registration of Equipment
Notes. Each Owner agrees that all Equipment Notes issued by it pursuant to any Indenture to which an Aircraft shall have been
subjected shall initially be registered in the name of the Subordination Agent on behalf of the applicable Pass Through Trustee
(or, in the case of any Additional Series Equipment Notes, on behalf of the Additional Series Pass Through Trustee with respect
to the corresponding Additional Series Pass Through Certificates).

 

(f)         Postponement
of Delivery and Funding. If, on the Funding Date for any Aircraft, the financing of such Aircraft as contemplated hereunder
shall not be consummated for whatever reason, the Lessee shall give the parties hereto and the Depositary prompt notice thereof.
Promptly after the Lessee has identified (x) a new Funding Date on which such Aircraft may be subjected to the financing as provided
herein or (y) a Substitute Aircraft that may be subjected to the financing as provided herein in lieu of such Aircraft and the
Funding Date for such Substitute Aircraft (all on and subject to the terms and conditions hereof and of the applicable Financing
Agreements), the Lessee shall give the parties hereto and the Depositary a substitute Funding Notice specifying such new Funding
Date for such Aircraft or the Funding Date for such Substitute Aircraft. Upon receipt of any such substitute Funding Notice, each
Pass Through Trustee of each Pass Through Trust then in existence shall comply with its obligations under Section 7.01 of
the applicable Trust Supplement and thereafter the financing of such Aircraft, as specified in such substitute Funding Notice,
shall take place on the re-scheduled Funding Date therefor (all on and subject to the terms and conditions hereof and of the applicable
Financing Agreements) unless further postponed as provided herein.

 

    	 	6	 

     

    

 

(g)        Delivery of Aircraft
from Manufacturer. Anything in this Section 1 or elsewhere to the contrary notwithstanding, (i) the 2015 Narrowbody Owner shall
have the right to accept delivery of each 2015 Narrowbody Aircraft, (ii) the 2016 Narrowbody Owner shall have the right to accept
delivery of each 2016 Narrowbody Aircraft, (iii) the 2015 Widebody Owner shall have the right to accept delivery of each 2015 Widebody
Aircraft and (iv) the 2016 Widebody Owner shall have the right to accept delivery of each 2016 Widebody Aircraft, in each case
from the applicable Manufacturer under the applicable Aircraft Purchase Agreement prior to the Funding Date for such Aircraft by
utilization of bridge financing of such Aircraft or using such Owner’s or Lessee’s own funds or otherwise and to specify
a Funding Date for such Aircraft that, in the case of any Aircraft that is not a Substitute Aircraft, shall be no later than 90
days after the delivery of such Aircraft to such Owner by the applicable Manufacturer under the applicable Aircraft Purchase Agreement
and, in each case, shall be no later than the Cut-Off Date and otherwise complying with the provisions of Section 1(b) hereof.

 

(h)        Substitute Aircraft.
If the Funding Date for any Aircraft is delayed more than 30 days beyond the last day of the month set forth opposite such
Aircraft under the heading “Scheduled Delivery Month” in Schedule I hereto, the Lessee may substitute therefor an aircraft
not included in the Aircraft, but meeting the following conditions (each, a “Substitute Aircraft” and, collectively,
the “Substitute Aircraft”): (i) a Substitute Aircraft must be of the same model as the Aircraft being replaced and
(ii) the Lessee shall obtain a Rating Agency Confirmation with respect to each Class of Certificates then rated by the Rating Agencies
in connection with the replacement of any Aircraft by a Substitute Aircraft. Upon the satisfaction of the conditions set forth
above with respect to a Substitute Aircraft, the Aircraft it replaced shall cease to be subject to this Note Purchase Agreement
and all rights and obligations of the parties hereto concerning such Aircraft shall cease, and such Substitute Aircraft shall become,
and thereafter be, subject to the terms and conditions of this Note Purchase Agreement to the same extent as such Aircraft.

 

(i)         No
Liability for Failure to Purchase Equipment Notes. Neither the Lessee nor any Owner shall have any liability for the failure
of any Pass Through Trustee to purchase Equipment Notes with respect to any Aircraft.

 

(j)         Withdrawals
Limited to Available Deposits. Anything herein to the contrary notwithstanding, neither the Lessee nor any Owner shall have
the right, nor shall it be entitled, at any time to request the issuance of Series A Equipment Notes or Series B Equipment Notes
in respect of the Aircraft to the Class A Pass Through Trustee, or the Class B Pass Through Trustee, respectively, in an aggregate
principal amount in excess of the amount of the Deposits then available for withdrawal by the Escrow Agent under and in accordance
with the provisions of the applicable Deposit Agreement.

 

(k)         Notice
of Event of Loss. In the case of any Aircraft, if, prior to the date on which such Aircraft is subjected to a financing in
the manner provided herein, an event has occurred and is continuing that constitutes an Event of Loss (as defined in the form
of the Indenture annexed hereto, as such form is modified from time to time in accordance with the terms hereof) with respect
to such Aircraft or that would constitute such an Event of Loss but for the requirement that notice be given or time elapse or
both, the Lessee will as promptly as practicable (and, in any event, within 15 days after the occurrence of the relevant Event
of Loss) give notice of such event to each Pass Through Trustee and the Subordination Agent and instruct each Pass Through Trustee,
and each Pass Through Trustee agrees, to execute and deliver to the applicable Escrow Agent a duly completed Withdrawal Certificate
(as defined in the applicable Escrow and Paying Agent Agreement) together with a relevant Notice of Event of Loss Withdrawal (as
defined in the applicable Escrow and Paying Agent Agreement).

 

    	 	7	 

     

    

 

SECTION 2. Conditions Precedent.
The obligation of each of the Pass Through Trustees of each Pass Through Trust then in existence to enter into, and to cause
the Subordination Agent to enter into, a Participation Agreement relating to any Aircraft as directed pursuant to a Funding Notice
and to perform its obligations thereunder is subject to satisfaction of the following conditions:

 

(a)         no Triggering Event shall
have occurred;

 

(b)         subject
to Section 1(d)(iv) and the last paragraph of Section 1(d), the applicable Owner shall have delivered a certificate
to each Pass Through Trustee of each Pass Through Trust then in existence and each Liquidity Provider stating that (i) such Participation
Agreement and the other Financing Agreements to be entered into pursuant to such Participation Agreement comply with the Required
Terms and (ii) if any substantive modifications of such Financing Agreements from the forms of Financing Agreements attached
to this Note Purchase Agreement have been made, (x) such substantive modifications do not materially and adversely affect
the Holders of the Class A Certificates, the Holders of the Class B Certificates, or any Liquidity Provider and (y) if required
pursuant to Section 1(d)(ii), such Owner has obtained from each Rating Agency a Rating Agency Confirmation with respect
to each Class of Certificates then rated by such Rating Agency with respect to such modifications, and such certification shall
be true and correct; and

 

(c)         such Pass Through Trustee
shall not have received any notice pursuant to Section 1(k) of a relevant event with respect to such Aircraft.

 

Anything herein to the contrary notwithstanding, the
obligation of each Pass Through Trustee of each Pass Through Trust then in existence to purchase Equipment Notes hereunder shall
terminate on the Cut-Off Date.

 

SECTION 3. Representations and Warranties.

 

(a)          Representations
and Warranties of the Owners. Each Owner represents and warrants, as to itself, that:

 

(i)   Due Incorporation; Good
Standing; Corporate Power; Etc. It is duly incorporated, validly existing and in good standing under the laws of the Cayman
Islands and has the full corporate power, authority and legal right under the laws of the Cayman Islands to execute and deliver
this Note Purchase Agreement and each Financing Agreement to which it will be a party and to carry out its obligations under this
Note Purchase Agreement and each Financing Agreement to which it will be a party;

 

    	 	8	 

     

    

 

(ii)   Authorization;
No Conflicts. The execution and delivery by such Owner of this Note Purchase Agreement and the performance by such Owner of
its obligations under this Note Purchase Agreement have been duly authorized by such Owner and will not violate its Certificate
of Incorporation or memorandum and articles of association or the provisions of any indenture, mortgage, contract or other agreement
to which it is a party or by which it is bound;

 

(iii)   Enforceability.
This Note Purchase Agreement constitutes the legal, valid and binding obligation of such Owner, enforceable against it in accordance
with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in
equity; and

 

(iv)   No Withholding.
As of the date hereof, all payments to be made by such Owner under this Agreement and each of the other Financing Agreements may
be made by it free and clear of, and without deduction for or on account of, any Chilean taxes and no deductions or withholdings
are required to be made therefrom pursuant to the laws or regulations of Chile as of the date hereof.

 

(b)        Representations
and Warranties of LATAM. LATAM represents and warrants that:

 

(i)         Due Incorporation; Good
Standing; Corporate Power; Etc. LATAM is duly incorporated, validly existing and in good standing under the laws of the Republic
of Chile and has the full corporate power, authority and legal right under the laws of the Republic of Chile to execute and deliver
this Note Purchase Agreement and each Financing Agreement to which it will be a party and to carry out the obligations of LATAM
under this Note Purchase Agreement and each Financing Agreement to which it will be a party;

 

(ii)        Authorization;
No Conflicts. The execution and delivery by LATAM of this Note Purchase Agreement and the performance by LATAM of its obligations
under this Note Purchase Agreement have been duly authorized by LATAM and will not violate its Certificate of Incorporation or
by-laws or the provisions of any indenture, mortgage, contract or other agreement to which it is a party or by which it is bound;

 

(iii)       Enforceability.
This Note Purchase Agreement constitutes the legal, valid and binding obligation of LATAM, enforceable against it in accordance
with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law
or in equity; and

 

    	 	9	 

     

    

 

(iv)        No
Withholding. As of the date hereof, all payments to be made by LATAM under this Agreement and each of the other Financing
Agreements may be made by it free and clear of, and without deduction for or on account of, any Chilean taxes and no deductions
or withholdings are required to be made therefrom pursuant to the laws or regulations of Chile as of the date hereof.

 

(c)          Representations
and Warranties of WTC. WTC represents and warrants that:

 

(i)   Due Incorporation; Good
Standing; Corporate Power; Etc. WTC is a Delaware trust company duly organized and validly existing in good standing under
the laws of the State of Delaware, holds a valid certificate to do business as a Delaware trust company and has the full corporate
power, authority and legal right under the laws of the United States and of the state of the United States in which it is located
and pertaining to its trust and fiduciary powers to execute and deliver this Note Purchase Agreement and each Financing Agreement
to which it will be a party and to carry out the obligations of WTC, in its capacity as Subordination Agent, Pass Through Trustee
or Paying Agent, as the case may be, under this Note Purchase Agreement and each Financing Agreement to which it will be a party;

 

(ii)   Due Authorization;
No Conflicts. The execution and delivery by WTC, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent,
as the case may be, of this Note Purchase Agreement and the performance by WTC, in its capacity as Subordination Agent, Pass Through
Trustee or Paying Agent, as the case may be, of its obligations under this Note Purchase Agreement have been duly authorized by
WTC, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent, as the case may be, and will not violate its
articles of association or by-laws or the provisions of any indenture, mortgage, contract or other agreement to which it is a
party or by which it is bound; and

 

(iii)  Enforceability.
This Note Purchase Agreement constitutes the legal, valid and binding obligations of WTC, in its capacity as Subordination Agent,
Pass Through Trustee or Paying Agent, as the case may be, enforceable against it in accordance with its terms, except as the same
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors
generally and by general principles of equity, whether considered in a proceeding at law or in equity.

 

(d)        Representations
and Warranties of the Pass Through Trustee. Each Pass Through Trustee hereby confirms to each of the other parties hereto
that its representations and warranties set forth in Section 7.15 of the Basic Pass Through Trust Agreement and Section
7.04 of the applicable Trust Supplement are true and correct as of the date hereof.

 

(e)        Representations
and Warranties of the Subordination Agent. The Subordination Agent represents and warrants that:

 

    	 	10	 

     

    

 

(i)    Due Incorporation; Good
Standing; Corporate Power; Etc. The Subordination Agent is a Delaware trust company duly organized and validly existing in
good standing under the laws of the State of Delaware, holds a valid certificate to do business as a Delaware trust company, and
has the full corporate power, authority and legal right under the laws of the United States and of the state of the United States
in which it is located and pertaining to its trust and fiduciary powers to execute and deliver this Note Purchase Agreement and
each Financing Agreement to which it is or will be a party and to perform its obligations under this Note Purchase Agreement and
each Financing Agreement to which it is or will be a party;

 

(ii)   Due Authorization; Enforceability.
This Note Purchase Agreement has been duly authorized, executed and delivered by the Subordination Agent; this Note Purchase Agreement
constitutes the legal, valid and binding obligations of the Subordination Agent enforceable against it in accordance with its terms,
except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity;

 

(iii)   Compliance
with Laws; No Conflicts. None of the execution, delivery and performance by the Subordination Agent of this Note Purchase
Agreement contravenes any law, rule or regulation of the state of the United States in which it is located or any United States
governmental authority or agency regulating the Subordination Agent’s trust or fiduciary powers or any judgment or order
applicable to or binding on the Subordination Agent or contravenes the Subordination Agent’s articles of association or
by-laws or results in any breach of, or constitute a default under, any agreement or instrument to which the Subordination Agent
is a party or by which it or any of its properties may be bound;

 

(iv)   No Governmental
Consents. Neither the execution and delivery by the Subordination Agent of this Note Purchase Agreement nor the consummation
by the Subordination Agent of any of the transactions contemplated hereby requires the consent or approval of, the giving of notice
to, the registration with, or the taking of any other action with respect to, any governmental authority or agency of the state
of the United States in which it is located or any federal governmental authority or agency regulating the Subordination Agent’s
trust or fiduciary powers;

 

(v)   Certain
Tax Matters. There are no Taxes payable by the Subordination Agent imposed by any state of the United States in which it is
located or any political subdivision or taxing authority thereof in connection with the execution, delivery and performance by
the Subordination Agent of this Note Purchase Agreement or the Intercreditor Agreement (other than franchise or other taxes based
on or measured by any fees or compensation received by the Subordination Agent for services rendered in connection with the transactions
contemplated by the Intercreditor Agreement or any of the Liquidity Facilities), and there are no Taxes payable by the Subordination
Agent imposed by any state of the United States in which it is located or any political subdivision thereof in connection with
the acquisition, possession or ownership by the Subordination Agent of any of the Equipment Notes (other than franchise or other
taxes based on or measured by any fees or compensation received by the Subordination Agent for services rendered in connection
with the transactions contemplated by the Intercreditor Agreement or any of the Liquidity Facilities); and

 

    	 	11	 

     

    

 

(vi)   No Proceedings.
There are no pending or threatened actions or proceedings against the Subordination Agent before any court or administrative agency
which individually or in the aggregate, if determined adversely to it, would materially adversely affect the ability of the Subordination
Agent to perform its obligations under this Note Purchase Agreement.

 

(f)          Representations
and Warranties of the Escrow Agent. The Escrow Agent represents and warrants that:

 

(i)   Due Incorporation;
Good Standing; Corporate Power; Etc. The Escrow Agent is a national banking association duly incorporated, validly existing
and in good standing under the laws of the United States and has the full corporate power, authority and legal right under the
laws of the United States and of the state of the United States in which it is located and pertaining to its banking, trust and
fiduciary powers to execute and deliver this Note Purchase Agreement, each Deposit Agreement and each Escrow and Paying Agent
Agreement (collectively, the “Escrow Agent Agreements”) and to carry out the obligations of the Escrow Agent
under each of the Escrow Agent Agreements;

 

(ii)   Due Authorization;
No Conflicts. The execution and delivery by the Escrow Agent of each of the Escrow Agent Agreements and the performance by
the Escrow Agent of its obligations hereunder and thereunder have been duly authorized by the Escrow Agent and will not violate
its charter or the provisions of any indenture, mortgage, contract or other agreement to which it is a party or by which it is
bound; and

 

(iii)   Enforceability.
Each of the Escrow Agent Agreements constitutes the legal, valid and binding obligations of the Escrow Agent enforceable against
it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding
at law or in equity.

 

(g)         Representations
and Warranties of the Paying Agent. The Paying Agent represents and warrants that:

 

    	 	12	 

     

    

 

(i)   Due Incorporation;
Good Standing; Corporate Power; Etc. The Paying Agent is a Delaware trust company duly organized and validly existing in good
standing under the laws of the State of Delaware, holds a valid certificate to do business as a Delaware trust company, and has
the full corporate power, authority and legal right under the laws of the United States and of the state in which it is located
and pertaining to its trust and fiduciary powers to execute and deliver this Note Purchase Agreement and each Escrow and Paying
Agent Agreement (collectively, the “Paying Agent Agreements”) and to carry out the obligations of the Paying
Agent under each of the Paying Agent Agreements;

 

(ii)   Due Authorization;
No Conflicts. The execution and delivery by the Paying Agent of each of the Paying Agent Agreements and the performance by
the Paying Agent of its obligations hereunder and thereunder have been duly authorized by the Paying Agent and will not violate
its articles of association or by-laws or the provisions of any indenture, mortgage, contract or other agreement to which it is
a party or by which it is bound; and

 

(iii)   Enforceability.
Each of the Paying Agent Agreements constitutes the legal, valid and binding obligations of the Paying Agent enforceable against
it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding
at law or in equity.

 

(h)         Representations
and Warranties of the Put & Call Trustee. The Put & Call Trustee represents and warrants that:

 

(i)   Due Incorporation; Good
Standing; Corporate Power; Etc. MaplesFS Limited is a company validly existing and in good standing under the laws of the Cayman
Islands and has the full corporate power, authority and legal right under the laws of the Cayman Islands and pertaining to its
trust and fiduciary powers to execute and deliver this Note Purchase Agreement and each Operative Agreement to which it is a party
and to carry out the obligations of the Put & Call Trustee under each such Operative Agreement to which it is a party;

 

(ii)   Due Authorization;
No Conflicts. The execution and delivery by the Put & Call Trustee of each of this Note Purchase Agreement and each Operative
Agreement to which it is a party and the performance by the Put & Call Trustee of its obligations hereunder and thereunder
have been duly authorized by the Put & Call Trustee and will not violate its memorandum and articles of association or the
provisions of any indenture, mortgage, contract or other agreement to which it is a party or by which it is bound, in each case,
in connection with the Operative Agreements; and

 

(iii)   Enforceability.
Each of the this Note Purchase Agreement and each Operative Agreement to which it is a party constitutes the legal, valid and
binding obligations of the Put & Call Trustee enforceable against it in accordance with its terms, except as the same may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors
generally and by general principles of equity, whether considered in a proceeding at law or in equity.

 

    	 	13	 

     

    

 

SECTION 4. Covenants.

 

		(a)	Covenants of the Owners.

 

(i)   Maintenance of Corporate
Existence. Each Owner shall at all times maintain its corporate existence.

 

(ii)   Special
Purpose. No Owner shall:

 

(A)   enter into any business
or other activity other than (i) the entry into, the exercise of rights under, and the performance of all obligations to be performed
by it pursuant to, and as permitted by, the Operative Agreements or any documents executed or to be executed by it in connection
with the transactions contemplated thereby, (ii) paying expenses incurred in the ordinary course of the business contemplated by
the Operative Agreements, and (iii) activities incidental to the foregoing, including without limitation arrangements for the management
and/or administration of the Owners;

 

(B)    contract for, create, incur
or assume any indebtedness (including contingent liability therefor), grant any credit, guarantee any debts or grant any indemnity
other than pursuant to the Operative Agreements; and

 

(C)    enter into any contract
or agreement with any Person, nor create or incur, any liability to any Person, other than such contracts or liabilities, or both,
as expressly provided for or permitted or contemplated by the Operative Agreements to which such Owner is a party, and contracts,
liabilities, ordinary operating costs and overhead expenses as have arisen or may arise in the ordinary course of carrying on business
in accordance with this Section 4(a)(ii).

 

(iii)    Merger, Consolidation,
Acquisition of the Owners. No Owner shall consolidate with or merge into any other Person or convey, transfer or lease any
of its assets to any Person, except for leasing of its Aircraft under the Leases to which it is a party and such other conveyances,
transfers or leases permitted by the Operative Agreements.

 

		(b)	Covenants by LATAM.

 

(i)   Maintenance
of Corporate Existence. Subject to, and except as contemplated by, Section 4(b)(ii) of this Note Purchase Agreement,
LATAM shall at all times maintain its corporate existence.

 

    	 	14	 

     

    

 

(ii)  Merger, Consolidation,
Acquisition of LATAM.

 

(A)  LATAM shall not consolidate
with or merge into any other Person under circumstances where LATAM is not the surviving Person or convey, transfer or lease substantially
all of its assets as an entirety to any Person unless (1) immediately prior to such transaction and immediately after giving effect
to such transaction no “Event of Default” under any Lease or any Indenture will have occurred or be continuing; (2)
the Person formed by such consolidation or into which LATAM is merged or the Person that acquires by conveyance, transfer or lease
substantially all of the assets of LATAM as an entirety shall be organized and validly existing under (x) the laws of the Republic
of Chile or any territory thereof or (y) the laws of the United States of America or any state thereof of the District of Columbia,
provided that, in the case of clause (y), such Person shall be a United States certificated air carrier, if and so long
as such status is a condition to the benefits of Section 1110 of the United States Bankruptcy Reform Act of 1978, as amended, with
respect to any Leases or any Aircraft, and (3) such Person shall execute and deliver to the Pass Through Trustees, the Subordination
Agent, the Escrow Agent and the Paying Agent an agreement in form and substance reasonably satisfactory to them containing an assumption
by such successor Person of the due and punctual performance and observance of each covenant and condition of this Note Purchase
Agreement.

 

(B)  Upon any consolidation
or merger, or any conveyance, transfer or lease of substantially all of the assets of LATAM as an entirety in accordance with this
Section 4(b), the successor Person formed by such consolidation or into which LATAM is merged or to which such conveyance, transfer
or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, LATAM under this Agreement
with the same effect as if such successor Person had been named as the Lessee herein.

 

(C)  Each of the Pass Through
Trustees, the Subordination Agent, the Escrow Agent and the Paying Agent may request an officer’s certificate and an opinion
of counsel of LATAM (or such successor Person) as conclusive evidence that any such consolidation, merger, conveyance, transfer
or lease, and any such assumption, complies with the provisions of this Section 4(b).

 

(iii)   Certain
Reports to Subordination Agent. Promptly after the occurrence of a Triggering Event or an Indenture Event of Default resulting
from the failure of LATAM to make payments of Rent or any other payments to be made by it pursuant to any Lease and on every Regular
Distribution Date while the Triggering Event or such Indenture Event of Default shall be continuing, LATAM shall, at the Subordination
Agent’s request from time to time but in any event no more frequently than once every three months, provide to the Subordination
Agent a statement setting forth the following information with respect to each Aircraft then subject to the lien of an Indenture:
(A) whether the Aircraft are currently in service or parked in storage, (B) the maintenance status of the Aircraft, and (C) the
location of the Engines (as defined in the respective Indentures to which such Aircraft are subject). As used in this Section 4(b)(iii),
the terms “Triggering Event”, “Indenture Event of Default” and “Regular Distribution Date”
have the respective meanings set forth in the Intercreditor Agreement.

 

    	 	15	 

     

    

 

(iv)  Refinancing
of Equipment Notes; Additional Series Equipment Notes. The Lessee shall have the option to cause each Owner to (A),
with respect to Equipment Notes issued by it, redeem any Series B Equipment Notes (or any Additional Series Equipment Notes) and
issue new Equipment Notes with the same Series designation as that of the redeemed Equipment Notes, (B) issue one or more series
at any time outstanding of Additional Series Equipment Notes, in each case, under any Indenture to which such Owner is a party
and (C) at any time following the payment in full of any Additional Series Equipment Notes previously issued by it, issue new
Additional Series Equipment Notes of the same series designation as such Additional Series Equipment Notes that have been paid
in full, provided that the Lessee shall have obtained a Rating Agency Confirmation with respect to any Class of Certificates
then rated by such Rating Agency that will remain outstanding in connection with such issuance or such redemption and issuance,
as applicable, and provided further that any such issuance or redemption and issuance, as applicable, shall be subject
to the terms of Section 8.01(c) or 8.01(d), as applicable, of the Intercreditor Agreement. If any such new Equipment
Notes or Additional Series Equipment Notes are to be so issued, the pass through trustee of the pass through trust that acquires
such new Equipment Notes or the Additional Series Pass Through Trustee, as applicable, shall execute and deliver an instrument
(which may be a joinder agreement) by which such pass through trustee or Additional Series Pass Through Trustee, as applicable,
becomes a party hereto, and each of the parties hereto agrees, at the Lessee’s request, to enter into any amendments to
(or any amendment and restatement of) this Note Purchase Agreement (including, without limitation, any modifications of the Indenture
Form and the Participation Agreement Form) and any other Operative Agreements as may be necessary or desirable to give effect
to such issuance or redemption and issuance of any such new Equipment Notes or Additional Series Equipment Notes, as applicable,
and the issuance of pass through certificates by any pass through trust that acquires any such new Equipment Notes or Additional
Series Equipment Notes, as applicable, and to make changes relating to any of the foregoing (including, without limitation, to
provide for any prefunding mechanism in connection therewith) and to provide for any credit support for any pass through certificates
relating to any such new Equipment Notes or Additional Series Equipment Notes (including, without limitation, to provide for payment
of fees, interest, expenses, reimbursement of advances and other obligations arising from such credit support); provided, however,
that any Additional Series Pass Through Certificates will not have the benefit of any liquidity facility.

 

    	 	16	 

     

    

 

(v)  LATAM shall, and shall ensure
that any transferee of an interest in an Owner shall, upon reasonable request of any of the Owners, provide any information and
documentation LATAM or such transferee can provide to facilitate the Owner’s continuing compliance with FATCA.

 

		(c)	Covenants by WTC.

 

(i)  Situs of Activity.
Except with the consent of each Owner, which shall not be unreasonably withheld, WTC will act as Pass Through Trustee and Subordination
Agent solely through its offices within the State of Delaware, except for such services as may be performed for it by independent
agents in the ordinary course of business, but not directly by it, in other states.

 

		(d)	Covenants by the Pass Through Trustees.

 

(i)  Tax Forms of
the Pass Through Trustees. On or prior to the date this Note Purchase Agreement is executed, each Pass Through Trustee shall
have provided a completed and executed copy of IRS Form W-9 to each of the Owners, the Lessee, the Subordination Agent, the Liquidity
Providers, the Escrow Agent, the Paying Agent and the Depositary. Upon reasonable request of any of the Owners, each of the Pass
Through Trustees shall provide any additional information and documentation (including, without limitation, information and documentation
relating to the Pass Through Trusts) that such Owners are required to request to facilitate their continuing compliance with FATCA.

 

(ii)   Tax Forms
of Pass Through Trustee of New or Additional Series Pass Through Trust. If any new Equipment Notes or Additional Series
Equipment Notes shall be issued under any Indenture as provided in Section 4(b)(iv), on or prior to the date such new Equipment
Notes or Additional Series Equipment Notes, as applicable, shall have been so issued, the pass through trustee of the pass through
trust that acquires such new Equipment Notes or the Additional Series Pass Through Trustee, as applicable, shall have provided
a completed and executed copy of IRS Form W-9 to each of the Owners and the Subordination Agent and, if a liquidity facility shall
have been provided with respect to such new pass through trust or the Additional Series Pass Through Trust, to the provider of
such liquidity facility and, if such new Equipment Notes or Additional Series Equipment Notes shall be issued on or prior to the
Delivery Period Termination Date, to the Escrow Agent, the Paying Agent and the Depositary.

 

SECTION 5. Depositary Downgrade and Replacement
of Depositary.

 

(a)         Depositary
Downgrade and Option to Replace. If (1) the Depositary’s Short-Term Rating issued by Moody’s is downgraded below
P-1 or the Depositary’s Long-Term Rating issued by Standard & Poor’s is downgraded below A-, as applicable (each
such minimum rating, a “Depositary Threshold Rating”), or (2) LATAM, in its sole discretion, gives written
notice to the Depositary of LATAM’s election that the Depositary be replaced, LATAM shall, within 35 days after such event
occurring, cause the Depositary to be replaced with a depositary bank meeting the terms and on the conditions set forth in Section
5(c) (a “Replacement Depositary”).

 

    	 	17	 

     

    

 

		(b)	[Reserved].

 

		(c)	Terms and Preconditions for Replacement of Depositary.

 

(i)  Minimum Credit
Ratings; Confirmation from Ratings Agency. Any Replacement Depositary may either be (x) one that meets the Depositary Threshold
Ratings or (y) one that does not meet the Depositary Threshold Ratings, so long as, in the case of either of the immediately preceding
clauses (x) and (y), LATAM shall have obtained a Rating Agency Confirmation with respect to each Class of Certificates then rated
by such Rating Agency in connection with the replacement of the Depositary with such Replacement Depositary.

 

(ii)  Certain Fees
and Expenses. LATAM shall pay all fees, expenses and other amounts then owing to the replaced Depositary. LATAM shall also
pay (x) any up-front fee of the Replacement Depositary and (y) all out-of-pocket expenses (including reasonable fees and expenses
of legal counsel) of the parties hereto (including, without limitation, all amounts payable to the Rating Agencies) incurred in
connection with such replacement.

 

(iii)  Replacement
Deposit Agreements; Opinions and Other Closing Requirements. LATAM shall cause the Replacement Depositary to enter
into a Replacement Deposit Agreement for each of the Class A Certificates and the Class B Certificates with the Escrow Agent (and
the Escrow Agent agrees to enter into any such Replacement Deposit Agreement upon request of LATAM) and shall cause the Replacement
Depositary to deliver to LATAM and each Rating Agency legal opinions and other closing documentation substantially similar in
scope and substance as those that were delivered by the Depositary being replaced in connection with the execution and delivery
of the Deposit Agreement being replaced.

 

(d)        Withdrawal
Certificate and Notice of Replacement Withdrawal. Upon satisfaction of the conditions set forth in Section 5(c), LATAM
shall instruct each Pass Through Trustee, and each Pass Through Trustee agrees, to execute and deliver to the Escrow Agent a duly
completed Withdrawal Certificate (as defined in the Escrow and Paying Agent Agreements) together with a Notice of Replacement
Withdrawal (as defined in the Escrow and Paying Agent Agreements).

 

(e)        Amendments
to Documents. Each of the parties hereto agrees, at LATAM’s request, to enter into any amendments to this Note Purchase
Agreement, the Escrow and Paying Agent Agreements and any other Operative Agreements as may be necessary or desirable to give
effect to the replacement of the Depositary with the Replacement Depositary and the replacement of the Deposit Agreements with
the Replacement Deposit Agreements.

 

    	 	18	 

     

    

 

(f)         Effect
of Replacement. Until the execution and delivery of the Replacement Deposit Agreements, the Deposit Agreements with the Depositary
being replaced shall remain in full force and effect. Upon the execution and delivery of the Replacement Deposit Agreements, the
Replacement Depositary shall be deemed to be the Depositary under the Deposit Agreements with all of the rights and obligations
of the Depositary hereunder and under the other Operative Agreements and the Replacement Deposit Agreements shall be deemed to
be the Deposit Agreements hereunder and under the other Operative Agreements.

 

SECTION 6. Notices. Unless
otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents
or waivers required or permitted by the terms and provisions of this Note Purchase Agreement shall be in English and in writing,
and given by United States registered or certified mail, return receipt requested, overnight courier service or facsimile, and
any such notice shall be effective when received (or, if delivered by facsimile, upon completion of transmission and confirmation
by the sender (by a telephone call to a representative of the recipient or by machine confirmation) that such transmission was
received) to the relevant party hereto at the address or facsimile number set forth below the signature of such party at the foot
of this Note Purchase Agreement or to such other address or facsimile number as such party may hereafter specify by notice to the
other parties.

 

SECTION 7. Expenses. So long
as no Equipment Notes have been issued in respect of any Aircraft, each of LATAM and each Owner agrees, jointly and severally,
to pay:

 

(a)        Certain
Liquidity Provider Fees. To the Subordination Agent when due an amount or amounts equal to the fees payable to the applicable
Liquidity Provider under Section 2.03 of each Liquidity Facility and under the related Fee Letter (as defined in the Intercreditor
Agreement);

 

(b)        Under
the Liquidity Facilities. To the Subordination Agent when due (i) the amount equal to interest on any Downgrade Advance (other
than any Applied Downgrade Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings while
such Downgrade Advance shall be outstanding and (ii) any other amounts owed to the applicable Liquidity Provider by the Subordination
Agent as borrower under each Liquidity Facility (other than amounts due as repayment of advances thereunder or as interest on
such advances), except to the extent payable pursuant to clause (i) of this sentence;

 

(c)        Under
the Pass Through Trust Agreements. All compensation and reimbursement of expenses, disbursements and advances payable by LATAM
under the Pass Through Trust Agreements in respect of each Pass Through Trust then in existence;

 

(d)        Under
the Intercreditor Agreement. All compensation and reimbursement of expenses and disbursements payable to the Subordination
Agent under the Intercreditor Agreement except with respect to any income or franchise taxes incurred by the Subordination Agent
in connection with the transactions contemplated by the Intercreditor Agreement; and

 

    	 	19	 

     

    

 

(e)         Escrow
Agent and Paying Agent. In the event LATAM or any Owner requests any amendment to any Operative Agreement, all reasonable
fees and expenses (including, without limitation, fees and disbursements of counsel) of the Escrow Agent and/or the Paying Agent
in connection therewith.

 

For purposes of this Section 7, the terms “Applied
Downgrade Advance”, “Downgrade Advance” and “Investment Earnings” shall have the meanings specified
in each Liquidity Facility.

 

SECTION 8. Further Assurances.
Each party hereto shall duly execute, acknowledge and deliver, or shall cause to be executed, acknowledged and delivered, all
such further agreements, instruments, certificates or documents, and shall do and cause to be done such further acts and things,
in any case, as any other party hereto shall reasonably request in connection with its administration of, or to carry out more
effectually the purposes of, or to better assure and confirm unto it the rights and benefits to be provided under, this Note Purchase
Agreement.

 

SECTION 9. Miscellaneous.

 

(a)         Survival
of Representations and Covenants. Provided that the transactions contemplated hereby have been consummated, and except as
otherwise provided for herein, the representations, warranties and agreements herein of LATAM, each Owner, the Subordination Agent,
the Escrow Agent, the Paying Agent, the Put & Call Trustee and each Pass Through Trustee, and LATAM’s, each Owner’s,
the Subordination Agent’s, the Escrow Agent’s, the Paying Agent’s, the Put & Call Trustee’s and each
Pass Through Trustee’s obligations under any and all thereof, shall survive the expiration or other termination of this
Note Purchase Agreement and the other agreements referred to herein.

 

(b)        Counterparts;
Amendments; Effect of Headings; Successors and Assigns. This Note Purchase Agreement may be executed in any number of counterparts
(and each of the parties hereto shall not be required to execute the same counterpart). Each counterpart of this Note Purchase
Agreement, including a signature page executed by each of the parties hereto, shall be an original counterpart of this Note Purchase
Agreement, but all of such counterparts together shall constitute one instrument. Neither this Note Purchase Agreement nor any
of the terms hereof may be terminated, amended, supplemented, waived or modified orally, but only by an instrument in writing
signed by the party against which the enforcement of the termination, amendment, supplement, waiver or modification is sought.
The Table of Contents to this Note Purchase Agreement and the headings of the various Sections and Subsections of this Note Purchase
Agreement are for convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions hereof.
The terms of this Note Purchase Agreement shall be binding upon, and shall inure to the benefit of, LATAM and its successors and
permitted assigns, each Owner and its successors and permitted assigns, the Pass Through Trustee and its successors as Pass Through
Trustee (and any additional trustee appointed) under any of the Pass Through Trust Agreements, the Escrow Agent and its successors
as Escrow Agent under the Escrow and Paying Agent Agreements, the

 

    	 	20	 

     

    

 

(c)         Paying Agent and its successors
as Paying Agent under the Escrow and Paying Agent Agreements and the Subordination Agent and its successors as Subordination Agent
under the Intercreditor Agreement.

 

(d)        Benefits
of Agreement. This Note Purchase Agreement is not intended to, and shall not, provide any Person not a party hereto (other
than the Initial Purchasers, each of the beneficiaries of Section 7 hereof, each Liquidity Provider as a beneficiary of
Section 2(b) hereof and the Depositary as a beneficiary of Section 5(c)(ii) hereof) with any rights of any nature
whatsoever against any of the parties hereto, and no Person not a party hereto (other than the Initial Purchasers, each of the
beneficiaries of Section 7 hereof, each Liquidity Provider as a beneficiary of Section 2(b) hereof and the Depositary
as a beneficiary of Section 5(c)(ii) hereof) shall have any right, power or privilege in respect of, or have any benefit
or interest arising out of, this Note Purchase Agreement. To the extent that this Note Purchase Agreement expressly confers upon,
gives or grants any right, power, privilege, benefit, interest, remedy or claim to any of the beneficiaries of Section 7 hereof
(including, but not limited to, rights, powers, privileges, benefits, interests, remedies and claims under Section 7) to
each Liquidity Provider with respect to Section 2(b) hereof, or to the Depositary with respect to Section 5(c)(ii) hereof,
each such party is hereby recognized as a third party beneficiary hereunder and may enforce any such right, power, privilege,
benefit, interest, remedy or claim.

 

SECTION 10. Governing Law. THIS
NOTE PURCHASE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS NOTE PURCHASE AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK.

 

SECTION 11. Submission to Jurisdiction.
Each of the parties hereto, to the extent it may do so under applicable law, for purposes hereof and of all other Operative
Agreements hereby (a) irrevocably submits itself to the non-exclusive jurisdiction of the courts of the State of New York
sitting in the City of New York and to the non-exclusive jurisdiction of the United States District Court for the Southern District
of New York and (b) waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action
or proceeding, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding
is improper or that this Note Purchase Agreement or the subject matter hereof or any of the transactions contemplated hereby may
not be enforced in or by such courts. Each of the Owners and LATAM and the Put & Call Trustee hereby irrevocably consents and
agrees to the service of any and all legal process, summons, notices and documents of any of the aforementioned courts in any such
suit, action or proceeding by mailing copies thereof by registered or certified mail, postage prepaid, to its agent for process
set forth in Schedule IV.

 

    	 	21	 

     

    

 

SECTION 12. Limited Recourse. Notwithstanding
any other provision of this Agreement or any other Operative Agreement, the obligations of any Owner to make any payments under
the Equipment Notes, this Agreement or any other Operative Agreement shall be equal to the nominal amount of each payment or, if
less, the actual amount received or recovered from time to time by or on behalf of such Owner which consists of funds which are
entitled to be applied by such Owner in making such payment in accordance with this Agreement and the other Operative Agreements
from its Collateral, including amounts payable to such Owner under any related Lease and the proceeds of any contingent claims
that are included in its Collateral, and no party hereto will have further recourse to such Owner in respect of such obligations
beyond its rights under this Agreement and the other Operative Agreements. On enforcement of this Agreement and the other Operative
Agreements, after realization of its Collateral, including amounts payable to any Owner under any related Lease and liquidation
of any contingent claims that are included in its Collateral, and distribution of all proceeds in Collateral, including the proceeds
of any such Lease payments and contingent claims, in accordance with this Agreement and the other Operative Agreements, none of
the parties hereto may take any further steps against such Owner or against any of its directors or officers in respect of such
obligations. No party hereto (other than the Subordination Agent or the Loan Trustee, in each case acting on the direction of the
Controlling Party) will, until the expiry of one year and one day after the payment of all sums outstanding and owing under the
latest maturing Equipment Note of any Owner then rated, take any corporate action or other steps or legal proceedings for the winding-
up, dissolution or re-organization or for the appointment of a receiver, administrator, administrative receiver, trustee, liquidator,
examiner, sequestrator or similar officer of any Owner, or against any of the revenues and assets of any Owner; provided, however,
that nothing shall prevent any party hereto from otherwise participating in such bankruptcy or other proceeding instituted by any
other Person. This Section 12 shall not prevent any payment becoming due for the purposes of an Indenture Event of Default.

 

[Signature Pages Follow]

 

    	 	22	 

     

    

 

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.

 

	 	LATAM AIRLINES GROUP S.A.
	 	 	 
	 	BY:	/s/ Cristian Toro
	 	 	Name:	Cristian Toro
	 	 	Title: 	Authorized Signatory
	 	 	Address:	LATAM Airlines Group S.A.
	 	 	 	Edificio Huidobro
	 	 	 	Avda. Presidente Piesco 5711
	 	 	 	Piso 20
	 	 	 	Las Condes, Santiago
	 	 	 	Chile
	 	 	Attn:	General Counsel/
	 	 	 	Corporate Finance Director
	 	 	Fax:	+ 56 2 565 8764
	 	 	Email:	 
	 	 	GrupoTesoreriaPagosChile_2@lanchile.com

 

	 	PARINA LEASING LIMITED
	 	 	 
	 	BY:	/s/ Cristian Toro
	 	 	Name:	Cristian Toro
	 	 	Title: 	Authorized Signatory
	 	 	Address:	Parina Leasing Limited
	 	 	 	c/o MaplesFS Limited
	 	 	 	PO Box 1093
	 	 	 	Queensgate House
	 	 	 	George Town
	 	 	 	Grand Cayman
	 	 	 	KY-1104
	 	 	 	Cayman Islands

 

[2015-1 EETC Note Purchase Agreement
Signature Page]

 

    	 	23	 

     

    

 

	 	CUCLILLO LEASING LIMITED
	 	 	 
	 	BY:	/s/ Cristian Toro
	 	 	Name:	Cristian Toro
	 	 	Title: 	Authorized Signatory
	 	 	Address:	Cuclillo Leasing Limited
	 	 	 	c/o MaplesFS Limited
	 	 	 	PO Box 1093
	 	 	 	Queensgate House
	 	 	 	George Town
	 	 	 	Grand Cayman
	 	 	 	KY-1104
	 	 	 	Cayman Islands

 

	 	RAYADOR LEASING LIMITED
	 	 	 
	 	BY:	/s/ Cristian Toro
	 	 	Name:	Cristian Toro
	 	 	Title: 	Authorized Signatory
	 	 	Address:	Rayador Leasing Limited
	 	 	 	c/o MaplesFS Limited
	 	 	 	PO Box 1093
	 	 	 	Queensgate House
	 	 	 	George Town
	 	 	 	Grand Cayman
	 	 	 	KY-1104
	 	 	 	Cayman Islands

 

	 	CANASTERO LEASING LIMITED
	 	 	 
	 	BY:	/s/ Cristian Toro
	 	 	Name:	Cristian Toro
	 	 	Title: 	Authorized Signatory
	 	 	Address:	Canastero Leasing Limited
	 	 	 	c/o MaplesFS Limited
	 	 	 	PO Box 1093
	 	 	 	Queensgate House
	 	 	 	George Town
	 	 	 	Grand Cayman
	 	 	 	KY-1104
	 	 	 	Cayman Islands

 

[2015-1 EETC Note Purchase Agreement
Signature Page]

 

    	 	24	 

     

    

 

	 	WILMINGTON TRUST, NATIONAL
    ASSOCIATION, not in its individual capacity, except as otherwise provided herein, but solely as Escrow Agent
	 	 	 
	 	BY:	/s/ Melinda Morales Romay
	 	 	Name:	Melinda Morales Romay
	 	 	Title: 	Banking Officer
	 	 	Address:	1100 North Market Street
	 	 	 	Wilmington, Delaware 19890-1605
	 	 	 	Attention: Corporate Trust
	 	 	 	Administration/Drew Davis
	 	 	 	Facsimile: 302-636-4140
	 	 	 	Email:
	 	 	 	DHDavis@wilmingtontrust.com
	 	 	 	 
	 	WILMINGTON TRUST COMPANY, not in its individual capacity, except as otherwise provided herein, but solely as Paying Agent
	 	 	 
	 	BY:	/s/ Melinda Morales Romay
	 	 	Name:	Melinda Morales Romay
	 	 	Title: 	Financial Services Officer
	 	 	Address:	1100 North Market Street
	 	 	 	Wilmington, Delaware 19890-1605
	 	 	 	Attention: Corporate Trust
	 	 	 	Administration/Drew Davis
	 	 	 	Facsimile: 302-636-4140
	 	 	 	Email:
	 	 	 	DHDavis@wilmingtontrust.com

 

[2015-1 EETC Note Purchase Agreement
Signature Page]

 

    	 	25	 

     

    

 

	 	
        WILMINGTON TRUST COMPANY, not in its individual capacity,
except as otherwise provided herein, but solely as Pass Through Trustee

	 	 	 
	 	BY:	/s/ Melinda Morales Romay
	 	 	Name:	Melinda Morales Romay
	 	 	Title: 	Banking Officer
	 	 	Address:	1100 North Market Street
	 	 	 	Wilmington, Delaware 19890-1605
	 	 	 	Attention: Corporate Trust
	 	 	 	Administration/Drew Davis
	 	 	 	Facsimile: 302-636-4140
	 	 	 	Email:
	 	 	 	DHDavis@wilmingtontrust.com
	 	 	 	 
	 	
        WILMINGTON TRUST COMPANY, not in its individual capacity,
except as otherwise provided herein, but solely as Subordination Agent

	 	 	 
	 	BY:	/s/ Melinda Morales Romay
	 	 	Name:	Melinda Morales Romay
	 	 	Title: 	Financial Services Officer
	 	 	Address:	1100 North Market Street
	 	 	 	Wilmington, Delaware 19890-1605
	 	 	 	Attention: Corporate Trust
	 	 	 	Administration/Drew Davis
	 	 	 	Facsimile: 302-636-4140
	 	 	 	Email:
	 	 	 	DHDavis@wilmingtontrust.com

 

[2015-1 EETC Note Purchase Agreement
Signature Page]

 

    	 	26	 

     

    

 

	 	
        MAPLES LIMITED, not in its individual capacity but solely
as Put & Call Trustee

	 	 	 
	 	BY:	/s/ Cleveland Stewart
	 	 	Name:	Cleveland Stewart
	 	 	Title: 	Authorized Signatory
	 	 	Address:	MaplesFS Limited
	 	 	 	PO Box 1093
	 	 	 	Boundary Hall
	 	 	 	Cricket Square
	 	 	 	Grand Cayman
	 	 	 	KY-1102
	 	 	 	Cayman Islands

 

[2015-1 EETC Note Purchase Agreement
Signature Page]

 

    	 	27	 

     

    

 

SCHEDULE I to

NOTE PURCHASE AGREEMENT

 

AIRCRAFT

 

Schedule I

 

	No.	 	Registration

    No.	 	Airframe
    

    Manufacturer	 	Airframe
    Model 

    (including generic 

    manufacturer and 

    model)	 	Delivery
    

    Rank or 

    Airframe 

    MSN	 	Engine
    Manufacturer	 	Engine
    Model 

    (including generic 

    manufacturer and 

    model)	 	Scheduled
    Delivery Month
	1.	 	TBD	 	Airbus	 	A-321-200	 	Rank 96	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	July 2015
	2.	 	TBD	 	Airbus	 	A-321-200	 	Rank 72	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	September 2015
	3.	 	TBD	 	Airbus	 	A-321-200	 	Rank 93	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	October 2015
	4.	 	TBD	 	Airbus	 	A-321-200	 	Rank 112	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	October 2015
	5.	 	TBD	 	Airbus	 	A-321-200	 	Rank 103	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	December 2015
	6.	 	TBD	 	Airbus	 	A-321-200	 	Rank 113	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	December 2015
	7.	 	TBD	 	Airbus	 	A-321-200	 	Rank 114	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	December 2015
	8.	 	TBD	 	Airbus	 	A-321-200	 	Rank 92	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	January 2016
	9.	 	TBD	 	Airbus	 	A-321-200	 	Rank 120	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	February 2016
	10.	 	TBD	 	Airbus	 	A-321-200	 	Rank 135	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	March 2016
	11.	 	TBD	 	Airbus	 	A-321-200	 	Rank 136	 	CFM International,
    Inc.	 	CFM56-5B3/3	 	March 2016
	12.	 	TBD	 	Airbus	 	A350-900	 	0024	 	Rolls Royce plc	 	Trent XWB-84	 	December 2015
	13.	 	TBD	 	Airbus	 	A350-900	 	0027	 	Rolls Royce plc	 	Trent XWB-84	 	February 2016
	14.	 	TBD	 	Boeing	 	787-9	 	38478	 	Rolls Royce plc	 	Trent 1000	 	August 2015
	15.	 	TBD	 	Boeing	 	787-9	 	38479	 	Rolls Royce plc	 	Trent 1000	 	September 2015
	16.	 	TBD	 	Boeing	 	787-9	 	38461	 	Rolls Royce plc	 	Trent 1000	 	December 2015
	17.	 	TBD	 	Boeing	 	787-9	 	38459	 	Rolls Royce plc	 	Trent 1000	 	January 2016

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

SCHEDULE II to

NOTE PURCHASE AGREEMENT

 

TRUST SUPPLEMENTS

 

Trust Supplement No. 2015-1A, dated as of the Issuance Date,
between LATAM and the Pass Through Trustee in respect of the LATAM Pass Through Trust, Series 2015-1A.

 

Trust Supplement No. 2015-1B, dated as of the Issuance Date,
between LATAM and the Pass Through Trustee in respect of the LATAM Pass Through Trust, Series 2015-1B.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

SCHEDULE III to

NOTE PURCHASE AGREEMENT

 

REQUIRED TERMS

 

Equipment Notes

 

Obligor:        Parina
Leasing Limited/Cuclillo Leasing Limited/Rayador Leasing Limited/Canastero Leasing Limited

 

Guarantor(s): Each Owner

 

Maximum Principal Amount:          $1,020,823,000

 

The original principal amount and amortization schedule of the
Series A Equipment Notes, and the Series B Equipment Notes issued with respect to an Aircraft shall be as set forth in the following
tables (provided that if any Equipment Note is issued on or after any date scheduled for a principal payment in the applicable
amortization table below, the original principal amount of such Equipment Note will be reduced by the aggregate principal amount
scheduled for payment on or prior to such issuance date and the principal amortization schedule for such Equipment Note will commence
on the first scheduled principal payment date in such schedule occurring after the issuance of such Equipment Note):

 

PRINCIPAL AMOUNTS OF EQUIPMENT NOTES

 

	Aircraft	 	Rank or Expected MSN	 	Series A	 	 	Series B	 	 	Total	 
	A321-200	 	Rank 96	 	 	33,556,000	 	 	 	6,496,000	 	 	 	40,052,000	 
	A321-200	 	Rank 72	 	 	32,549,000	 	 	 	6,505,000	 	 	 	39,054,000	 
	A321-200	 	Rank 93	 	 	31,786,000	 	 	 	6,511,000	 	 	 	38,297,000	 
	A321-200	 	Rank 112	 	 	31,786,000	 	 	 	6,511,000	 	 	 	38,297,000	 
	A321-200	 	Rank 103	 	 	31,309,000	 	 	 	6,523,000	 	 	 	37,832,000	 
	A321-200	 	Rank 113	 	 	31,308,000	 	 	 	6,523,000	 	 	 	37,831,000	 
	A321-200	 	Rank 114	 	 	31,308,000	 	 	 	6,523,000	 	 	 	37,831,000	 
	A321-200	 	Rank 92	 	 	30,860,000	 	 	 	6,540,000	 	 	 	37,400,000	 
	A321-200	 	Rank 120	 	 	30,062,000	 	 	 	6,540,000	 	 	 	36,602,000	 
	A321-200	 	Rank 135	 	 	29,530,000	 	 	 	6,539,000	 	 	 	36,069,000	 
	A321-200	 	Rank 136	 	 	29,530,000	 	 	 	6,539,000	 	 	 	36,069,000	 
	A350-900	 	0024	 	 	87,248,000	 	 	 	18,177,000	 	 	 	105,425,000	 
	A350-900	 	0027	 	 	83,826,000	 	 	 	18,237,000	 	 	 	102,063,000	 
	B787-9	 	38478	 	 	85,396,000	 	 	 	16,795,000	 	 	 	102,191,000	 
	B787-9	 	38479	 	 	84,098,000	 	 	 	16,809,000	 	 	 	100,907,000	 
	B787-9	 	38461	 	 	81,086,000	 	 	 	16,893,000	 	 	 	97,979,000	 
	B787-9	 	38459	 	 	79,975,000	 	 	 	16,949,000	 	 	 	96,924,000	 
	Total	 	 	 	$	845,213,000	 	 	$	175,610,000	 	 	$	1,020,823,000	 

 

Note Purchase
Agreement

LATAM 2015-1
Aircraft EETC

 

    	 	 	 

     

    

 

AMORTIZATION SCHEDULES

 

The following tables set forth the principal
amortization schedule for each series of Equipment Notes issued with respect to an Aircraft.

 

A. A321-200

 

	 	 	Rank 96	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled	 	 	 	 	 	Scheduled	 	 	 	 
	 	 	Payments of	 	 	Equipment Note	 	 	Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	33,556,000.00	 	 	$	0.00	 	 	$	6,496,000.00	 
	May 15, 2016	 	 	1,680,927.90	 	 	 	31,875,072.10	 	 	 	768,874.04	 	 	 	5,727,125.96	 
	August 15, 2016	 	 	441,061.95	 	 	 	31,434,010.15	 	 	 	164,868.30	 	 	 	5,562,257.66	 
	November 15, 2016	 	 	1,941,018.75	 	 	 	29,492,991.40	 	 	 	41,217.00	 	 	 	5,521,040.66	 
	February 15, 2017	 	 	440,974.51	 	 	 	29,052,016.89	 	 	 	41,217.00	 	 	 	5,479,823.66	 
	May 15, 2017	 	 	440,929.23	 	 	 	28,611,087.66	 	 	 	41,217.00	 	 	 	5,438,606.66	 
	August 15, 2017	 	 	440,882.88	 	 	 	28,170,204.78	 	 	 	35,572.61	 	 	 	5,403,034.05	 
	November 15, 2017	 	 	440,835.43	 	 	 	27,729,369.35	 	 	 	164,740.52	 	 	 	5,238,293.53	 
	February 15, 2018	 	 	440,786.82	 	 	 	27,288,582.53	 	 	 	164,713.12	 	 	 	5,073,580.41	 
	May 15, 2018	 	 	440,737.04	 	 	 	26,847,845.49	 	 	 	164,685.06	 	 	 	4,908,895.35	 
	August 15, 2018	 	 	440,686.05	 	 	 	26,407,159.44	 	 	 	164,656.28	 	 	 	4,744,239.07	 
	November 15, 2018	 	 	440,633.80	 	 	 	25,966,525.64	 	 	 	164,626.83	 	 	 	4,579,612.24	 
	February 15, 2019	 	 	440,580.25	 	 	 	25,525,945.39	 	 	 	164,596.62	 	 	 	4,415,015.62	 
	May 15, 2019	 	 	481,492.81	 	 	 	25,044,452.58	 	 	 	164,565.67	 	 	 	4,250,449.95	 
	August 15, 2019	 	 	481,426.34	 	 	 	24,563,026.24	 	 	 	164,533.92	 	 	 	4,085,916.03	 
	November 15, 2019	 	 	481,358.16	 	 	 	24,081,668.08	 	 	 	164,501.38	 	 	 	3,921,414.65	 
	February 15, 2020	 	 	481,288.24	 	 	 	23,600,379.84	 	 	 	164,468.00	 	 	 	3,756,946.65	 
	May 15, 2020	 	 	481,216.50	 	 	 	23,119,163.34	 	 	 	164,433.75	 	 	 	3,592,512.90	 
	August 15, 2020	 	 	481,142.89	 	 	 	22,638,020.45	 	 	 	164,398.61	 	 	 	3,428,114.29	 
	November 15, 2020	 	 	481,067.33	 	 	 	22,156,953.12	 	 	 	164,362.55	 	 	 	3,263,751.74	 
	February 15, 2021	 	 	480,989.77	 	 	 	21,675,963.35	 	 	 	164,325.51	 	 	 	3,099,426.23	 
	May 15, 2021	 	 	480,910.13	 	 	 	21,195,053.22	 	 	 	164,287.48	 	 	 	2,935,138.75	 
	August 15, 2021	 	 	480,828.32	 	 	 	20,714,224.90	 	 	 	164,248.43	 	 	 	2,770,890.32	 
	November 15, 2021	 	 	480,744.28	 	 	 	20,233,480.62	 	 	 	164,208.31	 	 	 	2,606,682.01	 
	February 15, 2022	 	 	480,657.93	 	 	 	19,752,822.69	 	 	 	164,167.07	 	 	 	2,442,514.94	 
	May 15, 2022	 	 	480,569.16	 	 	 	19,272,253.53	 	 	 	164,124.70	 	 	 	2,278,390.24	 
	August 15, 2022	 	 	480,477.90	 	 	 	18,791,775.63	 	 	 	182,273.35	 	 	 	2,096,116.89	 
	November 15, 2022	 	 	480,384.06	 	 	 	18,311,391.57	 	 	 	218,601.52	 	 	 	1,877,515.37	 
	February 15, 2023	 	 	480,287.52	 	 	 	17,831,104.05	 	 	 	218,537.90	 	 	 	1,658,977.47	 
	May 15, 2023	 	 	480,188.20	 	 	 	17,350,915.85	 	 	 	273,022.85	 	 	 	1,385,954.62	 
	August 15, 2023	 	 	480,085.97	 	 	 	16,870,829.88	 	 	 	254,756.88	 	 	 	1,131,197.74	 
	November 15, 2023	 	 	479,980.73	 	 	 	16,390,849.15	 	 	 	1,131,197.74	 	 	 	0.00	 
	February 15, 2024	 	 	479,872.35	 	 	 	15,910,976.80	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	479,760.72	 	 	 	15,431,216.08	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	479,645.70	 	 	 	14,951,570.38	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	479,527.14	 	 	 	14,472,043.24	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	479,404.91	 	 	 	13,992,638.33	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	479,278.85	 	 	 	13,513,359.48	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	479,148.79	 	 	 	13,034,210.69	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	479,014.58	 	 	 	12,555,196.11	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	478,876.02	 	 	 	12,076,320.09	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	478,732.93	 	 	 	11,597,587.16	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	478,585.11	 	 	 	11,119,002.05	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	478,432.36	 	 	 	10,640,569.69	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	478,274.43	 	 	 	10,162,295.26	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	478,111.11	 	 	 	9,684,184.15	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	477,942.13	 	 	 	9,206,242.02	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,206,242.02	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase
Agreement

LATAM 2015-1
Aircraft EETC

 

    	 	 	 

     

    

 

	 	 	Rank 72	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	32,549,000.00	 	 	$	0.00	 	 	$	6,505,000.00	 
	May 15, 2016	 	 	471,908.20	 	 	 	32,077,091.80	 	 	 	736,458.50	 	 	 	5,768,541.50	 
	August 15, 2016	 	 	1,942,803.60	 	 	 	30,134,288.20	 	 	 	40,700.25	 	 	 	5,727,841.25	 
	November 15, 2016	 	 	442,776.88	 	 	 	29,691,511.32	 	 	 	40,700.25	 	 	 	5,687,141.00	 
	February 15, 2017	 	 	442,749.51	 	 	 	29,248,761.81	 	 	 	40,700.25	 	 	 	5,646,440.75	 
	May 15, 2017	 	 	442,721.49	 	 	 	28,806,040.32	 	 	 	40,701.05	 	 	 	5,605,739.70	 
	August 15, 2017	 	 	442,692.81	 	 	 	28,363,347.51	 	 	 	165,660.95	 	 	 	5,440,078.75	 
	November 15, 2017	 	 	442,663.45	 	 	 	27,920,684.06	 	 	 	165,644.38	 	 	 	5,274,434.37	 
	February 15, 2018	 	 	442,633.37	 	 	 	27,478,050.69	 	 	 	165,627.44	 	 	 	5,108,806.93	 
	May 15, 2018	 	 	442,602.57	 	 	 	27,035,448.12	 	 	 	165,610.06	 	 	 	4,943,196.87	 
	August 15, 2018	 	 	442,571.02	 	 	 	26,592,877.10	 	 	 	165,592.26	 	 	 	4,777,604.61	 
	November 15, 2018	 	 	442,538.68	 	 	 	26,150,338.42	 	 	 	165,574.04	 	 	 	4,612,030.57	 
	February 15, 2019	 	 	442,505.56	 	 	 	25,707,832.86	 	 	 	165,555.34	 	 	 	4,446,475.23	 
	May 15, 2019	 	 	483,732.90	 	 	 	25,224,099.96	 	 	 	165,536.20	 	 	 	4,280,939.03	 
	August 15, 2019	 	 	483,691.77	 	 	 	24,740,408.19	 	 	 	165,516.55	 	 	 	4,115,422.48	 
	November 15, 2019	 	 	483,649.59	 	 	 	24,256,758.60	 	 	 	165,496.42	 	 	 	3,949,926.06	 
	February 15, 2020	 	 	483,606.32	 	 	 	23,773,152.28	 	 	 	165,475.76	 	 	 	3,784,450.30	 
	May 15, 2020	 	 	483,561.94	 	 	 	23,289,590.34	 	 	 	165,454.56	 	 	 	3,618,995.74	 
	August 15, 2020	 	 	483,516.38	 	 	 	22,806,073.96	 	 	 	165,432.83	 	 	 	3,453,562.91	 
	November 15, 2020	 	 	483,469.64	 	 	 	22,322,604.32	 	 	 	165,410.50	 	 	 	3,288,152.41	 
	February 15, 2021	 	 	483,421.64	 	 	 	21,839,182.68	 	 	 	165,387.59	 	 	 	3,122,764.82	 
	May 15, 2021	 	 	483,372.36	 	 	 	21,355,810.32	 	 	 	165,364.06	 	 	 	2,957,400.76	 
	August 15, 2021	 	 	483,321.75	 	 	 	20,872,488.57	 	 	 	165,339.89	 	 	 	2,792,060.87	 
	November 15, 2021	 	 	483,269.74	 	 	 	20,389,218.83	 	 	 	165,315.08	 	 	 	2,626,745.79	 
	February 15, 2022	 	 	483,216.30	 	 	 	19,906,002.53	 	 	 	165,289.56	 	 	 	2,461,456.23	 
	May 15, 2022	 	 	483,161.39	 	 	 	19,422,841.14	 	 	 	165,263.33	 	 	 	2,296,192.90	 
	August 15, 2022	 	 	483,104.91	 	 	 	18,939,736.23	 	 	 	183,571.84	 	 	 	2,112,621.06	 
	November 15, 2022	 	 	483,046.85	 	 	 	18,456,689.38	 	 	 	220,207.92	 	 	 	1,892,413.14	 
	February 15, 2023	 	 	482,987.11	 	 	 	17,973,702.27	 	 	 	220,168.56	 	 	 	1,672,244.58	 
	May 15, 2023	 	 	482,925.66	 	 	 	17,490,776.61	 	 	 	275,118.18	 	 	 	1,397,126.40	 
	August 15, 2023	 	 	482,862.40	 	 	 	17,007,914.21	 	 	 	256,737.09	 	 	 	1,140,389.31	 
	November 15, 2023	 	 	482,797.28	 	 	 	16,525,116.93	 	 	 	1,140,389.31	 	 	 	0.00	 
	February 15, 2024	 	 	482,730.22	 	 	 	16,042,386.71	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	482,661.15	 	 	 	15,559,725.56	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	482,589.98	 	 	 	15,077,135.58	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	482,516.61	 	 	 	14,594,618.97	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	482,440.98	 	 	 	14,112,177.99	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	482,362.98	 	 	 	13,629,815.01	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	482,282.51	 	 	 	13,147,532.50	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	482,199.46	 	 	 	12,665,333.04	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	482,113.73	 	 	 	12,183,219.31	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	482,025.18	 	 	 	11,701,194.13	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	481,933.73	 	 	 	11,219,260.40	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	481,839.20	 	 	 	10,737,421.20	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	481,741.48	 	 	 	10,255,679.72	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	481,640.42	 	 	 	9,774,039.30	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	481,535.87	 	 	 	9,292,503.43	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,292,503.43	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-2	 

     

    

 

	 	 	Rank 93	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	31,786,000.00	 	 	$	0.00	 	 	$	6,511,000.00	 
	May 15, 2016	 	 	1,101,925.33	 	 	 	30,684,074.67	 	 	 	220,526.12	 	 	 	6,290,473.88	 
	August 15, 2016	 	 	443,759.50	 	 	 	30,240,315.17	 	 	 	166,183.10	 	 	 	6,124,290.78	 
	November 15, 2016	 	 	443,741.00	 	 	 	29,796,574.17	 	 	 	166,172.68	 	 	 	5,958,118.10	 
	February 15, 2017	 	 	443,722.08	 	 	 	29,352,852.09	 	 	 	166,162.00	 	 	 	5,791,956.10	 
	May 15, 2017	 	 	443,702.71	 	 	 	28,909,149.38	 	 	 	166,151.07	 	 	 	5,625,805.03	 
	August 15, 2017	 	 	443,682.88	 	 	 	28,465,466.50	 	 	 	166,139.90	 	 	 	5,459,665.13	 
	November 15, 2017	 	 	443,662.57	 	 	 	28,021,803.93	 	 	 	166,128.45	 	 	 	5,293,536.68	 
	February 15, 2018	 	 	443,641.79	 	 	 	27,578,162.14	 	 	 	166,116.71	 	 	 	5,127,419.97	 
	May 15, 2018	 	 	443,620.49	 	 	 	27,134,541.65	 	 	 	166,104.71	 	 	 	4,961,315.26	 
	August 15, 2018	 	 	443,598.68	 	 	 	26,690,942.97	 	 	 	166,092.40	 	 	 	4,795,222.86	 
	November 15, 2018	 	 	443,576.32	 	 	 	26,247,366.65	 	 	 	166,079.81	 	 	 	4,629,143.05	 
	February 15, 2019	 	 	443,553.41	 	 	 	25,803,813.24	 	 	 	166,066.88	 	 	 	4,463,076.17	 
	May 15, 2019	 	 	484,946.27	 	 	 	25,318,866.97	 	 	 	166,053.64	 	 	 	4,297,022.53	 
	August 15, 2019	 	 	484,917.83	 	 	 	24,833,949.14	 	 	 	166,040.07	 	 	 	4,130,982.46	 
	November 15, 2019	 	 	484,888.67	 	 	 	24,349,060.47	 	 	 	166,026.13	 	 	 	3,964,956.33	 
	February 15, 2020	 	 	484,858.76	 	 	 	23,864,201.71	 	 	 	166,011.85	 	 	 	3,798,944.48	 
	May 15, 2020	 	 	484,828.06	 	 	 	23,379,373.65	 	 	 	165,997.22	 	 	 	3,632,947.26	 
	August 15, 2020	 	 	484,796.58	 	 	 	22,894,577.07	 	 	 	165,982.16	 	 	 	3,466,965.10	 
	November 15, 2020	 	 	484,764.25	 	 	 	22,409,812.82	 	 	 	165,966.75	 	 	 	3,300,998.35	 
	February 15, 2021	 	 	484,731.07	 	 	 	21,925,081.75	 	 	 	165,950.90	 	 	 	3,135,047.45	 
	May 15, 2021	 	 	484,697.00	 	 	 	21,440,384.75	 	 	 	165,934.63	 	 	 	2,969,112.82	 
	August 15, 2021	 	 	484,662.01	 	 	 	20,955,722.74	 	 	 	165,917.93	 	 	 	2,803,194.89	 
	November 15, 2021	 	 	484,626.05	 	 	 	20,471,096.69	 	 	 	165,900.76	 	 	 	2,637,294.13	 
	February 15, 2022	 	 	484,589.11	 	 	 	19,986,507.58	 	 	 	165,883.13	 	 	 	2,471,411.00	 
	May 15, 2022	 	 	484,551.13	 	 	 	19,501,956.45	 	 	 	165,865.00	 	 	 	2,305,546.00	 
	August 15, 2022	 	 	484,512.10	 	 	 	19,017,444.35	 	 	 	184,257.03	 	 	 	2,121,288.97	 
	November 15, 2022	 	 	484,471.95	 	 	 	18,532,972.40	 	 	 	221,054.33	 	 	 	1,900,234.64	 
	February 15, 2023	 	 	484,430.65	 	 	 	18,048,541.75	 	 	 	221,027.12	 	 	 	1,679,207.52	 
	May 15, 2023	 	 	484,388.17	 	 	 	17,564,153.58	 	 	 	276,219.92	 	 	 	1,402,987.60	 
	August 15, 2023	 	 	484,344.42	 	 	 	17,079,809.16	 	 	 	257,777.70	 	 	 	1,145,209.90	 
	November 15, 2023	 	 	484,299.41	 	 	 	16,595,509.75	 	 	 	1,145,209.90	 	 	 	0.00	 
	February 15, 2024	 	 	484,253.05	 	 	 	16,111,256.70	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	484,205.29	 	 	 	15,627,051.41	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	484,156.08	 	 	 	15,142,895.33	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	484,105.37	 	 	 	14,658,789.96	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	484,053.07	 	 	 	14,174,736.89	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	483,999.15	 	 	 	13,690,737.74	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	483,943.51	 	 	 	13,206,794.23	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	483,886.09	 	 	 	12,722,908.14	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	483,826.82	 	 	 	12,239,081.32	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	483,765.61	 	 	 	11,755,315.71	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	483,702.37	 	 	 	11,271,613.34	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	483,637.02	 	 	 	10,787,976.32	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	483,569.46	 	 	 	10,304,406.86	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	483,499.59	 	 	 	9,820,907.27	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	483,427.31	 	 	 	9,337,479.96	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,337,479.96	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-3	 

     

    

 

	 	 	Rank 112	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	31,786,000.00	 	 	$	0.00	 	 	$	6,511,000.00	 
	May 15, 2016	 	 	1,101,925.33	 	 	 	30,684,074.67	 	 	 	220,526.12	 	 	 	6,290,473.88	 
	August 15, 2016	 	 	443,759.50	 	 	 	30,240,315.17	 	 	 	166,183.10	 	 	 	6,124,290.78	 
	November 15, 2016	 	 	443,741.00	 	 	 	29,796,574.17	 	 	 	166,172.68	 	 	 	5,958,118.10	 
	February 15, 2017	 	 	443,722.08	 	 	 	29,352,852.09	 	 	 	166,162.00	 	 	 	5,791,956.10	 
	May 15, 2017	 	 	443,702.71	 	 	 	28,909,149.38	 	 	 	166,151.07	 	 	 	5,625,805.03	 
	August 15, 2017	 	 	443,682.88	 	 	 	28,465,466.50	 	 	 	166,139.90	 	 	 	5,459,665.13	 
	November 15, 2017	 	 	443,662.57	 	 	 	28,021,803.93	 	 	 	166,128.45	 	 	 	5,293,536.68	 
	February 15, 2018	 	 	443,641.79	 	 	 	27,578,162.14	 	 	 	166,116.71	 	 	 	5,127,419.97	 
	May 15, 2018	 	 	443,620.49	 	 	 	27,134,541.65	 	 	 	166,104.71	 	 	 	4,961,315.26	 
	August 15, 2018	 	 	443,598.68	 	 	 	26,690,942.97	 	 	 	166,092.40	 	 	 	4,795,222.86	 
	November 15, 2018	 	 	443,576.32	 	 	 	26,247,366.65	 	 	 	166,079.81	 	 	 	4,629,143.05	 
	February 15, 2019	 	 	443,553.41	 	 	 	25,803,813.24	 	 	 	166,066.88	 	 	 	4,463,076.17	 
	May 15, 2019	 	 	484,946.27	 	 	 	25,318,866.97	 	 	 	166,053.64	 	 	 	4,297,022.53	 
	August 15, 2019	 	 	484,917.83	 	 	 	24,833,949.14	 	 	 	166,040.07	 	 	 	4,130,982.46	 
	November 15, 2019	 	 	484,888.67	 	 	 	24,349,060.47	 	 	 	166,026.13	 	 	 	3,964,956.33	 
	February 15, 2020	 	 	484,858.76	 	 	 	23,864,201.71	 	 	 	166,011.85	 	 	 	3,798,944.48	 
	May 15, 2020	 	 	484,828.06	 	 	 	23,379,373.65	 	 	 	165,997.22	 	 	 	3,632,947.26	 
	August 15, 2020	 	 	484,796.58	 	 	 	22,894,577.07	 	 	 	165,982.16	 	 	 	3,466,965.10	 
	November 15, 2020	 	 	484,764.25	 	 	 	22,409,812.82	 	 	 	165,966.75	 	 	 	3,300,998.35	 
	February 15, 2021	 	 	484,731.07	 	 	 	21,925,081.75	 	 	 	165,950.90	 	 	 	3,135,047.45	 
	May 15, 2021	 	 	484,697.00	 	 	 	21,440,384.75	 	 	 	165,934.63	 	 	 	2,969,112.82	 
	August 15, 2021	 	 	484,662.01	 	 	 	20,955,722.74	 	 	 	165,917.93	 	 	 	2,803,194.89	 
	November 15, 2021	 	 	484,626.05	 	 	 	20,471,096.69	 	 	 	165,900.76	 	 	 	2,637,294.13	 
	February 15, 2022	 	 	484,589.11	 	 	 	19,986,507.58	 	 	 	165,883.13	 	 	 	2,471,411.00	 
	May 15, 2022	 	 	484,551.13	 	 	 	19,501,956.45	 	 	 	165,865.00	 	 	 	2,305,546.00	 
	August 15, 2022	 	 	484,512.10	 	 	 	19,017,444.35	 	 	 	184,257.03	 	 	 	2,121,288.97	 
	November 15, 2022	 	 	484,471.95	 	 	 	18,532,972.40	 	 	 	221,054.33	 	 	 	1,900,234.64	 
	February 15, 2023	 	 	484,430.65	 	 	 	18,048,541.75	 	 	 	221,027.12	 	 	 	1,679,207.52	 
	May 15, 2023	 	 	484,388.17	 	 	 	17,564,153.58	 	 	 	276,219.92	 	 	 	1,402,987.60	 
	August 15, 2023	 	 	484,344.42	 	 	 	17,079,809.16	 	 	 	257,777.70	 	 	 	1,145,209.90	 
	November 15, 2023	 	 	484,299.41	 	 	 	16,595,509.75	 	 	 	1,145,209.90	 	 	 	0.00	 
	February 15, 2024	 	 	484,253.05	 	 	 	16,111,256.70	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	484,205.29	 	 	 	15,627,051.41	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	484,156.08	 	 	 	15,142,895.33	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	484,105.37	 	 	 	14,658,789.96	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	484,053.07	 	 	 	14,174,736.89	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	483,999.15	 	 	 	13,690,737.74	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	483,943.51	 	 	 	13,206,794.23	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	483,886.09	 	 	 	12,722,908.14	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	483,826.82	 	 	 	12,239,081.32	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	483,765.61	 	 	 	11,755,315.71	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	483,702.37	 	 	 	11,271,613.34	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	483,637.02	 	 	 	10,787,976.32	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	483,569.46	 	 	 	10,304,406.86	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	483,499.59	 	 	 	9,820,907.27	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	483,427.31	 	 	 	9,337,479.96	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,337,479.96	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-4	 

     

    

 

	 	 	Rank 103	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	31,309,000.00	 	 	$	0.00	 	 	$	6,523,000.00	 
	May 15, 2016	 	 	416,342.72	 	 	 	30,892,657.28	 	 	 	189,765.07	 	 	 	6,333,234.93	 
	August 15, 2016	 	 	445,590.25	 	 	 	30,447,067.03	 	 	 	167,072.62	 	 	 	6,166,162.31	 
	November 15, 2016	 	 	445,588.31	 	 	 	30,001,478.72	 	 	 	167,071.53	 	 	 	5,999,090.78	 
	February 15, 2017	 	 	445,586.34	 	 	 	29,555,892.38	 	 	 	167,070.41	 	 	 	5,832,020.37	 
	May 15, 2017	 	 	445,584.30	 	 	 	29,110,308.08	 	 	 	167,069.27	 	 	 	5,664,951.10	 
	August 15, 2017	 	 	445,582.23	 	 	 	28,664,725.85	 	 	 	167,068.11	 	 	 	5,497,882.99	 
	November 15, 2017	 	 	445,580.11	 	 	 	28,219,145.74	 	 	 	167,066.90	 	 	 	5,330,816.09	 
	February 15, 2018	 	 	445,577.93	 	 	 	27,773,567.81	 	 	 	167,065.67	 	 	 	5,163,750.42	 
	May 15, 2018	 	 	445,575.70	 	 	 	27,327,992.11	 	 	 	167,064.43	 	 	 	4,996,685.99	 
	August 15, 2018	 	 	445,573.42	 	 	 	26,882,418.69	 	 	 	167,063.13	 	 	 	4,829,622.86	 
	November 15, 2018	 	 	445,571.09	 	 	 	26,436,847.60	 	 	 	167,061.80	 	 	 	4,662,561.06	 
	February 15, 2019	 	 	445,568.68	 	 	 	25,991,278.92	 	 	 	167,060.47	 	 	 	4,495,500.59	 
	May 15, 2019	 	 	487,285.39	 	 	 	25,503,993.53	 	 	 	167,059.08	 	 	 	4,328,441.51	 
	August 15, 2019	 	 	487,282.42	 	 	 	25,016,711.11	 	 	 	167,057.66	 	 	 	4,161,383.85	 
	November 15, 2019	 	 	487,279.37	 	 	 	24,529,431.74	 	 	 	167,056.19	 	 	 	3,994,327.66	 
	February 15, 2020	 	 	487,276.24	 	 	 	24,042,155.50	 	 	 	167,054.70	 	 	 	3,827,272.96	 
	May 15, 2020	 	 	487,273.02	 	 	 	23,554,882.48	 	 	 	167,053.18	 	 	 	3,660,219.78	 
	August 15, 2020	 	 	487,269.73	 	 	 	23,067,612.75	 	 	 	167,051.60	 	 	 	3,493,168.18	 
	November 15, 2020	 	 	487,266.35	 	 	 	22,580,346.40	 	 	 	167,049.98	 	 	 	3,326,118.20	 
	February 15, 2021	 	 	487,262.88	 	 	 	22,093,083.52	 	 	 	167,048.33	 	 	 	3,159,069.87	 
	May 15, 2021	 	 	487,259.31	 	 	 	21,605,824.21	 	 	 	167,046.63	 	 	 	2,992,023.24	 
	August 15, 2021	 	 	487,255.65	 	 	 	21,118,568.56	 	 	 	167,044.87	 	 	 	2,824,978.37	 
	November 15, 2021	 	 	487,251.89	 	 	 	20,631,316.67	 	 	 	167,043.08	 	 	 	2,657,935.29	 
	February 15, 2022	 	 	487,248.03	 	 	 	20,144,068.64	 	 	 	167,041.23	 	 	 	2,490,894.06	 
	May 15, 2022	 	 	487,244.05	 	 	 	19,656,824.59	 	 	 	167,039.34	 	 	 	2,323,854.72	 
	August 15, 2022	 	 	487,239.96	 	 	 	19,169,584.63	 	 	 	185,595.36	 	 	 	2,138,259.36	 
	November 15, 2022	 	 	487,235.77	 	 	 	18,682,348.86	 	 	 	222,708.76	 	 	 	1,915,550.60	 
	February 15, 2023	 	 	487,231.44	 	 	 	18,195,117.42	 	 	 	222,705.91	 	 	 	1,692,844.69	 
	May 15, 2023	 	 	487,227.00	 	 	 	17,707,890.42	 	 	 	278,375.70	 	 	 	1,414,468.99	 
	August 15, 2023	 	 	487,222.42	 	 	 	17,220,668.00	 	 	 	259,814.44	 	 	 	1,154,654.55	 
	November 15, 2023	 	 	487,217.72	 	 	 	16,733,450.28	 	 	 	1,154,654.55	 	 	 	0.00	 
	February 15, 2024	 	 	487,212.86	 	 	 	16,246,237.42	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	487,207.86	 	 	 	15,759,029.56	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	487,202.72	 	 	 	15,271,826.84	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	487,197.41	 	 	 	14,784,629.43	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	487,191.94	 	 	 	14,297,437.49	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	487,186.29	 	 	 	13,810,251.20	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	487,180.48	 	 	 	13,323,070.72	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	487,174.47	 	 	 	12,835,896.25	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	487,168.26	 	 	 	12,348,727.99	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	487,161.86	 	 	 	11,861,566.13	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	487,155.25	 	 	 	11,374,410.88	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	487,148.40	 	 	 	10,887,262.48	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	487,141.34	 	 	 	10,400,121.14	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	487,134.03	 	 	 	9,912,987.11	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	487,126.46	 	 	 	9,425,860.65	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,425,860.65	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-5	 

     

    

 

	 	 	Rank 113	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	31,308,000.00	 	 	$	0.00	 	 	$	6,523,000.00	 
	May 15, 2016	 	 	415,342.72	 	 	 	30,892,657.28	 	 	 	189,765.07	 	 	 	6,333,234.93	 
	August 15, 2016	 	 	445,590.25	 	 	 	30,447,067.03	 	 	 	167,072.62	 	 	 	6,166,162.31	 
	November 15, 2016	 	 	445,588.31	 	 	 	30,001,478.72	 	 	 	167,071.53	 	 	 	5,999,090.78	 
	February 15, 2017	 	 	445,586.34	 	 	 	29,555,892.38	 	 	 	167,070.41	 	 	 	5,832,020.37	 
	May 15, 2017	 	 	445,584.30	 	 	 	29,110,308.08	 	 	 	167,069.27	 	 	 	5,664,951.10	 
	August 15, 2017	 	 	445,582.23	 	 	 	28,664,725.85	 	 	 	167,068.11	 	 	 	5,497,882.99	 
	November 15, 2017	 	 	445,580.11	 	 	 	28,219,145.74	 	 	 	167,066.90	 	 	 	5,330,816.09	 
	February 15, 2018	 	 	445,577.93	 	 	 	27,773,567.81	 	 	 	167,065.67	 	 	 	5,163,750.42	 
	May 15, 2018	 	 	445,575.70	 	 	 	27,327,992.11	 	 	 	167,064.43	 	 	 	4,996,685.99	 
	August 15, 2018	 	 	445,573.42	 	 	 	26,882,418.69	 	 	 	167,063.13	 	 	 	4,829,622.86	 
	November 15, 2018	 	 	445,571.09	 	 	 	26,436,847.60	 	 	 	167,061.80	 	 	 	4,662,561.06	 
	February 15, 2019	 	 	445,568.68	 	 	 	25,991,278.92	 	 	 	167,060.47	 	 	 	4,495,500.59	 
	May 15, 2019	 	 	487,285.39	 	 	 	25,503,993.53	 	 	 	167,059.08	 	 	 	4,328,441.51	 
	August 15, 2019	 	 	487,282.42	 	 	 	25,016,711.11	 	 	 	167,057.66	 	 	 	4,161,383.85	 
	November 15, 2019	 	 	487,279.37	 	 	 	24,529,431.74	 	 	 	167,056.19	 	 	 	3,994,327.66	 
	February 15, 2020	 	 	487,276.24	 	 	 	24,042,155.50	 	 	 	167,054.70	 	 	 	3,827,272.96	 
	May 15, 2020	 	 	487,273.02	 	 	 	23,554,882.48	 	 	 	167,053.18	 	 	 	3,660,219.78	 
	August 15, 2020	 	 	487,269.73	 	 	 	23,067,612.75	 	 	 	167,051.60	 	 	 	3,493,168.18	 
	November 15, 2020	 	 	487,266.35	 	 	 	22,580,346.40	 	 	 	167,049.98	 	 	 	3,326,118.20	 
	February 15, 2021	 	 	487,262.88	 	 	 	22,093,083.52	 	 	 	167,048.33	 	 	 	3,159,069.87	 
	May 15, 2021	 	 	487,259.31	 	 	 	21,605,824.21	 	 	 	167,046.63	 	 	 	2,992,023.24	 
	August 15, 2021	 	 	487,255.65	 	 	 	21,118,568.56	 	 	 	167,044.87	 	 	 	2,824,978.37	 
	November 15, 2021	 	 	487,251.89	 	 	 	20,631,316.67	 	 	 	167,043.08	 	 	 	2,657,935.29	 
	February 15, 2022	 	 	487,248.03	 	 	 	20,144,068.64	 	 	 	167,041.23	 	 	 	2,490,894.06	 
	May 15, 2022	 	 	487,244.05	 	 	 	19,656,824.59	 	 	 	167,039.34	 	 	 	2,323,854.72	 
	August 15, 2022	 	 	487,239.96	 	 	 	19,169,584.63	 	 	 	185,595.36	 	 	 	2,138,259.36	 
	November 15, 2022	 	 	487,235.77	 	 	 	18,682,348.86	 	 	 	222,708.76	 	 	 	1,915,550.60	 
	February 15, 2023	 	 	487,231.44	 	 	 	18,195,117.42	 	 	 	222,705.91	 	 	 	1,692,844.69	 
	May 15, 2023	 	 	487,227.00	 	 	 	17,707,890.42	 	 	 	278,375.70	 	 	 	1,414,468.99	 
	August 15, 2023	 	 	487,222.42	 	 	 	17,220,668.00	 	 	 	259,814.44	 	 	 	1,154,654.55	 
	November 15, 2023	 	 	487,217.72	 	 	 	16,733,450.28	 	 	 	1,154,654.55	 	 	 	0.00	 
	February 15, 2024	 	 	487,212.86	 	 	 	16,246,237.42	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	487,207.86	 	 	 	15,759,029.56	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	487,202.72	 	 	 	15,271,826.84	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	487,197.41	 	 	 	14,784,629.43	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	487,191.94	 	 	 	14,297,437.49	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	487,186.29	 	 	 	13,810,251.20	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	487,180.48	 	 	 	13,323,070.72	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	487,174.47	 	 	 	12,835,896.25	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	487,168.26	 	 	 	12,348,727.99	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	487,161.86	 	 	 	11,861,566.13	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	487,155.25	 	 	 	11,374,410.88	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	487,148.40	 	 	 	10,887,262.48	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	487,141.34	 	 	 	10,400,121.14	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	487,134.03	 	 	 	9,912,987.11	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	487,126.46	 	 	 	9,425,860.65	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,425,860.65	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-6	 

     

    

 

	 	 	Rank 114	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	31,308,000.00	 	 	$	0.00	 	 	$	6,523,000.00	 
	May 15, 2016	 	 	415,342.72	 	 	 	30,892,657.28	 	 	 	189,765.07	 	 	 	6,333,234.93	 
	August 15, 2016	 	 	445,590.25	 	 	 	30,447,067.03	 	 	 	167,072.62	 	 	 	6,166,162.31	 
	November 15, 2016	 	 	445,588.31	 	 	 	30,001,478.72	 	 	 	167,071.53	 	 	 	5,999,090.78	 
	February 15, 2017	 	 	445,586.34	 	 	 	29,555,892.38	 	 	 	167,070.41	 	 	 	5,832,020.37	 
	May 15, 2017	 	 	445,584.30	 	 	 	29,110,308.08	 	 	 	167,069.27	 	 	 	5,664,951.10	 
	August 15, 2017	 	 	445,582.23	 	 	 	28,664,725.85	 	 	 	167,068.11	 	 	 	5,497,882.99	 
	November 15, 2017	 	 	445,580.11	 	 	 	28,219,145.74	 	 	 	167,066.90	 	 	 	5,330,816.09	 
	February 15, 2018	 	 	445,577.93	 	 	 	27,773,567.81	 	 	 	167,065.67	 	 	 	5,163,750.42	 
	May 15, 2018	 	 	445,575.70	 	 	 	27,327,992.11	 	 	 	167,064.43	 	 	 	4,996,685.99	 
	August 15, 2018	 	 	445,573.42	 	 	 	26,882,418.69	 	 	 	167,063.13	 	 	 	4,829,622.86	 
	November 15, 2018	 	 	445,571.09	 	 	 	26,436,847.60	 	 	 	167,061.80	 	 	 	4,662,561.06	 
	February 15, 2019	 	 	445,568.68	 	 	 	25,991,278.92	 	 	 	167,060.47	 	 	 	4,495,500.59	 
	May 15, 2019	 	 	487,285.39	 	 	 	25,503,993.53	 	 	 	167,059.08	 	 	 	4,328,441.51	 
	August 15, 2019	 	 	487,282.42	 	 	 	25,016,711.11	 	 	 	167,057.66	 	 	 	4,161,383.85	 
	November 15, 2019	 	 	487,279.37	 	 	 	24,529,431.74	 	 	 	167,056.19	 	 	 	3,994,327.66	 
	February 15, 2020	 	 	487,276.24	 	 	 	24,042,155.50	 	 	 	167,054.70	 	 	 	3,827,272.96	 
	May 15, 2020	 	 	487,273.02	 	 	 	23,554,882.48	 	 	 	167,053.18	 	 	 	3,660,219.78	 
	August 15, 2020	 	 	487,269.73	 	 	 	23,067,612.75	 	 	 	167,051.60	 	 	 	3,493,168.18	 
	November 15, 2020	 	 	487,266.35	 	 	 	22,580,346.40	 	 	 	167,049.98	 	 	 	3,326,118.20	 
	February 15, 2021	 	 	487,262.88	 	 	 	22,093,083.52	 	 	 	167,048.33	 	 	 	3,159,069.87	 
	May 15, 2021	 	 	487,259.31	 	 	 	21,605,824.21	 	 	 	167,046.63	 	 	 	2,992,023.24	 
	August 15, 2021	 	 	487,255.65	 	 	 	21,118,568.56	 	 	 	167,044.87	 	 	 	2,824,978.37	 
	November 15, 2021	 	 	487,251.89	 	 	 	20,631,316.67	 	 	 	167,043.08	 	 	 	2,657,935.29	 
	February 15, 2022	 	 	487,248.03	 	 	 	20,144,068.64	 	 	 	167,041.23	 	 	 	2,490,894.06	 
	May 15, 2022	 	 	487,244.05	 	 	 	19,656,824.59	 	 	 	167,039.34	 	 	 	2,323,854.72	 
	August 15, 2022	 	 	487,239.96	 	 	 	19,169,584.63	 	 	 	185,595.36	 	 	 	2,138,259.36	 
	November 15, 2022	 	 	487,235.77	 	 	 	18,682,348.86	 	 	 	222,708.76	 	 	 	1,915,550.60	 
	February 15, 2023	 	 	487,231.44	 	 	 	18,195,117.42	 	 	 	222,705.91	 	 	 	1,692,844.69	 
	May 15, 2023	 	 	487,227.00	 	 	 	17,707,890.42	 	 	 	278,375.70	 	 	 	1,414,468.99	 
	August 15, 2023	 	 	487,222.42	 	 	 	17,220,668.00	 	 	 	259,814.44	 	 	 	1,154,654.55	 
	November 15, 2023	 	 	487,217.72	 	 	 	16,733,450.28	 	 	 	1,154,654.55	 	 	 	0.00	 
	February 15, 2024	 	 	487,212.86	 	 	 	16,246,237.42	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	487,207.86	 	 	 	15,759,029.56	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	487,202.72	 	 	 	15,271,826.84	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	487,197.41	 	 	 	14,784,629.43	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	487,191.94	 	 	 	14,297,437.49	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	487,186.29	 	 	 	13,810,251.20	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	487,180.48	 	 	 	13,323,070.72	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	487,174.47	 	 	 	12,835,896.25	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	487,168.26	 	 	 	12,348,727.99	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	487,161.86	 	 	 	11,861,566.13	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	487,155.25	 	 	 	11,374,410.88	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	487,148.40	 	 	 	10,887,262.48	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	487,141.34	 	 	 	10,400,121.14	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	487,134.03	 	 	 	9,912,987.11	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	487,126.46	 	 	 	9,425,860.65	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,425,860.65	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-7	 

     

    

 

	 	 	Rank 92	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 

Payments of	 	 	Equipment Note	 	 	Scheduled 

Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	30,860,000.00	 	 	$	0.00	 	 	$	6,540,000.00	 
	May 15, 2016	 	 	0.00	 	 	 	30,860,000.00	 	 	 	0.00	 	 	 	6,540,000.00	 
	August 15, 2016	 	 	215,401.07	 	 	 	30,644,598.93	 	 	 	333,833.39	 	 	 	6,206,166.61	 
	November 15, 2016	 	 	447,591.46	 	 	 	30,197,007.47	 	 	 	167,977.93	 	 	 	6,038,188.68	 
	February 15, 2017	 	 	447,602.24	 	 	 	29,749,405.23	 	 	 	167,984.02	 	 	 	5,870,204.66	 
	May 15, 2017	 	 	447,613.27	 	 	 	29,301,791.96	 	 	 	167,990.24	 	 	 	5,702,214.42	 
	August 15, 2017	 	 	447,624.57	 	 	 	28,854,167.39	 	 	 	167,996.61	 	 	 	5,534,217.81	 
	November 15, 2017	 	 	447,636.14	 	 	 	28,406,531.25	 	 	 	168,003.13	 	 	 	5,366,214.68	 
	February 15, 2018	 	 	447,647.98	 	 	 	27,958,883.27	 	 	 	168,009.82	 	 	 	5,198,204.86	 
	May 15, 2018	 	 	447,660.11	 	 	 	27,511,223.16	 	 	 	168,016.65	 	 	 	5,030,188.21	 
	August 15, 2018	 	 	447,672.54	 	 	 	27,063,550.62	 	 	 	168,023.67	 	 	 	4,862,164.54	 
	November 15, 2018	 	 	447,685.27	 	 	 	26,615,865.35	 	 	 	168,030.84	 	 	 	4,694,133.70	 
	February 15, 2019	 	 	447,698.32	 	 	 	26,168,167.03	 	 	 	168,038.21	 	 	 	4,526,095.49	 
	May 15, 2019	 	 	489,716.24	 	 	 	25,678,450.79	 	 	 	168,045.75	 	 	 	4,358,049.74	 
	August 15, 2019	 	 	489,732.45	 	 	 	25,188,718.34	 	 	 	168,053.48	 	 	 	4,189,996.26	 
	November 15, 2019	 	 	489,749.05	 	 	 	24,698,969.29	 	 	 	168,061.42	 	 	 	4,021,934.84	 
	February 15, 2020	 	 	489,766.10	 	 	 	24,209,203.19	 	 	 	168,069.55	 	 	 	3,853,865.29	 
	May 15, 2020	 	 	489,783.58	 	 	 	23,719,419.61	 	 	 	168,077.89	 	 	 	3,685,787.40	 
	August 15, 2020	 	 	489,801.52	 	 	 	23,229,618.09	 	 	 	168,086.47	 	 	 	3,517,700.93	 
	November 15, 2020	 	 	489,819.93	 	 	 	22,739,798.16	 	 	 	168,095.25	 	 	 	3,349,605.68	 
	February 15, 2021	 	 	489,838.83	 	 	 	22,249,959.33	 	 	 	168,104.29	 	 	 	3,181,501.39	 
	May 15, 2021	 	 	489,858.25	 	 	 	21,760,101.08	 	 	 	168,113.53	 	 	 	3,013,387.86	 
	August 15, 2021	 	 	489,878.18	 	 	 	21,270,222.90	 	 	 	168,123.07	 	 	 	2,845,264.79	 
	November 15, 2021	 	 	489,898.66	 	 	 	20,780,324.24	 	 	 	168,132.84	 	 	 	2,677,131.95	 
	February 15, 2022	 	 	489,919.71	 	 	 	20,290,404.53	 	 	 	168,142.88	 	 	 	2,508,989.07	 
	May 15, 2022	 	 	489,941.34	 	 	 	19,800,463.19	 	 	 	168,153.22	 	 	 	2,340,835.85	 
	August 15, 2022	 	 	489,963.58	 	 	 	19,310,499.61	 	 	 	186,858.21	 	 	 	2,153,977.64	 
	November 15, 2022	 	 	489,986.45	 	 	 	18,820,513.16	 	 	 	224,260.69	 	 	 	1,929,716.95	 
	February 15, 2023	 	 	490,009.98	 	 	 	18,330,503.18	 	 	 	224,276.18	 	 	 	1,705,440.77	 
	May 15, 2023	 	 	490,034.18	 	 	 	17,840,469.00	 	 	 	280,381.68	 	 	 	1,425,059.09	 
	August 15, 2023	 	 	490,059.10	 	 	 	17,350,409.90	 	 	 	261,705.27	 	 	 	1,163,353.82	 
	November 15, 2023	 	 	490,084.74	 	 	 	16,860,325.16	 	 	 	1,163,353.82	 	 	 	0.00	 
	February 15, 2024	 	 	490,111.16	 	 	 	16,370,214.00	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	490,138.36	 	 	 	15,880,075.64	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	490,166.39	 	 	 	15,389,909.25	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	490,195.29	 	 	 	14,899,713.96	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	490,225.07	 	 	 	14,409,488.89	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	490,255.80	 	 	 	13,919,233.09	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	490,287.49	 	 	 	13,428,945.60	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	490,320.20	 	 	 	12,938,625.40	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	490,353.97	 	 	 	12,448,271.43	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	490,388.84	 	 	 	11,957,882.59	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	490,424.87	 	 	 	11,467,457.72	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	490,462.09	 	 	 	10,976,995.63	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	490,500.58	 	 	 	10,486,495.05	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	490,540.38	 	 	 	9,995,954.67	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	490,581.56	 	 	 	9,505,373.11	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,505,373.11	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note
Purchase Agreement

LATAM
2015-1 Aircraft EETC

 

    	 	 Sch. III-8	 

     

    

 

	 	 	Rank 120	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	30,062,000.00	 	 	$	0.00	 	 	$	6,540,000.00	 
	May 15, 2016	 	 	0.00	 	 	 	30,062,000.00	 	 	 	0.00	 	 	 	6,540,000.00	 
	August 15, 2016	 	 	0.00	 	 	 	30,062,000.00	 	 	 	0.00	 	 	 	6,540,000.00	 
	November 15, 2016	 	 	0.00	 	 	 	30,062,000.00	 	 	 	274,012.05	 	 	 	6,265,987.95	 
	February 15, 2017	 	 	235,822.11	 	 	 	29,826,177.89	 	 	 	380,634.37	 	 	 	5,885,353.58	 
	May 15, 2017	 	 	448,178.41	 	 	 	29,377,999.48	 	 	 	168,308.95	 	 	 	5,717,044.63	 
	August 15, 2017	 	 	448,198.62	 	 	 	28,929,800.86	 	 	 	168,320.35	 	 	 	5,548,724.28	 
	November 15, 2017	 	 	448,219.33	 	 	 	28,481,581.53	 	 	 	168,332.02	 	 	 	5,380,392.26	 
	February 15, 2018	 	 	448,240.51	 	 	 	28,033,341.02	 	 	 	168,343.98	 	 	 	5,212,048.28	 
	May 15, 2018	 	 	448,262.22	 	 	 	27,585,078.80	 	 	 	168,356.22	 	 	 	5,043,692.06	 
	August 15, 2018	 	 	448,284.46	 	 	 	27,136,794.34	 	 	 	168,368.76	 	 	 	4,875,323.30	 
	November 15, 2018	 	 	448,307.25	 	 	 	26,688,487.09	 	 	 	168,381.61	 	 	 	4,706,941.69	 
	February 15, 2019	 	 	448,330.60	 	 	 	26,240,156.49	 	 	 	168,394.77	 	 	 	4,538,546.92	 
	May 15, 2019	 	 	490,475.60	 	 	 	25,749,680.89	 	 	 	168,408.28	 	 	 	4,370,138.64	 
	August 15, 2019	 	 	490,504.59	 	 	 	25,259,176.30	 	 	 	168,422.11	 	 	 	4,201,716.53	 
	November 15, 2019	 	 	490,534.32	 	 	 	24,768,641.98	 	 	 	168,436.31	 	 	 	4,033,280.22	 
	February 15, 2020	 	 	490,564.81	 	 	 	24,278,077.17	 	 	 	168,450.87	 	 	 	3,864,829.35	 
	May 15, 2020	 	 	490,596.09	 	 	 	23,787,481.08	 	 	 	168,465.82	 	 	 	3,696,363.53	 
	August 15, 2020	 	 	490,628.20	 	 	 	23,296,852.88	 	 	 	168,481.12	 	 	 	3,527,882.41	 
	November 15, 2020	 	 	490,661.15	 	 	 	22,806,191.73	 	 	 	168,496.86	 	 	 	3,359,385.55	 
	February 15, 2021	 	 	490,694.96	 	 	 	22,315,496.77	 	 	 	168,513.02	 	 	 	3,190,872.53	 
	May 15, 2021	 	 	490,729.71	 	 	 	21,824,767.06	 	 	 	168,529.59	 	 	 	3,022,342.94	 
	August 15, 2021	 	 	490,765.38	 	 	 	21,334,001.68	 	 	 	168,546.61	 	 	 	2,853,796.33	 
	November 15, 2021	 	 	490,802.03	 	 	 	20,843,199.65	 	 	 	168,564.13	 	 	 	2,685,232.20	 
	February 15, 2022	 	 	490,839.68	 	 	 	20,352,359.97	 	 	 	168,582.10	 	 	 	2,516,650.10	 
	May 15, 2022	 	 	490,878.40	 	 	 	19,861,481.57	 	 	 	168,600.58	 	 	 	2,348,049.52	 
	August 15, 2022	 	 	490,918.19	 	 	 	19,370,563.38	 	 	 	187,372.11	 	 	 	2,160,677.41	 
	November 15, 2022	 	 	490,959.13	 	 	 	18,879,604.25	 	 	 	224,901.69	 	 	 	1,935,775.72	 
	February 15, 2023	 	 	491,001.21	 	 	 	18,388,603.04	 	 	 	224,929.44	 	 	 	1,710,846.28	 
	May 15, 2023	 	 	491,044.54	 	 	 	17,897,558.50	 	 	 	281,227.00	 	 	 	1,429,619.28	 
	August 15, 2023	 	 	491,089.11	 	 	 	17,406,469.39	 	 	 	262,506.65	 	 	 	1,167,112.63	 
	November 15, 2023	 	 	491,135.01	 	 	 	16,915,334.38	 	 	 	1,167,112.63	 	 	 	0.00	 
	February 15, 2024	 	 	491,182.27	 	 	 	16,424,152.11	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	491,230.96	 	 	 	15,932,921.15	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	491,281.11	 	 	 	15,441,640.04	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	491,332.82	 	 	 	14,950,307.22	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	491,386.12	 	 	 	14,458,921.10	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	491,441.10	 	 	 	13,967,480.00	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	491,497.81	 	 	 	13,475,982.19	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	491,556.35	 	 	 	12,984,425.84	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	491,616.77	 	 	 	12,492,809.07	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	491,679.17	 	 	 	12,001,129.90	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	491,743.63	 	 	 	11,509,386.27	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	491,810.25	 	 	 	11,017,576.02	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	491,879.11	 	 	 	10,525,696.91	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	491,950.35	 	 	 	10,033,746.56	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	492,024.03	 	 	 	9,541,722.53	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,541,722.53	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-9	 

     

    

 

	 	 	Rank 135	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	29,530,000.00	 	 	$	0.00	 	 	$	6,539,000.00	 
	May 15, 2016	 	 	0.00	 	 	 	29,530,000.00	 	 	 	0.00	 	 	 	6,539,000.00	 
	August 15, 2016	 	 	0.00	 	 	 	29,530,000.00	 	 	 	0.00	 	 	 	6,539,000.00	 
	November 15, 2016	 	 	0.00	 	 	 	29,530,000.00	 	 	 	0.00	 	 	 	6,539,000.00	 
	February 15, 2017	 	 	0.00	 	 	 	29,530,000.00	 	 	 	265,546.96	 	 	 	6,273,453.04	 
	May 15, 2017	 	 	75,793.00	 	 	 	29,454,207.00	 	 	 	541,578.21	 	 	 	5,731,874.83	 
	August 15, 2017	 	 	448,772.68	 	 	 	29,005,434.32	 	 	 	168,644.08	 	 	 	5,563,230.75	 
	November 15, 2017	 	 	448,802.51	 	 	 	28,556,631.81	 	 	 	168,660.91	 	 	 	5,394,569.84	 
	February 15, 2018	 	 	448,833.04	 	 	 	28,107,798.77	 	 	 	168,678.14	 	 	 	5,225,891.70	 
	May 15, 2018	 	 	448,864.34	 	 	 	27,658,934.43	 	 	 	168,695.78	 	 	 	5,057,195.92	 
	August 15, 2018	 	 	448,896.38	 	 	 	27,210,038.05	 	 	 	168,713.85	 	 	 	4,888,482.07	 
	November 15, 2018	 	 	448,929.23	 	 	 	26,761,108.82	 	 	 	168,732.37	 	 	 	4,719,749.70	 
	February 15, 2019	 	 	448,962.88	 	 	 	26,312,145.94	 	 	 	168,751.34	 	 	 	4,550,998.36	 
	May 15, 2019	 	 	491,234.95	 	 	 	25,820,910.99	 	 	 	168,770.82	 	 	 	4,382,227.54	 
	August 15, 2019	 	 	491,276.74	 	 	 	25,329,634.25	 	 	 	168,790.74	 	 	 	4,213,436.80	 
	November 15, 2019	 	 	491,319.58	 	 	 	24,838,314.67	 	 	 	168,811.21	 	 	 	4,044,625.59	 
	February 15, 2020	 	 	491,363.52	 	 	 	24,346,951.15	 	 	 	168,832.19	 	 	 	3,875,793.40	 
	May 15, 2020	 	 	491,408.61	 	 	 	23,855,542.54	 	 	 	168,853.72	 	 	 	3,706,939.68	 
	August 15, 2020	 	 	491,454.87	 	 	 	23,364,087.67	 	 	 	168,875.80	 	 	 	3,538,063.88	 
	November 15, 2020	 	 	491,502.37	 	 	 	22,872,585.30	 	 	 	168,898.46	 	 	 	3,369,165.42	 
	February 15, 2021	 	 	491,551.10	 	 	 	22,381,034.20	 	 	 	168,921.74	 	 	 	3,200,243.68	 
	May 15, 2021	 	 	491,601.17	 	 	 	21,889,433.03	 	 	 	168,945.64	 	 	 	3,031,298.04	 
	August 15, 2021	 	 	491,652.57	 	 	 	21,397,780.46	 	 	 	168,970.19	 	 	 	2,862,327.85	 
	November 15, 2021	 	 	491,705.39	 	 	 	20,906,075.07	 	 	 	168,995.40	 	 	 	2,693,332.45	 
	February 15, 2022	 	 	491,759.67	 	 	 	20,414,315.40	 	 	 	169,021.31	 	 	 	2,524,311.14	 
	May 15, 2022	 	 	491,815.46	 	 	 	19,922,499.94	 	 	 	169,047.95	 	 	 	2,355,263.19	 
	August 15, 2022	 	 	491,872.80	 	 	 	19,430,627.14	 	 	 	187,886.01	 	 	 	2,167,377.18	 
	November 15, 2022	 	 	491,931.79	 	 	 	18,938,695.35	 	 	 	225,542.70	 	 	 	1,941,834.48	 
	February 15, 2023	 	 	491,992.46	 	 	 	18,446,702.89	 	 	 	225,582.68	 	 	 	1,716,251.80	 
	May 15, 2023	 	 	492,054.89	 	 	 	17,954,648.00	 	 	 	282,072.33	 	 	 	1,434,179.47	 
	August 15, 2023	 	 	492,119.13	 	 	 	17,462,528.87	 	 	 	263,308.02	 	 	 	1,170,871.45	 
	November 15, 2023	 	 	492,185.28	 	 	 	16,970,343.59	 	 	 	1,170,871.45	 	 	 	0.00	 
	February 15, 2024	 	 	492,253.38	 	 	 	16,478,090.21	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	492,323.55	 	 	 	15,985,766.66	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	492,395.84	 	 	 	15,493,370.82	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	492,470.35	 	 	 	15,000,900.47	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	492,547.16	 	 	 	14,508,353.31	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	492,626.40	 	 	 	14,015,726.91	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	492,708.14	 	 	 	13,523,018.77	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	492,792.49	 	 	 	13,030,226.28	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	492,879.56	 	 	 	12,537,346.72	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	492,969.50	 	 	 	12,044,377.22	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	493,062.40	 	 	 	11,551,314.82	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	493,158.41	 	 	 	11,058,156.41	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	493,257.65	 	 	 	10,564,898.76	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	493,360.31	 	 	 	10,071,538.45	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	493,466.50	 	 	 	9,578,071.95	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,578,071.95	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-10	 

     

    

 

	 	 	Rank 136	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	29,530,000.00	 	 	$	0.00	 	 	$	6,539,000.00	 
	May 15, 2016	 	 	0.00	 	 	 	29,530,000.00	 	 	 	0.00	 	 	 	6,539,000.00	 
	August 15, 2016	 	 	0.00	 	 	 	29,530,000.00	 	 	 	0.00	 	 	 	6,539,000.00	 
	November 15, 2016	 	 	0.00	 	 	 	29,530,000.00	 	 	 	0.00	 	 	 	6,539,000.00	 
	February 15, 2017	 	 	0.00	 	 	 	29,530,000.00	 	 	 	265,546.96	 	 	 	6,273,453.04	 
	May 15, 2017	 	 	75,793.00	 	 	 	29,454,207.00	 	 	 	541,578.21	 	 	 	5,731,874.83	 
	August 15, 2017	 	 	448,772.68	 	 	 	29,005,434.32	 	 	 	168,644.08	 	 	 	5,563,230.75	 
	November 15, 2017	 	 	448,802.51	 	 	 	28,556,631.81	 	 	 	168,660.91	 	 	 	5,394,569.84	 
	February 15, 2018	 	 	448,833.04	 	 	 	28,107,798.77	 	 	 	168,678.14	 	 	 	5,225,891.70	 
	May 15, 2018	 	 	448,864.34	 	 	 	27,658,934.43	 	 	 	168,695.78	 	 	 	5,057,195.92	 
	August 15, 2018	 	 	448,896.38	 	 	 	27,210,038.05	 	 	 	168,713.85	 	 	 	4,888,482.07	 
	November 15, 2018	 	 	448,929.23	 	 	 	26,761,108.82	 	 	 	168,732.37	 	 	 	4,719,749.70	 
	February 15, 2019	 	 	448,962.88	 	 	 	26,312,145.94	 	 	 	168,751.34	 	 	 	4,550,998.36	 
	May 15, 2019	 	 	491,234.95	 	 	 	25,820,910.99	 	 	 	168,770.82	 	 	 	4,382,227.54	 
	August 15, 2019	 	 	491,276.74	 	 	 	25,329,634.25	 	 	 	168,790.74	 	 	 	4,213,436.80	 
	November 15, 2019	 	 	491,319.58	 	 	 	24,838,314.67	 	 	 	168,811.21	 	 	 	4,044,625.59	 
	February 15, 2020	 	 	491,363.52	 	 	 	24,346,951.15	 	 	 	168,832.19	 	 	 	3,875,793.40	 
	May 15, 2020	 	 	491,408.61	 	 	 	23,855,542.54	 	 	 	168,853.72	 	 	 	3,706,939.68	 
	August 15, 2020	 	 	491,454.87	 	 	 	23,364,087.67	 	 	 	168,875.80	 	 	 	3,538,063.88	 
	November 15, 2020	 	 	491,502.37	 	 	 	22,872,585.30	 	 	 	168,898.46	 	 	 	3,369,165.42	 
	February 15, 2021	 	 	491,551.10	 	 	 	22,381,034.20	 	 	 	168,921.74	 	 	 	3,200,243.68	 
	May 15, 2021	 	 	491,601.17	 	 	 	21,889,433.03	 	 	 	168,945.64	 	 	 	3,031,298.04	 
	August 15, 2021	 	 	491,652.57	 	 	 	21,397,780.46	 	 	 	168,970.19	 	 	 	2,862,327.85	 
	November 15, 2021	 	 	491,705.39	 	 	 	20,906,075.07	 	 	 	168,995.40	 	 	 	2,693,332.45	 
	February 15, 2022	 	 	491,759.67	 	 	 	20,414,315.40	 	 	 	169,021.31	 	 	 	2,524,311.14	 
	May 15, 2022	 	 	491,815.46	 	 	 	19,922,499.94	 	 	 	169,047.95	 	 	 	2,355,263.19	 
	August 15, 2022	 	 	491,872.80	 	 	 	19,430,627.14	 	 	 	187,886.01	 	 	 	2,167,377.18	 
	November 15, 2022	 	 	491,931.79	 	 	 	18,938,695.35	 	 	 	225,542.70	 	 	 	1,941,834.48	 
	February 15, 2023	 	 	491,992.46	 	 	 	18,446,702.89	 	 	 	225,582.68	 	 	 	1,716,251.80	 
	May 15, 2023	 	 	492,054.89	 	 	 	17,954,648.00	 	 	 	282,072.33	 	 	 	1,434,179.47	 
	August 15, 2023	 	 	492,119.13	 	 	 	17,462,528.87	 	 	 	263,308.02	 	 	 	1,170,871.45	 
	November 15, 2023	 	 	492,185.28	 	 	 	16,970,343.59	 	 	 	1,170,871.45	 	 	 	0.00	 
	February 15, 2024	 	 	492,253.38	 	 	 	16,478,090.21	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	492,323.55	 	 	 	15,985,766.66	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	492,395.84	 	 	 	15,493,370.82	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	492,470.35	 	 	 	15,000,900.47	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	492,547.16	 	 	 	14,508,353.31	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	492,626.40	 	 	 	14,015,726.91	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	492,708.14	 	 	 	13,523,018.77	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	492,792.49	 	 	 	13,030,226.28	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	492,879.56	 	 	 	12,537,346.72	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	492,969.50	 	 	 	12,044,377.22	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	493,062.40	 	 	 	11,551,314.82	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	493,158.41	 	 	 	11,058,156.41	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	493,257.65	 	 	 	10,564,898.76	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	493,360.31	 	 	 	10,071,538.45	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	493,466.50	 	 	 	9,578,071.95	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	9,578,071.95	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-11	 

     

    

 

B. A350-900

 

	 	 	0024	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 

Payments of	 	 	Equipment Note	 	 	Scheduled 

Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	87,248,000.00	 	 	$	0.00	 	 	$	18,177,000.00	 
	May 15, 2016	 	 	1,160,040.32	 	 	 	86,087,959.68	 	 	 	528,298.92	 	 	 	17,648,701.08	 
	August 15, 2016	 	 	1,241,717.57	 	 	 	84,846,242.11	 	 	 	465,577.99	 	 	 	17,183,123.09	 
	November 15, 2016	 	 	1,241,712.17	 	 	 	83,604,529.94	 	 	 	465,574.94	 	 	 	16,717,548.15	 
	February 15, 2017	 	 	1,241,706.66	 	 	 	82,362,823.28	 	 	 	465,571.84	 	 	 	16,251,976.31	 
	May 15, 2017	 	 	1,241,701.01	 	 	 	81,121,122.27	 	 	 	465,568.64	 	 	 	15,786,407.67	 
	August 15, 2017	 	 	1,241,695.23	 	 	 	79,879,427.04	 	 	 	465,565.39	 	 	 	15,320,842.28	 
	November 15, 2017	 	 	1,241,689.31	 	 	 	78,637,737.73	 	 	 	465,562.05	 	 	 	14,855,280.23	 
	February 15, 2018	 	 	1,241,683.24	 	 	 	77,396,054.49	 	 	 	465,558.64	 	 	 	14,389,721.59	 
	May 15, 2018	 	 	1,241,677.04	 	 	 	76,154,377.45	 	 	 	465,555.12	 	 	 	13,924,166.47	 
	August 15, 2018	 	 	1,241,670.68	 	 	 	74,912,706.77	 	 	 	465,551.54	 	 	 	13,458,614.93	 
	November 15, 2018	 	 	1,241,664.15	 	 	 	73,671,042.62	 	 	 	465,547.87	 	 	 	12,993,067.06	 
	February 15, 2019	 	 	1,241,657.49	 	 	 	72,429,385.13	 	 	 	465,544.09	 	 	 	12,527,522.97	 
	May 15, 2019	 	 	1,357,908.60	 	 	 	71,071,476.53	 	 	 	465,540.25	 	 	 	12,061,982.72	 
	August 15, 2019	 	 	1,357,900.33	 	 	 	69,713,576.20	 	 	 	465,536.27	 	 	 	11,596,446.45	 
	November 15, 2019	 	 	1,357,891.81	 	 	 	68,355,684.39	 	 	 	465,532.22	 	 	 	11,130,914.23	 
	February 15, 2020	 	 	1,357,883.09	 	 	 	66,997,801.30	 	 	 	465,528.07	 	 	 	10,665,386.16	 
	May 15, 2020	 	 	1,357,874.15	 	 	 	65,639,927.15	 	 	 	465,523.78	 	 	 	10,199,862.38	 
	August 15, 2020	 	 	1,357,864.96	 	 	 	64,282,062.19	 	 	 	465,519.40	 	 	 	9,734,342.98	 
	November 15, 2020	 	 	1,357,855.55	 	 	 	62,924,206.64	 	 	 	465,514.90	 	 	 	9,268,828.08	 
	February 15, 2021	 	 	1,357,845.86	 	 	 	61,566,360.78	 	 	 	465,510.28	 	 	 	8,803,317.80	 
	May 15, 2021	 	 	1,357,835.93	 	 	 	60,208,524.85	 	 	 	465,505.54	 	 	 	8,337,812.26	 
	August 15, 2021	 	 	1,357,825.73	 	 	 	58,850,699.12	 	 	 	465,500.67	 	 	 	7,872,311.59	 
	November 15, 2021	 	 	1,357,815.24	 	 	 	57,492,883.88	 	 	 	465,495.67	 	 	 	7,406,815.92	 
	February 15, 2022	 	 	1,357,804.47	 	 	 	56,135,079.41	 	 	 	465,490.52	 	 	 	6,941,325.40	 
	May 15, 2022	 	 	1,357,793.41	 	 	 	54,777,286.00	 	 	 	465,485.23	 	 	 	6,475,840.17	 
	August 15, 2022	 	 	1,357,782.01	 	 	 	53,419,503.99	 	 	 	517,194.92	 	 	 	5,958,645.25	 
	November 15, 2022	 	 	1,357,770.32	 	 	 	52,061,733.67	 	 	 	620,618.11	 	 	 	5,338,027.14	 
	February 15, 2023	 	 	1,357,758.27	 	 	 	50,703,975.40	 	 	 	620,610.18	 	 	 	4,717,416.96	 
	May 15, 2023	 	 	1,357,745.88	 	 	 	49,346,229.52	 	 	 	775,744.08	 	 	 	3,941,672.88	 
	August 15, 2023	 	 	1,357,733.13	 	 	 	47,988,496.39	 	 	 	724,019.76	 	 	 	3,217,653.12	 
	November 15, 2023	 	 	1,357,720.01	 	 	 	46,630,776.38	 	 	 	3,217,653.12	 	 	 	0.00	 
	February 15, 2024	 	 	1,357,706.49	 	 	 	45,273,069.89	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	1,357,692.56	 	 	 	43,915,377.33	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	1,357,678.22	 	 	 	42,557,699.11	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	1,357,663.42	 	 	 	41,200,035.69	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	1,357,648.18	 	 	 	39,842,387.51	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	1,357,632.46	 	 	 	38,484,755.05	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	1,357,616.24	 	 	 	37,127,138.81	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	1,357,599.49	 	 	 	35,769,539.32	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	1,357,582.21	 	 	 	34,411,957.11	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	1,357,564.36	 	 	 	33,054,392.75	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	1,357,545.93	 	 	 	31,696,846.82	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	1,357,526.87	 	 	 	30,339,319.95	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	1,357,507.18	 	 	 	28,981,812.77	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	1,357,486.80	 	 	 	27,624,325.97	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	1,357,465.72	 	 	 	26,266,860.25	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	26,266,860.25	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-12	 

     

    

 

	 	 	0027	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	83,826,000.00	 	 	$	0.00	 	 	$	18,237,000.00	 
	May 15, 2016	 	 	0.00	 	 	 	83,826,000.00	 	 	 	0.00	 	 	 	18,237,000.00	 
	August 15, 2016	 	 	0.00	 	 	 	83,826,000.00	 	 	 	0.00	 	 	 	18,237,000.00	 
	November 15, 2016	 	 	0.00	 	 	 	83,826,000.00	 	 	 	765,550.11	 	 	 	17,471,449.89	 
	February 15, 2017	 	 	658,284.66	 	 	 	83,167,715.34	 	 	 	1,060,650.87	 	 	 	16,410,799.02	 
	May 15, 2017	 	 	1,249,706.71	 	 	 	81,918,008.63	 	 	 	469,314.94	 	 	 	15,941,484.08	 
	August 15, 2017	 	 	1,249,763.07	 	 	 	80,668,245.56	 	 	 	469,346.73	 	 	 	15,472,137.35	 
	November 15, 2017	 	 	1,249,820.78	 	 	 	79,418,424.78	 	 	 	469,379.26	 	 	 	15,002,758.09	 
	February 15, 2018	 	 	1,249,879.88	 	 	 	78,168,544.90	 	 	 	469,412.60	 	 	 	14,533,345.49	 
	May 15, 2018	 	 	1,249,940.41	 	 	 	76,918,604.49	 	 	 	469,446.74	 	 	 	14,063,898.75	 
	August 15, 2018	 	 	1,250,002.42	 	 	 	75,668,602.07	 	 	 	469,481.71	 	 	 	13,594,417.04	 
	November 15, 2018	 	 	1,250,065.95	 	 	 	74,418,536.12	 	 	 	469,517.54	 	 	 	13,124,899.50	 
	February 15, 2019	 	 	1,250,131.08	 	 	 	73,168,405.04	 	 	 	469,554.26	 	 	 	12,655,345.24	 
	May 15, 2019	 	 	1,367,648.74	 	 	 	71,800,756.30	 	 	 	469,591.91	 	 	 	12,185,753.33	 
	August 15, 2019	 	 	1,367,729.59	 	 	 	70,433,026.71	 	 	 	469,630.49	 	 	 	11,716,122.84	 
	November 15, 2019	 	 	1,367,812.48	 	 	 	69,065,214.23	 	 	 	469,670.08	 	 	 	11,246,452.76	 
	February 15, 2020	 	 	1,367,897.52	 	 	 	67,697,316.71	 	 	 	469,710.67	 	 	 	10,776,742.09	 
	May 15, 2020	 	 	1,367,984.75	 	 	 	66,329,331.96	 	 	 	469,752.31	 	 	 	10,306,989.78	 
	August 15, 2020	 	 	1,368,074.25	 	 	 	64,961,257.71	 	 	 	469,795.05	 	 	 	9,837,194.73	 
	November 15, 2020	 	 	1,368,166.13	 	 	 	63,593,091.58	 	 	 	469,838.92	 	 	 	9,367,355.81	 
	February 15, 2021	 	 	1,368,260.46	 	 	 	62,224,831.12	 	 	 	469,883.94	 	 	 	8,897,471.87	 
	May 15, 2021	 	 	1,368,357.30	 	 	 	60,856,473.82	 	 	 	469,930.17	 	 	 	8,427,541.70	 
	August 15, 2021	 	 	1,368,456.78	 	 	 	59,488,017.04	 	 	 	469,977.67	 	 	 	7,957,564.03	 
	November 15, 2021	 	 	1,368,558.97	 	 	 	58,119,458.07	 	 	 	470,026.46	 	 	 	7,487,537.57	 
	February 15, 2022	 	 	1,368,663.98	 	 	 	56,750,794.09	 	 	 	470,076.60	 	 	 	7,017,460.97	 
	May 15, 2022	 	 	1,368,771.92	 	 	 	55,382,022.17	 	 	 	470,128.13	 	 	 	6,547,332.84	 
	August 15, 2022	 	 	1,368,882.89	 	 	 	54,013,139.28	 	 	 	522,470.91	 	 	 	6,024,861.93	 
	November 15, 2022	 	 	1,368,997.01	 	 	 	52,644,142.27	 	 	 	627,118.90	 	 	 	5,397,743.03	 
	February 15, 2023	 	 	1,369,114.40	 	 	 	51,275,027.87	 	 	 	627,196.26	 	 	 	4,770,546.77	 
	May 15, 2023	 	 	1,369,235.18	 	 	 	49,905,792.69	 	 	 	784,177.16	 	 	 	3,986,369.61	 
	August 15, 2023	 	 	1,369,359.49	 	 	 	48,536,433.20	 	 	 	731,977.04	 	 	 	3,254,392.57	 
	November 15, 2023	 	 	1,369,487.46	 	 	 	47,166,945.74	 	 	 	3,254,392.57	 	 	 	0.00	 
	February 15, 2024	 	 	1,369,619.24	 	 	 	45,797,326.50	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	1,369,755.00	 	 	 	44,427,571.50	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	1,369,894.87	 	 	 	43,057,676.63	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	1,370,039.03	 	 	 	41,687,637.60	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	1,370,187.67	 	 	 	40,317,449.93	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	1,370,340.96	 	 	 	38,947,108.97	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	1,370,499.11	 	 	 	37,576,609.86	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	1,370,662.32	 	 	 	36,205,947.54	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	1,370,830.80	 	 	 	34,835,116.74	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	1,371,004.80	 	 	 	33,464,111.94	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	1,371,184.56	 	 	 	32,092,927.38	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	1,371,370.30	 	 	 	30,721,557.08	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	1,371,562.35	 	 	 	29,349,994.73	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	1,371,760.95	 	 	 	27,978,233.78	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	1,371,966.42	 	 	 	26,606,267.36	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	26,606,267.36	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-13	 

     

    

 

C. B787-9

 

	 	 	38478	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 

Payments of	 	 	Equipment Note	 	 	Scheduled 

Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	85,396,000.00	 	 	$	0.00	 	 	$	16,795,000.00	 
	May 15, 2016	 	 	4,156,924.70	 	 	 	81,239,075.30	 	 	 	445,412.80	 	 	 	16,349,587.20	 
	August 15, 2016	 	 	1,641,794.29	 	 	 	79,597,281.01	 	 	 	445,412.80	 	 	 	15,904,174.40	 
	November 15, 2016	 	 	3,141,703.86	 	 	 	76,455,577.15	 	 	 	445,412.80	 	 	 	15,458,761.60	 
	February 15, 2017	 	 	1,141,611.34	 	 	 	75,313,965.81	 	 	 	445,412.80	 	 	 	15,013,348.80	 
	May 15, 2017	 	 	1,141,516.62	 	 	 	74,172,449.19	 	 	 	445,412.80	 	 	 	14,567,936.00	 
	August 15, 2017	 	 	1,141,419.69	 	 	 	73,031,029.50	 	 	 	852,877.82	 	 	 	13,715,058.18	 
	November 15, 2017	 	 	1,141,320.41	 	 	 	71,889,709.09	 	 	 	134,533.04	 	 	 	13,580,525.14	 
	February 15, 2018	 	 	1,141,218.77	 	 	 	70,748,490.32	 	 	 	426,739.90	 	 	 	13,153,785.24	 
	May 15, 2018	 	 	1,141,114.66	 	 	 	69,607,375.66	 	 	 	426,681.19	 	 	 	12,727,104.05	 
	August 15, 2018	 	 	1,141,008.00	 	 	 	68,466,367.66	 	 	 	426,621.03	 	 	 	12,300,483.02	 
	November 15, 2018	 	 	1,140,898.72	 	 	 	67,325,468.94	 	 	 	426,559.40	 	 	 	11,873,923.62	 
	February 15, 2019	 	 	1,140,786.72	 	 	 	66,184,682.22	 	 	 	426,496.24	 	 	 	11,447,427.38	 
	May 15, 2019	 	 	1,246,896.46	 	 	 	64,937,785.76	 	 	 	426,431.51	 	 	 	11,020,995.87	 
	August 15, 2019	 	 	1,246,757.42	 	 	 	63,691,028.34	 	 	 	426,365.11	 	 	 	10,594,630.76	 
	November 15, 2019	 	 	1,246,614.84	 	 	 	62,444,413.50	 	 	 	426,297.04	 	 	 	10,168,333.72	 
	February 15, 2020	 	 	1,246,468.59	 	 	 	61,197,944.91	 	 	 	426,227.23	 	 	 	9,742,106.49	 
	May 15, 2020	 	 	1,246,318.55	 	 	 	59,951,626.36	 	 	 	426,155.59	 	 	 	9,315,950.90	 
	August 15, 2020	 	 	1,246,164.59	 	 	 	58,705,461.77	 	 	 	426,082.09	 	 	 	8,889,868.81	 
	November 15, 2020	 	 	1,246,006.57	 	 	 	57,459,455.20	 	 	 	426,006.64	 	 	 	8,463,862.17	 
	February 15, 2021	 	 	1,245,844.33	 	 	 	56,213,610.87	 	 	 	425,929.21	 	 	 	8,037,932.96	 
	May 15, 2021	 	 	1,245,677.76	 	 	 	54,967,933.11	 	 	 	425,849.66	 	 	 	7,612,083.30	 
	August 15, 2021	 	 	1,245,506.67	 	 	 	53,722,426.44	 	 	 	425,767.98	 	 	 	7,186,315.32	 
	November 15, 2021	 	 	1,245,330.89	 	 	 	52,477,095.55	 	 	 	425,684.08	 	 	 	6,760,631.24	 
	February 15, 2022	 	 	1,245,150.27	 	 	 	51,231,945.28	 	 	 	425,597.83	 	 	 	6,335,033.41	 
	May 15, 2022	 	 	1,244,964.62	 	 	 	49,986,980.66	 	 	 	425,509.21	 	 	 	5,909,524.20	 
	August 15, 2022	 	 	1,244,773.75	 	 	 	48,742,206.91	 	 	 	472,605.13	 	 	 	5,436,919.07	 
	November 15, 2022	 	 	1,244,577.47	 	 	 	47,497,629.44	 	 	 	566,861.60	 	 	 	4,870,057.47	 
	February 15, 2023	 	 	1,244,375.57	 	 	 	46,253,253.87	 	 	 	566,728.54	 	 	 	4,303,328.93	 
	May 15, 2023	 	 	1,244,167.82	 	 	 	45,009,086.05	 	 	 	708,097.93	 	 	 	3,595,231.00	 
	August 15, 2023	 	 	1,243,954.02	 	 	 	43,765,132.03	 	 	 	660,756.61	 	 	 	2,934,474.39	 
	November 15, 2023	 	 	1,243,733.89	 	 	 	42,521,398.14	 	 	 	2,934,474.39	 	 	 	0.00	 
	February 15, 2024	 	 	1,243,507.24	 	 	 	41,277,890.90	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	1,243,273.75	 	 	 	40,034,617.15	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	1,243,033.16	 	 	 	38,791,583.99	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	1,242,785.21	 	 	 	37,548,798.78	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	1,242,529.56	 	 	 	36,306,269.22	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	1,242,265.89	 	 	 	35,064,003.33	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	1,241,993.88	 	 	 	33,822,009.45	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	1,241,713.16	 	 	 	32,580,296.29	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	1,241,423.37	 	 	 	31,338,872.92	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	1,241,124.10	 	 	 	30,097,748.82	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	1,240,814.93	 	 	 	28,856,933.89	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	1,240,495.43	 	 	 	27,616,438.46	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	1,240,165.13	 	 	 	26,376,273.33	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	1,239,823.53	 	 	 	25,136,449.80	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	1,239,470.12	 	 	 	23,896,979.68	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	23,896,979.68	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-14	 

     

    

 

 

	 	 	38479	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 

Payments of	 	 	Equipment Note	 	 	Scheduled 

Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	84,098,000.00	 	 	$	0.00	 	 	$	16,809,000.00	 
	May 15, 2016	 	 	2,593,952.20	 	 	 	81,504,047.80	 	 	 	812,555.92	 	 	 	15,996,444.08	 
	August 15, 2016	 	 	3,644,100.86	 	 	 	77,859,946.94	 	 	 	228,190.60	 	 	 	15,768,253.48	 
	November 15, 2016	 	 	1,144,031.83	 	 	 	76,715,915.11	 	 	 	428,151.62	 	 	 	15,340,101.86	 
	February 15, 2017	 	 	1,143,961.09	 	 	 	75,571,954.02	 	 	 	428,111.74	 	 	 	14,911,990.12	 
	May 15, 2017	 	 	1,143,888.70	 	 	 	74,428,065.32	 	 	 	428,070.91	 	 	 	14,483,919.21	 
	August 15, 2017	 	 	1,143,814.60	 	 	 	73,284,250.72	 	 	 	428,029.12	 	 	 	14,055,890.09	 
	November 15, 2017	 	 	1,143,738.71	 	 	 	72,140,512.01	 	 	 	427,986.33	 	 	 	13,627,903.76	 
	February 15, 2018	 	 	1,143,661.03	 	 	 	70,996,850.98	 	 	 	427,942.51	 	 	 	13,199,961.25	 
	May 15, 2018	 	 	1,143,581.44	 	 	 	69,853,269.54	 	 	 	427,897.63	 	 	 	12,772,063.62	 
	August 15, 2018	 	 	1,143,499.91	 	 	 	68,709,769.63	 	 	 	427,851.66	 	 	 	12,344,211.96	 
	November 15, 2018	 	 	1,143,416.38	 	 	 	67,566,353.25	 	 	 	427,804.54	 	 	 	11,916,407.42	 
	February 15, 2019	 	 	1,143,330.77	 	 	 	66,423,022.48	 	 	 	427,756.26	 	 	 	11,488,651.16	 
	May 15, 2019	 	 	1,249,852.60	 	 	 	65,173,169.88	 	 	 	427,706.77	 	 	 	11,060,944.39	 
	August 15, 2019	 	 	1,249,746.31	 	 	 	63,923,423.57	 	 	 	427,656.04	 	 	 	10,633,288.35	 
	November 15, 2019	 	 	1,249,637.33	 	 	 	62,673,786.24	 	 	 	427,603.99	 	 	 	10,205,684.36	 
	February 15, 2020	 	 	1,249,525.53	 	 	 	61,424,260.71	 	 	 	427,550.64	 	 	 	9,778,133.72	 
	May 15, 2020	 	 	1,249,410.85	 	 	 	60,174,849.86	 	 	 	427,495.86	 	 	 	9,350,637.86	 
	August 15, 2020	 	 	1,249,293.16	 	 	 	58,925,556.70	 	 	 	427,439.70	 	 	 	8,923,198.16	 
	November 15, 2020	 	 	1,249,172.37	 	 	 	57,676,384.33	 	 	 	427,382.02	 	 	 	8,495,816.14	 
	February 15, 2021	 	 	1,249,048.37	 	 	 	56,427,335.96	 	 	 	427,322.81	 	 	 	8,068,493.33	 
	May 15, 2021	 	 	1,248,921.03	 	 	 	55,178,414.93	 	 	 	427,262.03	 	 	 	7,641,231.30	 
	August 15, 2021	 	 	1,248,790.25	 	 	 	53,929,624.68	 	 	 	427,199.59	 	 	 	7,214,031.71	 
	November 15, 2021	 	 	1,248,655.89	 	 	 	52,680,968.79	 	 	 	427,135.45	 	 	 	6,786,896.26	 
	February 15, 2022	 	 	1,248,517.82	 	 	 	51,432,450.97	 	 	 	427,069.53	 	 	 	6,359,826.73	 
	May 15, 2022	 	 	1,248,375.91	 	 	 	50,184,075.06	 	 	 	427,001.78	 	 	 	5,932,824.95	 
	August 15, 2022	 	 	1,248,230.02	 	 	 	48,935,845.04	 	 	 	474,306.64	 	 	 	5,458,518.31	 
	November 15, 2022	 	 	1,248,079.98	 	 	 	47,687,765.06	 	 	 	568,965.73	 	 	 	4,889,552.58	 
	February 15, 2023	 	 	1,247,925.65	 	 	 	46,439,839.41	 	 	 	568,864.03	 	 	 	4,320,688.55	 
	May 15, 2023	 	 	1,247,766.85	 	 	 	45,192,072.56	 	 	 	710,840.97	 	 	 	3,609,847.58	 
	August 15, 2023	 	 	1,247,603.42	 	 	 	43,944,469.14	 	 	 	663,348.54	 	 	 	2,946,499.04	 
	November 15, 2023	 	 	1,247,435.16	 	 	 	42,697,033.98	 	 	 	2,946,499.04	 	 	 	0.00	 
	February 15, 2024	 	 	1,247,261.90	 	 	 	41,449,772.08	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	1,247,083.43	 	 	 	40,202,688.65	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	1,246,899.52	 	 	 	38,955,789.13	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	1,246,709.99	 	 	 	37,709,079.14	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	1,246,514.58	 	 	 	36,462,564.56	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	1,246,313.03	 	 	 	35,216,251.53	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	1,246,105.10	 	 	 	33,970,146.43	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	1,245,890.54	 	 	 	32,724,255.89	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	1,245,669.01	 	 	 	31,478,586.88	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	1,245,440.25	 	 	 	30,233,146.63	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	1,245,203.93	 	 	 	28,987,942.70	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	1,244,959.70	 	 	 	27,742,983.00	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	1,244,707.23	 	 	 	26,498,275.77	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	1,244,446.11	 	 	 	25,253,829.66	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	1,244,175.97	 	 	 	24,009,653.69	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	24,009,653.69	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-15	 

     

    

 

	 	 	38461	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 	 	Scheduled 
 Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	81,086,000.00	 	 	$	0.00	 	 	$	16,893,000.00	 
	May 15, 2016	 	 	1,078,539.32	 	 	 	80,007,460.68	 	 	 	490,848.50	 	 	 	16,402,151.50	 
	August 15, 2016	 	 	1,154,013.53	 	 	 	78,853,447.15	 	 	 	432,693.63	 	 	 	15,969,457.87	 
	November 15, 2016	 	 	1,154,008.51	 	 	 	77,699,438.64	 	 	 	432,690.81	 	 	 	15,536,767.06	 
	February 15, 2017	 	 	1,154,003.38	 	 	 	76,545,435.26	 	 	 	432,687.92	 	 	 	15,104,079.14	 
	May 15, 2017	 	 	1,153,998.13	 	 	 	75,391,437.13	 	 	 	432,684.96	 	 	 	14,671,394.18	 
	August 15, 2017	 	 	1,153,992.76	 	 	 	74,237,444.37	 	 	 	432,681.93	 	 	 	14,238,712.25	 
	November 15, 2017	 	 	1,153,987.26	 	 	 	73,083,457.11	 	 	 	432,678.82	 	 	 	13,806,033.43	 
	February 15, 2018	 	 	1,153,981.62	 	 	 	71,929,475.49	 	 	 	432,675.65	 	 	 	13,373,357.78	 
	May 15, 2018	 	 	1,153,975.85	 	 	 	70,775,499.64	 	 	 	432,672.40	 	 	 	12,940,685.38	 
	August 15, 2018	 	 	1,153,969.94	 	 	 	69,621,529.70	 	 	 	432,669.06	 	 	 	12,508,016.32	 
	November 15, 2018	 	 	1,153,963.89	 	 	 	68,467,565.81	 	 	 	432,665.65	 	 	 	12,075,350.67	 
	February 15, 2019	 	 	1,153,957.68	 	 	 	67,313,608.13	 	 	 	432,662.14	 	 	 	11,642,688.53	 
	May 15, 2019	 	 	1,261,997.84	 	 	 	66,051,610.29	 	 	 	432,658.56	 	 	 	11,210,029.97	 
	August 15, 2019	 	 	1,261,990.15	 	 	 	64,789,620.14	 	 	 	432,654.87	 	 	 	10,777,375.10	 
	November 15, 2019	 	 	1,261,982.24	 	 	 	63,527,637.90	 	 	 	432,651.10	 	 	 	10,344,724.00	 
	February 15, 2020	 	 	1,261,974.13	 	 	 	62,265,663.77	 	 	 	432,647.24	 	 	 	9,912,076.76	 
	May 15, 2020	 	 	1,261,965.81	 	 	 	61,003,697.96	 	 	 	432,643.27	 	 	 	9,479,433.49	 
	August 15, 2020	 	 	1,261,957.28	 	 	 	59,741,740.68	 	 	 	432,639.19	 	 	 	9,046,794.30	 
	November 15, 2020	 	 	1,261,948.53	 	 	 	58,479,792.15	 	 	 	432,635.00	 	 	 	8,614,159.30	 
	February 15, 2021	 	 	1,261,939.54	 	 	 	57,217,852.61	 	 	 	432,630.72	 	 	 	8,181,528.58	 
	May 15, 2021	 	 	1,261,930.29	 	 	 	55,955,922.32	 	 	 	432,626.31	 	 	 	7,748,902.27	 
	August 15, 2021	 	 	1,261,920.82	 	 	 	54,694,001.50	 	 	 	432,621.78	 	 	 	7,316,280.49	 
	November 15, 2021	 	 	1,261,911.08	 	 	 	53,432,090.42	 	 	 	432,617.12	 	 	 	6,883,663.37	 
	February 15, 2022	 	 	1,261,901.06	 	 	 	52,170,189.36	 	 	 	432,612.36	 	 	 	6,451,051.01	 
	May 15, 2022	 	 	1,261,890.78	 	 	 	50,908,298.58	 	 	 	432,607.44	 	 	 	6,018,443.57	 
	August 15, 2022	 	 	1,261,880.19	 	 	 	49,646,418.39	 	 	 	480,664.80	 	 	 	5,537,778.77	 
	November 15, 2022	 	 	1,261,869.32	 	 	 	48,384,549.07	 	 	 	576,783.09	 	 	 	4,960,995.68	 
	February 15, 2023	 	 	1,261,858.13	 	 	 	47,122,690.94	 	 	 	576,775.71	 	 	 	4,384,219.97	 
	May 15, 2023	 	 	1,261,846.61	 	 	 	45,860,844.33	 	 	 	720,952.31	 	 	 	3,663,267.66	 
	August 15, 2023	 	 	1,261,834.76	 	 	 	44,599,009.57	 	 	 	672,881.36	 	 	 	2,990,386.30	 
	November 15, 2023	 	 	1,261,822.56	 	 	 	43,337,187.01	 	 	 	2,990,386.30	 	 	 	0.00	 
	February 15, 2024	 	 	1,261,810.01	 	 	 	42,075,377.00	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	1,261,797.05	 	 	 	40,813,579.95	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	1,261,783.73	 	 	 	39,551,796.22	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	1,261,769.98	 	 	 	38,290,026.24	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	1,261,755.81	 	 	 	37,028,270.43	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	1,261,741.20	 	 	 	35,766,529.23	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	1,261,726.12	 	 	 	34,504,803.11	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	1,261,710.57	 	 	 	33,243,092.54	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	1,261,694.50	 	 	 	31,981,398.04	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	1,261,677.91	 	 	 	30,719,720.13	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	1,261,660.78	 	 	 	29,458,059.35	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	1,261,643.07	 	 	 	28,196,416.28	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	1,261,624.77	 	 	 	26,934,791.51	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	1,261,605.83	 	 	 	25,673,185.68	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	1,261,586.24	 	 	 	24,411,599.44	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	24,411,599.44	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-16	 

     

    

 

	 	 	38459	 
	 	 	Series A	 	 	Series B	 
	 	 	Scheduled 

Payments of	 	 	Equipment Note	 	 	Scheduled 

Payments of	 	 	Equipment Note	 
	Date	 	Principal	 	 	Ending Balance	 	 	Principal	 	 	Ending Balance	 
	At Issuance	 	$	0.00	 	 	$	79,975,000.00	 	 	$	0.00	 	 	$	16,949,000.00	 
	May 15, 2016	 	 	0.00	 	 	 	79,975,000.00	 	 	 	0.00	 	 	 	16,949,000.00	 
	August 15, 2016	 	 	558,297.68	 	 	 	79,416,702.32	 	 	 	865,471.28	 	 	 	16,083,528.72	 
	November 15, 2016	 	 	1,159,951.14	 	 	 	78,256,751.18	 	 	 	435,321.53	 	 	 	15,648,207.19	 
	February 15, 2017	 	 	1,159,979.07	 	 	 	77,096,772.11	 	 	 	435,337.31	 	 	 	15,212,869.88	 
	May 15, 2017	 	 	1,160,007.69	 	 	 	75,936,764.42	 	 	 	435,353.41	 	 	 	14,777,516.47	 
	August 15, 2017	 	 	1,160,036.95	 	 	 	74,776,727.47	 	 	 	435,369.94	 	 	 	14,342,146.53	 
	November 15, 2017	 	 	1,160,066.93	 	 	 	73,616,660.54	 	 	 	435,386.83	 	 	 	13,906,759.70	 
	February 15, 2018	 	 	1,160,097.62	 	 	 	72,456,562.92	 	 	 	435,404.15	 	 	 	13,471,355.55	 
	May 15, 2018	 	 	1,160,129.06	 	 	 	71,296,433.86	 	 	 	435,421.87	 	 	 	13,035,933.68	 
	August 15, 2018	 	 	1,160,161.27	 	 	 	70,136,272.59	 	 	 	435,440.03	 	 	 	12,600,493.65	 
	November 15, 2018	 	 	1,160,194.27	 	 	 	68,976,078.32	 	 	 	435,458.65	 	 	 	12,165,035.00	 
	February 15, 2019	 	 	1,160,228.09	 	 	 	67,815,850.23	 	 	 	435,477.72	 	 	 	11,729,557.28	 
	May 15, 2019	 	 	1,269,119.19	 	 	 	66,546,731.04	 	 	 	435,497.28	 	 	 	11,294,060.00	 
	August 15, 2019	 	 	1,269,161.19	 	 	 	65,277,569.85	 	 	 	435,517.32	 	 	 	10,858,542.68	 
	November 15, 2019	 	 	1,269,204.25	 	 	 	64,008,365.60	 	 	 	435,537.87	 	 	 	10,423,004.81	 
	February 15, 2020	 	 	1,269,248.41	 	 	 	62,739,117.19	 	 	 	435,558.95	 	 	 	9,987,445.86	 
	May 15, 2020	 	 	1,269,293.71	 	 	 	61,469,823.48	 	 	 	435,580.59	 	 	 	9,551,865.27	 
	August 15, 2020	 	 	1,269,340.20	 	 	 	60,200,483.28	 	 	 	435,602.79	 	 	 	9,116,262.48	 
	November 15, 2020	 	 	1,269,387.92	 	 	 	58,931,095.36	 	 	 	435,625.56	 	 	 	8,680,636.92	 
	February 15, 2021	 	 	1,269,436.91	 	 	 	57,661,658.45	 	 	 	435,648.95	 	 	 	8,244,987.97	 
	May 15, 2021	 	 	1,269,487.21	 	 	 	56,392,171.24	 	 	 	435,672.97	 	 	 	7,809,315.00	 
	August 15, 2021	 	 	1,269,538.88	 	 	 	55,122,632.36	 	 	 	435,697.62	 	 	 	7,373,617.38	 
	November 15, 2021	 	 	1,269,591.95	 	 	 	53,853,040.41	 	 	 	435,722.97	 	 	 	6,937,894.41	 
	February 15, 2022	 	 	1,269,646.50	 	 	 	52,583,393.91	 	 	 	435,749.01	 	 	 	6,502,145.40	 
	May 15, 2022	 	 	1,269,702.55	 	 	 	51,313,691.36	 	 	 	435,775.78	 	 	 	6,066,369.62	 
	August 15, 2022	 	 	1,269,760.19	 	 	 	50,043,931.17	 	 	 	484,250.53	 	 	 	5,582,119.09	 
	November 15, 2022	 	 	1,269,819.46	 	 	 	48,774,111.71	 	 	 	581,180.52	 	 	 	5,000,938.57	 
	February 15, 2023	 	 	1,269,880.44	 	 	 	47,504,231.27	 	 	 	581,220.69	 	 	 	4,419,717.88	 
	May 15, 2023	 	 	1,269,943.16	 	 	 	46,234,288.11	 	 	 	726,620.32	 	 	 	3,693,097.56	 
	August 15, 2023	 	 	1,270,007.72	 	 	 	44,964,280.39	 	 	 	678,219.66	 	 	 	3,014,877.90	 
	November 15, 2023	 	 	1,270,074.20	 	 	 	43,694,206.19	 	 	 	3,014,877.90	 	 	 	0.00	 
	February 15, 2024	 	 	1,270,142.63	 	 	 	42,424,063.56	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2024	 	 	1,270,213.15	 	 	 	41,153,850.41	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2024	 	 	1,270,285.79	 	 	 	39,883,564.62	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2024	 	 	1,270,360.66	 	 	 	38,613,203.96	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2025	 	 	1,270,437.87	 	 	 	37,342,766.09	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2025	 	 	1,270,517.48	 	 	 	36,072,248.61	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2025	 	 	1,270,599.62	 	 	 	34,801,648.99	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2025	 	 	1,270,684.39	 	 	 	33,530,964.60	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2026	 	 	1,270,771.90	 	 	 	32,260,192.70	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2026	 	 	1,270,862.27	 	 	 	30,989,330.43	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2026	 	 	1,270,955.63	 	 	 	29,718,374.80	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2026	 	 	1,271,052.10	 	 	 	28,447,322.70	 	 	 	0.00	 	 	 	0.00	 
	February 15, 2027	 	 	1,271,151.85	 	 	 	27,176,170.85	 	 	 	0.00	 	 	 	0.00	 
	May 15, 2027	 	 	1,271,254.99	 	 	 	25,904,915.86	 	 	 	0.00	 	 	 	0.00	 
	August 15, 2027	 	 	1,271,361.72	 	 	 	24,633,554.14	 	 	 	0.00	 	 	 	0.00	 
	November 15, 2027	 	 	24,633,554.14	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 

 

Indenture for Each Aircraft

 

Debt Rate (as such term is defined in clause (i) of the definition
of “Debt Rate” in the form of Indenture and Security Agreement included as Exhibit C to the Note Purchase Agreement
(as such form may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Note Purchase
Agreement, the “Indenture Form”)) (x) for Series A (computed on the basis of a 360-day year consisting of twelve
30-day months, payable semi-annually in arrears): initially, 4.200%, and (y) for Series B (computed on the basis of a 360-day
year consisting of twelve 30-day months, payable semi-annually in arrears): initially, 4.500% in each case as may be changed from
time to time pursuant to Section 2(d) of the relevant Registration Rights Agreement.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-17	 

     

    

 

	Past Due Rate:	The lesser of (a) with respect to (i) any payment made to a Noteholder (as such term is defined in the Indenture Form) under any Series of Equipment Notes relating to such Aircraft, the Debt Rate then applicable to such Series plus 1% and (ii) any other payment made under any Operative Agreement (as such term is defined in the Indenture Form) to any other Person, the Debt Rate (as such term is defined in clause (ii) of the definition of “Debt Rate” in the Indenture Form) plus 1% (computed on the basis of a year of 360 days comprised of twelve 30-day months) and (b) the maximum rate permitted by applicable law.
	 	 
	Payment Dates:	February 15th, May 15th,
    August 15th and November 15th commencing
    the first such date after issuance thereof.
	 	 
	Make-Whole Amount:	As provided in Article II of the Indenture Form.
	 	 
	Redemption:	As provided in Article II of the Indenture Form.

 

Participation Agreement for Each Aircraft

 

The applicable Loan Trustee, the Subordination Agent, the Liquidity
Providers, the Pass Through Trustees and the Escrow Agent shall be indemnified against Expenses and Taxes (as such terms are defined
in the Participation Agreement Form referred to below) to the extent set forth in Section 4.03 and 4.04 of the form
of the Participation Agreement included as Exhibit B to the Note Purchase Agreement (as such form may be amended, supplemented
or otherwise modified from time to time in accordance with the terms of the Note Purchase Agreement, the “Participation
Agreement Form”).

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-18	 

     

    

 

RENT SCHEDULES1

 

A 321-200

 

Rank 96

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	172,254.13	 	 	 	35,728.00	 
	11/15/2015	 	 	352,338.00	 	 	 	352,338.00	 
	2/15/2016	 	 	352,338.00	 	 	 	352,338.00	 
	5/15/2016	 	 	2,033,265.90	 	 	 	2,033,265.90	 
	8/15/2016	 	 	775,750.21	 	 	 	229,298.47	 
	11/15/2016	 	 	2,271,075.86	 	 	 	103,792.40	 
	2/15/2017	 	 	750,650.92	 	 	 	103,328.71	 
	5/15/2017	 	 	745,975.41	 	 	 	102,865.02	 
	8/15/2017	 	 	741,299.30	 	 	 	96,756.93	 
	11/15/2017	 	 	736,622.58	 	 	 	225,524.65	 
	2/15/2018	 	 	731,945.20	 	 	 	223,643.92	 
	5/15/2018	 	 	727,267.16	 	 	 	221,762.84	 
	8/15/2018	 	 	722,588.43	 	 	 	219,881.35	 
	11/15/2018	 	 	717,908.97	 	 	 	217,999.52	 
	2/15/2019	 	 	713,228.77	 	 	 	216,117.26	 
	5/15/2019	 	 	749,515.24	 	 	 	214,234.60	 
	8/15/2019	 	 	744,393.09	 	 	 	212,351.48	 
	11/15/2019	 	 	739,269.94	 	 	 	210,467.94	 
	2/15/2020	 	 	734,145.75	 	 	 	208,583.91	 
	5/15/2020	 	 	729,020.49	 	 	 	206,699.40	 
	8/15/2020	 	 	723,894.11	 	 	 	204,814.38	 
	11/15/2020	 	 	718,766.54	 	 	 	202,928.84	 
	2/15/2021	 	 	713,637.78	 	 	 	201,042.72	 
	5/15/2021	 	 	708,507.75	 	 	 	199,156.03	 
	8/15/2021	 	 	703,376.38	 	 	 	197,268.74	 
	11/15/2021	 	 	698,243.64	 	 	 	195,380.83	 
	2/15/2022	 	 	693,109.48	 	 	 	193,492.24	 
	5/15/2022	 	 	687,973.80	 	 	 	191,602.99	 
	8/15/2022	 	 	682,836.56	 	 	 	207,905.24	 
	11/15/2022	 	 	677,697.70	 	 	 	242,182.84	 
	2/15/2023	 	 	672,557.13	 	 	 	239,659.95	 
	5/15/2023	 	 	667,414.79	 	 	 	291,686.35	 
	8/15/2023	 	 	662,270.59	 	 	 	270,348.87	 
	11/15/2023	 	 	657,124.44	 	 	 	1,143,923.71	 
	2/15/2024	 	 	651,976.27	 	 	 	-	 
	5/15/2024	 	 	646,825.98	 	 	 	-	 
	8/15/2024	 	 	641,673.47	 	 	 	-	 
	11/15/2024	 	 	636,518.63	 	 	 	-	 
	2/15/2025	 	 	631,361.36	 	 	 	-	 
	5/15/2025	 	 	626,201.55	 	 	 	-	 
	8/15/2025	 	 	621,039.06	 	 	 	-	 
	11/15/2025	 	 	615,873.79	 	 	 	-	 
	2/15/2026	 	 	610,705.58	 	 	 	-	 
	5/15/2026	 	 	605,534.29	 	 	 	-	 
	8/15/2026	 	 	600,359.78	 	 	 	-	 
	11/15/2026	 	 	595,181.88	 	 	 	-	 
	2/15/2027	 	 	590,000.41	 	 	 	-	 
	5/15/2027	 	 	584,815.21	 	 	 	-	 
	8/15/2027	 	 	579,626.06	 	 	 	-	 
	11/15/2027	 	 	9,302,907.56	 	 	 	-	 

 

 

1 The initial Series
A Installment and the initial Series B Installment may be adjusted to reflect the actual delivery date of each Aircraft

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

Rank 72

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	281,006.37	 	 	 	60,171.25	 
	2/15/2016	 	 	341,764.50	 	 	 	341,764.50	 
	5/15/2016	 	 	813,672.70	 	 	 	813,672.70	 
	8/15/2016	 	 	2,279,613.06	 	 	 	105,596.34	 
	11/15/2016	 	 	759,186.91	 	 	 	105,138.46	 
	2/15/2017	 	 	754,510.38	 	 	 	104,680.59	 
	5/15/2017	 	 	749,833.49	 	 	 	104,223.51	 
	8/15/2017	 	 	745,156.23	 	 	 	228,725.52	 
	11/15/2017	 	 	740,478.60	 	 	 	226,845.27	 
	2/15/2018	 	 	735,800.55	 	 	 	224,964.83	 
	5/15/2018	 	 	731,122.10	 	 	 	223,084.14	 
	8/15/2018	 	 	726,443.23	 	 	 	221,203.22	 
	11/15/2018	 	 	721,763.89	 	 	 	219,322.09	 
	2/15/2019	 	 	717,084.11	 	 	 	217,440.68	 
	5/15/2019	 	 	753,665.15	 	 	 	215,559.05	 
	8/15/2019	 	 	748,544.82	 	 	 	213,677.11	 
	11/15/2019	 	 	743,423.88	 	 	 	211,794.92	 
	2/15/2020	 	 	738,302.29	 	 	 	209,912.43	 
	5/15/2020	 	 	733,180.04	 	 	 	208,029.63	 
	8/15/2020	 	 	728,057.08	 	 	 	206,146.53	 
	11/15/2020	 	 	722,933.42	 	 	 	204,263.08	 
	2/15/2021	 	 	717,808.99	 	 	 	202,379.30	 
	5/15/2021	 	 	712,683.78	 	 	 	200,495.16	 
	8/15/2021	 	 	707,557.76	 	 	 	198,610.65	 
	11/15/2021	 	 	702,430.87	 	 	 	196,725.76	 
	2/15/2022	 	 	697,303.10	 	 	 	194,840.45	 
	5/15/2022	 	 	692,174.42	 	 	 	192,954.71	 
	8/15/2022	 	 	687,044.74	 	 	 	209,404.01	 
	11/15/2022	 	 	681,914.08	 	 	 	243,974.91	 
	2/15/2023	 	 	676,782.35	 	 	 	241,458.21	 
	5/15/2023	 	 	671,649.53	 	 	 	293,930.93	 
	8/15/2023	 	 	666,515.55	 	 	 	272,454.76	 
	11/15/2023	 	 	661,380.38	 	 	 	1,153,218.69	 
	2/15/2024	 	 	656,243.95	 	 	 	-	 
	5/15/2024	 	 	651,106.21	 	 	 	-	 
	8/15/2024	 	 	645,967.10	 	 	 	-	 
	11/15/2024	 	 	640,826.53	 	 	 	-	 
	2/15/2025	 	 	635,684.48	 	 	 	-	 
	5/15/2025	 	 	630,540.85	 	 	 	-	 
	8/15/2025	 	 	625,395.57	 	 	 	-	 
	11/15/2025	 	 	620,248.55	 	 	 	-	 
	2/15/2026	 	 	615,099.73	 	 	 	-	 
	5/15/2026	 	 	609,948.98	 	 	 	-	 
	8/15/2026	 	 	604,796.27	 	 	 	-	 
	11/15/2026	 	 	599,641.43	 	 	 	-	 
	2/15/2027	 	 	594,484.40	 	 	 	-	 
	5/15/2027	 	 	589,325.06	 	 	 	-	 
	8/15/2027	 	 	584,163.28	 	 	 	-	 
	11/15/2027	 	 	9,390,074.72	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-2	 

     

    

Rank 93

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	163,168.13	 	 	 	35,810.50	 
	2/15/2016	 	 	333,753.00	 	 	 	333,753.00	 
	5/15/2016	 	 	1,435,678.33	 	 	 	1,435,678.33	 
	8/15/2016	 	 	765,942.28	 	 	 	236,950.93	 
	11/15/2016	 	 	761,264.31	 	 	 	235,070.95	 
	2/15/2017	 	 	756,586.11	 	 	 	233,190.83	 
	5/15/2017	 	 	751,907.66	 	 	 	231,310.58	 
	8/15/2017	 	 	747,228.95	 	 	 	229,430.21	 
	11/15/2017	 	 	742,549.97	 	 	 	227,549.68	 
	2/15/2018	 	 	737,870.73	 	 	 	225,669.00	 
	5/15/2018	 	 	733,191.19	 	 	 	223,788.18	 
	8/15/2018	 	 	728,511.37	 	 	 	221,907.20	 
	11/15/2018	 	 	723,831.22	 	 	 	220,026.07	 
	2/15/2019	 	 	719,150.76	 	 	 	218,144.74	 
	5/15/2019	 	 	755,886.31	 	 	 	216,263.25	 
	8/15/2019	 	 	750,765.93	 	 	 	214,381.57	 
	11/15/2019	 	 	745,645.14	 	 	 	212,499.68	 
	2/15/2020	 	 	740,523.89	 	 	 	210,617.61	 
	5/15/2020	 	 	735,402.18	 	 	 	208,735.35	 
	8/15/2020	 	 	730,280.00	 	 	 	206,852.82	 
	11/15/2020	 	 	725,157.31	 	 	 	204,970.11	 
	2/15/2021	 	 	720,034.10	 	 	 	203,087.13	 
	5/15/2021	 	 	714,910.36	 	 	 	201,203.91	 
	8/15/2021	 	 	709,786.05	 	 	 	199,320.45	 
	11/15/2021	 	 	704,661.14	 	 	 	197,436.70	 
	2/15/2022	 	 	699,535.63	 	 	 	195,552.69	 
	5/15/2022	 	 	694,409.46	 	 	 	193,668.37	 
	8/15/2022	 	 	689,282.64	 	 	 	210,194.42	 
	11/15/2022	 	 	684,155.12	 	 	 	244,918.83	 
	2/15/2023	 	 	679,026.86	 	 	 	242,404.76	 
	5/15/2023	 	 	673,897.86	 	 	 	295,111.00	 
	8/15/2023	 	 	668,768.03	 	 	 	273,561.31	 
	11/15/2023	 	 	663,637.41	 	 	 	1,158,093.51	 
	2/15/2024	 	 	658,505.90	 	 	 	-	 
	5/15/2024	 	 	653,373.49	 	 	 	-	 
	8/15/2024	 	 	648,240.12	 	 	 	-	 
	11/15/2024	 	 	643,105.77	 	 	 	-	 
	2/15/2025	 	 	637,970.36	 	 	 	-	 
	5/15/2025	 	 	632,833.89	 	 	 	-	 
	8/15/2025	 	 	627,696.26	 	 	 	-	 
	11/15/2025	 	 	622,557.43	 	 	 	-	 
	2/15/2026	 	 	617,417.36	 	 	 	-	 
	5/15/2026	 	 	612,275.96	 	 	 	-	 
	8/15/2026	 	 	607,133.18	 	 	 	-	 
	11/15/2026	 	 	601,988.96	 	 	 	-	 
	2/15/2027	 	 	596,843.21	 	 	 	-	 
	5/15/2027	 	 	591,695.86	 	 	 	-	 
	8/15/2027	 	 	586,546.84	 	 	 	-	 
	11/15/2027	 	 	9,435,523.50	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-3	 

     

    

 

Rank 112

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	163,168.13	 	 	 	35,810.50	 
	2/15/2016	 	 	333,753.00	 	 	 	333,753.00	 
	5/15/2016	 	 	1,435,678.33	 	 	 	1,435,678.33	 
	8/15/2016	 	 	765,942.28	 	 	 	236,950.93	 
	11/15/2016	 	 	761,264.31	 	 	 	235,070.95	 
	2/15/2017	 	 	756,586.11	 	 	 	233,190.83	 
	5/15/2017	 	 	751,907.66	 	 	 	231,310.58	 
	8/15/2017	 	 	747,228.95	 	 	 	229,430.21	 
	11/15/2017	 	 	742,549.97	 	 	 	227,549.68	 
	2/15/2018	 	 	737,870.73	 	 	 	225,669.00	 
	5/15/2018	 	 	733,191.19	 	 	 	223,788.18	 
	8/15/2018	 	 	728,511.37	 	 	 	221,907.20	 
	11/15/2018	 	 	723,831.22	 	 	 	220,026.07	 
	2/15/2019	 	 	719,150.76	 	 	 	218,144.74	 
	5/15/2019	 	 	755,886.31	 	 	 	216,263.25	 
	8/15/2019	 	 	750,765.93	 	 	 	214,381.57	 
	11/15/2019	 	 	745,645.14	 	 	 	212,499.68	 
	2/15/2020	 	 	740,523.89	 	 	 	210,617.61	 
	5/15/2020	 	 	735,402.18	 	 	 	208,735.35	 
	8/15/2020	 	 	730,280.00	 	 	 	206,852.82	 
	11/15/2020	 	 	725,157.31	 	 	 	204,970.11	 
	2/15/2021	 	 	720,034.10	 	 	 	203,087.13	 
	5/15/2021	 	 	714,910.36	 	 	 	201,203.91	 
	8/15/2021	 	 	709,786.05	 	 	 	199,320.45	 
	11/15/2021	 	 	704,661.14	 	 	 	197,436.70	 
	2/15/2022	 	 	699,535.63	 	 	 	195,552.69	 
	5/15/2022	 	 	694,409.46	 	 	 	193,668.37	 
	8/15/2022	 	 	689,282.64	 	 	 	210,194.42	 
	11/15/2022	 	 	684,155.12	 	 	 	244,918.83	 
	2/15/2023	 	 	679,026.86	 	 	 	242,404.76	 
	5/15/2023	 	 	673,897.86	 	 	 	295,111.00	 
	8/15/2023	 	 	668,768.03	 	 	 	273,561.31	 
	11/15/2023	 	 	663,637.41	 	 	 	1,158,093.51	 
	2/15/2024	 	 	658,505.90	 	 	 	-	 
	5/15/2024	 	 	653,373.49	 	 	 	-	 
	8/15/2024	 	 	648,240.12	 	 	 	-	 
	11/15/2024	 	 	643,105.77	 	 	 	-	 
	2/15/2025	 	 	637,970.36	 	 	 	-	 
	5/15/2025	 	 	632,833.89	 	 	 	-	 
	8/15/2025	 	 	627,696.26	 	 	 	-	 
	11/15/2025	 	 	622,557.43	 	 	 	-	 
	2/15/2026	 	 	617,417.36	 	 	 	-	 
	5/15/2026	 	 	612,275.96	 	 	 	-	 
	8/15/2026	 	 	607,133.18	 	 	 	-	 
	11/15/2026	 	 	601,988.96	 	 	 	-	 
	2/15/2027	 	 	596,843.21	 	 	 	-	 
	5/15/2027	 	 	591,695.86	 	 	 	-	 
	8/15/2027	 	 	586,546.84	 	 	 	-	 
	11/15/2027	 	 	9,435,523.50	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-4	 

     

    

 

Rank 103

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	270,301.03	 	 	 	60,337.75	 
	5/15/2016	 	 	745,087.22	 	 	 	745,087.22	 
	8/15/2016	 	 	769,963.15	 	 	 	238,321.51	 
	11/15/2016	 	 	765,282.51	 	 	 	236,440.86	 
	2/15/2017	 	 	760,601.87	 	 	 	234,560.18	 
	5/15/2017	 	 	755,921.17	 	 	 	232,679.50	 
	8/15/2017	 	 	751,240.46	 	 	 	230,798.81	 
	11/15/2017	 	 	746,559.73	 	 	 	228,918.08	 
	2/15/2018	 	 	741,878.96	 	 	 	227,037.35	 
	5/15/2018	 	 	737,198.16	 	 	 	225,156.62	 
	8/15/2018	 	 	732,517.34	 	 	 	223,275.85	 
	11/15/2018	 	 	727,836.49	 	 	 	221,395.06	 
	2/15/2019	 	 	723,155.58	 	 	 	219,514.28	 
	5/15/2019	 	 	760,193.82	 	 	 	217,633.46	 
	8/15/2019	 	 	755,074.35	 	 	 	215,752.63	 
	11/15/2019	 	 	749,954.84	 	 	 	213,871.76	 
	2/15/2020	 	 	744,835.27	 	 	 	211,990.89	 
	5/15/2020	 	 	739,715.65	 	 	 	210,110.00	 
	8/15/2020	 	 	734,596.00	 	 	 	208,229.07	 
	11/15/2020	 	 	729,476.28	 	 	 	206,348.12	 
	2/15/2021	 	 	724,356.52	 	 	 	204,467.16	 
	5/15/2021	 	 	719,236.69	 	 	 	202,586.17	 
	8/15/2021	 	 	714,116.80	 	 	 	200,705.13	 
	11/15/2021	 	 	708,996.86	 	 	 	198,824.09	 
	2/15/2022	 	 	703,876.86	 	 	 	196,943.00	 
	5/15/2022	 	 	698,756.77	 	 	 	195,061.90	 
	8/15/2022	 	 	693,636.62	 	 	 	211,738.73	 
	11/15/2022	 	 	688,516.41	 	 	 	246,764.18	 
	2/15/2023	 	 	683,396.10	 	 	 	244,255.85	 
	5/15/2023	 	 	678,275.73	 	 	 	297,420.20	 
	8/15/2023	 	 	673,155.27	 	 	 	275,727.22	 
	11/15/2023	 	 	668,034.73	 	 	 	1,167,644.41	 
	2/15/2024	 	 	662,914.09	 	 	 	-	 
	5/15/2024	 	 	657,793.35	 	 	 	-	 
	8/15/2024	 	 	652,672.53	 	 	 	-	 
	11/15/2024	 	 	647,551.59	 	 	 	-	 
	2/15/2025	 	 	642,430.55	 	 	 	-	 
	5/15/2025	 	 	637,309.38	 	 	 	-	 
	8/15/2025	 	 	632,188.12	 	 	 	-	 
	11/15/2025	 	 	627,066.71	 	 	 	-	 
	2/15/2026	 	 	621,945.17	 	 	 	-	 
	5/15/2026	 	 	616,823.50	 	 	 	-	 
	8/15/2026	 	 	611,701.69	 	 	 	-	 
	11/15/2026	 	 	606,579.71	 	 	 	-	 
	2/15/2027	 	 	601,457.60	 	 	 	-	 
	5/15/2027	 	 	596,335.30	 	 	 	-	 
	8/15/2027	 	 	591,212.82	 	 	 	-	 
	11/15/2027	 	 	9,524,832.19	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-5	 

     

    

 

Rank 113

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	270,292.40	 	 	 	60,337.75	 
	5/15/2016	 	 	744,076.72	 	 	 	744,076.72	 
	8/15/2016	 	 	769,963.15	 	 	 	238,321.51	 
	11/15/2016	 	 	765,282.51	 	 	 	236,440.86	 
	2/15/2017	 	 	760,601.87	 	 	 	234,560.18	 
	5/15/2017	 	 	755,921.17	 	 	 	232,679.50	 
	8/15/2017	 	 	751,240.46	 	 	 	230,798.81	 
	11/15/2017	 	 	746,559.73	 	 	 	228,918.08	 
	2/15/2018	 	 	741,878.96	 	 	 	227,037.35	 
	5/15/2018	 	 	737,198.16	 	 	 	225,156.62	 
	8/15/2018	 	 	732,517.34	 	 	 	223,275.85	 
	11/15/2018	 	 	727,836.49	 	 	 	221,395.06	 
	2/15/2019	 	 	723,155.58	 	 	 	219,514.28	 
	5/15/2019	 	 	760,193.82	 	 	 	217,633.46	 
	8/15/2019	 	 	755,074.35	 	 	 	215,752.63	 
	11/15/2019	 	 	749,954.84	 	 	 	213,871.76	 
	2/15/2020	 	 	744,835.27	 	 	 	211,990.89	 
	5/15/2020	 	 	739,715.65	 	 	 	210,110.00	 
	8/15/2020	 	 	734,596.00	 	 	 	208,229.07	 
	11/15/2020	 	 	729,476.28	 	 	 	206,348.12	 
	2/15/2021	 	 	724,356.52	 	 	 	204,467.16	 
	5/15/2021	 	 	719,236.69	 	 	 	202,586.17	 
	8/15/2021	 	 	714,116.80	 	 	 	200,705.13	 
	11/15/2021	 	 	708,996.86	 	 	 	198,824.09	 
	2/15/2022	 	 	703,876.86	 	 	 	196,943.00	 
	5/15/2022	 	 	698,756.77	 	 	 	195,061.90	 
	8/15/2022	 	 	693,636.62	 	 	 	211,738.73	 
	11/15/2022	 	 	688,516.41	 	 	 	246,764.18	 
	2/15/2023	 	 	683,396.10	 	 	 	244,255.85	 
	5/15/2023	 	 	678,275.73	 	 	 	297,420.20	 
	8/15/2023	 	 	673,155.27	 	 	 	275,727.22	 
	11/15/2023	 	 	668,034.73	 	 	 	1,167,644.41	 
	2/15/2024	 	 	662,914.09	 	 	 	-	 
	5/15/2024	 	 	657,793.35	 	 	 	-	 
	8/15/2024	 	 	652,672.53	 	 	 	-	 
	11/15/2024	 	 	647,551.59	 	 	 	-	 
	2/15/2025	 	 	642,430.55	 	 	 	-	 
	5/15/2025	 	 	637,309.38	 	 	 	-	 
	8/15/2025	 	 	632,188.12	 	 	 	-	 
	11/15/2025	 	 	627,066.71	 	 	 	-	 
	2/15/2026	 	 	621,945.17	 	 	 	-	 
	5/15/2026	 	 	616,823.50	 	 	 	-	 
	8/15/2026	 	 	611,701.69	 	 	 	-	 
	11/15/2026	 	 	606,579.71	 	 	 	-	 
	2/15/2027	 	 	601,457.60	 	 	 	-	 
	5/15/2027	 	 	596,335.30	 	 	 	-	 
	8/15/2027	 	 	591,212.82	 	 	 	-	 
	11/15/2027	 	 	9,524,832.19	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-6	 

     

    

 

Rank 114

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	270,292.40	 	 	 	60,337.75	 
	5/15/2016	 	 	744,076.72	 	 	 	744,076.72	 
	8/15/2016	 	 	769,963.15	 	 	 	238,321.51	 
	11/15/2016	 	 	765,282.51	 	 	 	236,440.86	 
	2/15/2017	 	 	760,601.87	 	 	 	234,560.18	 
	5/15/2017	 	 	755,921.17	 	 	 	232,679.50	 
	8/15/2017	 	 	751,240.46	 	 	 	230,798.81	 
	11/15/2017	 	 	746,559.73	 	 	 	228,918.08	 
	2/15/2018	 	 	741,878.96	 	 	 	227,037.35	 
	5/15/2018	 	 	737,198.16	 	 	 	225,156.62	 
	8/15/2018	 	 	732,517.34	 	 	 	223,275.85	 
	11/15/2018	 	 	727,836.49	 	 	 	221,395.06	 
	2/15/2019	 	 	723,155.58	 	 	 	219,514.28	 
	5/15/2019	 	 	760,193.82	 	 	 	217,633.46	 
	8/15/2019	 	 	755,074.35	 	 	 	215,752.63	 
	11/15/2019	 	 	749,954.84	 	 	 	213,871.76	 
	2/15/2020	 	 	744,835.27	 	 	 	211,990.89	 
	5/15/2020	 	 	739,715.65	 	 	 	210,110.00	 
	8/15/2020	 	 	734,596.00	 	 	 	208,229.07	 
	11/15/2020	 	 	729,476.28	 	 	 	206,348.12	 
	2/15/2021	 	 	724,356.52	 	 	 	204,467.16	 
	5/15/2021	 	 	719,236.69	 	 	 	202,586.17	 
	8/15/2021	 	 	714,116.80	 	 	 	200,705.13	 
	11/15/2021	 	 	708,996.86	 	 	 	198,824.09	 
	2/15/2022	 	 	703,876.86	 	 	 	196,943.00	 
	5/15/2022	 	 	698,756.77	 	 	 	195,061.90	 
	8/15/2022	 	 	693,636.62	 	 	 	211,738.73	 
	11/15/2022	 	 	688,516.41	 	 	 	246,764.18	 
	2/15/2023	 	 	683,396.10	 	 	 	244,255.85	 
	5/15/2023	 	 	678,275.73	 	 	 	297,420.20	 
	8/15/2023	 	 	673,155.27	 	 	 	275,727.22	 
	11/15/2023	 	 	668,034.73	 	 	 	1,167,644.41	 
	2/15/2024	 	 	662,914.09	 	 	 	-	 
	5/15/2024	 	 	657,793.35	 	 	 	-	 
	8/15/2024	 	 	652,672.53	 	 	 	-	 
	11/15/2024	 	 	647,551.59	 	 	 	-	 
	2/15/2025	 	 	642,430.55	 	 	 	-	 
	5/15/2025	 	 	637,309.38	 	 	 	-	 
	8/15/2025	 	 	632,188.12	 	 	 	-	 
	11/15/2025	 	 	627,066.71	 	 	 	-	 
	2/15/2026	 	 	621,945.17	 	 	 	-	 
	5/15/2026	 	 	616,823.50	 	 	 	-	 
	8/15/2026	 	 	611,701.69	 	 	 	-	 
	11/15/2026	 	 	606,579.71	 	 	 	-	 
	2/15/2027	 	 	601,457.60	 	 	 	-	 
	5/15/2027	 	 	596,335.30	 	 	 	-	 
	8/15/2027	 	 	591,212.82	 	 	 	-	 
	11/15/2027	 	 	9,524,832.19	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-7	 

     

    

 

Rank 92

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	158,414.67	 	 	 	35,970.00	 
	5/15/2016	 	 	324,030.00	 	 	 	324,030.00	 
	8/15/2016	 	 	539,431.07	 	 	 	407,408.39	 
	11/15/2016	 	 	769,359.75	 	 	 	237,797.30	 
	2/15/2017	 	 	764,670.82	 	 	 	235,913.64	 
	5/15/2017	 	 	759,982.02	 	 	 	234,030.04	 
	8/15/2017	 	 	755,293.39	 	 	 	232,146.52	 
	11/15/2017	 	 	750,604.90	 	 	 	230,263.08	 
	2/15/2018	 	 	745,916.56	 	 	 	228,379.74	 
	5/15/2018	 	 	741,228.38	 	 	 	226,496.45	 
	8/15/2018	 	 	736,540.38	 	 	 	224,613.29	 
	11/15/2018	 	 	731,852.55	 	 	 	222,730.19	 
	2/15/2019	 	 	727,164.91	 	 	 	220,847.21	 
	5/15/2019	 	 	764,481.99	 	 	 	218,964.32	 
	8/15/2019	 	 	759,356.18	 	 	 	217,081.54	 
	11/15/2019	 	 	754,230.59	 	 	 	215,198.88	 
	2/15/2020	 	 	749,105.28	 	 	 	213,316.32	 
	5/15/2020	 	 	743,980.21	 	 	 	211,433.87	 
	8/15/2020	 	 	738,855.43	 	 	 	209,551.58	 
	11/15/2020	 	 	733,730.92	 	 	 	207,669.39	 
	2/15/2021	 	 	728,606.71	 	 	 	205,787.35	 
	5/15/2021	 	 	723,482.82	 	 	 	203,905.42	 
	8/15/2021	 	 	718,359.24	 	 	 	202,023.68	 
	11/15/2021	 	 	713,236.00	 	 	 	200,142.07	 
	2/15/2022	 	 	708,113.11	 	 	 	198,260.61	 
	5/15/2022	 	 	702,990.59	 	 	 	196,379.35	 
	8/15/2022	 	 	697,868.44	 	 	 	213,192.61	 
	11/15/2022	 	 	692,746.70	 	 	 	248,492.94	 
	2/15/2023	 	 	687,625.37	 	 	 	245,985.50	 
	5/15/2023	 	 	682,504.46	 	 	 	299,567.89	 
	8/15/2023	 	 	677,384.02	 	 	 	277,737.18	 
	11/15/2023	 	 	672,264.04	 	 	 	1,176,441.55	 
	2/15/2024	 	 	667,144.57	 	 	 	-	 
	5/15/2024	 	 	662,025.61	 	 	 	-	 
	8/15/2024	 	 	656,907.18	 	 	 	-	 
	11/15/2024	 	 	651,789.34	 	 	 	-	 
	2/15/2025	 	 	646,672.07	 	 	 	-	 
	5/15/2025	 	 	641,555.43	 	 	 	-	 
	8/15/2025	 	 	636,439.44	 	 	 	-	 
	11/15/2025	 	 	631,324.13	 	 	 	-	 
	2/15/2026	 	 	626,209.54	 	 	 	-	 
	5/15/2026	 	 	621,095.69	 	 	 	-	 
	8/15/2026	 	 	615,982.64	 	 	 	-	 
	11/15/2026	 	 	610,870.40	 	 	 	-	 
	2/15/2027	 	 	605,759.03	 	 	 	-	 
	5/15/2027	 	 	600,648.58	 	 	 	-	 
	8/15/2027	 	 	595,539.08	 	 	 	-	 
	11/15/2027	 	 	9,605,179.53	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-8	 

     

    

 

Rank 120

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	49,101.27	 	 	 	11,445.00	 
	5/15/2016	 	 	315,651.00	 	 	 	315,651.00	 
	8/15/2016	 	 	315,651.00	 	 	 	73,575.00	 
	11/15/2016	 	 	315,651.00	 	 	 	347,587.05	 
	2/15/2017	 	 	551,473.11	 	 	 	451,126.73	 
	5/15/2017	 	 	761,353.28	 	 	 	234,519.18	 
	8/15/2017	 	 	756,667.61	 	 	 	232,637.10	 
	11/15/2017	 	 	751,982.24	 	 	 	230,755.17	 
	2/15/2018	 	 	747,297.12	 	 	 	228,873.39	 
	5/15/2018	 	 	742,612.30	 	 	 	226,991.76	 
	8/15/2018	 	 	737,927.79	 	 	 	225,110.30	 
	11/15/2018	 	 	733,243.59	 	 	 	223,229.00	 
	2/15/2019	 	 	728,559.71	 	 	 	221,347.86	 
	5/15/2019	 	 	765,997.24	 	 	 	219,466.93	 
	8/15/2019	 	 	760,876.24	 	 	 	217,586.17	 
	11/15/2019	 	 	755,755.67	 	 	 	215,705.62	 
	2/15/2020	 	 	750,635.55	 	 	 	213,825.27	 
	5/15/2020	 	 	745,515.90	 	 	 	211,945.15	 
	8/15/2020	 	 	740,396.75	 	 	 	210,065.21	 
	11/15/2020	 	 	735,278.11	 	 	 	208,185.54	 
	2/15/2021	 	 	730,159.97	 	 	 	206,306.11	 
	5/15/2021	 	 	725,042.43	 	 	 	204,426.91	 
	8/15/2021	 	 	719,925.43	 	 	 	202,547.97	 
	11/15/2021	 	 	714,809.05	 	 	 	200,669.34	 
	2/15/2022	 	 	709,693.28	 	 	 	198,790.96	 
	5/15/2022	 	 	704,578.18	 	 	 	196,912.89	 
	8/15/2022	 	 	699,463.75	 	 	 	213,787.67	 
	11/15/2022	 	 	694,350.05	 	 	 	249,209.31	 
	2/15/2023	 	 	689,237.05	 	 	 	246,706.92	 
	5/15/2023	 	 	684,124.87	 	 	 	300,474.02	 
	8/15/2023	 	 	679,013.47	 	 	 	278,589.87	 
	11/15/2023	 	 	673,902.94	 	 	 	1,180,242.65	 
	2/15/2024	 	 	668,793.28	 	 	 	-	 
	5/15/2024	 	 	663,684.56	 	 	 	-	 
	8/15/2024	 	 	658,576.78	 	 	 	-	 
	11/15/2024	 	 	653,470.04	 	 	 	-	 
	2/15/2025	 	 	648,364.35	 	 	 	-	 
	5/15/2025	 	 	643,259.77	 	 	 	-	 
	8/15/2025	 	 	638,156.35	 	 	 	-	 
	11/15/2025	 	 	633,054.16	 	 	 	-	 
	2/15/2026	 	 	627,953.24	 	 	 	-	 
	5/15/2026	 	 	622,853.67	 	 	 	-	 
	8/15/2026	 	 	617,755.49	 	 	 	-	 
	11/15/2026	 	 	612,658.81	 	 	 	-	 
	2/15/2027	 	 	607,563.66	 	 	 	-	 
	5/15/2027	 	 	602,470.17	 	 	 	-	 
	8/15/2027	 	 	597,378.37	 	 	 	-	 
	11/15/2027	 	 	9,641,910.62	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-9	 

     

    

 

Rank 135

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	-	 	 	 	-	 
	5/15/2016	 	 	254,942.33	 	 	 	60,485.75	 
	8/15/2016	 	 	310,065.00	 	 	 	73,563.75	 
	11/15/2016	 	 	310,065.00	 	 	 	73,563.75	 
	2/15/2017	 	 	310,065.00	 	 	 	339,110.71	 
	5/15/2017	 	 	385,858.00	 	 	 	612,154.56	 
	8/15/2017	 	 	758,041.85	 	 	 	233,127.67	 
	11/15/2017	 	 	753,359.57	 	 	 	231,247.26	 
	2/15/2018	 	 	748,677.67	 	 	 	229,367.05	 
	5/15/2018	 	 	743,996.23	 	 	 	227,487.06	 
	8/15/2018	 	 	739,315.19	 	 	 	225,607.30	 
	11/15/2018	 	 	734,634.63	 	 	 	223,727.79	 
	2/15/2019	 	 	729,954.52	 	 	 	221,848.52	 
	5/15/2019	 	 	767,512.48	 	 	 	219,969.55	 
	8/15/2019	 	 	762,396.31	 	 	 	218,090.80	 
	11/15/2019	 	 	757,280.74	 	 	 	216,212.37	 
	2/15/2020	 	 	752,165.82	 	 	 	214,334.23	 
	5/15/2020	 	 	747,051.60	 	 	 	212,456.40	 
	8/15/2020	 	 	741,938.07	 	 	 	210,578.87	 
	11/15/2020	 	 	736,825.29	 	 	 	208,701.68	 
	2/15/2021	 	 	731,713.25	 	 	 	206,824.85	 
	5/15/2021	 	 	726,602.03	 	 	 	204,948.38	 
	8/15/2021	 	 	721,491.62	 	 	 	203,072.29	 
	11/15/2021	 	 	716,382.08	 	 	 	201,196.59	 
	2/15/2022	 	 	711,273.46	 	 	 	199,321.30	 
	5/15/2022	 	 	706,165.77	 	 	 	197,446.45	 
	8/15/2022	 	 	701,059.05	 	 	 	214,382.72	 
	11/15/2022	 	 	695,953.37	 	 	 	249,925.69	 
	2/15/2023	 	 	690,848.76	 	 	 	247,428.32	 
	5/15/2023	 	 	685,745.27	 	 	 	301,380.16	 
	8/15/2023	 	 	680,642.93	 	 	 	279,442.54	 
	11/15/2023	 	 	675,541.83	 	 	 	1,184,043.75	 
	2/15/2024	 	 	670,441.99	 	 	 	-	 
	5/15/2024	 	 	665,343.50	 	 	 	-	 
	8/15/2024	 	 	660,246.39	 	 	 	-	 
	11/15/2024	 	 	655,150.74	 	 	 	-	 
	2/15/2025	 	 	650,056.61	 	 	 	-	 
	5/15/2025	 	 	644,964.11	 	 	 	-	 
	8/15/2025	 	 	639,873.27	 	 	 	-	 
	11/15/2025	 	 	634,784.19	 	 	 	-	 
	2/15/2026	 	 	629,696.94	 	 	 	-	 
	5/15/2026	 	 	624,611.64	 	 	 	-	 
	8/15/2026	 	 	619,528.36	 	 	 	-	 
	11/15/2026	 	 	614,447.22	 	 	 	-	 
	2/15/2027	 	 	609,368.29	 	 	 	-	 
	5/15/2027	 	 	604,291.75	 	 	 	-	 
	8/15/2027	 	 	599,217.65	 	 	 	-	 
	11/15/2027	 	 	9,678,641.71	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-10	 

     

    

 

Rank 136

 

	Basic Rent Payment Date
 
	 	Series A Installment
 
	 	 	Series B Installment
 
	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	-	 	 	 	-	 
	5/15/2016	 	 	254,942.33	 	 	 	60,485.75	 
	8/15/2016	 	 	310,065.00	 	 	 	73,563.75	 
	11/15/2016	 	 	310,065.00	 	 	 	73,563.75	 
	2/15/2017	 	 	310,065.00	 	 	 	339,110.71	 
	5/15/2017	 	 	385,858.00	 	 	 	612,154.56	 
	8/15/2017	 	 	758,041.85	 	 	 	233,127.67	 
	11/15/2017	 	 	753,359.57	 	 	 	231,247.26	 
	2/15/2018	 	 	748,677.67	 	 	 	229,367.05	 
	5/15/2018	 	 	743,996.23	 	 	 	227,487.06	 
	8/15/2018	 	 	739,315.19	 	 	 	225,607.30	 
	11/15/2018	 	 	734,634.63	 	 	 	223,727.79	 
	2/15/2019	 	 	729,954.52	 	 	 	221,848.52	 
	5/15/2019	 	 	767,512.48	 	 	 	219,969.55	 
	8/15/2019	 	 	762,396.31	 	 	 	218,090.80	 
	11/15/2019	 	 	757,280.74	 	 	 	216,212.37	 
	2/15/2020	 	 	752,165.82	 	 	 	214,334.23	 
	5/15/2020	 	 	747,051.60	 	 	 	212,456.40	 
	8/15/2020	 	 	741,938.07	 	 	 	210,578.87	 
	11/15/2020	 	 	736,825.29	 	 	 	208,701.68	 
	2/15/2021	 	 	731,713.25	 	 	 	206,824.85	 
	5/15/2021	 	 	726,602.03	 	 	 	204,948.38	 
	8/15/2021	 	 	721,491.62	 	 	 	203,072.29	 
	11/15/2021	 	 	716,382.08	 	 	 	201,196.59	 
	2/15/2022	 	 	711,273.46	 	 	 	199,321.30	 
	5/15/2022	 	 	706,165.77	 	 	 	197,446.45	 
	8/15/2022	 	 	701,059.05	 	 	 	214,382.72	 
	11/15/2022	 	 	695,953.37	 	 	 	249,925.69	 
	2/15/2023	 	 	690,848.76	 	 	 	247,428.32	 
	5/15/2023	 	 	685,745.27	 	 	 	301,380.16	 
	8/15/2023	 	 	680,642.93	 	 	 	279,442.54	 
	11/15/2023	 	 	675,541.83	 	 	 	1,184,043.75	 
	2/15/2024	 	 	670,441.99	 	 	 	-	 
	5/15/2024	 	 	665,343.50	 	 	 	-	 
	8/15/2024	 	 	660,246.39	 	 	 	-	 
	11/15/2024	 	 	655,150.74	 	 	 	-	 
	2/15/2025	 	 	650,056.61	 	 	 	-	 
	5/15/2025	 	 	644,964.11	 	 	 	-	 
	8/15/2025	 	 	639,873.27	 	 	 	-	 
	11/15/2025	 	 	634,784.19	 	 	 	-	 
	2/15/2026	 	 	629,696.94	 	 	 	-	 
	5/15/2026	 	 	624,611.64	 	 	 	-	 
	8/15/2026	 	 	619,528.36	 	 	 	-	 
	11/15/2026	 	 	614,447.22	 	 	 	-	 
	2/15/2027	 	 	609,368.29	 	 	 	-	 
	5/15/2027	 	 	604,291.75	 	 	 	-	 
	8/15/2027	 	 	599,217.65	 	 	 	-	 
	11/15/2027	 	 	9,678,641.71	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-11	 

     

    

 

A350-900

 

0024

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	753,241.07	 	 	 	168,137.25	 
	5/15/2016	 	 	2,076,144.32	 	 	 	2,076,144.32	 
	8/15/2016	 	 	2,145,641.15	 	 	 	664,125.88	 
	11/15/2016	 	 	2,132,597.71	 	 	 	658,885.07	 
	2/15/2017	 	 	2,119,554.22	 	 	 	653,644.26	 
	5/15/2017	 	 	2,106,510.65	 	 	 	648,403.37	 
	8/15/2017	 	 	2,093,467.01	 	 	 	643,162.48	 
	11/15/2017	 	 	2,080,423.29	 	 	 	637,921.53	 
	2/15/2018	 	 	2,067,379.49	 	 	 	632,680.54	 
	5/15/2018	 	 	2,054,335.61	 	 	 	627,439.49	 
	8/15/2018	 	 	2,041,291.64	 	 	 	622,198.41	 
	11/15/2018	 	 	2,028,247.57	 	 	 	616,957.29	 
	2/15/2019	 	 	2,015,203.44	 	 	 	611,716.09	 
	5/15/2019	 	 	2,118,417.14	 	 	 	606,474.88	 
	8/15/2019	 	 	2,104,150.83	 	 	 	601,233.58	 
	11/15/2019	 	 	2,089,884.36	 	 	 	595,992.24	 
	2/15/2020	 	 	2,075,617.78	 	 	 	590,750.86	 
	5/15/2020	 	 	2,061,351.06	 	 	 	585,509.37	 
	8/15/2020	 	 	2,047,084.20	 	 	 	580,267.85	 
	11/15/2020	 	 	2,032,817.20	 	 	 	575,026.26	 
	2/15/2021	 	 	2,018,550.03	 	 	 	569,784.60	 
	5/15/2021	 	 	2,004,282.72	 	 	 	564,542.87	 
	8/15/2021	 	 	1,990,015.24	 	 	 	559,301.06	 
	11/15/2021	 	 	1,975,747.58	 	 	 	554,059.18	 
	2/15/2022	 	 	1,961,479.75	 	 	 	548,817.20	 
	5/15/2022	 	 	1,947,211.74	 	 	 	543,575.14	 
	8/15/2022	 	 	1,932,943.51	 	 	 	590,048.12	 
	11/15/2022	 	 	1,918,675.11	 	 	 	687,652.87	 
	2/15/2023	 	 	1,904,406.47	 	 	 	680,662.99	 
	5/15/2023	 	 	1,890,137.62	 	 	 	828,815.02	 
	8/15/2023	 	 	1,875,868.54	 	 	 	768,363.58	 
	11/15/2023	 	 	1,861,599.22	 	 	 	3,253,851.72	 
	2/15/2024	 	 	1,847,329.64	 	 	 	-	 
	5/15/2024	 	 	1,833,059.79	 	 	 	-	 
	8/15/2024	 	 	1,818,789.68	 	 	 	-	 
	11/15/2024	 	 	1,804,519.26	 	 	 	-	 
	2/15/2025	 	 	1,790,248.55	 	 	 	-	 
	5/15/2025	 	 	1,775,977.53	 	 	 	-	 
	8/15/2025	 	 	1,761,706.17	 	 	 	-	 
	11/15/2025	 	 	1,747,434.45	 	 	 	-	 
	2/15/2026	 	 	1,733,162.37	 	 	 	-	 
	5/15/2026	 	 	1,718,889.91	 	 	 	-	 
	8/15/2026	 	 	1,704,617.05	 	 	 	-	 
	11/15/2026	 	 	1,690,343.76	 	 	 	-	 
	2/15/2027	 	 	1,676,070.04	 	 	 	-	 
	5/15/2027	 	 	1,661,795.83	 	 	 	-	 
	8/15/2027	 	 	1,647,521.14	 	 	 	-	 
	11/15/2027	 	 	26,542,662.28	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-12	 

     

    

 

0027

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	136,915.80	 	 	 	31,914.75	 
	5/15/2016	 	 	880,173.00	 	 	 	880,173.00	 
	8/15/2016	 	 	880,173.00	 	 	 	205,166.25	 
	11/15/2016	 	 	880,173.00	 	 	 	970,716.36	 
	2/15/2017	 	 	1,538,457.66	 	 	 	1,257,204.68	 
	5/15/2017	 	 	2,122,967.72	 	 	 	653,936.43	 
	8/15/2017	 	 	2,109,902.16	 	 	 	648,688.43	 
	11/15/2017	 	 	2,096,837.36	 	 	 	643,440.81	 
	2/15/2018	 	 	2,083,773.34	 	 	 	638,193.63	 
	5/15/2018	 	 	2,070,710.13	 	 	 	632,946.88	 
	8/15/2018	 	 	2,057,647.77	 	 	 	627,700.57	 
	11/15/2018	 	 	2,044,586.27	 	 	 	622,454.73	 
	2/15/2019	 	 	2,031,525.71	 	 	 	617,209.38	 
	5/15/2019	 	 	2,135,916.99	 	 	 	611,964.54	 
	8/15/2019	 	 	2,121,637.53	 	 	 	606,720.21	 
	11/15/2019	 	 	2,107,359.26	 	 	 	601,476.46	 
	2/15/2020	 	 	2,093,082.27	 	 	 	596,233.26	 
	5/15/2020	 	 	2,078,806.58	 	 	 	590,990.66	 
	8/15/2020	 	 	2,064,532.24	 	 	 	585,748.69	 
	11/15/2020	 	 	2,050,259.34	 	 	 	580,507.36	 
	2/15/2021	 	 	2,035,987.92	 	 	 	575,266.69	 
	5/15/2021	 	 	2,021,718.03	 	 	 	570,026.73	 
	8/15/2021	 	 	2,007,449.76	 	 	 	564,787.51	 
	11/15/2021	 	 	1,993,183.15	 	 	 	559,549.06	 
	2/15/2022	 	 	1,978,918.29	 	 	 	554,311.40	 
	5/15/2022	 	 	1,964,655.26	 	 	 	549,074.57	 
	8/15/2022	 	 	1,950,394.12	 	 	 	596,128.40	 
	11/15/2022	 	 	1,936,134.97	 	 	 	694,898.60	 
	2/15/2023	 	 	1,921,877.89	 	 	 	687,920.87	 
	5/15/2023	 	 	1,907,622.97	 	 	 	837,845.81	 
	8/15/2023	 	 	1,893,370.31	 	 	 	776,823.70	 
	11/15/2023	 	 	1,879,120.01	 	 	 	3,291,004.49	 
	2/15/2024	 	 	1,864,872.17	 	 	 	-	 
	5/15/2024	 	 	1,850,626.93	 	 	 	-	 
	8/15/2024	 	 	1,836,384.37	 	 	 	-	 
	11/15/2024	 	 	1,822,144.63	 	 	 	-	 
	2/15/2025	 	 	1,807,907.86	 	 	 	-	 
	5/15/2025	 	 	1,793,674.18	 	 	 	-	 
	8/15/2025	 	 	1,779,443.75	 	 	 	-	 
	11/15/2025	 	 	1,765,216.72	 	 	 	-	 
	2/15/2026	 	 	1,750,993.25	 	 	 	-	 
	5/15/2026	 	 	1,736,773.53	 	 	 	-	 
	8/15/2026	 	 	1,722,557.74	 	 	 	-	 
	11/15/2026	 	 	1,708,346.04	 	 	 	-	 
	2/15/2027	 	 	1,694,138.70	 	 	 	-	 
	5/15/2027	 	 	1,679,935.89	 	 	 	-	 
	8/15/2027	 	 	1,665,737.87	 	 	 	-	 
	11/15/2027	 	 	26,885,633.17	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-13	 

     

    

 

B787-9

 

38478

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	139,480.13	 	 	 	29,391.25	 
	11/15/2015	 	 	896,658.00	 	 	 	896,658.00	 
	2/15/2016	 	 	896,658.00	 	 	 	896,658.00	 
	5/15/2016	 	 	5,053,582.70	 	 	 	5,053,582.70	 
	8/15/2016	 	 	2,494,804.58	 	 	 	629,345.66	 
	11/15/2016	 	 	3,977,475.31	 	 	 	624,334.76	 
	2/15/2017	 	 	1,944,394.90	 	 	 	619,323.87	 
	5/15/2017	 	 	1,932,313.26	 	 	 	614,312.97	 
	8/15/2017	 	 	1,920,230.41	 	 	 	1,016,767.10	 
	11/15/2017	 	 	1,908,146.22	 	 	 	288,827.44	 
	2/15/2018	 	 	1,896,060.72	 	 	 	579,520.81	 
	5/15/2018	 	 	1,883,973.81	 	 	 	574,661.27	 
	8/15/2018	 	 	1,871,885.44	 	 	 	569,800.95	 
	11/15/2018	 	 	1,859,795.58	 	 	 	564,939.83	 
	2/15/2019	 	 	1,847,704.14	 	 	 	560,077.88	 
	5/15/2019	 	 	1,941,835.62	 	 	 	555,215.07	 
	8/15/2019	 	 	1,928,604.17	 	 	 	550,351.31	 
	11/15/2019	 	 	1,915,370.64	 	 	 	545,486.64	 
	2/15/2020	 	 	1,902,134.93	 	 	 	540,620.98	 
	5/15/2020	 	 	1,888,896.97	 	 	 	535,754.29	 
	8/15/2020	 	 	1,875,656.67	 	 	 	530,886.54	 
	11/15/2020	 	 	1,862,413.92	 	 	 	526,017.66	 
	2/15/2021	 	 	1,849,168.61	 	 	 	521,147.66	 
	5/15/2021	 	 	1,835,920.67	 	 	 	516,276.41	 
	8/15/2021	 	 	1,822,669.97	 	 	 	511,403.92	 
	11/15/2021	 	 	1,809,416.37	 	 	 	506,530.13	 
	2/15/2022	 	 	1,796,159.77	 	 	 	501,654.93	 
	5/15/2022	 	 	1,782,900.05	 	 	 	496,778.34	 
	8/15/2022	 	 	1,769,637.05	 	 	 	539,087.28	 
	11/15/2022	 	 	1,756,370.64	 	 	 	628,026.94	 
	2/15/2023	 	 	1,743,100.68	 	 	 	621,516.69	 
	5/15/2023	 	 	1,729,826.99	 	 	 	756,510.38	 
	8/15/2023	 	 	1,716,549.42	 	 	 	701,202.96	 
	11/15/2023	 	 	1,703,267.78	 	 	 	2,967,487.23	 
	2/15/2024	 	 	1,689,981.92	 	 	 	-	 
	5/15/2024	 	 	1,676,691.60	 	 	 	-	 
	8/15/2024	 	 	1,663,396.64	 	 	 	-	 
	11/15/2024	 	 	1,650,096.84	 	 	 	-	 
	2/15/2025	 	 	1,636,791.95	 	 	 	-	 
	5/15/2025	 	 	1,623,481.72	 	 	 	-	 
	8/15/2025	 	 	1,610,165.91	 	 	 	-	 
	11/15/2025	 	 	1,596,844.26	 	 	 	-	 
	2/15/2026	 	 	1,583,516.48	 	 	 	-	 
	5/15/2026	 	 	1,570,182.27	 	 	 	-	 
	8/15/2026	 	 	1,556,841.29	 	 	 	-	 
	11/15/2026	 	 	1,543,493.24	 	 	 	-	 
	2/15/2027	 	 	1,530,137.73	 	 	 	-	 
	5/15/2027	 	 	1,516,774.40	 	 	 	-	 
	8/15/2027	 	 	1,503,402.84	 	 	 	-	 
	11/15/2027	 	 	24,147,897.97	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-14	 

     

    

 

38479

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	726,046.07	 	 	 	155,483.25	 
	2/15/2016	 	 	883,029.00	 	 	 	883,029.00	 
	5/15/2016	 	 	3,476,981.20	 	 	 	3,476,981.20	 
	8/15/2016	 	 	4,499,893.36	 	 	 	408,150.60	 
	11/15/2016	 	 	1,961,561.27	 	 	 	605,544.47	 
	2/15/2017	 	 	1,949,478.20	 	 	 	600,687.89	 
	5/15/2017	 	 	1,937,394.22	 	 	 	595,830.80	 
	8/15/2017	 	 	1,925,309.29	 	 	 	590,973.21	 
	11/15/2017	 	 	1,913,223.34	 	 	 	586,115.09	 
	2/15/2018	 	 	1,901,136.41	 	 	 	581,256.43	 
	5/15/2018	 	 	1,889,048.38	 	 	 	576,397.19	 
	8/15/2018	 	 	1,876,959.24	 	 	 	571,537.38	 
	11/15/2018	 	 	1,864,868.96	 	 	 	566,676.92	 
	2/15/2019	 	 	1,852,777.48	 	 	 	561,815.84	 
	5/15/2019	 	 	1,947,294.34	 	 	 	556,954.10	 
	8/15/2019	 	 	1,934,064.59	 	 	 	552,091.66	 
	11/15/2019	 	 	1,920,833.28	 	 	 	547,228.48	 
	2/15/2020	 	 	1,907,600.29	 	 	 	542,364.59	 
	5/15/2020	 	 	1,894,365.59	 	 	 	537,499.86	 
	8/15/2020	 	 	1,881,129.08	 	 	 	532,634.38	 
	11/15/2020	 	 	1,867,890.72	 	 	 	527,768.00	 
	2/15/2021	 	 	1,854,650.41	 	 	 	522,900.74	 
	5/15/2021	 	 	1,841,408.06	 	 	 	518,032.58	 
	8/15/2021	 	 	1,828,163.61	 	 	 	513,163.44	 
	11/15/2021	 	 	1,814,916.95	 	 	 	508,293.31	 
	2/15/2022	 	 	1,801,667.99	 	 	 	503,422.11	 
	5/15/2022	 	 	1,788,416.65	 	 	 	498,549.83	 
	8/15/2022	 	 	1,775,162.81	 	 	 	541,050.92	 
	11/15/2022	 	 	1,761,906.35	 	 	 	630,374.06	 
	2/15/2023	 	 	1,748,647.18	 	 	 	623,871.50	 
	5/15/2023	 	 	1,735,385.16	 	 	 	759,448.72	 
	8/15/2023	 	 	1,722,120.18	 	 	 	703,959.33	 
	11/15/2023	 	 	1,708,852.09	 	 	 	2,979,647.15	 
	2/15/2024	 	 	1,695,580.76	 	 	 	-	 
	5/15/2024	 	 	1,682,306.04	 	 	 	-	 
	8/15/2024	 	 	1,669,027.75	 	 	 	-	 
	11/15/2024	 	 	1,655,745.78	 	 	 	-	 
	2/15/2025	 	 	1,642,459.91	 	 	 	-	 
	5/15/2025	 	 	1,629,169.96	 	 	 	-	 
	8/15/2025	 	 	1,615,875.74	 	 	 	-	 
	11/15/2025	 	 	1,602,577.08	 	 	 	-	 
	2/15/2026	 	 	1,589,273.70	 	 	 	-	 
	5/15/2026	 	 	1,575,965.41	 	 	 	-	 
	8/15/2026	 	 	1,562,651.97	 	 	 	-	 
	11/15/2026	 	 	1,549,333.10	 	 	 	-	 
	2/15/2027	 	 	1,536,008.55	 	 	 	-	 
	5/15/2027	 	 	1,522,678.01	 	 	 	-	 
	8/15/2027	 	 	1,509,341.18	 	 	 	-	 
	11/15/2027	 	 	24,261,755.05	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-15	 

     

    

 

38461

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	700,042.47	 	 	 	156,260.25	 
	5/15/2016	 	 	1,929,942.32	 	 	 	1,929,942.32	 
	8/15/2016	 	 	1,994,091.87	 	 	 	617,217.83	 
	11/15/2016	 	 	1,981,969.71	 	 	 	612,347.21	 
	2/15/2017	 	 	1,969,847.49	 	 	 	607,476.55	 
	5/15/2017	 	 	1,957,725.20	 	 	 	602,605.85	 
	8/15/2017	 	 	1,945,602.85	 	 	 	597,735.11	 
	11/15/2017	 	 	1,933,480.43	 	 	 	592,864.33	 
	2/15/2018	 	 	1,921,357.92	 	 	 	587,993.53	 
	5/15/2018	 	 	1,909,235.34	 	 	 	583,122.68	 
	8/15/2018	 	 	1,897,112.69	 	 	 	578,251.77	 
	11/15/2018	 	 	1,884,989.95	 	 	 	573,380.83	 
	2/15/2019	 	 	1,872,867.12	 	 	 	568,509.84	 
	5/15/2019	 	 	1,968,790.73	 	 	 	563,638.81	 
	8/15/2019	 	 	1,955,532.06	 	 	 	558,767.71	 
	11/15/2019	 	 	1,942,273.25	 	 	 	553,896.57	 
	2/15/2020	 	 	1,929,014.33	 	 	 	549,025.39	 
	5/15/2020	 	 	1,915,755.28	 	 	 	544,154.13	 
	8/15/2020	 	 	1,902,496.11	 	 	 	539,282.82	 
	11/15/2020	 	 	1,889,236.81	 	 	 	534,411.44	 
	2/15/2021	 	 	1,875,977.36	 	 	 	529,540.01	 
	5/15/2021	 	 	1,862,717.74	 	 	 	524,668.51	 
	8/15/2021	 	 	1,849,458.00	 	 	 	519,796.93	 
	11/15/2021	 	 	1,836,198.10	 	 	 	514,925.28	 
	2/15/2022	 	 	1,822,938.01	 	 	 	510,053.57	 
	5/15/2022	 	 	1,809,677.77	 	 	 	505,181.76	 
	8/15/2022	 	 	1,796,417.33	 	 	 	548,372.29	 
	11/15/2022	 	 	1,783,156.71	 	 	 	639,083.10	 
	2/15/2023	 	 	1,769,895.90	 	 	 	632,586.91	 
	5/15/2023	 	 	1,756,634.86	 	 	 	770,274.78	 
	8/15/2023	 	 	1,743,373.63	 	 	 	714,093.12	 
	11/15/2023	 	 	1,730,112.16	 	 	 	3,024,028.15	 
	2/15/2024	 	 	1,716,850.47	 	 	 	-	 
	5/15/2024	 	 	1,703,588.51	 	 	 	-	 
	8/15/2024	 	 	1,690,326.32	 	 	 	-	 
	11/15/2024	 	 	1,677,063.84	 	 	 	-	 
	2/15/2025	 	 	1,663,801.09	 	 	 	-	 
	5/15/2025	 	 	1,650,538.04	 	 	 	-	 
	8/15/2025	 	 	1,637,274.68	 	 	 	-	 
	11/15/2025	 	 	1,624,011.00	 	 	 	-	 
	2/15/2026	 	 	1,610,746.97	 	 	 	-	 
	5/15/2026	 	 	1,597,482.59	 	 	 	-	 
	8/15/2026	 	 	1,584,217.84	 	 	 	-	 
	11/15/2026	 	 	1,570,952.69	 	 	 	-	 
	2/15/2027	 	 	1,557,687.14	 	 	 	-	 
	5/15/2027	 	 	1,544,421.14	 	 	 	-	 
	8/15/2027	 	 	1,531,154.69	 	 	 	-	 
	11/15/2027	 	 	24,667,921.23	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-16	 

     

    

 

38459

 

	Basic Rent Payment Date	 	Series A Installment	 	 	Series B Installment	 
	5/29/2015	 	$	-	 	 	$	-	 
	8/15/2015	 	 	-	 	 	 	-	 
	11/15/2015	 	 	-	 	 	 	-	 
	2/15/2016	 	 	410,538.33	 	 	 	93,219.50	 
	5/15/2016	 	 	839,737.50	 	 	 	839,737.50	 
	8/15/2016	 	 	1,398,035.18	 	 	 	1,056,147.53	 
	11/15/2016	 	 	1,993,826.51	 	 	 	616,261.23	 
	2/15/2017	 	 	1,981,674.96	 	 	 	611,379.64	 
	5/15/2017	 	 	1,969,523.80	 	 	 	606,498.20	 
	8/15/2017	 	 	1,957,372.98	 	 	 	601,617.00	 
	11/15/2017	 	 	1,945,222.57	 	 	 	596,735.98	 
	2/15/2018	 	 	1,933,072.56	 	 	 	591,855.20	 
	5/15/2018	 	 	1,920,922.97	 	 	 	586,974.62	 
	8/15/2018	 	 	1,908,773.83	 	 	 	582,094.28	 
	11/15/2018	 	 	1,896,625.13	 	 	 	577,214.20	 
	2/15/2019	 	 	1,884,476.91	 	 	 	572,334.36	 
	5/15/2019	 	 	1,981,185.62	 	 	 	567,454.80	 
	8/15/2019	 	 	1,967,901.87	 	 	 	562,575.50	 
	11/15/2019	 	 	1,954,618.73	 	 	 	557,696.48	 
	2/15/2020	 	 	1,941,336.25	 	 	 	552,817.75	 
	5/15/2020	 	 	1,928,054.44	 	 	 	547,939.36	 
	8/15/2020	 	 	1,914,773.35	 	 	 	543,061.27	 
	11/15/2020	 	 	1,901,492.99	 	 	 	538,183.51	 
	2/15/2021	 	 	1,888,213.41	 	 	 	533,306.12	 
	5/15/2021	 	 	1,874,934.62	 	 	 	528,429.08	 
	8/15/2021	 	 	1,861,656.68	 	 	 	523,552.41	 
	11/15/2021	 	 	1,848,379.59	 	 	 	518,676.17	 
	2/15/2022	 	 	1,835,103.42	 	 	 	513,800.32	 
	5/15/2022	 	 	1,821,828.19	 	 	 	508,924.92	 
	8/15/2022	 	 	1,808,553.95	 	 	 	552,497.19	 
	11/15/2022	 	 	1,795,280.74	 	 	 	643,979.36	 
	2/15/2023	 	 	1,782,008.61	 	 	 	637,481.25	 
	5/15/2023	 	 	1,768,737.59	 	 	 	776,342.15	 
	8/15/2023	 	 	1,755,467.75	 	 	 	719,767.01	 
	11/15/2023	 	 	1,742,199.14	 	 	 	3,048,795.28	 
	2/15/2024	 	 	1,728,931.79	 	 	 	-	 
	5/15/2024	 	 	1,715,665.82	 	 	 	-	 
	8/15/2024	 	 	1,702,401.22	 	 	 	-	 
	11/15/2024	 	 	1,689,138.09	 	 	 	-	 
	2/15/2025	 	 	1,675,876.51	 	 	 	-	 
	5/15/2025	 	 	1,662,616.52	 	 	 	-	 
	8/15/2025	 	 	1,649,358.23	 	 	 	-	 
	11/15/2025	 	 	1,636,101.70	 	 	 	-	 
	2/15/2026	 	 	1,622,847.03	 	 	 	-	 
	5/15/2026	 	 	1,609,594.29	 	 	 	-	 
	8/15/2026	 	 	1,596,343.60	 	 	 	-	 
	11/15/2026	 	 	1,583,095.04	 	 	 	-	 
	2/15/2027	 	 	1,569,848.74	 	 	 	-	 
	5/15/2027	 	 	1,556,604.78	 	 	 	-	 
	8/15/2027	 	 	1,543,363.34	 	 	 	-	 
	11/15/2027	 	 	24,892,206.46	 	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-17	 

     

    

 

NOTE VALUE SCHEDULES

 

A 321-200

 

Rank 96

 

	Delivery Date and Basic 

Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	7/1/2015	 	 	40,052,000.00	 
	8/15/2015	 	 	40,052,000.00	 
	11/15/2015	 	 	40,052,000.00	 
	2/15/2016	 	 	40,052,000.00	 
	5/15/2016	 	 	37,602,198.06	 
	8/15/2016	 	 	36,996,267.81	 
	11/15/2016	 	 	35,014,032.06	 
	2/15/2017	 	 	34,531,840.55	 
	5/15/2017	 	 	34,049,694.32	 
	8/15/2017	 	 	33,573,238.83	 
	11/15/2017	 	 	32,967,662.88	 
	2/15/2018	 	 	32,362,162.94	 
	5/15/2018	 	 	31,756,740.84	 
	8/15/2018	 	 	31,151,398.51	 
	11/15/2018	 	 	30,546,137.88	 
	2/15/2019	 	 	29,940,961.01	 
	5/15/2019	 	 	29,294,902.53	 
	8/15/2019	 	 	28,648,942.27	 
	11/15/2019	 	 	28,003,082.73	 
	2/15/2020	 	 	27,357,326.49	 
	5/15/2020	 	 	26,711,676.24	 
	8/15/2020	 	 	26,066,134.74	 
	11/15/2020	 	 	25,420,704.86	 
	2/15/2021	 	 	24,775,389.58	 
	5/15/2021	 	 	24,130,191.97	 
	8/15/2021	 	 	23,485,115.22	 
	11/15/2021	 	 	22,840,162.63	 
	2/15/2022	 	 	22,195,337.63	 
	5/15/2022	 	 	21,550,643.77	 
	8/15/2022	 	 	20,887,892.52	 
	11/15/2022	 	 	20,188,906.94	 
	2/15/2023	 	 	19,490,081.52	 
	5/15/2023	 	 	18,736,870.47	 
	8/15/2023	 	 	18,002,027.62	 
	11/15/2023	 	 	16,390,849.15	 
	2/15/2024	 	 	15,910,976.80	 
	5/15/2024	 	 	15,431,216.08	 
	8/15/2024	 	 	14,951,570.38	 
	11/15/2024	 	 	14,472,043.24	 
	2/15/2025	 	 	13,992,638.33	 
	5/15/2025	 	 	13,513,359.48	 
	8/15/2025	 	 	13,034,210.69	 
	11/15/2025	 	 	12,555,196.11	 
	2/15/2026	 	 	12,076,320.09	 
	5/15/2026	 	 	11,597,587.16	 
	8/15/2026	 	 	11,119,002.05	 
	11/15/2026	 	 	10,640,569.69	 
	2/15/2027	 	 	10,162,295.26	 
	5/15/2027	 	 	9,684,184.15	 
	8/15/2027	 	 	9,206,242.02	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-18	 

     

    

 

Rank 72

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	9/1/2015	 	 	39,054,000.00	 
	11/15/2015	 	 	39,054,000.00	 
	2/15/2016	 	 	39,054,000.00	 
	5/15/2016	 	 	37,845,633.30	 
	8/15/2016	 	 	35,862,129.45	 
	11/15/2016	 	 	35,378,652.32	 
	2/15/2017	 	 	34,895,202.56	 
	5/15/2017	 	 	34,411,780.02	 
	8/15/2017	 	 	33,803,426.26	 
	11/15/2017	 	 	33,195,118.43	 
	2/15/2018	 	 	32,586,857.62	 
	5/15/2018	 	 	31,978,644.99	 
	8/15/2018	 	 	31,370,481.71	 
	11/15/2018	 	 	30,762,368.99	 
	2/15/2019	 	 	30,154,308.09	 
	5/15/2019	 	 	29,505,038.99	 
	8/15/2019	 	 	28,855,830.67	 
	11/15/2019	 	 	28,206,684.66	 
	2/15/2020	 	 	27,557,602.58	 
	5/15/2020	 	 	26,908,586.08	 
	8/15/2020	 	 	26,259,636.87	 
	11/15/2020	 	 	25,610,756.73	 
	2/15/2021	 	 	24,961,947.50	 
	5/15/2021	 	 	24,313,211.08	 
	8/15/2021	 	 	23,664,549.44	 
	11/15/2021	 	 	23,015,964.62	 
	2/15/2022	 	 	22,367,458.76	 
	5/15/2022	 	 	21,719,034.04	 
	8/15/2022	 	 	21,052,357.29	 
	11/15/2022	 	 	20,349,102.52	 
	2/15/2023	 	 	19,645,946.85	 
	5/15/2023	 	 	18,887,903.01	 
	8/15/2023	 	 	18,148,303.52	 
	11/15/2023	 	 	16,525,116.93	 
	2/15/2024	 	 	16,042,386.71	 
	5/15/2024	 	 	15,559,725.56	 
	8/15/2024	 	 	15,077,135.58	 
	11/15/2024	 	 	14,594,618.97	 
	2/15/2025	 	 	14,112,177.99	 
	5/15/2025	 	 	13,629,815.01	 
	8/15/2025	 	 	13,147,532.50	 
	11/15/2025	 	 	12,665,333.04	 
	2/15/2026	 	 	12,183,219.31	 
	5/15/2026	 	 	11,701,194.13	 
	8/15/2026	 	 	11,219,260.40	 
	11/15/2026	 	 	10,737,421.20	 
	2/15/2027	 	 	10,255,679.72	 
	5/15/2027	 	 	9,774,039.30	 
	8/15/2027	 	 	9,292,503.43	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-19	 

     

    

 

Rank 93

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	10/1/2015	 	 	38,297,000.00	 
	11/15/2015	 	 	38,297,000.00	 
	2/15/2016	 	 	38,297,000.00	 
	5/15/2016	 	 	36,974,548.55	 
	8/15/2016	 	 	36,364,605.95	 
	11/15/2016	 	 	35,754,692.27	 
	2/15/2017	 	 	35,144,808.19	 
	5/15/2017	 	 	34,534,954.41	 
	8/15/2017	 	 	33,925,131.63	 
	11/15/2017	 	 	33,315,340.61	 
	2/15/2018	 	 	32,705,582.11	 
	5/15/2018	 	 	32,095,856.91	 
	8/15/2018	 	 	31,486,165.83	 
	11/15/2018	 	 	30,876,509.70	 
	2/15/2019	 	 	30,266,889.41	 
	5/15/2019	 	 	29,615,889.50	 
	8/15/2019	 	 	28,964,931.60	 
	11/15/2019	 	 	28,314,016.80	 
	2/15/2020	 	 	27,663,146.19	 
	5/15/2020	 	 	27,012,320.91	 
	8/15/2020	 	 	26,361,542.17	 
	11/15/2020	 	 	25,710,811.17	 
	2/15/2021	 	 	25,060,129.20	 
	5/15/2021	 	 	24,409,497.57	 
	8/15/2021	 	 	23,758,917.63	 
	11/15/2021	 	 	23,108,390.82	 
	2/15/2022	 	 	22,457,918.58	 
	5/15/2022	 	 	21,807,502.45	 
	8/15/2022	 	 	21,138,733.32	 
	11/15/2022	 	 	20,433,207.04	 
	2/15/2023	 	 	19,727,749.27	 
	5/15/2023	 	 	18,967,141.18	 
	8/15/2023	 	 	18,225,019.06	 
	11/15/2023	 	 	16,595,509.75	 
	2/15/2024	 	 	16,111,256.70	 
	5/15/2024	 	 	15,627,051.41	 
	8/15/2024	 	 	15,142,895.33	 
	11/15/2024	 	 	14,658,789.96	 
	2/15/2025	 	 	14,174,736.89	 
	5/15/2025	 	 	13,690,737.74	 
	8/15/2025	 	 	13,206,794.23	 
	11/15/2025	 	 	12,722,908.14	 
	2/15/2026	 	 	12,239,081.32	 
	5/15/2026	 	 	11,755,315.71	 
	8/15/2026	 	 	11,271,613.34	 
	11/15/2026	 	 	10,787,976.32	 
	2/15/2027	 	 	10,304,406.86	 
	5/15/2027	 	 	9,820,907.27	 
	8/15/2027	 	 	9,337,479.96	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-20	 

     

    

 

Rank 112

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	10/1/2015	 	 	38,297,000.00	 
	11/15/2015	 	 	38,297,000.00	 
	2/15/2016	 	 	38,297,000.00	 
	5/15/2016	 	 	36,974,548.55	 
	8/15/2016	 	 	36,364,605.95	 
	11/15/2016	 	 	35,754,692.27	 
	2/15/2017	 	 	35,144,808.19	 
	5/15/2017	 	 	34,534,954.41	 
	8/15/2017	 	 	33,925,131.63	 
	11/15/2017	 	 	33,315,340.61	 
	2/15/2018	 	 	32,705,582.11	 
	5/15/2018	 	 	32,095,856.91	 
	8/15/2018	 	 	31,486,165.83	 
	11/15/2018	 	 	30,876,509.70	 
	2/15/2019	 	 	30,266,889.41	 
	5/15/2019	 	 	29,615,889.50	 
	8/15/2019	 	 	28,964,931.60	 
	11/15/2019	 	 	28,314,016.80	 
	2/15/2020	 	 	27,663,146.19	 
	5/15/2020	 	 	27,012,320.91	 
	8/15/2020	 	 	26,361,542.17	 
	11/15/2020	 	 	25,710,811.17	 
	2/15/2021	 	 	25,060,129.20	 
	5/15/2021	 	 	24,409,497.57	 
	8/15/2021	 	 	23,758,917.63	 
	11/15/2021	 	 	23,108,390.82	 
	2/15/2022	 	 	22,457,918.58	 
	5/15/2022	 	 	21,807,502.45	 
	8/15/2022	 	 	21,138,733.32	 
	11/15/2022	 	 	20,433,207.04	 
	2/15/2023	 	 	19,727,749.27	 
	5/15/2023	 	 	18,967,141.18	 
	8/15/2023	 	 	18,225,019.06	 
	11/15/2023	 	 	16,595,509.75	 
	2/15/2024	 	 	16,111,256.70	 
	5/15/2024	 	 	15,627,051.41	 
	8/15/2024	 	 	15,142,895.33	 
	11/15/2024	 	 	14,658,789.96	 
	2/15/2025	 	 	14,174,736.89	 
	5/15/2025	 	 	13,690,737.74	 
	8/15/2025	 	 	13,206,794.23	 
	11/15/2025	 	 	12,722,908.14	 
	2/15/2026	 	 	12,239,081.32	 
	5/15/2026	 	 	11,755,315.71	 
	8/15/2026	 	 	11,271,613.34	 
	11/15/2026	 	 	10,787,976.32	 
	2/15/2027	 	 	10,304,406.86	 
	5/15/2027	 	 	9,820,907.27	 
	8/15/2027	 	 	9,337,479.96	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-21	 

     

    

 

Rank 103

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	12/1/2015	 	 	37,832,000.00	 
	2/15/2016	 	 	37,832,000.00	 
	5/15/2016	 	 	37,225,892.21	 
	8/15/2016	 	 	36,613,229.34	 
	11/15/2016	 	 	36,000,569.50	 
	2/15/2017	 	 	35,387,912.75	 
	5/15/2017	 	 	34,775,259.18	 
	8/15/2017	 	 	34,162,608.84	 
	11/15/2017	 	 	33,549,961.83	 
	2/15/2018	 	 	32,937,318.23	 
	5/15/2018	 	 	32,324,678.10	 
	8/15/2018	 	 	31,712,041.55	 
	11/15/2018	 	 	31,099,408.66	 
	2/15/2019	 	 	30,486,779.51	 
	5/15/2019	 	 	29,832,435.04	 
	8/15/2019	 	 	29,178,094.96	 
	11/15/2019	 	 	28,523,759.40	 
	2/15/2020	 	 	27,869,428.46	 
	5/15/2020	 	 	27,215,102.26	 
	8/15/2020	 	 	26,560,780.93	 
	11/15/2020	 	 	25,906,464.60	 
	2/15/2021	 	 	25,252,153.39	 
	5/15/2021	 	 	24,597,847.45	 
	8/15/2021	 	 	23,943,546.93	 
	11/15/2021	 	 	23,289,251.96	 
	2/15/2022	 	 	22,634,962.70	 
	5/15/2022	 	 	21,980,679.31	 
	8/15/2022	 	 	21,307,843.99	 
	11/15/2022	 	 	20,597,899.46	 
	2/15/2023	 	 	19,887,962.11	 
	5/15/2023	 	 	19,122,359.41	 
	8/15/2023	 	 	18,375,322.55	 
	11/15/2023	 	 	16,733,450.28	 
	2/15/2024	 	 	16,246,237.42	 
	5/15/2024	 	 	15,759,029.56	 
	8/15/2024	 	 	15,271,826.84	 
	11/15/2024	 	 	14,784,629.43	 
	2/15/2025	 	 	14,297,437.49	 
	5/15/2025	 	 	13,810,251.20	 
	8/15/2025	 	 	13,323,070.72	 
	11/15/2025	 	 	12,835,896.25	 
	2/15/2026	 	 	12,348,727.99	 
	5/15/2026	 	 	11,861,566.13	 
	8/15/2026	 	 	11,374,410.88	 
	11/15/2026	 	 	10,887,262.48	 
	2/15/2027	 	 	10,400,121.14	 
	5/15/2027	 	 	9,912,987.11	 
	8/15/2027	 	 	9,425,860.65	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-22	 

     

    

 

Rank 113

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	12/1/2015	 	 	37,831,000.00	 
	2/15/2016	 	 	37,831,000.00	 
	5/15/2016	 	 	37,225,892.21	 
	8/15/2016	 	 	36,613,229.34	 
	11/15/2016	 	 	36,000,569.50	 
	2/15/2017	 	 	35,387,912.75	 
	5/15/2017	 	 	34,775,259.18	 
	8/15/2017	 	 	34,162,608.84	 
	11/15/2017	 	 	33,549,961.83	 
	2/15/2018	 	 	32,937,318.23	 
	5/15/2018	 	 	32,324,678.10	 
	8/15/2018	 	 	31,712,041.55	 
	11/15/2018	 	 	31,099,408.66	 
	2/15/2019	 	 	30,486,779.51	 
	5/15/2019	 	 	29,832,435.04	 
	8/15/2019	 	 	29,178,094.96	 
	11/15/2019	 	 	28,523,759.40	 
	2/15/2020	 	 	27,869,428.46	 
	5/15/2020	 	 	27,215,102.26	 
	8/15/2020	 	 	26,560,780.93	 
	11/15/2020	 	 	25,906,464.60	 
	2/15/2021	 	 	25,252,153.39	 
	5/15/2021	 	 	24,597,847.45	 
	8/15/2021	 	 	23,943,546.93	 
	11/15/2021	 	 	23,289,251.96	 
	2/15/2022	 	 	22,634,962.70	 
	5/15/2022	 	 	21,980,679.31	 
	8/15/2022	 	 	21,307,843.99	 
	11/15/2022	 	 	20,597,899.46	 
	2/15/2023	 	 	19,887,962.11	 
	5/15/2023	 	 	19,122,359.41	 
	8/15/2023	 	 	18,375,322.55	 
	11/15/2023	 	 	16,733,450.28	 
	2/15/2024	 	 	16,246,237.42	 
	5/15/2024	 	 	15,759,029.56	 
	8/15/2024	 	 	15,271,826.84	 
	11/15/2024	 	 	14,784,629.43	 
	2/15/2025	 	 	14,297,437.49	 
	5/15/2025	 	 	13,810,251.20	 
	8/15/2025	 	 	13,323,070.72	 
	11/15/2025	 	 	12,835,896.25	 
	2/15/2026	 	 	12,348,727.99	 
	5/15/2026	 	 	11,861,566.13	 
	8/15/2026	 	 	11,374,410.88	 
	11/15/2026	 	 	10,887,262.48	 
	2/15/2027	 	 	10,400,121.14	 
	5/15/2027	 	 	9,912,987.11	 
	8/15/2027	 	 	9,425,860.65	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-23	 

     

    

 

Rank 114

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	12/1/2015	 	 	37,831,000.00	 
	2/15/2016	 	 	37,831,000.00	 
	5/15/2016	 	 	37,225,892.21	 
	8/15/2016	 	 	36,613,229.34	 
	11/15/2016	 	 	36,000,569.50	 
	2/15/2017	 	 	35,387,912.75	 
	5/15/2017	 	 	34,775,259.18	 
	8/15/2017	 	 	34,162,608.84	 
	11/15/2017	 	 	33,549,961.83	 
	2/15/2018	 	 	32,937,318.23	 
	5/15/2018	 	 	32,324,678.10	 
	8/15/2018	 	 	31,712,041.55	 
	11/15/2018	 	 	31,099,408.66	 
	2/15/2019	 	 	30,486,779.51	 
	5/15/2019	 	 	29,832,435.04	 
	8/15/2019	 	 	29,178,094.96	 
	11/15/2019	 	 	28,523,759.40	 
	2/15/2020	 	 	27,869,428.46	 
	5/15/2020	 	 	27,215,102.26	 
	8/15/2020	 	 	26,560,780.93	 
	11/15/2020	 	 	25,906,464.60	 
	2/15/2021	 	 	25,252,153.39	 
	5/15/2021	 	 	24,597,847.45	 
	8/15/2021	 	 	23,943,546.93	 
	11/15/2021	 	 	23,289,251.96	 
	2/15/2022	 	 	22,634,962.70	 
	5/15/2022	 	 	21,980,679.31	 
	8/15/2022	 	 	21,307,843.99	 
	11/15/2022	 	 	20,597,899.46	 
	2/15/2023	 	 	19,887,962.11	 
	5/15/2023	 	 	19,122,359.41	 
	8/15/2023	 	 	18,375,322.55	 
	11/15/2023	 	 	16,733,450.28	 
	2/15/2024	 	 	16,246,237.42	 
	5/15/2024	 	 	15,759,029.56	 
	8/15/2024	 	 	15,271,826.84	 
	11/15/2024	 	 	14,784,629.43	 
	2/15/2025	 	 	14,297,437.49	 
	5/15/2025	 	 	13,810,251.20	 
	8/15/2025	 	 	13,323,070.72	 
	11/15/2025	 	 	12,835,896.25	 
	2/15/2026	 	 	12,348,727.99	 
	5/15/2026	 	 	11,861,566.13	 
	8/15/2026	 	 	11,374,410.88	 
	11/15/2026	 	 	10,887,262.48	 
	2/15/2027	 	 	10,400,121.14	 
	5/15/2027	 	 	9,912,987.11	 
	8/15/2027	 	 	9,425,860.65	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-24	 

     

    

 

Rank 92

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	1/1/2016	 	 	37,400,000.00	 
	2/15/2016	 	 	37,400,000.00	 
	5/15/2016	 	 	37,400,000.00	 
	8/15/2016	 	 	36,850,765.54	 
	11/15/2016	 	 	36,235,196.15	 
	2/15/2017	 	 	35,619,609.89	 
	5/15/2017	 	 	35,004,006.38	 
	8/15/2017	 	 	34,388,385.20	 
	11/15/2017	 	 	33,772,745.93	 
	2/15/2018	 	 	33,157,088.13	 
	5/15/2018	 	 	32,541,411.37	 
	8/15/2018	 	 	31,925,715.16	 
	11/15/2018	 	 	31,309,999.05	 
	2/15/2019	 	 	30,694,262.52	 
	5/15/2019	 	 	30,036,500.53	 
	8/15/2019	 	 	29,378,714.60	 
	11/15/2019	 	 	28,720,904.13	 
	2/15/2020	 	 	28,063,068.48	 
	5/15/2020	 	 	27,405,207.01	 
	8/15/2020	 	 	26,747,319.02	 
	11/15/2020	 	 	26,089,403.84	 
	2/15/2021	 	 	25,431,460.72	 
	5/15/2021	 	 	24,773,488.94	 
	8/15/2021	 	 	24,115,487.69	 
	11/15/2021	 	 	23,457,456.19	 
	2/15/2022	 	 	22,799,393.60	 
	5/15/2022	 	 	22,141,299.04	 
	8/15/2022	 	 	21,464,477.25	 
	11/15/2022	 	 	20,750,230.11	 
	2/15/2023	 	 	20,035,943.95	 
	5/15/2023	 	 	19,265,528.09	 
	8/15/2023	 	 	18,513,763.72	 
	11/15/2023	 	 	16,860,325.16	 
	2/15/2024	 	 	16,370,214.00	 
	5/15/2024	 	 	15,880,075.64	 
	8/15/2024	 	 	15,389,909.25	 
	11/15/2024	 	 	14,899,713.96	 
	2/15/2025	 	 	14,409,488.89	 
	5/15/2025	 	 	13,919,233.09	 
	8/15/2025	 	 	13,428,945.60	 
	11/15/2025	 	 	12,938,625.40	 
	2/15/2026	 	 	12,448,271.43	 
	5/15/2026	 	 	11,957,882.59	 
	8/15/2026	 	 	11,467,457.72	 
	11/15/2026	 	 	10,976,995.63	 
	2/15/2027	 	 	10,486,495.05	 
	5/15/2027	 	 	9,995,954.67	 
	8/15/2027	 	 	9,505,373.11	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-25	 

     

    

 

Rank 120

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	2/1/2016	 	 	36,602,000.00	 
	2/15/2016	 	 	36,602,000.00	 
	5/15/2016	 	 	36,602,000.00	 
	8/15/2016	 	 	36,602,000.00	 
	11/15/2016	 	 	36,327,987.95	 
	2/15/2017	 	 	35,711,531.47	 
	5/15/2017	 	 	35,095,044.11	 
	8/15/2017	 	 	34,478,525.14	 
	11/15/2017	 	 	33,861,973.79	 
	2/15/2018	 	 	33,245,389.30	 
	5/15/2018	 	 	32,628,770.86	 
	8/15/2018	 	 	32,012,117.64	 
	11/15/2018	 	 	31,395,428.78	 
	2/15/2019	 	 	30,778,703.41	 
	5/15/2019	 	 	30,119,819.53	 
	8/15/2019	 	 	29,460,892.83	 
	11/15/2019	 	 	28,801,922.20	 
	2/15/2020	 	 	28,142,906.52	 
	5/15/2020	 	 	27,483,844.61	 
	8/15/2020	 	 	26,824,735.29	 
	11/15/2020	 	 	26,165,577.28	 
	2/15/2021	 	 	25,506,369.30	 
	5/15/2021	 	 	24,847,110.00	 
	8/15/2021	 	 	24,187,798.01	 
	11/15/2021	 	 	23,528,431.85	 
	2/15/2022	 	 	22,869,010.07	 
	5/15/2022	 	 	22,209,531.09	 
	8/15/2022	 	 	21,531,240.79	 
	11/15/2022	 	 	20,815,379.97	 
	2/15/2023	 	 	20,099,449.32	 
	5/15/2023	 	 	19,327,177.78	 
	8/15/2023	 	 	18,573,582.02	 
	11/15/2023	 	 	16,915,334.38	 
	2/15/2024	 	 	16,424,152.11	 
	5/15/2024	 	 	15,932,921.15	 
	8/15/2024	 	 	15,441,640.04	 
	11/15/2024	 	 	14,950,307.22	 
	2/15/2025	 	 	14,458,921.10	 
	5/15/2025	 	 	13,967,480.00	 
	8/15/2025	 	 	13,475,982.19	 
	11/15/2025	 	 	12,984,425.84	 
	2/15/2026	 	 	12,492,809.07	 
	5/15/2026	 	 	12,001,129.90	 
	8/15/2026	 	 	11,509,386.27	 
	11/15/2026	 	 	11,017,576.02	 
	2/15/2027	 	 	10,525,696.91	 
	5/15/2027	 	 	10,033,746.56	 
	8/15/2027	 	 	9,541,722.53	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-26	 

     

    

 

Rank 135

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	2/15/2016	 	 	-	 
	3/1/2016	 	 	36,069,000.00	 
	5/15/2016	 	 	36,069,000.00	 
	8/15/2016	 	 	36,069,000.00	 
	11/15/2016	 	 	36,069,000.00	 
	2/15/2017	 	 	35,803,453.04	 
	5/15/2017	 	 	35,186,081.83	 
	8/15/2017	 	 	34,568,665.07	 
	11/15/2017	 	 	33,951,201.65	 
	2/15/2018	 	 	33,333,690.47	 
	5/15/2018	 	 	32,716,130.35	 
	8/15/2018	 	 	32,098,520.12	 
	11/15/2018	 	 	31,480,858.52	 
	2/15/2019	 	 	30,863,144.30	 
	5/15/2019	 	 	30,203,138.53	 
	8/15/2019	 	 	29,543,071.05	 
	11/15/2019	 	 	28,882,940.26	 
	2/15/2020	 	 	28,222,744.55	 
	5/15/2020	 	 	27,562,482.22	 
	8/15/2020	 	 	26,902,151.55	 
	11/15/2020	 	 	26,241,750.72	 
	2/15/2021	 	 	25,581,277.88	 
	5/15/2021	 	 	24,920,731.07	 
	8/15/2021	 	 	24,260,108.31	 
	11/15/2021	 	 	23,599,407.52	 
	2/15/2022	 	 	22,938,626.54	 
	5/15/2022	 	 	22,277,763.13	 
	8/15/2022	 	 	21,598,004.32	 
	11/15/2022	 	 	20,880,529.83	 
	2/15/2023	 	 	20,162,954.69	 
	5/15/2023	 	 	19,388,827.47	 
	8/15/2023	 	 	18,633,400.32	 
	11/15/2023	 	 	16,970,343.59	 
	2/15/2024	 	 	16,478,090.21	 
	5/15/2024	 	 	15,985,766.66	 
	8/15/2024	 	 	15,493,370.82	 
	11/15/2024	 	 	15,000,900.47	 
	2/15/2025	 	 	14,508,353.31	 
	5/15/2025	 	 	14,015,726.91	 
	8/15/2025	 	 	13,523,018.77	 
	11/15/2025	 	 	13,030,226.28	 
	2/15/2026	 	 	12,537,346.72	 
	5/15/2026	 	 	12,044,377.22	 
	8/15/2026	 	 	11,551,314.82	 
	11/15/2026	 	 	11,058,156.41	 
	2/15/2027	 	 	10,564,898.76	 
	5/15/2027	 	 	10,071,538.45	 
	8/15/2027	 	 	9,578,071.95	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-27	 

     

    

 

Rank 136

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	2/15/2016	 	 	-	 
	3/1/2016	 	 	36,069,000.00	 
	5/15/2016	 	 	36,069,000.00	 
	8/15/2016	 	 	36,069,000.00	 
	11/15/2016	 	 	36,069,000.00	 
	2/15/2017	 	 	35,803,453.04	 
	5/15/2017	 	 	35,186,081.83	 
	8/15/2017	 	 	34,568,665.07	 
	11/15/2017	 	 	33,951,201.65	 
	2/15/2018	 	 	33,333,690.47	 
	5/15/2018	 	 	32,716,130.35	 
	8/15/2018	 	 	32,098,520.12	 
	11/15/2018	 	 	31,480,858.52	 
	2/15/2019	 	 	30,863,144.30	 
	5/15/2019	 	 	30,203,138.53	 
	8/15/2019	 	 	29,543,071.05	 
	11/15/2019	 	 	28,882,940.26	 
	2/15/2020	 	 	28,222,744.55	 
	5/15/2020	 	 	27,562,482.22	 
	8/15/2020	 	 	26,902,151.55	 
	11/15/2020	 	 	26,241,750.72	 
	2/15/2021	 	 	25,581,277.88	 
	5/15/2021	 	 	24,920,731.07	 
	8/15/2021	 	 	24,260,108.31	 
	11/15/2021	 	 	23,599,407.52	 
	2/15/2022	 	 	22,938,626.54	 
	5/15/2022	 	 	22,277,763.13	 
	8/15/2022	 	 	21,598,004.32	 
	11/15/2022	 	 	20,880,529.83	 
	2/15/2023	 	 	20,162,954.69	 
	5/15/2023	 	 	19,388,827.47	 
	8/15/2023	 	 	18,633,400.32	 
	11/15/2023	 	 	16,970,343.59	 
	2/15/2024	 	 	16,478,090.21	 
	5/15/2024	 	 	15,985,766.66	 
	8/15/2024	 	 	15,493,370.82	 
	11/15/2024	 	 	15,000,900.47	 
	2/15/2025	 	 	14,508,353.31	 
	5/15/2025	 	 	14,015,726.91	 
	8/15/2025	 	 	13,523,018.77	 
	11/15/2025	 	 	13,030,226.28	 
	2/15/2026	 	 	12,537,346.72	 
	5/15/2026	 	 	12,044,377.22	 
	8/15/2026	 	 	11,551,314.82	 
	11/15/2026	 	 	11,058,156.41	 
	2/15/2027	 	 	10,564,898.76	 
	5/15/2027	 	 	10,071,538.45	 
	8/15/2027	 	 	9,578,071.95	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-28	 

     

    

 

A350-900

 

0024

 

	Delivery Date and Basic	 		 
	Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	12/1/2015	 	 	105,425,000.00	 
	2/15/2016	 	 	105,425,000.00	 
	5/15/2016	 	 	103,736,660.76	 
	8/15/2016	 	 	102,029,365.20	 
	11/15/2016	 	 	100,322,078.09	 
	2/15/2017	 	 	98,614,799.59	 
	5/15/2017	 	 	96,907,529.94	 
	8/15/2017	 	 	95,200,269.32	 
	11/15/2017	 	 	93,493,017.96	 
	2/15/2018	 	 	91,785,776.08	 
	5/15/2018	 	 	90,078,543.92	 
	8/15/2018	 	 	88,371,321.70	 
	11/15/2018	 	 	86,664,109.68	 
	2/15/2019	 	 	84,956,908.10	 
	5/15/2019	 	 	83,133,459.25	 
	8/15/2019	 	 	81,310,022.65	 
	11/15/2019	 	 	79,486,598.62	 
	2/15/2020	 	 	77,663,187.46	 
	5/15/2020	 	 	75,839,789.53	 
	8/15/2020	 	 	74,016,405.17	 
	11/15/2020	 	 	72,193,034.72	 
	2/15/2021	 	 	70,369,678.58	 
	5/15/2021	 	 	68,546,337.11	 
	8/15/2021	 	 	66,723,010.71	 
	11/15/2021	 	 	64,899,699.80	 
	2/15/2022	 	 	63,076,404.81	 
	5/15/2022	 	 	61,253,126.17	 
	8/15/2022	 	 	59,378,149.24	 
	11/15/2022	 	 	57,399,760.81	 
	2/15/2023	 	 	55,421,392.36	 
	5/15/2023	 	 	53,287,902.40	 
	8/15/2023	 	 	51,206,149.51	 
	11/15/2023	 	 	46,630,776.38	 
	2/15/2024	 	 	45,273,069.89	 
	5/15/2024	 	 	43,915,377.33	 
	8/15/2024	 	 	42,557,699.11	 
	11/15/2024	 	 	41,200,035.69	 
	2/15/2025	 	 	39,842,387.51	 
	5/15/2025	 	 	38,484,755.05	 
	8/15/2025	 	 	37,127,138.81	 
	11/15/2025	 	 	35,769,539.32	 
	2/15/2026	 	 	34,411,957.11	 
	5/15/2026	 	 	33,054,392.75	 
	8/15/2026	 	 	31,696,846.82	 
	11/15/2026	 	 	30,339,319.95	 
	2/15/2027	 	 	28,981,812.77	 
	5/15/2027	 	 	27,624,325.97	 
	8/15/2027	 	 	26,266,860.25	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-29	 

     

    

 

0027

 

	Delivery Date and Basic	 	 	 
	Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	2/1/2016	 	 	102,063,000.00	 
	2/15/2016	 	 	102,063,000.00	 
	5/15/2016	 	 	102,063,000.00	 
	8/15/2016	 	 	102,063,000.00	 
	11/15/2016	 	 	101,297,449.89	 
	2/15/2017	 	 	99,578,514.36	 
	5/15/2017	 	 	97,859,492.71	 
	8/15/2017	 	 	96,140,382.91	 
	11/15/2017	 	 	94,421,182.87	 
	2/15/2018	 	 	92,701,890.39	 
	5/15/2018	 	 	90,982,503.24	 
	8/15/2018	 	 	89,263,019.11	 
	11/15/2018	 	 	87,543,435.62	 
	2/15/2019	 	 	85,823,750.28	 
	5/15/2019	 	 	83,986,509.63	 
	8/15/2019	 	 	82,149,149.55	 
	11/15/2019	 	 	80,311,666.99	 
	2/15/2020	 	 	78,474,058.80	 
	5/15/2020	 	 	76,636,321.74	 
	8/15/2020	 	 	74,798,452.44	 
	11/15/2020	 	 	72,960,447.39	 
	2/15/2021	 	 	71,122,302.99	 
	5/15/2021	 	 	69,284,015.52	 
	8/15/2021	 	 	67,445,581.07	 
	11/15/2021	 	 	65,606,995.64	 
	2/15/2022	 	 	63,768,255.06	 
	5/15/2022	 	 	61,929,355.01	 
	8/15/2022	 	 	60,038,001.21	 
	11/15/2022	 	 	58,041,885.30	 
	2/15/2023	 	 	56,045,574.64	 
	5/15/2023	 	 	53,892,162.30	 
	8/15/2023	 	 	51,790,825.77	 
	11/15/2023	 	 	47,166,945.74	 
	2/15/2024	 	 	45,797,326.50	 
	5/15/2024	 	 	44,427,571.50	 
	8/15/2024	 	 	43,057,676.63	 
	11/15/2024	 	 	41,687,637.60	 
	2/15/2025	 	 	40,317,449.93	 
	5/15/2025	 	 	38,947,108.97	 
	8/15/2025	 	 	37,576,609.86	 
	11/15/2025	 	 	36,205,947.54	 
	2/15/2026	 	 	34,835,116.74	 
	5/15/2026	 	 	33,464,111.94	 
	8/15/2026	 	 	32,092,927.38	 
	11/15/2026	 	 	30,721,557.08	 
	2/15/2027	 	 	29,349,994.73	 
	5/15/2027	 	 	27,978,233.78	 
	8/15/2027	 	 	26,606,267.36	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-30	 

     

    

 

B787-9

 

38478

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/1/2015	 	 	102,191,000.00	 
	8/15/2015	 	 	102,191,000.00	 
	11/15/2015	 	 	102,191,000.00	 
	2/15/2016	 	 	102,191,000.00	 
	5/15/2016	 	 	97,588,662.50	 
	8/15/2016	 	 	95,501,455.41	 
	11/15/2016	 	 	91,914,338.75	 
	2/15/2017	 	 	90,327,314.61	 
	5/15/2017	 	 	88,740,385.19	 
	8/15/2017	 	 	86,746,087.68	 
	11/15/2017	 	 	85,470,234.23	 
	2/15/2018	 	 	83,902,275.56	 
	5/15/2018	 	 	82,334,479.71	 
	8/15/2018	 	 	80,766,850.68	 
	11/15/2018	 	 	79,199,392.56	 
	2/15/2019	 	 	77,632,109.60	 
	5/15/2019	 	 	75,958,781.63	 
	8/15/2019	 	 	74,285,659.10	 
	11/15/2019	 	 	72,612,747.22	 
	2/15/2020	 	 	70,940,051.40	 
	5/15/2020	 	 	69,267,577.26	 
	8/15/2020	 	 	67,595,330.58	 
	11/15/2020	 	 	65,923,317.37	 
	2/15/2021	 	 	64,251,543.83	 
	5/15/2021	 	 	62,580,016.41	 
	8/15/2021	 	 	60,908,741.76	 
	11/15/2021	 	 	59,237,726.79	 
	2/15/2022	 	 	57,566,978.69	 
	5/15/2022	 	 	55,896,504.86	 
	8/15/2022	 	 	54,179,125.98	 
	11/15/2022	 	 	52,367,686.91	 
	2/15/2023	 	 	50,556,582.80	 
	5/15/2023	 	 	48,604,317.05	 
	8/15/2023	 	 	46,699,606.42	 
	11/15/2023	 	 	42,521,398.14	 
	2/15/2024	 	 	41,277,890.90	 
	5/15/2024	 	 	40,034,617.15	 
	8/15/2024	 	 	38,791,583.99	 
	11/15/2024	 	 	37,548,798.78	 
	2/15/2025	 	 	36,306,269.22	 
	5/15/2025	 	 	35,064,003.33	 
	8/15/2025	 	 	33,822,009.45	 
	11/15/2025	 	 	32,580,296.29	 
	2/15/2026	 	 	31,338,872.92	 
	5/15/2026	 	 	30,097,748.82	 
	8/15/2026	 	 	28,856,933.89	 
	11/15/2026	 	 	27,616,438.46	 
	2/15/2027	 	 	26,376,273.33	 
	5/15/2027	 	 	25,136,449.80	 
	8/15/2027	 	 	23,896,979.68	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-31	 

     

    

 

38479

 

	Delivery Date and Basic	 	 	 
	Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	9/1/2015	 	 	100,907,000.00	 
	11/15/2015	 	 	100,907,000.00	 
	2/15/2016	 	 	100,907,000.00	 
	5/15/2016	 	 	97,500,491.88	 
	8/15/2016	 	 	93,628,200.42	 
	11/15/2016	 	 	92,056,016.97	 
	2/15/2017	 	 	90,483,944.14	 
	5/15/2017	 	 	88,911,984.53	 
	8/15/2017	 	 	87,340,140.81	 
	11/15/2017	 	 	85,768,415.77	 
	2/15/2018	 	 	84,196,812.23	 
	5/15/2018	 	 	82,625,333.16	 
	8/15/2018	 	 	81,053,981.59	 
	11/15/2018	 	 	79,482,760.67	 
	2/15/2019	 	 	77,911,673.64	 
	5/15/2019	 	 	76,234,114.27	 
	8/15/2019	 	 	74,556,711.92	 
	11/15/2019	 	 	72,879,470.60	 
	2/15/2020	 	 	71,202,394.43	 
	5/15/2020	 	 	69,525,487.72	 
	8/15/2020	 	 	67,848,754.86	 
	11/15/2020	 	 	66,172,200.47	 
	2/15/2021	 	 	64,495,829.29	 
	5/15/2021	 	 	62,819,646.23	 
	8/15/2021	 	 	61,143,656.39	 
	11/15/2021	 	 	59,467,865.05	 
	2/15/2022	 	 	57,792,277.70	 
	5/15/2022	 	 	56,116,900.01	 
	8/15/2022	 	 	54,394,363.35	 
	11/15/2022	 	 	52,577,317.64	 
	2/15/2023	 	 	50,760,527.96	 
	5/15/2023	 	 	48,801,920.14	 
	8/15/2023	 	 	46,890,968.18	 
	11/15/2023	 	 	42,697,033.98	 
	2/15/2024	 	 	41,449,772.08	 
	5/15/2024	 	 	40,202,688.65	 
	8/15/2024	 	 	38,955,789.13	 
	11/15/2024	 	 	37,709,079.14	 
	2/15/2025	 	 	36,462,564.56	 
	5/15/2025	 	 	35,216,251.53	 
	8/15/2025	 	 	33,970,146.43	 
	11/15/2025	 	 	32,724,255.89	 
	2/15/2026	 	 	31,478,586.88	 
	5/15/2026	 	 	30,233,146.63	 
	8/15/2026	 	 	28,987,942.70	 
	11/15/2026	 	 	27,742,983.00	 
	2/15/2027	 	 	26,498,275.77	 
	5/15/2027	 	 	25,253,829.66	 
	8/15/2027	 	 	24,009,653.69	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-32	 

     

    

 

38461

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	12/1/2015	 	 	97,979,000.00	 
	2/15/2016	 	 	97,979,000.00	 
	5/15/2016	 	 	96,409,612.18	 
	8/15/2016	 	 	94,822,905.02	 
	11/15/2016	 	 	93,236,205.70	 
	2/15/2017	 	 	91,649,514.40	 
	5/15/2017	 	 	90,062,831.31	 
	8/15/2017	 	 	88,476,156.62	 
	11/15/2017	 	 	86,889,490.54	 
	2/15/2018	 	 	85,302,833.27	 
	5/15/2018	 	 	83,716,185.02	 
	8/15/2018	 	 	82,129,546.02	 
	11/15/2018	 	 	80,542,916.48	 
	2/15/2019	 	 	78,956,296.66	 
	5/15/2019	 	 	77,261,640.26	 
	8/15/2019	 	 	75,566,995.24	 
	11/15/2019	 	 	73,872,361.90	 
	2/15/2020	 	 	72,177,740.53	 
	5/15/2020	 	 	70,483,131.45	 
	8/15/2020	 	 	68,788,534.98	 
	11/15/2020	 	 	67,093,951.45	 
	2/15/2021	 	 	65,399,381.19	 
	5/15/2021	 	 	63,704,824.59	 
	8/15/2021	 	 	62,010,281.99	 
	11/15/2021	 	 	60,315,753.79	 
	2/15/2022	 	 	58,621,240.37	 
	5/15/2022	 	 	56,926,742.15	 
	8/15/2022	 	 	55,184,197.16	 
	11/15/2022	 	 	53,345,544.75	 
	2/15/2023	 	 	51,506,910.91	 
	5/15/2023	 	 	49,524,111.99	 
	8/15/2023	 	 	47,589,395.87	 
	11/15/2023	 	 	43,337,187.01	 
	2/15/2024	 	 	42,075,377.00	 
	5/15/2024	 	 	40,813,579.95	 
	8/15/2024	 	 	39,551,796.22	 
	11/15/2024	 	 	38,290,026.24	 
	2/15/2025	 	 	37,028,270.43	 
	5/15/2025	 	 	35,766,529.23	 
	8/15/2025	 	 	34,504,803.11	 
	11/15/2025	 	 	33,243,092.54	 
	2/15/2026	 	 	31,981,398.04	 
	5/15/2026	 	 	30,719,720.13	 
	8/15/2026	 	 	29,458,059.35	 
	11/15/2026	 	 	28,196,416.28	 
	2/15/2027	 	 	26,934,791.51	 
	5/15/2027	 	 	25,673,185.68	 
	8/15/2027	 	 	24,411,599.44	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-33	 

     

    

 

38459

 

	Delivery Date and Basic 
 Rent Payment Dates	 	Note Value	 
	5/29/2015	 	$	-	 
	8/15/2015	 	 	-	 
	11/15/2015	 	 	-	 
	1/1/2016	 	 	96,924,000.00	 
	2/15/2016	 	 	96,924,000.00	 
	5/15/2016	 	 	96,924,000.00	 
	8/15/2016	 	 	95,500,231.04	 
	11/15/2016	 	 	93,904,958.37	 
	2/15/2017	 	 	92,309,641.99	 
	5/15/2017	 	 	90,714,280.89	 
	8/15/2017	 	 	89,118,874.00	 
	11/15/2017	 	 	87,523,420.24	 
	2/15/2018	 	 	85,927,918.47	 
	5/15/2018	 	 	84,332,367.54	 
	8/15/2018	 	 	82,736,766.24	 
	11/15/2018	 	 	81,141,113.32	 
	2/15/2019	 	 	79,545,407.51	 
	5/15/2019	 	 	77,840,791.04	 
	8/15/2019	 	 	76,136,112.53	 
	11/15/2019	 	 	74,431,370.41	 
	2/15/2020	 	 	72,726,563.05	 
	5/15/2020	 	 	71,021,688.75	 
	8/15/2020	 	 	69,316,745.76	 
	11/15/2020	 	 	67,611,732.28	 
	2/15/2021	 	 	65,906,646.42	 
	5/15/2021	 	 	64,201,486.24	 
	8/15/2021	 	 	62,496,249.74	 
	11/15/2021	 	 	60,790,934.82	 
	2/15/2022	 	 	59,085,539.31	 
	5/15/2022	 	 	57,380,060.98	 
	8/15/2022	 	 	55,626,050.26	 
	11/15/2022	 	 	53,775,050.28	 
	2/15/2023	 	 	51,923,949.15	 
	5/15/2023	 	 	49,927,385.67	 
	8/15/2023	 	 	47,979,158.29	 
	11/15/2023	 	 	43,694,206.19	 
	2/15/2024	 	 	42,424,063.56	 
	5/15/2024	 	 	41,153,850.41	 
	8/15/2024	 	 	39,883,564.62	 
	11/15/2024	 	 	38,613,203.96	 
	2/15/2025	 	 	37,342,766.09	 
	5/15/2025	 	 	36,072,248.61	 
	8/15/2025	 	 	34,801,648.99	 
	11/15/2025	 	 	33,530,964.60	 
	2/15/2026	 	 	32,260,192.70	 
	5/15/2026	 	 	30,989,330.43	 
	8/15/2026	 	 	29,718,374.80	 
	11/15/2026	 	 	28,447,322.70	 
	2/15/2027	 	 	27,176,170.85	 
	5/15/2027	 	 	25,904,915.86	 
	8/15/2027	 	 	24,633,554.14	 
	11/15/2027	 	 	-	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-34	 

     

    

 

	Lease for Each Aircraft	 	 
	 	 	 
	Lessee:	 	LATAM Airlines Group S.A.
	 	 	 
	Lessor:	 	The applicable Owner that is a party to the Indenture for such Aircraft.
	 	 	 
	Term:	 	The Term shall end on the final Basic Rent Payment Date (as each such term is defined in the
    form of Lease contained in Exhibit F to the Note Purchase Agreement (the “Lease Form”).
	 	 	 
	Payment Dates:	 	Payment Date under and as defined in the related Indenture.
	 	 	 
	Basic Rent:	 	Basic Rent payable on each Payment Date under the Lease with respect to an Aircraft shall in all events be in an amount that is at least equal to the aggregate of the following amounts payable on that date (x) the amount payable by the related Owner under the related Indenture in respect of the scheduled principal of, and interest on, the Series A Equipment Notes issued with respect to the Aircraft leased under such Lease, and (y) the amount payable by the related Owner under the related Indenture in respect of the scheduled principal of, and interest on, the Series B Equipment Notes issued with respect to the Aircraft leased under such Lease.
	 	 	 
	Supplemental Rent:	 	Supplemental Rent shall be, without duplication (x) any amount that the Lessee assumes or agrees to pay to the related Owner or any other Person under the related Lease, the Participation Agreement or any other Operative Agreement (as such term is defined in the Indenture Form) with respect to the relevant Aircraft (excluding Basic Rent for such Aircraft and Termination Payments described below) and (y) any amount (other than principal of or interest on the Equipment Notes but including interest at the Past Due Rate) payable by the related Owner under the terms of the Participation Agreement or any other Operative Agreement with respect to the relevant Aircraft or payable by such Owner or expended or incurred by such Owner, in performance of its obligations (in each case pursuant to, or as contemplated by, the Operative Agreements with respect to such Aircraft) including any amounts payable by such Owner to any Indenture Indemnitee (as defined in the relevant Indenture) pursuant to any Operative Agreement with respect to such Aircraft.
	 	 	 
	Agreed Value:	 	At all times, as of any date, an amount sufficient to pay in full the aggregate unpaid principal amount of the related Equipment Notes outstanding as of such date (if all Rent (as defined in the Lease Form) due under the Lease prior to such date has been duly paid in full and assuming timely payment of all such Equipment Notes as of such date) together with accrued and unpaid interest on all such Equipment Notes as of such date.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-35	 

     

    

 

	Termination Payments:	 	Provisions requiring certain amounts to be paid by Lessee in connection with the termination of the Lease (including in connection with the purchase of the Aircraft by the Lessee) pursuant to Sections 3(e), 5(a) and (b), 9(a), and 14 of the Lease Form shall in all cases require payment of (a) an amount in Dollars sufficient to pay in full the aggregate unpaid principal amount of the related Equipment Notes outstanding as of such date of termination (if all Rent due under the Lease prior to such date has been duly paid in full and assuming timely payment of such Equipment Notes as of such date) together with accrued and unpaid interest on all such Equipment Notes as of such date, (b) all other amounts due and payable by Lessee under the Operative Agreements (as such term is defined in the Indenture Form) to which Lessee is a party as of such date and (c) in the case of any such termination resulting from the exercise of the Lessee’s voluntary early purchase option under Sections 5(a) and (b), an amount sufficient to pay the Make-Whole Amount payable under Article II of the Indenture Form in connection with any such termination of the Lease.
	 	 	 
	All-risk hull insurance:	 	Not less than 115% of the Agreed Value.
	 	 	 
	Minimum Liability Insurance Amount:	 	Not less than $750,000,000 for Airbus A321-200 aircraft and $1,000,000,000 for Boeing 787-9 aircraft and Airbus A350-900 aircraft

 

Prohibited Modifications

 

		1.	The parties may not modify in any material adverse respect the Granting
                                         Clause of the Indenture Form or equivalent clause of any form of Security Document included
                                         as an Exhibit to the Note Purchase Agreement or the Indenture Form, as the case may be,
                                         so as to deprive the Noteholders or the Related Noteholders (as defined in the Indenture
                                         Form) of a first priority security interest in and mortgage lien on the Aircraft (as
                                         defined in the Indenture Form) or any Collateral (as defined in any such form of Security
                                         Document), as the case may be or, to the extent assigned thereunder, the Warranty Rights
                                         (as defined in the Indenture Form) or to eliminate any of the obligations intended to
                                         be secured thereby, or otherwise modify in any material adverse respect as regards the
                                         interests of the Noteholders, the Subordination Agent, the Liquidity Providers or the
                                         Loan Trustee (as defined in the Indenture Form) the provisions of Article II or
                                         Article III, or Sections 4.01, 4.02, 5.02, 9.01(a),
                                         9.01(b), 10.04, 10.11, 10.15 of the Indenture Form or the
                                         definition of “Make-Whole Amount” in Annex A to the Indenture Form.

 

		2.	The parties may not modify in any material adverse respect as regards
                                         the interests of the Noteholders, the Subordination Agent, the Liquidity Providers or
                                         the Loan Trustee (as defined in the Participation Agreement Form) the provisions of Sections
                                         3.01(d), 3.01(f)(i), 3.01(r), 4.01(g) 4.02(g), 4.04, 6.01(e), 6.01(f), 6.02(b), 6.02(c),
                                         6.03(b), 6.03(c), 7.03, or 7.08 of the Participation Agreement
                                         Form, or the provisions of Sections 3.01(g) or (h) of the Participation
                                         Agreement Form so as to eliminate the requirement to deliver to the Noteholders or the
                                         Loan Trustee (as defined in the Participation Agreement Form), as the case may be, the
                                         legal opinions to be provided to such Persons thereunder (recognizing that the lawyers
                                         rendering such opinions may be changed) or otherwise modify the terms of the Participation
                                         Agreement Form to deprive the Pass Through Trustees, the Subordination Agent, the Liquidity
                                         Providers or the Loan Trustee (as defined in the Participation Agreement Form) of any
                                         indemnity, or right of reimbursement, for Claims in its favor.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-36	 

     

    

 

		3.	The parties may not modify in any material adverse respect as regards
                                         the interests of the Noteholders, the Subordination Agent, the Liquidity Providers or
                                         the Loan Trustee (as defined in the Participation Agreement Form) the provisions of Sections
                                         3(a), (b) or (c), 5(a) or (b), 7(a), 7(e),
                                         9(a) or (b) or 10(c) of the Lease Form or otherwise
                                         modify the terms of the Lease Form to deprive the Owner, the Pass Through Trustees, the
                                         Subordination Agent, the Liquidity Providers or the Loan Trustee (as defined in the Participation
                                         Agreement Form) of any indemnity, or right of reimbursement, for Claims in its favor.

 

		4.	Nothing in the two immediately preceding paragraphs shall prohibit any modification of the Indenture Form, the Participation
Agreement Form or the Lease Form to give effect to (a) the redemption of any Series B Equipment Notes (or any Additional
Series Equipment Notes) and issuance of new Equipment Notes with the same series designation as that of the redeemed Equipment
Notes, (b) the issuance of any Additional Series Equipment Notes, or (c) at any time following the payment in full of any
previously issued Additional Series Equipment Notes, the issuance of new Additional Series Equipment Notes of the same series designation
as such Additional Series Equipment Notes that have been paid in full, or the issuance of pass through certificates by any pass
through trust that acquires any such new Equipment Notes or Additional Series Equipment Notes, as applicable, or to provide for
any credit support for any pass through certificates relating to any such new Equipment Notes or Additional Series Equipment Notes,
as applicable, in each case, as provided in Section 4(b)(iv) of the Note Purchase Agreement.

 

		5.	The parties may not modify in any material adverse respect as regards the interests of the Noteholders, the Subordination Agent,
the Liquidity Providers or the Loan Trustee (as defined in the Participation Agreement Form) the definition of “Term”
or the provisions of Sections 4.1.3, 4.1.4, 4.1.9, 4.1.10, 4.4, 4.5.5, 13.3, 18 and 19 of the form of Initial Sublease contained
in Exhibit G to the Note Purchase Agreement.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 Sch. III-37	 

     

    

 

SCHEDULE IV to

NOTE PURCHASE AGREEMENT

 

PROCESS AGENTS

 

Process Agent for the Owners, LATAM and the Initial Sublessee:

 

Law Debenture Corporate Services, Inc., 400 Madison Avenue,
Suite 4D, New York, New York 10017 or as notified to the parties by LATAM from time to time.

 

Process Agent for the Put & Call Trustee:

 

Law Debenture Corporate Services, Inc., 400 Madison Avenue,
Suite 4D, New York, New York 10017 or as notified to the parties by the Put & Call Trustee from time to time.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

ANNEX A to

NOTE PURCHASE AGREEMENT

 

DEFINITIONS

 

(a)          Certain
Rules of Construction. Unless the context otherwise requires, the following rules of construction shall apply for all purposes
of the Note Purchase Agreement (including this Annex A).

 

(i)   Singular
and Plural. The definitions stated in this Annex A apply equally to both the singular and the plural forms of the terms
defined.

 

(ii)   References
to Parts. All references in the Note Purchase Agreement to designated “Sections”, “Subsections”, “Schedules”,
“Exhibits”, “Annexes” and other subdivisions are to the designated Section, Subsection, Schedule, Exhibit,
Annex or other subdivision of the Note Purchase Agreement, unless otherwise specifically stated.

 

(iii)   Reference
to the Whole. The words “herein”, “hereof” and “hereunder” and other words of similar
import refer to the Note Purchase Agreement as a whole and not to any particular Section, Subsection, Schedule, Exhibit, Annex
or other subdivision.

 

(iv)   Reference
to Government. All references in the Note Purchase Agreement to a “government” are to such government and any
instrumentality or agency thereof.

 

(v)   Including
Without Limitation. Unless the context otherwise requires, whenever the words “including”, “include”
or “includes” are used herein, they shall be deemed to be followed by the phrase “without limitation”.

 

(vi)   Notice
and Notify. Whenever the words “notice” or “notify” or similar words are used herein, they mean the
provision of formal notice as set forth in Section 6 of the Note Purchase Agreement.

 

(vii)   Reference
to Persons. All references in the Note Purchase Agreement to a Person shall include successors and permitted assigns of such
Person.

 

		(b)	Definitions.

 

“2015 Narrowbody Owner”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“2015 Widebody Owner”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

“2016 Narrowbody Owner”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“2016 Widebody Owner”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“Additional Series Equipment Notes”
means Equipment Notes of each series issued under an Indenture and designated other than as “Series A” or “Series
B” issued thereunder, if any, in the principal amount and maturities and bearing interest as specified in Schedule I to
such Indenture amended at the time of original issuance of such Additional Series Equipment Notes under the heading for such series.

 

“Additional Series Pass Through
Certificates” means the pass through certificates, if any, issued by any Additional Series Pass Through Trust (including,
without limitation, any “Refinancing Certificates” (as such term is defined in the Intercreditor Agreement) issued
by a “Refinancing Trust” described in clause (ii) of the definition of “Additional Series Pass Through Trust”).

 

“Additional Series Pass Through
Trust” means (i) a grantor trust, if any, created pursuant to the applicable Pass Through Trust Agreement to facilitate
the issuance and sale of pass through certificates in connection with the issuance of any Additional Series Equipment Notes and
(ii) any “Refinancing Trust” (as such term is defined in the Intercreditor Agreement) created in connection
with any subsequent redemption of such Additional Series Equipment Notes and issuance of new Additional Series Equipment Notes.

 

“Additional Series Pass Through
Trust Agreement” means a Trust Supplement entered into in connection with the creation of an Additional Series Pass
Through Trust, together with the Basic Pass Through Trust Agreement, as the same may be amended, supplemented or otherwise modified
from time to time in accordance with its terms.

 

“Additional Series Pass Through
Trustee” means, with respect to any Additional Series Pass Through Trust, the trustee under the Additional Series Pass
Through Trust Agreement for such Additional Series Pass Through Trust, in its capacity as pass through trustee thereunder.

 

“Administration Agreement”
means, with respect to each Owner, the administration agreement dated on or about the Issuance Date between such Owner, the Lessee,
the Subordination Agent and the Administrator as to the administration of the Owners.

 

“Administrator” means
MaplesFS Limited in its capacity as administrator under each Administration Agreement.

 

“Aircraft” has the meaning
set forth in the second recital to the Note Purchase Agreement.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-2	 

     

    

 

“Aircraft Purchase Agreement”
means, as applicable, (i) Purchase Agreement Number 3256, dated as of October 29, 2007, between The Boeing Company and LATAM (f/k/a
LAN Airlines S.A.) relating to Boeing Model 787-916/-816 Aircraft as amended, supplemented or modified from time to time, (ii)
A320 Family/A330 Purchase Agreement, dated November 14, 2006, between Airbus S.A.S., as seller, and TAM – Linhas Aereas
S.A., as buyer, as amended, supplemented or modified from time to time, (iii) Second A320 Family Purchase Agreement, dated as
of March 20, 1998, as amended pursuant to Amendment No.1, dated February 24, 2000, and as amended and restated pursuant to a deed
of amendment and restatement dated August 1, 2000, between Airbus S.A.S. (f/k/a Airbus GIE and Airbus Industrie GIE), as seller,
and LATAM (f/k/a LAN Airlines S.A. and LAN Chile S.A.), as buyer, as further amended, supplemented or modified from time to time,
and (iv) A350 XWB Amended and Restated Purchase Agreement, dated December 20, 2005 as amended and restated on January 21, 2008,
between Airbus S.A.S., as seller, and TAM – Linhas Aereas S.A., as buyer, as novated by the Novation Agreement, dated July
21, 2014, among Airbus S.A.S., as seller, TAM – Linhas Aereas S.A., as original buyer, and LATAM, as new buyer, and as amended,
supplemented or modified from time to time (including, in each case, all exhibits thereto, together with all letter agreements
entered into that by their terms constitute part of such Purchase Agreements).

 

“Airframe Warranties Agreement”
means each airframe warranties agreement between the Lessee, the Initial Sublessee, if applicable, the applicable Owner, the Loan
Trustee and the Manufacturer in respect of an airframe comprising an Aircraft, substantially in the form of Exhibit L-1,
L-2, L-3, L-4 or L-5, as applicable, as the same may be amended, supplemented or otherwise modified
from time to time in accordance with its terms.

 

“Assignment of Insurances”
means, with respect to each Aircraft, the Assignment of Insurances among LATAM and/or TAM Linhas Aereas S.A., as applicable, and
the applicable Owner substantially in the form of Exhibit H, as the same may be amended, supplemented or otherwise modified
from time to time in accordance with its terms.

 

“Bankruptcy Law”
means any domestic or foreign bankruptcy, insolvency, receivership or similar law.

 

“Basic Pass Through Trust
Agreement” means that certain Pass Through Trust Agreement, dated as of May 29, 2015, between LATAM and WTC, as the
same may be amended, supplemented or otherwise modified from time to time in accordance with its terms (but does not include any
Trust Supplement).

 

“Brazilian Mortgage”
means, with respect to any Aircraft registered in Brazil, the Brazilian law Mortgage Agreement between the related Owner, and
the Loan Trustee substantially in the form of Exhibit E, as the same may be amended, supplemented or otherwise modified
from time to time in accordance with its terms.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which commercial banks are required or authorized to close in New York,
New York, Santiago, Chile, Wilmington, Delaware or, if different from the foregoing, the city and state in which any Loan Trustee,
any Pass Through Trustee or the Subordination Agent maintains its Corporate Trust Office or receives and disburses funds.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-3	 

     

    

 

“Call Option Agreement (2015
Narrowbody Owner)” means the Call Option Agreement, dated as of the Issuance Date, between LATAM and the Subordination
Agent in respect of the 2015 Narrowbody Owner, as amended, supplemented or otherwise modified from time to time in accordance
with its terms.

 

“Call Option Agreement
(2015 Widebody Owner)” means the Call Option Agreement, dated as of the Issuance Date, between LATAM and the Subordination
Agent in respect of the 2015 Widebody Owner, as amended, supplemented or otherwise modified from time to time in accordance with
its terms.

 

“Call Option Agreement (2016
Narrowbody Owner)” means the Call Option Agreement, dated as of the Issuance Date, between LATAM and the Subordination
Agent in respect of the 2016 Narrowbody Owner, as amended, supplemented or otherwise modified from time to time in accordance
with its terms.

 

“Call Option Agreement
(2016 Widebody Owner)” means the Call Option Agreement, dated as of the Issuance Date, between LATAM and the Subordination
Agent in respect of the 2016 Widebody Owner, as amended, supplemented or otherwise modified from time to time in accordance with
its terms.

 

“Call Option Agreements”
means, collectively the Call Option Agreement (2015 Narrowbody Owner), the Call Option Agreement (2016 Narrowbody Owner), the
Call Option Agreement (2015 Widebody Owner) and the Call Option Agreement (2016 Widebody Owner).

 

“Certificate Purchase Agreement”
has the meaning set forth in the fifth recital to the Note Purchase Agreement.

 

“Certificates” has the
meaning set forth in the fourth recital to the Note Purchase Agreement.

 

“Charge over Shares (Owner
Parent)” means, with respect to each Owner, the Charge over Shares between LATAM, as the sole shareholder of each such
Owner, and the Subordination Agent in respect of 100% of the shares in such Owner, as amended, supplemented or otherwise modified
from time to time in accordance with its terms.

 

“Charge over Shares (Put
& Call Trustee)” means, with respect to each Owner, the Charge over Shares between the Put & Call Trustee, as
the prospective sole shareholder of such Owner, and the Subordination Agent in respect of 100% of the shares in such Owner, as
amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Chilean Mortgage”
means, with respect to each Aircraft, except any Aircraft subject to a Brazilian Mortgage, the Chilean law Mortgage Agreement
between the related Owner and the Loan Trustee substantially in the form of Exhibit D, as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Class” means the class of Certificates
issued by a Pass Through Trust.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-4	 

     

    

 

“Class A Certificates”
means the Certificates issued by the Class A Pass Through Trust.

 

“Class A Liquidity Facility”
has the meaning set forth in the Intercreditor Agreement.

 

“Class A Liquidity Provider”
has the meaning set forth in the Intercreditor Agreement.

 

“Class A Pass Through Trust”
has the meaning set forth in the fourth recital to the Note Purchase Agreement.

 

“Class A Pass Through Trustee”
has the meaning set forth in the fifth recital to the Note Purchase Agreement.

 

“Class B Certificates”
means the Certificates issued by the Class B Pass Through Trust.

 

“Class B Liquidity Facility”
has the meaning set forth in the Intercreditor Agreement.

 

“Class B Liquidity Provider”
has the meaning set forth in the Intercreditor Agreement.

 

“Class B Pass Through Trust”
has the meaning set forth in the fourth recital to the Note Purchase Agreement.

 

“Class B Pass Through Trustee”
has the meaning set forth in the fifth recital to the Note Purchase Agreement.

 

“Corporate Trust Office”
has the meaning set forth in Section 1.01 of the Intercreditor Agreement.

 

“Cut-Off Date” means the earlier
of:

 

		(a)	the day after the Delivery Period Termination Date; and

 

		(b)	the date on which a Triggering Event occurs.

 

“Declaration of Trust”
means the declaration of trust dated on or about the Issuance Date made by the Administrator in respect of, among other things,
the issued share capital of the Owner.

 

“Delivery Period Termination Date”
means the earlier of:

 

(a)        June
30, 2016 (provided that, if a labor strike occurs or continues at either Manufacturer after the Issuance Date and on or prior to
June 30, 2016, such date shall be extended by adding thereto the number of days that such strike continues in effect after the
Issuance Date, but not more than 60 days and excluding any period of a strike at such Manufacturer after all aircraft of such Manufacturer
shall have been financed hereunder); and

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-5	 

     

    

 

(b)        the date on which Equipment
Notes issued with respect to all of the Aircraft have been purchased by the Pass Through Trustees in accordance with the Note Purchase
Agreement.

 

“Deposits” has
the meaning set forth in the seventh recital to the Note Purchase Agreement.

 

“Deposit Agreements”
has the meaning set forth in the seventh recital to the Note Purchase Agreement, subject to Section 5(f) of the Note Purchase
Agreement.

 

“Depositary” means,
subject to Section 5(f) of the Note Purchase Agreement, Natixis, acting through its New York Branch.

 

“Depositary Threshold Rating”
has the meaning set forth in Section 5(a) of the Note Purchase Agreement.

 

“Directors Services Agreement”
means, with respect to each Owner, the directors services agreement dated May 29, 2015 between such Owner, the Subordination Agent
and the Administrator.

 

“Engine Warranties Agreement”
means each Engine Warranties Agreement among the applicable Engine Manufacturer, the Lessee, the Initial Sublessee, if applicable,
the applicable Owner and the Loan Trustee, substantially in the form of Exhibit M-1, M-2 or M-3, as applicable,
as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Engine Manufacturer”
means, as applicable, Rolls Royce plc, and its successors and assigns or CFM International, Inc., and its successors and assigns.

 

“Equipment Notes”
means and includes any equipment notes issued under any Indenture in the form specified in Section 2.01 thereof (as such
form may be varied pursuant to the terms of the Note Purchase Agreement and of such Indenture) and any Equipment Note issued under
any such Indenture in exchange for or replacement of any other Equipment Note.

 

“Escrow Agent”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“Escrow Agent Agreements”
has the meaning set forth in Section 3(f)(i) of the Note Purchase Agreement.

 

“Escrow and Paying Agent
Agreements” has the meaning set forth in the sixth recital to the Note Purchase Agreement.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-6	 

     

    

 

“Financing Agreements”
means, collectively, with respect to any Aircraft, the Participation Agreement, the Indenture and the Equipment Notes issued under
such Indenture, the Note Guarantee, the Local Mortgage, the Assignment of Insurances, the Purchase Agreement Assignment, the Manufacturer’s
Consent, if applicable, the Airframe Warranties Agreement, if applicable, the Engine Warranties Agreement, if applicable, the
Lease, the Lease Assignment, the Sublease Assignment, if applicable, and the Subordination Acknowledgment, if applicable, in each
case relating to such Aircraft.

 

“Funding Date”
has the meaning set forth in Section 1(b) of the Note Purchase Agreement.

  

“Funding Notice”
has the meaning set forth in Section 1(b) of the Note Purchase Agreement.

 

“Government Entity”
means (a) any federal, state, provincial 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 Agreements or relating to the observance or performance of the obligations of any of the
parties to the Operative Agreements.

 

“Holder” means,
with respect to any Certificate, the Person in whose name such Certificate is registered in the Register.

 

“Indenture” means
with respect to an Aircraft, an indenture and security agreement substantially in the form of the Indenture Form to which such
Aircraft shall have been subjected, as such agreement may be amended, supplemented or otherwise modified from time to time.

 

“Indenture Form”
has the meaning set forth on Schedule III to the Note Purchase Agreement.

 

“Initial Deposits”
has the meaning set forth in the sixth recital to the Note Purchase Agreement.

 

“Initial Purchasers”
has the meaning set forth in the fifth recital to the Note Purchase Agreement.

 

“Initial Sublessee”
means TAM Linhas Aereas S.A., and its successors and permitted assigns.

 

“Intercreditor Agreement”
means that certain Intercreditor Agreement, dated as of the Issuance Date, among the Pass Through Trustees, the Liquidity Providers
and the Subordination Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with
its terms; provided that for purposes of any LATAM Provisions (as defined in the Intercreditor Agreement), no amendment,
modification or supplement to, or substitution or replacement of, such Intercreditor Agreement shall be effective unless consented
to by LATAM.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-7	 

     

    

 

“Issuance Date” means the date
of the original issuance of the Certificates.

 

“Lease” means,
with respect to each Aircraft, the Lease Agreement MSN [        ] between the applicable
Owner, as lessor, and LATAM, as lessee, substantially in the form of Exhibit F, as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Lease Assignment”
means, with respect to each Aircraft registered in Brazil, the Lease Security Assignment, between the applicable Owner and the
Loan Trustee substantially in the form of Exhibit I, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms.

 

“Liquidity Facilities”
means, collectively, the Class A Liquidity Facility and the Class B Liquidity Facility.

 

“Liquidity Providers”
means, collectively, the Class A Liquidity Provider and the Class B Liquidity Provider.

 

“Loan Trustee”
means, with respect to any Aircraft, the “Loan Trustee” as defined in the Financing Agreements in respect of such
Aircraft.

 

“Local Mortgage”
means, with respect to each Aircraft, the Brazilian Mortgage or the Chilean Mortgage, as applicable.

 

“Long-Term Rating”
means, for any entity (a) in the case of Moody’s, the long- term senior unsecured debt rating of such entity and (b) in
the case of Standard & Poor’s, the long-term issuer credit rating of such entity.

 

“Manufacturer”
means, as applicable, Airbus S.A.S., a company organized under the laws of France, and its successors and assigns or The Boeing
Company, a company organized under the laws of Delaware, and its successors and assigns.

 

“Manufacturer’s
Consent” means, with respect to an Aircraft manufactured by The Boeing Company, a consent and agreement substantially
in the form of Exhibit A to the relevant Purchase Agreement Assignment.

 

“Moody’s” means Moody’s
Investors Service, Inc.

 

“Narrowbody Aircraft”
has the meaning set forth in the second recital to the Note Purchase Agreement.

 

“Narrowbody Owner”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-8	 

     

    

 

“Note Guarantee”
means, with respect to each Aircraft, the Guarantee issued by each Owner (other than the Owner purchasing such Aircraft) for the
benefit of the Loan Trustee, substantially in the form of Exhibit O to the Note Purchase Agreement, as such guarantee may
be amended, supplemented or otherwise modified from time to time.

 

“Note Purchase Agreement” means
the Note Purchase Agreement to which this Annex A is attached.

 

“Notice of Purchase Withdrawal”
with respect to each Deposit Agreement, has the meaning set forth in Section 2.3(a) of such Deposit Agreement.

 

“Operative Agreements”
means, collectively, each Pass Through Trust Agreement, the Note Purchase Agreement, each Escrow and Paying Agent Agreement, each
Deposit Agreement, each Liquidity Facility, the Intercreditor Agreement, the Pledge Agreements, the Call Option Agreements, the
Put Option Agreements, the Administration Agreements, the Directors Services Agreements, the Certificates and, with respect to
each Aircraft in respect of which Equipment Notes shall have been issued, the Financing Agreements.

 

“Owner” has the
meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“Participation Agreement”
means with respect to an Aircraft, a participation agreement substantially in the form of the Participation Agreement Form relating
to the financing of such Aircraft, as such agreement may be amended, supplemented or otherwise modified from time to time.

 

“Participation Agreement
Form” has the meaning set forth on Schedule III to the Note Purchase Agreement.

 

“Pass Through Trust”
has the meaning set forth in the third recital to the Note Purchase Agreement.

 

“Pass Through Trust Agreement”
means each of the two separate Trust Supplements referred to in the third recital to the Note Purchase Agreement, each dated as
of the Issuance Date, by and between LATAM and the Pass Through Trustee, together in each case with the Basic Pass Through Trust
Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 

“Pass Through Trustee”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“Paying Agent”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“Paying Agent Agreements”
has the meaning set forth in Section 3(g)(i) of the Note Purchase Agreement.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-9	 

     

    

 

“Person” means
any individual, firm, partnership, joint venture, trust, trustee, Government Entity, organization, association, corporation, limited
liability company, government agency, committee, department, authority and other body, corporate or incorporate, whether having
distinct legal status or not, or any member of any of the same.

 

“Pledge Agreement”
means each of the Charges over Shares (Owner Parent) and the Charges over Shares (Put & Call Trustee).

 

“Purchase Agreement Assignment”
means, with respect to each Aircraft, the Purchase Agreement Assignment among the applicable Manufacturer, LATAM, the applicable
Owner and the Loan Trustee substantially in the form of Exhibit K-1, K-2, K-3 or K-4, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Put Option Agreement (2015
Narrowbody Owner)” means the Put Option Agreement, dated as of the Issuance Date, between LATAM and the Put & Call
Trustee in respect of the 2015 Narrowbody Owner, as amended, supplemented or otherwise modified from time to time in accordance
with its terms.

 

“Put Option Agreement
(2015 Widebody Owner)” means the Put Option Agreement, dated as of the Issuance Date, between LATAM and the Put &
Call Trustee in respect of the 2015 Widebody Owner, as amended, supplemented or otherwise modified from time to time in accordance
with its terms.

 

“Put Option Agreement (2016
Narrowbody Owner)” means the Put Option Agreement, dated as of the Issuance Date, between LATAM and the Put & Call
Trustee in respect of the 2016 Narrowbody Owner, as amended, supplemented or otherwise modified from time to time in accordance
with its terms.

 

“Put Option Agreement (2016
Widebody Owner)” means the Put Option Agreement, dated as of the Issuance Date, between LATAM the Put & Call Trustee
in respect of the 2016 Widebody Owner, as amended, supplemented or otherwise modified from time to time in accordance with its
terms.

 

“Put Option Agreements”
means, collectively, the Put Option Agreement (2015 Narrowbody Owner), the Put Option Agreement (2016 Narrowbody Owner), the Put
Option Agreement (2015 Widebody Owner) and the Put Option Agreement (2016 Widebody Owner).

 

“Put & Call Trustee”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“Rating Agencies”
means, with respect to any Class of Certificates, collectively, at any time, each nationally recognized rating agency which shall
have been requested to rate such Class of Certificates and which shall then be rating such Class of Certificates. The initial
Rating Agencies with respect to the Class A Certificates and the Class B Certificates will be Standard & Poor’s and
Moody’s.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-10	 

     

    

 

“Rating Agency Confirmation”
means, in the case of any action or event that, pursuant to the express terms of the Note Purchase Agreement, requires a “Rating
Agency Confirmation” with respect to any Class of Certificates in connection therewith, a written confirmation from each
of the Rating Agencies then rating such Class of Certificates to the effect that such action or event would not result in (i)
a reduction of the rating for such Class of Certificates by such Rating Agency below the then current rating for such Class of
Certificates issued by such Rating Agency (before the downgrading of such rating, if any, as a result of the downgrading of the
Depositary below the applicable Depositary Threshold Rating, if applicable) or (ii) a withdrawal or suspension of the rating
of such Class of Certificates by such Rating Agency.

 

“Register” means,
with respect to the Class A Certificates, the register maintained pursuant to Sections 3.04 and 7.12 of the Basic
Pass Through Trust Agreement with respect to the Class A Pass Through Trust, and with respect to the Class B Certificates, the
register maintained pursuant to Sections 3.04 and 7.12 of the Basic Pass Through Trust Agreement with respect to
the Class B Pass Through Trust.

 

“Registration Rights Agreement”
has the meaning assigned to such term in the Intercreditor Agreement.

 

“Replacement Deposit Agreement”
means, for each Class of Certificates, a deposit agreement substantially in the form of the replaced Deposit Agreement for such
Class of Certificates as shall permit the Rating Agencies to issue a Rating Agency Confirmation with respect to such Class of
Certificates in connection with the replacement of the Depositary with the Replacement Depositary party to such deposit agreement.

 

“Replacement Depositary”
has the meaning set forth in Section 5(a) of the Note Purchase Agreement.

 

“Required Terms”
means the provisions set forth on Schedule III to the Note Purchase Agreement.

 

“Series A Equipment Notes”
means Equipment Notes issued under an Indenture and designated as “Series A” thereunder.

 

“Series B Equipment Notes”
means Equipment Notes issued under an Indenture and designated as “Series B” thereunder.

 

“Short-Term Rating”
means, for any entity (a) in the case of Moody’s, the short- term senior unsecured debt rating of such entity and (b) in
the case of Standard & Poor’s, the short-term issuer credit rating of such entity.

 

“Standard & Poor’s”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.

 

“Sublease Assignment”
means, with respect to any Aircraft being subleased to a Permitted Sublessee, the Sublease Security Assignment entered into between
LATAM and the Loan Trustee substantially in the form of Exhibit J, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-11	 

     

    

 

“Subordination Agent”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“Subordination Acknowledgment”
means, with respect to any Aircraft, the subordination acknowledgment with respect to the rights of any Permitted Sublessee (including
the Initial Sublessee) in relation to the Aircraft under any Permitted Sublease (including the Initial Sublease) entered into,
or to be entered into, by such Permitted Sublessee (or the Initial Sublessee, as the case may be) substantially in the form of
Exhibit N.

 

“Substitute Aircraft”
has the meaning set forth in Section 1(h) of the Note Purchase Agreement.

 

“Taxes” means
all license, recording, documentary, registration and other similar fees and all taxes, levies, imposts, duties, charges, assessments
or withholdings of any nature whatsoever imposed by any Taxing Authority, together with any penalties, additions to tax, fines
or interest thereon or additions thereto.

 

“Taxing Authority”
means any federal, state or local government or other taxing authority in the United States, any foreign government or any political
subdivision or taxing authority, any international taxing authority or any territory or possession of the United States or any
taxing authority thereof.

 

“Triggering Event”
has the meaning assigned to such term in the Intercreditor Agreement.

 

“Trust Supplement”
means (i) each agreement supplemental to the Basic Pass Through Trust Agreement referred to in Section II to the Note Purchase
Agreement and (ii) in the case of any Additional Series Pass Through Trust Certificates, if issued, whether in connection with
the initial issuance of any Additional Series Equipment Notes or in connection with any subsequent redemption of such Additional
Series Equipment Notes and issuance of new Additional Series Equipment Notes, an agreement supplemental to the Basic Pass Through
Trust Agreement pursuant to which (a) a separate trust is created for the benefit of the holders of the pass through certificates
of a class, (b) the issuance of the pass through certificates of such class representing fractional undivided interests
in such trust is authorized and (c) the terms of the pass through certificates of such class are established.

 

“United States” means the United
States of America.

 

“Widebody Aircraft”
has the meaning set forth in the second recital to the Note Purchase Agreement.

 

“Widebody Owner”
has the meaning set forth in the first paragraph of the Note Purchase Agreement.

 

“WTC” has the
meaning set forth in the first paragraph of the Note Purchase Agreement.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 A-12	 

     

    

 

EXHIBIT A to

NOTE PURCHASE AGREEMENT

 

FORM OF FUNDING NOTICE

 

FUNDING NOTICE

 

Dated as of [_______]

 

To each of the addressees listed
in Schedule A hereto

 

		Re:	Funding Notice in accordance with Note Purchase Agreement referred to below

 

Ladies and Gentlemen:

 

Reference
is made to the Note Purchase Agreement, dated as of May 29, 2015, among LATAM Airlines Group S.A. (“LATAM”), Parina
Leasing Limited (the “2015 Narrowbody Owner”), Cuclillo Leasing Limited (the “2016 Narrowbody Owner”),
Rayador Leasing Limited (the “2015 Widebody Owner”), Canastero Leasing Limited (the “2016 Widebody
Owner” and, together with the 2015 Narrowbody Owner, the 2016 Narrowbody Owner and the 2015 Widebody Owner, collectively
the “Owners”), Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements
(as defined therein) (the “Pass Through Trustee”), Wilmington Trust Company, as Subordination Agent (the “Subordination
Agent”), Wilmington Trust, National Association, as Escrow Agent (the “Escrow Agent”), Wilmington
Trust Company, as Paying Agent (the “Paying Agent”) and MaplesFS Limited, as Put & Call Trustee (as in
effect from time to time, the “Note Purchase Agreement”). Unless otherwise defined herein, capitalized terms
used herein shall have the meanings set forth in the Note Purchase Agreement or, to the extent not defined therein, the Intercreditor
Agreement.

 

Pursuant to
Section 1(b) of the Note Purchase Agreement, the undersigned hereby notifies you, in respect of the aircraft described
in Schedule B hereto (the “Aircraft”), of the following:

 

		(1)	The Funding Date of the Aircraft shall be [        ];

 

		(2)	The Equipment Notes to be issued in respect of the Aircraft are described in Schedule C hereto,
and the aggregate amount of each series of Equipment Notes to be issued, and purchased by the respective Pass Through Trustees
referred to below, on the Funding Date, in connection with the financing of such Aircraft is as follows:

 

	 		(a)	the Class A Pass Through Trustee shall purchase Series
A Equipment Notes in the amount of $[        ]; and

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

	 		(b)	the Class B Pass Through Trustee shall purchase Series
B Equipment Notes in the amount of $[        ];

 

The
[2015 Narrowbody Owner]/[2016 Narrowbody Owner]/[2015 Widebody Owner]/[2016 Widebody Owner] hereby instructs the Class A Pass Through
Trustee to (i) execute a Withdrawal Certificate in the form of Annex A hereto dated as of [                ] and attach thereto
a Notice of Purchase Withdrawal dated such date completed as set forth on Exhibit A hereto and (ii) deliver such
Withdrawal Certificate and Notice of Purchase Withdrawal to the applicable Escrow Agent.

 

The
[2015 Narrowbody Owner]/[2016 Narrowbody Owner]/[2015 Widebody Owner]/[2016 Widebody Owner] hereby instructs the Class B Pass Through
Trustee to (i) execute a Withdrawal Certificate in the form of Annex A hereto dated as of [                ] and attach thereto
a Notice of Purchase Withdrawal dated such date completed as set forth on Exhibit B hereto and (ii) deliver such
Withdrawal Certificate and Notice of Purchase Withdrawal to the applicable Escrow Agent.

 

The
[2015 Narrowbody Owner]/[2016 Narrowbody Owner]/[2015 Widebody Owner]/[2016 Widebody Owner] hereby instructs each Pass Through
Trustee to (i) purchase Equipment Notes of the related series and in an amount set forth opposite such Pass Through Trustee in
clause (2) above with a portion of the proceeds of the withdrawals of Deposits referred to in the applicable Notice of Purchase
Withdrawal referred to above and (ii) re-deposit with the Depositary the excess, if any, of the amount so withdrawn over
the purchase price of such Equipment Notes.

 

The [2015
Narrowbody Owner]/[2016 Narrowbody Owner]/[2015 Widebody Owner]/[2016 Widebody Owner] hereby instructs each Pass Through Trustee
to (a) enter into the Participation Agreement ([     ]) dated as of [                 ] among the [2015 Narrowbody Owner]/[2016 Narrowbody
Owner]/[2015 Widebody Owner]/[2016 Widebody Owner] and Wilmington Trust Company, as Loan Trustee,
Subordination Agent and each Pass Through Trustee, substantially in the form previously provided, (b) perform its obligations
thereunder and (c) deliver such certificates, documents and legal opinions relating to such Pass Through Trustee as are
required thereby.

 

Yours faithfully,

 

[2015 Narrowbody Owner]/[2016 Narrowbody Owner]/[2015
Widebody Owner]/[2016 Widebody Owner]

 

	By:	Name:	 
	 	Title:	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

Schedule A to

Funding Notice

 

Wilmington Trust Company, as

Pass Through Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: Corporate Trust Admin/
Drew Davis

Reference: LATAM 2015-1 EETC

Telephone: 302-636-6182

Facsimile: 302-636-4140

 

Wilmington Trust Company, as

Subordination Agent and Paying
Agent

1100 North Market Street

Wilmington, Delaware 19890

Attention: Corporate Trust Admin/
Drew Davis

Reference: LATAM 2015-1 EETC

Telephone: 302-636-6182

Facsimile: 302-636-4140

 

Wilmington Trust, National Association,
as

Escrow Agent

1100 North Market Street

Wilmington, Delaware 19890

Attention: Corporate Trust Admin/
Drew Davis

Reference: LATAM 2015-1 EETC

Telephone: 302-636-6182

Facsimile: 302-636-4140

 

Natixis, acting through its New
York Branch, as

Depositary

1251 Avenue of the Americas

NewYork, NY 10020

Attention: Aviation Finance Portfolio

Reference: LATAM 2015-1 EETC

Facsimile: 646-282-2321

 

Standard & Poor’s Ratings
Services

Av. Brigadeiro Faria Lima 201,

floor 24 B,

São Paulo – SP -
Brazil – 05426-100

Attention: Marcus Fernandes

Reference: LATAM 2015-1 EETC

Telephone: +55 11 3039-9734

Facsimile: +55 11 3039-9701

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

Moody’s Investors Service, Inc.

7 World Trade Center

250 Greenwich Street

New York, NY 10007

Attention: Jonathan Root

Reference: LATAM 2015-1 EETC

Telephone: 212-553-1672

Email: Jonathan.Root@moodys.com

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

Schedule B to

Funding Notice

 

Aircraft

 

One [Aircraft Manufacturer and Model] aircraft bearing Registration
Mark          and manufacturer’s serial number          together
with two [Engine Manufacturer and Model] engines bearing manufacturer’s serial numbers        and        .

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

Schedule C to

Funding Notice

 

Equipment Notes

 

	Relevant Pass
 Through Trustee	 	Series of Equipment
 Notes	 	Equipment Note No.	 	Original Principal
 Amount	 
	 	 	 	 	 	 	 	 
	Class A Pass Through Trustee	 	Series 2015-1A-         	 	No. A-          -	 	$		 
	 	 	 	 	 	 	 	 	 
	Class B Pass Through Trustee	 	Series 2015-1B-         	 	No. B-          -	 	$		 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

Annex A to

Funding Notice

 

WITHDRAWAL CERTIFICATE

(Class [A][B])

 

Wilmington Trust, National Association,

as Escrow Agent

1100 North Market Street

Wilmington, Delaware 19890-1605

Attention: Corporate Trust Admin/Drew Davis

Reference: LATAM 2015-1 EETC

Telephone: 302-636-6182

Facsimile: 302-636-4140

 

Ladies and Gentlemen:

 

Reference is made to the Escrow and Paying Agent
Agreement (Class [A][B]), dated as of May 29, 2015 (the “Agreement”). We hereby certify to you that the conditions
to the obligations of the undersigned to execute a Participation Agreement pursuant to the Note Purchase Agreement have been satisfied.
Pursuant to Section 1.02(c) of the Agreement, please execute the attached Notice of Purchase Withdrawal and immediately
transmit by facsimile to the Depositary, at Depositary, Natixis, acting through its New York Branch, as depositary, 1251 Avenue
of the Americas, New York, NY 10020, Reference: LATAM 2015-1 EETC (Fax: 646-282-2321).

 

Capitalized terms used herein but
not defined herein shall have the meanings set forth in the Agreement.

 

	 	Very truly yours,
	 	 
	 	Wilmington Trust Company,
	 	not in its individual capacity but solely as Pass Through Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: As of [_______, 20    ]	 	 

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

Exhibit A to

Funding Notice

 

NOTICE OF PURCHASE WITHDRAWAL (Class A)

 

Natixis,

acting through its New York Branch, as Depositary,

1251
Avenue of the Americas

NewYork, NY 10020

Attention: Aviation Finance Portfolio

Reference: LATAM
2015-1 EETC

Facsimile: 646-282-2321

 

Ladies and Gentlemen:

 

Reference is
made to the Deposit Agreement (Class A) dated as of May 29, 2015 (the “Deposit Agreement”) between Wilmington
Trust, National Association, as Escrow Agent, and Natixis, acting through its New York Branch, as Depositary (the “Depositary”).

 

In accordance with Section 2.3(a)
of the Deposit Agreement, the undersigned hereby requests the withdrawal of the entire amount of the Deposit, $[        ],
from Account No. [        ].

 

The undersigned hereby directs the
Depositary to pay the entire amount of the Deposit to [insert account details of LATAM] [insert account details of Pass
Through Trustee]2 on [        ], 20        ,
upon the telephonic request of a representative of the Pass Through Trustee.

 

	 	Wilmington Trust, National Association, as Escrow Agent
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: As of [_____, 20__]	 	 

 

 

		2	If any excess amounts, that would need to be re-deposited
pursuant to Section 2.4 of the Deposit Agreement (Class A) and the applicable Funding Notice, have been identified as of the date
of this notice, the account to be specified here should be that of the Pass Through Trustee so that the Pass Through Trustee can
re-deposit such excess amounts with the Depositary in accordance with Section 2.4. If any such excess amounts are identified following
delivery of this notice, a separate substantially similar notice may be sent specifying such account of the Pass Through Trustee.
If there are no such excess amounts, the account number specified here should be that of LATAM.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

Exhibit B to

Funding Notice

 

NOTICE OF PURCHASE WITHDRAWAL (Class B)

 

Natixis,

acting through its New York Branch, as Depositary,

1251 Avenue of the Americas

NewYork, NY 10020

Attention: Aviation Finance Portfolio

Reference: LATAM 2015-1 EETC

Facsimile: 646-282-2321

 

Ladies and Gentlemen:

 

Reference is
made to the Deposit Agreement (Class B) dated as of May 29, 2015 (the “Deposit Agreement”) between Wilmington
Trust, National Association, as Escrow Agent, and Natixis, acting through its New York Branch, as Depositary (the “Depositary”).

 

In accordance with Section 2.3(a)
of the Deposit Agreement, the undersigned hereby requests the withdrawal of the entire amount of the Deposit, $[______], from
Account No. [__________].

 

The undersigned hereby directs the
Depositary to pay the entire amount of the Deposit to [insert account details of LATAM] [insert account details of Pass
Through Trustee]3 on [        ], 20        ,
upon the telephonic request of a representative of the Pass Through Trustee.

 

	 	Wilmington Trust, National Association, as Escrow Agent
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: As of [_______, 20__]	 	 

 

 

		3	If any excess amounts, that would need to be re-deposited
pursuant to Section 2.4 of the Deposit Agreement (Class B) and the applicable Funding Notice, have been identified as of the date
of this notice, the account to be specified here should be that of the Pass Through Trustee so that the Pass Through Trustee can
re-deposit such excess amounts with the Depositary in accordance with Section 2.4. If any such excess amounts are identified following
delivery of this notice, a separate substantially similar notice may be sent specifying such account of the Pass Through Trustee.
If there are no such excess amounts, the account number specified here should be that of LATAM.

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

EXHIBIT B to

NOTE
PURCHASE AGREEMENT

 

FORM OF PARTICIPATION AGREEMENT

 

(A representative copy of a Participation
Agreement is filed as Exhibit 4.8 to the Registration Statement on Form F-4 pursuant to Instruction 2 of Item 601 of Regulation
S-K.)

 

Note Purchase Agreement

LATAM 2015-1 Aircraft EETC

 

    	 	 	 

     

    

 

EXHIBIT C to

NOTE PURCHASE AGREEMENT

 

 

FORM OF INDENTURE

 

(A representative copy of an Indenture and
Security Agreement is filed as Exhibit 4.9 to the Registration Statement on Form F-4 pursuant to Instruction 2 of Item 601 of Regulation
S-K.)

 

    	 	 	 

     

    

 

EXHIBIT D to

NOTE PURCHASE AGREEMENT

 

FORM OF CHILEAN MORTGAGE

 

(A representative copy of a Chilean Aircraft
Mortgage Agreement is filed as Exhibit 4.15 to the Registration Statement on Form F-4 pursuant to Instruction 2 of Item 601 of
Regulation S-K.)

 

    	 	 	 

     

    

 

EXHIBIT E to

NOTE PURCHASE AGREEMENT

 

FORM OF BRAZILIAN MORTGAGE

 

(A representative copy of a Brazilean Aircraft
Mortgage Agreement is filed as Exhibit 4.16 to the Registration Statement on Form F-4 pursuant to Instruction 2 of Item 601 of
Regulation S-K.)

 

    	 	 	 

     

    

 

EXHIBIT F to

NOTE
PURCHASE AGREEMENT

 

FORM OF LEASE

 

(A representative copy of a Lease Agreement
is filed as Exhibit 4.11 to the Registration Statement on Form F-4 pursuant to Instruction 2 of Item 601 of Regulation S-K.)

 

    	 	 	 

     

    

 

EXHIBIT G to

NOTE PURCHASE
AGREEMENT

 

FORM OF SUBLEASE

 

[Attached.]

 

    	 	 	 

     

    

 

		

 

Form Document

 

DATED AS OF_______________, 201[•]

 

LATAM AIRLINES GROUP S.A.

AS LESSOR

 

AND

 

TAM LINHAS AÉREAS S.A. AS LESSEE

 

 

 

 

AIRCRAFT SUBLEASE AGREEMENT

 

RELATING TO

ONE (1) AIRBUS MODEL [A321-200/A350-900]1
AIRCRAFT

TO BE REGISTERED IN BRAZIL WITH RESERVED

BRAZILIAN NATIONALITY AND

REGISTRATION MARK [•]

BEARING MANUFACTURER'S SERIAL NUMBER [•]

AND TWO (2) [ROLLS-ROYCE TRENT/CFM INTERNATIONAL]2

MODEL [XWB-84/CFM56-5B3/3]3
ENGINES

 

 

  

Certain rights, title and interests of
the Lessor in and to this Aircraft Sublease Agreement have been, or will be, assigned to and are, or will be, subject to a security
interest in favor of Wilmington Trust Company, not in its individual capacity but solely as loan trustee for the Secured Parties.

 

 

1 Delete as appropriate

2 Delete as appropriate

3 Delete as appropriate

 

     

     

    

 

CONTENTS

  

	Clause	 	Page
	 	 	 
	1.	Interpretation	1
	 	 	 
	2.	Representations and Warranties	7
	 	 	 
	3.	Conditions Precedent	13
	 	 	 
	4.	Commencement	13
	 	 	 
	5.	Payments	18
	 	 	 
	6.	Manufacturer's Warranties	18
	 	 	 
	7.	Post-Delivery Authorizations and Filings	19
	 	 	 
	8.	Undertakings	19
	 	 	 
	9.	Insurance Undertakings	23
	 	 	 
	10.	Indemnity	23
	 	 	 
	11.	Event of Loss	24
	 	 	 
	12.	Maintenance Conditions	25
	 	 	 
	13.	Lease Event of Default	25
	 	 	 
	14.	Absolute Obligations	27
	 	 	 
	15.	Miscellaneous	29
	 	 	 
	16.	Disclaimers And Waivers	34
	 	 	 
	17.	Brokers And Other Third Parties	36
	 	 	 
	18.	Subordination	36
	 	 	 
	19.	Further Assurances.	36
	 	 	 
	20.	Possession	37
	 	 	 
	21.	Obligations to be Performed in Brazil and under the cape town convention	38
	 	 	 
	Schedule 1 Conditions Precedent	42
	 	 
	Schedule 2 Lease Events Of Default	45
	 	 
	Schedule 3 Maintenance Conditions	49
	 	 
	Schedule 4 Redelivery Conditions	52
	 	 
	EXHIBIT A  Owner's Consent Letter	54
	 	 
	EXHIBIT B Aircraft Acceptance Certificate	56
	 	 
	EXHIBIT C Form of Deregistration Power of Attorney	58
	 	 
	EXHIBIT D Form of Subordination Agreement	61

 

     

     

    

 

AIRCRAFT SUBLEASE AGREEMENT dated
as of____________, 201[•]

 

BETWEEN:

 

		(1)	LATAM AIRLINES GROUP S.A., (formerly having the legal name LAN Airlines S.A. and doing business
as LAN Airlines) a company (sociedad anónima) organized under the laws of the Republic of Chile, as lessor ("Lessor");
and

 

		(2)	TAM LINHAS AÉREAS S.A. a company organised and existing under the laws of Brazil,
having its principal place of business is Avenida Jurandir, 856, Lote 4, 7th Andar, Jardim Ceci, CEP 04072 000, São Paulo
SP, Brazil, registered with the Ministry of Finance under CNPJ No. 02.012.862/0001-60 acting through its branch office at Rodovia
MG 10 S/N, Aeroporto Internacional Tancredo Neves, Minas Gerais / MG Brazil, registered with the Ministry of Finance under CNPJ
No. 02.012.862/0005-93, as lessee ("Lessee").

 

WHEREAS

 

		(A)	Owner (as defined below) (i) has acquired the Aircraft (as defined below) with proceeds obtained
from issuance, in the United States of America, of Equipment Notes pursuant to the Indenture and (ii) has agreed to lease the Aircraft
to Lessor in accordance with the terms of the Head Lease (as defined below).

 

		(B)	Lessor and Lessee recognize that the Cape Town Convention has been implemented in Brazil and is
applicable and enforceable in accordance with its terms and that this Agreement shall be subject to the Cape Town Convention.

 

		(C)	The Aircraft (as defined below) will be registered in Brazil on or about the Delivery Date (as
defined below).

 

		(D)	Lessor wishes to lease the Aircraft to Lessee and Lessee accepts such lease from Lessor subject
to the representations, warranties, covenants and other agreements set forth in this Agreement.

 

Accordingly, in consideration of the foregoing,
the mutual agreements herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree as follows:

 

		1.	INTERPRETATION

 

		1.1	Definitions

 

In this Agreement capitalized
words and expressions defined in the Head Lease and not expressly defined herein have the same meanings when used in this Agreement
unless otherwise specified herein, all references to time shall refer to Santiago, Chile time, and solely for the purposes hereof,
references in this Agreement to the word "possession" shall mean merely "use", "enjoyment" and “direct
possession” and shall not imply any of the other tenets of ownership which may arise out of or be implied either by use of
the Spanish term "posesión" under the laws of Chile or the use of the Portuguese term "posse"
under the laws of Brazil (including, but not limited to, the concept of “indirect possession” and the right of alienation).
In addition, such terms that are defined in the Cape Town Convention and used herein, regardless of whether such terms are capitalized,
shall have the meanings assigned to them in the Cape Town Convention.

 

    -1- 

     

    

  

The following expressions have
the meanings set out below:

 

"Agreement" means
this Aircraft Sublease Agreement as amended, supplemented or otherwise modified from time to time in accordance with the terms
hereof and the terms of the Financing Agreements.

 

"Aircraft" means
the Airframe, together with the two Engines, whether or not either of such Engines may from time to time be installed on such Airframe
or on any other airframe and, where the context permits, references to the "Aircraft" shall include the Manuals and Technical
Records for the Aircraft.

 

"Aircraft Mortgage"
means the Brazilian law aircraft mortgage dated the Delivery Date granted by the Owner in favor of the Loan Trustee and the related
consents thereto issued by Lessor and Lessee.

 

"Airframe"
means the Airbus [A321-200/A350-900]4 aircraft with reserved Brazilian nationality
and registration mark [•] bearing manufacturer's serial number [•] (excluding the two Engines and the engines from time
to time installed thereon), leased on the Delivery Date by Lessor to Lessee under this Agreement and any and all Parts, so long
as the same shall be incorporated or installed in or attached to such Airframe or so long as title thereto shall remain vested
in Owner in accordance with the terms of Section 8(a) (Replacement of Parts) of the Head Lease after the removal from such
Airframe.

 

"ANAC" means
the Brazilian Civil Aviation Agency (Agência Nacional de Aviação Civil) and any successor thereto.

 

"Block Hour"
means the elapsed time computed as of the time the engines of the Aircraft are turned on for departure until the actual time they
are turned off after landing at the end of each flight.

 

"Brazil" means
the Federative Republic of Brazil.

 

"Business Day"
means any day on which banks conduct normal business in São Paulo, Brazil and Santiago, Chile.

 

"Cape Town Convention"
means, together, the official English language text of each of the Convention on International Interests in Mobile Equipment and
the Protocol thereto on Matters Specific to Aircraft Equipment, each as opened for signature on 16 November 2001 at Cape Town,
South Africa and in accordance with the Declarations lodged by Brazil under the Protocol and the Convention at the time of the
deposit of its Instrument of Accession, as ratified by the Federative Government of Brazil through Presidential Decree No. 8,008
of May 15, 2015.

 

 

4 Delete as appropriate

 

    -2- 

     

    

  

"Civil Aviation Authority"
shall mean the ANAC and/or any of its sub-departments, including the RAB and any successor thereof.

 

"Conditions Precedent"
means the conditions specified in Schedule 1.

 

"DGAC" means
the Dirección General de Aeronáutica Civil of Chile and any successor thereof.

 

"Delivery"
means the time when the events described in Clause 4.1.1 (Agreement) of this Agreement shall have been completed.

 

"Delivery Date"
means the date on which Delivery occurs.

 

"Delivery Location"
means an airport authorized under the operation specifications of both Lessee and Lessor that is mutually agreed between Lessee
and Lessor.

 

"Deregistration Power
of Attorney" means an irrevocable power of attorney issued by the Lessee authorizing the Loan Trustee or such other person
as the Loan Trustee may from time to time specify to do anything or act or to give any consent or approval which may be required,
inter alia, to obtain deregistration and export of the Aircraft upon termination of the lease of the Aircraft under this Agreement.

 

"Dollar" and
the sign "$" mean the lawful currency for the time being of the United States of America.

 

"Engine" means
(i) each of the two [Rolls-Royce Trent/CFM International] 5 model [XWB-84/CFM56-5B3/3]
6 engines bearing manufacturer's serial numbers [•] and [•], whether
or not from time to time installed on the Airframe or any other airframe or any replacement engine for any such engine subjected
to this Agreement pursuant to a lease supplement executed by Lessee and Lessor; and (ii) any other engine that may from time to
time be installed on the Airframe that is or becomes the property of Owner and subject to the Head Lease or any engine that, having
been removed from the Airframe, remains the property of Owner and subject to the Head Lease, in each case pursuant to this Agreement,
together with all Parts from time to time belonging to, installed in or appurtenant to any such engine but excluding any Engine
which has been replaced with a Replacement Engine in accordance with the Head Lease. An engine which is not an Engine, may be
installed on the Airframe from time to time, it being confirmed, for the avoidance of doubt that the two [Rolls-Royce Trent/CFM
International]7 model [XWB-84/CFM56-5B3/3]8
engines installed on the Airframe on the date hereof are the Installed Engines.

  

 

5 Delete as
appropriate

 6 Delete as
appropriate

7 Delete as
appropriate

8 Delete as appropriate

 

    -3- 

     

    

  

"FAA" means the
Federal Aviation Administration of the United States and any successor thereof.

 

"Governing Law"
means the internal laws of the State of New York.

 

"Head Lease"
means the lease agreement (as the same may be amended, supplemented or otherwise modified from time to time, in accordance with
the terms thereof and the terms of the Financing Agreements), as may be supplemented and amended from time to time, made between
Owner as lessor and Lessor as lessee in respect of, inter alia, the Aircraft.

 

"IDERAs" shall
mean collectively the (i) irrevocable de-registration and export request authorization executed by the Lessee in favor of the Loan
Trustee for the Aircraft and (ii) irrevocable de-registration and export request authorization executed by the Owner in favor of
the Loan Trustee for the Aircraft and "IDERA" shall mean any one of them (as the context may require).

 

"Installed Engines"
means the two [Rolls-Royce Trent/CFM International] 9 model [XWB-84/CFM56-5B3/3]10
engines bearing manufacturer's serial numbers [•] and [•] which are installed on the Airframe on the date
of Delivery.

 

"Insurances"
shall mean any and all contracts or policies of insurance maintained by the Lessee in respect in respect of the Aircraft in form
and substance satisfactory to the Loan Trustee and in accordance with Section 10 (Insurance) of the Head Lease.

 

"Lease Agreement"
means this Agreement.

 

"Lease Default"
means any Lease Event of Default or any event or circumstance, which with the giving of notice and/or lapse of time and/or determination
of materiality and/or fulfillment of any other condition, would constitute a Lease Event of Default.

 

"Lease Event of Default"
means any event or condition specified in Schedule 2 hereto.

 

"Lease Jurisdiction"
means Brazil, the country under whose laws Lessee is organized and existing and in which the Lease Agreement is registered.

 

"Loan Trustee"
means Wilmington Trust Company, not in its individual capacity, except as expressly set forth herein, but solely as Loan Trustee
on behalf of the Secured Parties.

 

"Maintenance Conditions"
means the conditions specified in Schedule 3.

 

 

9 Delete as appropriate

10 Delete as appropriate

 

    -4- 

     

    

 

"Material Adverse
Change" means a material adverse change in (a) the ability of Lessee to perform its obligations under this
Agreement, (b) the validity or enforceability of this Agreement, or (c) the timely payment of the Rent or any other amounts
under this Agreement, if any such material adverse change as set forth in (a) - (c) above (i) affects the ability of Lessee
to operate the Aircraft (ii) adversely affects the value of the Aircraft, (iii) affects the economic benefits accruing to
Lessor or its Affiliates by virtue of this Agreement or (iv) affects the rights and remedies of the Owner, the Secured
Parties or the Loan Trustee under the Head Lease or any of the Security Documents.

 

"Minimum Equipment
List" means the minimum equipment list approved by the relevant Aviation Authority;

 

"Operations Manual"
means the operations manual approved by the relevant Aviation Authority.

 

"Operations Specifications"
means the operations specifications approved by the relevant Aviation Authority.

 

"Owner" means
[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]11,
an exempted company incorporated and existing under the laws of the Cayman Islands, being owner of the Aircraft and lessor under
the Head Lease.

 

"Owner's Consent"
means the owner's consent letter from the Owner, substantially in the form of Exhibit A hereto.

 

"Post-Delivery Authorizations
and Filings" has the meaning given to such term in the Participation Agreement.

 

"Pre-Delivery Authorizations
and Filings" shall mean the:

 

		(a)	print-out of the authorization of the Central Bank of Brazil (registration of financial operations—ROF)
approving the financial condition of this Lease Agreement with respect to the remittance of all regularly scheduled payments due
thereunder, by Lessee, certified as accurate by a director of or an officer of or in- house counsel to Lessee;

 

		(b)	a copy of the evidence, in the form of a “protocol”, of the filing with the RAB of
this Lease Agreement, the Owner Consent, the Subordination Agreement and the Aircraft Mortgage, together with their respective
sworn translations into Portuguese;

 

 

11 Delete as appropriate

 

    -5- 

     

    

 

		(c)	evidence of filing of this Lease Agreement, Subordination Agreement and the Aircraft Mortgage,
each together with its sworn public translation into Portuguese, with the RTD of the City of São Paulo; and

 

		(d)	a copy of a letter from the Lessee to the Brazilian air traffic control authority pursuant to which
the Lessee authorizes the addressee to issue to the Owner and the Lessee, amongst others, upon request from time to time, a statement
of account of all sums due by the Lessee to the authority in respect of the Aircraft along with a filing receipt (protocolo)
in respect of the filing of such letter with ANAC.

 

"Process Agent"
means Law Debenture Corporate Services Inc.

 

"RAB" means the
Brazilian Aeronautical Registry ("Registro Aeronáutico Brasileiro"), the Brazilian aircraft registry under
the authority and administration of Brazil.

 

"Redelivery Conditions"
means the conditions specified in Schedule 4.

 

"Redelivery Location"
means an airport as designated by either of the Lessor or, during the exercise of remedies, the Loan Trustee each in its sole discretion.

 

"Rent" shall
have the meaning ascribed to such term in Clause 5.1 (Rent).

 

"Replacement Engine"
means, as the context may require, (a) a [Rolls-Royce Trent/CFM International]12 model
[XWB-84/CFM56-5B3/3]13 engine or (b) an improved engine of the same or other manufacturer
as in relation to the Engine it is replacing, which, in the case of any engine described in (a) or (b) hereof, shall be in compliance
with the requirements of Section 9(b) (Event of Loss with Respect to an Engine) of the Head Lease.

 

"ROF" shall mean
the Registration of Financial Operation ("Registro de Opearação Financeira") issued by the Central
Bank of Brazil.

 

"RTD" shall mean
the Registry of Titles and Deeds ("Registro de Títulos e Documentos")

of the City of São Paulo,
State of São Paulo, Brazil.

 

"SECEX/DECEX"
shall mean the Foreign Trade Department ("Secretaria de Comércio Exterior") in Brazil.

 

"Subordination Agreement"
shall mean the Subordination Agreement to be entered into, or as the context may require, entered into in the form of Exhibit D
hereto and made by and among Lessor, Lessee and the Loan Trustee whereby (a) Lessor agrees and confirms that certain claims which
Lessor may have from time to time against Lessee under or pursuant to this Lease Agreement are entirely subject and subordinate
to any and all claims which, at the relevant time, any Indemnified Person (other than Lessor) may have against Lessee and (b) Lessee
acknowledges all rights, title and interest of Lessor, the Owner, the Loan Trustee and the Secured Parties under the Financing
Agreements.

 

 

12 Delete as appropriate

13 Delete as appropriate

 

    -6- 

     

    

 

"Term" means
the period commencing on the Delivery Date and ending on the earlier of (i) the second anniversary of the Delivery Date, renewable
at the end of such period by mutual agreement in writing between the Lessor and the Lessee for a new period as determined by the
parties and (ii) such earlier date as may be elected by the Lessor in accordance with Section 4.1.9.

 

"United States Bankruptcy
Code" means Section 101 et seq. of Title 11 of the United States Code.

 

		1.2	Construction

 

Unless the context otherwise
requires, (i) references to agreements shall be deemed to mean and include such agreements as the same may be amended, modified
and supplemented from time to time in accordance with the terms thereof, (ii) references to parties to agreements shall be deemed
to include the successors and permitted assignees and permitted transferees of such parties, (iii) the singular includes the plural
and vice versa, (iv) references to legislation and enactments include successor provisions, modifications, supplements and amendments
thereto, and (v) a word denoting any gender includes all genders.

 

		2.	REPRESENTATIONS AND WARRANTIES

 

		2.1	Lessee's Representations and Warranties

 

Lessee represents and warrants
to Lessor that:

 

		2.1.1	Status: Lessee is a company duly incorporated and validly existing under the laws of the
Lease Jurisdiction; is an air carrier of property and passengers in scheduled air transportation, registered, licensed or otherwise
certificated or duly authorized by the Civil Aviation Authority to engage in such air transportation; is duly qualified or otherwise
authorized to do business as an air carrier in all jurisdictions in which it has air routes; has the requisite corporate power
to own its assets and carry on its business as it is being conducted and is the holder of all necessary air transportation licenses
required in connection therewith and with the use and operation of the Aircraft; and is a Leasing Affiliate and a Permitted Sublessee.

 

		2.1.2	Power and Authority: Lessee has the corporate power to enter into and perform, and has taken
all necessary corporate action to authorize the entry into, performance and delivery of, this Agreement and the transactions contemplated
by this Agreement.

 

    -7- 

     

    

 

		2.1.3	Legal Validity: this Agreement has been duly authorized, executed and delivered by Lessee,
and this Agreement constitutes the legal, valid and binding obligation of Lessee.

 

		2.1.4	No Conflict: the entry into and performance by Lessee of, and the transactions contemplated
by, this Agreement do not and will not:

 

		(a)	conflict with any Applicable Laws binding on Lessee; or

 

		(b)	conflict with the constitutional documents of Lessee; or

 

		(c)	conflict with or result in default under any agreement or instrument which is binding upon Lessee
or any of its assets nor result in the creation of any security interest over any of its assets or over the Aircraft.

 

		2.1.5	Authorization: all authorizations, consents, registrations and notifications (including
the Pre-Delivery Authorizations and Filings but excluding the Post-Delivery Authorizations and Filings) required in connection
with the entry into, performance, validity and enforceability of this Agreement and the transactions contemplated by this Agreement
have been (or will on or before the Delivery Date have been) obtained or effected (as appropriate) and are (or will on their being
obtained or effected be) in full force and effect.

 

		2.1.6	No Immunity:

 

		(a)	Lessee is subject to civil and commercial law with respect to its obligations under this Agreement;
and

 

		(b)	neither Lessee nor any of its property, assets or revenues is entitled to any right of immunity
from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution, setoff, execution or from any other
legal process with respect to any of its obligations under this Agreement and the entry into and performance of this Agreement
by Lessee constitute private and commercial acts.

 

		2.1.7	Pari Passu: the obligations of the Lessee under this Agreement rank at least pari passu
with all other present and future unsecured and unsubordinated obligations (including contingent obligations) of the Lessee
except as may be limited by applicable bankruptcy, insolvency, concurso mercantil, reorganization (including "falência"
and "recuperação judicial" under Brazilian law), moratorium or other similar laws affecting creditors'
rights generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity
or at law).

 

    -8- 

     

    

  

		2.1.8	No Lease Default:

 

		(a)	no Lease Default has occurred and is continuing or would reasonably be expected to result from
the entry into or performance of this Agreement; and

 

		(b)	no other event or condition has occurred and is continuing which constitutes (or with the giving
of notice, lapse of time, determination of materiality or the fulfillment of any other applicable condition, or any combination
of the foregoing, would reasonably be expected to constitute) a material default under any agreement or instrument which is binding
on Lessee or any assets of Lessee and which would materially and adversely affect the ability of Lessee to operate the Aircraft
or the rights and remedies of Lessor, the Owner, the Secured Parties or the Loan Trustee under the Head Lease or any of the Security
Documents.

 

		2.1.9	Registration:

 

		(a)	except for (i) the registration of this Agreement, the Owner's Consent, the Subordination Agreement,
the Bill of Sale, the IDERAs, the Sublease Assignment and any notice and acknowledgement in respect thereof and the Aircraft Mortgage
with the RAB, (ii) the approval of the conditions established herein by SECEX/DECEX and by the Brazilian Federal Revenue Office,
specially the granting of the temporary admission tax regime (“regime especial de admissão temporária”)
for the Aircraft, (iii) the approval of the financial conditions of this Agreement by the Central Bank of Brazil, (iv) the translation
of this Agreement, the Bill of Sale, the Subordination Agreement, the Owner's Consent, the IDERAs and the Aircraft Mortgage into
Portuguese by a public translator, (v) the registration of this Agreement, the Bill of Sale, the Subordination Agreement, the Owner’s
Consent, the IDERAs and the Aircraft Mortgage at the RTD, no registration, recording, filing, notarization or consularization of
any of the Financing Agreements, (vi) the authorization codes issued by the RAB in the capacity of an authorizing entry point for
purposes of Cape Town Convention; and (vii) registration of the security interests relating to this Agreement and any of the Financing
Agreements, as applicable, with the International Registry for purposes of Cape Town Convention and no payment of any Tax and no
other action whatsoever is necessary or desirable to be taken to ensure the validity, enforceability or priority of the liabilities
and obligations of the Lessee or the rights of the Lessor against the Lessee under the Financing Agreements or the rights of the
Owner, the Loan Trustee or the beneficiaries in respect of the Aircraft, this Agreement or any other Financing Agreement; and

 

		(b)	under the laws of the United States, Chile or the Lease Jurisdiction the property rights (to the
extent that such rights have been created by this Agreement) of the Owner in the Aircraft and the security interest of the Owner
and the Loan Trustee in the Aircraft have been fully established, perfected and protected and will have priority in all respects
over the claims of all creditors of Lessee other than liens created by law and except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and by general principles of
equity (regardless of whether enforceability is considered in a proceeding in equity or at law);

 

    -9- 

     

    

 

 

		2.1.10	Taxes: Lessee has delivered all necessary returns and payments due to the tax authorities
in the Lease Jurisdiction and all other jurisdictions in which Lessee is required to pay Taxes and/or file tax returns or reports.

 

		2.1.11	Full Disclosure: each of this Agreement and any other document, certificate or statement
furnished to Lessor by or on behalf of Lessee in connection with the transactions contemplated hereby or thereby (including, without
limitation, financial information) does not contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements contained herein and therein not misleading; all forecasts and opinions contained herein and therein
were honestly made on reasonable grounds after due and careful inquiry by Lessee; and there is no fact or circumstance which has
not been disclosed by Lessee to Lessor in writing on or before the date of this Agreement and which materially adversely affects
or will materially adversely affect the ability of Lessee to carry on its business or to perform its obligations under this Agreement.

 

		2.1.12	Litigation/Disputes: no litigation, arbitration or administrative proceedings are pending
or, to Lessee's knowledge, threatened against Lessee which, if adversely determined, could have a Material Adverse Change and there
are no material disputes or litigation between (i) Lessee and/or Lessor and/or any of its Affiliates and (ii) any of the equity
investors in Lessee or any of the Lessee's Affiliates.

 

		2.1.13	Fines: there have been no fines or penalties in excess of US$5,000,000 (five million Dollars)
or more that have been imposed against Lessee by the ANAC, the RAB, the DGAC or the Civil Aviation Authority or the aviation authority
with primary oversight over Lessee, if different, during the last two years, except for those fines and penalties that have been
described in a schedule to this Agreement, which schedule shall have been agreed to by Lessor.

 

		2.1.14	Pilots: all of Lessee's pilots who will operate the Aircraft possess appropriate pilot certificates
issued, approved or revalidated by the Civil Aviation Authority with all ratings and qualifications for all operation of the Aircraft.

 

		2.1.15	Other Personnel: Lessee's dispatchers and other loading personnel have been trained and
licensed by the Civil Aviation Authority to dispatch the Aircraft fully loaded with passengers and/or cargo in accordance with
Lessee's operations manual, any directives issued by the Civil Aviation Authority, Manufacturer's service bulletins and recommendations,
and all Applicable Laws.

 

    -10- 

     

    

 

		2.1.16	The obligations of Lessee under this Agreement, including, without limitation, the obligation of
Lessee to pay the Rent, are not subject to any law, rule or regulation of the Lease Jurisdiction or any agency or instrumentality
thereof with regard to any preference for payment of obligations or any rescheduling of the payment of any debt or other obligations,
except for applicable bankruptcy, insolvency or other similar laws affecting creditors' rights generally. If required by Lessor
at any time, Lessee will use its best efforts to obtain for its obligations under this Agreement, including, without limitation,
its obligation to pay the Rent, any preference for payment under, or any exclusion from, any law, rule or regulation of the Lease
Jurisdiction or any agency or instrumentality thereof (including, without limitation, the Civil Aviation Authority) afforded to
equipment operating under similar agreements, and any exception or waiver from any rescheduling of the payment of any debt or other
obligations imposed under any such law, rule or regulation.

 

		2.1.17	As of the date hereof, (i) payments to Lessor of the Rent under this Agreement will not be subject
to net income tax in the Lease Jurisdiction, and, withholding of any Taxes will not be required in the Lease Jurisdiction upon
such payments to Lessor, and (ii) there are no Taxes imposed by the Lease Jurisdiction or any agency or instrumentality thereof
on or by virtue of the execution or delivery of this Agreement.

 

		2.1.18	There are no Liens on the Aircraft other than Permitted Liens.

 

		2.1.19	The choice of New York law to govern this Agreement will be recognized and given effect by the
courts of the Lease Jurisdiction, and the submission by Lessee to the jurisdiction of the courts of São Paulo and New York
are legal, valid and binding under the laws of the Lease Jurisdiction and will be enforced in any action brought before a court
of competent jurisdiction therein.

 

		2.1.20	Bankruptcy: No bankruptcy, concurso mercantil, insolvency, moratorium, suspension
of payments, reorganization, or other like proceeding (including "falência", “recuperação
extrajudicial” and "recuperação judicial" under Brazilian law), initiated by or affecting
the Lessee will affect the rights of the Lessor, the Owner, the Loan Trustee or any Person claiming through the Lessor or the Owner
to repossess the Aircraft as a result thereof, upon termination of this Agreement or as a result of any Lease Event of Default,
except for the time necessary to evidence to the relevant court, or any relevant administrative authority, if requested thereby,
that Lessee does not own the Aircraft.

 

		2.1.21	Lessee has fulfilled and will continue to fulfill all of its obligations and covenants set forth
herein on its part to be performed.

 

		2.1.22	None of the execution, delivery and performance of this Agreement will result in the Lessor, the
Loan Trustee or any other beneficiary:

 

    -11- 

     

    

 

		(a)	having any liability in respect of taxes in Brazil (save and to the extent that any such person
is already liable in respect of taxes in Brazil prior to the entry into of this Agreement); or

 

		(b)	having or being deemed to have a place of business in Brazil (save and to the extent any such person
already has such a place of business in Brazil prior to the entry into of this Agreement).

 

		2.1.23	The Lessor is not subject to the Brazilian Consumers Protection Code (Law No. 8078 of September
11, 1990) with respect to its obligations under this Agreement, and the Lessee acknowledges and agrees that its obligations hereunder
are not unconscionable or abusive.

 

		2.1.24	Air Carrier Authorizations: The Lessee has obtained all licenses, certificates and authorizations
required by Civil Aviation Authority and, if applicable, the Lease Jurisdiction, in order to operate the Aircraft.

 

		2.1.25	No Filing or Stamp Taxes: Except as required under this Agreement, it is not necessary to
ensure the legality, validity, priority, enforceability, admissibility in evidence or effectiveness of this Agreement, the Owner's
Consent or any of the other Financing Agreements that such document or any other instrument or document be filed, recorded, registered
or enrolled in any court, public office or registry or elsewhere in Brazil or that any stamp, documentary, registration or similar
duty, tax, fee or charge be paid in Brazil on or in relation to this Agreement and the other Financing Agreements.

 

		2.2	Lessor's Representations and Warranties

 

Lessor represents and warrants to Lessee that:

 

		2.2.1	Status: Lessor is a company duly incorporated and validly existing under the laws of Chile
and has the corporate power to carry on its business as it is now being conducted.

 

		2.2.2	Power and Authority: Lessor has the corporate power to enter into and perform, and has taken
all necessary corporate action to authorize the entry into, performance and delivery of, this Agreement and the transactions contemplated
by this Agreement.

 

		2.2.3	Legal Validity: this Agreement constitutes Lessor's legal, valid and binding obligation.

 

		2.2.4	Non-Conflict: the entry into and performance by Lessor of, and the transactions contemplated
by, this Agreement do not and will not:

 

		(a)	conflict with any Applicable Laws binding on Lessor; or

 

    -12- 

     

    

 

		(b)	conflict with the constitutional documents of Lessor; or

 

		(c)	conflict with any document which is binding upon Lessor or any of its assets.

 

		2.2.5	Authorization: all authorizations, consents, registrations and notifications required under
the laws of the Governing Law in connection with the entry into, performance, validity and enforceability of, and the transactions
contemplated by, this Agreement by Lessor have been (or will on or before the Delivery Date have been) obtained or effected (as
appropriate) and are (or will on their being obtained or effected be) in full force and effect.

 

		2.2.6	Consent of Owner: the written consent of the Owner to the lease of the Aircraft pursuant
to this Agreement has been (or will on or before the Delivery Date be) obtained.

 

		2.2.7	No Immunity: Lessor is subject to civil and commercial law with respect to its obligations
under this Agreement.

 

		3.	CONDITIONS PRECEDENT

 

		3.1	Conditions Precedent

 

The effectiveness and validity
of the rights and obligations created hereunder are conditioned upon the transfer of title to the Aircraft to the Owner. In addition,
Lessor's obligation to effect Delivery under this Agreement is subject to satisfaction of each of the Conditions Precedent set
forth in Schedule 1 hereto. Satisfaction of the conditions precedent shall be evidenced by delivery of the Owner's Consent.

 

		3.2	Waiver

 

The Conditions Precedent are
for the benefit of Lessor and the Owner and may be waived or deferred in whole or in part and with or without conditions by agreement
among Lessor and the Owner. If any Conditions Precedent are not satisfied on the Delivery Date and each of Lessor and the Owner
nonetheless agrees that Lessor will deliver the Aircraft to Lessee, Lessee will ensure that such Conditions Precedent are fulfilled
within twenty

(20) Business Days after the
Delivery Date.

 

		4.	COMMENCEMENT

 

		4.1	Lease

 

		4.1.1	Agreement: Subject to the provisions of Clause 3.1 (Conditions Precedent) Lessor
hereby agrees, on the Delivery Date, to lease the Aircraft to Lessee hereunder, and Lessee hereby agrees, subject to the foregoing,
to accept delivery of, and to lease the Aircraft from Lessor hereunder, and the Term shall thereupon commence. Lessee acknowledges
and agrees that at all times during the Term title to the Aircraft (including the Manuals and Technical Records) shall remain vested
in Owner and shall be subject to the Head Lease and the other Financing Agreements.

 

    -13- 

     

    

 

 

		4.1.2	Acceptance: Lessee hereby agrees that satisfaction (including any waiver or deferral of
such Conditions Precedent by Lessor and the Owner) of the conditions precedent set forth in Schedule 1 shall constitute deemed
acceptance of the Aircraft by Lessee from Lessor under this Agreement and Lessee shall sign and deliver to Lessor an Aircraft Acceptance
Certificate substantially in the form set out in Exhibit B hereto forthwith upon such deemed acceptance.

 

		4.1.3	Acknowledgement: LESSEE ACKNOWLEDGES AND AGREES
THAT (I) THIS AGREEMENT (AND LESSEE'S RIGHTS AND INTEREST HEREUNDER) IS SUBJECT AND SUBORDINATE TO ALL THE TERMS OF THE HEAD LEASE
AND (II) THAT LESSEE HAS NO RIGHTS HEREUNDER WHICH ARE MORE EXTENSIVE THAN THE CORRESPONDING RIGHTS OF LESSOR UNDER THE HEAD LEASE
(AND LESSEE ACKNOWLEDGES THAT IT HAS RECEIVED A COPY OF THE HEAD LEASE) AND (III) THIS AGREEMENT IS SUBJECT AND SUBORDINATE TO
ALL THE TERMS OF THE SECURITY DOCUMENTS AND (IV) THAT THE TERMS AND CONDITIONS OF THIS AGREEMENT AND THE FINANCING AGREEMENTS
SHALL REMAIN IN FULL FORCE AND EFFECT, AND THAT LESSEE'S RIGHT TO USE THE AIRCRAFT MAY BE TERMINATED PURSUANT TO THE TERMS OF
THIS AGREEMENT AND THE FINANCING AGREEMENTS. LESSEE FURTHER ACKNOWLEDGES AND AGREES THAT AT ALL TIMES HEREUNDER TITLE TO THE AIRCRAFT
LEASED HEREUNDER SHALL REMAIN VESTED IN OWNER AND LESSEE'S ONLY INTEREST IN THE AIRCRAFT SHALL BE THAT OF A LESSEE'S LEASEHOLD
INTEREST UNDER THIS AGREEMENT.LESSEE EXPRESSLY RECOGNIZES AND ACKNOWLEDGES THAT THE FOREGOING, INCLUDING WITHOUT LIMITATION,
THE SUBORDINATION SET FORTH HEREIN, ARE ESSENTIAL FOR THE STRUCTURING AND ENTERING INTO THIS AGREEMENT FROM AN ECONOMIC-FINANCING
AND LEGAL STAND POINT.

 

		4.1.4	Special Termination: In the event that the Delivery Date shall not occur on or prior to
[•] the obligation of Lessor to lease the Aircraft pursuant to this Agreement shall immediately terminate.

 

		4.1.5	Absolute Obligation: The obligation of Lessee to pay Rent hereunder shall be absolute and
unconditional as more fully set forth in Clause 14 (Absolute Obligations).

 

		4.1.6	Time of the Essence: Subject to any applicable grace period expressly provided for in this
Agreement, if any, time is of the essence with regard to each payment due and every obligation owing from Lessee under this Clause
and the other provisions of this Agreement.

 

    -14- 

     

    

 

 

		4.1.7	Continuing Obligation: Except to the extent that it is expressly provided to the contrary
in this Agreement, the Term shall not be terminated or interrupted nor shall Rent nor any other amount cease to be payable or be
suspended under this Agreement nor the amount thereof be reduced by reason of, inter alia:

 

		(a)	the occurrence of an Event of Loss;

 

		(b)	the occurrence of any event which may (but has not yet) become an Event of Loss;

 

		(c)	any requisitioning for hire or use or any hijacking, theft or other seizure of the Aircraft, Engine
or Part;

 

		(d)	the fact that the Airframe, any Engine or any Part has been damaged;

 

		(e)	the fact that the Aircraft, Engine or Part is under inspection in accordance with the terms of
this Agreement by Lessor, its servants, employees, agents or subcontractors or is in the course of any survey, repair, overhaul,
maintenance or modification;

 

		(f)	any grounding or condemnation of the Aircraft, Engine or Part or any other Aircraft by, the Civil
Aviation Authority or any other Government Body;

 

		(g)	any other event or circumstance affecting the use, employment or operation of the Aircraft, Engine
or Part; or

 

		(h)	the arrest or detention of the Aircraft, Engine, or Part or any other aircraft for any reason whatsoever.

 

		4.1.8	Authorizations: Lessee shall, at its sole cost and expense, promptly obtain and maintain
at all times (if and to the extent that, by virtue of this Agreement, it becomes the legal obligation of Lessee so to obtain and
maintain, instead of or in addition to, Lessor (pursuant to the Head Lease)) in full force and effect and comply in all material
respects with each of the approvals set forth in Section 3.01(r) of the Participation Agreement and any and all such other consents,
approvals, licenses and authorizations (including, without limitation, any foreign exchange licenses, the property certificate,
airworthiness certificate, the relevant import declaration to be issued within the Brazilian foreign trade electronic system (the
"Siscomex") and the financial registration by the ROF), and all renewals and extensions thereof and make or cause
to be made any and all such filings and registrations and all renewals and extensions thereof as shall now or hereafter be required
under Applicable Laws (including foreign exchange laws) for the execution, delivery and performance by Lessee of this Agreement
and each of the Financing Agreements to which it is or will become a party or the perfection and protection of the interests of
Lessor, Owner and the Secured Parties under this Agreement or any other Financing Agreement to which the Lessee is a party, and
will promptly furnish copies thereof to Lessor and Owner. Moreover, the Lessee agrees and acknowledges that the Lessee is the importer
of the Aircraft into Brazil for all purposes and that under no circumstances shall the Lessor, the Owner or the Loan Trustee assume
responsibility for the import of the Aircraft into Brazil. The Lessee assumes such responsibility and assumes responsibility for
all related customs duties, taxes, fees, import, and other charges incurred in connection with the import of the Aircraft into
Brazil.

 

    -15- 

     

    

  

		4.1.9	Unilateral Termination: the Lessor or the Lessee may terminate this Agreement upon not less
than forty-five (45) days' notice to the other party (with a copy to the Owner and the Loan Trustee). To this effect Lessee expressly
recognizes and agrees the forty-five (45) period set forth herein is sufficient to allow Lessee to take all action which may be
necessary or advisable, in accordance with market practice and legal requirements, as applicable, to rearrange and reschedule its
operations (including but not limited to flight plans, schedules, crew assignments, use of airport slots) for removal of the Aircraft
from Lessee’s fleet and redelivery to Lessor in compliance with the Redelivery Conditions pursuant to Clause 4.2 below. Lessee
further acknowledges that, by virtue of this Clause 4.1.9, Aircraft may need to be removed from its operational fleet within such
period

 

		4.1.10	Liens: Lessee will not directly or indirectly create, incur, assume or suffer to exist any
Lien on or with respect to the Airframe or either Engine or any Part, title thereto or any interest therein or in or to this Agreement
or any of its rights hereunder or thereunder except Permitted Liens. Lessee will promptly, at its own cost and expense, take such
action as may be necessary duly to discharge or satisfy (by bonding or otherwise) any Lien that is not a Permitted Lien or a Lien
of the Security Documents if the same shall arise at any time.

 

		4.2	Return of the Aircraft

 

Lessee will, upon the termination or expiration of
this Agreement (other than following an Event of Loss with respect to the Aircraft), at its own risk and expense, cause the Airframe,
together with the Manuals and Technical Records therefor, to be delivered to Lessor pursuant to this Clause 4.2 (Return of the
Aircraft) and the Redelivery Conditions set forth in Schedule 4 hereto, fully equipped with the Engines installed thereon to
be redelivered in accordance with Clause 4.3 (Place of Redelivery) in a condition which is consistent and compliant with
its obligations under this Agreement and otherwise in such condition as may reasonably be requested by the Lessor.

 

		4.3	Place of Redelivery

 

The Aircraft, when returned pursuant to Clause 4.2
(Return of the Aircraft), shall be returned to the Redelivery Location.

 

    -16- 

     

    

 

		4.4	Termination of the Head Lease

 

Lessee shall immediately return
and redeliver the Aircraft to Lessor, for redelivery to the Owner, in case of termination of the Head Lease for any reason whatsoever
including, but not limited to, any "lease event of default" pursuant to Sections 13(g), 13(h), 13(i), 13(j) or 13(k)
of the Head Lease, irrespective of punctual and due performance by Lessee of its own obligations under this Agreement. Lessee further
agrees that its quiet enjoyment is conditioned upon and subordinated to Lessor being in full compliance with its obligations under
the Head Lease.

 

		4.5	Acknowledgements

 

For the avoidance of doubt the
parties hereto acknowledge that:

 

		4.5.1	Lessor will remain "Lessee" (pursuant to and as defined in the Head Lease) from Owner,
at all times during the Term;

 

		4.5.2	unless expressly stated in this Agreement or other documents executed by the parties hereto, there
shall be no contractual relationship, rights, remedies, liabilities or obligations between Lessee and the Owner;

 

		4.5.3	possession and operational control of the Aircraft will pass from Lessor to Lessee at Delivery,
but such transfer of possession and operational control shall convey to Lessee no rights of ownership or title to the Aircraft;

 

		4.5.4	this Agreement accords Lessee only such possessory rights and operational control to the Aircraft
as are set forth herein and is not intended to accord Lessee the rights of a lessee for purposes of the United States Bankruptcy
Code or Article 2A of the Uniform Commercial Code or the right to claim other benefits of a lessee not specifically contemplated
herein; and

 

		4.5.5	in the event of a bankruptcy of Lessee (including any bankruptcy, insolvency, concurso mercantil,
moratorium, suspension of payment, reorganization (including "falência", “recuperação
extrajudicial” and "recuperação judicial" under Brazilian law) or other like proceeding
initiated by or against or otherwise affecting Lessee) (i) without any rights in the Aircraft as contemplated hereby, Lessee, its
estate, or the trustee of its estate, cannot provide adequate protection of Lessor's interest in the Aircraft, (ii) Lessee, its
estate, or the trustee of its estate, does not and will never have an equity interest in the Aircraft and (iii) the Aircraft is
not and could not be necessary to an effective reorganization of Lessee. Lessee has and shall have no rights in the Aircraft which
is the subject of this Agreement, other than its limited rights of possession and operational control as granted under this Agreement.

 

    -17- 

     

    

 

		4.6	Deregistration and Export

 

The Lessee shall, following
redelivery of the Aircraft and forthwith upon the request of the Lessor or the Loan Trustee (as applicable), at the Lessee's expense
promptly provide the Lessor or the Loan Trustee (as applicable) with (or procure that the Lessor or the Loan Trustee (as applicable)
shall be provided with) all necessary assistance for the export of the Aircraft from the Lease Jurisdiction and the deregistration
of the Aircraft from ANAC and in particular in connection with the obtaining of (i) a certificate of airworthiness for export from
ANAC; (ii) a declaration of export clearance (“declaração de despacho de exportação –
DDE”) from the Federal Revenue Office of Brazil; and (iii) a export registry (“registro de exportação
– RE”) from the Federal Revenue Office of Brazil.

 

		5.	PAYMENTS

 

		5.1	Rent

 

Lessee agrees to pay Lessor the
rent (the "Rent") throughout the Term in accordance with Clause 5.2 (Payment) in Dollars and in an aggregate
amount calculated as follows:

 

		5.1.1	[•] Dollars ($[•]), or such other sum in Dollars as Lessor and Lessee may agree from time to time per month.

 

		5.1.2	The Lessor and Lessee acknowledge and agree that included in the Rent are:

 

		(a)	the provision of the use of the Aircraft to the Lessee for the duration of the Term in accordance
with the terms and conditions of this Agreement; and

 

		(b)	the cost of hull, war, allied perils and third party legal liability insurance provided by Lessor
in respect of the Aircraft as required by the Owner pursuant to the terms and conditions of the Head Lease.

 

		5.2	Payment

 

Within five (5) Business Days
following the end of each month during the Term, Lessor shall submit an invoice to Lessee for an amount equal to the rate set forth
in Clause 5.1 (Rent). Payment shall be made within thirty (30) days following the submission of such invoice.

 

		6.	MANUFACTURER'S WARRANTIES

 

All rights which Lessor may have
under any warranty with respect to the Aircraft or any Engine or any Part issued by any manufacturer, vendor, sub-contractor or
supplier shall remain fully vested in Lessor.

 

    -18- 

     

    

 

		7.	POST-DELIVERY AUTHORIZATIONS AND FILINGS

 

The Lessee hereby covenants
with the Lessor that it shall deliver to Lessor each of the Post-Delivery Authorizations and Filings or, as appropriate, evidence
that the same have been made within the time limits set out in Section 3.01 (u)(iv) of the Participation Agreement.

 

		8.	UNDERTAKINGS

 

		8.1	Lessee's Undertakings

 

Lessee covenants with Lessor
that, throughout the Term:

 

		8.1.1	Lessee shall comply with the provisions of Sections 7(c) (Maintenance) through 7(j) (Substitution
of Engines) of the Head Lease, which shall apply to this Agreement as if the same were set out herein in full;

 

		8.1.2	a written record of information regarding the registration, location, operation, use, insurance,
maintenance and condition of the Aircraft during the Term and the Block Hours actually flown by the Aircraft during the Term will
be kept by Lessee and made available to Lessor and the Owner at any time during the Term upon the request of any of them;

 

		8.1.3	Lessee will (i) preserve and maintain at all times its status as a duly certificated air carrier
pursuant to the laws of the Lease Jurisdiction, (ii) maintain its corporate existence under and in compliance with all Applicable
Laws, (iii) conduct its business in all material respects in accordance with all Applicable Laws and regulations binding on it
and its operations or assets, (iv) promptly provide Lessor with such financial and other information concerning its affairs as
Lessor may from time to time reasonably request in connection with the transactions contemplated by this Agreement and (v) at all
times throughout the Term remain a Leasing Affiliate and a Permitted Sublessee;

 

		8.1.4	Lessee shall, as promptly as practicable, provide to Lessor such information as may be reasonably
requested by Lessor in order to comply with any request or requirement for information in respect of the Aircraft by any Government
Body;

 

		8.1.5	promptly after Lessee knows that any Lease Default under this Agreement has occurred, Lessee will
provide Lessor with a notice of such Lease Default describing the same in reasonable detail and, together with such notice or as
soon thereafter as possible, a description of the action that Lessee has taken or proposes to take with respect thereto;

 

		8.1.6	at its expense, Lessee shall (i) execute, acknowledge, deliver, file, notarize and register all
such further agreements, instruments, certificates, documents and assurances, and perform such acts, as Lessor shall deem reasonably
necessary or appropriate to effectuate the purposes of this Agreement and the Financing Agreements, (ii) promptly obtain from time
to time and maintain in full force and effect all such governmental licenses, public concessions, authorizations, consents, permits,
exemptions and approvals as may be required in any jurisdiction to enable Lessee to comply with its obligations under this Agreement,
and (iii) promptly provide Lessor with evidence of the foregoing reasonably satisfactory in form and substance to Lessor;

 

    -19- 

     

    

  

		8.1.7	neither Lessee, nor anyone claiming through it or under it, shall set up, claim or seek to take
advantage of any law now or hereafter in force in any jurisdiction where the Aircraft or any portion thereof may be situated in
order to prevent, hinder or delay any effort on the part of Lessor and the Owner or the Loan Trustee to de-register the Aircraft,
regain possession of the Aircraft or any portion thereof, or re-export the Aircraft from any jurisdiction in which the Aircraft
may be located upon the occurrence of any Lease Event of Default, and Lessee, for itself and all who may at any time claim through
or under it, hereby waives, to the fullest extent that it may be lawful so to do, the benefit of all such laws;

 

		8.1.8	Lessee shall provide Lessor, the Owner and the Loan Trustee prompt notice of the commencement of
any and all litigation or arbitral proceedings not covered by Insurances (except for deductibles standard in the airline industry)
and of all proceedings (whether or not covered by Insurances) in any jurisdiction (i) which might adversely affect the Owner's
ownership or other interests in the Aircraft and (ii) which relate to the Aircraft and where the amount involved not covered by
Insurances is in excess of $100,000;

 

		8.1.9	Lessee shall take no action to challenge, question or adversely affect the Owner's ownership of
the Aircraft and the Liens under the Financing Agreements; and

 

		8.1.10	Lessee agrees that it shall not:

 

		(a)	maintain, use or operate the Aircraft or any Part in violation of any airworthiness certificate,
license or registration relating to the Aircraft of or issued by any Government Body or government having jurisdiction over Lessee,
Lessor, Owner or the Aircraft;

 

		(b)	maintain, use or operate the Aircraft in violation of any law or any rule, regulation, order or
directive of or by any government or Government Body having jurisdiction over Lessee, Lessor, Owner or the Aircraft or any government
where the Aircraft is operated, except for minor or nonrecurring violations which are cured promptly that:

 

		(i)	do not involve any material risk of the sale, forfeiture or loss of or damage to the Aircraft or any interest therein;

 

		(ii)	do not involve any material risk of Lessor or any other Indemnified Person being subject to material civil penalties;

 

    -20- 

     

    

 

		(iii)	do not involve any risk of criminal penalties being imposed against or upon Lessor, Lessee or any
Indemnified Person;

 

		(iv)	do not subject Lessee, Owner or Lessor to any fine or penalty of enforcement action which would
cause a Material Adverse Change in the business or operations of Lessee, Owner or Lessor, the operation of the Aircraft or the
rights of Lessor hereunder or of the Owner or any other Secured Party under any other Financing Agreement in the Aircraft; and

 

		(v)	do not involve any material risk to third parties;

 

		(c)	make any alteration in or modification or addition to the Aircraft or any Engine or any Part, remove
any Engine from the Aircraft or any Part from the Aircraft or install on or attach to the Aircraft anything not being part of the
Aircraft on the Delivery Date of the Aircraft unless expressly permitted to do so in accordance with the terms and conditions of
this Agreement and the Head Lease; or

 

		(d)	pledge, or allow to be pledged, the credit of the Owner, the Secured Parties or the Loan Trustee
for any maintenance, service, repairs, overhaul of, or modifications to, or alterations or additions to, the Aircraft, any Engine,
or any Part;

 

provided, however,
that in any event Lessee will not knowingly operate the Aircraft in violation of any applicable safety or maintenance standard,
law, rule, regulation or directive. If any such law, rule, regulation, order or directive requires alteration of the Aircraft,
Lessee will immediately notify Lessor and make the Aircraft available to Lessor for Lessor to conform the Aircraft thereto or obtain
conformance therewith at no expense to Lessee and Lessor will maintain the Aircraft in proper operating condition under such laws,
rules, regulations, orders and directives; provided, further, however, that Lessee may, in good faith, diligently
contest the validity or application of any such law, rule, regulation, order or directive in any reasonable manner which does not
adversely affect the interest of any of the Owner, the Loan Trustee or the Secured Parties or have any material risk of adversely
affecting the Aircraft, the rights of Lessor or the obligations of Lessee under this Agreement, or the rights of the Owner under
the Head Lease or the rights of the Loan Trustee under the Security Documents. Upon the commencement of any such contest, Lessee
shall promptly deliver to Lessor a certificate signed by a duly authorized official or officer of Lessee stating the facts with
respect thereto;

 

		(e)	operate, maintain or repair or permit the operation, maintenance or repair of, the Aircraft for
any purpose for which it is not designed, or for any purpose other than the commercial transport of cargo, passengers and/or the
repatriation of crew members;

 

    -21- 

     

    

 

		(f)	operate, or permit the operation of, the Aircraft outside the areas permitted by the Insurances
required hereby or in any manner which is contrary to the requirements of such Insurances or at any time when any of such Insurances
are not in force, in or through any recognized or threatened areas of hostilities unless covered by war risk and allied perils
Insurances;

 

		(g)	operate, maintain or repair or permit the operation, maintenance or repair of, the Aircraft in
a manner which discriminates against the Aircraft when compared to all other similar aircraft owned, operated or leased by Lessee;
or

 

		(h)	cause or permit to be done by, with, to, about or in connection with the Aircraft, any Engine or
any Part anything in breach of any Applicable Laws, any requirement of a government agency having jurisdiction, any mandatory requirement
of a manufacturer or supplier, any provision of any international convention applicable to Lessee or any provision of any rule
or regulation issued under an international convention applicable to Lessee, if the effect of any of the foregoing may be reasonably
expected to result in its being requisitioned for title or arrested or otherwise to jeopardize Lessor's interest in and to the
Aircraft, the Engines and the Parts (other than by reason of any Permitted Lien).

 

		8.2	Nameplate and Other Markings

 

Lessee shall maintain and keep
at all times, and ensure that the same shall not be painted over, the metal nameplate required under the Head Lease, having dimensions
of not less than five inches by four inches, in the cockpit of the Airframe adjacent to the airworthiness certificate therein
and in a prominent position on each of the Engines bearing the inscription "THIS [AIRFRAME/ENGINE] IS OWNED BY [PARINA LEASING
LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]14,
LEASED TO LATAM AIRLINES GROUP S.A., AND FURTHER LEASED TO TAM LINHAS AÉREAS S.A. AND SUBJECT TO A MORTGAGE IN FAVOUR OF
WILMINGTON TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS LOAN TRUSTEE, AS LOAN TRUSTEE ACTING ON BEHALF OF CERTAIN
SECURED PARTIES" or such other inscription as Lessor or Loan Trustee from time to time may reasonably request (such nameplate
to be affixed within ten (10) days after the Delivery Date or the date of such request, as the case may be). Except as provided
above, Lessee shall not allow the name or other indication of any other Person to be placed on the Airframe or Engines, if such
name or other indication could be interpreted as a claim of ownership or other interest therein; provided, that the Aircraft
and Engines may be marked with the customary name, colours or insignia of Lessee or any manufacturer(s) of the Airframe, Engines
and Parts.

 

 

14 Delete as appropriate

 

    -22- 

     

    

 

		9.	INSURANCE UNDERTAKINGS

 

Lessee shall procure that the
Aircraft is insured in accordance with the provisions of Section 10 (Insurance) of the Head Lease as if such provisions
were incorporated in full in this Agreement. Upon execution of this Agreement, Lessee shall deliver, or cause to be delivered,
to Lessor (with copies to the Owner and the Loan Trustee) a certificate of insurance naming both Lessee, Lessor and Loan Trustee
as insured parties under said policies. Lessee will:

 

		9.1.1	comply with the terms and conditions of each policy of the Insurances and Reinsurances and not
do, consent or agree to any act or omission which:

 

		(a)	invalidates or may invalidate the Insurances or Reinsurances; or

 

		(b)	renders or may render void or voidable the whole or any part of any of the Insurances or Reinsurances; or

 

		(c)	brings any particular liability within the scope of an exclusion or exception to the Insurances or Reinsurances;

 

		9.1.2	not use, operate, or locate the Aircraft or suffer or permit the Aircraft to be used, operated
or located during the Term in any manner which would prejudice the title, rights or interests of the Owner, the Lessor or the Secured
Parties in the Insurances, the Reinsurances, the Aircraft, any Engine or any Part or any Manuals and Technical Records;

 

		9.1.3	not take out without the prior written approval of Lessor any insurance or reinsurance in respect
of the Aircraft other than those arranged by Lessee pursuant to this Agreement unless relating solely to hull total loss, business
interruption, profit commission and deductible risk; and

 

		9.1.4	provide any other insurance and reinsurance related information, or assistance, in respect of the
Insurances or Reinsurances as Lessor or Loan Trustee may reasonably require.

 

		10.	INDEMNITY

 

		10.1	General

 

Lessee agrees to defend, indemnify
and hold harmless Lessor on demand from and against any and all Claims (regardless of when the same are made or incurred, but without
duplication of any indemnity obligations owed by Lessee to the Owner or any other Indemnified Person to the extent paid by Lessee
and received by the Owner or such other Indemnified Person):

 

    -23- 

     

    

 

		10.1.1	which may at any time be suffered or incurred directly or indirectly as a result of or connected
with the possession, delivery, performance, management, ownership, registration, control, maintenance, condition, service, repair,
overhaul, leasing, use, operation or redelivery of the Aircraft, any Engine or Part (either in the air or on the ground), or the
occurrence of any Lease Default, whether or not the Claim may be attributable to any defect in the Aircraft, any Engine or any
Part or to its design, testing or use or otherwise, and regardless of when the same arises or whether it arises out of or is attributable
to any act or omission, negligent or otherwise, of Lessor or the Owner; or

 

		10.1.2	which arise out of any act or omission which invalidates or which renders voidable any of the Insurances
or Reinsurances; or

 

		10.1.3	which may at any time be suffered or incurred as a consequence of any design, article or material
in the Aircraft, any Engine or any Part or its operation or use constituting an infringement of patent, copyright, trademark, design
or other proprietary right, or a breach of any obligation of confidentiality owed to any person in respect of any of the matters
referred to in this Clause 10.1.3; but excluding any Claim in relation to the Owner to the extent that such Claim:

 

		(a)	is covered pursuant to another indemnity provision of this Agreement; or

 

		(b)	arises as a result of the willful misconduct or gross negligence of the Owner as determined by
a final decision of a court of competent jurisdiction; or

 

		(c)	arises as a result of a material breach by Lessor of its representations and warranties contained
in Clause 2.2 (Lessor's Representations and Warranties) or as a result of the failure by Lessor to perform any of its obligations
under the Head Lease (other than as a consequence of a breach by Lessor of its obligations under this Agreement); or

 

		(d)	comprises costs or expenses for which Lessor has expressly agreed to be responsible under any other
provision of this Agreement.

 

		10.2	Duration

 

The indemnities contained in
this Agreement shall continue in full force throughout the Term and shall continue in full force and effect after the expiry or
termination of the Term solely in relation to matters occurring prior to the expiry or termination of the Term.

 

		11.	EVENT OF LOSS

 

Lessee shall comply with the provisions of Section
9 (Loss, Destruction, Requisition, Etc.) of the Head Lease, which shall be deemed to be incorporated herein mutatis mutandis
as if references to "Lessor" be LATAM Airlines Group S.A., as Lessor under this Agreement and references "Lessee"
be TAM Linhas Aereas S.A., as Lessee under this Agreement. The indemnities and agreements provided for in this Clause 11 (Event
of Loss) and Section 9 (Loss, Destruction, Requisition, Etc.) of the Head Lease shall survive the expiration or other
termination of the Term and shall continue in full force and effect but only in relation to matters occurring prior to the expiry
or termination or the Term.

 

    -24- 

     

    

  

		12.	MAINTENANCE CONDITIONS

 

The Lessor and Lessee each agree to perform or cause
to be performed, as applicable, the Maintenance Conditions in respect of the Aircraft.

 

		13.	LEASE EVENT OF DEFAULT

 

		13.1	Rights and Remedies

 

If a Lease Event of Default occurs and is continuing,
Lessor may at its option (and without prejudice to any of its other rights under this Agreement), at any time thereafter:

 

		13.1.1	terminate the Term (but without prejudice to the continuing obligations of Lessee under this Agreement)
whereupon all rights of Lessee under this Agreement shall cease; and/or

 

		13.1.2	proceed by appropriate court action or actions to enforce performance of this Agreement, to turn
over and seek repossession of the Aircraft, and to recover damages for the breach of this Agreement; and/or

 

		13.1.3	require Lessee to redeliver the Aircraft promptly to Lessor or Loan Trustee (or an agent designated
by the Loan Trustee) at the Redelivery Location (under the penalty of characterizing wrongful possession (esbulho possessório)
of the Aircraft by the Lessee), in accordance with article 1210 et. Seq. of the Brazilian Civil Code (or any successor or similar
statute). Lessee agrees that such characterization will be sufficient for Lessor to obtain a court preliminary injunction for immediate
repossession of the Aircraft without Lessee being heard in court, as permitted by article 928 of the Brazilian Code of Civil Procedure;
and/or

 

		13.1.4	if Lessee does not redeliver the Aircraft as provided for in Clause 13.1.3 immediately above or
pursuant to Clause 4.2 (Return of the Aircraft), take possession of the Aircraft, for which purpose Lessor may, subject
to the lex situs, enter any premises belonging to or in the occupation of or under the control of Lessee where the Aircraft
may be located, or cause the Aircraft to be redelivered to Lessor or Loan Trustee at the location specified by Lessor or Loan Trustee,
as applicable, and Lessor is hereby irrevocably by way of security for Lessee's obligations under this Agreement appointed attorney
for Lessee in causing the redelivery or in directing the pilots of Lessee or other pilots to fly the Aircraft to the location specified
by Lessor or the Loan Trustee, as applicable, and will have all the powers and authorizations necessary for taking that action;

 

provided, however, that this Agreement
shall automatically be deemed to have been declared in default and all commitments of Lessor under this Agreement shall automatically
terminate without any notice if any Lease Event of Default pursuant to subsections (f), (g), (h), (i) or (j) of Schedule 2 hereto
occurs.

 

    -25- 

     

    

  

		13.2	Default Indemnity

 

If a Lease Event of Default occurs,
Lessee will indemnify Lessor on demand against any Claims which it may sustain or incur directly or indirectly as a result of such
Lease Event of Default, including (but not limited to):

 

		13.2.1	any amount of principal, interest, fees or other sums whatsoever paid or payable on account of
funds borrowed in order to carry any unpaid amount; and

 

		13.2.2	any Claim sustained or incurred by Lessor owing to Lessee's failure to redeliver the Aircraft on
the date, at the place and in the condition required by this Agreement.

 

		13.3	Repossession of Aircraft

 

If a Lease Event of Default under
this Agreement occurs, Lessor may repossess or otherwise deal with the Aircraft as if this Agreement had never been entered into
and if such Lease Event of Default is also a "lease event of default" pursuant to which the Owner has declared the Head
Lease to be in default in accordance with Section 14 (Remedies) thereof, the Owner or the Loan Trustee may repossess or
otherwise deal with the Aircraft at such time and in such manner and on such terms as the Owner or the Loan Trustee considers appropriate,
free and clear of any interest of Lessee, as if this Agreement had never been entered into.

 

		13.4	Export

 

If a Lease Event of Default occurs,
Lessee will at the request of Lessor immediately take all steps necessary to (i) export the Aircraft from the country where the
Aircraft is for the time being situated, (ii) enable the Aircraft to be redelivered to Lessor (and if such Lease Event of Default
is also an Event of Default, to the Owner or the Loan Trustee) in accordance with this Agreement, (iii) enable the Lessor (or the
Owner or Loan Trustee if such Lease Event of Default is also an Event of Default) to de-register the Aircraft in Brazil. Lessee
hereby irrevocably and by way of security for its obligations under this Agreement appoints (which appointment is coupled with
an interest) Lessor as its attorney to execute and deliver any documentation and to do any act or thing required in connection
with the foregoing.

 

		13.5	Unilateral Termination

 

		13.5.1	Without prejudice to the Lessor's other remedies under this Agreement, the Lessee agrees that the
occurrence of a Lease Event of Default shall entitle the Lessor to automatically and unilaterally terminate this Agreement (de
pleno direito) without requirement of any notice or judicial interpellation (interpelação) for all legal
purposes. The intent of the parties is that this Clause 13.5 (Unilateral Termination) constitutes and shall be interpreted
as an express resolutory condition (condição resolutória expressa) as that term is known in Brazil.

 

    -26- 

     

    

  

		13.5.2	Lessee acknowledges and agrees that (a) the punctual receipt of Rents and other amounts from Lessee
under this Agreement is of vital importance to Lessor’s existence and indispensable for its financial and economic healthiness;
and (b) the occurrence of a Lease Event of Default will adversely affect Lessor’s ability to honour its own obligations owed
to third parties and, accordingly, Lessee understands and expressly agrees that, upon the occurrence of a Lease Event of Default,
the Aircraft shall be immediately returned to the Lessor under the terms of this Clause 13 (Lease Event of Default) (even
taking into consideration that the Aircraft is operated in regular transportation, that is, pre-scheduled flights) so that the
Lessor may re-lease the Aircraft and mitigate Lessor’s losses and damages. For the sake of clarity, the will of the parties
is to make clear that on the specific case of this Agreement and the respective negotiations between the Lessor and the Lessee,
the Rent has been mutually calculated under the assumption that the Aircraft will be immediately returned to the Lessor upon the
occurrence of a Lease Event of Default. Therefore, Lessor and Lessee expressly agree that upon the occurrence of a Lease Event
of Default the Aircraft shall be returned to the Lessor despite the fact that the Aircraft is used in Lessee’s commercial
activity.

 

		14.	ABSOLUTE OBLIGATIONS

 

		14.1.1	This Agreement is a net lease, and, except as may otherwise be expressly provided herein or in
the Financing Agreements, it is intended that Lessee shall pay or cause to be paid all costs, charges, fees, assessments, expenses,
withholdings and 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 the Aircraft (and
Lessee does hereby waive any defense based on Section 129,I of the Brazilian Aeronautical Code), including, without limitation,
the costs, expenses and taxes and similar levies set forth in this 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 whatsoever, including, without limitation, (i) any setoff, counterclaim, recoupment, defense, or other right which Lessee
may have against Lessor, Owner, the Secured Parties, the Manufacturer, the Engine Manufacturer or any Person providing services
with respect to the Aircraft, or any other Person, for any reason whatsoever (whether in connection with the transactions contemplated
hereby or otherwise), including, without limitation, any breach by Lessor or any other Person of its warranties contained herein
or in the Financing Agreements; (ii) any defect in the title, airworthiness, eligibility of registration under the Act or any other
Applicable Law, condition, design, operation, or fitness for use of, or any damage to or loss or destruction of, the Aircraft (subject
to the provisions of Clause 11 (Event of Loss) 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
Manufacturer, the Engine Manufacturer or any other Person; (iii) any Lien with respect to the Aircraft; (iv) the invalidity or
unenforceability or lack of due authorization or other infirmity of this Agreement or any absence of right, power or authority
of any Person to enter into any Financing Agreement; (v) any Taxes; (vi) any change, waiver, extension, indulgence or liability
or other act or omission in respect of any liability or obligation of Lessor, Owner, any Secured Party or the Loan Trustee; (vii)
any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating
to Lessee, Lessor, Owner or the Loan Trustee or any disaffirmance, rejection or other action taken with respect to this Agreement
or any Financing Agreement or any other Person, or by any court, in any such proceeding; or (viii) 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 Agreement or the Financing Agreements.

 

    -27- 

     

    

  

		14.1.2	This Agreement shall not, except as expressly set forth herein, be cancellable by Lessee and, except
as expressly set forth elsewhere in this Agreement, 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 Agreement or the Aircraft or any obligation imposed upon Lessee hereunder or under the Financing Agreements (including,
without limitation, payment of Rent), except in accordance with the terms hereof and thereof.

 

		14.1.3	If for any reason whatsoever this Agreement shall be terminated in whole or in part by operation
of Applicable Laws, except as specifically provided herein, Lessee, if and to the extent that Lessee retains the use and possession
of the Aircraft, nonetheless agrees to pay to Lessor an amount equal to each Rent payment at the time such payments would have
become due and payable in accordance with the terms hereof and the Financing Agreements had this Agreement 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 Agreement to remain in full force and effect.

 

		14.1.4	Nothing contained in this Agreement shall be construed as a waiver of Lessee's right to seek any
claim against Lessor or any other Person arising out of the transactions contemplated by the Financing Agreement in a separate
proceeding.

 

    -28- 

     

    

 

		15.	MISCELLANEOUS

 

		15.1	Waivers, Remedies Cumulative

 

The rights of Lessee and Lessor
under this Agreement may be exercised as often as necessary, are cumulative and not exclusive of their rights under any Applicable
Law; and may be waived only in writing and specifically. Delay by Lessee or Lessor in exercising, or not exercising, any such right
will not constitute a waiver of that right.

 

		15.2	Severability

 

If a provision of this Agreement
is or becomes illegal, invalid or unenforceable in any jurisdiction, that will not affect:

 

		15.2.1	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or

 

		15.2.2	the legality, validity or enforceability in any other jurisdiction of that or any other provision of this Agreement.

 

		15.3	Remedy

 

If Lessee fails to comply with
any provision of this Agreement, Lessor may, without being in any way obliged to do so or responsible for so doing and without
prejudice to the ability of Lessor to treat such non-compliance as a Lease Default until such time, if any, as such Lease Default
is cured, effect compliance on behalf of Lessee.

 

		15.4	Time of Essence

 

The time stipulated in this
Agreement for all payments payable by either party hereunder and the prompt, punctual performance of each party's other obligations
under this Agreement are of the essence of this Agreement.

 

		15.5	Notices

 

All notices, consents and other
communications provided for herein or under or in connection with (including any modifications of, or waivers or consents under,
this Agreement) this Agreement shall be in writing, in English, and shall be given or made by fax or in writing, and faxed, mailed
or delivered to Lessor, Owner or the Loan Trustee, as applicable, and shall be given in accordance with Section 17 (Notices)
of the Participation Agreement; or, as to any party, at such other address as shall be designated by such party in a notice to
each other party hereto. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly
given when transmitted by fax (provided such transmission by fax is in legible form and is accompanied by or generates a simultaneous
confirmation of transmission), personally delivered, or, in the case of a mailed notice, upon receipt, in each case given or addressed
as aforesaid. All notices, consents and other communications hereunder to be given to Lessor, Lessee, Owner or Loan Trustee, as
applicable, shall be given to it at its address and contact numbers as follows:

 

    -29- 

     

    

  

Lessor:

 

LATAM Airlines Group S.A.

Edificio
Huidobro

Avda. Presidente Riesco 5711

Piso 20

Las Condes, Santiago

Chile

 

	Attention:	General Counsel/Corporate Finance Director 	 
	Telephone:	+ 56 2 565 3952	 
	Fax:	+ 56 2 565 8764	 

 

With a copy by e-mail to:

GrupoTesoreriaPagosChile_2@lanchile.com

(it being agreed that such electronic
notification shall not constitute notice under this Clause 15.5 (Notices))

 

Lessee:

 

TAM Linhas Aéreas S.A.

Avenida Jurandir,
856

Lote 4, 2o Andar

Jardim Ceci

CEP 04072-000

São Paulo, SP

Brasil

 

	Attention:	Felipe Campos, Director of International Contracts 	 
	Telephone:	+55 11 5582-8359	 
	Fax:	+55 11 5581 9167	 

 

Owner:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo
Leasing

Limited/Canastero Leasing Limited]15

c/o MaplesFS Limited

PO Box 1093

Queensgate House

George Town

Grand Cayman

 

 

15 Delete as appropriate

 

    -30- 

     

    

 

KY1-1102

Cayman Islands

 

Attention: Wanda Ebanks

Facsimile: +1 345 949 8080

 

With a copy to the Loan Trustee

 

Loan Trustee:

 

Wilmington Trust Company

1100 North Market Street

Wilmington

DE 19890-1605

Telephone: +1 302 636 6000

 

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

 

(it being agreed that electronic notification shall
not constitute notice under this Clause 15.5 (Notices)).

 

		15.6	Governing Law and Jurisdiction

 

		15.6.1	THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK, UNITED STATES.

 

    -31- 

     

    

  

		15.6.2	Any suit, action or proceeding against any of the parties hereto with respect to this Agreement
or any judgment entered by any court in respect thereof may be brought in the Tribunales de Primera Instancia dependientes de
la Corte de Apelaciones de Santiago, the courts of the state of São Paulo, Brazil or in the Supreme Court of the State
of New York, County of New York or in the United States of America 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 hereby agrees that service of all writs, process
and summonses in any such suit, action or proceeding brought in the aforesaid courts in New York, Chile and Brazil may be made
upon its Process Agent, and Lessee and Lessor hereby irrevocably appoints its respective Process Agent as its true and lawful attorney-in-fact
in its name, place and stead to accept such service of any and all such writs, process and summonses, and agrees that the failure
of its Process Agent to give any notice of any such service of process to it shall not impair or affect the validity of such service
or of any judgment based thereon. Each of Lessee and Lessor hereby agrees to pay to its respective Process Agent such compensation
as shall be agreed upon from time to time by it and its respective Process Agent for the Process Agent's services hereunder. Each
of Lessee and Lessor hereby agrees that its respective submission to jurisdiction and its designation of its respective Process
Agent is made for the express benefit of the Secured Parties, Owner and the Loan Trustee and their respective successors, subrogees,
and assigns. Each of Lessee and Lessor hereby agrees that it will at all times continuously maintain a process agent to receive
service of process in the City, County and State of New York, Chile and in Brazil on behalf of itself and its properties with respect
to this Agreement, and in the event that, for any reason, the process agent named pursuant to this Clause 15.6.2 shall no longer
serve as process agent to receive service of process on Lessee's or Lessor's behalf, as the case may be, Lessee or Lessor shall
promptly appoint a successor Process Agent. Each party hereby irrevocably further consents to the service of process in any suit,
action or proceeding in the aforesaid courts in New York by the mailing thereof by either party hereto by registered or certified
mail, postage prepaid, or, if in the courts of Chile by service in the manner acceptable under the Law of Chile, or, if in the
courts of Brazil, by service in the manner acceptable under the laws of Brazil, to Lessor and to Lessee at the applicable address
specified in Clause 15.5 (Notices) above. 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 Agreement brought in any of the
aforesaid courts in New York, Brazil or Chile and hereby further irrevocably waives any claim that any such suit, action or proceeding
has been brought in an inconvenient forum.

 

		15.6.3	Lessee and Lessor each:

 

		(a)	waives to the fullest extent permitted by Applicable Laws any objection which Lessee or Lessor
(as the case may be) may now or hereafter have to the courts referred to in this Clause on grounds of inconvenient forum or otherwise
as regards proceedings in connection with this Agreement;

 

		(b)	waives to the fullest extent permitted by Applicable Laws any objection which Lessee or Lessor
(as the case may be) may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement brought in the courts referred to in this Clause; and

 

		(c)	agrees that a judgment or order of any court referred to in this Clause in connection with this
Agreement is conclusive and binding on it and may be enforced against it in the courts of any other jurisdiction.

 

		15.6.4	Nothing in this Clause 15.6 (Governing Law and Jurisdiction) limits the right of either
party to bring proceedings against the other in connection with this Agreement in any other court of competent jurisdiction where
the Aircraft is physically present. The Lessee expressly recognizes and consents that in any action or proceeding brought against
the Lessee in the courts of Brazil, the Lessor, Owner and Loan Trustee shall each be entitled to any rights and remedies provided
by the laws of Brazil, and the Lessee hereby irrevocably waives each of the following rights: (i) to request the Lessor, the Owner
and/or the Loan Trustee to post a judicial bond, and (ii) to introduce without cause a recusation of the court or of any judge
of the court where such action or proceeding was brought.

 

    -32- 

     

    

 

 

		15.6.5	Each party irrevocably and unconditionally:

 

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

 

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

 

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

 

		15.7	Sole and Entire Agreement

 

This Agreement is the sole and
entire agreement between Lessee and Lessor in relation to the lease of the Aircraft, and supersedes all previous agreements in
relation to such lease. Any amendments to this Agreement must be made in writing and signed on behalf of the Lessor and the Lessee
and, with respect to Sections 4.1.3, 4.1.4, 4.1.9, 4.1.10, 4.4, 4.5.5, 13.3, 18 and 19, or any other term hereof that is expressly
stated to be for the benefit of the Loan Trustee, the Loan Trustee.

 

		15.8	Counterparts

 

This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

		15.9	Law No. 11.101 (as amended by Law No. 11.196)

 

The Lessee and the Lessor
acknowledge and agree that (i) Lessor may exercise any and all remedies under this Agreement at any time, including, without
limitation, repossession rights, regardless of any request by Lessee for judicial or out-of-court reorganization and/or the
approval by Brazilian courts of any reorganization plan and/or the declaration of Lessee's bankruptcy pursuant to Article
199, First and Second Paragraphs of Law No. 11.101 of February 9, 2005, as amended; and (ii) any and all credits or amounts
payable by Lessee under this Agreement shall not be subject to or impacted by any reorganization applied for by Lessee
pursuant to Articles 199, Second Paragraph, and 49, Third Paragraph of Law No. 11.101 of February 9, 2005, as amended.

 

    -33- 

     

    

  

		15.10	Third Party Beneficiary

 

The Lessee and the Lessor acknowledge
and agree that the Loan Trustee shall be an express third party beneficiary of the provisions of this Agreement expressed to be
for its benefit.

 

		16.	DISCLAIMERS AND WAIVERS

 

LESSOR AND LESSEE AGREE THAT THE
DISCLAIMERS, WAIVERS AND CONFIRMATIONS SET FORTH IN CLAUSES 16.1 (EXCLUSION) TO 16.3 (CONFIRMATION) BELOW SHALL APPLY
AT ALL TIMES DURING THE TERM WITH EFFECT FROM LESSEE'S ACCEPTANCE OF THE AIRCRAFT PURSUANT TO ITS EXECUTION OF AN AIRCRAFT ACCEPTANCE
CERTIFICATE IN ACCORDANCE WITH CLAUSE 4.1.2 (ACCEPTANCE), WHICH SHALL BE CONCLUSIVE EVIDENCE THAT LESSEE HAS FULLY INSPECTED
THE AIRCRAFT AND EVERY PART THEREOF AND THAT THE AIRCRAFT, THE ENGINES, THE PARTS AND THE MANUALS AND TECHNICAL RECORDS ARE TECHNICALLY
ACCEPTABLE TO LESSEE AND ARE IN SUITABLE CONDITION FOR DELIVERY TO AND ACCEPTANCE BY LESSEE.

 

		16.1	Exclusion

 

THE AIRCRAFT IS TO BE LEASED AND
DELIVERED HEREUNDER "AS IS, WHERE IS", AND LESSEE AGREES AND ACKNOWLEDGES THAT, SAVE AS EXPRESSLY STATED IN THIS AGREEMENT:

 

		16.1.1	NEITHER LESSOR NOR ANY INDEMNIFIED PERSON WILL HAVE ANY LIABILITY IN RELATION TO, AND LESSOR HAS
NOT AND WILL NOT BE DEEMED TO HAVE MADE OR GIVEN (WHETHER BY VIRTUE OF HAVING DONE OR FAILED TO DO ANY ACT, OR HAVING ACQUIRED
OR FAILED TO ACQUIRE ANY STATUS UNDER OR IN RELATION TO THIS AGREEMENT OR OTHERWISE), ANY CONDITIONS, WARRANTIES OR REPRESENTATIONS,
EXPRESS OR IMPLIED, WITH RESPECT TO, THE AIRCRAFT OR ANY ENGINE OR PART, INCLUDING (BUT NOT LIMITED TO) THE DESCRIPTION, AIRWORTHINESS,
COMPLIANCE WITH SPECIFICATIONS, OPERATION, MERCHANTABILITY, FREEDOM FROM INFRINGEMENT OF PATENT OR OTHER PROPRIETARY RIGHTS, FITNESS
FOR ANY PARTICULAR USE OR PURPOSE, VALUE, DURABILITY, CONDITION, OR DESIGN, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP,
THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, OR AS TO ANY OTHER MATTER WHATSOEVER, EXPRESS OR IMPLIED (INCLUDING
ANY IMPLIED WARRANTY ARISING FROM A COURSE OF PERFORMANCE OR DEALING OR USAGE OF TRADE) WITH RESPECT TO THE AIRCRAFT, ANY ENGINE
OR ANY PART; AND

 

    -34- 

     

    

  

		16.1.2	NEITHER LESSOR NOR ANY INDEMNIFIED PERSON SHALL HAVE ANY OBLIGATION OR LIABILITY WHATSOEVER TO
LESSEE (WHETHER ARISING IN CONTRACT OR IN TORT, AND WHETHER ARISING BY REFERENCE TO NEGLIGENCE OR STRICT LIABILITY OF LESSOR OR
OTHERWISE) FOR:

 

		(a)	ANY LIABILITY, LOSS OR DAMAGE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY OR INDIRECTLY BY THE AIRCRAFT
OR ANY ENGINE OR BY ANY INADEQUACY THEREOF OR DEFICIENCY OR DEFECT THEREIN OR BY ANY OTHER CIRCUMSTANCE IN CONNECTION THEREWITH;

 

		(b)	THE USE, OPERATION OR PERFORMANCE OF THE AIRCRAFT OR ANY RISKS RELATING THERETO;

 

		(c)	ANY INTERRUPTION OF SERVICE, LOSS OF BUSINESS OR ANTICIPATED PROFITS OR ANY OTHER DIRECT, INDIRECT
OR CONSEQUENTIAL LOSS OR DAMAGE; OR

 

		(d)	THE DELIVERY, OPERATION, SERVICING, MAINTENANCE, REPAIR, IMPROVEMENT OR REPLACEMENT OF THE AIRCRAFT,
ANY ENGINE OR ANY PART.

 

		16.2	Waiver

 

LESSEE HEREBY WAIVES, AS BETWEEN
ITSELF AND LESSOR, ALL ITS RIGHTS IN RESPECT OF ANY CONDITION, WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, ON THE PART OF LESSOR
AND ALL CLAIMS AGAINST LESSOR HOWSOEVER AND WHENEVER ARISING AT ANY TIME IN RESPECT OF OR OUT OF ANY OF THE MATTERS REFERRED TO
IN CLAUSE 16.1 (EXCLUSION) (BUT WITHOUT PREJUDICE TO LESSEE'S RIGHTS IN RESPECT OF ANY EXPRESS COVENANT OR REPRESENTATION
BY LESSOR IN THIS AGREEMENT).

 

		16.3	Confirmation

 

LESSEE CONFIRMS THAT IT IS
FULLY AWARE OF THE PROVISIONS OF THIS CLAUSE 16 (DISCLAIMERS AND WAIVERS) AND ACKNOWLEDGES THAT THE RENT AND OTHER AMOUNTS
HAVE BEEN CALCULATED BASED ON ITS PROVISIONS.

 

    -35- 

     

    

 

		17.	BROKERS AND OTHER THIRD PARTIES

 

		17.1	No Brokers

 

Each of the parties hereby
represents and warrants to the other that it has not paid, agreed to pay or caused to be paid directly or indirectly in any form,
any commission, percentage, contingent fee, brokerage or other similar payments of any kind, in connection with the establishment
or operation of this Agreement, to any Person.

 

		17.2	Indemnity

 

Each party agrees to indemnify
and hold the other harmless from and against any and all claims, suits, damages, costs and expenses (including, but not limited
to, reasonable attorneys' fees) asserted by any agent, broker or other third party for any commission or compensation of any nature
whatsoever based upon this Agreement or the Aircraft, if such claim, suit, damage, cost or expense arises out of any breach by
the indemnifying party, its employees or agents of Clause 17.1 (No Brokers).

 

		18.	SUBORDINATION

 

LESSEE HEREBY EXPRESSLY ACKNOWLEDGES
AND AGREES THAT THIS AGREEMENT AND THE RIGHTS OF LESSEE UNDER THIS AGREEMENT AND TO THE USE OF THE AIRCRAFT AS PROVIDED FOR HEREUNDER
ARE SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE HEAD LEASE AND THE SECURITY DOCUMENTS AND THE RIGHTS AND INTERESTS OF THE OWNER
AND THE SECURED PARTIES IN, TO AND UNDER THE HEAD LEASE, THE SECURITY DOCUMENTS AND THE OTHER FINANCING AGREEMENTS AND THAT LESSEE
WILL NOT INTERFERE WITH ANY RIGHTS TO REPOSSESSION UNDER THE HEAD LEASE.

 

It is acknowledged and agreed
between the Lessor and the Lessee that so long as any Event of Default under the Head Lease has occurred and is continuing, all
rights of the Lessor hereunder shall be exercisable by the Loan Trustee to the exclusion of the Lessor, and all protections granted
to the Lessor hereunder relating to the exercise of such rights shall be available and applicable to the Loan Trustee in exercising
such rights in the place of the Lessor.

 

		19.	FURTHER ASSURANCES

 

Lessor and Lessee will, at
the cost and expense of Lessor and Lessee, promptly execute and deliver all further instruments and documents and take all further
action that may be necessary in order to give effect to the provisions of this Agreement, the Head Lease and the other Financing
Agreements.

 

    -36- 

     

    

 

		20.	POSSESSION

 

		20.1.1	Except in the terms permitted by the Head Lease other than Section 7(e)(v) of the Head Lease, which
shall not apply to the Lessee hereunder, the Lessee shall not, without the prior written consent of Lessor, Owner and the Loan
Trustee, sublease (whether directly, under a Dry Lease, Wet Lease or Charter) or otherwise in any manner deliver, transfer or relinquish
possession of the Airframe or any Engine or any Part to any Person or firm or install any Engine, or permit any Engine to be installed,
on any airframe other than the Airframe (it being agreed, for the avoidance of doubt, that charter operations of the Aircraft that
are not for the provision of a charter by another air carrier shall not be restricted by the terms of this Clause 20 (Possession)),
provided, that the rights of any transferee who receives possession by reason of a transfer permitted by this Clause 20
(Possession) (other than the transfer of an Engine which is deemed an Event of Loss) SHALL BE SUBJECT AND SUBORDINATE TO,
AND ANY TRANSFER PERMITTED BY THIS CLAUSE 20 (POSSESSION) SHALL BE MADE EXPRESSLY SUBJECT AND SUBORDINATE TO, ALL THE TERMS
OF THIS AGREEMENT, THE HEAD LEASE AND THE SECURITY DOCUMENTS, including, without limitation, Lessor's and Owner's respective rights
to repossession pursuant to Clause 13.1 (Rights and Remedies) hereof (in relation to Lessor) and Section 14 (Remedies)
of the Head Lease (in relation to Owner) and to terminate and avoid such sublease upon such repossession and to require such sublessee
to forthwith deliver the Airframe and/or any Engine subject to such sublease upon repossession, and Lessee shall remain primarily
liable hereunder for the performance of all of the terms of this Agreement to the same extent as if such sublease or transfer had
not occurred and that any such sublease shall include appropriate provisions for the maintenance and insurance of the Aircraft
subleased thereby at least as beneficial to Lessor as the provisions hereof, and such sublease shall contain provisions comparable
to those set forth in Section 9 (Loss, Destruction, Requisition, Etc.) and Section 10 (Insurance) of the Head Lease
and Lessor shall be provided with certificates by each sublessee and confirmations in accordance with Section 10(e) (Certificates)
of the Head Lease. Lessee shall take appropriate measures to ensure that each transferee or sublessee under any of the foregoing
provisions is aware of, and does not cause any breach of, any obligation of Lessee hereunder.

 

		20.1.2	No pooling agreement, sublease or other relinquishment of possession of any Airframe or any Engine
or any Part shall affect in any way the registration of the Aircraft, discharge or diminish any of Lessee's obligations hereunder
or under any of the other Financing Agreements or constitute a waiver of Lessor's rights or remedies or those in favour of the
Owner and the Secured Parties hereunder or under any of the other Financing Agreements;

 

    -37- 

     

    

  

		20.1.3	Lessor agrees, for the benefit of Lessee and for the benefit of any mortgagee or other holder of
a security interest in any engine (other than an Engine) owned by Lessee, any lessor of any engine (other than an Engine) leased
to Lessee and any conditional vendor of any engine (other than an Engine) purchased by 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 Lessor, nor Owner, nor their respective successors or assigns will acquire or claim, as against Lessee or any such mortgagee,
lessor or conditional vendor or other holder of a security interest or any successor or assignee of any thereof, any right, title
or interest in such engine as the result of such engine being installed on the Airframe; provided, however, that
such agreement of Lessor shall not be for the benefit of any lessor of or secured party in respect of any airframe (other than
the Airframe) leased to Lessee or purchased by 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 Lessee, unless such lessor, conditional
vendor, other secured party or mortgagee has expressly agreed (which agreement may be contained in such lease, conditional sale
or other security agreement or mortgage) that neither it nor its successors or assigns will acquire, as against Lessor or Owner,
any right, title or interest in an Engine as a result of such Engine being installed on such airframe.

 

		20.1.4	Lessee acknowledges that throughout the Term it will exercise solely the direct possession (“posse
direta” or “posse precária” as the term is known under Brazilian law) of the Aircraft, and
that Owner shall keep the ownership and indirect possession (“posse indireta”) thereof.

 

		21.	OBLIGATIONS TO BE PERFORMED IN BRAZIL AND UNDER THE CAPE TOWN CONVENTION

 

		21.1	Certain Obligations

 

For the purposes of Section 585,
§2nd of the Brazilian Code of Civil Procedure, Lessor and Lessee recognize that this
Agreement was legally and validly executed and delivered pursuant to its governing law and that certain obligations set forth in
this Agreement are to be performed in or from Brazil. Lessor and Lessee further recognize and accept that this Agreement is subject
to Cape Town Convention.

 

		21.2	Cape Town Convention

 

		21.2.1	As an essential condition for entering into this Agreement, Lessor and Lessee agree that this Agreement
shall be interpreted, construed and executed under and in accordance with the terms of the Cape Town Convention. Lessee agrees
to comply in full with Cape Town Convention.

 

    -38- 

     

    

  

		21.2.2	At Lessee's cost, the Lessee shall do and join with Lessor in doing all such acts as may be necessary
to perfect recognition of Owner’s title and interest in, and the interest of Lessor and the Secured Parties in, the Aircraft
in accordance with the Cape Town Convention. The Lessee hereby irrevocably consents to Lessor’s registering the international
interest constituted by this Agreement, the Head Lease as well as any Security Document in the Airframe and each Engine, if applicable,
under the Cape Town Convention, in the order of priority as set forth in the Participation Agreement. Lessee hereby agrees to (i)
register as a "transacting user entity" with the International Registry and (ii) to execute, deliver and file the IDERA
with the appropriate Government Body in the Lease Jurisdiction. Lessee shall apply for such authorizing entry point access code
not later than five Business Days prior to the scheduled Delivery Date.

 

		21.2.3	The parties hereto agree that the International Interests in respect of the Airframe and each Engine
shall be filed with the International Registry in accordance with Section 3.01(u)(i) of the Participation Agreement.

 

[Signatures on following page.]

 

    -39- 

     

    

 

[SIGNATURE
PAGE TO THE AIRCRAFT LEASE AGREEMENT BETWEEN LATAM AIRLINES GROUP S.A. AND TAM LINHAS AÉREAS S.A. DATED [·]
IN RESPECT OF AIRCRAFT MSN [·]]

 

IN WITNESS whereof the
parties hereto have executed this Agreement on the date shown at the beginning of this Agreement.

 

Lessor

 

LATAM AIRLINES GROUP S.A.

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    -40- 

     

    

 

[SIGNATURE
PAGE TO THE AIRCRAFT LEASE AGREEMENT BETWEEN LATAM AIRLINES GROUP S.A. AND TAM LINHAS AÉREAS S.A. DATED [·]
IN RESPECT OF AIRCRAFT MSN [·]]

 

Lessee

 

TAM LINHAS AÉREAS S.A.

 

	By:	 	 
		Name:	 
		Title:	 
	 	 	 
	By:	 	 
		Name:	 
		Title:	 

 

Witnesses:

 

	 	 
	Name:	 
	ID:	 
	 	 
	 	 
	Name:	 
	ID:	 

 

    -41- 

     

    

 

SCHEDULE 1

CONDITIONS PRECEDENT

 

The effectiveness of, and the obligations contemplated
to be performed under, this Agreement are subject to the condition that on or prior to the Delivery Date:

 

		(a)	Lessee shall deliver to Lessor, the Owner and the Loan Trustee in a form and content reasonably acceptable to Lessor:

 

		(i)	a certificate which has been signed by a duly authorized officer of Lessee, (A) confirming (1)
that the representations and warranties made by the Lessee in this Agreement are true and correct, (2) that no Default shall have
occurred and be continuing in relation to this Agreement, and (3) that no action or proceeding or governmental action has been
instituted or threatened, or any order, judgment or decree issued, to set aside, restrain, enjoin or prevent the completion and
consummation of the transactions contemplated by this Agreement or any other agreements or documents relating thereto; and (B)
attaching thereto and certifying as true and correct (1) a copy of the constitutive documents and the Bylaws (including, among
others, the "estatuto social consolidado"), and the minutes of the board of directors' of Lessee approving this
transaction, (2) a copy of the power of attorney of Lessee's specific officers, duly authorized to execute, deliver and perform,
on behalf of Lessee, this Agreement and such other agreements and documents relating thereto, and (3) a list of the names and titles,
and specimen of the signatures, of the person(s) authorized on behalf of Lessee to sign, make, perform and execute this Agreement
and such other agreements and documents relating thereto;

 

		(ii)	the Aircraft Acceptance Certificate in the form of Exhibit B to this Agreement; and

 

		(iii)	a Deregistration Power of Attorney in favour of the Loan Trustee in the form of Exhibit C to this
Agreement;

 

		(b)	Lessor shall have received all sums currently due to Lessor by Lessee under this Agreement or otherwise, if any; and

 

		(c)	Lessor shall deliver or cause to be delivered to the Owner and the Loan Trustee:

 

		(i)	(1) a written opinion of counsel in Chile, (2) a written opinion of counsel in New York and (3)
a written opinion of counsel in the Lease Jurisdiction, in each case in form and substance satisfactory to the Loan Trustee and
including, without limitation, confirmation that:

 

		(A)	all steps necessary to protect the rights, title and interests of Lessor, the Owner and the Secured
Parties under the Financing Agreements have been taken or will be taken, including, without limitation, the filing and recording
of the Lease and such other documents (including, without limitation, the other Security Documents) as may be reasonably required
in order to perfect all of the Liens of the Security Documents in Chile, the United States and the Lease Jurisdiction and where
the Aircraft will be based, and

 

    -42- 

     

    

  

		(B)	no bankruptcy, insolvency, moratorium, suspension of payments, reorganization, or other like proceeding,
initiated by or affecting Lessor or Lessee will affect the rights of Lessor, the Owner, or any Person claiming through Lessor or
the Owner to repossess the Aircraft as a result thereof, upon termination of this Agreement (as a result of any Event of Default
or otherwise) or the Head Lease.

 

		(ii)	an executed counterpart of this Agreement;

 

		(iii)	Letters of appointment by Lessor and Lessee of their respective Process Agents and the respective
Process Agents' signed acceptance of such appointment;

 

		(iv)	evidence of the issue of each approval, license and consent which may be required in relation to,
or in connection with the performance by Lessee of any of its obligations under this Agreement;

 

		(v)	evidence that on the Delivery Date all filings, registrations, recordings and other actions have
been or will be taken which are necessary or advisable to ensure the validity, effectiveness and enforceability of this Agreement
and that all steps necessary in (i) the jurisdiction where the Owner is located, (ii) if different, the jurisdiction where the
Aircraft is located, (iii) if different, the jurisdiction where Lessor is located and (iv) if different, the jurisdiction where
Lessee is located, to protect the rights, title and interests of the Owner and the Secured Parties under the Financing Agreements,
have been taken or will be taken, including, without limitation, the filing and recording of this Agreement and such other documents
(including, without limitation, the other Security Documents) as may be required in order to perfect all of the Liens of the Security
Documents in each such jurisdiction;

 

		(vi)	original or copies of certificates of insurance and reinsurance and brokers' undertakings relating
to the Insurances effected by Lessee in compliance with the provisions of Section 10 (Insurance) of the Head Lease and this
Agreement, reflecting that the Insurances required to be maintained will be in full force and effect during the Term;

 

		(vii)	Owner shall have provided to Lessor an Owner's Consent Letter in the form of Exhibit A hereto;

 

		(viii)	evidence that all Pre-Delivery Authorization and Filings have been taken;

 

    -43- 

     

    

  

		(ix)	an executed original of the Subordination Agreement;

 

		(x)	an executed duplicate original of the IDERAs; and

 

		(xi)	priority search certificates identifying the registrations made with the International Registry
with respect to the Airframe and Engines provided in Clause 21.2 (Cape Town Convention) hereof, in the priority set forth
therein and confirming that no other undischarged registrations have been made with respect to the Airframe or Engines.

 

    -44- 

     

    

 

SCHEDULE 2

LEASE 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 Lease Jurisdiction, the United States of America, Chile 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)	Payment: a payment of Rent shall not be made when due in a manner required by this Agreement
and such failure to pay shall continue for a period of three (3) Business Days after the due date thereof; or any other payment
by the Lessee under the terms of this Agreement shall not be made when due and such failure to pay shall continue for a period
of five (5) Business Days after notice of such failure to Lessee; and/or

 

		(b)	Insurance: Lessee fails to comply with any provision of Clause 9 (Insurance Undertakings)
of this Agreement, or any Insurances required to be maintained under this Agreement is cancelled or terminated for any reason whatsoever,
or a notice of cancellation is given in respect of any such Insurances; and/or

 

		(c)	Other Failure to Perform: Lessee shall have failed to perform or observe, in any material
respect (or, in the case of any covenant or agreement already subject to a materiality qualifier, in all respects), any other material
covenant or agreement (i.e., other than those covered by the preceding Clauses (a) or (b) of this Schedule 2) to be performed
or observed by it hereunder or under any other Financing Agreement to which it is a party, and such failure materially adversely
affects the rights and interests of Lessor or Owner and is unremediable, or if remediable and Lessee is diligently proceeding to
remedy such failure, shall continue unremedied for a period of thirty (30) days after notice thereof has been given by Lessor,
Owner or the Loan Trustee to Lessee; and/or

 

		(d)	Representations and Warranties: Any material representation or warranty of Lessee or in
any document or certificate furnished by Lessee in connection therewith or pursuant thereto shall be untrue, inaccurate or misleading
in any material respect (or, in the case of any representation or warranty already subject to a materiality qualifier, in all respects)
and such misrepresentation or breach of warranty materially adversely affects rights and interests of Lessor, Owner or the Secured
Parties and, if remediable and Lessee, is diligently proceeding to remedy such misrepresentation or breach (and so long as there
is no material risk of the sale, forfeiture or loss of the Aircraft or any interest therein), shall continue unremedied for a period
of thirty (30) days after notice thereof has been given by Lessor to Lessee; and/or

 

    -45- 

     

    

  

		(e)	Governmental Approvals: Any license, consent, approval or authorization of, or any filing
or registration with, any governmental authority or agency necessary for the performance by Lessee of its obligations under this
Agreement or any other Financing Agreement or in connection herewith or therewith shall be revoked, not applied for or not issued
or shall cease to remain in full force or shall be modified, in each such case in a manner which would materially adversely affect
the rights and remedies of Lessor hereunder or of Owner under the Head Lease or of the Loan Trustee under the Loan Documents and
the situation remains unremedied for thirty (30) days; provided, however, that there shall be no such remedial period
of thirty (30) days with respect to the air carrier license under Chile or the Lease Jurisdiction of Lessor or Lessee, respectively;
and/or

 

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

 

		(g)	Voluntary Insolvency Proceeding: Lessee shall file a voluntary petition or commence a case
in bankruptcy or a voluntary petition or an answer seeking reorganization in a proceeding under any bankruptcy or insolvency or
similar laws as now or hereafter in effect (including in connection with "falência", “recuperação
extrajudicial” or "recuperação judicial" under Brazilian law) or an answer admitting the
material allegations of a petition filed against Lessee in any such proceedings, or Lessee shall by voluntary petition, answer
or consent to or seek relief under the provisions of any other now existing or future bankruptcy, insolvency, concurso mercantil,
reorganization or other similar law providing for the reorganization or winding-up of corporations, or providing for an agreement,
composition, extension or adjustment with its creditors; and/or

 

		(h)	Involuntary Appointment of Receiver: an order, judgment or decree shall be entered in any
proceeding by any court of competent jurisdiction appointing, without the consent of Lessee, a conciliator, intervenor, visitor,
syndic, receiver, trustee, custodian or liquidator of Lessee or of any substantial part of its property, or sequestering any substantial
part of the property of Lessee, and any such order, judgment or decree of appointment or sequestration shall remain in force undismissed,
unstayed or unvacated for a period of sixty (60) days (or remain unappealed and not fully secured by judicial deposits made into
the competent court for a period of sixty (60) days or such applicable shorter period for appeal as provided for under Brazilian
law in the case of a proceeding in the Lease Jurisdiction) after the date of entry thereof; provided, that Lessee shall
promptly provide Lessor and Owner with reasonable evidence to show that such order, judgment or decree was made without any merit
and Lessee is diligently contesting and taking all actions required to dismiss, stay or vacate such order, judgment or decree;
and/or

 

    -46- 

     

    

 

		(i)	Involuntary Insolvency Proceeding: a petition against Lessee in a proceeding under any bankruptcy
laws or other insolvency or similar laws (including in connection with "falência", “recuperação
extrajudicial” or "recuperação judicial" under Brazilian law) as now or hereafter in effect
shall be filed and shall not be withdrawn or dismissed or fully secured by cash deposits made into the competent court within sixty
(60) days thereafter or such shorter period as provided for under Brazilian law in case of proceedings taking place in Brazil (provided
that Lessee shall promptly provide Owner with reasonable evidence to show that such petition was made without any merit and
Lessee is diligently contesting and taking all actions required to dismiss such petition), or if, under the provisions of any law
providing for reorganization or winding-up of corporations which may apply to Lessee, any court of competent jurisdiction shall
assume jurisdiction, custody or control of Lessee or of any substantial part of its property or the Aircraft and such jurisdiction,
custody or control shall remain in force unrelinquished, unstayed or unterminated for a period of sixty (60) days or such shorter
period as provided for under Brazilian law in case of proceedings taking place in Brazil (provided that Lessee shall promptly
provide Owner and the Loan Trustee with reasonable evidence to show that such assumption was made without any merit and Lessee
is diligently contesting and taking all actions required to relinquish, stay or terminate such jurisdiction, custody or control);
and/or

 

		(j)	Other Insolvency Matters: any additional procedure similar to those referred to in subparagraphs
(f), (g), (h) and (i) above for the relief of financially distressed debtors under the laws of the Lease Jurisdiction or any other
jurisdiction is entered into by Lessee, voluntarily or involuntarily, and is not withdrawn or dismissed within sixty (60) days
thereafter or such shorter period as provided for under Brazilian law in case of proceedings taking place in Brazil; and/or

 

		(k)	Change of Business; Asset Transfer: Lessee shall (i) cease, or announce its intention to
cease, to conduct its business as a passenger and/or cargo airline, (ii) assign, lease transfer or otherwise dispose of all or
any material part of the asset or property (whether by a single transaction or a number of related or unrelated transactions and
whether at the same time or over a period of time) comprising Lessee's aircraft or aircraft related business, or (iii) cease to
hold, whether by virtue of the revocation, suspension or non- renewal thereof or otherwise, its air transport business license
or any air transport license or its equivalent required to enable Lessee to carry out its principal business or the franchises,
concessions, permits, rights or privileges required for the conduct of the business or operations of Lessee shall be revoked, cancelled
or otherwise terminated or the free and continued use and exercise thereof curtailed or prevented, and as a result thereof the
preponderant business activity of Lessee shall cease to be that of a commercial airline; and/or

 

		(l)	Change in Law: there shall be any change (or such change shall be enacted or made by notice
or otherwise and shall be scheduled to become thereafter effective) in the laws, regulations or treaties of Chile, the United States
or the Lease Jurisdiction, or any governmental or political agency, subdivision or instrumentality thereof which materially adversely
affects the validity, legality or perfection or priority of Lessor's rights and interest under the Head Lease, Owner's title, rights
and interest to and in the Aircraft, or the Secured Parties' rights in the Aircraft under any Security Document, or which materially
adversely affects Lessor's interests under this Agreement or materially adversely affects Lessee's ability to meet its obligations
under this Agreement; and/or

 

    -47- 

     

    

  

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

 

		(n)	Condemnation: any governmental authority shall have condemned, seized or appropriated all
or substantially all of the property of Lessee; and/or

 

		(o)	Repudiation of Financing Agreements: Lessee shall do or cause to be done any act or thing
evidencing or establishing its intention to repudiate this Agreement or any other Financing Agreement to which it is a party; and/or

 

		(p)	Leasing Affiliate: Lessee shall cease at any time to be a Leasing Affiliate; and/or

 

		(q)	Cross Default: Any Event of Default under the Head Lease or any Event of Default under any
other Financing Agreement occurs. In this respect, Lessor and Lessee expressly agree that cross default provisions are essential
for the structuring and entering into this agreement from an economic-financing and legal standpoint.

 

    -48- 

     

    

 

SCHEDULE 3

MAINTENANCE CONDITIONS

 

From the Delivery Date until expiration or earlier termination
of the Term and redelivery of the Aircraft, the following conditions shall constitute the "Maintenance Conditions":

 

		1.	All maintenance and repair of the Aircraft which is the responsibility of Lessee shall be previously
approved by Lessor and carried out by one or more maintenance performers approved by the Civil Aviation Authority.

 

		2.	Lessor and Lessee hereby agree and understand that the Approved Maintenance Program and Minimum
Equipment List and associated procedures to be used for the Aircraft during the lease operations detailed in this Agreement shall
remain those approved by the DGAC for the Lessor.

 

		3.	Lessor and Lessee further agree and understand that any transfer of operational control shall be
conducted in accordance with the primary operator's established procedures detailed in the Operations Manual, Chapter XXXV and
also in accordance with the primary operator's approved Operations Specifications issued by the DGAC and the Operations Specifications
issued to the Lessor by the FAA.

 

		4.	Lessee shall be responsible for preflight, transit and daily checks for the Aircraft and for all
checks at level "A" and above of the Aircraft; provided, however, that the Aircraft shall always be maintained
in accordance with the Approved Maintenance Program.

 

		5.	Lessee shall perform or cause to be performed all service, inspection, maintenance, modification,
storage, repair and overhaul in respect of the Aircraft under a written continuous airworthiness maintenance and inspection program
which is authorized and/or approved by the DGAC and adopted by the Lessee (with the approval of the Civil Aviation Authority).

 

		6.	The Lessor shall at all times comply with, or procure that the Lessee complies with, (i) all service,
inspection, maintenance, modification, repair, storage and overhaul regulations, directives and instructions which are made mandatory
by the DGAC and the Civil Aviation Authority upon operators of Airbus aircraft of the same type as the Aircraft and engines of
the same type as the Engines; and (ii) all mandatory service, inspection, maintenance, modification, repair and overhaul manuals,
instructions and bulletins published by the Manufacturer or the manufacturers of engines, equipment, accessories or parts installed
on the Aircraft.

 

		7.	If the Lessor desires to have a third party accomplish, on a continuous basis, some or all of the
maintenance requirements (including engine maintenance) under the Approved Maintenance Program, such maintenance by such third
party must be accomplished in accordance with the provisions of this Agreement and any such maintenance performer must be appropriately
licensed by the DGAC and the Civil Aviation Authority. All such service, inspection, maintenance, modification, storage, repair
and overhaul of the Aircraft and each Part to be conducted by the Lessee (or the Lessor, if applicable) shall be accomplished by
such party at its expense, so as:

 

    -49- 

     

    

  

		a.	to keep the Aircraft equipped with the Engines and Parts installed at the Delivery Date or with
substitutes or replacements made in accordance with the terms and conditions of this Agreement and the Head Lease;

 

		b.	to keep the Aircraft in good repair and operating condition with all its equipment, components
and systems functioning in accordance with their intended use. The Lessor shall promptly carry out, or ensure that the Lessee carries
out, the correction of all deferred maintenance items and treatment or correction of all corrosion, in accordance with the provisions
of the Manufacturer's "Corrosion Prevention Manual", as amended and supplemented;

 

		c.	to keep the Aircraft clean by international airline standards and in good appearance; and

 

		d.	to keep the Aircraft in a condition which complies with the certificate of airworthiness issued
by the Civil Aviation Authority and capable of being operated pursuant to the standards and rules for the time being prescribed
by the Civil Aviation Authority for commercial passenger and/or cargo revenue service.

 

		8.	The Lessor shall ensure that the Aircraft shall have accomplished thereon, and be maintained in
compliance with, all outstanding mandatory orders, directives and instructions affecting the Aircraft and all parts thereon by
the compliance dates therefor prescribed by the DGAC and the Civil Aviation Authority. In addition, the Lessor shall at all times
maintain, or ensure that Lessee at all times maintain, the Aircraft to the highest standards of maintenance applied to any other
aircraft owned or operated by the Lessor.

 

		9.	No Secured Party shall bear responsibility or liability for any grounding or suspension of operations
of the Aircraft resulting from Airworthiness Directives, Service Bulletins, or any repairs or modifications to the Aircraft by
Lessee or any other Person.

 

		10.	Replacement of Parts: Lessee, at its own cost and expense, will promptly replace or cause
to be replaced all Parts that may from time to time be incorporated or installed in or attached to the Airframe or any Engine and
that may from time to time be defective and not economically repairable, become time-expired or due for replacement or worn out,
lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever.

 

		a.	In addition, Lessee may, at its own cost and expense, remove in the ordinary course of maintenance,
service, repair, overhaul or testing for which the Lessee is responsible pursuant to this Agreement, any Part, whether or not time-expired,
due for replacement, worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit
for use; provided, however, that Lessee will, at its own cost and expense, replace (or cause to be replaced) such
Part as promptly as practicable.

 

    -50- 

     

    

  

		b.	Each replacement Part shall be free and clear of all Liens except Permitted Liens and shall be
in at least as good operating condition as, and shall have value, utility and performance characteristics at least equal to, or,
if applicable, comparable to, the Part replaced (assuming such replaced Part was in the condition and repair required to be maintained
by the terms hereof).

 

		c.	Each Part at any time removed from the Airframe or each Part removed from any Engine shall remain
the property of Owner and subject to the Head Lease, no matter where located, until such time as such Part shall be replaced by
a Part that has been incorporated or installed in or attached to the Airframe or, as the case may be, an Engine and that meets
the requirements for a replacement Part specified above.

 

		d.	Immediately upon any replacement Part becoming incorporated or installed in or attached to the
Airframe or, as the case may be, an Engine as above provided and title thereto being vested in Owner free and clear of all Liens
except Permitted Liens and such replacement Part becoming or being deemed to be subject to the Head Lease, then, without further
act (i) title to the replaced Part shall, upon becoming vested in Lessor pursuant to the Head Lease, thereupon vest in Lessee free
and clear of all rights of Lessor, Owner and the Secured Parties and shall no longer be deemed a Part hereunder and (ii) such replacement
Part shall become subject to the Head Lease and this Agreement and be deemed part of the Airframe or, as the case may be, such
Engine for all purposes hereof to the same extent as the Part originally incorporated or installed in or attached to the Airframe
or, as the case may be, an Engine.

 

		11.	Temporary Installation of Parts and Engines: Lessee may install or permit the installation
of any engine on the Airframe or any part on the Airframe or any Engine by way of substitution, replacement, renewal or mandatory
modification; provided, that such temporary installation is carried out in accordance with and does not breach the terms
of the Head Lease.

 

		12.	Pooling of Parts: Any Part removed from the Airframe or any Engine may be subjected by Lessee
to a normal pooling arrangement customary in the airline industry entered into in the ordinary course of Lessee's business with
other air carriers; provided, that such pooling of parts is carried out in accordance with the provisions of the Head Lease.

 

    -51- 

     

    

 

SCHEDULE 4

REDELIVERY CONDITIONS

 

At the time of return of the Aircraft, pursuant to Clause
4.2 (Return of the Aircraft) of this Agreement, the following conditions shall constitute the "Redelivery Conditions":

 

		1.	Such Aircraft shall have a valid Certificate of Airworthiness.

 

		2.	The Airframe for such Aircraft and such Engines or engines shall be free and clear of all Liens
(other than any Permitted Liens or other Liens arising under or in connection with any Security Document).

 

		3.	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 Agreement, ordinary wear and tear excepted, and in proper operating condition
for scheduled revenue passenger and cargo flights as provided in this Agreement.

 

		4.	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 (it being agreed that the records of the Manufacturer, including the Purchase Agreement and
the Manuals and Technical Records, shall be prima facie evidence thereof).

 

		5.	The Airframe for such Aircraft shall have cleared, without exception or deferred items, a recently
completed major check as would be required to clear such Aircraft for at least the next 12 months and such Engines and major components
shall have at least 50 percent of the hours, cycles or time (whichever is more limiting) in each case remaining until the next
anticipated engine refurbishment, overhaul or inspection requiring removal.

 

		6.	Lessee shall also at its own expense (a) remove or paint over all names, insignia and other indications
of Lessee from the exterior and interior of such Aircraft in a good, workman-like manner; (b) transfer or cause to be transferred,
or reassign or cause to be reassigned, to Lessor, or as Lessor may direct, to the extent then possible all warranties and performance
guarantees obtained by Lessee with respect to such Aircraft together with all documents related thereto that may be required to
effect such transfer or reassignment; (c) if requested by Lessor, obtain an export certificate of airworthiness (if available)
for, and obtain or submit any applicable approval, permit, license or report for the re-export of, such Aircraft from the ANAC
and deregister such Aircraft from the registry maintained by Brazil; and (d) if requested by Lessor obtain from the Federal Revenue
Office of Brazil (i) a declaration of export clearance (“declaração de despacho de exportação
– DDE”); and (ii) an export registry (“registro de exportação – RE”). If
Lessee fails to remove the registration or to obtain the export certificate of airworthiness, the declaration of export clearance,
the export registry or such re-export approval, permit or license as provided above, Lessor may do so at the cost and expense of
Lessee and, in such event, Lessee shall upon demand reimburse Lessor for the cost thereof.

 

    -52- 

     

    

 

		7.	If requested by Lessor, Lessee shall perform a flight test demonstration, at Lessee’s expense
and during normal business hours, for a period of not more than two hours at the Redelivery Location. Personnel designated by Lessor
may participate in such demonstration flight. A pilot selected by Lessor may accompany Lessee’s pilot and occupy the observer’s
seat during such demonstration. The purpose of the demonstration flight will be to ascertain that all systems and their components
are functioning satisfactorily and, in the event they are not so functioning, they will be corrected by Lessee or provision made
therefor by Lessee.

 

		8.	In addition to the Redelivery Conditions set forth in this Schedule 4, Lessee will perform any
specific return conditions as set forth in Section 5(g) (Specific Return Provisions) of the Head Lease as may reasonably
be requested by the Lessor.

 

If any of the requirements specified
in Clause 4.2 (Return of the Aircraft) and this Schedule 4 of this Agreement shall not be satisfied at the time of return,
Lessee shall (at Lessor’s election) either promptly remedy any deficiency or make a payment fully compensating Lessor for
the remedy of such deficiency.

 

    -53- 

     

    

 

EXHIBIT A

 

Owner's Consent Letter

 

São Paulo, [•]
_____, 201[•].

 

OWNER REGISTRATION

CONSENT

 

To:

Brazilian Aeronautical Registry (“RAB”)
Avenida Presidente Vargas, 850, Centro 20071-001 Rio de Janeiro, RJ Brazil

 

In the capacity of sole owner
of one (1) Airbus Model [A321-200/A350- 900] aircraft bearing manufacturer's serial number [•] and Brazilian registration
mark [•] (the "Aircraft"), we hereby confirm our consent with the registration with the RAB of (i) the Aircraft
and (ii) a certain Aircraft Sublease Agreement related to the Aircraft, dated [•], 201[•] entered into by and between
TAM Linhas Aéreas S.A. ("TAM"), as lessee and LATAM Airlines Group S.A. ("LATAM"), as
lessor ("Sub-Lease"), duly lodged with the abovementioned registry on or about the date hereof. Pursuant to the
terms of the Financing Agreements (as defined in the Sub-Lease, including by reference to other documents), we agreed to purchase
the Aircraft from Airbus S.A.S. and to lease it to LATAM, which, subsequently, with our express consent, subleased the Aircraft
to TAM.

 

São Paulo, ____de [•] de 201[•].

 

CONSENTIMENTO DO

PROPRIETÁRIO PARA REGISTRO

 

Para:

Registro Aeronáutico Brasileiro
(“RAB”) Avenida Presidente Vargas, 850, Centro 20071-001 Rio de Janeiro, RJ Brasil

 

Na qualidade de
única proprietária de uma (1) aeronave Airbus, modelo [A321-200/A350-900] com número de série do
fabricante [•] e marca de registro brasileiro [•] (a "Aeronave"), por este instrumento confirmamos
nosso consentimento com o registro no RAB (i) da Aeronave e (ii) do Contrato de Arrendamento da Aeronave relativo à
Aeronave, datado de [•] de 201[•], celebrado entre a TAM Linhas Aéreas S.A. ("TAM"), como
arrendatária e LATAM Airlines Group S.A. ("LATAM"), comoarrendadora ("Sub-
Arrendamento"), devidamente protocolado perante o acima referido registro na presente data ou em data
próxima. Conforme previsto nos Documentos da Operação (conforme definido no Sub-Arrendamento, incluindo
pela referência a outros documentos) nós concordamos em comprar a Aeronave da Airbus S.A.S. e em
arrendá-la para a LATAM, que, por sua vez, como o nosso expresso consentimento, subarrendou a Aeronave para a
TAM.

  

    -54- 

     

    

  

We hereby expressly disclaim any obligation or liability in
relation to our foregoing consent.

 

Sincerely,

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing
Limited/Canastero Leasing Limited] 

 

	By:
	Name:
	Title:
	 
	Witnesseth:
	 
	1.

  

	 
	Name: 
	ID:

 

2.

 

	 
	Name: 
	ID:

 

Nós expressamente por meio desta nos eximimos de qualquer
obrigação ou responsabilidade em relação ao consentimento.

 

Atenciosamente,

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing
Limited/Canastero Leasing Limited]

 

	Por:
	Nome:
	Cargo:
	 
	Testemunhas:
	 
	1.

 

	 
	Nome: 
	RG:

 

2.

 

	 
	Nome: 
	RG:

 

    -55- 

     

    

  

EXHIBIT B

 

Aircraft Acceptance Certificate

 

TAM Linhas Aéreas S.A.
("Lessee") on this day of __________, 201[•] confirms that it has accepted from LATAM Airlines Group S.A.
("Lessor") the following described Airbus model [A321-200/A350-900]16 aircraft
("Aircraft") pursuant to and in accordance with the terms of that certain Aircraft Sublease Agreement dated as
of________, 201[•] between the Lessor and the Lessee ("Lease Agreement"):

 

One (1) Airbus model [A321-200/A350-900]17
airframe, bearing manufacturer's serial number [•] together with the Engines, all parts, appliances, components,
instruments, accessories, accessions, attachments, avionics (including, without limitation, radio, radar, navigation systems and
other electronic equipment), other equipment (including, without limitation, all buyer-designated equipment and all buyer-furnished
equipment) and components of whatever nature incorporated or installed in or attached to the Aircraft or such Engines, and all
Manuals and Technical Records pertaining to the Aircraft and Engines.

 

Lessee further
certifies for the avoidance of doubt that the two [Rolls-Royce Trent/CFM International]18
model [XWB-84/1000/CFM56-5B3/3]19 engines installed on the Airframe on
the date hereof bearing Manufacturer's Serial Nos. [•] and [•] respectively.

 

Lessee further
certifies (a) that it has irrevocably accepted the above-described Aircraft for all purposes of the Lease Agreement and the other
Financing Agreements as being airworthy, in good working order and repair without defect or inherent vice in title, condition,
design, operation or fitness for use, and (b) that the Aircraft conforms in all respects with all of the requirements of the Lease
Agreement.

 

Capitalized
terms used in this Aircraft Acceptance Certificate not otherwise defined herein shall have the meaning assigned thereto in the
Lease Agreement.

 

 

16 Delete as appropriate

17 Delete as appropriate

18 Delete as appropriate

19 Delete as appropriate

 

    -56- 

     

    

  

IN
WITNESS WHEREOF, Lessee has caused this Aircraft Acceptance Certificate to be executed in its name by its duly authorized
representative on this ____ day of _______________.

 

	 	TAM LINHAS AÉREAS S.A.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Witnesses:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	I.D.:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	I.D.:

 

    -57- 

     

    

 

EXHIBIT C

 

Form of Deregistration Power
of Attorney

 

IRREVOCABLE DEREGISTRATION
POWER OF ATTORNEY

 

MSN
[·]

 

By
this Power of Attorney, TAM LINHAS AÉREAS S.A., a company incorporated and registered under the laws of the Federative
Republic of Brazil, having its principal offices in the City of São Paulo, at Avenida Jurandir No. 856, Lote 4, 7th floor,
registered with the General Roll of Taxpayers of the Ministry of Finance (CNPJ) under No. 02.012.862/0001-60 and whose branch office
is at [·], Brazil,
registered with the Ministry of Finance under CNPJ N° [·]
(the "Grantor"), herein represented by, João Raphael Moysés, Attorney-in-Fact, and Andrea
Lopes de Campos, Attorney-in-Fact, absolutely, unconditionally, irrevocably and irreversibly appoints WILMINGTON
TRUST COMPANY, not in its individual capacity but solely as Loan Trustee, in its capacity as security agent (which includes
its successors and assigns) (the "Principal"), as its Attorney-in-fact, being expressly authorised and empowered
to do any and all of the following in its own name, which appointment is coupled with an interest:

 

		1.	To represent the Grantor, in its own name, in the Federative Republic of Brazil before all ministries,
agencies, offices, subdivisions and departments thereof, including, without limitation, the Civil Aviation Secretariat (SAC), the
Brazilian Civil Aviation Agency (ANAC), the Co-ordination Commission for Civil Air Transportation (COTAC), the Brasilian Aeronautical
Registry (RAB), the Empresa Brasileira de Infra-Estrutura Aeroportuaria (INFRAERO), the Foreign Trade Secretariat (SECEX), the
Registry of Deeds and Documents, the Brazilian Tax and Customs authorities, the Federal Revenue Secretariat and the Central Bank
of Brazil, in all sections, divisions, subdivisions thereof, for the purpose of:

 

		(i)	deregistering, on behalf of the Grantor,
the registration of the Airbus [A321- 200/A350-900] Aircraft with manufacturer's serial number [·]
and Registration Marks [·]
(the "Aircraft"), and any lease to which the
Aircraft is then subject (the "Lease"), including but not limited to that certain Aircraft Lease Agreement entered
between [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] and LATAM Airlines
Group S.A. on or about the date hereof (“Aircraft Lease Agreement”) from the aircraft register maintained by RAB;

 

		(ii)	signing any corresponding petitions, consents, approvals or any other documents, to pay all costs
related thereto and to take any other measures necessary or desirable to cancel the registration of the Aircraft with RAB and any
lease to which the Aircraft is subject pursuant to the Lease or the Aircraft Lease Agreement and receiving any documents issued
by any ministry mentioned above confirming such deregistrations;

 

    -58- 

     

    

  

		(iii)	taking any other action necessary or desirable for the repossession and export of the Aircraft
from Brazil upon the termination of the lease of the Aircraft; and

 

		(iv)	enabling either the Principal to exercise or enforce its rights against Grantor.

 

in each case, upon the occurrence of an Event of
Default that is continuing under the Lease or the Aircraft Lease Agreement, as the case may be.

 

		2.	Generally to do all such acts and execute all such documents, whether by hand or under seal, and
deliver any documents under seal or otherwise as may be necessary or desirable to give effect to the terms of this Power of Attorney.

 

		3.	At its discretion to delegate to any person all of the foregoing powers and authorities upon terms
as the Principal shall think proper.

 

		4.	The Grantor hereby undertakes from time to time and at all times to indemnify the Principal against
all costs and claims, expenses and liabilities howsoever incurred by the Principal in connection herewith and further declares
that all and every one of the measures the Principal, or any substitute appointed by the Principal, or any substitute appointed
by the Principal pursuant to paragraph 3 above, may in their discretion take pursuant to this Power of Attorney, shall be as good,
valid and effectual for all purposes as if the same had been done by Grantor itself.

 

		5.	This Power of Attorney shall be governed by the laws of Brazil and shall be absolutely and unconditionally
irrevocable and irreversible as established by Articles 683 and 684 of the Brazilian Civil Code (Law No. 10.406, of January 10,
2002). The Grantor hereby expressly waives and renounces any rights to revoke this Power of Attorney. The Grantor represents, warrants
and covenants that this Power of Attorney is irrevocably granted to the Principal in the interest of the Principal ("em causa
própria") pursuant to Article 685 of the Brazilian Civil Code, and constitutes the valid, legally and irrevocably binding
obligation of the Grantor, enforceable against the Grantor in accordance with its terms.

  

    -59- 

     

    

 

IN
WITNESS WHEREOF, this Power of Attorney has been executed by the Grantor on [·]
, 201[·].

 

TAM LINHAS AÉREAS S.A.

 

 

	By: 	 	 	By:	 
	Name: 	João Raphael Moysés	 	NAME:	ANDREA LOPES DE CAMPOS
	Title: 	Attorney-in-fact	 	Title:	Attorney-in-fact

 

Witnessed:

 

	By: 	 	 	By:	 
	Name:	 	 	NAME:	 
	I.D.:	 	 	I.D.:	 

 

    -60- 

     

    

 

 

EXHIBIT D

 

Form of Subordination Agreement 

 

LEASE SUBORDINATION AGREEMENT (MSN [•])

 

Wilmington Trust Company, not in
its

individual capacity but solely
as Loan

Trustee (the "Loan Trustee")

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avda. Presidente Riesco 5711

Piso 20

Las Condes, Santiago

Chile

("LATAM")

 

Re:        Lease
Agreement in respect of one Airbus model [A321-200/A350-900]20 Aircraft with Manufacturer’s
Serial Number [•] and Brazilian registration mark [•] (the "Aircraft")

 

Dated as of [●]

 

Ladies and Gentlemen:

 

We refer to the lease agreement
dated as of [●] (the "Lease") between LATAM, as lessor, and TAM LINHAS AEREAS S.A. (the "Lessee"),
as lessee. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the
Participation Agreement, as defined below.

 

The undersigned lessee hereby
irrevocably and unconditionally acknowledges and confirms that the Lease and any rights of the lessee under the Lease are and shall
be, at all times, fully and completely subject and subordinate to all of the terms of the Participation Agreement dated as of [●],
201[•] among, inter alios, the Lessee, the Owner, LATAM, the Loan Trustee and the Secured Parties party thereto, the
Indenture dated as of [●], 201[•] between the Owner, as assignor, and the Loan Trustee, as assignee, and the Brazilian
Law Aircraft Mortgage, dated [●], 201[•] between the Owner, as mortgagor, and the Loan Trustee, as mortgagee (the "Mortgage"),
including, without limitation, the respective rights, title and interests of the Loan Trustee thereunder. In furtherance of the
foregoing, the Lessee acknowledges that its right to use the Aircraft shall be terminated ipso facto in the event of enforcement
by the Loan Trustee of the lien over the Aircraft created by the Indenture and/or the Mortgage.

 

 

20 Delete as appropriate

 

    -61- 

     

    

  

The effectiveness and validity of the rights and obligations
created hereunder are conditioned upon the transfer of title to the Aircraft to the Owner.

 

This Acknowledgement shall be governed by the laws of the State
of New York.

 

Yours truly,

 

TAM LINHAS AEREAS S.A.

 

	By: 	 	 
	 	Name:	 
	 	Title:	 

 

	By: 	 	 
	 	Name:	 
	 	Title:	 

 

Witnesses:

 

	No. 1:	 	 	No. 2:	 
	Name/ID:	 	 	Name/ID:	 

 

    -62- 

     

    

 

EXHIBIT H to

NOTE PURCHASE AGREEMENT

 

FORM OF ASSIGNMENT OF INSURANCES

 

[Attached.]

 

    	 	 	 

     

    

 

Form Document

 

ASSIGNMENT OF INSURANCES

 

THIS ASSIGNMENT OF INSURANCES
dated as of [•] (this "Assignment") is between LATAM AIRLINES GROUP S.A., a company existing under the laws
of Chile, as assignor (the "Assignor") and WILMINGTON TRUST COMPANY, not in its individual capacity but solely
as Loan Trustee, as assignee (the "Loan Trustee"),

 

WITNESSETH:

 

WHEREAS,
Assignor (formerly having the legal name LAN Airlines S.A. and doing business as LAN Airlines) and [Avoceta Leasing Limited/Rayador
Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]1 have or shall enter into
the Lease Agreement (the "Lease") relating to one (1) [Airbus/Boeing] 2 [A321-200/A350-900/787-9]
3 aircraft bearing manufacturer's serial number [•] with two (2) [Rolls-Royce Trent/CFM
International]4 model [XWB-84/1000/CFM56-5B3/3]5 engines
(the "Aircraft");

 

WHEREAS, pursuant
to the Lease, Assignor is required to effect and maintain, or cause to be effected and maintained, the Insurances (as hereinafter
defined) on the Aircraft;

 

WHEREAS, Assignor
desires to assign to the Loan Trustee certain of its rights and interests under the Insurances and Requisition Compensation (as
hereinafter defined); and

 

WHEREAS, the
Loan Trustee accepts the assignment of Assignor's rights and interests to the Insurances and Requisition Compensation.

 

NOW, THEREFORE,
in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, Assignor and the Loan Trustee hereby agree as follows:

 

Section 1.
Definitions. For all purposes of this Assignment, unless the context otherwise requires, the following terms shall have
the following meanings:

 

"Assigned
Property" means all of Assignor's right, title and interest, present and future, in, to and under the Insurances and any
and all Requisition Compensation.

 

"Insurances"
means the benefit of all policies and contracts of insurance (other than aircraft third party, passenger, baggage, cargo, mail
and general third party liability insurances) from time to time taken out by Assignor pursuant to the Lease relating to the Aircraft,
the Engines and/or any part of any thereof and any and all proceeds thereof (including all claims of whatsoever nature thereunder
other than returns of premium in respect thereof).

  

 

1 Delete as appropriate 

2 Delete as appropriate

3 Delete as appropriate

4 Delete as appropriate

5 Delete as appropriate

 

    	 	-1-	 

     

    

  

"Requisition
Compensation" shall mean all monies or other compensation from time to time payable in respect of a Compulsory Acquisition
of an Aircraft.

 

Unless otherwise
defined herein, capitalized terms used herein shall have the meanings set forth in Annex A of the Lease for all purposes of this
Assignment.

 

Section 2.      
   Assignment. As security for the due and punctual payment, performance and discharge in full by Assignor of the Secured Obligations
and the Related Secured Obligations, Assignor hereby assigns to the Loan Trustee by way of security the Assigned Property. Subject
to Section 3, the Lien of this Assignment shall remain in full force and effect pending the payment, performance and discharge
in full of the Secured Obligations and the Related Secured Obligations.

 

Section
3.      
   Reassignment. Upon the release of the Lien of the Security Documents with respect to the Aircraft in accordance with
the terms of the Security Documents, the Loan Trustee shall, at the written request of and direction from Assignor execute, at
Assignor's sole cost and expense, such documents as Assignor may reasonably require and deliver to the Loan Trustee in order to
effect the reassignment of the Assigned Property to Assignor and release of the Assigned Property from this Assignment and take
such other action as Assignor shall reasonably request and direct in order to effect such reassignment and release.

 

Section
4.      
   Assignor's Covenants. Assignor hereby covenants with the Loan Trustee that:

 

(a)         except
as contemplated hereby, it shall not assign any of its right, title and interest in or to the Assigned Property or any part thereof,
it shall not create or grant or, permit to subsist or suffer to exist, any Lien over the Assigned Property or any part thereof
or any interest therein other than Permitted Liens, it shall duly and promptly at its own cost and expense pay or cause to be paid
all sums required to be paid and take such other action as may be necessary to discharge any such Lien so created, permitted to
subsist or suffered to exist by it as aforesaid, and it shall not knowingly do anything or take any action which has or would have
the effect of prejudicing the rights of the Loan Trustee in any part of the Assigned Property; and

 

(b)         it shall
(i) no later than the Delivery Date for the Aircraft, execute the notice of assignment of insurances (substantially in the form
of Exhibit A) and (ii) promptly after execution thereof deliver, or cause to be delivered, such notice to the insurer or broker
through whom the Insurances are affected.

 

Section
5.      
   Continuing Obligations. Notwithstanding anything herein contained, Assignor shall remain liable with respect to the Assigned
Property to perform all the obligations assumed by it with respect to the Assigned Property and no exercise by the Loan Trustee
of any of its rights under this Assignment shall constitute or be deemed to constitute an assumption or acceptance by the Loan
Trustee of any obligation of Assignor with respect to the Assigned Property.

 

    	 	-2-	 

     

    

 

Section
6.      
   Continuing Security. It is declared and agreed by the parties hereto that until the Loan Trustee has reassigned and released
all of the Assigned Property in accordance with Section 3:

 

(a)           the security created by this
Assignment shall:

 

(i)      
  be a continuing security for the payment, performance and discharge in full by Assignor of the Secured Obligations and the
Related Secured Obligations and accordingly the security so created shall not be satisfied by an intermediate payment,
performance, discharge or satisfaction of any part of the Secured Obligations or the Related Secured Obligations;

 

(ii)      
be
in addition to and shall not in any way discharge, impair, prejudice or otherwise affect, the security created by any deposit of
documents, or any guarantee, lien, bill, note, mortgage or other security now or hereafter held by the Loan Trustee or any right
or remedy of the Loan Trustee thereunder, and shall not in any way be discharged, impaired, prejudiced or otherwise affected thereby,
or by the invalidity or unenforceability thereof, or by the Loan Trustee releasing, discharging, modifying or refraining from perfecting
or enforcing any of the same or granting time or indulgence or compounding with any person liable;

 

(iii)      
  not
be discharged, impaired, prejudiced or otherwise affected by any amendment, modification, variation, supplement, novation, restatement
or replacement of all or any part of the Secured Obligations or the Related Secured Obligations; and

 

(iv)      
  not
be discharged, impaired, prejudiced or otherwise affected by any other act, fact, matter, event, circumstance, omission or thing
(including, without limitation the invalidity, unenforceability or illegality of any of the Secured Obligations or the Related
Secured Obligations or the bankruptcy, liquidation, winding-up, insolvency, dissolution, administration, reorganization or amalgamation
of, or other analogous event of or with respect to Assignor or any other person) which, but for this provision, might operate to
discharge, impair, prejudice or otherwise affect the rights of the Loan Trustee under this Assignment, the Lease, the Participation
Agreement or any other Financing Agreement or Related Financing Agreement or which, but for this provision, might constitute a
legal or equitable discharge of the security hereby created; and

 

(b)      
  all the
rights and powers vested in the Loan Trustee by this Assignment may be exercised, subject to the terms of this Assignment, from
time to time and as often as the Loan Trustee may deem necessary or advisable.

 

Section
7.      
   Enforcement of Lien. Upon the occurrence and during the continuation of a Lease Event of Default, the Lien constituted
by this Assignment shall become enforceable and the Loan Trustee shall be entitled:

 

(a)      
  to the
extent not in conflict with the terms and conditions of the Insurances, to collect, recover, compromise and give a good discharge
for all claims then outstanding or thereafter arising under any of the Insurances or in respect of any of the property assigned
pursuant to Section 2;

 

    	 	-3-	 

     

    

 

(b)      
  to settle,
adjust, refer to arbitration, compromise or arrange any claims, accounts, disputes, questions and demands with or by any person
who is or claims to be a creditor of Assignor having a claim which relates or is alleged to relate in any way to the Assigned Property
or any part thereof;

 

(c)      
  to the
extent not in conflict with the terms and conditions of the Insurances, to bring, prosecute, enforce, defend and abandon all such
suits, legal actions and other proceedings in relation to the Assigned Property or any part thereof as may seem to the Loan Trustee
in its discretion to be expedient; and

 

(d)      
  to do
all such other acts or things which the Loan Trustee may consider necessary or desirable in its discretion for the realization
of the Assigned Property or any part thereof or incidental or conducive to any of the matters, powers, authorities or discretions
conferred on the Loan Trustee under or by virtue of this Assignment and to exercise in relation to the Assigned Property or any
part thereof all such powers, authorities and discretions as the Loan Trustee would be capable of exercising if the Loan Trustee
were the absolute beneficial owner of the same.

 

Section 8.     
   Other Provisions.

 

(a)     No failure
or delay on the part of the Loan Trustee to exercise any right, power or remedy under this Assignment shall operate as a waiver
thereof, nor shall any single or partial exercise by the Loan Trustee of any right, power or remedy preclude any other or further
exercise thereof or the exercise of any other right, power or remedy, nor shall the giving by the Loan Trustee of any consent to
any act which by the terms of this Assignment requires such consent prejudice the right of the Loan Trustee to withhold or give
consent to the doing of any other similar act. The remedies provided in this Assignment are cumulative and are not exclusive of
any remedies provided by Applicable Law.

 

(b)     The Loan
Trustee shall not be obliged to make any enquiry as to the nature or sufficiency of any payment received by it under this Assignment,
or to make any payment or to make any claim or to take any action to collect any monies hereby assigned or to enforce any rights
and benefits hereby assigned to the Loan Trustee or to which the Loan Trustee may at any time be entitled under this Assignment.

 

(c)     The Loan
Trustee shall not be under any obligation of any kind or assume or be under any obligation with respect to the Assigned Property
or be under any liability whatsoever as a result of any failure of Assignor to perform its obligations in connection with this
Assignment. The Loan Trustee shall not be liable as an assignee in respect of the security created hereunder to account or be liable
for any loss upon the realization thereof.

 

(d)     Any settlement
or discharge between the Loan Trustee and Assignor and/or any other person shall be conditional upon no security or payment to
the Loan Trustee by Assignor or any other person being avoided or set aside or ordered to be refunded or reduced by virtue of any
provision or enactment relating to bankruptcy, liquidation, winding-up, insolvency, dissolution, administration, reorganization,
amalgamation or other analogous event or proceedings for the time being in force.

 

    	 	-4-	 

     

    

 

(e)     All proceeds
of the exercise of any remedies pursuant to this Assignment shall be applied by the Loan Trustee in the manner and the order of
priority set forth in Article III of the Indenture.

 

(f)     In addition
to the rights and remedies afforded to the Loan Trustee herein, the Loan Trustee shall be afforded all of the rights, protections,
immunities and indemnities afforded to the Loan Trustee pursuant to the terms of the Participation Agreement and the other Financing
Agreements as if such rights, protections, immunities and indemnities were expressly set forth herein.

 

Section
9.     Further Assurances. Assignor further undertakes at its own cost and expense from time to time to execute, sign, file,
perfect (and maintain perfection), do and (if required) register (or cause the same to be executed, signed, filed, perfected (and
perfection maintained), done and (if required) registered every such further assurance, document, act or thing as in the opinion
of the Loan Trustee may be reasonably necessary for the purpose of obtaining the full benefits of this Assignment or for perfecting
or more effectively constituting the security constituted by this Assignment or to establish, maintain, protect, preserve or enforce
the same or for exercising the rights and powers hereby conferred on the Loan Trustee or as the Loan Trustee may reasonably request.

 

Section
10.     Successors. This Assignment and the security hereby created shall be binding upon and inure to the benefit of each of
the parties hereto and its successors and permitted assigns, except that no party may assign any of its rights or obligations hereunder
unless otherwise expressly permitted by the Financing Agreements.

 

Section 11.     Governing Law and Jurisdiction.

 

(a)     THIS ASSIGNMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(b)     Each of
the Loan Trustee and Assignor hereby submits to the jurisdiction of, and agrees to accept process issued from the courts of, each
jurisdiction referred to in and in the manner contemplated by Section 18(b) of the Lease as if said Section was set forth in full
herein.

 

Section
12.      Notices. For the purposes of this Assignment, all notices and other communications shall be in writing, in English,
and shall be given or made by fax, mail, overnight delivery service or personal delivery and faxed, mailed or delivered to the
intended recipient at the address specified below; or, as to any party, at such other address as shall be designated by such party
in writing in a notice to each other party hereto. Except as otherwise provided in this Assignment, all such communications shall
be deemed to have been duly given when transmitted by fax (provided such transmission by fax is in legible form and is accompanied
by or generates a substantially simultaneous confirmation of transmission), or delivered or, in the case of a mailed notice, upon
issuance by the relevant postal authority of a receipt confirming delivery, in each case given or addressed as aforesaid.

 

		(i)	If to the Assignor:

 

    	 	-5-	 

     

    

 

LATAM AIRLINES GROUP S.A.

Edificio Huidobro

Av. Presidente Riesco 5711

Piso 20

Las Condes

Santiago

Chile

Attention: Senior Vice President Corporate Finance
/ General

Counsel

Facsimile: + 56 22 565 8764

 

With a copy to:

 

Email: GrupoTesoreriaPagosChile_2@lanchile.com

 

(it being agreed that such electronic notification shall
not constitute notice under this Section 12)

 

		(ii)	If to the Loan Trustee

 

Wilmington Trust Company

1100 North Market Street

Wilmington

DE 19890-1605

 

Telephone: +1 302 636 6000

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

 

(it being agreed that electronic notification shall
not constitute notice under this Section 12).

 

Section
13.    Counterparts. This Assignment may be executed in any number of counterparts, each of which when executed shall be considered
an original, and when taken together shall constitute but one and the same instrument, and any of the parties hereto may execute
this Assignment by signing any such counterpart.

 

Section
14.    Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent
permitted by law, (a) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally
construed in order to carry out the intentions of the parties hereto as nearly as may be possible and (b) the invalidity or unenforceability
of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction.
To the extent permitted by Applicable Laws, the Assignor hereby waives any provision of law that renders any provision hereof prohibited
or unenforceable in any respect.

 

Section 15.    Entire Agreement. This Assignment and the other Financing Agreements embody the entire agreement between the Assignor and
the Assignee and supersede all prior agreements, representations and understandings, if any, relating to the subject matter hereof.

 

    	 	-6-	 

     

    

 

Section 16.
Waivers, Amendments, Etc. No provision of this Assignment may be amended, changed, waived, discharged or terminated other
than by an instrument in writing executed by or on behalf of the Assignor and the Loan Trustee.

 

[Signature Page Follows]

 

    	 	-7-	 

     

    

 

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

 

	 	ASSIGNOR
	 	 	 
	 	LATAM AIRLINES GROUP S.A.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	ASSIGNEE
	 	 	 
	 	WILMINGTON TRUST COMPANY, not in its
	 	individual capacity but solely as Loan Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	-1-	 

     

    

 

EXHIBIT A

 

[FORM OF NOTICE OF ASSIGNMENT OF INSURANCES]

 

To: [              ]

 

LATAM AIRLINES GROUP S.A.
(the "Assignor") and WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Loan Trustee
(the "Loan Trustee"), hereby give notice that by an Assignment of Insurances dated as
of              201[•] (the
"Assignment of Insurances") between Assignor and the Loan Trustee, Assignor has assigned to the Loan
Trustee, all of Assignor's right, title and interest in and to any hull all risks and war risks insurances and all claims and
return of premiums in connection therewith, in respect of the airframe and engines and in each case all appliances,
components, parts, instruments, appurtenances, accessories, furnishings and other equipment of any nature related thereto,
all as described below. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in
the Assignment of Insurances.

 

Description:
One (1) [Airbus][Boeing] model [A321-200][A350-900][787-9] aircraft bearing manufacturer's serial number [•], Chilean
registration mark [•] and two (2) [Rolls-Royce Trent/CFM International] 6 model [XWB-84/1000/CFM56-5B3/3]
7 engines bearing manufacturer's serial numbers [ESN1] and [ESN2], or such other engines as
may from time to time be subject to the Lease and the Lien of the Security Documents and in each case all appliances, components,
parts, instruments, appurtenances, accessories, furnishings and other equipment of any nature which may from time to time be subject
to the Lease and the Lien of the Security Documents.

 

Where settlement
of any claim (in respect of "all risks" insurance and "war risks" insurance) on the basis of a total loss of
the Aircraft or Airframe is to be made to or to the order of Contract Party(ies), the Contract Party(ies) have agreed that payment
shall be made to Loan Trustee and where settlement of any claim (other than a total loss of the Aircraft or Airframe) (in respect
of "all risks" insurance and "war risks" insurance) is to be made otherwise than to a repairer, it shall be
paid (a) to the Loan Trustee if the amount of the claim equals or exceeds two million dollars ($2,000,000) in the case of the Airframe
and in the case of an Engine inclusive of deductible.

 

For the purposes
of the foregoing paragraph, the term “Contract Party(ies)” shall have the same meaning ascribed to such term in any
certificate of insurance issued by you in respect of the insurances for the aircraft referred to above.

 

This Notice and the instructions herein contained are
irrevocable.

 

Yours faithfully,

 

 

6 Delete as appropriate

7 Delete as appropriate

 

    	 	-1-	 

     

    

 

	 	LATAM AIRLINES GROUP S.A.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	WILMINGTON TRUST COMPANY, not in its
	 	individual capacity but solely as Loan Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	-2-	 

     

    

 

EXHIBIT I to

NOTE PURCHASE
AGREEMENT

 

FORM OF LEASE ASSIGNMENT

 

[Attached.]

 

    	 	 	 

     

    

 

		

 

Form Document

 

DATED AS OF

 

___________________201[•]

 

BETWEEN

 

[PARINA LEASING LIMITED/RAYADOR LEASING
LIMITED/CUCLILLO LEASING

LIMITED/CANASTERO LEASING LIMITED]

AS GRANTOR

 

AND

 

WILMINGTON TRUST COMPANY

NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY

AS LOAN TRUSTEE

 

 

LEASE SECURITY ASSIGNMENT

IN RESPECT OF ONE (1) [A321-200/A350-900]

AIRCRAFT WITH MANUFACTURER'S SERIAL

NUMBER [•]

 

 

 

    	 	-1-	 

     

    

 

	Clause	 	Page
	 	 	 
	1.	Definitions	3
	 	 	 
	2.	Representations, Warranties and Covenants of the Grantor	3
	 	 	 
	3.	Remedies	4
	 	 	 
	4.	Miscellaneous	6

 

    	 	-i-	 

     

    

 

LEASE SECURITY ASSIGNMENT, dated as __________________
of 201[•] (the "Agreement"), between [PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO
LEASING LIMITED] (the "Grantor") and WILMINGTON TRUST COMPANY, not in its individual capacity but solely as loan
trustee (the "Loan Trustee").

 

WHEREAS, pursuant to
the terms of a Lease Agreement MSN [•], dated _____________________ 201[•], (the “Lease”), the
Grantor as lessor leased one (1) Airbus [A321-200/A350-900] aircraft bearing manufacturer’s serial number [•] and
Brazilian Registration Mark (the “Aircraft”) to LATAM Airlines Group S.A.;

 

WHEREAS, pursuant to an
Indenture and Security Agreement ([MSN]) dated                             201[•]
the ("Indenture") among, inter alios, the Grantor and the Loan Trustee, the Grantor will issue [two/three]
separate series of Equipment Notes (the "Equipment Notes"), the proceeds of which will be used to assist in financing
the acquisition by the Grantor of the Aircraft;

 

WHEREAS, it is a requirement
under the Indenture and the other Financing Agreements that the Grantor executes and delivers this Agreement; and

 

WHEREAS, to secure, among
other things, the due and punctual repayment of the Equipment Notes and the performance of the Grantor's other obligations under
the Financing Agreements, whether by the Grantor itself or by a third party for and on behalf of the Grantor, the Grantor has agreed
to grant to the Loan Trustee a security interest in the Grantor's right, title and interest in and to the Lease.

 

NOW, THEREFORE, in consideration
of the foregoing promises and of the mutual covenants hereinafter set forth and of other good and valuable consideration, the receipt
and sufficiency of which the Grantor hereby acknowledges, the Grantor and the Loan Trustee hereby agree as follows:

 

GRANTING CLAUSE

 

NOW,
THEREFORE, THIS LEASE SECURITY ASSIGNMENT WITNESSETH, that, to secure (x)(a) the prompt, complete and punctual payment
and repayment when due (whether at stated maturity, by acceleration or otherwise) of the principal of, and interest on (including
interest on any overdue amounts), and Make-Whole Amount, if any, with respect to, and all other amounts due under, the Equipment
Notes, (b) all other amounts payable by the Grantor and the Obligors under the Financing Agreements, (c) the performance and observance
by the Grantor and the Obligors of all agreements and covenants to be performed or observed by the Grantor and/or the Obligors
for the benefit of the Noteholders and the Indenture Indemnitees contained in the Financing Agreements, and (y) the Related Secured
Obligations (the obligations in (x) and (y) being hereinafter referred to collectively as the “Secured Obligations”))
and for the uses and purposes and subject to the terms and provisions hereof, and in consideration of the promises and of the covenants
herein contained, the Grantor has granted, mortgaged and confirmed, and does hereby grant, mortgage and confirm, unto the Loan
Trustee for and on behalf of the Secured Parties and their respective successors, assigns and transferees a perfected security
interest in all estate, right, title and interest (present and future) that the Grantor may now or hereafter have in, to and under
the following described property, rights, interests and privileges (collectively, the “Lease Collateral”), to
wit:

 

    	 	-1-	 

     

    

 

		1.	the Lease, together with all rights, powers, privileges, options and other benefits of the Grantor
as lessor under the Lease, including, without limitation, the immediate and continuing right to receive and collect all Rent, income,
revenues, issues, profits, insurance proceeds, condemnation awards and other payments, tenders and security now or hereafter payable
to or receivable by the Grantor under the Lease, and the right of the Grantor to execute any election or option or to give any
notice, consent, waiver or approval, to receive copies of all notices and other instruments or communications, to accept surrender
or redelivery of the aircraft the subject of the Lease or any part thereof, as well as all the rights, powers and remedies on the
part of the Grantor as lessor under the Lease, to take such action upon the occurrence of an event of default thereunder (howsoever
defined), including the commencement, conduct and consummation of legal, administrative or other proceedings, as shall be permitted
by the Lease or by law, and to do any and all other things whatsoever which the Grantor or any lessor is or may be entitled to
do under or in respect of the Lease and any right to restitution from the Lessee or any other person in respect of any determination
of invalidity of the Lease;

 

		2.	all payments or proceeds payable to the Grantor under or with respect to the Lease; and

 

		3.	all proceeds of the foregoing.

 

Any and all properties referred
to in this Granting Clause which are hereafter acquired by the Grantor, shall, without further conveyance, assignment or act by
the Grantor or the Loan Trustee thereby become and be subject to the security interest hereby granted as fully and completely as
though specifically described herein.

 

HABENDUM CLAUSE

 

TO HAVE AND TO HOLD all
and singular the aforesaid property unto the Loan Trustee, its successors and assigns, in trust for the equal and proportionate
benefit and security of the Secured Parties, and for the uses and purposes and subject to the terms and conditions of this Agreement.

 

The Grantor does hereby constitute
the Loan Trustee the true and lawful attorney of the Grantor (which appointment is coupled with an interest), irrevocably, with
full power (in the name of the Grantor or otherwise) to ask, require, demand, receive, compound and give acquittance for any and
all monies and claims for monies (in each case including insurance and requisition proceeds) due and to become due under or arising
out of the Financing Agreements and all other property which now or hereafter constitutes part of the Lease Collateral, to endorse
any checks or other instruments or orders in connection therewith and to file any claims or to take any action or to institute
any proceedings which the Loan Trustee may deem to be necessary or advisable in the premises; provided that the Loan Trustee agrees
not to exercise such power of attorney unless a Lease Event of Default shall be continuing.

 

    	 	-2-	 

     

    

 

The Grantor does hereby warrant
and represent that (except as permitted herein) it has not assigned, pledged or granted a Lien in respect of any of its right,
title and interest hereby assigned to anyone other than the Loan Trustee.

 

IT IS HEREBY COVENANTED AND
AGREED by and between the parties hereto as follows:

 

		1.	DEFINITIONS

 

For all purposes of this Agreement,
capitalized terms used herein and not otherwise defined herein have the meanings specified in the Lease whether by reference to
another document or otherwise.

 

		2.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GRANTOR

 

The Grantor hereby represents,
warrants and covenants that, at all times while any of the Secured Obligations remain outstanding and/or unperformed:

 

		(a)	except for the Lien granted hereunder (and the rights and remedies of the Loan Trustee related
to such Lien), the Grantor is and will at all times in the future, so long as any of the Secured Obligations remain outstanding
and/or unperformed, be the sole legal owner of the Lease Collateral, free and clear of any and all Liens. The Grantor will promptly,
at its own expense, take (or cause to be taken) such actions as may be necessary to duly discharge any Lien if the same shall arise
at any time;

 

		(b)	except as contemplated hereby, the Grantor has not previously made nor will it make, so long as
any of the Secured Obligations remain outstanding and/or unperformed, any sale, assignment, pledge, mortgage, hypothecation or
transfer of the Lease Collateral;

 

		(c)	the Grantor has legal authority to grant a Lien in respect of the Lease Collateral in the manner
hereby done or contemplated and will defend the Grantor’s title to the Lease Collateral against the claims of any and all
Persons;

 

		(d)	no consent or approval of any governmental entity, or of any securities exchange, is necessary
to the validity of the Lien effected hereby;

 

		(e)	the Grantor will not cause or consent to any act or omission or failure to act which would constitute,
or result, directly or indirectly, in the occurrence of a Lease Event of Default;

 

		(f)	at any time and from time to time, at the expense of the Grantor, the Grantor will promptly execute
and deliver all further instruments and documents, and take all further action, that may be necessary, or that the Loan Trustee
may reasonably request, in order to perfect and protect any Lien granted or purported to be granted hereby or to enable the Loan
Trustee to exercise and enforce its rights and remedies hereunder;

 

    	 	-3-	 

     

    

 

		(g)	the Grantor shall not directly or indirectly assign, convey or otherwise transfer any of its right,
title or interest in and to any of the Lease Collateral;

 

		(h)	The Grantor shall:

 

		(i)	duly perform all of its obligations under the Lease and take all actions necessary to keep the
Lease in full force and effect;

 

		(ii)	promptly upon acquiring actual knowledge of the same, notify the Loan Trustee of any material default
(whether by the Grantor or the Lessee) under or cancellation, termination or rescission or purported cancellation, termination
or rescission of the Lease specifying in reasonable detail the nature of such default, cancellation, rescission or termination;
and

 

		(iii)	not, without the Loan Trustee's prior written consent, in any way modify, cancel, terminate or
amend or consent to the modification, cancellation, termination or amendment of the Lease.

 

		(i)	The Grantor, at its expense, will take, or cause to be taken, all actions (including the filing
of financing statements under the Uniform Commercial Code in all applicable jurisdictions and perfection in any other jurisdiction
in relation to any Financing Agreement) to (A) cause the security interested granted in respect of the Lease Collateral to at all
times be and remain perfected, and (B) establish the priority of the Lease Collateral including, if applicable, by making filings
in respect of one or more of the prospective international interests, international interests or associated rights with the International
Registry; and

 

		(j)	The Grantor shall preserve, renew and keep in full force and effect its corporate existence and
comply with the provisions of its constitutional documents.

 

		3.	REMEDIES

 

		3.1	General

 

		(a)	If a Lease Event of Default shall have occurred and be continuing and so long as the same shall
be continuing unremedied, then and in every such case, the Loan Trustee may exercise any or all of the rights and powers and pursue
any and all of the remedies pursuant to the Financing Agreements and this Clause 3 and shall have and may exercise all of the rights
and remedies of a secured party under the Uniform Commercial Code.

 

		(b)	Subject to the consent of the Secured Parties, the Loan Trustee shall be entitled, at any sale
pursuant to this Clause 3, to credit against any purchase price bid at such sale by the Loan Trustee all or any part of the unpaid
obligations owing to the Loan Trustee and secured by the Lien of this Agreement. The Loan Trustee shall, upon any such purchase,
acquire good title to the property so purchased, to the extent permitted by applicable law, free of all rights of redemption.

 

    	 	-4-	 

     

    

 

		(c)	The Loan Trustee agrees to give to the Grantor at least ten (10) days’ prior written revocable
notice of any foreclosure of the Lien of this Agreement, or of any other action to cause the Grantor to lose any rights in the
Lease Collateral (which period of notice the parties hereto confirm is commercially reasonable).

 

		3.2	Discontinuance of Proceedings

 

In case the Loan Trustee shall
have instituted any proceeding to enforce any right, power or remedy under this Agreement by foreclosure, entry or otherwise, and
such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Loan Trustee,
then and in every such case, the Loan Trustee and the Grantor shall, subject to any determination in such proceedings, be restored
to their former positions and rights hereunder with respect to the Lease Collateral, and all rights, remedies and powers of the
Loan Trustee shall continue as if no such proceedings had been instituted.

 

		3.3	Remedies Cumulative

 

Each and every right, power
and remedy given to the Loan Trustee specifically or otherwise in this Agreement shall be cumulative and shall be in addition to
every other right, power and remedy herein specifically given or now or hereafter existing at law, in equity or by statute, and
each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time
and as often and in such order as may be deemed expedient by the Loan Trustee, and the exercise or the beginning of the exercise
of any power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other
right, power or remedy. No delay or omission by the Loan Trustee in the exercise of any right, remedy or power or in the pursuit
of any remedy shall impair any such right, power or remedy or be construed to be a waiver of any default on the part of the Grantor
or to be an acquiescence therein.

 

		3.4	No Liability of Loan Trustee

 

Notwithstanding anything herein contained, the Loan
Trustee shall not be under any obligation or liability under the Lease by reason of this Agreement or anything arising out of,
or in connection with, it. The Loan Trustee shall not be under any obligation of any (i) kind to assume or perform or fulfil any
obligation of the Grantor in, under or pursuant to the Lease or be under any liability whatsoever as a result of any failure of
the Grantor to perform any of its obligations in connection therewith; (ii) except as otherwise provided in the Financing Agreements,
to enforce against any of the parties thereto any term or condition of the Financing Agreements or to enforce any rights and benefits
hereby assigned or to which the Loan Trustee may at any time be entitled; or (iii) to make any enquiries as to the nature or sufficiency
of any payment received by the Loan Trustee hereunder or to make any claim or take any action to collect any moneys hereby assigned.

 

    	 	-5-	 

     

    

 

		4.	MISCELLANEOUS

 

		4.1	No Legal Title to Lease Collateral in the Loan Trustee

 

The Loan Trustee shall have
no legal title to any part of the Lease Collateral. No transfer, by operation of law or otherwise, of any right, title and interest
of the Loan Trustee in and to the Lease Collateral or hereunder shall operate to terminate this Agreement or entitle the Loan Trustee
or any successor or transferee of the Loan Trustee to an accounting or to the transfer to it of legal title to any part of the
Lease Collateral.

 

		4.2	Agreement for Benefit of the Loan Trustee and Secured Parties

 

Nothing in this Agreement,
whether express or implied, shall be construed to give to any person other than the Grantor, the Loan Trustee and the Secured Parties
any legal or equitable right, remedy or claim under or in respect of this Agreement.

 

		4.3	No Action Contrary to the Grantor’s Rights; Quiet Enjoyment

 

Notwithstanding any of the
provisions of this Agreement to the contrary, so long as no Lease Event of Default shall have occurred and be continuing, the Loan
Trustee agrees that neither it nor any Person claiming by, through or under the Loan Trustee, will take any action in violation
of the Grantor’s rights.

 

		4.4	Further Assurances

 

		(a)	The Grantor will promptly and duly execute and deliver to the Loan Trustee such further documents
and take such further action as the Loan Trustee may from time to time reasonably request in order to more effectively carry out
the intent and purpose of this Agreement and to establish and protect the rights and remedies created or intended to be created
in favor of the Loan Trustee hereunder.

 

		(b)	If a Lease Event of Default shall have occurred and be continuing, the Grantor shall, promptly
upon the earlier of (i) becoming aware of the occurrence of such Lease Event of Default or (ii) receipt of notice from the Loan
Trustee of the occurrence of such Lease Event of Default, provide notice to the Lessee of the rights of the Loan Trustee in respect
of the Lease resulting from such Lease Event of Default in form and substance satisfactory to the Loan Trustee.

 

		4.5	Notices

 

All notices hereunder shall
be given in the manner set forth in Section 7.01 of the Participation Agreement, as if said Section 7.01 were set forth in full
herein, and shall be addressed to the parties at the addresses set out in Schedule 1 to the Participation Agreement.

 

    	 	-6-	 

     

    

 

		4.6	No Waiver

 

No failure on the part of the
Loan Trustee or any of its agents to exercise, and no course of dealing with respect to, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Loan Trustee or any
of its agents of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other
right, power or remedy.

 

		4.7	Governing Law

 

THIS AGREEMENT SHALL IN
ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, INCLUDING
ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

		4.8	Successors and Assigns

 

This Agreement and the terms,
covenants and conditions hereof shall be binding upon and inure to the benefit of the parties hereto and all holders of the Secured
Obligations secured hereby and their respective successors and assigns, except that the Grantor shall not be permitted to assign
or otherwise transfer this Agreement or any rights or interests herein or in the Lease Collateral or any part thereof, or otherwise
to sell, assign, pledge, mortgage, hypothecate or transfer the Lease Collateral or any part thereof. The Grantor shall not be permitted
to delegate any of its duties or obligations hereunder. The Loan Trustee may assign this Agreement or any or all of its rights
hereunder.

 

		4.9	Termination

 

Upon (or at any time after)
payment in full of the Secured Obligations and all other amounts due under, or otherwise due to the Secured Parties, the Loan Trustee
shall execute and deliver to or as directed in writing by the Grantor an appropriate instrument releasing the Lease Collateral
from the Lien of this Agreement, and the Loan Trustee shall execute and deliver such instrument as aforesaid and, at the Grantor’s
cost and expense, will execute and deliver such other instruments or documents as may be reasonably requested by the Grantor to
give effect to such release;

 

provided, however,
that this Agreement shall earlier terminate and this Agreement shall be of no further force or effect and the rights of the Secured
Parties shall terminate (and the Loan Trustee shall release, by an appropriate instrument, the Lease Collateral from the Lien of
this Agreement) upon any sale or other final disposition by the Loan Trustee of all property part of the Lease Collateral and the
final distribution by the Loan Trustee of all monies or other property or proceeds constituting part of the Lease Collateral in
accordance with the terms hereof.

 

Except as aforesaid otherwise
provided this Agreement and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof.

 

    	 	-7-	 

     

    

 

		4.10	Severability

 

If any provision hereof should
be held invalid, illegal, or unenforceable in any respect in any jurisdiction, then, to the fullest extent permitted by law, (a)
all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor
of the Loan Trustee in order to carry out the intentions of the parties hereto as nearly as may be possible and (b) such invalidity,
illegality or unenforceability shall not affect the validity, legality or enforceability of such provision in any other jurisdiction.
To the extent permitted by applicable law, the Grantor hereby waives any provision of law which would render any provision hereof
prohibited or unenforceable in any respect.

 

		4.11	Headings

 

Clause headings used herein are
for convenience only and are not to affect the construction of or be taken into consideration in interpreting this Agreement.

 

		4.12	Counterparts

 

This Agreement may be executed
in separate counterparts each of which when so executed and delivered shall be an exchangeable original, but all such counterparts
shall together constitute but one and the same agreement.

 

		4.13	Entire Agreement

 

This Agreement constitutes, on
and as of the date hereof, the entire agreement of the Grantor and the Loan Trustee with respect to the subject matter hereof,
and all prior or contemporaneous understandings or agreements, whether written or oral, between the Loan Trustee and the Grantor
with respect to such subject matter are hereby superseded in their entirety.

 

		4.14	Submission to Jurisdiction; Waivers

 

The Grantor (a) hereby irrevocably
submits itself 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 for the Southern District of New York and any appellate court from any thereof for the purposes of
any suit, action or other proceeding arising out of this Agreement, or the subject matter hereof or any of the transactions contemplated
hereby, brought by the Loan Trustee or its successors, subrogees or permitted assigns, (b) hereby irrevocably agrees that all claims
in respect of such action or proceeding may be heard and determined in such courts, and (c) to the extent that it has or hereafter
may acquire any immunity from jurisdiction of any court or from any legal process, hereby waives such immunity, and agrees not
to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding the defense of sovereign immunity,
any claim that it is not personally subject to the jurisdiction of the above-named courts by reason of sovereign immunity or otherwise,
that it is immune from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property, or attachment either prior to judgment or in aid of
execution, by reason of any immunity, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of
the suit, action or proceeding is improper, or that this Agreement or the subject matter hereof may not be enforced in or by such
courts or under any applicable laws. The Grantor hereby consents to service of process in any suit, action or other proceeding
arising out of this Agreement or the subject matter hereof or any of the transactions contemplated hereby. The Grantor hereby agrees
that its submission to jurisdiction is made for the express benefit of the Loan Trustee and its successors, subrogees, and assigns.
The Grantor further agrees that a final judgment against the Grantor 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, a certified or true copy
of which final judgment shall be conclusive evidence of the fact and of the amount of any indebtedness or liability of the Grantor
therein described; provided that nothing in this Clause shall affect the right of the Loan Trustee or its respective successors,
subrogees or assigns to serve legal process in any other manner permitted by law or affect the right of the Loan Trustee or its
respective successors, subrogees or assigns to bring any action or proceeding against the Grantor or its property in the courts
of other jurisdictions.

 

    	 	-8-	 

     

    

 

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

 

	 	WILMINGTON TRUST COMPANY,
	 	
        not in its individual capacity but solely

        as Loan Trustee

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[PARINA LEASING
	 	
        LIMITED/RAYADOR LEASING

        LIMITED/CUCLILLO LEASING

        LIMITED/CANASTERO LEASING

        LIMITED],

	 	as Grantor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	-9-	 

     

    

 

 

EXHIBIT J to

NOTE PURCHASE AGREEMENT

 

FORM OF SUBLEASE ASSIGNMENT

 

[Attached.] 

 

    	 	 	 

     

    

  

		

 

Form Document

 

DATED AS OF

 

_____________________201[•]

 

BETWEEN

 

LATAM AIRLINES GROUP S.A.

AS GRANTOR

 

AND

 

WILMINGTON TRUST COMPANY

NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY

AS LOAN TRUSTEE

 

 

SUBLEASE SECURITY ASSIGNMENT

IN RESPECT OF ONE (1) [A321-200/A350-900]

AIRCRAFT WITH MANUFACTURER'S SERIAL

NUMBER [•]

 

 

  

    	 	-1-	 

     

    

 

	Clause	 	Page
	 	 	 
	1.	Definitions	3
	 	 	 
	2.	Representations, Warranties and Covenants of the Grantor	3
	 	 	 
	3.	Remedies	5
	 	 	 
	4.	Miscellaneous	6

 

    	 	-i-	 

     

    

 

SUBLEASE
SECURITY ASSIGNMENT, dated as of__________________201[•] (the "Agreement"), between LATAM AIRLINES
GROUP S.A. (the "Grantor") and WILMINGTON TRUST COMPANY, not in its individual capacity but solely as loan trustee
(the "Loan Trustee").

 

WHEREAS, pursuant to the
terms of a Lease Agreement MSN [•], dated______________201[•], (the “Head Lease”),[Parina Leasing Limited/Rayador
Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (the "Owner"), as lessor leased one (1) Airbus
[A321-200/A350-900] aircraft bearing manufacturer’s serial number [•] and Brazilian Registration Mark (the “Aircraft”)
to the Grantor;

 

WHEREAS, pursuant to the
terms of an Aircraft Sublease Agreement, dated______________201[•] , the Grantor as lessor subleased the Aircraft to TAM Linhas Aéreas
S.A. as lessee (the “Lessee”);

 

WHEREAS, pursuant to an
Indenture and Security Agreement ([MSN]) dated_______________201[•] the ("Indenture") among, inter alios, the Owner
and the Loan Trustee, the Owner will issue [two/three] separate series of Equipment Notes (the "Equipment Notes"),
the proceeds of which will be used to assist in financing the acquisition by the Owner of the Aircraft;

 

WHEREAS, it is a requirement
under the Indenture and the other Financing Agreements that the Owner executes and delivers this Agreement; and

 

WHEREAS, to secure, among
other things, the due and punctual repayment of the Equipment Notes and the performance of the Owner's other obligations under
the Financing Agreements, whether by the Owner itself or by a third party for and on behalf of the Owner, the Grantor has agreed
to grant to the Loan Trustee a security interest in the Grantor's right, title and interest in and to the Sublease.

 

NOW, THEREFORE, in consideration
of the foregoing promises and of the mutual covenants hereinafter set forth and of other good and valuable consideration, the receipt
and sufficiency of which the Grantor hereby acknowledges, the Grantor and the Loan Trustee hereby agree as follows:

 

GRANTING CLAUSE

 

NOW,
THEREFORE, THIS SUBLEASE SECURITY ASSIGNMENT WITNESSETH, that, to secure (x)(a) the prompt, complete and punctual payment
and repayment when due (whether at stated maturity, by acceleration or otherwise) of the principal of, and interest on (including
interest on any overdue amounts), and Make-Whole Amount, if any, with respect to, and all other amounts due under, the Equipment
Notes, (b) all other amounts payable by the Owner and the Obligors under the Financing Agreements, (c) the performance and observance
by the Owner and the Obligors of all agreements and covenants to be performed or observed by the Owner and/or the Obligors for
the benefit of the Noteholders and the Indenture Indemnitees contained in the Financing Agreements, and (y) the Related Secured
Obligations (the obligations in (x) and (y) being hereinafter referred to collectively as the “Secured Obligations”))
and for the uses and purposes and subject to the terms and provisions hereof, and in consideration of the promises and of the covenants
herein contained, the Grantor has granted, mortgaged and confirmed, and does hereby grant, mortgage and confirm, unto the Loan
Trustee for and on behalf of the Secured Parties and their respective successors, assigns and transferees a perfected security
interest in all estate, right, title and interest (present and future) that the Grantor may now or hereafter have in, to and under
the following described property, rights, interests and privileges (collectively, the “Lease Collateral”), to
wit:

 

    	 	-1-	 

     

    

 

		1.	the Aircraft Sublease Agreement, dated ______________ 201[•] between the Grantor as lessor and TAM Linhas Aéreas
S.A. as lessee (as modified or supplemented or amended from time to time) (the "Lease"), together with all rights,
powers, privileges, options and other benefits of the Grantor as lessor under the Lease, including, without limitation, the immediate
and continuing right to receive and collect all Rent (as defined in the Lease), income, revenues, issues, profits, insurance proceeds,
condemnation awards and other payments, tenders and security now or hereafter payable to or receivable by the Grantor under the
Lease, and the right of the Grantor to execute any election or option or to give any notice, consent, waiver or approval, to receive
copies of all notices and other instruments or communications, to accept surrender or redelivery of the aircraft the subject of
the Lease or any part thereof, as well as all the rights, powers and remedies on the part of the Grantor as lessor under the Lease,
to take such action upon the occurrence of an event of default thereunder (howsoever defined), including the commencement, conduct
and consummation of legal, administrative or other proceedings, as shall be permitted by the Lease or by law, and to do any and
all other things whatsoever which the Grantor or any lessor is or may be entitled to do under or in respect of the Lease and any
right to restitution from the Lessee or any other person in respect of any determination of invalidity of the Lease;

 

		2.	all payments or proceeds payable to the Grantor under or with respect to the Lease; and

 

		3.	all proceeds of the foregoing.

 

Any and all properties referred
to in this Granting Clause which are hereafter acquired by the Grantor, shall, without further conveyance, assignment or act by
the Grantor or the Loan Trustee thereby become and be subject to the security interest hereby granted as fully and completely as
though specifically described herein.

 

HABENDUM CLAUSE

 

TO HAVE AND TO HOLD all
and singular the aforesaid property unto the Loan Trustee, its successors and assigns, in trust for the equal and proportionate
benefit and security of the Secured Parties, and for the uses and purposes and subject to the terms and conditions of this Agreement.

 

    	 	-2-	 

     

    

 

The Grantor does hereby constitute
the Loan Trustee the true and lawful attorney of the Grantor (which appointment is coupled with an interest), irrevocably, with
full power (in the name of the Grantor or otherwise) to ask, require, demand, receive, compound and give acquittance for any and
all monies and claims for monies (in each case including insurance and requisition proceeds) due and to become due under or arising
out of the Financing Agreements and all other property which now or hereafter constitutes part of the Lease Collateral, to endorse
any checks or other instruments or orders in connection therewith and to file any claims or to take any action or to institute
any proceedings which the Loan Trustee may deem to be necessary or advisable in the premises; provided that the Loan Trustee agrees
not to exercise such power of attorney unless a Lease Event of Default shall be continuing.

 

The Grantor does hereby warrant
and represent that (except as permitted herein) it has not assigned, pledged or granted a Lien in respect of any of its right,
title and interest hereby assigned to anyone other than the Loan Trustee.

 

IT IS HEREBY COVENANTED AND AGREED by and between
the parties hereto as follows:

 

		1.	DEFINITIONS

 

For all purposes of this Agreement,
capitalized terms used herein and not otherwise defined herein have the meanings specified in the Head Lease whether by reference
to another document or otherwise.

 

		2.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GRANTOR

 

The Grantor hereby represents,
warrants and covenants that, at all times while any of the Secured Obligations remain outstanding and/or unperformed:

 

		(a)	except for the Lien granted hereunder (and the rights and remedies of the Loan Trustee related
to such Lien), the Grantor is and will at all times in the future, so long as any of the Secured Obligations remain outstanding
and/or unperformed, be the sole legal owner of the Lease Collateral, free and clear of any and all Liens. The Grantor will promptly,
at its own expense, take (or cause to be taken) such actions as may be necessary to duly discharge any Lien if the same shall arise
at any time;

 

		(b)	except as contemplated hereby, the Grantor has not previously made nor will it make, so long as
any of the Secured Obligations remain outstanding and/or unperformed, any sale, assignment, pledge, mortgage, hypothecation or
transfer of the Lease Collateral;

 

		(c)	the Grantor has legal authority to grant a Lien in respect of the Lease Collateral in the manner
hereby done or contemplated and will defend the Grantor’s title to the Lease Collateral against the claims of any and all
Persons;

 

		(d)	no consent or approval of any governmental entity, or of any securities exchange, is necessary
to the validity of the Lien effected hereby;

 

    	 	-3-	 

     

    

 

		(e)	the Grantor will not cause or consent to any act or omission or failure to act which would constitute,
or result, directly or indirectly, in the occurrence of a Lease Event of Default;

 

		(f)	at any time and from time to time, at the expense of the Grantor, the Grantor will promptly execute
and deliver all further instruments and documents, and take all further action, that may be necessary, or that the Loan Trustee
may reasonably request, in order to perfect and protect any Lien granted or purported to be granted hereby or to enable the Loan
Trustee to exercise and enforce its rights and remedies hereunder;

 

		(g)	the Grantor shall not directly or indirectly assign, convey or otherwise transfer any of its right,
title or interest in and to any of the Lease Collateral;

 

		(h)	The Grantor shall:

 

		(i)	duly perform all of its obligations under the Lease and take all actions necessary to keep the
Lease in full force and effect;

 

		(ii)	promptly upon acquiring actual knowledge of the same, notify the Loan Trustee of any material default
(whether by the Grantor or the Lessee) under or cancellation, termination or rescission or purported cancellation, termination
or rescission of the Lease specifying in reasonable detail the nature of such default, cancellation, rescission or termination;
and

 

		(iii)	not, without the Loan Trustee's prior written consent, in any way modify, cancel, terminate or
amend or consent to the modification, cancellation, termination or amendment of the Lease.

 

		(i)	The Grantor, at its expense, will take, or cause to be taken, all actions (including the filing
of financing statements under the Uniform Commercial Code in all applicable jurisdictions and perfection in any other jurisdiction
in relation to any Financing Agreement) to (A) cause the security interested granted in respect of the Lease Collateral to at all
times be and remain perfected, and (B) establish the priority of the Lease Collateral including, if applicable, by making filings
in respect of one or more of the prospective international interests, international interests or associated rights with the International
Registry; and

 

		(j)	The Grantor shall preserve, renew and keep in full force and effect its corporate existence and
comply with the provisions of its constitutional documents.

 

    	 	-4-	 

     

    

 

		3.	REMEDIES

 

		3.1	General

 

		(a)	If a Lease Event of Default shall have occurred and be continuing and so long as the same shall
be continuing unremedied, then and in every such case, the Loan Trustee may exercise any or all of the rights and powers and pursue
any and all of the remedies pursuant to the Financing Agreements and this Clause 3 and shall have and may exercise all of the rights
and remedies of a secured party under the Uniform Commercial Code.

 

		(b)	Subject to the consent of the Secured Parties, the Loan Trustee shall be entitled, at any sale
pursuant to this Clause 3, to credit against any purchase price bid at such sale by the Loan Trustee all or any part of the unpaid
obligations owing to the Loan Trustee and secured by the Lien of this Agreement. The Loan Trustee shall, upon any such purchase,
acquire good title to the property so purchased, to the extent permitted by applicable law, free of all rights of redemption.

 

		(c)	The Loan Trustee agrees to give to the Grantor at least ten (10) days’ prior written revocable
notice of any foreclosure of the Lien of this Agreement, or of any other action to cause the Grantor to lose any rights in the
Lease Collateral (which period of notice the parties hereto confirm is commercially reasonable).

 

		3.2	Discontinuance of Proceedings

 

In case the Loan Trustee shall
have instituted any proceeding to enforce any right, power or remedy under this Agreement by foreclosure, entry or otherwise, and
such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Loan Trustee,
then and in every such case, the Loan Trustee and the Grantor shall, subject to any determination in such proceedings, be restored
to their former positions and rights hereunder with respect to the Lease Collateral, and all rights, remedies and powers of the
Loan Trustee shall continue as if no such proceedings had been instituted.

 

		3.3	Remedies Cumulative

 

Each and every right, power and
remedy given to the Loan Trustee specifically or otherwise in this Agreement shall be cumulative and shall be in addition to every
other right, power and remedy herein specifically given or now or hereafter existing at law, in equity or by statute, and each
and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time and
as often and in such order as may be deemed expedient by the Loan Trustee, and the exercise or the beginning of the exercise of
any power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right,
power or remedy. No delay or omission by the Loan Trustee in the exercise of any right, remedy or power or in the pursuit of any
remedy shall impair any such right, power or remedy or be construed to be a waiver of any default on the part of the Grantor or
to be an acquiescence therein.

 

    	 	-5-	 

     

    

 

		3.4	No Liability of Loan Trustee

 

Notwithstanding anything herein contained, the Loan
Trustee shall not be under any obligation or liability under the Lease by reason of this Agreement or anything arising out of,
or in connection with, it. The Loan Trustee shall not be under any obligation of any (i) kind to assume or perform or fulfil any
obligation of the Grantor in, under or pursuant to the Lease or be under any liability whatsoever as a result of any failure of
the Grantor to perform any of its obligations in connection therewith; (ii) except as otherwise provided in the Financing Agreements,
to enforce against any of the parties thereto any term or condition of the Financing Agreements or to enforce any rights and benefits
hereby assigned or to which the Loan Trustee may at any time be entitled; or (iii) to make any enquiries as to the nature or sufficiency
of any payment received by the Loan Trustee hereunder or to make any claim or take any action to collect any moneys hereby assigned.

 

		4.	MISCELLANEOUS

 

		4.1	No Legal Title to Lease Collateral in the Loan Trustee

 

The Loan Trustee shall have
no legal title to any part of the Lease Collateral. No transfer, by operation of law or otherwise, of any right, title and interest
of the Loan Trustee in and to the Lease Collateral or hereunder shall operate to terminate this Agreement or entitle the Loan Trustee
or any successor or transferee of the Loan Trustee to an accounting or to the transfer to it of legal title to any part of the
Lease Collateral.

 

		4.2	Agreement for Benefit of the Loan Trustee and the Secured Parties

 

Nothing in this Agreement,
whether express or implied, shall be construed to give to any person other than the Grantor, the Loan Trustee and the Secured Parties
any legal or equitable right, remedy or claim under or in respect of this Agreement.

 

		4.3	No Action Contrary to the Grantor’s Rights; Quiet Enjoyment

 

Notwithstanding any of the
provisions of this Agreement to the contrary, so long as no Lease Event of Default shall have occurred and be continuing, the Loan
Trustee agrees that neither it nor any Person claiming by, through or under the Loan Trustee, will take any action in violation
of the Grantor’s rights.

 

		4.4	Further Assurances

 

		(a)	The Grantor will promptly and duly execute and deliver to the Loan Trustee such further documents
and take such further action as the Loan Trustee may from time to time reasonably request in order to more effectively carry out
the intent and purpose of this Agreement and to establish and protect the rights and remedies created or intended to be created
in favor of the Loan Trustee hereunder.

 

		(b)	If a Lease Event of Default shall have occurred and be continuing, the Grantor shall, promptly
upon the earlier of (i) becoming aware of the occurrence of such Lease Event of Default or (ii) receipt of notice from the Loan
Trustee of the occurrence of such Lease Event of Default, provide notice to the Lessee of the rights of the Loan Trustee in respect
of the Lease resulting from such Lease Event of Default in form and substance satisfactory to the Loan Trustee.

 

    	 	-6-	 

     

    

  

		4.5	Notices

 

All notices hereunder shall be
given in the manner set forth in Section 7.01 of the Participation Agreement, as if said Section 7.01 were set forth in full herein,
and shall be addressed to the parties at the addresses set out in Schedule 1 to the Participation Agreement.

 

		4.6	No Waiver

 

No failure on the part of the
Loan Trustee or any of its agents to exercise, and no course of dealing with respect to, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Loan Trustee or any
of its agents of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other
right, power or remedy.

 

		4.7	Governing Law

 

THIS AGREEMENT SHALL IN ALL
RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, INCLUDING
ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

		4.8	Successors and Assigns

 

This Agreement and the terms,
covenants and conditions hereof shall be binding upon and inure to the benefit of the parties hereto and all holders of the Secured
Obligations secured hereby and their respective successors and assigns, except that the Grantor shall not be permitted to assign
or otherwise transfer this Agreement or any rights or interests herein or in the Lease Collateral or any part thereof, or otherwise
to sell, assign, pledge, mortgage, hypothecate or transfer the Lease Collateral or any part thereof. The Grantor shall not be permitted
to delegate any of its duties or obligations hereunder. The Loan Trustee may assign this Agreement or any or all of its rights
hereunder.

 

		4.9	Termination

 

Upon (or at any time after) payment
in full of the Secured Obligations and all other amounts due under, or otherwise due to the Secured Parties, the Loan Trustee shall
execute and deliver to or as directed in writing by the Grantor an appropriate instrument releasing the Lease Collateral from the
Lien of this Agreement, and the Loan Trustee shall execute and deliver such instrument as aforesaid and, at the Grantor’s
cost and expense, will execute and deliver such other instruments or documents as may be reasonably requested by the Grantor to
give effect to such release; provided, however, that this Agreement shall earlier terminate and this Agreement shall
be of no further force or effect and the rights of the Secured Parties shall terminate (and the Loan Trustee shall release, by
an appropriate instrument, the Lease Collateral from the Lien of this Agreement) upon any sale or other final disposition by the
Loan Trustee of all property part of the Lease Collateral and the final distribution by the Loan Trustee of all monies or other
property or proceeds constituting part of the Lease Collateral in accordance with the terms hereof.

 

    	 	-7-	 

     

    

  

Except as aforesaid otherwise
provided this Agreement and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof.

 

		4.10	Severability

 

If any provision hereof should
be held invalid, illegal, or unenforceable in any respect in any jurisdiction, then, to the fullest extent permitted by law, (a)
all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor
of the Loan Trustee in order to carry out the intentions of the parties hereto as nearly as may be possible and (b) such invalidity,
illegality or unenforceability shall not affect the validity, legality or enforceability of such provision in any other jurisdiction.
To the extent permitted by applicable law, the Grantor hereby waives any provision of law which would render any provision hereof
prohibited or unenforceable in any respect.

 

		4.11	Headings

 

Clause headings used herein are
for convenience only and are not to affect the construction of or be taken into consideration in interpreting this Agreement.

 

		4.12	Counterparts

 

This Agreement may be executed
in separate counterparts each of which when so executed and delivered shall be an exchangeable original, but all such counterparts
shall together constitute but one and the same agreement.

 

		4.13	Entire Agreement

 

This Agreement constitutes, on
and as of the date hereof, the entire agreement of the Grantor and the Loan Trustee with respect to the subject matter hereof,
and all prior or contemporaneous understandings or agreements, whether written or oral, between the Loan Trustee and the Grantor
with respect to such subject matter are hereby superseded in their entirety.

 

    	 	-8-	 

     

    

  

		4.14	Submission to Jurisdiction; Waivers

 

The Grantor (a) hereby irrevocably
submits itself 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 for the Southern District of New York and any appellate court from any thereof for the purposes of
any suit, action or other proceeding arising out of this Agreement, or the subject matter hereof or any of the transactions contemplated
hereby, brought by the Loan Trustee or its successors, subrogees or permitted assigns, (b) hereby irrevocably agrees that all claims
in respect of such action or proceeding may be heard and determined in such courts, and (c) to the extent that it has or hereafter
may acquire any immunity from jurisdiction of any court or from any legal process, hereby waives such immunity, and agrees not
to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding the defense of sovereign immunity,
any claim that it is not personally subject to the jurisdiction of the above-named courts by reason of sovereign immunity or otherwise,
that it is immune from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property, or attachment either prior to judgment or in aid of
execution, by reason of any immunity, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of
the suit, action or proceeding is improper, or that this Agreement or the subject matter hereof may not be enforced in or by such
courts or under any applicable laws. The Grantor hereby consents to service of process in any suit, action or other proceeding
arising out of this Agreement or the subject matter hereof or any of the transactions contemplated hereby. The Grantor hereby agrees
that its submission to jurisdiction is made for the express benefit of the Loan Trustee and its successors, subrogees, and assigns.
The Grantor further agrees that a final judgment against the Grantor 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, a certified or true copy
of which final judgment shall be conclusive evidence of the fact and of the amount of any indebtedness or liability of the Grantor
therein described; provided that nothing in this Clause shall affect the right of the Loan Trustee or its respective successors,
subrogees or assigns to serve legal process in any other manner permitted by law or affect the right of the Loan Trustee or its
respective successors, subrogees or assigns to bring any action or proceeding against the Grantor or its property in the courts
of other jurisdictions.

 

    	 	-9-	 

     

    

 

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

 

	 	WILMINGTON TRUST COMPANY,
	 	
        not in its individual capacity but solely

        as Loan Trustee

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	Name:	
	 	Title:	
	 	 	 
	 	LATAM AIRLINES GROUP S.A.,
	 	as Grantor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	-10-	 

     

    

 

EXHIBIT K-1 to

NOTE PURCHASE AGREEMENT

 

FORM OF PURCHASE AGREEMENT ASSIGNMENT (BOEING)

 

[Attached.]

 

    	 	 	 

     

    

 

		

 

Form Document

 

DATED______________________201[•]

 

BETWEEN

 

LATAM AIRLINES GROUP S.A.

AS ASSIGNOR

 

AND

 

[RAYADOR LEASING
LIMITED/CANASTERO LEASING LIMITED]1 

AS ASSIGNEE

 

AND

 

CONSENT AND AGREEMENT

 

BY

 

THE BOEING COMPANY

 

ONE (1) BOEING MODEL 787-9 AIRCRAFT

BEARING MANUFACTURER'S SERIAL NUMBER [•]

 

 

 

PURCHASE AGREEMENT ASSIGNMENT

 

 

 

 

1 Delete as appropriate

 

 

    	 	 	 

     

    

 

PURCHASE AGREEMENT ASSIGNMENT

 

THIS PURCHASE AGREEMENT ASSIGNMENT dated as
of______________, 201[•] (this "Assignment") between LATAM AIRLINES GROUP S.A. (formerly having the legal
name LAN Airlines S.A. and doing business as LAN Airlines), a company organized under the laws of the Republic of Chile
("Assignor") and [RAYADOR LEASING LIMITED/CANASTERO LEASING LIMITED] 2 ,
an exempted company incorporated and existing under the laws of the Cayman Islands ("Assignee").

 

WITNESSETH:

 

WHEREAS, Assignor
and The Boeing Company (the "Manufacturer") are parties to the Purchase Agreement, providing for, inter alia,
the sale by the Manufacturer to Assignor of the Aircraft;

 

WHEREAS,
Assignee wishes to acquire certain rights and interests under the Purchase Agreement and Assignor, on the terms and conditions
hereinafter set forth, is willing to assign to Assignee certain of Assignor's rights and interests under the Purchase Agreement,
and Assignee is willing to accept such assignment, pursuant to the terms of this Assignment; and

 

WHEREAS,
the Manufacturer is willing to execute and deliver to Assignee on the Delivery Date a Consent and Agreement to the provisions hereof
in substantially the form of Exhibit A hereto in respect of each Aircraft.

 

NOW THEREFORE,
in consideration of the mutual covenants herein contained and of other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

Section
1. For all purposes of this Assignment, unless the context otherwise requires, the following terms shall have the following respective
meanings:

 

"Aircraft"
shall mean the Boeing Model 787-9 airframe described with manufacturer's serial number [•] (the "Airframe"),
together with the Rolls-Royce model Trent T1000 engines as more particularly described in the Purchase Assignment Supplement with
respect to the Airframe installed thereon and each other engine described in any Purchase Assignment Supplement hereto (collectively,
the "Engines"), together with the equipment, components and accessories installed thereon (other than buyer-furnished
equipment that has not been converted to seller- purchased equipment pursuant to the Purchase Agreement) pursuant to the Purchase
Agreement, and together with all technical records, manuals and data with respect thereto provided pursuant to the Purchase Agreement
(collectively, the "Manuals and Technical Records").

 

"Banking
Day" shall mean (i) with respect to any payment in Dollars, any day other than a Saturday, Sunday or day on which commercial
banks are required or authorized to close in New York, New York, Wilmington, Delaware, or, if different from the foregoing, the
city in which the Loan Trustee, any Pass Through Trustee or the Subordination Agent maintains its corporate trust office or receives
and disburses funds; and (ii) for any other purpose, any day other than a Saturday, Sunday or day on which commercial banks are
required or authorized to close in New York, New York, and Santiago, Chile..

 

 

2 Delete as appropriate

 

    	 	 	 

     

    

  

"Delivery"
shall mean the time when Assignor accepts delivery of such Aircraft under Section 2 of the Lease.

 

"Delivery
Date" shall mean the date on which the Delivery for such Aircraft occurs and as more fully discussed in Section 5(a).

 

"Dollars",
"U.S. Dollars", "U.S.$", "US$" and "$" shall mean immediately
available and freely transferable lawful currency of the United States of America from time to time.

 

"Engine Manufacturer" shall mean Rolls-Royce
plc, and its successors and assigns.

 

"Indenture"
shall mean that certain indenture and security agreement [MSN] dated on or about the date of the Lease between the Assignee and
the Loan Trustee, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms
thereof, including by any indenture supplement executed and delivered pursuant to the Indenture.

 

"Lease"
shall mean the Lease Agreement dated as of________________, 201[•] between Assignee, as lessor, and Assignor, as lessee, providing
for the lease of the Aircraft, as amended, modified or supplemented, from time to time in accordance with the terms thereof.

 

"Loan
Trustee" shall mean Wilmington Trust Company, not in its individual capacity, but solely as Loan Trustee.

 

"Participation
Agreement" shall mean that certain participation agreement ([MSN]), dated as of the Delivery Date, among the Assignee,
the Assignor, the Pass Through Trustee under each Pass Through Trust Agreement in effect as of the date of execution and delivery
of such participation agreement, the Subordination Agent and the Loan Trustee, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof.

 

"Purchase
Agreement" shall mean the purchase agreement no. 3256 dated as of 29th October 2007,
between Assignor and the Manufacturer and as amended and supplemented from time to time, providing for inter alia the purchase
by Assignor from the Manufacturer of the Aircraft, as more particularly described in the Purchase Agreement. The Purchase Agreement
incorporates by reference the terms and conditions of Aircraft General Terms Agreement AGTA-

LAN, dated as of 9th
May, 1997 between Manufacturer and Assignor.

 

"Purchase
Assignment Supplement" shall mean the purchase assignment supplement entered into between Assignor and Assignee, substantially
in the form of Exhibit B hereto.

 

"Purchase
Price" shall mean the amount in Dollars in respect of the purchase of such Aircraft as shall be notified by Assignor to
Assignee at least three (3) Business Days prior to the Delivery Date for the Aircraft upon agreement with the Manufacturer and
pursuant to the terms of the Purchase Agreement.

 

    	 	-2-	 

     

    

 

All other capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Participation Agreement.

 

Section
2. Effective as to the Assignor and Assignee as of the date of delivery of a Purchase Assignment Supplement to Assignor (with copies
to the Manufacturer and the Loan Trustee) with respect to the Aircraft, Assignor does hereby sell, assign, transfer and set over
unto Assignee, its successors and permitted assigns, all of Assignor's rights and interests in and to the Purchase Agreement as
and to the extent it relates to the Aircraft and the purchase and ownership thereof, except as and to the extent expressly reserved
below, including in such assignment:

 

(a)      the
right upon valid tender by the Manufacturer to purchase the Aircraft pursuant to the Purchase Agreement (including the right to
accept delivery of the Aircraft, such acceptance to be exercised by an authorized representative of the Assignee, who shall be
an employee or representative of the Assignor) provided that the Manufacturer shall have received written notice in advance of
the identity and authority of such authorized representative and the right, upon payment of the Purchase Price for the Aircraft,
to take title to the Aircraft and to be named the "Buyer" in the bill of sale and invoice to be delivered by the Manufacturer
for the Aircraft pursuant to the Purchase Agreement;

 

(b)      all
claims for damages in respect of the Aircraft arising as a result of any default by the Manufacturer under the Purchase Agreement
in respect of the Aircraft or by any supplier of parts or equipment installed on or in the Aircraft;

 

(c)      all
warranty and indemnity provisions contained in the Purchase Agreement and all claims arising thereunder, in respect of the Aircraft;

 

(d)      any
and all rights of Assignor to compel performance of the terms of the Purchase Agreement in respect of the Aircraft; and

 

(e)      all
of Assignor's rights and interests in or arising out of (including any credits for or repayment of) any advance payments made or
to be made by Assignor in respect of the Aircraft under the Purchase Agreement and any other payments or deposits made by Assignor
in respect of the Aircraft under the Purchase Agreement or any other agreement or amounts credited or to be credited or paid or
to be paid by the Manufacturer or the Engine Manufacturer to Assignor thereunder (whether by way of a credit memorandum or otherwise).

 

reserving exclusively to Assignor, however:

 

(i)      all
of Assignor's rights and interests in and to the Purchase Agreement as and to the extent that it relates to aircraft other than
the Aircraft or the purchase or operation of such other aircraft and to the extent that it relates to any other matters not directly
pertaining to the Aircraft;

 

(ii)      the
right to obtain services, training, data and demonstration and test flights pursuant to the Purchase Agreement; and

 

(iii)      the
right to maintain plant representatives at the Manufacturer's plant pursuant to the Purchase Agreement.

 

    	 	-3-	 

     

    

 

Assignee hereby accepts the assignment set forth above.

 

Notwithstanding
the foregoing, so long and only so long as no Lease Event of Default under the Lease shall have occurred and be continuing, Assignee
hereby authorizes Assignor during the Term of the Lease for the Aircraft (such Term to commence on the Delivery Date for the Aircraft),
to the exclusion of Assignee, to exercise in Assignor's name (A) the right to enforce any warranty or indemnity under the Purchase
Agreement and retain any recovery or benefit resulting from the enforcement of any warranty or indemnity under the Purchase Agreement
in respect of the Aircraft, (B) all rights to demand, accept and retain all rights in and to all property (other than the Aircraft),
data and services of any kind which the Manufacturer is obligated to provide or does provide pursuant to the Purchase Agreement
with respect to the Aircraft, and, (C) so long and only so long as no Lease Event of Default under the Lease shall have occurred
and be continuing, the right to exercise all other rights and powers of the "Customer" under the Purchase Agreement assigned
to Assignee hereunder in respect of the Aircraft except that:

 

(a)      the
Assignor may not exercise any of the rights assigned hereunder referred to in Section 2(a) unless prior to the exercise thereof
the Assignee shall have delivered to the Manufacturer written notice that the Assignee has released such rights with respect to
the Aircraft; and

 

(b)      the
Assignor may not enter into any change order or other amendment, modification or supplement to the Purchase Agreement if such change
order, amendment, modification or supplement would (i) increase the price of the Aircraft beyond the Purchase Price for the Aircraft,
(ii) result in any rescission, cancellation or termination of the Purchase Agreement or any aircraft warranties in respect of the
Aircraft, or (iii) materially diminish the rights and interests assigned hereunder.

 

For all
purposes of this Assignment, the Manufacturer shall not be deemed to have knowledge of or need recognize the occurrence, the
continuance or the discontinuance of any Lease Event of Default under the Lease, or of the Aircraft becoming no longer
subject to the Lease, unless and until the Manufacturer shall have received from Assignee (or the Loan Trustee, so long as
the security interest in Assignee's interest in the Purchase Agreement granted under the Indenture (as set forth in Section 8
below) shall not have been released by the Loan Trustee) written notice thereof, addressed to the Manufacturer at, if by
mail, Vice President – Contracts, P.O. Box 3707, Mail Code 21-34, Seattle, Washington, 98124, U.S.A. or if by
facsimile, facsimile no. (425) 237-1706. Until such time as notice of a Lease Event of Default under, or of the termination
of the Lease shall have been given by Assignee (or the Loan Trustee so long as the security interest in Assignee's interest
in the Purchase Agreement granted under the Indenture (as set forth in Section 8 below) shall not have been released by the
Loan Trustee) to the Manufacturer, the Manufacturer shall deal solely and exclusively with Assignor. Thereafter, until
Assignee (or the Loan Trustee, as the case may be) shall have notified the Manufacturer that any such Lease Event of Default
is no longer continuing (which notice shall be given at Assignor's written request promptly after the remedy thereof), the
Manufacturer shall deal solely and exclusively with Assignee (or the Loan Trustee, as the case may be). The Manufacturer may
act with acquittance and conclusively rely on such notice. For the avoidance of doubt, in the event the Manufacturer receives
any notice from both Assignee and the Loan Trustee, the notice from the Loan Trustee shall control. With respect to the
rights, powers, duties and obligations of Customer under the Purchase Agreement, all actions taken or agreements entered into
by Assignor in accordance with the terms of this Assignment during the period prior to Manufacturer's receipt of a notice of
the occurrence of a Lease Event of Default are final and binding on Assignee and the Loan Trustee.

 

    	 	-4-	 

     

    

  

Section
3. It is expressly agreed that, anything herein contained to the contrary notwithstanding: (a) prior to the Delivery Date for
the Aircraft, Assignor will perform its obligations with respect to the Aircraft to be performed by it on or before such
Delivery Date, (b) Assignor shall at all times remain liable to the Manufacturer under the Purchase Agreement to perform all
duties and obligations of the "Customer" thereunder to the same extent as if this Assignment had not been executed,
(c) the exercise by Assignee or Loan Trustee of any of the rights assigned hereunder shall not release Assignor from any of
its duties or obligations to the Manufacturer under the Purchase Agreement, except to the extent that such exercise by
Assignee or Loan Trustee shall constitute performance of such duties and obligations and (d) except as specifically provided
in the next succeeding paragraph with respect to Assignee or Loan Trustee, Assignee or Loan Trustee shall not have any
obligation or liability under the Purchase Agreement by reason of or arising out of this Assignment or be obligated to
perform any of the obligations or duties of Assignor under the Purchase Agreement or to make any payment (except in the case
of Assignee, the obligation to pay on the relevant Delivery Date (as set forth in the relevant Purchase Assignment
Supplement) the Purchase Price for the Aircraft upon the terms and conditions set forth in the Purchase Agreement and this
Assignment) or to make any inquiry as to the sufficiency of any payment received by it or to present or file any claim or to
take any other action to collect or enforce any claim for any payment assigned hereunder.

 

Notwithstanding
anything else contained in this Assignment to the contrary (but without in any way releasing Assignor from any of its duties or
obligations under the Purchase Agreement), Assignee confirms for the benefit of the Manufacturer that, insofar as the provisions
of the Purchase Agreement relate to the Aircraft, in exercising any rights under the Purchase Agreement with respect to the Aircraft,
or in making any claim with respect to the Aircraft or other things (including, without limitation, the Manuals and Technical Records
and other services) delivered or to be delivered pursuant to the Purchase Agreement with respect to the Aircraft, the terms and
conditions of the Purchase Agreement, including, without limitation, the Disclaimer and Release, and Exclusion of Consequential
and Other Damages provisions in Exhibit C, Part 2, Article 12 thereof and the indemnity and insurance provisions in Article 8 thereof,
shall apply to, and be binding upon, Assignee to the same extent as if Assignee had been the original "Customer" thereunder.
Assignee further agrees, expressly for the benefit of the Manufacturer, that at any time and from time to time upon the written
request of the Manufacturer, Assignee shall promptly and duly execute and deliver any and all such further assurances, instruments
and documents and take all such further action as the Manufacturer may reasonably request in order to obtain the full benefits
of Assignee's agreements set forth in this paragraph.

 

Nothing contained
herein shall subject the Manufacturer to any liability to which it would not otherwise be subject under the Purchase Agreement
or modify in any respect the contract rights of the Manufacturer thereunder (except as provided in the Consent and Agreement) or
require the Manufacturer to divest itself of title to or possession of any Aircraft or other goods and services until delivery
thereof and payment therefor on the date of such delivery as provided therein.

 

    	 	-5-	 

     

    

  

Effective at
any time after a Lease Event of Default under the Lease has occurred, and for so long as such Lease Event of Default is continuing,
Assignor does hereby constitute Assignee, its successors and permitted assigns, Assignor's true and lawful attorney, irrevocably,
with full power (in the name of Assignor or otherwise) to ask, require, demand, receive, compound and give acquittance for any
and all monies and claims for monies due and to become due under or arising out of the Purchase Agreement in respect of the Aircraft,
to the extent that the same have been assigned by this Assignment and, for such period as Assignee may exercise rights with respect
thereto under this Assignment, to endorse any checks or other instruments or orders in connection therewith and to file any claims
or take any action or institute (or, if previously commenced, assume control of) any proceedings and to obtain any recovery in
connection therewith that Assignee may deem to be necessary or advisable in the premises. This appointment as attorney-in-fact
is coupled with an interest.

 

Section
4. On the Delivery Date for the Aircraft, upon and subject to the terms and conditions of this Assignment and the Lease and
in particular but without limitation subject to (i)the due fulfillment to the satisfaction of, or waiver by, the
Assignor, of the conditions precedent set forth in Section 3 of the Participation Agreement, and the payment, if applicable,
by the Assignor of any indemnity required to be paid by the Assignor under any of the Financing Agreements as a condition
precedent of the Assignee's agreement to purchase the Aircraft and (ii)the Delivery Date being, unless otherwise agreed
by the Assignee in writing, a Banking Day falling on or after the date of this Assignment, the Assignee agrees with the
Assignor to purchase the Aircraft from the Manufacturer and to pay, or cause to be paid, the Purchase Price for the Aircraft
to the Manufacturer's account no.[ 910-1-012764 with JPMorgan Chase, New York, New York U.S.A., ABA No. 021000021] and to
apply the advance payments and credit memos in such manner as the parties may separately agree.

 

Section 5.
(a) Upon and subject to the terms and conditions of this Assignment, the sale and delivery of the Aircraft by the Manufacturer
to the Assignee pursuant to this Assignment and the Purchase Agreement shall take place on the relevant Delivery Date (as set forth
in the relevant Purchase Assignment Supplement) by the Manufacturer delivering to the Assignee or its duly authorized representative
the bill of sale for the Aircraft duly completed and executed by the Manufacturer in favor of the Assignee (being evidence of the
Manufacturer's title to the Aircraft and of the transfer thereof to the Assignee free and clear of all liens) immediately whereupon
title to the Aircraft shall pass from the Manufacturer to the Assignee and the Assignor hereby waives any right it might have to
the beneficial title of the Aircraft by virtue of any advance payments made by, or on behalf of, the Assignor in respect of the
Aircraft.

 

(b) The Assignee
shall not be responsible for any delay in, or change in the place of, delivery of the Aircraft under the Purchase Agreement or
hereunder (whether or not the same be permitted thereby).

 

    	 	-6-	 

     

    

  

Section
6. ASSIGNOR SHALL NOT BE DEEMED TO HAVE GIVEN, AND HEREBY EXPRESSLY DISCLAIMS, ANY IMPLIED REPRESENTATION OR WARRANTY AS
TO THE AIRWORTHINESS, CONDITION, MERCHANTABILITY, DESIGN, OPERATION OR FITNESS FOR USE OF THE AIRCRAFT OR ANY PART THEREOF, OR
ANY OTHER IMPLIED REPRESENTATION OR WARRANTY WHATSOEVER WITH RESPECT TO ANY AIRCRAFT.

 

Section
7. Assignor agrees that at any time and from time to time upon the written request of Assignee, Assignor will promptly and duly
execute and deliver any and all such further instruments and documents and take such further action as Assignee may reasonably
request in order to obtain the full benefits of this Assignment and of the rights and powers herein granted.

 

Section
8. Assignor does hereby represent and warrant that it has not assigned or pledged, and hereby covenants that it will not assign
or pledge so long as this Assignment shall remain in effect, the whole or any part of the rights hereby assigned to anyone other
than Assignee. Assignor hereby acknowledges and agrees that Assignee has assigned to the Loan Trustee, as collateral security for
Assignee's obligations under the Indenture and the other Financing Agreements, all of Assignee's right, title and interest in and
to the Purchase Agreement (as it relates to the Aircraft) and this Assignment pursuant to the Indenture, and Assignor hereby consents
to such assignment.

 

Section
9. Assignee agrees that it will not enter into any agreement with the Manufacturer that would amend, modify, rescind, cancel or
terminate the Purchase Agreement in respect of the Aircraft or take any other action to amend, modify, rescind, cancel or terminate
any of Assignor's rights in respect of the Aircraft, without the prior written consent of Assignor and the Loan Trustee.

 

Section
10. Each of Assignee and Assignor agrees, expressly for the benefit of the Manufacturer, that it will not disclose, directly
or indirectly, any terms of the Purchase Agreement disclosed to it in writing; provided that (a) Assignee may use,
retain and disclose any such relevant information to its special counsel and public accountants, who shall maintain the
confidentiality of the Purchase Agreement, (b) Assignee may disclose any such relevant information as required by Applicable
Law or governmental regulations, (c) to the extent that Assignee may have received a subpoena or other written demand under
color of legal right for such information, Assignee may disclose such information, but it shall first, as soon as practicable
upon receipt of such demand, furnish a copy thereof to Assignor and to the Manufacturer, and Assignee shall afford Assignor
and the Manufacturer reasonable opportunity, at the moving person's cost and expense, to obtain a protective order or other
reasonably satisfactory assurance of confidential treatment for the information required to be disclosed, (d) Assignee may
disclose any such relevant information to any bona fide potential purchaser or lessee of the Aircraft (subject to execution
by such potential purchaser or lessee of a confidentiality undertaking substantially similar to this Section 10) and (e)
Assignee may disclose any such relevant information to any Secured Party, the Loan Trustee, any person with whom any Secured
Party is in good faith conducting negotiations relating to the possible transfer and sale of such Secured Party's interests
in the Purchase Agreement and the Aircraft and to their respective special counsel and financial advisors (who shall maintain
the confidentiality of the Purchase Agreement to the extent required by this Section 10) and to any bank examiners (who will
only be provided the sections of the Purchase Agreement relevant to the Assignment).

 

    	 	-7-	 

     

    

 

Section 11.
This Assignment may be executed by the parties hereto in separate counterparts each of which when so executed and delivered shall
be an exchangeable original, but all such counterparts shall together constitute but one and the same agreement.

 

Section
12. THIS ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK,
UNITED STATES OF AMERICA, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.

 

Section
13. Assignor (a) hereby irrevocably submits itself to the jurisdiction of the Supreme Court of the State of New York, New
York County and the United States District Court for the Southern District of New York for the purposes of any suit, action
or other proceeding arising out of this Assignment, or the subject matter hereof or any of the transactions contemplated
hereby, brought by Assignee or its successors, subrogees or permitted assigns, (b)hereby irrevocably agrees that all
claims in respect of such suit, action or proceeding may be heard and determined in such courts, and (c) to the extent that
it has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process, hereby waives such
immunity, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding the
defense of sovereign immunity, any claim that it is not personally subject to the jurisdiction of the above-named courts by
reason of sovereign immunity or otherwise, that it is immune from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property,
or attachment either prior to judgment or in aid of execution, by reason of any immunity, that the suit, action or proceeding
is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper, or that this Assignment or
the subject matter hereof may not be enforced in or by such courts or under any Applicable Laws. Assignor further agrees that
a final judgment against Assignor in any such suit, 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, a certified or true copy of which final
judgment shall be conclusive evidence of the fact and of the amount of any indebtedness or liability of Assignor therein
described; provided that nothing in this Section 13 shall affect the right of Assignee or its respective successors,
subrogees or assigns to serve legal process in any other manner permitted by law or affect the right of Assignee or its
respective successors, subrogees or assigns to bring any suit, action or proceeding against Assignor or its property in
the courts of other jurisdictions.

 

Section
14. For the purposes of this Assignment, all notices and other communications shall be in writing, in English, and shall be given
or made by fax, mail or personal delivery and faxed, mailed or delivered to the intended recipient (other than the Manufacturer)
at the address specified below, or, as to any party, at such other address as shall be designated by such party in a notice to
each other party hereto. Except as otherwise provided in this Assignment, all such communications shall be deemed to have been
duly given when transmitted by fax (provided such transmission by fax is in legible form and is accompanied by or generates a substantially
simultaneous confirmation of transmission), or personally delivered or, in the case of a mailed notice, upon receipt, in each case
given or addressed as aforesaid.

 

    	 	-8-	 

     

    

 

 

		(i)	If to Assignee:

 

[Rayador Leasing Limited/Canastero Leasing Limited]

c/o MaplesFS Limited

PO Box 1093

Queensgate House

George Town

Grand Cayman

KY1-1102

Cayman Islands

 

Attention: Wanda Ebanks

 

Facsimile: +1 345 949 8080

 

With a copy to the Loan
Trustee:

 

Wilmington Trust Company

1100 North Market Street

Wilmington, DE 19890-1605

Attention:         Corporate
Trust Administration

Telephone:       302-636-6000

Fax:                  302-636-4140

 

		(ii)	if to Assignor:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avda. Presidente Riesco 5711

Piso 20

Las Condes, Santiago

Chile

Attention:           Corporate
Finance Director

Telephone:        +(56-2)
2 565 3952

Fax:                    +(56-2)
2 565 8764

 

With a copy to:

 

Email: GrupoTesoreriaPagosChile_2@lanchile.com

(it being agreed that such electronic notification
shall not constitute a notice hereunder)

 

*      
*       *

 

    	 	-9-	 

     

    

 

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

 

	 	LATAM AIRLINES GROUP S.A.
	 	as Assignor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	
        [RAYADOR LEASING

        LIMITED/CANASTERO LEASING

	 	LIMITED] as Assignee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page to Purchase Agreement
Assignment

 

    	 	 	 

     

    

 

Wilmington
Trust Company, as Loan Trustee for the Secured Parties and as holder of a security interest in the right, title and interest of
Assignee in and to the Purchase Agreement (as it relates to the Aircraft) and this Assignment pursuant to the terms of the Indenture,
agrees to the terms and conditions of this Assignment and agrees that its rights and remedies under the Indenture in respect of
the property expressed to be assigned under this Assignment shall be subject to the terms and conditions of this Assignment (including,
without limitation, the second paragraph of Section 3 and Section 10 hereof) and of the Purchase Agreement.

 

	 	WILMINGTON TRUST COMPANY, not in its
	 	individual capacity, but solely as Loan Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page to Purchase Agreement
Assignment

 

    	 	 	 

     

    

 

EXHIBIT A

 

[FORM OF CONSENT AND AGREEMENT]

 

THE BOEING COMPANY

 

CONSENT AND AGREEMENT

 

The undersigned,
THE BOEING COMPANY, a Delaware corporation (the "Manufacturer"), hereby acknowledges notice of and consents to
all of the terms of the Purchase Agreement Assignment (herein called the "Assignment"); capitalized terms used
herein and not otherwise defined herein shall have the meanings set forth in the Assignment) dated as of__________________, 201[•]
between LATAM AIRLINES GROUP S.A. (formerly having the legal name LAN Airlines S.A. and doing business as LAN Airlines), as Assignor
and [RAYADOR LEASING LIMITED/CANASTERO LEASING LIMITED], as Assignee, relating to the assignment by Assignor of, among other things,
certain of its rights and interests under the Purchase Agreement in respect of one Boeing Model 787-9 aircraft bearing manufacturer's
serial number [MSN] (the "Aircraft"), and hereby confirms to Assignee and the Loan Trustee that: (i) all representations,
warranties, indemnities and agreements of the Manufacturer under the Purchase Agreement with respect to the Aircraft shall, subject
to the terms and conditions thereof and of the Assignment, inure to the benefit of Assignee and the Loan Trustee to the same extent
as if originally named the "Customer" therein except as provided by Section 2 of the Assignment; (ii) Assignee and the
Loan Trustee shall not be liable for any of the obligations or duties of Assignor under the Purchase Agreement, nor shall the Assignment
give rise to any duties or obligations whatsoever on the part of Assignee or the Loan Trustee owing to the Manufacturer, except
for Assignee's and the Loan Trustee's agreement in the Assignment with respect to the Aircraft that, in exercising any right under
the Purchase Agreement with respect to the Aircraft, or in making any claim with respect to the Aircraft or other things (including,
without limitation, the Manuals and Technical Records and other goods and services) delivered or to be delivered pursuant to the
Purchase Agreement with respect to the Aircraft, the terms and conditions of the Purchase Agreement relating to the Aircraft or
such other things, including, without limitation, the Disclaimer and Release, and Exclusion of Consequential and Other Damages
provisions in Exhibit C, Part 2, Article 12 thereof and the indemnity and insurance provisions in Article 8 thereof, shall apply
to, and be binding upon, Assignee and Loan Trustee to the same extent as Assignor; (iii) the Manufacturer agrees that the Assignment
constitutes an agreement by Assignee as permitted by the Purchase Agreement; (iv)if, at such time as the Assignee or the Loan
Trustee shall notify the Manufacturer that the Assignee or the Loan Trustee, as applicable, is entitled to possession of the Aircraft
upon exercise of its remedies pursuant to the Lease or any other Financing Agreement, the Assignee or the Loan Trustee, as applicable,
desires to lease or sell the Aircraft, to a person who is not then a party to a Boeing Customer Service General Terms Agreement
with the Manufacturer, to the extent permitted under the laws of the United States of America, the Manufacturer agrees that it
will then offer to such lessee or purchaser, subject to execution of an agreement so to lease or sell the Aircraft, a Customer
Service General Terms Agreement on the Manufacturer's then standard terms and conditions for a person in the category in which
the Manufacturer reasonably determines such lessee or purchaser falls; provided that if such lessee or purchaser is then a party
to a Customer Service General Terms Agreement with the Manufacturer, such Customer Service General Terms Agreement shall apply
to such lessee or purchaser of the Aircraft provided however that nothing herein shall be deemed to constitute any consent by the
Manufacturer to any further assignment by the Assignee or the Loan Trustee of its rights in respect of the Purchase Agreement;
(v) the Manufacturer will continue to recognize Assignor's rights to enforce any of the warranties and indemnities under the Purchase
Agreement and pay to Assignor all payments that the Manufacturer may be required to make (and that have been assigned to Assignee
under the Assignment) in respect of the Aircraft under the Purchase Agreement unless and until the Manufacturer shall have received
written notice from Assignee addressed to the Manufacturer at, if by mail, Vice President – Contracts, P.O. Box 3707, Mail
Code 21-34, Seattle, Washington, 98124, U.S.A. or if by facsimile, facsimile no. (425) 237- 1706, that a Lease Event of Default
has occurred and is continuing under the Lease (which such notice shall be conclusive proof thereof between the Manufacturer and
Assignor) whereupon the Manufacturer will, until Assignee shall have notified the Manufacturer in writing that no such Lease Event
of Default is continuing, make any and all payments and take all actions that it may be required thereafter to make or take in
respect of the Aircraft under the Purchase Agreement and the right to receive which has been assigned to Assignee under the Assignment,
directly to Assignee at its address as from time to time notified to the Manufacturer in writing; provided, however,
that so long as the security interest in Assignee's interest in the Purchase Agreement granted under the Indenture shall
not have been released by the Loan Trustee, if the Manufacturer shall have received written notice from the Loan Trustee, addressed
to the Manufacturer at the preceding address, stating that a Lease Event of Default under the Lease shall have occurred and is
continuing, the Manufacturer will, until the Loan Trustee shall have notified the Manufacturer in writing that no such Lease Event
of Default is continuing, pay directly to the Loan Trustee at the Loan Trustee's account at a bank or financial institution located
in the United States to be advised from time to time upon request, any and all amounts that the Manufacturer thereafter may be
required to make in respect of the Aircraft under the Purchase Agreement, and the right to receive payments of which have been
sold, assigned, transferred and set over under the Assignment (for the avoidance of doubt, in the event the Manufacturer receives
any notice from both Assignee and the Loan Trustee, the notice from the Loan Trustee shall control); (vi) the Manufacturer agrees
that it will not assert any lien or claim against the Aircraft, any engine or any part thereof arising with respect to or in connection
with any work or other services performed by the Manufacturer or at its direction on the Aircraft, such engine or such part on
or prior to the technical acceptance by the Assignee of the Aircraft on the Delivery Date; and (vii) the Manufacturer hereby agrees
that it shall on the date on which the Aircraft is delivered to the Assignee under the Purchase Agreement, subject to payment to
it of the Purchase Price in respect of the Aircraft by the Assignee pursuant to the Purchase Agreement and the Assignment, forthwith
upon receipt thereof deliver to and in favor of the Assignee the Bill of Sale and the other documents in respect of the Aircraft
required to be delivered by the Manufacturer under the Purchase Agreement on the date the Aircraft is delivered.

 

    	 	Exh. A-1	 

     

    

  

The Manufacturer
hereby represents and warrants that (A) the Manufacturer is a corporation duly organized and validly existing in good standing
under the law of the State of Delaware, (B) the making and performance in accordance with its terms of the Purchase Agreement and
this Consent and Agreement in respect of the Aircraft have been duly authorized by all necessary corporate action on the part of
the Manufacturer, do not require any stockholder approval, contravene the Manufacturer's Restated Certificate of Incorporation
or Bylaws or any indenture, credit agreement or other contractual agreement to which the Manufacturer is a party or by which it
is bound and do not, as to the making thereof, contravene any law binding on the Manufacturer, (C) to the best of the Manufacturer's
knowledge and belief, all applicable provisions of the Purchase Agreement have been complied with to effect the assignment contemplated
by the Assignment, and (D) each of the Purchase Agreement and this Consent and Agreement constitutes the legal, valid and binding
obligation of the Manufacturer enforceable against the Manufacturer in accordance with its terms, in each case subject to: (i)
the limitation of applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors
generally, and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law). Except for the agreement of the Manufacturer in this Consent and Agreement, nothing contained in this Consent and Agreement
or in the Assignment shall subject the Manufacturer to any liability to which it would not otherwise be subject under the Purchase
Agreement or modify in any respect the Manufacturer's contract rights thereunder or require the Manufacturer to transfer title
to, or possession of, the Aircraft prior to receipt of payment in full therefor as provided therein.

 

The Manufacturer hereby confirms
to the Loan Trustee that:

 

		(i)	upon receipt by the Manufacturer of a notice from the Loan Trustee addressed to the Manufacturer
at the preceding address that the security constituted by the Indenture has become enforceable, the Assignment, including all warranties
therein assigned, shall (to the extent assigned by the Assignment) inure to the benefit of the Loan Trustee; and

 

		(ii)	except as provided in the attestation executed by the Loan Trustee on the signature page of the
Assignment, the Loan Trustee shall not be liable for any of the obligations or duties of Assignor under the Purchase Agreement
or of Assignee under the Assignment, nor shall the Indenture give rise to any duties or obligations whatsoever on the part of the
Loan Trustee owing to the Manufacturer.

 

The provisions of the preceding paragraph are subject
to the following conditions:

 

Assignee's
right, title and interest in the Purchase Agreement in respect of the Aircraft assigned to the Loan Trustee pursuant to the Indenture
may not be further assigned by the Loan Trustee, without the prior written consent of the Manufacturer.

 

The Manufacturer
further consents and agrees to the security assignment by Assignee to the Loan Trustee of Assignee's right, title and interest
in and to the Purchase Agreement as it relates to the Aircraft, the Assignment and this Consent and Agreement in respect of the
Aircraft pursuant to the Indenture.

 

It is understood
that the execution by the Manufacturer of this Consent and Agreement is subject to the condition that Assignee shall lease the
Aircraft to the Assignor pursuant to the Lease.

 

*            *            *

    	 	Exh. A-2	 

     

    

 

This Consent and Agreement shall
be governed by, and construed in accordance with, the law of the State of Washington, excluding the conflict of laws principles
thereof.

 

Dated________________, 20 .

 

	 	THE BOEING COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

MSN [MSN]

 

    	 	Exh. A-3	 

     

    

 

EXHIBIT B

 

[FORM OF PURCHASE ASSIGNMENT SUPPLEMENT]

 

PURCHASE ASSIGNMENT SUPPLEMENT NO.__

 

THIS PURCHASE ASSIGNMENT SUPPLEMENT
dated____________, 201[•] (this "Purchase Assignment Supplement") is between LATAM AIRLINES GROUP S.A.
(formerly having the legal name LAN Airlines S.A. and doing business as LAN Airlines), a company organized under the laws of
the Republic of Chile ("Assignor") and [RAYADOR LEASING LIMITED/CANASTERO LEASING LIMITED], an exempted
company incorporated and existing under the laws of the Cayman Islands ("Assignee") and supplements that
Purchase Agreement Assignment dated as of_________________, 201[•] (the "Purchase Assignment")
between Assignor and Assignee. Capitalized terms used herein and not otherwise defined herein shall have the meanings set
forth in the Purchase Assignment.

 

WITNESSETH:

 

WHEREAS,
Assignor and Assignee have entered into the Purchase Assignment, pursuant to which Assignor has agreed to assign to Assignee certain
of its rights under the Purchase Agreement; and

 

WHEREAS,
pursuant to the terms of Purchase Assignment, the Assignor and Assignee desire to assign certain of the Assignor's rights relating
to the aircraft described below to Assignee.

 

NOW, THEREFORE,
in consideration of the premises and other good and sufficient consideration, each of the Assignor and Assignee hereby agrees as
follows:

 

		1.	The Purchase Assignment is hereby amended to add thereto the aircraft described below.

                                                                

                                                               Manufacturer's serial number for the Airframe: [MSN]

 

Engine Manufacturer's serial number for the Engines:                           and
                          

 

Chilean Registration Number:                            

 

		2.	The expected Delivery
                                         Date with respect to such aircraft shall be:                               

 

		3.	All of the terms and provisions of the Purchase Assignment are hereby incorporated by reference
in this Purchase Assignment Supplement to the same extent as if fully set forth herein.

 

		4.	This Purchase Assignment Supplement 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.

 

***

 

    	 	Exh. B-1	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Purchase Assignment Supplement No.             to be duly executed on the day and year
first above written.

 

	 	LATAM AIRLINES GROUP S.A.
	 	as Assignor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[RAYADOR LEASING 
	 	LIMITED/CANASTERO LEASING
	 	LIMITED] as Assignee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Acknowledged and Agreed:

 

THE BOEING COMPANY

 

	By:	 	 
	 	Name: 	 
	 	Title:	 

 

    	 	Exh. B-2	 

     

    

 

EXHIBIT K-2 to

NOTE PURCHASE AGREEMENT

 

FORM OF PURCHASE AGREEMENT ASSIGNMENT (AIRBUS
A321 – LAN)

 

[Attached.]

  

    	 	 	 

     

    

  

		

 

Form Document

 

DATED ________________________2015

 

LATAM AIRLINES GROUP S.A. 

AS ASSIGNOR

 

AND

 

[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO
LEASING 

LIMITED/CANASTERO LEASING LIMITED]1

AS ASSIGNEE

  

 

 

PURCHASE AGREEMENT ASSIGNMENT 

RELATING TO

ONE (1) AIRBUS A321 AIRCRAFT WITH 

MANUFACTURER'S SERIAL NUMBER [•] AND 

CHILEAN REGISTRATION MARK [•] EQUIPPED WITH 

TWO (2) CFM INTERNATIONAL PROPULSION 

SYSTEMS

  

 

 

 

1 Delete as appropriate

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Interpretation	1
	 	 	 
	Section 2.	Assignment	4
	 	 	 
	Section 3.	Payment of Purchase Price	4
	 	 	 
	Section 4.	Rights and Obligations of the Assignor and Assignee	5
	 	 	 
	Section 5.	Agency	5
	 	 	 
	Section 6.	Representations, Warranties and Undertakings	6
	 	 	 
	Section 7.	Onward Transfer of Rights	6
	 	 	 
	Section 8.	Notification ("Signification")	6
	 	 	 
	Section 9.	Non-Disclosure	7
	 	 	 
	Section 10.	Further Acts	7
	 	 	 
	Section 11.	Waiver	7
	 	 	 
	Section 12.	Illegality	7
	 	 	 
	Section 13.	Notices	8
	 	 	 
	Section 14.	Counterparts	9
	 	 	 
	Section 15.	Effective Date	9
	 	 	 
	Section 16.	Governing Law and Jurisdiction	9
	 	 	 
	Section 17.	Third Party Rights	10
	 	 	 
	Schedule 1	Form of Aircraft Bill of Sale	1
	 	 	 
	Schedule 2	Form of Certificate of Acceptance	1
	 	 	 
	Schedule 3	Notice, Acknowledgement and Consent	1

 

     

     

    

  

THIS PURCHASE AGREEMENT ASSIGNMENT (this "Agreement")
dated _______________ 2015 is made 

 

BETWEEN:

 

		(1)	LATAM AIRLINES GROUP S.A., a corporation organised and
existing under the laws of Chile whose principal place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso
20, Las Condes, Santiago, Chile (formerly having the legal name LAN Airlines S.A. and Lan Chile S.A. and doing business as LAN
Airlines) (the "Assignor"); and

 

		(2)	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO
LEASING LIMITED/CANASTERO LEASING LIMITED]2 , a company incorporated and existing
under the laws of the Cayman Islands having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland
House, Grand Cayman, KY1- 1104, Cayman Islands (the "Assignee").

 

RECITALS

 

		(A)	WHEREAS, the Assignor and Airbus (as defined below) are
parties to the Purchase Agreement (as defined below);

 

		(B)	WHEREAS, pursuant to the Purchase Agreement, Airbus as
seller undertakes, among other things, to supply and sell, and the Assignor as buyer undertakes, among other things, to purchase
and accept delivery, of certain Airbus aircraft and related goods and services including the Aircraft (as defined below); and

 

		(C)	WHEREAS, in connection with the financing of the acquisition
of the Aircraft, the Assignor wishes to assign certain of its rights under the Purchase Agreement in respect of the Aircraft to
the Assignee upon the terms and subject to the conditions of this Agreement.

 

IT IS AGREED AS FOLLOWS:

 

Section
1.          Definitions
and Interpretation.

 

1.1          In
this Agreement, including the recitals and the schedules, the following terms shall have the following meanings:

 

"Airbus"
means Airbus S.A.S., a Société par actions simplifiee duly created and existing under French law, whose principal
place of business is at 1, rond-point Maurice Bellonte, 31700 Blagnac, Cédex, France (formerly known as Airbus G.I.E. and
Airbus Industrie G.I.E.) and includes its successors and assigns.

 

 

2 Delete as appropriate

 

    	 	-1-	 

     

    

  

"Airbus
Bill of Sale" means the bill of sale relating to the Aircraft substantially in the form set out in Schedule 1 (Form of
Aircraft Bill of Sale), duly completed with respect to the Aircraft and executed by a duly authorised representative of Airbus.

 

"Aircraft"
means collectively (i) the Airframe (ii) the Propulsion Systems attached thereto, and where the context so admits, (iii) the Manuals
and Technical Records.

 

"Airframe"
means the Airbus A321 aircraft bearing manufacturer’s serial number [•] (excluding the Propulsion Systems) together
with all Parts incorporated in, installed on or attached to such airframe on the Delivery Date.

 

"Beneficiaries"
means the Loan Trustee and the Secured Parties and their successors, assigns and transferees, provided that (i) such successors,
assigns and/or transferees are not owned or controlled by an aircraft manufacturer and (ii) are not in direct or indirect competition
with Airbus.

 

"Business
Day" means a day, other than a Saturday or Sunday, on which commercial banks are open for general business in Paris,
Hamburg and Santiago and, if a payment in Dollars is required to be made on that day, New York City.

 

"Buyer
Furnished Equipment" means the buyer furnished equipment supplied by or on behalf of the Assignor in respect of the Aircraft
on or prior to the Delivery Date pursuant to the Purchase Agreement.

 

"Certificate
of Acceptance" means the certificate of acceptance relating to the Aircraft substantially  in  the  form  set  out  in
 Schedule 2  (Form  of  Certificate  of  Acceptance),  duly

completed with respect to the Aircraft and executed by
the duly authorised representative of the Assignor as agent for the Assignee.

 

"Conditions
Precedent" means the conditions specified in Section 3.01 and Section 3.02 of the Participation Agreement.

 

"Delivery"
means the delivery of and transfer of title to the Aircraft to the Assignee in accordance with the Purchase Agreement and this
Agreement.

 

"Delivery Date" means the date on which
Delivery takes place.

 

"Expected
Delivery Date" means the date on which the Aircraft is expected to be available for Delivery.

 

"Lease
Agreement" means the lease agreement entered into as of ______________________, 2015 in respect of the Aircraft
between the Assignee, as lessor, and the Assignor, as lessee.

 

    	 	-2-	 

     

    

 

"Lien"
means (a) any lien, mortgage, charge, deed of trust, encumbrance, pledge, hypothecation, attachment, licence, assignment by way
of security or security interest howsoever arising, (b) any other preferential arrangement resulting in a secured transaction
or having the same economic or legal effect as any of the foregoing, (c) any agreement to give any of the foregoing, (d) any arrangement
to prefer one creditor over another creditor, or (e) the interest of a vendor or lessor under any conditional sale agreement,
lease, hire purchase agreement or other title retention arrangement, except as may have been created by the Assignor in favour
of the Assignee.

 

"Loan
Trustee" means [Wilmington Trust Company], not in its individual capacity but solely as Loan Trustee including its successors
and assigns, provided that such successors and/or assigns (i) are not owned or controlled by an aircraft manufacturer and (ii)
are not in direct or indirect competition with Airbus.

 

"Manuals
and Technical Records" means those records, logs, manuals, technical data and other materials and documents relating
to the Aircraft, together with any amendments thereto as shall be delivered pursuant to the Purchase Agreement.

 

"Notice,
Acknowledgement and Consent" means the notice of this Agreement and the acknowledgement and consent of Airbus thereto
and the agreement of the Assignor and the Assignee to the terms of such consent substantially in the form set out in Schedule
3 (Form of Notice, Acknowledgement and Consent to Purchase Agreement Assignment in Respect of Airbus [A321/A350] Aircraft
Bearing Manufacturer's Serial Number [•]).

 

"Part"
means an appliance, component, part, instrument, accessory, furnishing or other equipment of any nature excluding Buyer Furnished
Equipment and the Propulsion Systems.

 

"Participation
Agreement" means the participation agreement entered or to be entered into between, amongst others, the Assignor, the
Beneficiaries and the Assignee relating to the Aircraft.

 

"Propulsion
Systems" means collectively the two (2) CFM International model CFM56- 5B3/3 aircraft engines bearing manufacturer's
serial numbers [•] and [•].3

 

"Purchase
Agreement" means the Airbus A320 family purchase agreement dated 20 March 1998 between the Assignor, as purchaser, and
Airbus, as seller, such purchase agreement together with its various letter agreements, exhibits and appendices (the “Original
A320 Family Purchase Agreement”), as amended and restated by way of a deed of amendment and restatement of the Original
A320 Family Purchase Agreement dated 2 August 2000, and as supplemented from time to time, relating to inter alia the purchase
of the Aircraft.

 

"Purchase
Price" means the purchase price of the Aircraft calculated in accordance with the Purchase Agreement to be paid to Airbus
on the Delivery Date.

 

"Secured Parties" means:

 

(i) Wilmington Trust Company,
as Loan Trustee,

 

 

3 Airbus. To be confirmed.

 

    	 	-3-	 

     

    

 

(ii) Wilmington Trust Company
, as Pass Through Trustee,

 

(iii) Wilmington Trust Company,
as Subordination Agent,

 

(iv)  Natixis, acting
through its New York branch, as Liquidity Provider

 

and including
such person's successors and assigns provided that such successors and/or assigns (i) are not owned or controlled by an aircraft
manufacturer and (ii) are not in direct or indirect competition with Airbus and "Secured Party" shall mean any
of them.

 

1.2          In
this Agreement a reference to any Clause, paragraph or Schedule is a reference to such Clause, paragraph or Schedule of this Agreement,
and the headings of Clauses and Schedules are inserted for convenience of reference only and shall not affect the interpretation.

 

1.3          Reference
to any document or agreement means such document or agreement as originally signed, or as modified, amended, varied, or supplemented
from time to time.

 

Section
2.           Assignment.

 

2.1          Subject
to the terms and conditions of this Agreement, the Assignor assigns with full title guarantee to the Assignee, in respect of the
Aircraft:

 

(a)          the
right to accept delivery of, purchase and, upon receipt of the Purchase Price by Airbus, take title to the Aircraft and to be
named the "Buyer" in the Airbus Bill of Sale and invoice or similar document to be delivered in respect of the
Aircraft at Delivery pursuant to the Purchase Agreement; and

 

(b)          the
right to compel performance by Airbus of its obligations corresponding to the rights assigned under this Section 2.1.

 

2.2          The
Assignee accepts the assignment contained in Section 2.1 above subject to the terms of this Agreement.

 

Section
3.          Payment
of Purchase Price.

 

3.1          Subject
to the terms and conditions of this Agreement and the fulfilment to the satisfaction of, or due waiver by, the Assignee of the
Conditions Precedent, the Assignee shall, on the Delivery Date, purchase the Aircraft and pay the Purchase Price to Airbus.

 

3.2          The
Assignor shall give to the Assignee prior written notice of the Expected Delivery Date. Such notice shall be received by the Assignee
not later than the third Business Day prior to the Expected Delivery Date.

 

3.3          The
payments to be made pursuant to Section 3.1 shall be made to such account as Airbus may specify to the Assignee.

 

    	 	-4-	 

     

    

 

3.4          The
Assignor shall pay any amounts (other than those to be paid by the Assignee pursuant to Section 3.1) remaining to be paid by the
"Buyer" under the Purchase Agreement in respect of the Aircraft when invoiced.

 

Section
4.          Rights and Obligations of the Assignor and Assignee.

 

4.1          The
Assignee shall have no obligation or liability under the Purchase Agreement by reason of or arising out of this Agreement, provided
that to the extent that the Assignee exercises any rights under the Purchase Agreement or makes any claim with respect to
the Aircraft or any part thereof, the terms and conditions of the Purchase Agreement shall apply to and be binding upon the Assignee
and the Assignee shall be subject to all obligations, restrictions, limitations and conditions of the Purchase Agreement with
respect to the exercise of such rights or the making of such claim to the same extent as if the Assignee had been named "Buyer"
thereunder.

 

4.2          The
assignment referred to in Section 2.1 shall not constitute a novation of the Purchase Agreement. Notwithstanding this Agreement,
the Assignor shall remain fully liable to Airbus to perform all the obligations and duties of the "Buyer" under the
Purchase Agreement and the exercise by the Assignee of any of the rights assigned hereunder shall not release the Assignor from
any of its duties or obligations to Airbus under the Purchase Agreement, save to the extent that such exercise by the Assignee
shall constitute performance of such duties and obligations.

 

4.3          The
parties agree, and stipulate in favour of Airbus, that, save to the extent rights are hereby assigned to the Assignee, all other
terms of the Purchase Agreement shall continue to apply and have full effect between the Assignor and Airbus and nothing herein
shall modify in any way the rights of Airbus under the Purchase Agreement or subject Airbus to any liabilities, obligations, costs,
losses, expenses or damages to which it would not otherwise be subject.

 

Section
5.          Agency.

 

5.1          The
Assignee appoints (and the Assignor hereby accepts such appointment) the Assignor as its sole agent to exercise on behalf of the
Assignee the rights assigned to the Assignee  under  Section 2.1  and  to  sign  and  issue  the  Certificate  of  Acceptance
 provided however that this agency shall not authorise or entitle the Assignor to exercise any of the rights relating to
passage of title to the Aircraft or the right to receive the Airbus Bill of Sale.

 

5.2          The
Assignee undertakes to ratify and confirm and shall be bound by any act performed or omission made by the Assignor as its agent
pursuant to this Section 5 (Agency).

 

5.3          The
Assignor shall not be entitled to appoint any third party as its agent to exercise on its behalf any of its rights resulting from
this Section 5 (Agency).

 

    	 	-5-	 

     

    

 

Section
6.          Representations,
Warranties and Undertakings.

 

6.1          The
Assignor represents and warrants to the Assignee that:

 

(a)          the
Purchase Agreement is in full force and effect and is enforceable in accordance with its terms;

 

(b)          it
is not in default under the Purchase Agreement;

 

(c)          it
has not created or allowed to subsist any Lien over the whole or any part of the rights hereby assigned with respect to the Aircraft
and the Purchase Agreement; and

 

(d)          upon
Delivery of the Aircraft to the Assignee, the Assignee will acquire such title to the Aircraft as would have been conveyed to
the Assignor under the Purchase Agreement but for the execution of this Agreement.

 

6.2          Each
of the Assignor and the Assignee for itself undertakes that it shall not enter into any agreement with Airbus which would substantially
amend, modify, rescind, cancel or terminate the Purchase Agreement in respect of the Aircraft without the prior consent of the
other party, other than, in respect of the Assignor, to seek, request or authorise changes in the specification of the Aircraft
or to order additional parts, equipment or furnishings for the Aircraft.

 

6.3         The Assignor undertakes that it shall:

 

(a)          exercise
its rights (to the extent not assigned under this Agreement) and perform its duties and obligations under the Purchase Agreement;
and

 

(b)          on
or prior to the Delivery Date, notify Airbus of this Agreement in accordance with Clause 136 of the Law of Property Act (1925)
and obtain the execution by Airbus of the Notice, Acknowledgement and Consent.

 

6.4          Each
of the Assignor and the Assignee represents and warrants for itself that it shall, on or prior to the Delivery Date, have obtained
any and all authorisations, licences, consents and approvals as are necessary or advisable for it to obtain in order to permit
it to perform any of its obligations hereunder.

 

Section 7. Onward
Transfer of Rights. Neither the Assignor nor the Assignee may assign, sell, transfer, delegate or otherwise dispose of any
of its respective rights or obligations hereunder without the prior written consent of the other party and Airbus.

 

Section 8.
 Notification ("Signification").  In addition to the notice requirement set out in Section 6.3(b), this
Agreement shall, at the Assignor’s cost and expense, be notified to Airbus on or within fourteen (14) days following the
Delivery Date in accordance with the provisions of Article 1690 of the French Civil Code.

 

    	 	-6-	 

     

    

 

Section 9.  Non-Disclosure.
 Each of the Assignor and the Assignee agrees that it shall not disclose to any person the terms of this Agreement and the Notice,
Acknowledgement and Consent, except:

 

(a)          in
connection with any legal proceedings arising out of or in connection with this Agreement; or

 

(b)          to
any Beneficiary, provided that the Assignor or the Assignee disclosing such information shall cause and ensure that it
obtains an undertaking in favour of the parties to this Agreement and Airbus from such Beneficiary in terms similar to this Section
9 (Non-Disclosure); or

 

(c)          as
required by any applicable law or governmental regulations provided that the Assignor and/or the Assignee, as the case
may be, shall use their reasonable efforts to obtain assurance that such information will be treated confidentially; or

 

(d)          to
its accountants, auditors or legal advisers, provided that such accountants, auditors or legal advisers are under an ethical
obligation to or agree to treat such information as confidential; or

 

(e)          with
the prior written consent of Airbus, such consent not to be unreasonably withheld.

 

Section 10. Further
Acts.  The parties agree that at any time and from time to time, and at the cost of the Assignor, they shall promptly and
duly execute and deliver any and all such further instruments and documents and take such further action as may reasonably be
necessary in order to give full effect to this Agreement and the rights and powers herein granted.

 

Section 11. Waiver.
No term or provision of this Agreement may be changed, waived, discharged or terminated except by written instruments signed by
or on behalf of each of the parties hereto and previously consented to in writing by Airbus.

 

Section
12.         Illegality.

 

12.1         If
at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect neither the legality,
validity or enforceability of the remaining provisions shall in any way be affected or impaired.

 

12.2         Any
provision of this Agreement which may prove to be or become illegal, invalid or unenforceable in whole or in part shall so far
as reasonably possible be performed according to the spirit and purpose of this Agreement.

 

    	 	-7-	 

     

    

 

Section 13. Notices.
Any notice or other communication given or made under this Agreement shall be in writing and, provided it shall be addressed as
set out below, shall be deemed to have been duly given:

 

(a)          if
sent by personal delivery, upon delivery at the address of the relevant party (provided that if the date of delivery is
not a Business Day, notice shall be deemed to have been received on the first following Business Day);

 

(b)          if
sent by post, then five (5) Business Days after posting; and

 

(c)          if
sent by facsimile, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business
Day, notice shall be deemed to have been received on the first following Business Day),

 

to the parties as follows:

 

in the case of the Assignor to:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago

Chile

 

Fax:           +56
22 565 8764

		Attention:	Fleet
                                         Management Director 

 

in the case of the Assignee to:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo

Leasing Limited/Canastero Leasing Limited]4

c/o Maples Corporate Services Limited

PO Box 309,

Ugland House,

Grand Cayman,

KY1-1104,

Cayman Islands

 

Fax:                      +1
345 949 8080

Attention:            Wanda
Ebanks

 

 

4 Delete as appropriate

 

    	 	-8-	 

     

    

 

in the case of Airbus to:

 

Airbus S.A.S.

1, rond-point Maurice Bellonte 

31707 Blagnac Cedex

France

 

Fax:                  +33
5 61 93 41 95

Attention:        Vice-President
Contracts and Delivery

 

Section 14. Counterparts.
This Agreement may be executed  by  the  parties  in separate counterparts and any single counterpart or set of counterparts executed
and delivered by the parties shall constitute one and the same Agreement and a full original Agreement for all purposes.

 

Section 15.
Effective Date. This Agreement shall enter into effect and be binding upon the parties from the Delivery Date.

 

Section
16.         Governing
Law and Jurisdiction.

 

16.1         This
Agreement shall be governed by and construed in accordance with the laws of England and Wales.

 

16.2         The
parties irrevocably agree that the courts of England shall have exclusive jurisdiction to settle any disputes arising out of or
in connection with this Agreement

 

16.3         Each
of the parties irrevocably and unconditionally waives: (a) any immunity from the jurisdiction of the court mentioned in Clause
16.2 above and any immunity from suit, judgement, execution, set-off, attachment, arrest, specific performance, injunction or
other judicial order or remedy to which it or any of its assets may be entitled at present or in the future in any jurisdiction
in respect of any legal action or proceedings with respect to or in connection with this Agreement; and (b) any objections to
such jurisdiction on the ground of venue or forum non conveniens or any similar grounds.

 

16.4         The
Assignor irrevocably appoints the London office of the Assignor at present of 2nd Floor,
Landmark House, Hammersmith Bridge Road, London W6 9EJ, England as its agent for service of process relating to any proceedings
before the courts of England and Wales arising out of or in connection with the Relevant Documents (as defined in the Notice,
Acknowledgement and Consent) and agrees to maintain the process agent in England notified

to the parties.

 

16.5         The
Assignee irrevocably appoints as its agent for service of process relating to any proceedings before the courts of England and
Wales the person from time to time appointed by the Assignee as its agent for service of process in the United Kingdom pursuant
to the Companies Act 2006 of the United Kingdom of Great Britain and Northern Ireland (such agent being as of this time [Mr. Gonzalo
Garcia] of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England).

 

    	 	-9-	 

     

    

 

Section 17. Third
Party Rights. No person who is not a party to this Agreement (other than Airbus) shall be entitled to enforce any of its terms
under the Contracts (Rights of Third Parties) Act 1999. Notwithstanding the foregoing, this Agreement may be amended without the
consent of any third party (other than Airbus).

 

IN WITNESS WHEREOF,
the parties have executed and delivered this Agreement as a deed in three (3) originals on the day and year first above written.

 

    	 	-10-	 

     

    

 

SCHEDULE 1

FORM OF AIRCRAFT BILL OF SALE

(the “Bill of Sale”)

 

Know all men by these presents that
Airbus S.A.S., a Société par Actions Simplifiée existing under French law and having its principal
office at 1, rond-point Maurice Bellonte, 31707 Blagnac Cedex, FRANCE (the “Seller”), is, this           
day of                            201[•],
the owner of the title to the following airframe (the “Airframe”), the engines as specified (the “Propulsion
Systems”) and all appliances, components, parts, instruments, accessories, furnishings, modules and other equipment
of any nature, excluding buyer furnished equipment (“BFE”), incorporated therein, installed thereon or attached
thereto on the date hereof (the “Parts”):

 

	AIRFRAME:	PROPULSION
    SYSTEMS:
	AIRBUS Model A321-200	CFM International
    model CFM56-5B3/3
	 	 
	MANUFACTURER'S SERIAL NUMBER: 	ENGINE SERIAL NUMBERS:
	[•]	LH (#1): [•]
	REGISTRATION
    MARK:	RH (#2): [•]
	[•]	 

 

and has such title to the BFE as was
acquired by it from LATAM Airlines Group S.A. pursuant to a bill of sale dated ______________201[•] (the “BFE Bill
of Sale”).

 

The Airframe, Propulsion Systems and
Parts are hereafter together referred to as the “Aircraft”.

 

The Seller does, this           day of_________________201[•],
sell, transfer and deliver all of its above described rights, title and interest in and to the Aircraft and the BFE to the following
entity and to its successors and assigns forever, said Aircraft and the BFE to be the property thereof:

 

[Parina Leasing Limited/Rayador
Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]5

c/o Maples Corporate Services Limited

P.O. Box 309, Ugland House, 

Grand Cayman, KY1-1104,

CAYMAN ISLANDS (the “Buyer”)

 

The Seller hereby warrants to the
Buyer, its successors and assigns that it has (i) good and lawful right to sell, deliver and transfer title to the Aircraft to
the Buyer and that there was conveyed to the Buyer good, legal and valid title to the Aircraft, free and clear of all liens, claims,
charges, encumbrances and rights of others and that the Seller will warrant and defend such title forever against all claims and
demands whatsoever and (ii) such title to the BFE as Seller has acquired from LATAM Airlines Group S.A. pursuant to the BFE Bill
of Sale.

 

This Bill of Sale is governed by and
shall be construed in accordance with the laws of England and Wales.

 

 

5 Delete as appropriate

 

    	 	-1-	 

     

    

 

IN WITNESS WHEREOF, the Seller has caused this instrument
to be executed by its duly authorised representative this_______day of________________201[•] in Hamburg, Germany.

 

	AIRBUS S.A.S.	 
	 	 
	Name: 	 
	 	 
	Title: 	 
	 	 
	Signature:	 

 

    	 	-2-	 

     

    

 

SCHEDULE 2

FORM OF CERTIFICATE OF ACCEPTANCE

 

In accordance with the terms of
Clause 8 of the A320 purchase agreement dated 14 November 2006 between TAM - Linhas Aereas S.A. (“TAM”)(the “Customer”)
and Airbus S.A.S., as novated to LATAM Airlines Group S.A. (the”Customer”) on 30 October 2014 and supplemented
from time to time (the "Purchase Agreement"), the technical acceptance tests relating to one Airbus A321-200
aircraft bearing manufacturer’s serial number [•] and registration mark [•] (the “Aircraft”)
have taken place in Hamburg, Germany.

 

In view of said tests having been
carried out with satisfactory results, the Customer as agent of [•] (the “Owner”) pursuant to the purchase
agreement assignment dated                             201[•] and made between the Customer and the Owner, hereby approves the Aircraft as
being in conformity with the provisions of the Purchase Agreement and accepts the Aircraft for delivery in accordance with the
provisions of the Purchase Agreement.

 

Such acceptance shall not impair
the rights that may be derived from the airframe warranties relating to the Aircraft set forth in the Purchase Agreement.

 

Any right at law or otherwise to
revoke this acceptance of the Aircraft is hereby irrevocably waived.

 

IN WITNESS WHEREOF, the
Customer, as agent of the Owner, has caused this instrument to be executed by its duly authorised representative this
_______ day of  _______________ 201[•] in Hamburg,
Germany.

 

LATAM  Airlines  Group  S.A.  as
 agent  of  [Parina  Leasing  Limited/Rayador  Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]6
as Owner

 

	Name: 	 
	 	 
	Title: 	 
	 	 
	Signature:	 

 

 

 6
Delete as appropriate

 

    	 	-1-	 

     

    

 

SCHEDULE 3

FORM OF
NOTICE, ACKNOWLEDGEMENT AND CONSENT TO PURCHASE AGREEMENT ASSIGNMENT IN RESPECT OF AIRBUS A321 AIRCRAFT BEARING MANUFACTURER'S
SERIAL NUMBER [•]

 

(the "Notice, Acknowledgement
and Consent")

 

		1.	Notice

 

Reference
is made to a purchase agreement assignment made between LATAM Airlines Group S.A. (the "Assignor") and [Parina
Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]7
(the "Assignee") and dated __________ 201[●] in respect of the Aircraft, more particularly
described therein (the "Purchase Agreement Assignment"). The Assignor hereby notifies Airbus S.A.S., a Société
par actions simplifiee duly created and existing under French law ("Airbus") that it has assigned certain
of its rights under the Purchase Agreement to the Assignee on the terms set out in the attached Purchase Agreement Assignment.

 

		2.	Consent

 

Airbus acknowledges
and consents to the assignment provisions contained in Section 2.1 of the Purchase Agreement Assignment subject to the terms of
this Notice, Acknowledgement and Consent.

 

		3.	Interpretation

 

Capitalised terms
used and not defined in this Notice, Acknowledgement and Consent shall have the meaning ascribed to them in the Purchase Agreement
Assignment.

 

		4.	Rights
                                         and Obligations of the Parties

 

		4.1	Nothing herein or in the Purchase Agreement Assignment
shall modify in any way the rights of Airbus under the Purchase Agreement or subject Airbus to any obligations, losses, costs,
expenses, damages or liabilities to which it would not otherwise be subject nor require Airbus to transfer title to or possession
of the Aircraft prior to receipt of payment in full of the Purchase Price of such Aircraft.

 

		4.2	No novation shall take place by reason of the execution
and performance of the Purchase Agreement Assignment and this Notice, Acknowledgement and Consent in relation to the obligations
contained in the Purchase Agreement and the Assignor shall not be discharged from any of its duties or obligations under the Purchase
Agreement save to the extent that such duties or obligations are performed by the Assignee.

 

 

7 Delete as appropriate

 

    	 	-1-	 

     

    

 

		4.3	The Assignee agrees expressly for the benefit of Airbus
that to the extent that the Assignee exercises any rights under the Purchase Agreement or makes any claim with respect to the
Aircraft or any part thereof, the terms and conditions of the Purchase Agreement shall apply to and be binding upon the Assignee,
and the Assignee shall be subject to all obligations, restrictions, limitations and conditions of the Purchase Agreement with
respect to the exercise of such rights or the making of such claim to the same extent as if the Assignee had been named "Buyer"
thereunder.

 

		4.4	Airbus accepts the stipulations in its favour contained
in the Purchase Agreement Assignment.

 

		5.	Agency

 

		5.1	If the Assignee and the Assignor shall at any time be in
dispute as to which of them is the beneficiary of any particular assigned right or interest under the Purchase Agreement, Airbus
shall be entitled to perform the corresponding obligations exclusively in favour of the Assignor until both the Assignee and the
Assignor notify Airbus in writing of their agreement as to which of them is the beneficiary of such right.

 

		5.2	Airbus shall be fully entitled to rely upon anything said
or done or omitted by the Assignor as agent pursuant to Section 5 (Agency) of the Purchase Agreement Assignment as if such
thing had been said or done or omitted by the Assignee itself, and the Assignee shall ratify and confirm any act performed or
omission made by the Assignor as its agent.

 

		6.	Indemnity

 

The Assignor
hereby indemnifies and holds harmless Airbus from and against any and all costs, expenses, losses, damages and liabilities (including
any taxes or duties of any kind) imposed on, incurred by or asserted against Airbus in any way relating to or arising out of this
Notice, Acknowledgement and Consent and the Purchase Agreement Assignment, unless and except to the extent that such costs, expenses,
losses, damages and liabilities are directly caused by the gross negligence or wilful misconduct of Airbus. Any claim for payment
by Airbus shall be substantiated by the certificate of its Vice-President, Contracts Administration and Delivery Transactions
(which shall, in the absence of manifest error, be conclusive and binding on the parties).

 

		7.	Notices

 

		7.1	Any notice or other communication given or made under this
Notice, Acknowledgement and Consent shall be in writing and, provided it shall be addressed as set out below, shall be deemed
to have been duly given:

 

(a)          if
sent by personal delivery, upon delivery at the address of the relevant party (provided that if the date of delivery is not a
Business Day, notice shall be deemed to have been received on the first following Business Day);

 

(b)          if
sent by post, then five (5) Business Days after posting; and

 

(c)          if
sent by facsimile, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business
Day, notice shall be deemed to have been received on the first following Business Day),

 

    	 	-2-	 

     

    

 

to the parties as follows:

 

in the case of the Assignor to:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago

Chile

Fax:     +56 22 565 8764

Attention:        Fleet
Management Director

 

in the case of the Assignee to:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo
Leasing Limited/Canastero Leasing Limited]

c/o Maples Corporate Services Limited

PO Box 309,

Ugland House,

Grand Cayman,

KY1-1104,

Cayman Islands

Fax:     +1 345 949 8080

Attention:       Wanda
Ebanks

 

in the case of Airbus to:

 

Airbus S.A.S.

1, rond-point Maurice Bellonte

31707 Blagnac Cedex

France

Fax:     +33 5 61 93 41 95

Attention:          Vice-President
Contracts and Delivery

 

		8.	Non
                                         Disclosure

 

Each of the Assignor
and the Assignee agrees that it shall not disclose to any person the terms of the Purchase Agreement Assignment or this Notice,
Acknowledgement and Consent (together, the "Relevant Documents"), except:

 

		(a)	in connection with any legal proceedings arising out of
or in connection with the Relevant Documents; or

 

    	 	-3-	 

     

    

 

		(b)	to any Beneficiary, provided that the Assignor or
the Assignee disclosing such information shall cause and ensure that it obtains an undertaking in favour of the parties to this
Notice, Acknowledgement and Consent from such Beneficiary in terms similar to this Section 7 (Non Disclosure); or

 

		(c)	as required by any applicable law or governmental regulations;
or

 

		(d)	to its accountants, auditors or legal advisers provided
that such accountants, auditors or legal advisers are under an ethical obligation to or agree to treat such information as
confidential; or

 

		(e)	with the prior written consent of Airbus such consent not
to be unreasonably withheld.

 

		9.	Illegality

 

		9.1	If at any time any provision of this Notice, Acknowledgement
and Consent is or becomes illegal, invalid or unenforceable in any respect neither the legality, validity or enforceability of
the remaining provisions shall in any way be affected or impaired.

 

		9.2	Any provision of this Consent which may prove to be or
become illegal, invalid or unenforceable in whole or in part shall so far as reasonably possible be performed according to the
spirit and purpose of this Consent.

 

		10.	Counterparts

 

This Notice, Acknowledgement
and Consent may be executed by the parties in separate counterparts and any single counterpart or set of counterparts executed
and delivered by the parties shall constitute one and the same agreement and a full original agreement for  all purposes.

 

		11.	Governing
                                         Law and Jurisdiction

 

This Notice, Acknowledgement
and Consent shall be governed by and construed in accordance with the laws of England and Wales. The courts of England shall have
exclusive jurisdiction over any dispute arising out of this Notice, Acknowledgement and Consent.

 

		12.	Purchase
                                         Agreement Consent

 

This Notice, Acknowledgement
and Consent shall constitute the consent of Airbus required in respect of the Purchase Agreement Assignment pursuant to the Purchase
Agreement.

 

		13.	Effective
                                         Date

 

This Notice, Acknowledgement
and Consent shall enter into effect and be binding upon the parties from the Delivery Date.

 

    	 	-4-	 

     

    

 

		14.	Third
                                         Parties

 

The terms of
this Notice, Acknowledgement and Consent may only be enforced by a party to it and the operation of the Contracts (Rights of third
Parties) Act 1999 is excluded. This Consent may be amended without the consent of any third party.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Notice, Acknowledgement and Consent in three (3) originals on the day and year written below.

 

Dated:__________________________________201[●]

 

	 	LATAM AIRLINES GROUP S.A.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	AIRBUS S.A.S.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]8
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

8 Delete as appropriate

 

    	 	-5-	 

     

    

 

EXECUTION PAGE

PURCHASE AGREEMENT ASSIGNMENT
MSN [•]

 

	THE ASSIGNOR	 	 
	 	 	 
	EXECUTED and DELIVERED	)	 
	as a DEED	)	 
	by LATAM AIRLINES GROUP S.A.	 	 
	and signed by	)	 
	 	)	 
	_______________ its________________________	)	 
	being a person who in accordance
with the	)	 
	laws of Chile is acting under the	)	 
	authority of the company	)	 
	 	)	 
	in the presence of:	)	 
	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	THE ASSIGNEE	 	 
	 	 	 
	EXECUTED and DELIVERED	)	 
	as a DEED	)	 
	by [PARINA LEASING LIMITED/RAYADOR
    LEASING LIMITED/CUCLILLO LEASING
	LIMITED/CANASTERO LEASING LIMITED]9	)	 
	and signed by	)	 
	 	)	 
	                                its
                                       	)	 
	being
a person who in accordance with the	)	 
	laws of the Cayman Islands is acting	)	 
	under
    the authority of the company	)	 
	 	)	 
	in the
    presence of:	)	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

9 Delete as appropriate

 

     

     

    

  

EXHIBIT K-3 to

NOTE PURCHASE AGREEMENT

 

FORM OF PURCHASE
AGREEMENT ASSIGNMENT (AIRBUS A321 – TAM)

 

[Attached.]

 

     

     

    

  

		

 

Form Document

 

DATED_____________________2015

 

LATAM AIRLINES GROUP S.A. 

AS ASSIGNOR

AND

 

[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO
LEASING LIMITED/CANASTERO LEASING LIMITED]1

AS ASSIGNEE

  

 

 

PURCHASE AGREEMENT ASSIGNMENT 

 

RELATING TO

ONE (1) AIRBUS A321 AIRCRAFT WITH 

MANUFACTURER'S SERIAL NUMBER [•] AND 

CHILEAN REGISTRATION MARK [•] EQUIPPED
WITH 

TWO (2) CFM INTERNATIONAL PROPULSION 

SYSTEMS

  

 

 

 

1 Delete as appropriate

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Interpretation	1
	 	 	 
	Section 2.	Assignment	4
	 	 	 
	Section 3.	Payment of Purchase Price	4
	 	 	 
	Section 4.	Rights and Obligations of the Assignor and Assignee	5
	 	 	 
	Section 5.	Agency	5
	 	 	 
	Section 6.	Representations, Warranties and Undertakings	5
	 	 	 
	Section 7.	Onward Transfer of Rights	6
	 	 	 
	Section 8.	Notification ("Signification")	6
	 	 	 
	Section 9.	Non-Disclosure	6
	 	 	 
	Section 10.	Further Acts	7
	 	 	 
	Section 11.	Waiver	7
	 	 	 
	Section 12.	Illegality	7
	 	 	 
	Section 13.	Notices	7
	 	 	 
	Section 14.	Counterparts	8
	 	 	 
	Section 15.	Effective Date	9
	 	 	 
	Section 16.	Governing Law and Jurisdiction	9
	 	 	 
	Section 17.	Third Party Rights	9
	 	 	 
	Schedule 1	Form of Aircraft Bill of Sale 	1
	 	 	 
	Schedule 2	Form of Certificate of Acceptance	1
	 	 	 
	Schedule 3	Notice, Acknowledgement and Consent	1

 

     

     

    

  

THIS PURCHASE AGREEMENT ASSIGNMENT (this "Agreement")
dated ___________ 2015 is made 

 

BETWEEN:

 

		(1)	LATAM AIRLINES GROUP S.A., a corporation organised and
existing under the laws of Chile whose principal place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso
20, Las Condes, Santiago, Chile (the "Assignor"); and

 

		(2)	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO
LEASING LIMITED/CANASTERO LEASING LIMITED]2 , a company incorporated and existing
under the laws of the Cayman Islands having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland
House, Grand Cayman, KY1- 1104, Cayman Islands (the "Assignee").

 

RECITALS

 

		(A)	WHEREAS, the Assignor and Airbus (as defined below) are
parties to the Purchase Agreement (as defined below);

 

		(B)	WHEREAS, pursuant to the Purchase Agreement, Airbus as
seller undertakes, among other things, to supply and sell, and the Assignor as buyer undertakes, among other things, to purchase
and accept delivery, of certain Airbus aircraft and related goods and services including the Aircraft (as defined below); and

 

		(C)	WHEREAS, in connection with the financing of the acquisition
of the Aircraft, the Assignor wishes to assign certain of its rights under the Purchase Agreement in respect of the Aircraft to
the Assignee upon the terms and subject to the conditions of this Agreement.

 

IT IS AGREED AS FOLLOWS:

 

Section
1.          Definitions
and Interpretation.

 

1.1       In
this Agreement, including the recitals and the schedules, the following terms shall have the following meanings:

 

"Airbus"
means Airbus S.A.S., a Société par actions simplifiee duly created and existing under French law, whose principal
place of business is at 1, rond-point Maurice Bellonte, 31700 Blagnac, Cédex, France (formerly known as Airbus G.I.E. and
Airbus Industrie G.I.E.) and includes its successors and assigns.

 

"Airbus
Bill of Sale" means the bill of sale relating to the Aircraft substantially in the form set out in Schedule 1 (Form of
Aircraft Bill of Sale), duly completed with respect to the Aircraft and executed by a duly authorised representative of Airbus.

 

 

2 Delete as appropriate

 

    	 	-1-	 

     

    

  

"Aircraft"
means collectively (i) the Airframe (ii) the Propulsion Systems attached thereto, and where the context so admits, (iii) the Manuals
and Technical Records.

 

"Airframe"
means the Airbus A321 aircraft bearing manufacturer’s serial number [•] (excluding the Propulsion Systems) together
with all Parts incorporated in, installed on or attached to such airframe on the Delivery Date.

 

"Beneficiaries"
means the Loan Trustee and the Secured Parties and their successors, assigns and transferees, provided that (i) such successors,
assigns and/or transferees are not owned or controlled by an aircraft manufacturer and (ii) are not in direct or indirect competition
with Airbus.

 

"Business
Day" means a day, other than a Saturday or Sunday, on which commercial banks are open for general business in Paris,
Hamburg and Santiago and, if a payment in Dollars is required to be made on that day, New York City.

 

"Buyer
Furnished Equipment" means the buyer furnished equipment supplied by or on behalf of the Assignor in respect of the Aircraft
on or prior to the Delivery Date pursuant to the Purchase Agreement.

 

"Certificate
of Acceptance" means the certificate of acceptance relating to the Aircraft substantially  in  the  form  set  out  in
 Schedule 2  (Form  of  Certificate  of  Acceptance),  duly completed with respect to the Aircraft and executed by the
duly authorised representative of the Assignor as agent for the Assignee.

 

"Conditions
Precedent" means the conditions specified in Section 3.01 and Section 3.02 of the Participation Agreement.

 

"Delivery"
means the delivery of and transfer of title to the Aircraft to the Assignee in accordance with the Purchase Agreement and this
Agreement.

 

"Delivery Date" means the date on which
Delivery takes place.

 

"Expected
Delivery Date" means the date on which the Aircraft is expected to be available for Delivery.

 

"Lease
Agreement" means the lease agreement entered into as of_________________, 2015 in respect of the Aircraft between
the Assignee, as lessor, and the Assignor, as lessee.

 

"Lien"
means (a) any lien, mortgage, charge, deed of trust, encumbrance, pledge, hypothecation, attachment, licence, assignment by way
of security or security interest howsoever arising, (b) any other preferential arrangement resulting in a secured transaction
or having the same economic or legal effect as any of the foregoing, (c) any agreement to give any of the foregoing, (d) any arrangement
to prefer one creditor over another creditor, or (e) the interest of a vendor or lessor under any conditional sale agreement,
lease, hire purchase agreement or other title retention arrangement, except as may have been created by the Assignor in favour
of the Assignee.

 

    	 	-2-	 

     

    

  

"Loan
Trustee" means [Wilmington Trust Company], not in its individual capacity but solely as Loan Trustee including its successors
and assigns, provided that such successors and/or assigns (i) are not owned or controlled by an aircraft manufacturer and (ii)
are not in direct or indirect competition with Airbus.

 

"Manuals
and Technical Records" means those records, logs, manuals, technical data and other materials and documents relating
to the Aircraft, together with any amendments thereto as shall be delivered pursuant to the Purchase Agreement.

 

"Notice,
Acknowledgement and Consent" means the notice of this Agreement and the acknowledgement and consent of Airbus thereto
and the agreement of the Assignor and the Assignee to the terms of such consent substantially in the form set out in Schedule
3 (Form of Notice, Acknowledgement and Consent to Purchase Agreement Assignment in Respect of Airbus [A321/A350] Aircraft
Bearing Manufacturer's Serial Number [•]).

 

"Part"
means an appliance, component, part, instrument, accessory, furnishing or other equipment of any nature excluding Buyer Furnished
Equipment and the Propulsion Systems.

 

"Participation
Agreement" means the participation agreement entered or to be entered into between, amongst others, the Assignor, the
Beneficiaries and the Assignee relating to the Aircraft.

 

"Propulsion
Systems" means collectively the two (2) CFM International model CFM56- 5B3/3 aircraft engines bearing manufacturer's
serial numbers [•] and [•].3

 

"Purchase
Agreement" means the Airbus A320F/A330 purchase agreement dated 14 November 2006 between TAM Linhas Aéreas S.A.,
as purchaser, and Airbus, as seller (as novated to the Assignor on 30 October 2014), such purchase agreement together with its
various letter agreements, exhibits and appendices, as amended and supplemented from time to time, relating to inter alia the
purchase of the Aircraft.

 

"Purchase
Price" means the purchase price of the Aircraft calculated in accordance with the Purchase Agreement to be paid to Airbus
on the Delivery Date.

 

"Secured Parties" means:

 

(i) Wilmington Trust Company,
as Loan Trustee,

 

(ii) Wilmington Trust Company
, as Pass Through Trustee,

 

(iii) Wilmington Trust Company,
as Subordination Agent,

 

 

3 Airbus. To be confirmed.

 

    	 	-3-	 

     

    

 

(iv) Natixis, acting through
its New York branch , as Liquidity Provider

 

and including
such person's successors and assigns provided that such successors and/or assigns (i) are not owned or controlled by an aircraft
manufacturer and (ii) are not in direct or indirect competition with Airbus and "Secured Party" shall mean any
of them.

 

1.2           In
this Agreement a reference to any Clause, paragraph or Schedule is a reference to such Clause, paragraph or Schedule of this Agreement,
and the headings of Clauses and Schedules are inserted for convenience of reference only and shall not affect the interpretation.

 

1.3           Reference
to any document or agreement means such document or agreement as originally signed, or as modified, amended, varied, or supplemented
from time to time.

 

Section
2.               Assignment.

 

2.1           Subject
to the terms and conditions of this Agreement, the Assignor assigns with full title guarantee to the Assignee, in respect of the
Aircraft:

 

(a)          the
right to accept delivery of, purchase and, upon receipt of the Purchase Price by Airbus, take title to the Aircraft and to be
named the "Buyer" in the Airbus Bill of Sale and invoice or similar document to be delivered in respect of the
Aircraft at Delivery pursuant to the Purchase Agreement; and

 

(b)          the
right to compel performance by Airbus of its obligations corresponding to the rights assigned under this Section 2.1.

 

2.2           The
Assignee accepts the assignment contained in Section 2.1 above subject to the terms of this Agreement.

 

Section
3.               Payment
of Purchase Price.

 

3.1           Subject
to the terms and conditions of this Agreement and the fulfilment to the satisfaction of, or due waiver by, the Assignee of the
Conditions Precedent, the Assignee shall, on the Delivery Date, purchase the Aircraft and pay the Purchase Price to Airbus.

 

3.2           The
Assignor shall give to the Assignee prior written notice of the Expected Delivery Date. Such notice shall be received by the Assignee
not later than the third Business Day prior to the Expected Delivery Date.

 

3.3           The
payments to be made pursuant to Section 3.1 shall be made to such account as Airbus may specify to the Assignee.

 

3.4           The
Assignor shall pay any amounts (other than those to be paid by the Assignee pursuant to Section 3.1) remaining to be paid by the
"Buyer" under the Purchase Agreement in respect of the Aircraft when invoiced.

 

    	 	-4-	 

     

    

 

Section 4.              Rights
and Obligations of the Assignor and Assignee.

 

4.1          The
Assignee shall have no obligation or liability under the Purchase Agreement by reason of or arising out of this Agreement, provided
that to the extent that the Assignee exercises any rights under the Purchase Agreement or makes any claim with respect to
the Aircraft or any part thereof, the terms and conditions of the Purchase Agreement shall apply to and be binding upon the Assignee
and the Assignee shall be subject to all obligations, restrictions, limitations and conditions of the Purchase Agreement with
respect to the exercise of such rights or the making of such claim to the same extent as if the Assignee had been named "Buyer"
thereunder.

 

4.2          The
assignment referred to in Section 2.1 shall not constitute a novation of the Purchase Agreement. Notwithstanding this Agreement,
the Assignor shall remain fully liable to Airbus to perform all the obligations and duties of the "Buyer" under the
Purchase Agreement and the exercise by the Assignee of any of the rights assigned hereunder shall not release the Assignor from
any of its duties or obligations to Airbus under the Purchase Agreement, save to the extent that such exercise by the Assignee
shall constitute performance of such duties and obligations.

 

4.3          The
parties agree, and stipulate in favour of Airbus, that, save to the extent rights are hereby assigned to the Assignee, all other
terms of the Purchase Agreement shall continue to apply and have full effect between the Assignor and Airbus and nothing herein
shall modify in any way the rights of Airbus under the Purchase Agreement or subject Airbus to any liabilities, obligations, costs,
losses, expenses or damages to which it would not otherwise be subject.

 

Section
5.              Agency.

 

5.1          The
Assignee appoints (and the Assignor hereby accepts such appointment) the Assignor as its sole agent to exercise on behalf of the
Assignee the rights assigned to the Assignee  under  Section 2.1  and  to  sign  and  issue  the  Certificate  of  Acceptance
 provided however that this agency shall not authorise or entitle the Assignor to exercise any of the rights relating to
passage of title to the Aircraft or the right to receive the Airbus Bill of Sale.

 

5.2          The
Assignee undertakes to ratify and confirm and shall be bound by any act performed or omission made by the Assignor as its agent
pursuant to this Section 5 (Agency).

 

5.3          The
Assignor shall not be entitled to appoint any third party as its agent to exercise on its behalf any of its rights resulting from
this Section 5 (Agency).

 

Section
6.              Representations, Warranties and Undertakings.

 

6.1          The
Assignor represents and warrants to the Assignee that:

 

(a)          the
 Purchase  Agreement  is  in  full  force  and  effect  and  is enforceable in accordance with its terms;

 

(b)          it
is not in default under the Purchase Agreement;

 

    	 	-5-	 

     

    

 

(c)          it
has not created or allowed to subsist any Lien over the whole or any part of the rights hereby assigned with respect to the Aircraft
and the Purchase Agreement; and

 

(d)          upon
Delivery of the Aircraft to the Assignee, the Assignee will acquire such title to the Aircraft as would have been conveyed to
the Assignor under the Purchase Agreement but for the execution of this Agreement.

 

6.2           Each
of the Assignor and the Assignee for itself undertakes that it shall not enter into any agreement with Airbus which would substantially
amend, modify, rescind, cancel or terminate the Purchase Agreement in respect of the Aircraft without the prior consent of the
other party, other than, in respect of the Assignor, to seek, request or authorise changes in the specification of the Aircraft
or to order additional parts, equipment or furnishings for the Aircraft.

 

6.3           The
Assignor undertakes that it shall:

 

(a)          exercise
its rights (to the extent not assigned under this Agreement) and perform its duties and obligations under the Purchase Agreement;
and

 

(b)          on
or prior to the Delivery Date, notify Airbus of this Agreement in accordance with Clause 136 of the Law of Property Act (1925)
and obtain the execution by Airbus of the Notice, Acknowledgement and Consent.

 

6.4           Each
of the Assignor and the Assignee represents and warrants for itself that it shall, on or prior to the Delivery Date, have obtained
any and all authorisations, licences, consents and approvals as are necessary or advisable for it to obtain in order to permit
it to perform any of its obligations hereunder.

 

Section 7.
Onward Transfer of Rights. Neither the Assignor nor the Assignee may assign, sell, transfer, delegate or otherwise dispose
of any of its respective rights or obligations hereunder without the prior written consent of the other party and Airbus.

 

Section 8.     Notification ("Signification").  In addition to the notice requirement set out in Section 6.3(b), this
Agreement shall, at the Assignor’s cost and expense, be notified to Airbus on or within fourteen (14) days following the
Delivery Date in accordance with the provisions of Article 1690 of the French Civil Code.

 

Section 9.     Non-Disclosure.  Each of the Assignor and the Assignee agrees that it shall not disclose to any person the terms of this
Agreement and the Notice, Acknowledgement and Consent, except:

 

(a)          in
connection with any legal proceedings arising out of or in connection with this Agreement; or

 

(b)          to
any Beneficiary, provided that the Assignor or the Assignee disclosing such information shall cause and ensure that it
obtains an undertaking in favour of the parties to this Agreement and Airbus from such Beneficiary in terms similar to this Section
9 (Non-Disclosure); or

 

    	 	-6-	 

     

    

 

(c)          as
required by any applicable law or governmental regulations provided that the Assignor and/or the Assignee, as the case
may be, shall use their reasonable efforts to obtain assurance that such information will be treated confidentially; or

 

(d)          to
its accountants, auditors or legal advisers, provided that such accountants, auditors or legal advisers are under an ethical
obligation to or agree to treat such information as confidential; or

 

(e)          with
the prior written consent of Airbus, such consent not to be unreasonably withheld.

 

Section 10. Further
Acts.  The parties agree that at any time and from time to time, and at the cost of the Assignor, they shall promptly and
duly execute and deliver any and all such further instruments and documents and take such further action as may reasonably be
necessary in order to give full effect to this Agreement and the rights and powers herein granted.

 

Section 11. Waiver.
No term or provision of this Agreement may be changed, waived, discharged or terminated except by written instruments signed by
or on behalf of each of the parties hereto and previously consented to in writing by Airbus.

 

Section
12.             Illegality.

 

12.1         If
at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect neither the legality,
validity or enforceability of the remaining provisions shall in any way be affected or impaired.

 

12.2         Any
provision of this Agreement which may prove to be or become illegal, invalid or unenforceable in whole or in part shall so far
as reasonably possible be performed according to the spirit and purpose of this Agreement.

 

Section 13. Notices.
Any notice or other communication given or made under this Agreement shall be in writing and, provided it shall be addressed as
set out below, shall be deemed to have been duly given:

 

(a)          if
sent by personal delivery, upon delivery at the address of the relevant party (provided that if the date of delivery is
not a Business Day, notice shall be deemed to have been received on the first following Business Day);

 

(b)          if
sent by post, then five (5) Business Days after posting; and

 

(c)          if
sent by facsimile, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business
Day, notice shall be deemed to have been received on the first following Business Day),

 

    	 	-7-	 

     

    

 

to the parties as follows:

 

in the case of the Assignor to:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711 

piso 20

Las Condes

Santiago

Chile

 

Fax:      +56 22 565
8764

Attention:        Fleet
Management Director

 

in the case of the Assignee to:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo

Leasing Limited/Canastero Leasing Limited]4

c/o Maples Corporate Services Limited

PO Box 309,

Ugland House,

Grand Cayman,

KY1-1104,

Cayman Islands

 

Fax:                 +1
345 949 8080

Attention:          Wanda
Ebanks

 

in the case of Airbus to:

 

Airbus S.A.S.

1, rond-point Maurice Bellonte 

31707 Blagnac Cedex

France

 

Fax:                 +33
5 61 93 41 95

Attention:        Vice-President
Contracts and Delivery

 

Section 14. Counterparts.
This Agreement may be executed  by  the  parties  in separate counterparts and any single counterpart or set of counterparts executed
and delivered by the parties shall constitute one and the same Agreement and a full original Agreement for all purposes.

 

 

4 Delete as appropriate

 

    	 	-8-	 

     

    

 

Section 15.
Effective Date. This Agreement shall enter into effect and be binding upon the parties from the Delivery Date.

 

Section
16.   Governing Law and Jurisdiction.

 

16.1        This
Agreement shall be governed by and construed in accordance with the laws of England and Wales.

 

16.2        The
parties irrevocably agree that the courts of England shall have exclusive jurisdiction to settle any disputes arising out of or
in connection with this Agreement

 

16.3        Each
of the parties irrevocably and unconditionally waives: (a) any immunity from the jurisdiction of the court mentioned in Clause
16.2 above and any immunity from suit, judgement, execution, set-off, attachment, arrest, specific performance, injunction or
other judicial order or remedy to which it or any of its assets may be entitled at present or in the future in any jurisdiction
in respect of any legal action or proceedings with respect to or in connection with this Agreement; and (b) any objections to
such jurisdiction on the ground of venue or forum non conveniens or any similar grounds.

 

16.4        The
Assignor irrevocably appoints the London office of the Assignor at present of 2nd Floor,
Landmark House, Hammersmith Bridge Road, London W6 9EJ, England as its agent for service of process relating to any proceedings
before the courts of England and Wales arising out of or in connection with the Relevant Documents (as defined in the Notice,
Acknowledgement and Consent) and agrees to maintain the process agent in England notified to the parties.

 

16.5        The
Assignee irrevocably appoints as its agent for service of process relating to any proceedings before the courts of England and
Wales the person from time to time appointed by the Assignee as its agent for service of process in the United Kingdom pursuant
to the Companies Act 2006 of the United Kingdom of Great Britain and Northern Ireland (such agent being as of this time [Mr. Gonzalo
Garcia] of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England).

 

Section 17. Third
Party Rights. No person who is not a party to this Agreement (other than Airbus) shall be entitled to enforce any of its terms
under the Contracts (Rights of Third Parties) Act 1999. Notwithstanding the foregoing, this Agreement may be amended without the
consent of any third party (other than Airbus).

 

IN WITNESS WHEREOF,
the parties have executed and delivered this Agreement as a deed in three (3) originals on the day and year first above written.

 

    	 	-9-	 

     

    

 

SCHEDULE 1

FORM OF AIRCRAFT BILL OF SALE

(the “Bill of Sale”)

 

Know
all men by these presents that Airbus S.A.S., a Société par Actions Simplifiée existing under French
law and having its principal office at 1, rond-point Maurice Bellonte, 31707 Blagnac Cedex, FRANCE (the “Seller”),
is, this                  day of                       201[•],
the owner of the title to the following airframe (the “Airframe”), the engines as specified (the “Propulsion
Systems”) and all appliances, components, parts, instruments, accessories, furnishings, modules and other equipment
of any nature, excluding buyer furnished equipment (“BFE”), incorporated therein, installed thereon or attached
thereto on the date hereof (the “Parts”):

 

	AIRFRAME:	PROPULSION
    SYSTEMS:
	AIRBUS Model A321-200	CFM
    International model CFM56-5B3/3
	 	 
	MANUFACTURER'S SERIAL NUMBER:	ENGINE SERIAL NUMBERS:
	[•]	LH (#1):	[•]
	REGISTRATION
    MARK:	RH (#2):	[•]
	[•]	 

 

and has such title to the BFE as was
acquired by it from LATAM Airlines Group S.A. pursuant to a bill of sale dated ______________201[•] (the “BFE Bill
of Sale”).

 

The Airframe, Propulsion Systems and
Parts are hereafter together referred to as the “Aircraft”.

 

The Seller does, this          day of__________________201[•],
sell, transfer and deliver all of its above described rights, title and interest in and to the Aircraft and the BFE to the following
entity and to its successors and assigns forever, said Aircraft and the BFE to be the property thereof:

 

[Parina Leasing Limited/Rayador
Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]5

c/o Maples Corporate Services Limited

P.O. Box 309, Ugland House,

Grand Cayman, KY1-1104,

CAYMAN ISLANDS (the “Buyer”)

 

The Seller hereby warrants to the
Buyer, its successors and assigns that it has (i) good and lawful right to sell, deliver and transfer title to the Aircraft to
the Buyer and that there was conveyed to the Buyer good, legal and valid title to the Aircraft, free and clear of all liens, claims,
charges, encumbrances and rights of others and that the Seller will warrant and defend such title forever against all claims and
demands whatsoever and (ii) such title to the BFE as Seller has acquired from LATAM Airlines Group S.A. pursuant to the BFE Bill
of Sale.

 

This Bill of Sale is governed by and
shall be construed in accordance with the laws of England and Wales.

 

 

5 Delete as appropriate

 

    	 	-1-	 

     

    

 

IN WITNESS WHEREOF, the Seller has caused this instrument
to be executed by its duly authorised representative this _______ day of_______________201[•] in Hamburg, Germany.

 

	AIRBUS S.A.S.	 
	 	 
	Name: 	 
	 	 
	Title: 	 
	 	 
	Signature:	 

 

    	 	-2-	 

     

    

 

SCHEDULE 2

FORM OF CERTIFICATE OF ACCEPTANCE

 

In accordance with the terms of
Clause 8 of the A320F/A330 purchase agreement dated dated 14 November 2006 between TAM - Linhas
Aereas S.A. ("TAM") and Airbus S.A.S., as novated to LATAM Airlines Group S.A. (the "Customer")
on 30 October 2014 and supplemented from time to time (the "Purchase Agreement"), the technical acceptance tests
relating to one Airbus A321-200 aircraft bearing manufacturer’s serial number [•] and registration mark [•] (the
“Aircraft”) have taken place in Hamburg, Germany.

 

In view of said tests having been
carried out with satisfactory results, the Customer as agent of [•] (the “Owner”) pursuant to the purchase
agreement assignment dated______________201[•] and made between the Customer and the Owner, hereby approves the Aircraft
as being in conformity with the provisions of the Purchase Agreement and accepts the Aircraft for delivery in accordance with
the provisions of the Purchase Agreement.

 

Such acceptance shall not impair
the rights that may be derived from the airframe warranties relating to the Aircraft set forth in the Purchase Agreement.

 

Any right at law or otherwise to
revoke this acceptance of the Aircraft is hereby irrevocably waived.

 

IN WITNESS WHEREOF, the Customer, as agent of the
Owner, has caused this instrument to be executed by its duly authorised representative this _______ day of
___________ 201[•] in Hamburg, Germany.

 

LATAM  Airlines  Group  S.A.  as
 agent  of  [Parina  Leasing  Limited/Rayador  Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]6
as Owner

 

	Name: 	 
	 	 
	Title: 	 
	 	 
	Signature:	 

 

 

6 Delete as appropriate

 

    	 	-1-	 

     

    

 

SCHEDULE 3

FORM OF NOTICE, ACKNOWLEDGEMENT AND CONSENT
TO PURCHASE 

AGREEMENT ASSIGNMENT IN RESPECT OF AIRBUS
A321 AIRCRAFT BEARING 

MANUFACTURER'S SERIAL NUMBER [•]

 

(the "Notice, Acknowledgement
and Consent")

 

		1.	Notice

 

Reference
is made to a purchase agreement assignment made between LATAM Airlines Group S.A. (the "Assignor") and [Parina
Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]7
(the "Assignee") and dated _____ 201[●] in respect of the Aircraft, more particularly described
therein (the "Purchase Agreement Assignment"). The Assignor hereby notifies Airbus S.A.S., a Société
par actions simplifiee duly created and existing under French law ("Airbus") that it has assigned certain
of its rights under the Purchase Agreement to the Assignee on the terms set out in the attached Purchase Agreement Assignment.

 

		2.	Consent

 

Airbus acknowledges
and consents to the assignment provisions contained in Section 2.1 of the Purchase Agreement Assignment subject to the terms of
this Notice, Acknowledgement and Consent.

 

		3.	Interpretation

 

Capitalised terms
used and not defined in this Notice, Acknowledgement and Consent shall have the meaning ascribed to them in the Purchase Agreement
Assignment.

 

		4.	Rights
                                         and Obligations of the Parties

 

		4.1	Nothing herein or in the Purchase Agreement Assignment
shall modify in any way the rights of Airbus under the Purchase Agreement or subject Airbus to any obligations, losses, costs,
expenses, damages or liabilities to which it would not otherwise be subject nor require Airbus to transfer title to or possession
of the Aircraft prior to receipt of payment in full of the Purchase Price of such Aircraft.

 

		4.2	No novation shall take place by reason of the execution
and performance of the Purchase Agreement Assignment and this Notice, Acknowledgement and Consent in relation to the obligations
contained in the Purchase Agreement and the Assignor shall not be discharged from any of its duties or obligations under the Purchase
Agreement save to the extent that such duties or obligations are performed by the Assignee.

 

		4.3	The Assignee agrees expressly for the benefit of Airbus
that to the extent that the Assignee exercises any rights under the Purchase Agreement or makes any claim with respect to the
Aircraft or any part thereof, the terms and conditions of the Purchase Agreement shall apply to and be binding upon the Assignee,
and the Assignee shall be subject to all obligations, restrictions, limitations and conditions of the Purchase Agreement with
respect to the exercise of such rights or the making of such claim to the same extent as if the Assignee had been named "Buyer"
thereunder.

 

 

7 Delete as
appropriate

 

    	 	-1-	 

     

    

 

		4.4	Airbus accepts the stipulations in its favour contained
in the Purchase Agreement Assignment.

 

		5.	Agency

 

		5.1	If the Assignee and the Assignor shall at any time be in
dispute as to which of them is the beneficiary of any particular assigned right or interest under the Purchase Agreement, Airbus
shall be entitled to perform the corresponding obligations exclusively in favour of the Assignor until both the Assignee and the
Assignor notify Airbus in writing of their agreement as to which of them is the beneficiary of such right.

 

		5.2	Airbus shall be fully entitled to rely upon anything said
or done or omitted by the Assignor as agent pursuant to Section 5 (Agency) of the Purchase Agreement Assignment as if such
thing had been said or done or omitted by the Assignee itself, and the Assignee shall ratify and confirm any act performed or
omission made by the Assignor as its agent.

 

		6.	Indemnity

 

The Assignor
hereby indemnifies and holds harmless Airbus from and against any and all costs, expenses, losses, damages and liabilities (including
any taxes or duties of any kind) imposed on, incurred by or asserted against Airbus in any way relating to or arising out of this
Notice, Acknowledgement and Consent and the Purchase Agreement Assignment, unless and except to the extent that such costs, expenses,
losses, damages and liabilities are directly caused by the gross negligence or wilful misconduct of Airbus. Any claim for payment
by Airbus shall be substantiated by the certificate of its Vice-President, Contracts Administration and Delivery Transactions
(which shall, in the absence of manifest error, be conclusive and binding on the parties).

 

		7.	Notices

 

		7.1	Any notice or other communication given or made under this
Notice, Acknowledgement and Consent shall be in writing and, provided it shall be addressed as set out below, shall be deemed
to have been duly given:

 

(a)          if
sent by personal delivery, upon delivery at the address of the relevant party (provided that if the date of delivery is not a
Business Day, notice shall be deemed to have been received on the first following Business Day);

 

		(b)	if sent by post, then five (5) Business Days after posting;
and

 

(c)          if
sent by facsimile, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business
Day, notice shall be deemed to have been received on the first following Business Day),

 

    	 	-2-	 

     

    

 

to the parties as follows:

 

in the case of the Assignor to:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago

Chile

Fax:       +56 22 565
8764

Attention:        Fleet
Management Director

 

in the case of the Assignee to:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo
Leasing

Limited/Canastero Leasing Limited]

c/o Maples Corporate Services Limited

PO Box 309,

Ugland House,

Grand Cayman,

KY1-1104,

Cayman Islands

Fax:        +1
345 949 8080

Attention:        Wanda
Ebanks

 

in the case of Airbus to:

 

Airbus S.A.S.

1, rond-point Maurice Bellonte

31707 Blagnac Cedex

France

Fax:        +33 5 61
93 41 95

Attention:             Vice-President
Contracts and Delivery

 

		8.	Non
                                         Disclosure

 

Each of the Assignor
and the Assignee agrees that it shall not disclose to any person the terms of the Purchase Agreement Assignment or this Notice,
Acknowledgement and Consent (together, the "Relevant Documents"), except:

 

		(a)	in connection with any legal proceedings arising out of
or in connection with the Relevant Documents; or

 

    	 	-3-	 

     

    

 

		(b)	to any Beneficiary, provided that the Assignor or
the Assignee disclosing such information shall cause and ensure that it obtains an undertaking in favour of the parties to this
Notice, Acknowledgement and Consent from such Beneficiary in terms similar to this Section 7 (Non Disclosure); or

 

		(c)	as required by any applicable law or governmental regulations;
or

 

		(d)	to its accountants, auditors or legal advisers provided
that such accountants, auditors or legal advisers are under an ethical obligation to or agree to treat such information as
confidential; or

 

		(e)	with the prior written consent of Airbus such consent not
to be unreasonably withheld.

 

		9.	Illegality

 

		9.1	If at any time any provision of this Notice, Acknowledgement
and Consent is or becomes illegal, invalid or unenforceable in any respect neither the legality, validity or enforceability of
the remaining provisions shall in any way be affected or impaired.

 

		9.2	Any provision of this Consent which may prove to be or
become illegal, invalid or unenforceable in whole or in part shall so far as reasonably possible be performed according to the
spirit and purpose of this Consent.

 

		10.	Counterparts

 

This Notice, Acknowledgement
and Consent may be executed by the parties in separate counterparts and any single counterpart or set of counterparts executed
and delivered by the parties shall constitute one and the same agreement and a full original agreement for  all purposes.

 

		11.	Governing
                                         Law and Jurisdiction

 

This Notice, Acknowledgement
and Consent shall be governed by and construed in accordance with the laws of England and Wales. The courts of England shall have
exclusive jurisdiction over any dispute arising out of this Notice, Acknowledgement and Consent.

 

		12.	Purchase
                                         Agreement Consent

 

This Notice, Acknowledgement
and Consent shall constitute the consent of Airbus required in respect of the Purchase Agreement Assignment pursuant to the Purchase
Agreement.

 

		13.	Effective
                                         Date

 

This Notice, Acknowledgement
and Consent shall enter into effect and be binding upon the parties from the Delivery Date.

 

    	 	-4-	 

     

    

 

		14.	Third
                                         Parties

 

The terms of
this Notice, Acknowledgement and Consent may only be enforced by a party to it and the operation of the Contracts (Rights of third
Parties) Act 1999 is excluded. This Consent may be amended without the consent of any third party.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Notice, Acknowledgement and Consent in three (3) originals on the day and year written below.

 

Dated:__________________________________201[●]

 

	 	LATAM AIRLINES GROUP S.A.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	AIRBUS S.A.S.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]8
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

8 Delete as appropriate

 

    	 	-5-	 

     

    

 

EXECUTION PAGE

PURCHASE AGREEMENT
ASSIGNMENT MSN [•]

  

	THE ASSIGNOR	 	 
	 	 	 
	EXECUTED and DELIVERED	)	 
	as a DEED	)	 
	by LATAM AIRLINES GROUP S.A.	 	 
	and signed by	)	 
	 	)	 
	_____________ its______________________	)	 
	being a person who in accordance
    with the   	) 	 
	laws of Chile is acting under the	)	 
	authority of the company	)	 
		)	 
	in the presence of:	)	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	THE ASSIGNEE	 	 
	 	 	 
	EXECUTED and DELIVERED	)	 
	as a DEED	)	 
	by [PARINA LEASING LIMITED/RAYADOR
    LEASING LIMITED/CUCLILLO LEASING
	LIMITED/CANASTERO LEASING LIMITED]9	)	 
	and signed by	)	 
	 	)	 
	________________ its_____________________	)	 
	being
a person who in accordance with the	) 	 
	laws of the Cayman Islands is acting	)	 
	under the authority of the company	)	 
	 	)	 
	in the
    presence of:	)	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

9 Delete as appropriate

 

     

     

    

  

EXHIBIT K-4 to

NOTE PURCHASE AGREEMENT

 

FORM OF PURCHASE
AGREEMENT ASSIGNMENT (AIRBUS A350)

 

[Attached.]

 

     

     

    

  

		

 

Form Document

 

DATED________________________2015

 

LATAM AIRLINES GROUP
S.A.

AS ASSIGNOR

 

AND

 

[PARINA LEASING LIMITED/RAYADOR
LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]1

AS ASSIGNEE

  

 

 

PURCHASE AGREEMENT ASSIGNMENT

 

RELATING TO

ONE (1) AIRBUS A350XWB
AIRCRAFT WITH MANUFACTURER'S SERIAL NUMBER [•] AND CHILEAN REGISTRATION MARK [•] EQUIPPED WITH TWO (2) ROLLS-ROYCE TRENT
PROPULSION SYSTEMS

  

 

 

 

1 Delete as appropriate

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Interpretation	1
	 	 	 
	Section 2.	Assignment	4
	 	 	 
	Section 3.	Payment of Purchase Price	4
	 	 	 
	Section 4.	Rights and Obligations of the Assignor and Assignee	5
	 	 	 
	Section 5.	Agency	5
	 	 	 
	Section 6.	Representations, Warranties and Undertakings	5
	 	 	 
	Section 7.	Onward Transfer of Rights	6
	 	 	 
	Section 8.	Notification ("Signification")	6
	 	 	 
	Section 9.	Non-Disclosure	6
	 	 	 
	Section 10.	Further Acts	7
	 	 	 
	Section 11.	Waiver	7
	 	 	 
	Section 12.	Illegality	7
	 	 	 
	Section 13.	Notices	7
	 	 	 
	Section 14.	Counterparts	7
	 	 	 
	Section 15.	Effective Date	8
	 	 	 
	Section 16.	Governing Law and Jurisdiction	9
	 	 	 
	Section 17.	Third Party Rights	9
	 	 	 
	Schedule 1	Form of Aircraft Bill of Sale 	1
	 	 	 
	Schedule 2	Form of Certificate of Acceptance	1
	 	 	 
	Schedule 3	Notice, Acknowledgement and Consent	1
	 	 	 	 

     

     

    

  

THIS PURCHASE AGREEMENT ASSIGNMENT (this "Agreement")
dated ______________ 2015 is made

 

BETWEEN:

 

		(1)	LATAM AIRLINES GROUP S.A., a corporation organised and
existing under the laws of Chile whose principal place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso
20, Las Condes, Santiago, Chile (the "Assignor"); and

 

		(2)	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO
LEASING LIMITED/CANASTERO LEASING LIMITED]2 , a company incorporated and existing
under the laws of the Cayman Islands having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland
House, Grand Cayman, KY1- 1104, Cayman Islands (the "Assignee").

 

RECITALS

 

		(A)	WHEREAS, the Assignor and Airbus (as defined below) are
parties to the Purchase Agreement (as defined below);

 

		(B)	WHEREAS, pursuant to the Purchase Agreement, Airbus as
seller undertakes, among other things, to supply and sell, and the Assignor as buyer undertakes, among other things, to purchase
and accept delivery, of certain Airbus aircraft and related goods and services including the Aircraft (as defined below); and

 

		(C)	WHEREAS, in connection with the financing of the acquisition
of the Aircraft, the Assignor wishes to assign certain of its rights under the Purchase Agreement in respect of the Aircraft to
the Assignee upon the terms and subject to the conditions of this Agreement.

 

IT IS AGREED AS FOLLOWS:

 

Section
1.              Definitions
and Interpretation.

 

1.1           In
this Agreement, including the recitals and the schedules, the following terms shall have the following meanings:

 

"Airbus"
means Airbus S.A.S., a Société par actions simplifiee duly created and existing under French law, whose principal
place of business is at 1, rond-point Maurice Bellonte, 31700 Blagnac, Cédex, France and includes its successors and assigns.

 

"Airbus
Bill of Sale" means the bill of sale relating to the Aircraft substantially in the form set out in Schedule 1 (Form of
Aircraft Bill of Sale), duly completed with respect to the Aircraft and executed by a duly authorised representative of Airbus.

 

 

2 Delete as appropriate

 

    	 	-1-	 

     

    

 

"Aircraft"
means collectively (i) the Airframe (ii) the Propulsion Systems attached thereto, and where the context so admits, (iii) the Manuals
and Technical Records.

 

"Airframe"
means the Airbus A350 aircraft bearing manufacturer’s serial number [•] (excluding the Propulsion Systems) together
with all Parts incorporated in, installed on or attached to such airframe on the Delivery Date.

 

"Beneficiaries"
means the Loan Trustee and the Secured Parties and their successors, assigns and transferees, provided that (i) such successors,
assigns and/or transferees are not owned or controlled by an aircraft manufacturer and (ii) are not in direct or indirect competition
with Airbus.

 

"Business
Day" means a day, other than a Saturday or Sunday, on which commercial banks are open for general business in Paris,
Hamburg and Santiago and, if a payment in Dollars is required to be made on that day, New York City.

 

"Buyer
Furnished Equipment" means the buyer furnished equipment supplied by or on behalf of the Assignor in respect of the Aircraft
on or prior to the Delivery Date pursuant to the Purchase Agreement.

 

"Certificate
of Acceptance" means the certificate of acceptance relating to the Aircraft substantially  in  the  form  set  out  in
 Schedule 2  (Form  of  Certificate  of  Acceptance),  duly

completed with respect to the Aircraft and executed by
the duly authorised representative of the Assignor as agent for the Assignee.

 

"Conditions
Precedent" means the conditions specified in Section 3.01 and Section 3.02 of the Participation Agreement.

 

"Delivery"
means the delivery of and transfer of title to the Aircraft to the Assignee in accordance with the Purchase Agreement and this
Agreement.

 

"Delivery Date" means the date on which
Delivery takes place.

 

"Expected
Delivery Date" means the date on which the Aircraft is expected to be available for Delivery.

 

"Lease
Agreement" means the lease agreement entered into as of_________________, 2015 in respect of the Aircraft between
the Assignee, as lessor, and the Assignor, as lessee.

 

"Lien"
means (a) any lien, mortgage, charge, deed of trust, encumbrance, pledge, hypothecation, attachment, licence, assignment by way
of security or security interest howsoever arising, (b) any other preferential arrangement resulting in a secured transaction
or having the same economic or legal effect as any of the foregoing, (c) any agreement to give any of the foregoing, (d) any arrangement
to prefer one creditor over another creditor, or (e) the interest of a vendor or lessor under any conditional sale agreement,
lease, hire purchase agreement or other title retention arrangement, except as may have been created by the Assignor in favour
of the Assignee.

 

    	 	-2-	 

     

    

 

"Loan
Trustee" means [Wilmington Trust Company], not in its individual capacity but solely as Loan Trustee including its successors
and assigns, provided that such successors and/or assigns (i) are not owned or controlled by an aircraft manufacturer and (ii)
are not in direct or indirect competition with Airbus.

 

"Manuals
and Technical Records" means those records, logs, manuals, technical data and other materials and documents relating
to the Aircraft, together with any amendments thereto as shall be delivered pursuant to the Purchase Agreement.

 

"Notice,
Acknowledgement and Consent" means the notice of this Agreement and the acknowledgement and consent of Airbus
thereto and the agreement of the Assignor and the Assignee to the terms of such consent substantially in the form set out in
Schedule 3 (Form of Notice, Acknowledgement and Consent to Purchase Agreement Assignment in Respect of Airbus A350
Aircraft Bearing Manufacturer's Serial Number [•]).

 

"Part"
means an appliance, component, part, instrument, accessory, furnishing or other equipment of any nature excluding Buyer Furnished
Equipment and the Propulsion Systems.

 

"Participation
Agreement" means the participation agreement entered or to be entered into between, amongst others, the Assignor, the
Beneficiaries and the Assignee relating to the Aircraft.

 

"Propulsion
Systems" means collectively the two (2) Rolls-Royce Trentmodel XWB-84 aircraft engines bearing manufacturer's serial
numbers [•] and [•].3

 

"Purchase
Agreement" means the Airbus A350XWB purchase agreement dated 20 December 2005 (as amended and restated 21 January 2008
and as further amended 28 July 2010) between TAM - Linhas Aéreas S.A., as purchaser, and Airbus, as seller, such  purchase
agreement together with its various letter agreements, exhibits and appendices, as amended and supplemented from time to time,
and as novated to the Assignor as of 21 July 2014, relating to inter alia the purchase of the Aircraft.

 

"Purchase
Price" means the purchase price of the Aircraft calculated in accordance with the Purchase Agreement to be paid to Airbus
on the Delivery Date.

 

"Secured Parties" means:

 

(i) Wilmington
Trust Company, as Loan Trustee,

 

(ii) Wilmington
Trust Company , as Pass Through Trustee,

 

(iii) Wilmington
Trust Company, as Subordination Agent,

 

 

3 Airbus. To be confirmed.

 

    	 	-3-	 

     

    

 

(iv)        Natixis,
acting through its New York branch , as Liquidity Provider

 

and including
such person's successors and assigns provided that such successors and/or assigns (i) are not owned or controlled by an aircraft
manufacturer and (ii) are not in direct or indirect competition with Airbus and "Secured Party" shall mean any
of them.

 

1.2           In
this Agreement a reference to any Clause, paragraph or Schedule is a reference to such Clause, paragraph or Schedule of this Agreement,
and the headings of Clauses and Schedules are inserted for convenience of reference only and shall not affect the interpretation.

 

1.3           Reference
to any document or agreement means such document or agreement as originally signed, or as modified, amended, varied, or supplemented
from time to time.

 

Section
2.               Assignment.

 

2.1           Subject
to the terms and conditions of this Agreement, the Assignor assigns with full title guarantee to the Assignee, in respect of the
Aircraft:

 

(a)          the
right to accept delivery of, purchase and, upon receipt of the Purchase Price by Airbus, take title to the Aircraft and to be
named the "Buyer" in the Airbus Bill of Sale and invoice or similar document to be delivered in respect of the
Aircraft at Delivery pursuant to the Purchase Agreement; and

 

(b)          the
right to compel performance by Airbus of its obligations corresponding to the rights assigned under this Section 2.1.

 

2.2           The
Assignee accepts the assignment contained in Section 2.1 above subject to the terms of this Agreement.

 

Section
3.               Payment
of Purchase Price.

 

3.1           Subject
to the terms and conditions of this Agreement and the fulfilment to the satisfaction of, or due waiver by, the Assignee of the
Conditions Precedent, the Assignee shall, on the Delivery Date, purchase the Aircraft and pay the Purchase Price to Airbus.

 

3.2           The
Assignor shall give to the Assignee prior written notice of the Expected Delivery Date. Such notice shall be received by the Assignee
not later than the third Business Day prior to the Expected Delivery Date.

 

3.3           The
payments to be made pursuant to Section 3.1 shall be made to such account as Airbus may specify to the Assignee.

 

3.4           The
Assignor shall pay any amounts (other than those to be paid by the Assignee pursuant to Section 3.1) remaining to be paid by the
"Buyer" under the Purchase Agreement in respect of the Aircraft when invoiced.

 

    	 	-4-	 

     

    

 

Section 4.               Rights
and Obligations of the Assignor and Assignee.

 

4.1           The
Assignee shall have no obligation or liability under the Purchase Agreement by reason of or arising out of this Agreement, provided
that to the extent that the Assignee exercises any rights under the Purchase Agreement or makes any claim with respect to
the Aircraft or any part thereof, the terms and conditions of the Purchase Agreement shall apply to and be binding upon the Assignee
and the Assignee shall be subject to all obligations, restrictions, limitations and conditions of the Purchase Agreement with
respect to the exercise of such rights or the making of such claim to the same extent as if the Assignee had been named "Buyer"
thereunder.

 

4.2           The
assignment referred to in Section 2.1 shall not constitute a novation of the Purchase Agreement. Notwithstanding this Agreement,
the Assignor shall remain fully liable to Airbus to perform all the obligations and duties of the "Buyer" under the
Purchase Agreement and the exercise by the Assignee of any of the rights assigned hereunder shall not release the Assignor from
any of its duties or obligations to Airbus under the Purchase Agreement, save to the extent that such exercise by the Assignee
shall constitute performance of such duties and obligations.

 

4.3           The
parties agree, and stipulate in favour of Airbus, that, save to the extent rights are hereby assigned to the Assignee, all other
terms of the Purchase Agreement shall continue to apply and have full effect between the Assignor and Airbus and nothing herein
shall modify in any way the rights of Airbus under the Purchase Agreement or subject Airbus to any liabilities, obligations, costs,
losses, expenses or damages to which it would not otherwise be subject.

 

Section
5.               Agency.

 

5.1           The
Assignee appoints (and the Assignor hereby accepts such appointment) the Assignor as its sole agent to exercise on behalf of the
Assignee the rights assigned to the Assignee  under  Section 2.1  and  to  sign  and  issue  the  Certificate  of  Acceptance
 provided however that this agency shall not authorise or entitle the Assignor to exercise any of the rights relating to
passage of title to the Aircraft or the right to receive the Airbus Bill of Sale.

 

5.2           The
Assignee undertakes to ratify and confirm and shall be bound by any act performed or omission made by the Assignor as its agent
pursuant to this Section 5 (Agency).

 

5.3           The
Assignor shall not be entitled to appoint any third party as its agent to exercise on its behalf any of its rights resulting from
this Section 5 (Agency).

 

Section
6.               Representations,
Warranties and Undertakings.

 

6.1           The
Assignor represents and warrants to the Assignee that:

 

   (a)          the
 Purchase  Agreement  is  in  full  force  and  effect  and  is enforceable in accordance with its terms;

 

   (b)          it
is not in default under the Purchase Agreement;

 

    	 	-5-	 

     

    

 

   (c)          it
has not created or allowed to subsist any Lien over the whole or any part of the rights hereby assigned with respect to the Aircraft
and the Purchase Agreement; and

 

   (d)          upon
Delivery of the Aircraft to the Assignee, the Assignee will acquire such title to the Aircraft as would have been conveyed to
the Assignor under the Purchase Agreement but for the execution of this Agreement.

 

6.2           Each
of the Assignor and the Assignee for itself undertakes that it shall not enter into any agreement with Airbus which would substantially
amend, modify, rescind, cancel or terminate the Purchase Agreement in respect of the Aircraft without the prior consent of the
other party, other than, in respect of the Assignor, to seek, request or authorise changes in the specification of the Aircraft
or to order additional parts, equipment or furnishings for the Aircraft.

 

6.3           The
Assignor undertakes that it shall:

 

(a)          exercise
its rights (to the extent not assigned under this Agreement) and perform its duties and obligations under the Purchase Agreement;
and

 

(b)          on
or prior to the Delivery Date, notify Airbus of this Agreement in accordance with Clause 136 of the Law of Property Act (1925)
and obtain the execution by Airbus of the Notice, Acknowledgement and Consent.

 

6.4           Each
of the Assignor and the Assignee represents and warrants for itself that it shall, on or prior to the Delivery Date, have obtained
any and all authorisations, licences, consents and approvals as are necessary or advisable for it to obtain in order to permit
it to perform any of its obligations hereunder.

 

Section 7.
Onward Transfer of Rights. Neither the Assignor nor the Assignee may assign, sell, transfer, delegate or otherwise dispose
of any of its respective rights or obligations hereunder without the prior written consent of the other party and Airbus.

 

Section 8.       Notification ("Signification").  In addition to the notice requirement set out in Section 6.3(b), this
Agreement shall, at the Assignor’s cost and expense, be notified to Airbus on or within fourteen (14) days following the
Delivery Date in accordance with the provisions of Article 1690 of the French Civil Code.

 

Section 9.       Non-Disclosure.  Each of the Assignor and the Assignee agrees that it shall not disclose to any person the terms of this
Agreement and the Notice, Acknowledgement and Consent, except:

 

(a)          in
connection with any legal proceedings arising out of or in connection with this Agreement; or

 

(b)          to
any Beneficiary, provided that the Assignor or the Assignee disclosing such information shall cause and ensure that it
obtains an undertaking in favour of the parties to this Agreement and Airbus from such Beneficiary in terms similar to this Section
9 (Non-Disclosure); or

 

    	 	-6-	 

     

    

 

(c)          as
required by any applicable law or governmental regulations provided that the Assignor and/or the Assignee, as the case
may be, shall use their reasonable efforts to obtain assurance that such information will be treated confidentially; or

 

(d)          to
its accountants, auditors or legal advisers, provided that such accountants, auditors or legal advisers are under an ethical
obligation to or agree to treat such information as confidential; or

 

(e)          with
the prior written consent of Airbus, such consent not to be unreasonably withheld.

 

Section 10.  Signification.
This Agreement shall at the Assignor’s expense be notified to Airbus on or within fourteen (14) days following the Delivery
Date in accordance with the provisions of article 1690 of the French Civil Code.

 

Section 11. Further
Acts.  The parties agree that at any time and from time to time, and at the cost of the Assignor, they shall promptly and
duly execute and deliver any and all such further instruments and documents and take such further action as may reasonably be
necessary in order to give full effect to this Agreement and the rights and powers herein granted.

 

Section 12. Waiver.
No term or provision of this Agreement may be changed, waived, discharged or terminated except by written instruments signed by
or on behalf of each of the parties hereto and previously consented to in writing by Airbus.

 

Section
13.             Illegality.

 

13.1         If
at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect neither the legality,
validity or enforceability of the remaining provisions shall in any way be affected or impaired.

 

13.2         Any
provision of this Agreement which may prove to be or become illegal, invalid or unenforceable in whole or in part shall so far
as reasonably possible be performed according to the spirit and purpose of this Agreement.

 

Section 14. Notices.
Any notice or other communication given or made under this Agreement shall be in writing and, provided it shall be addressed as
set out below, shall be deemed to have been duly given:

 

(a)          if
sent by personal delivery, upon delivery at the address of the relevant party (provided that if the date of delivery is
not a Business Day, notice shall be deemed to have been received on the first following Business Day);

 

(b)          if
sent by post, then five (5) Business Days after posting; and

 

(c)          if
sent by facsimile, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business
Day, notice shall be deemed to have been received on the first following Business Day),

 

    	 	-7-	 

     

    

 

to the parties as follows:

 

in the case of the Assignor to:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago

Chile

 

Fax:       +56
22 565 8764

Attention:         Fleet
Management Director

 

in the case of the Assignee to:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo

Leasing Limited/Canastero Leasing Limited]4

c/o Maples Corporate Services Limited

PO Box 309,

Ugland House,

Grand Cayman,

KY1-1104,

Cayman Islands

 

Fax:                   +1
345 949 8080

Attention:           Wanda
Ebanks

 

in the case of Airbus to:

 

Airbus S.A.S.

1, rond-point Maurice Bellonte

31707 Blagnac Cedex

France

 

Fax:                    +33
5 61 93 41 95

Attention:           Vice-President
Contracts and Delivery

 

Section 15. Counterparts.
This Agreement may be executed  by  the  parties  in separate counterparts and any single counterpart or set of counterparts executed
and delivered by the parties shall constitute one and the same Agreement and a full original Agreement for all purposes.

 

 

4 Delete as appropriate

 

    	 	-8-	 

     

    

 

Section 16.         Effective
Date.  This Agreement shall enter into effect and be binding upon the parties from the Delivery Date.

 

Section
17.         Governing
Law and Jurisdiction.

 

17.1      This
Agreement shall be governed by and construed in accordance with the laws of France.

 

17.2      The
parties irrevocably agree that the Tribunal de Commerce of Paris shall have exclusive jurisdiction to settle any disputes arising
out of or in connection with this Agreement

 

17.3      Each
of the parties irrevocably and unconditionally waives: (a) any immunity from the jurisdiction of the court mentioned in Clause
16.2 above and any immunity from suit, judgement, execution, set-off, attachment, arrest, specific performance, injunction or
other judicial order or remedy to which it or any of its assets may be entitled at present or in the future in any jurisdiction
in respect of any legal action or proceedings with respect to or in connection with this Agreement; and (b) any objections to
such jurisdiction on the ground of venue or forum non conveniens or any similar grounds.

 

17.4      The
Assignor irrevocably appoints the London office of the Assignor at present of 2nd Floor,
Landmark House, Hammersmith Bridge Road, London W6 9EJ, England as its agent for service of process relating to any proceedings
before the courts of England and Wales arising out of or in connection with the Relevant Documents (as defined in the Notice,
Acknowledgement and Consent) and agrees to maintain the process agent in England notified to the parties.

 

17.5      The
Assignee irrevocably appoints as its agent for service of process relating to any proceedings before the courts of England
and Wales the person from time to time appointed by the Assignee as its agent for service of process in the United Kingdom
pursuant to the Companies Act 2006 of the United Kingdom of Great Britain and Northern Ireland (such agent being as of this
time [Mr. Gonzalo Garcia] of 2nd Floor, Landmark House, Hammersmith Bridge Road, London
W6 9EJ, England).

 

IN WITNESS WHEREOF, the parties
have executed and delivered this Agreement as a deed in three (3) originals on the day and year first above written.

 

    	 	-9-	 

     

    

 

SCHEDULE 1

FORM OF AIRCRAFT BILL OF SALE

(the “Bill of Sale”)

 

Know
all men by these presents that Airbus S.A.S., a Société par Actions Simplifiée existing under
French law and having its principal office at 1, rond-point Maurice Bellonte, 31707 Blagnac Cedex, FRANCE (the
“Seller”), is, this                 day
of                            201[•], the
owner of the title to the following airframe (the “Airframe”), the engines as specified (the
“Propulsion Systems”) and all appliances, components, parts, instruments, accessories, furnishings,
modules and other equipment of any nature, excluding buyer furnished equipment (“BFE”), incorporated
therein, installed thereon or attached thereto on the date hereof (the “Parts”):

 

	AIRFRAME:	PROPULSION
    SYSTEMS:
	AIRBUS Model A350XWB-900	Rolls-Royce
    model TRENT XWB-84
	 	 
	MANUFACTURER'S SERIAL NUMBER:	ENGINE SERIAL NUMBERS:
	[•]	LH (#1):	[•]
	REGISTRATION
    MARK:	RH (#2):	[•]
	[•]	 

 

and has such title to the BFE as was
acquired by it from LATAM Airlines Group S.A. pursuant to a bill of sale dated ________________201[•] (the “BFE Bill of Sale”).

 

The Airframe, Propulsion System and
Parts are hereafter together referred to as the “Aircraft”.

 

The Seller does, this          day of_____________201[•],
sell, transfer and deliver all of its above described rights, title and interest in and to the Aircraft and the BFE to the following
entity and to its successors and assigns forever, said Aircraft and the BFE to be the property thereof:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo
Leasing Limited/Canastero Leasing Limited]5

c/o Maples Corporate Services Limited

P.O. Box 309, Ugland House, 

Grand Cayman, KY1-1104,

CAYMAN ISLANDS (the “Buyer”)

 

The Seller hereby warrants to the
Buyer, its successors and assigns that it has (i) good and lawful right to sell, deliver and transfer title to the Aircraft to
the Buyer and that there was conveyed to the Buyer good, legal and valid title to the Aircraft, free and clear of all liens, claims,
charges, encumbrances and rights of others and that the Seller will warrant and defend such title forever against all claims and
demands whatsoever and (ii) such title to the BFE as Seller has acquired from LATAM Airlines Group S.A. pursuant to the BFE Bill
of Sale.

 

This Bill of Sale is governed by and
shall be construed in accordance with the laws of France.

 

 

5 Delete as appropriate

 

    	 	-1-	 

     

    

 

IN WITNESS WHEREOF, the
Seller has caused this instrument to be executed by its duly authorised representative
this           day
of                   201[•]
in Blagnac, France.

 

	AIRBUS S.A.S.	 
	 	 
	Name: 	 
	 	 
	Title: 	 
	 	 
	Signature:	 

 

    	 	-2-	 

     

    

 

SCHEDULE 2

FORM OF CERTIFICATE OF ACCEPTANCE

 

In accordance with the terms of
Clause 8 of the A350XWB purchase agreement dated 20 December 2005 (as amended and restated on 21 January 2008 and as further amended
28 July 2010) between TAM – Linhas Aereas S.A. (“TAM”) (the “Original Buyer”) and
Airbus S.A.S., as novated to LATAM Airlines Group S.A. (the “Customer”)_on 21 July 2014 and supplemented from
time to time the "Purchase Agreement"), the technical acceptance tests relating to one Airbus A350XWB-900 aircraft
bearing manufacturer’s serial number [•] and registration mark [•] (the “Aircraft”) have taken
place in Toulouse, France].

 

In view of said tests having
been carried out with satisfactory results, the Customer as agent of [•] (the “Owner”) pursuant to
the purchase agreement assignment dated______________201[•] and made between the Customer and the Owner, hereby approves the Aircraft
as being in conformity with the provisions of the Purchase Agreement and accepts the Aircraft for delivery in accordance with
the provisions of the Purchase Agreement.

 

Such acceptance shall not impair
the rights that may be derived from the airframe warranties relating to the Aircraft set forth in the Purchase Agreement.

 

Any right at law or otherwise to
revoke this acceptance of the Aircraft is hereby irrevocably waived.

 

IN WITNESS WHEREOF, the
Customer, as agent of the Owner, has caused this instrument to be executed by its duly authorised representative this ______
day of ___________ 201[•] in Blagnac, France].

 

LATAM Airlines Group S.A. as
agent of [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]6
as Owner

 

	Name: 	 
	 	 
	Title:	 
	 	 
	Signature:	 

 

 

6
Delete as appropriate

 

    	 	-1-	 

     

    

 

SCHEDULE 3

FORM OF NOTICE, ACKNOWLEDGEMENT AND CONSENT
TO PURCHASE AGREEMENT ASSIGNMENT IN RESPECT OF AIRBUS A350 AIRCRAFT BEARING MANUFACTURER'S SERIAL NUMBER [•]

 

(the "Notice, Acknowledgement and Consent")

 

		1.	Notice

 

Reference
is made to a purchase agreement assignment made between LATAM Airlines Group S.A. (the "Assignor") and [Parina
Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]7
(the "Assignee") and dated   201[●] in respect of the Aircraft, more particularly
described therein (the "Purchase Agreement Assignment"). The Assignor hereby notifies Airbus S.A.S., a Société
par actions simplifiee duly created and existing under French law ("Airbus") that it has assigned certain
of its rights under the Purchase Agreement to the Assignee on the terms set out in the attached Purchase Agreement Assignment.

 

		2.	Consent

 

Airbus acknowledges
and consents to the assignment provisions contained in Section 2.1 of the Purchase Agreement Assignment subject to the terms of
this Notice, Acknowledgement and Consent.

 

		3.	Interpretation

 

Capitalised terms
used and not defined in this Notice, Acknowledgement and Consent shall have the meaning ascribed to them in the Purchase Agreement
Assignment.

 

		4.	Rights
                                         and Obligations of the Parties

 

		4.1	Nothing herein or in the Purchase Agreement Assignment
shall modify in any way the rights of Airbus under the Purchase Agreement or subject Airbus to any obligations, losses, costs,
expenses, damages or liabilities to which it would not otherwise be subject nor require Airbus to transfer title to or possession
of the Aircraft prior to receipt of payment in full of the Purchase Price of such Aircraft.

 

		4.2	No novation shall take place by reason of the execution
and performance of the Purchase Agreement Assignment and this Notice, Acknowledgement and Consent in relation to the obligations
contained in the Purchase Agreement and the Assignor shall not be discharged from any of its duties or obligations under the Purchase
Agreement save to the extent that such duties or obligations are performed by the Assignee.

 

		4.3	The Assignee agrees expressly for the benefit of Airbus
that to the extent that the Assignee exercises any rights under the Purchase Agreement or makes any claim with respect to the
Aircraft or any part thereof, the terms and conditions of the Purchase Agreement shall apply to and be binding upon the Assignee,
and the Assignee shall be subject to all obligations, restrictions, limitations and conditions of the Purchase Agreement with
respect to the exercise of such rights or the making of such claim to the same extent as if the Assignee had been named "Buyer"
thereunder.

 

 

7 Delete as appropriate

 

    	 	-1-	 

     

    

 

		4.4	Airbus accepts the stipulations in its favour contained
in the Purchase Agreement Assignment.

 

		5.	Agency

 

		5.1	If the Assignee and the Assignor shall at any time be in
dispute as to which of them is the beneficiary of any particular assigned right or interest under the Purchase Agreement, Airbus
shall be entitled to perform the corresponding obligations exclusively in favour of the Assignor until both the Assignee and the
Assignor notify Airbus in writing of their agreement as to which of them is the beneficiary of such right.

 

		5.2	Airbus shall be fully entitled to rely upon anything said
or done or omitted by the Assignor as agent pursuant to Section 5 (Agency) of the Purchase Agreement Assignment as if such
thing had been said or done or omitted by the Assignee itself, and the Assignee shall ratify and confirm any act performed or
omission made by the Assignor as its agent.

 

		6.	Indemnity

 

The Assignor
hereby indemnifies and holds harmless Airbus from and against any and all costs, expenses, losses, damages and liabilities (including
any taxes or duties of any kind) imposed on, incurred by or asserted against Airbus in any way relating to or arising out of this
Notice, Acknowledgement and Consent and the Purchase Agreement Assignment, unless and except to the extent that such costs, expenses,
losses, damages and liabilities are directly caused by the gross negligence or wilful misconduct of Airbus. Any claim for payment
by Airbus shall be substantiated by the certificate of its Vice-President, Contracts Administration and Delivery Transactions
(which shall, in the absence of manifest error, be conclusive and binding on the parties).

 

		7.	Notice

 

		7.1	Any notice or other communication given or made under this
Notice, Acknowledgement and Consent shall be in writing and, provided it shall be addressed as set out below, shall be deemed
to have been duly given:

 

		(a)	if sent by personal delivery, upon delivery at the address
of the relevant party (provided that if the date of delivery is not a Business Day, notice shall be deemed to have been
received on the first following Business Day);

 

		(b)	if sent by post, then five (5) Business Days after posting;
and

 

    	 	-2-	 

     

    

 

		(c)	if sent by facsimile, when dispatched with correct confirmation
printout (provided that if the date of receipt is not a Business Day, notice shall be deemed to have been received on the
first following Business Day),

 

to the parties as follows:

 

in the case of the Assignor to:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago Chile

 

Fax:       +56 22
565 8764

Attention:        Fleet
Management Director

 

in the case of the Assignee to:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo
Leasing

Limited/Canastero Leasing Limited]8

c/o Maples Corporate Services Limited

PO Box 309,

Ugland House,

Grand Cayman,

KY1-1104,

Cayman Islands

 

Fax:                   +1
345 949 8080

Attention:        Wanda
Ebanks

 

in the case of Airbus to:

 

Airbus S.A.S.

1, rond-point Maurice Bellonte

31707 Blagnac Cedex

France

 

Fax:                       +33
5 61 93 41 95

Attention:             Vice-President
Contracts and Delivery

 

 

8 Delete as appropriate

 

    	 	-3-	 

     

    

 

		8.	Non
                                         Disclosure

 

Each of the Assignor
and the Assignee agrees that it shall not disclose to any person the terms of the Purchase Agreement Assignment or this Notice,
Acknowledgement and Consent (together, the "Relevant Documents"), except:

 

		(a)	in connection with any legal proceedings arising out of
or in connection with the Relevant Documents; or

 

		(b)	to any Beneficiary, provided that the Assignor or
the Assignee disclosing such information shall cause and ensure that it obtains an undertaking in favour of the parties to this
Notice, Acknowledgement and Consent from such Beneficiary in terms similar to this Section 7 (Non Disclosure); or

 

		(c)	as required by any applicable law or governmental regulations;
or

 

		(d)	to its accountants, auditors or legal advisers provided
that such accountants, auditors or legal advisers are under an ethical obligation to or agree to treat such information as
confidential; or

 

		(e)	with the prior written consent of Airbus such consent not
to be unreasonably withheld.

 

		9.	Illegality

 

		9.1	If at any time any provision of this Notice, Acknowledgement
and Consent is or becomes illegal, invalid or unenforceable in any respect neither the legality, validity or enforceability of
the remaining provisions shall in any way be affected or impaired.

 

		9.2	Any provision of this Consent which may prove to be or
become illegal, invalid or unenforceable in whole or in part shall so far as reasonably possible be performed according to the
spirit and purpose of this Consent.

 

		10.	Counterparts

 

This Notice, Acknowledgement
and Consent may be executed by the parties in separate counterparts and any single counterpart or set of counterparts executed
and delivered by the parties shall constitute one and the same agreement and a full original agreement for  all purposes.

 

		11.	Governing
                                         Law and Jurisdiction

 

This Notice, Acknowledgement
and Consent shall be governed by and construed in accordance with the laws of France. The Tribunal de Commerce of Paris shall
have exclusive jurisdiction over any dispute arising out of this Notice, Acknowledgement and Consent.

 

    	 	-4-	 

     

    

 

		12.	Purchase
                                         Agreement Consent

 

This  Notice,  Acknowledgement  and
 Consent  shall  constitute  the  consent  of  Airbus required in respect of the Purchase Agreement Assignment pursuant to the
Purchase Agreement.

 

		13.	Effective
                                         Date

 

This Notice, Acknowledgement and Consent
shall enter into effect and be binding upon the parties from the Delivery Date.

 

IN WITNESS WHEREOF, the parties hereto have executed this
Notice, Acknowledgement and Consent in three (3) originals on the day and year written below.

 

Dated:__________________________201[●]

 

	 	LATAM AIRLINES GROUP S.A.
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title: 
	 	 
	 	AIRBUS S.A.S.
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]9
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

 

9 Delete as appropriate

 

    	 	-5-	 

     

    

 

EXECUTION PAGE

PURCHASE AGREEMENT ASSIGNMENT
MSN [•]

 

	THE ASSIGNOR	 	 
	 	 	 
	EXECUTED and DELIVERED	)	 
	as a DEED	)	 
	by LATAM AIRLINES GROUP S.A.	 	 
	and signed by	)	 
	 	)	 
	________________ its________________________	)	 
	being a person who in accordance with the	)	 
	  laws of Chile is acting under the	)	 
	authority of the company	)	 
	 	)	 
	in the presence of:	)	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	THE ASSIGNEE	 	 
	 	 	 
	EXECUTED and DELIVERED	)	 
	as a DEED	)	 
	by [PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING 
	LIMITED/CANASTERO LEASING LIMITED]10	)	 
	and signed by	)	 
	 	)	 
	________________ its________________________	)	 
	being a person who in accordance with the 	)	 
	laws of the Cayman Islands is acting 	)	 
	under the authority of the company	)	 
	 	)	 
	in the presence of:	)	 
	 	 	 
	By: 	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

10 Delete as appropriate

 

     

     

    

 

EXHIBIT L-1 to 

NOTE PURCHASE AGREEMENT

 

FORM OF AIRFRAME WARRANTIES AGREEMENT
(A321 – LAN)

 

[Attached.]

 

     

     

    

 

		

 

Form Document

 

DATED________________________________201[•]

 

AIRBUS S.A.S.

as Manufacturer

 

[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO
LEASING LIMITED/CANASTERO LEASING LIMITED]

as Lessor

 

LATAM AIRLINES GROUP S.A.

as Airline

 

and

 

WILMINGTON TRUST COMPANY, NOT IN ITS INDIVIDUAL
CAPACITY BUT SOLELY

AS LOAN TRUSTEE

as Loan Trustee

  

 

 

AIRFRAME WARRANTIES AGREEMENT

IN RESPECT OF CERTAIN AIRFRAME WARRANTIES 

RELATING TO ONE (1) AIRBUS A321-200 AIRCRAFT

WITH MANUFACTURER'S SERIAL NUMBER [•]
AND 

CHILEAN REGISTRATION MARK [•]

  

 

  

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Interpretation	2
	 	 	 
	Section 2.	Intentionally Left Blank	4
	 	 	 
	Section 3.	Covenant	4
	 	 	 
	Section 4.	Notice to the Manufacturer and Warranty Confirmation	4
	 	 	 
	Section 5.	Termination of the Airline's Rights	5
	 	 	 
	Section 6.	Remedies and Waivers	5
	 	 	 
	Section 7.	Benefit of Agreement	5
	 	 	 
	Section 8.	Assignments and Transfers	5
	 	 	 
	Section 9.	Manufacturer Warranty Confirmation	6
	 	 	 
	Section 10.	Partial Invalidity	7
	 	 	 
	Section 12.	Notices	7
	 	 	 
	Section 13.	Counterparts	9
	 	 	 
	Section 14.	Governing Law and Jurisdiction	9
	 	 	 
	Section 15.	Further Acts	10
	 	 	 
	Section 16.	Waiver	10
	 	 	 
	Section 17.	Effective Date	10
	 	 	 
	Section 19.	Confidentiality Undertaking	10
	 	 	 
	Schedule 1:	 	1
	 	 	 
	Part A:	Form of Enforcement Notice to Manufacturer 	2
	 	 	 
	Part B:	Form of Lessor's Notice to Manufacturer	3
	 	 	 
	Schedule 2:	Form of Warranty Confirmation by the Manufacturer 	1
	 	 	 
	Schedule 3:	The Warranties	1

 

     

     

    

  

THIS AIRFRAME WARRANTIES AGREEMENT (this "Agreement")
is dated_______________201[•] and made

 

AMONG:

 

		(1)	AIRBUS S.A.S. (legal successor of Airbus S.N.C., formerly
known (1) as Airbus G.I.E. and Airbus Industrie G.I.E., a Société par Actions Simplifiée duly created
and existing under French law having its principal office at 1 rond-point Maurice Bellonte, 31707 Blagnac Cedex, France (formerly
known as Airbus G.I.E. and Airbus Industrie G.I.E.) (together with its successors and assigns) in its capacity as manufacturer
of the Aircraft (the "Manufacturer");

 

		(2)	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO
LEASING LIMITED/CANASTERO LEASING LIMITED], a company incorporated and existing under the laws of the Cayman Islands having its
registered office at c/o [Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands]1
(the "Lessor");

 

		(3)	LATAM AIRLINES GROUP S.A. (formerly having the legal name
LAN Airlines S.A. and Lan Chile S.A. and doing business as LAN Airlines), a corporation organised and existing under the laws
of Chile whose principal place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso 20, Las Condes, Santiago,
Chile (formerly having the legal name LAN Airlines S.A. and Lan Chile S.A. and doing business as LAN Airlines) (the "Airline");
and

 

		(4)	WILMINGTON TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY
BUT SOLELY AS LOAN TRUSTEE, acting through its offices at [•], in its capacity as Loan Trustee (the "Loan Trustee").

 

RECITALS

 

		(A)	Pursuant to the Purchase Agreement (as defined below),
the Airline agreed to purchase, inter alia, the Aircraft (as defined below) from the Manufacturer.

 

		(B)	Pursuant to the Purchase Agreement Assignment (as defined
below), the Airline has assigned to the Lessor, inter alia, its rights to purchase the Aircraft from the Manufacturer on
the terms and conditions set out therein.

 

		(C)	Pursuant to the Lease (as defined below), the Lessor has
agreed that it will lease the Aircraft to the Airline.

 

		(D)	The Manufacturer has granted the Warranties to the Airline
under the Purchase Agreement and the Warranties are made available exclusively for the benefit of the Airline. At the request
of the Loan Trustee and the Lessor , who may be entitled to repossess the Aircraft pursuant to the provisions of certain of the
Financing Agreements, the Lessor, the Airline and the Loan
Trustee wish, with the consent and agreement of the Manufacturer, to make arrangements in respect of the Warranties on the terms
and conditions set out herein.

 

 

1 To be confirmed

 

     

     

    

 

IT IS AGREED:

 

Section
1.               Definitions
and Interpretation.

 

1.1           Definitions.         In
 this  Agreement,  the  following  terms  shall  have  the following meanings:

 

"Aircraft"
means collectively the Airframe and the Propulsion Systems installed thereon. "Airframe" means the Airbus
A321-200airframe bearing manufacturer's serial number [•] and current registration mark [•] (excluding the
Propulsion Systems from time to time installed thereon) together with all parts incorporated in, installed on or attached to
such airframe on the Delivery Date.

 

"Beneficiaries" means the Secured
Parties

 

"Business
Day" means a day, other than a Saturday or Sunday, on which commercial banks are open for general business in Paris,
Santiago and Hamburg.

 

"Delivery"
means the delivery of and transfer of title to the Aircraft in accordance with the Purchase Agreement and the Purchase Agreement
Assignment.

 

"Delivery Date" means the date on which
Delivery takes place.

 

"Enforcement
Notice" means any notice served by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer)
and substantially in the form set out in Schedule 1 Part B (Form of Enforcement Notice to Manufacturer).

 

"Financing Agreements"
has the meaning given to it in the Participation Agreement.

 

"Lease" means the
lease agreement [MSN[•]] dated as of as of _________________________, 201[•] between the Lessor and the Airline in relation to the Aircraft.

 

"Lease
Event of Default" has the meaning given to the term "Lease Event of Default" in the Lease.

 

"Lessor
Notice" means any notice served by the Lessor pursuant to Section 4.3 (Lessor's Notice to Manufacturer) and substantially
in the form set out in Schedule 1 Part C (Form of Lessor Notice to Manufacturer).

 

"Loan
Trustee" means Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee including its successors
and assigns, provided that such successors and/or assigns (i) are not owned or controlled by an aircraft manufacturer and
(ii) are not in direct or indirect competition with the Manufacturer.

 

    	 	-2-	 

     

    

  

"Notice" means a Lessor Notice or an
Enforcement Notice.

 

"Participation
Agreement" means the participation agreement dated as of  _____________________ 201[•] between, amongst others, the
Lessor and the Airline relating to, inter alia,
the Aircraft.

 

"Propulsion
Systems" means collectively the two (2) CFM International model CFM56- 5b3/3 aircraft engines bearing manufacturer's
serial numbers [•] and [•], together with all parts incorporated in, installed on, or attached to such Propulsion Systems
on the Delivery Date, and any replacement engine therefor with effect from the time title to which has passed to the Lessor pursuant
to the Lease.2

 

"Purchase
Agreement" means the Airbus A320 family purchase agreement dated 20 March 1998 between the Airline, as purchaser, and
Airbus, as seller, such purchase agreement together with its various letter agreements, exhibits and appendices (the “Original
A320 Family Purchase Agreement”) , as amended and restated by way of a deed of amendment and restatement of the Original
A320 Family Purchase Agreement dated 2 August 2000, and as amended and supplemented from time to time, relating to inter alia
the purchase of the Aircraft.

 

"Purchase
Agreement Assignment" means the purchase agreement assignment dated on or about the date of this Agreement between the
Airline, as assignor, and the Lessor, as assignee, in relation to the Aircraft.

 

"Remaining Warranties" has the meaning
given to it in Section 3 (Covenant).

 

"Secured Parties" means:

 

(i) Wilmington
Trust Company, as Loan Trustee,

 

(ii) Wilmington
Trust Company , as Pass Through Trustee,

 

(iii) Wilmington
Trust Company, as Subordination Agent,

 

(iv) Natixis,
acting through its New York branch , as Liquidity Provider

 

and including
such person's successors and assigns provided that such successors and/or assigns (i) are not owned or controlled by an aircraft
manufacturer and (ii) are not in direct or indirect competition with Airbus and "Secured Party" shall mean any
of them.

 

"Warranties"
means such warranties in respect of the Airframe given by the Manufacturer to the Airline pursuant to [clause 12] (Warranties
and Service Life Policy) and [clause 13] (Patent Indemnity) of the Purchase Agreement, including all post-delivery
rights in respect thereof and as are and remain available on the Delivery Date, and as more particularly set out in Schedule
3 (The Warranties).

 

 

2 Airbus. To be confirmed.

 

    	 	-3-	 

     

    

  

"Warranty
Confirmation" means the confirmation to be provided by the Manufacturer pursuant to Section 4.4 (Warranty Confirmation)
in the form set out in Schedule 2 (Form of Warranty Confirmation by the Manufacturer).

 

1.2           In
this Agreement, unless otherwise stated, a reference to any Section, paragraph or Schedule is a reference to such Section, paragraph
or Schedule of this Agreement, and the headings of Sections and Schedules are inserted for convenience of reference only and shall
not affect the interpretation.

 

1.3           Reference
to any document or agreement means such document or agreement as originally signed, or as modified, amended, varied or supplemented
from time to time.

 

Section
2.               Intentionally
Left Blank

 

Section 3. Covenant.
Subject to Section 4 (Notice to  the  Manufacturer  and Warranty Confirmation) and Section 5 (Termination of the Airline's
Rights), the Manufacturer agrees to grant by way of the Warranty Confirmation to the Loan Trustee or the Lessor specified
in a Notice duly served in accordance with Section 4 (Notice to the Manufacturer and Warranty Confirmation) a package of
warranties equivalent to such of the Warranties which as at the date of the Notice remain available under the terms of the Purchase
Agreement (the "Remaining Warranties").

 

Section 4.               Notice
to the Manufacturer and Warranty Confirmation.

 

4.1           Enforcement
Notice to Manufacturer. The rights of the Loan Trustee to receive the benefit of the Remaining Warranties pursuant to Section
3 (Covenant) is subject to the receipt by the Manufacturer of an Enforcement Notice duly executed by the Loan Trustee and
the execution by the Manufacturer of the Warranty Confirmation specified in Section 4.3 (Warranty Confirmation). The Enforcement
Notice may only be served after actual repossession of the Aircraft by the Loan Trustee pursuant to the provisions of the Financing
Agreements following a Lease Event of Default which shall have occurred and be continuing. A copy of the Notice shall be sent
to the Airline and the Lessor for information, but the receipt or non-receipt of such copy by the Airline or the Lessor shall
not affect the rights and obligations of the parties to this Agreement.

 

4.2           Lessor's
Notice to Manufacturer. The rights of the Lessor to receive the benefit of the Remaining Warranties pursuant to Section 3
(Covenant) is subject to the receipt by the Manufacturer of an Lessor's Notice duly executed by the Lessor and the execution
by the Manufacturer of the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Lessor may deliver
the Lessor's Notice only if (i) the Lessor has repossessed the Aircraft pursuant to the provisions of the Financing Agreements
following a Lease Event of Default which shall have occurred and be continuing; and (ii) there has been no delivery of an Enforcement
Notice to the Manufacturer by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer). A copy of
the Lessor's Notice shall be sent to the Airline and the Loan Trustee for information, but the receipt or non-receipt of such
copy by the Airline or the Loan Trustee shall not affect the rights and obligations of the parties to this Agreement.

 

    	 	-4-	 

     

    

  

4.3           Warranty
Confirmation. Subject to Section 9 (Manufacturer Warranty Confirmation) and upon receipt by the Manufacturer of any
of (i) the Enforcement Notice in accordance with Section 4.1 (Enforcement Notice to Manufacturer), or (ii) the Lessor Notice
in accordance with Section 4.2 (Lessor Notice), the Manufacturer shall execute and deliver to the Lessor and the Loan Trustee
(as the case may be) the Warranty Confirmation and grant the Remaining Warranties to the Lessor or the Loan Trustee (as the case
may be) which is identified in the Notice in accordance with Section 3 (Covenant).

 

4.4           Benefit
of Warranties. Each of the parties hereto hereby agrees that until receipt by the Manufacturer of any Notice in accordance
with Section 4.1 (Enforcement Notice to Manufacturer) or Section 4.2 (Lessor's Notice to Manufacturer) the benefit
of the Warranties shall be made available only to the Airline in accordance with the provisions of this Agreement.

 

Section
5.               Termination
of the Airline's Rights.

 

5.1 The Airline
and the Lessorhereby agree that, as regards any rights that the Airline may have against the Manufacturer, on the date of any
Notice all of the Airline's right, title and interest in and to the Warranties shall be terminated forthwith (save to the extent
of any claim made against the Manufacturer existing at such date and notified in writing to the Manufacturer on or before that
date) whether or not the Airline shall have actually received a copy of the Notice. The Manufacturer shall have no liability whatsoever
to the Airline in the event that the Airline does not receive a copy of such Notice or (save to the extent of any claim made against
the Manufacturer existing at such date and notified in writing to the Manufacturer on or before that date) in any other respect
whatsoever concerning the Warranties from the date of such Notice.

 

Section 6. Remedies
and Waivers. No failure by the parties to exercise, nor any delay in exercising, any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof
or the exercise of any right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights
or remedies provided at law.

 

Section 7.         Benefit
of Agreement.  This Agreement shall be binding upon and enure to the benefit of each party hereto and its or any subsequent
successors and permitted assigns in accordance with Section 8 (Assignments and Transfers).

 

Section
8.          Assignments
and Transfers.

 

8.1 Except as
expressly provided in this Agreement, none of the parties hereto shall be entitled to assign, sell, or transfer or otherwise dispose
of all or any of their rights, benefits and obligations hereunder without the prior written consent of the other parties hereto
and the Manufacturer (such consent not to be unreasonably withheld).

 

    	 	-5-	 

     

    

  

Section
9.               Manufacturer Warranty Confirmation.

 

9.1           The
parties hereby agree that the Manufacturer will provide the Warranty Confirmation subject to the following:

 

(a)          the
Manufacturer shall incur no obligations (except as set out in this Agreement), costs, expenses, damages, losses or liabilities
whatsoever by reason of any of the Financing Agreements, this Agreement or any of the transactions contemplated thereby (other
than in respect of its obligations as Manufacturer pursuant to the Purchase Agreement) and the Airline shall indemnify and hold
harmless the Manufacturer against any such obligations, costs, expenses, damages, losses or liabilities so incurred (except to
the extent directly caused by fraud, the gross negligence or wilful misconduct of the Manufacturer) provided that the Airline
has been provided with a certificate setting out, in reasonable detail, the basis upon which such costs, expenses, losses or liabilities
were incurred together with documentary evidence (if any) thereof;

 

(b)          this
Agreement shall not constitute a novation of the Purchase Agreement and the Airline shall not be discharged from any of its obligations
under the Purchase Agreement by reason of this Agreement;

 

(c)          the
Manufacturer shall be entitled to rely on the information contained in any Notice delivered to it pursuant to Section 4.1 (Enforcement
Notice to Manufacturer) or Section 4.2 (Lessor's Notice to Manufacturer) without enquiring as to the accuracy of the
information contained in such Notice or entitlement of any of the parties to give such Notice and the Airline shall indemnify
and hold harmless the Manufacturer in respect of all losses, obligations, costs, expenses, damages and liabilities it may incur
if such information proves not to be correct (except to the extent directly caused by fraud, the gross negligence or wilful misconduct
of the Manufacturer) provided that the Airline has been provided with a certificate setting out, in reasonable detail,
the basis upon which such obligations, costs, expenses, losses, damages or liabilities were incurred together with documentary
evidence (if any) thereof; and

 

(d)          Airbus
shall not be deemed to have knowledge of the actual repossession of the Aircraft by the Loan Trustee or the Lessor unless and
until Airbus shall have received a Notice in accordance with sections 4.1 (Enforcement Notice to Manufacturer) or 4.2 (Lessor's
Notice to Manufacturer).

 

(e)          nothing
herein nor in the Warranty Confirmation shall modify in any way the rights of the Manufacturer under the Purchase Agreement or
subject the Manufacturer to any obligations, costs, expenses, losses, damages or liabilities to which it would not otherwise be
subject.

 

9.2           The
Lessor, the Loan Trustee and the Airline agree that the terms of the Warranty Confirmation are subject to the provisions of this
Section 9 (Manufacturer Warranty Confirmation).

 

    	 	-6-	 

     

    

  

9.3           The
Lessor, the Loan Trustee and the Airline shall have no obligation or liability under the Purchase Agreement by reason of or arising
out of this Agreement, provided that the terms and conditions of the Purchase Agreement shall apply to all claims made
in respect of the Warranties and shall be binding upon the Lessor, the Loan Trustee and the Airline, and the Lessor, the Loan
Trustee and the Airline shall be subject to all obligations, restrictions, limitations and conditions of the Purchase Agreement
with respect to the making of such claim (including, without limitation, the Waiver, Release and Renunciation in clause 12 of
the Purchase Agreement) to the same extent as if they had been named "Buyer" thereunder.

 

9.4           If,
at any time prior to the receipt of any Notice, there shall at any time be any dispute as to which of the parties to this Agreement
is the beneficiary of any particular right or interest in respect of the Remaining Warranties, the Manufacturer shall be entitled
to perform the corresponding obligations exclusively in favour of the Airline until the Loan Trustee or the Airline or the Lessor
shall provide a Notice to the Manufacturer.

 

9.5           In
the event of a conflict between an Enforcement Notice and a Lessor Notice, the Enforcement Notice shall prevail and the Manufacturer
shall extend the benefit of the Remaining Warranties to the Loan Trustee.

 

Section 10.
Partial Invalidity. If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect
under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the
legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or
impaired thereby.

 

Section 11.
Transfers between the Lessor and the Loan Trustee. If, at any time after the Remaining Warranties have been granted to
the Lessor (the "First Party") pursuant to this Agreement, the Aircraft is repossessed by the Loan Trustee (the
"Replacement Party"), then the parties agree that all right, title and interest of the First Party in and to
the Remaining Warranties shall be terminated and that the Manufacturer shall grant to the Replacement Party the manufacturer support
equivalent to such of the Remaining Warranties as at such time remain available to the First Party on terms mutatis mutandis
and subject to the same conditions as in respect of the granting of the relevant rights to the First Party by the Manufacturer.

 

Section 12. Notices.
Any notice or other communication given or made under this Agreement shall be in writing and, provided it shall be addressed as
set out below, shall be deemed to have been duly given:

 

12.1         if
sent by personal delivery, upon delivery at the address of the relevant Party (provided that if the date of delivery is not a
Business Day, notice shall be deemed to have been received on the first following Business Day);

 

12.2         if
sent by post, then five Business Days after posting;

 

12.3         if
sent by fax, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business Day, notice
shall be deemed to have been received on the first following Business Day),

 

    	 	-7-	 

     

    

  

to the Parties as follows:

 

(a)         if
to the Manufacturer, to it at:

 

Airbus S.A.S.

1 rond-point Maurice Bellonte 

31707 Blagnac Cedex

France

 

Attn.:  Head of Contract – Customer Services 

Fax:         +33
5 61 93 46 10

 

(b)        if
to the Lessor, to it at:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo

Leasing Limited/Canastero Leasing Limited]3

c/o Maples Corporate Services Limited

 PO Box 309,

Ugland House,

 Grand Cayman,

 KY1-1104,

Cayman Islands

 

Fax:     +1 345 949 8080

Attention:         Wanda
Ebanks

 

with copy to the Loan Trustee (at the address given below)
and to the Airline (at the address given below).

 

(c)        if
to the Airline, to it at:

 

LATAM Airlines Group S.A.

 Edificio Huidobro

Avenida Presidente Riesco 5711

 piso 20

Las Condes

 Santiago

 Chile

 

Fax:     +56 22 565 8764

Attn.:  General Counsel/Corporate Finance Director

 

With a copy by e-mail to:

GrupoTesoreriaPagosChile_2@lanchile.com

(it being agreed that such electronic notification
shall not constitute notice under this Section 12 (Notices))

 

 

3 Delete as appropriate

 

    	 	-8-	 

     

    

  

(d)          if
to the Loan Trustee, to it at:

 

Wilmington Trust Company

 1100 North Market Street

 Wilmington

DE 19890-1605

 

Telephone: +1 302 636 6000

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

(it  being  agreed  that  electronic
 notification  shall  not  constitute notice under this Section 12 (Notices)).

 

12.4         Each
communication and document made or delivered by one party to another pursuant to this Agreement shall be made and/or delivered
in writing and in the English language. Unless otherwise stated, any such communication or document may be made by letter or any
form of facsimile transmission.

 

Section 13.            Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each
of which when executed and delivered shall constitute an original, but all counterparts shall together constitute but one and
the same instrument.

 

Section
14.            Governing
Law and Jurisdiction.

 

14.1         English
Law. This Agreement shall be governed by and construed in accordance with the laws of England and Wales.

 

14.2         The
parties hereto irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any disputes
arising out of or in connection with this Agreement

 

14.3         Each
of the parties hereto irrevocably and unconditionally waives: (a) any immunity from the jurisdiction of the court mentioned in
section 14.2 and any immunity from suit, judgement, execution, set-off, attachment, arrest, specific performance, injunction or
other judicial order or remedy to which it or any of its assets may be entitled at present or in the future in any jurisdiction
in respect of any legal action or proceedings with respect to or in connection with this Agreement; and (b) any objections to
such jurisdiction on the ground of venue or forum non conveniens or any similar grounds.

 

14.4         Service
of Process on Airline. The Airline agrees that the process by which any Proceedings are begun may be served on it by
being delivered to its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ,
England or such other person from time to time appointed as the process agent in the United Kingdom of the Airline. If such
person ceases to be appointed and no other person is appointed within fifteen (15) days, the Loan Trustee shall be entitled
to appoint such person by notice to the Airline. Nothing contained in this Section 14.4 (Service of Process on
Airline) shall affect the right to serve process in any other manner permitted by law.

 

    	 	-9-	 

     

    

  

14.5         Service
of Process on Lessor. The Lessor agrees that the process by which any Proceedings are begun may be served on it by being
delivered to its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England, or
such other person from time to time appointed as the process agent in the United Kingdom of the Lessor. If such person ceases
to be appointed and no other person is appointed within fifteen (15) days, the
Loan Trustee shall be entitled to appoint such person by notice to the Lessor. Nothing contained in this Section 14.6
(Service of Process on Lessor) shall affect the right to serve process in any other manner permitted by law.

 

Section 15. Further
Acts. The parties hereto agree that at any time and from time to time, and at the cost and expense of the Airline, they shall
promptly and duly execute and deliver any and all such further instruments and documents and take such further action as may reasonably
be necessary in order to give full effect to this Agreement and the rights and powers herein granted.

 

Section 16. Waiver.
No term or provision of this  Agreement  may  be  changed, waived, discharged or terminated except by written instruments signed
by or on behalf of each of the parties hereto.

 

Section 17. Effective
Date. This Agreement shall enter into effect and be binding upon the parties hereto from the Delivery Date.

 

Section 18. Third
Parties. The terms of this Agreement may only be enforced by a party to it and the operation of the Contracts (Rights of Third
Parties) Act 1999 is excluded. This Agreement may be amended without the consent of any third party.

 

Section 19. Confidentiality
Undertaking. Each of the the Lessor, the Airline and the Loan Trustee agrees that it shall not disclose to any person the
terms of this Agreement, [clauses 12 and 13] to the Purchase Agreement, any Notice or any Warranty Confirmation (together, the
"Relevant Documents"), except:

 

(a)          as
required by any applicable law or governmental regulations; or

 

(b)          in
connection with any legal proceedings arising out of or in connection with the Relevant Documents; or

 

(c)          to
any Beneficiary, provided that the Lessor, the Airline or the Loan Trustee disclosing the Relevant Documents to any Beneficiary
shall cause and ensure that it obtains an undertaking in favour of the parties to this Agreement from such Beneficiary in terms
similar to this Section 19 (Confidentiality Undertaking); or

 

(d)          to
its accountants, auditors or legal advisers provided that such accountants, auditors or legal advisers are under an ethical obligation
to or agree to treat such information as confidential; or

 

(e)          with
the prior written consent of the Manufacturer and the other parties to this Agreement, such consent not to be unreasonable withheld.

 

    	 	-10-	 

     

    

  

AS WITNESS the Parties hereto have
executed this Agreement in five (5) originals as of the day and year first written above.

 

    	 	-11-	 

     

    

  

SCHEDULE 1

 

    	 	-1-	 

     

    

  

PART A

FORM OF ENFORCEMENT NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

		Attn.:	Head of Contracts Customer Services

 

		Copy:	LATAM Airlines Group S.A. (the "Airline")
                                         Attn.: General Counsel/Corporate Finance Director

 

		Copy:	[Parina Leasing Limited/Rayador
                                         Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (the
                                         "Lessor")

			Attn.:
                                         Wanda Ebanks

 

________________ 20__

 

One (1) Airbus A321-200 Aircraft MSN [•] (the
"Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited], the Airline and Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee dated_________________________201[•]
(the "Airframe Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed
by the Loan Trustee in accordance with the provisions of the Financing Agreements following a Lease Event of Default which has
occurred and is continuing and that the Loan Trustee is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you to provide your confirmation in the form of the Warranty Confirmation that the Remaining
Warranties shall, from the date of the Warranty Confirmation, be extended to the Loan Trustee in accordance with the terms of
the Airframe Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of England and Wales.

 

	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Loan Trustee, as Loan Trustee
	 	 
	 	By:  	
	 	 	Name:
	 	 	Title:

 

    	 	-2-	 

     

    

  

PART B

FORM OF LESSOR NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

		Attn.:	Head of Contracts Customer Services

 

		Copy:	LATAM Airlines Group S.A. (the "Airline")
                                         Attn.: General Counsel/Corporate Finance Director

 

		Copy:	Wilmington Trust Company,
                                         not in its individual capacity but solely as Loan Trustee (the
                                         "Loan Trustee")

			Attn.: [•]

 

______________ 20 __

 

One (1) Airbus A321 Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited], the Airline and Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee dated201[•]
(the "Airframe Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed
by the Lessor in accordance with the provisions of the Financing Agreements following a Lease Event of Default which has occurred
and is continuing and that the Lessor is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you to provide your confirmation in the form of the Warranty Confirmation that the Remaining
Warranties shall, from the date of the Warranty Confirmation, be extended to the Lessor in accordance with the terms of the Airframe
Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of England and Wales.

 

	 	[Parina Leasing Limited/Rayador Leasing
    Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]
	 	as Lessor
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

    	 	-3-	 

     

    

  

SCHEDULE 2

FORM OF WARRANTY CONFIRMATION BY THE MANUFACTURER

 

		To:	(1)         Wilmington
Trust Company, not in its individual capacity but solely as Loan Trustee (the "Loan Trustee")

 

(2)         [Parina
Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (the
"Lessor")

 

(3)         LATAM
Airlines Group S.A. (the "Airline")

 

_____________________ 20__

 

One (1) Airbus A321 Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein
                                         bear the same meanings as those set forth in the Airframe Warranties Agreement between
                                         Airbus S.A.S. (the "Manufacturer"), the Lessor, the Airline and the
                                         Loan Trustee dated  __________________________ 201[•] (the "Airframe
                                         Warranties Agreement").

 

		2.	The Manufacturer hereby acknowledges receipt of a Notice
dated  ______ 201[•] from [insert name of relevant party] whereby it was advised by the [Lessor/Loan Trustee]
that [has repossessed the Aircraft pursuant to the provisions of the Financing Agreements]. Accordingly, the Manufacturer hereby
confirms that, from the date hereof, the Remaining Warranties shall be made available to [insert name of relevant party].

 

		3.	The Warranty Confirmation given by the Manufacturer in
the preceding paragraph is given upon and subject to the provisions of the Airframe Warranties Agreement.

 

		4.	This Warranty Confirmation shall be governed by and construed
in accordance with the laws of England and Wales.

 

	 	AIRBUS S.A.S.
	 	 	 
	 	By:  	
	 	 	Name:
	 	 	Title:

 

    	 	-1-	 

     

    

  

SCHEDULE 3 

THE WARRANTIES

 

    	 	-1-	 

     

    

  

EXECUTION PAGE

AIRFRAME WARRANTIES AGREEMENT MSN
[•] 

 

	THE MANUFACTURER	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	AIRBUS S.A.S.	)	 
	 	 	 
	THE LESSOR	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	[PARINA  LEASING  LIMITED/RAYADOR  LEASING  LIMITED/CUCLILLO  LEASING 
	LIMITED/CANASTERO LEASING
    LIMITED]	)	 
	 	 	 
	THE AIRLINE	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	LATAM AIRLINES GROUP S.A.	)	 
	 	 	 
	THE LOAN TRUSTEE	 	 
	 	 	 
	SIGNED by	)	 
	and	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	WILMINGTON TRUST COMPANY,	)	 
	not in its individual capacity	)	 
	but solely as Loan Trustee	)	 

 

     

     

    

  

EXHIBIT L-2 to 

NOTE PURCHASE
AGREEMENT

 

FORM OF AIRFRAME WARRANTIES
AGREEMENT (A321 – LAN – INITIAL SUBLEASE)

 

[Attached.]

 

     

     

    

  

		

 

Form Document

 

DATED_______________________________201[•]

 

AIRBUS S.A.S.

as Manufacturer

 

[PARINA LEASING LIMITED/RAYADOR
LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]1

as Lessor

 

LATAM AIRLINES GROUP S.A.

as Airline

 

TAM LINHAS AÉREAS S.A.

as Sublessee

 

and

 

WILMINGTON TRUST COMPANY, NOT IN ITS INDIVIDUAL
CAPACITY BUT SOLELY AS LOAN TRUSTEE

as Loan Trustee

  

 

 

AIRFRAME WARRANTIES AGREEMENT

IN RESPECT OF CERTAIN AIRFRAME WARRANTIES 

RELATING
TO ONE (1) AIRBUS A321 AIRCRAFT WITH 

MANUFACTURER'S SERIAL NUMBER [•] AND BRAZILIAN REGISTRATION MARK [•]

  

 

 

 

1 Delete as appropriate

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Interpretation	2
	 	 	 
	Section 2.	Intentionally Left Blank	4
	 	 	 
	Section 3.	Covenant	4
	 	 	 
	Section 4.	Notice to the Manufacturer and Warranty Confirmation	4
	 	 	 
	Section 5.	Termination of the Airline's and the Sublessee's Rights	6
	 	 	 
	Section 6.	Remedies and Waivers	6
	 	 	 
	Section 7.	Benefit of Agreement	6
	 	 	 
	Section 8.	Assignments and Transfers	6
	 	 	 
	Section 9.	Manufacturer Warranty Confirmation	6
	 	 	 
	Section 10.	Partial Invalidity	8
	 	 	 
	Section 12.	Notices	8
	 	 	 
	Section 13.	Counterparts	10
	 	 	 
	Section 14.	Governing Law and Jurisdiction	10
	 	 	 
	Section 15.	Further Acts	11
	 	 	 
	Section 16.	Waiver	11
	 	 	 
	Section 17.	Effective Date	11
	 	 	 
	Section 19.	Confidentiality Undertaking	12
	 	 	 
	Schedule 1:	 	13
	 	 	 
	Part A:	Form of Airline's Notice to Manufacturer 	13
	 	 	 
	Part B:	Form of Enforcement Notice to Manufacturer 	14
	 	 	 
	Part C:	Form of Lessor's Notice to Manufacturer	15
	 	 	 
	Schedule 2:	Form of Warranty Confirmation by the Manufacturer 	16
	 	 	 
	Schedule 3:	The Warranties	17

 

    	 	-i-	 

     

    

  

THIS AIRFRAME WARRANTIES AGREEMENT (this "Agreement")
is dated ________________ 201[•] and made

 

AMONG:

 

		(1)	AIRBUS S.A.S. (legal successor of Airbus S.N.C., formerly
known as Airbus G.I.E. and Airbus Industrie G.I.E.), a Société par Actions Simplifiée duly created
and existing under French law having its principal office at 1 rond-point Maurice Bellonte, 31707 Blagnac Cedex, France (formerly
known as Airbus G.I.E. and Airbus Industrie G.I.E.) (together with its successors and assigns) in its capacity as manufacturer
of the Aircraft (the "Manufacturer");

 

		(2)	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO
LEASING LIMITED/CANASTERO LEASING LIMITED]2 , a company incorporated and existing
under the laws of the Cayman Islands having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland
House, Grand Cayman, KY1- 1104, Cayman Islands (the "Lessor");

 

		(3)	LATAM AIRLINES GROUP S.A., (formerly having the legal name
LAN Airlines S.A. and Lan Chile S.A. and doing business as LAN Airlines), a corporation organised and existing under the laws
of Chile whose principal place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso 20, Las Condes, Santiago,
Chile (formerly having the legal name LAN Airlines S.A. and Lan Chile S.A. and doing business as LAN Airlines) (the "Airline");

 

		(4)	TAM LINHAS AÉREAS S.A., a company incorporated and
existing under the laws of Brazil, and having its principal place of business at Avenida Jurandir, No. 856, 4 Andar, Lote 4, CEP
04072-000 Jardim Ceci, in the City of São Paulo, State of São Paulo, Brazil (the "Sublessee");
and

 

		(5)	WILMINGTON TRUST COMPANY, not in its individual capacity,
except as expressly set forth herein, but solely in its capacity as Loan Trustee (the "Loan Trustee").

 

RECITALS

 

		(A)	Pursuant to the Purchase Agreement (as defined below),
the Airline agreed to purchase, inter alia, the Aircraft (as defined below) from the Manufacturer.

 

		(B)	Pursuant to the Purchase Agreement Assignment (as defined
below), the Airline has assigned to the Lessor, inter alia, its rights to purchase the Aircraft from the Manufacturer on
the terms and conditions set out therein.

 

		(C)	Pursuant to the Lease (as defined below), the Lessor has
agreed that it will lease the Aircraft to the Airline. Pursuant to the Sublease Agreement (as defined below),
the Airline has agreed that it will lease the Aircraft to the Sublessee.

  

 

2 Delete as appropriate

 

    	 	-1-	 

     

    

 

		(D)	The Manufacturer has granted the Warranties to the Airline
under the Purchase Agreement and the Warranties are made available exclusively for the benefit of the Airline. At the request
of the Airline and the Loan Trustee who may be entitled to repossess the Aircraft pursuant to the provisions of certain of the
Financing Agreements, the Lessor, the Airline, the Sublessee and the Loan Trustee wish, with the consent and agreement of the
Manufacturer, to make arrangements in respect of the Warranties on the terms and conditions set out herein.

 

IT IS AGREED:

 

Section
1.               Definitions
and Interpretation.

 

1.1           Definitions.         In
 this  Agreement,  the  following  terms  shall  have  the following meanings:

"Aircraft"
means collectively the Airframe and the Propulsion Systems installed thereon. "Airframe" means the Airbus
A321 airframe bearing manufacturer's serial number [•] and current registration mark [•] (excluding the Propulsion
Systems from time to time installed thereon) together with all parts incorporated in, installed on or attached to such
airframe on the Delivery Date.

 

"Airline's
Notice" means a notice delivered by the Airline pursuant to Section 4.1 (Airline's Notice to Manufacturer) and
substantially in the form set out in Schedule 1 Part A (Form of Airline's Notice to Manufacturer).

 

"Beneficiaries" means the Secured
Parties.

 

"Business
Day" means a day, other than a Saturday or Sunday, on which commercial banks are open for general business in Paris,
Santiago and Hamburg.

 

"Delivery"
means the delivery of and transfer of title to the Aircraft in accordance with the Purchase Agreement and the Purchase Agreement
Assignment.

 

"Delivery Date" means the date on which
Delivery takes place.

 

"Enforcement
Notice" means any notice served by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer)
and substantially in the form set out in Schedule 1 Part B (Form of Enforcement Notice to Manufacturer).

 

"Engines"
means collectively the CFM International model CFM56-5B3/3 aircraft engines bearing manufacturer's serial numbers [•] and
[•], together with all parts incorporated in, installed on, or attached to such Engines on the Delivery Date, and any replacement
engine therefor with effect from the time title to which has passed to the Lessor pursuant to the Lease.

 

    	 	-2-	 

     

    

  

"Financing Agreements" has the meaning
given to it in the Participation Agreement.

 

"Lease"
means the lease agreement [MSN [•]] dated as of as of, 201[•] between the Lessor and the Airline in relation
to the Aircraft.

 

"Lease
Event of Default" has the meaning given to the term "Lease Event of Default" in the Lease.

 

"Lessor
Notice" means any notice served by the Lessor pursuant to Section 4.3 (Lessor's Notice to Manufacturer) and substantially
in the form set out in Schedule 1 Part C (Form of Lessor Notice to Manufacturer).

 

"Loan
Trustee" shall mean Wilmington Trust Company, not in its individual capacity, except as expressly provided in the Financing
Agreements, but solely in its capacity as Loan Trustee .

 

"Notice" means an Airline's Notice,
a Lessor Notice or an Enforcement Notice. 

 

"Participation Agreement" means the
participation agreement dated as of  _____________________, 201[•] between, amongst others, the Lessor and the Airline relating to,
inter alia, the Aircraft.

 

"Purchase
Agreement" means the Airbus A320 family purchase agreement dated 20 March 1998 between the Airline, as purchaser, and
the Manufacturer, as seller, such purchase agreement together with its various exhibits and appendices (the "Original
A320 Family Purchase Agreement") as amended and restated by way of a deed of amendment and restatement of the Original
A320 Family Purchase Agreement dated 2 August 2000, (such purchase agreement together with its various exhibits and appendices,
and as amended, and supplemented from time to time, relating to inter alia the purchase of the Aircraft).

 

"Purchase
Agreement Assignment" means the purchase agreement assignment dated on or about the date of this Agreement between the
Airline, as assignor, and the Lessor, as assignee, in relation to the Aircraft.

 

"Remaining Warranties" has the meaning
given to it in Section 3 (Covenant). 

 

"Secured Parties" means:

 

(i) Wilmington
Trust Company, as Loan Trustee,

 

(ii) Wilmington
Trust Company , as Pass Through Trustee,

 

(iii) Wilmington
Trust Company, as Subordination Agent,

 

(iv) Natixis,
acting through its New York branch, as Liquidity Provider

 

    	 	-3-	 

     

    

 

and including
such person's successors and assigns provided that such successors and/or assigns (i) are not owned or controlled by an aircraft
manufacturer and (ii) are not in direct or indirect competition with Airbus and "Secured Party" shall mean any
of them.

 

"Sublease
Agreement" means the aircraft sublease agreement dated as of___________, 201[•] entered into between the Airline
and the Sublessee in relation to the Aircraft.

 

"Warranties"
means such warranties in respect of the Airframe given by the Manufacturer to the Airline pursuant to [clause 12] (Warranties
and Service Life Policy) and [clause 13] (Patent Indemnity) of the Purchase Agreement, including all post-delivery
rights in respect thereof and as are and remain available on the Delivery Date, and as more particularly set out in Schedule 3
(The Warranties).

 

"Warranty
Confirmation" means the confirmation to be provided by the Manufacturer pursuant to Section 4.4 (Warranty Confirmation)
in the form set out in Schedule 2 (Form of Warranty Confirmation by the Manufacturer).

 

1.2           In
this Agreement, unless otherwise stated, a reference to any Section, paragraph or Schedule is a reference to such Section, paragraph
or Schedule of this Agreement, and the headings of Sections and Schedules are inserted for convenience of reference only and shall
not affect the interpretation.

 

1.3           Reference
to any document or agreement means such document or agreement as originally signed, or as modified, amended, varied or supplemented
from time to time.

 

Section
2.               Intentionally
Left Blank

 

Section 3.
Covenant. Subject to Section 4 (Notice to  the  Manufacturer  and Warranty Confirmation) and Section 5 (Termination
of the Airline's and the Sublessee's Rights), the Manufacturer agrees to grant by way of the Warranty Confirmation to the
Loan Trustee or the Airline specified in a Notice duly served in accordance with Section 4 (Notice to the Manufacturer and
Warranty Confirmation) a package of warranties equivalent to such of the Warranties which as at the date of the Notice remain
available under the terms of the Purchase Agreement (the "Remaining Warranties").

 

Section 4.               Notice
to the Manufacturer and Warranty Confirmation.

 

4.1           Airline's
Notice to Manufacturer. The rights of the Airline to receive the benefit of the Remaining Warranties pursuant to Section 3
(Covenant) is subject to the receipt by the Manufacturer of an Airline's Notice duly executed by the Airline and the execution
by the Manufacturer of the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Airline may deliver
the Airline's Notice only if (i) the leasing of the Aircraft under the Sublease Agreement has ended or has been terminated pursuant
to the provisions thereof; and (ii) there has been no delivery of an Enforcement Notice or Lessor Notice to the Manufacturer by
the Loan Trustee or Lessor pursuant to Section 4.2 (Enforcement Notice to Manufacturer) or Section 4.3 (Lessor's Notice
to the Manufacturer). A copy of the Airline's Notice shall be sent to the Sublessee, the Lessor and the Loan Trustee for information,
but the receipt or non-receipt of such copy by the Sublessee, the Lessor or the Loan Trustee shall not affect the rights and obligations
of the parties to this Agreement.

 

    	 	-4-	 

     

    

 

4.2           Enforcement
Notice to Manufacturer. The rights of the Loan Trustee to receive the benefit of the Remaining Warranties pursuant to Section
3 (Covenant) is subject to the receipt by the Manufacturer of an Enforcement Notice duly executed by the Loan Trustee and
the execution by the Manufacturer of the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Enforcement
Notice may only be served after actual repossession of the Aircraft by the Loan Trustee pursuant to the provisions of the Financing
Agreements following a Lease Event of Default which shall have occurred and be continuing. A copy of the Notice shall be sent
to the Airline, the Lessor and the Sublessee for information, but the receipt or non-receipt of such copy by the Airline, the
Lessor or the Sublessee shall not affect the rights and obligations of the parties to this Agreement.

 

4.3           Lessor's
Notice to Manufacturer. The rights of the Lessor to receive the benefit of the Remaining Warranties pursuant to Section 3
(Covenant) is subject to the receipt by the Manufacturer of a Lessor's Notice duly executed by the Lessor and the execution
by the Manufacturer of the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Lessor may deliver
the Lessor's Notice only if (i) the Lessor has repossessed the Aircraft pursuant to the provisions of the Financing Agreements
following a Lease Event of Default which shall have occurred and be continuing; and (ii) there has been no delivery of an Enforcement
Notice to the Manufacturer by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer). A copy of
the Lessor's Notice shall be sent to the Sublessee, the Airline and the Loan Trustee for information, but the receipt or non-receipt
of such copy by the Sublessee, the Airline or the Loan Trustee shall not affect the rights and obligations of the parties to this
Agreement.

 

4.4           Warranty
Confirmation. Subject to Section 9 (Manufacturer Warranty Confirmation) and upon receipt by the Manufacturer of any
of (i) the Airline's Notice in accordance with Section 4.1 (Airline's Notice to Manufacturer); (ii) the Enforcement Notice
in accordance with Section 4.2 (Enforcement Notice to Manufacturer), or (iii) the Lessor Notice in accordance with Section
4.3 (Lessor Notice), the Manufacturer shall execute and deliver to the Lessor, the Loan Trustee and the Airline (as the
case may be) the Warranty Confirmation and grant the Remaining Warranties to the Lessor, the Loan Trustee or the Airline (as the
case may be) which is identified in the Notice in accordance with Section 3 (Covenant).

 

4.5           Benefit
of Warranties. Each of the parties hereto hereby agrees that until receipt by the Manufacturer of any Notice in accordance
with Section 4.1 (Airline's Notice to Manufacturer), Section 4.2 (Enforcement Notice to Manufacturer) or Section
4.3 (Lessor's Notice to Manufacturer) the benefit of the Warranties shall be made available only to the Sublessee in accordance
with the provisions of this Agreement.

 

    	 	-5-	 

     

    

 

Section 5.               Termination
of the Airline's and the Sublessee's Rights.

 

5.1           The
Sublessee and the Airline hereby agree that, as regards any rights that the Sublessee may have against the Manufacturer, on the
date of any Notice all of the Sublessee's right, title and interest in and to the Warranties shall be terminated forthwith (save
to the extent of any claim made against the Manufacturer existing at such date and notified in writing to the Manufacturer on
or before that date) whether or not the Sublessee shall have actually received a copy of the Notice. The Manufacturer shall have
no liability whatsoever to the Sublessee in the event that the Sublessee does not receive a copy of such Notice or (save to the
extent of any claim made against the Manufacturer existing at such date and notified in writing to the Manufacturer on or before
that date) in any other respect whatsoever concerning the Warranties from the date of such Notice.

 

5.2           The
Sublessee and the Airline hereby agree that, as regards any rights that the Airline may have against the Manufacturer, on the
date of any Notice all of the Airline's right, title and interest in and to the Warranties shall be terminated forthwith (save
to the extent of any claim made against the Manufacturer existing at such date and notified in writing to the Manufacturer on
or before that date) whether or not the Airline shall have actually received a copy of the Notice. The Manufacturer shall have
no liability whatsoever to the Airline in the event that the Airline does not receive a copy of the Notice or (save to the extent
of any claim made against the Manufacturer existing at such date and notified in writing to the Manufacturer on or before that
date) in any other respect whatsoever concerning the Warranties from the date of such Notice.

 

Section 6. Remedies
and Waivers. No failure by the parties to exercise, nor any delay in exercising, any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof
or the exercise of any right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights
or remedies provided at law.

 

Section 7.  Benefit
of Agreement.  This Agreement shall be binding upon and enure to the benefit of each party hereto and its or any subsequent
successors and permitted assigns in accordance with Section 8 (Assignments and Transfers).

 

Section 8. Assignments
and Transfers. Except as expressly provided in this Agreement, none of the parties hereto shall be entitled to assign, sell,
or transfer or otherwise dispose of all or any of their rights, benefits and obligations hereunder without the prior written consent
of the other parties hereto and the Manufacturer (such consent not to be unreasonably withheld).

 

Section
9.               Manufacturer
Warranty Confirmation.

 

9.1           The
parties hereby agree that the Manufacturer will provide the Warranty Confirmation subject to the following:

 

(a)          the
Manufacturer shall incur no obligations (except as set out in this Agreement), costs, expenses, damages, losses or liabilities
whatsoever by reason of any of the Financing Agreements, this Agreement or any of the transactions contemplated thereby (other
than in respect of its obligations as Manufacturer pursuant to the Purchase Agreement) and the Airline shall indemnify and hold
harmless the Manufacturer against any such obligations, costs, expenses, damages, losses or liabilities so incurred (except to
the extent directly caused by fraud, the gross negligence or wilful misconduct of the Manufacturer) provided that the Airline
has been provided with a certificate setting out, in reasonable detail, the basis upon which such costs, expenses, losses or liabilities
were incurred together with documentary evidence (if any) thereof;

 

    	 	-6-	 

     

    

 

(b)          this
Agreement shall not constitute a novation of the Purchase Agreement and the Airline shall not be discharged from any of its obligations
under the Purchase Agreement by reason of this Agreement;

 

(c)          the
Manufacturer shall be entitled to rely on the information contained in any Notice delivered to it pursuant to Section 4.1 (Airline's
Notice to Manufacturer), Section 4.2 (Enforcement Notice to Manufacturer) or Section 4.3 (Lessor's Notice to Manufacturer)
without enquiring as to the accuracy of the information contained in such Notice or entitlement of any of the parties to give
such Notice and the Airline shall indemnify and hold harmless the Manufacturer in respect of all losses, obligations, costs, expenses,
damages and liabilities it may incur if such information proves not to be correct (except to the extent directly caused by fraud,
the gross negligence or wilful misconduct of the Manufacturer) provided that the Airline has been provided with a certificate
setting out, in reasonable detail, the basis upon which such obligations, costs, expenses, losses, damages or liabilities were
incurred together with documentary evidence (if any) thereof; and

 

(d)          Airbus
shall not be deemed to have knowledge of (i) any termination or expiration of the leasing of the Aircraft under the Sub-Lease
Agreement, or (ii) the actual repossession of the Aircraft by the Loan Trustee or the Lessor unless and until Airbus shall have
received a Notice in accordance with sections 4.1 (Airline's Notice to Manufacturer),

4.2 (Enforcement Notice to
Manufacturer) or 4.3 (Lessor's Notice to Manufacturer).

 

(e)          nothing
herein nor in the Warranty Confirmation shall modify in any way the rights of the Manufacturer under the Purchase Agreement or
subject the Manufacturer to any obligations, costs, expenses, losses, damages or liabilities to which it would not otherwise be
subject.

 

9.2           The
he Sublessee and the Airline agree that the terms of the Warranty Confirmation are subject to the provisions of this Section 9
(Manufacturer Warranty Confirmation).

 

9.3           The
Lessor, the Airline, the Loan Trustee and the Sublessee shall have no obligation or liability under the Purchase Agreement by
reason of or arising out of this Agreement, provided that the terms and conditions of the Purchase Agreement shall apply
to all claims made in respect of the Warranties and shall be binding upon the Lessor, the Airline, the Loan Trustee and the Sublessee
and the Lessor, the Airline, the Loan Trustee and the Sublessee shall be subject to all obligations, restrictions, limitations
and conditions of the Purchase Agreement with respect to the making of such claim (including, without limitation, the Waiver,
Release and Renunciation in clause 12 of the Purchase Agreement) to the same extent as if they had been named "Buyer"
thereunder.

 

    	 	-7-	 

     

    

 

9.4           If,
at any time prior to the receipt of any Notice, there shall at any time be any dispute as to which of the parties to this Agreement
is the beneficiary of any particular right or interest in respect of the Remaining Warranties, the Manufacturer shall be entitled
to perform the corresponding obligations exclusively in favour of the Sublessee until the Loan Trustee or the Airline or the Lessor
shall provide a Notice to the Manufacturer.

 

9.5           In
the event of a conflict between an Airline's Notice and a Lessor Notice, then the Lessor Notice shall prevail and the Manufacturer
shall extend the benefit of the Remaining Warranties to the Lessor. In the event of a conflict between an Enforcement Notice and
either a Lessor Notice or an Airline's Notice, the Enforcement Notice shall prevail and the Manufacturer shall extend the benefit
of the Remaining Warranties to the Loan Trustee.

 

Section 10. Partial
Invalidity. If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the
law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired
thereby.

 

Section 11. Transfers
between Lessor or from the Airline. If, at any time after the Remaining Warranties have been granted to the Lessor or the
Airline (the "First  Party") pursuant to this Agreement, the Aircraft is repossessed by the Loan Trustee (the
"Replacement Party"), then the parties agree that all right, title and interest of the First Party in and to
the Remaining Warranties shall be terminated and that the Manufacturer shall grant to the Replacement Party the manufacturer support
equivalent to such of the Remaining Warranties as at such time remain available to the First Party on terms mutatis mutandis
and subject to the same conditions as in respect of the granting of the relevant rights to the First Party by the Manufacturer.

 

Section 12. Notices.
Any notice or other communication given or made under this Agreement shall be in writing and, provided it shall be addressed as
set out below, shall be deemed to have been duly given:

 

12.1         if
sent by personal delivery, upon delivery at the address of the relevant Party (provided that if the date of delivery is not a
Business Day, notice shall be deemed to have been received on the first following Business Day);

 

12.2         if
sent by post, then five Business Days after posting;

 

12.3         if
sent by fax, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business Day, notice
shall be deemed to have been received on the first following Business Day),

 

to the Parties as follows:

 

(a)          if
to the Manufacturer, to it at:

 

Airbus S.A.S.

1 rond-point Maurice Bellonte

 

    	 	-8-	 

     

    

 

31707 Blagnac Cedex 

France

 

Attn:     Head of Contract –
Customer Services 

Fax:      +33 5 61 93 46 10

 

(b)          if
to the Lessor, to it at:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo
Leasing Limited/Canastero Leasing Limited]3

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

Attn:      Wanda Ebanks 

Fax:      +1 345 949 8080

 

with copy to the Loan Trustee (at the address given below)
and to the Airline (at the address given below).

 

(c)          if
to the Airline, to it at:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago

Chile

 

Fax:      +56 22 565 8764

Attn:      General Counsel/Corporate
Finance Director

 

With a copy by e-mail to:

GrupoTesoreriaPagosChile_2@lanchile.com

(it being agreed that such electronic notification
shall not constitute

notice under this Section 12 (Notices))

 

(d)          if
to the Sublessee, to it at:

 

TAM Linhas Aéreas S.A.

Avenida Jurandir

No. 856, 4° Andar

 

 

3 Delete as appropriate

 

    	 	-9-	 

     

    

 

Lote 4, CEP 04072-000

Jardim Ceci 

São Paulo

Brazil

 

Fax:      +55 11 55 82 91 18

Attn:      Contracts Director

 

(e)          if
to the Loan Trustee, to it at:

 

Wilmington Trust Company 

1100 North Market Street 

Wilmington

DE 19890-1605

 

Telephone: +1 302 636 6000

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

 

(it being agreed that electronic notification shall not
constitute notice under this Section 12 (Notices))

 

12.4         Each
communication and document made or delivered by one party to another pursuant to this Agreement shall be made and/or delivered
in writing and in the English language. Unless otherwise stated, any such communication or document may be made by letter or any
form of facsimile transmission.

 

Section 13. Counterparts.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each
of which when executed and delivered shall constitute an original, but all counterparts shall together constitute but one and
the same instrument.

 

Section
14.             Governing
Law and Jurisdiction.

 

14.1         English
Law. This Agreement shall be governed by and construed in accordance with the laws of England and Wales.

 

14.2         The
parties hereto irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any disputes
arising out of or in connection with this Agreement

 

14.3         Each
of the parties hereto irrevocably and unconditionally waives: (a) any immunity from the jurisdiction of the court mentioned in
section 14.2 and any immunity from suit, judgement, execution, set-off, attachment, arrest, specific performance, injunction or
other judicial order or remedy to which it or any of its assets may be entitled at present or in the future in any jurisdiction
in respect of any legal action or proceedings with respect to or in connection with this Agreement; and (b) any objections to
such jurisdiction on the ground of venue or forum non conveniens or any similar grounds.

 

    	 	-10-	 

     

    

 

14.4         Service
of Process on Airline. The Airline agrees that the process by which any Proceedings are begun may be served on it by being
delivered to its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England or such
other person from time to time appointed as the process agent in the United Kingdom of the Airline. If such person ceases to be
appointed and no other person is appointed within fifteen

(15) days, the Loan Trustee shall
be entitled to appoint such person by notice to the Airline. Nothing contained in this Section 14.4 (Service of Process on
Airline) shall affect the right to serve process in any other manner permitted by law.

 

14.5         Service
of Process on Sublessee. The Sublessee agrees that the process by which any Proceedings are begun may be served on it by being
delivered to its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England or such
other person from time to time appointed as the process agent in the United Kingdom of the Sublessee. If such person ceases to
be appointed and no other person is appointed within fifteen (15) days, the Loan Trustee shall be entitled to appoint such person
by notice to the Sublessee. Nothing contained in this Section 14.5 (Service of Process on Sublessee) shall affect the right
to serve process in any other manner permitted by law.

 

14.6         Service
of Process on Lessor. The Lessor agrees that the process by which any Proceedings are begun may be served on it by being delivered
to its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England, or such other
person from time to time appointed as the process agent in the United Kingdom of the Lessor. If such person ceases to be appointed
and no other person is appointed within fifteen

(15)        days,
the Loan Trustee shall be entitled to appoint such person by notice to the Lessor. Nothing contained in this Section 14.6 (Service
of Process on Lessor) shall affect the right to serve process in any other manner permitted by law.

 

Section 15.
Further Acts. The parties hereto agree that at any time and from time to time, and at the cost and expense of the Airline,
they shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action
as may reasonably be necessary in order to give full effect to this Agreement and the rights and powers herein granted.

 

Section 16.
Waiver. No term or provision of this Agreement may be changed, waived, discharged or terminated except by written instruments
signed by or on behalf of each of the parties hereto.

 

Section 17.
Effective Date. This Agreement shall enter into effect and be binding upon the parties hereto from the Delivery Date.

 

Section 18.
Third Parties. The terms of this Agreement may only be enforced by a party to it and the operation of the Contracts (Rights
of Third Parties) Act 1999 is excluded. This Agreement may be amended without the consent of any third party.

 

    	 	-11-	 

     

    

 

Section 19. Confidentiality
Undertaking. Each of the Lessor, the Airline,  the Sublessee and the Loan Trustee agrees that it shall not disclose to any
person the terms of this Agreement, [clauses 12 and 13] to the Purchase Agreement, any Notice or any Warranty Confirmation (together,
the "Relevant Documents"), except:

 

(a)          as
required by any applicable law or governmental regulations; or

 

(b)          in
connection with any legal proceedings arising out of or in connection with the Relevant Documents; or

 

(c)          to
any Beneficiary, provided that the Lessor, the Airline, the Sublessee or the Loan Trustee disclosing the Relevant Documents
to any Beneficiary shall cause and ensure that it obtains an undertaking in favour of the parties to this Agreement from such
Beneficiary in terms similar to this Section 19 (Confidentiality Undertaking); or

 

(d)          to
its accountants, auditors or legal advisers provided that such accountants, auditors or legal advisers are under an ethical obligation
to or agree to treat such information as confidential; or

 

(e)          with
the prior written consent of the Manufacturer and the other parties to this Agreement, such consent not to be unreasonable withheld.

 

AS WITNESS
the Parties hereto have executed this Agreement in five (5) originals as of the day and year first written above.

 

    	 	-12-	 

     

    

 

SCHEDULE 1

 

PART A

FORM OF AIRLINE'S NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

			Attn: Head of Contracts Customer Services

 

		Copy:	Wilmington Trust Company (the "Loan Trustee") 
	 	 	Attn: [•]

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee") 
	 	 	Attn: Contracts Director

 

		Copy:	[Parina
                                         Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]

			Attn: Wanda Ebanks

 

________________________ 20 __

 

One (1) Airbus A321 Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited]4, the Airline, the Sublessee and Wilmington Trust Company as
Loan Trustee dated____________________201[•] (the "Airframe Warranties Agreement").

 

		2.	The Airline hereby gives notice that the leasing of the
Aircraft under the Sublease has ended or has been terminated pursuant to the provisions thereof.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you provide your confirmation in the form of the Warranty Confirmation that the Remaining Warranties
shall, from the date of the Warranty Confirmation, be extended to the Airline in accordance with the terms of the Airframe Warranties
Agreement.

 

This Notice shall be governed by and construed in accordance
with laws of England and Wales.

 

	 	LATAM AIRLINES GROUP S.A.
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

 

4 Delete as appropriate

 

    	 	-13-	 

     

    

 

PART B

FORM OF ENFORCEMENT NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

			Attn: Head of Contracts Customer Services

 

		Copy:	LATAM Airlines Group S.A. (the "Airline")
                                         Attn: General Counsel/Corporate Finance Director

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")
                                         Attn: Contracts Director

 

		Copy:	[Parina
                                         Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]

			Attn: Wanda Ebanks

 

______________ 20__

 

One (1) Airbus A321 Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited], the Airline, the Sublessee and Wilmington Trust Company as Loan Trustee dated_____________________201[•]
(the "Airframe Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed
by the Loan Trustee in accordance with the provisions of the Financing Agreements following a Lease Event of Default which has
occurred and is continuing and that the Loan Trustee is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you to provide your confirmation in the form of the Warranty Confirmation that the Remaining
Warranties shall, from the date of the Warranty Confirmation, be extended to the Loan Trustee in accordance with the terms of
the Airframe Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of England and Wales.

 

	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Loan Trustee, as Loan Trustee
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

    	 	-14-	 

     

    

 

PART C

FORM OF LESSOR NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

			Attn: Head of Contracts Customer Services

 

		Copy:	LATAM Airlines Group S.A. (the "Airline") 
	 	 	Attn: General Counsel/Corporate Finance Director

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee") 
	 	 	Attn: Contracts Director

 

		Copy:	Wilmington Trust Company (the "Loan Trustee") 
	 	 	Attn: [•]

 

______________ 20 __

 

One (1) Airbus A321 Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited], the Airline, the Sublessee and Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee
dated________________________201[•] (the "Airframe Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed
by the Lessor in accordance with the provisions of the Financing Agreements following a Lease Event of Default which has occurred
and is continuing and that the Lessor is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you to provide your confirmation in the form of the Warranty Confirmation that the Remaining
Warranties shall, from the date of the Warranty Confirmation, be extended to the Lessor in accordance with the terms of the Airframe
Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of England and Wales.

 

	 	[PARINA LEASING LIMITED/RAYADOR LEASING
    LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]
	 	as Lessor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	-15-	 

     

    

 

SCHEDULE 2

FORM OF WARRANTY CONFIRMATION BY THE MANUFACTURER

 

		To:	(1)         Wilmington
                                         Trust Company, not in its individual capacity but solely as Loan Trustee (the "Loan
                                         Trustee")

 

(2)         [ParinaLeasingLimited/RayadorLeasingLimited/CuclilloLeasing
Limited/Canastero Leasing Limited] (the "Lessor")

 

(3)         LATAM
Airlines Group S.A. (the "Airline")

 

(4)         TAM
Linhas Aéreas S.A. (the "Sublessee")

 

___________________ 20__

 

One (1) Airbus A321-211 Aircraft MSN [●] (the
"Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the Airframe Warranties Agreement between Airbus S.A.S. (the "Manufacturer"), the Lessor, the Airline, the
Sublessee and the Loan Trustee dated [•] 201[•] (the "Airframe Warranties Agreement").

 

		2.	The Manufacturer hereby acknowledges receipt of a Notice
dated______________20 from [insert name of relevant party] whereby it was advised by the [Airline/Loan Trustee/Lessor]
that [the leasing of the Aircraft under the Sublease has ended or expired][the Aircraft has been repossessed by the [Loan Trustee][the
Lessor] in accordance with the provisions of the Financing Agreements][[ Accordingly, the Manufacturer hereby confirms that, from
the date hereof, the Remaining Warranties shall be made available to [insert name of relevant party].

 

		3.	The Warranty Confirmation given by the Manufacturer in
the preceding paragraph is given upon and subject to the provisions of the Airframe Warranties Agreement.

 

		4.	This Warranty Confirmation shall be governed by and construed
in accordance with the laws of England and Wales.

 

	 	AIRBUS S.A.S.
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

    	 	-16-	 

     

    

 

SCHEDULE 3

THE WARRANTIES

 

    	 	-17-	 

     

    

 

EXECUTION PAGE

AIRFRAME WARRANTIES AGREEMENT MSN
6414 

 

	THE MANUFACTURER	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	AIRBUS S.A.S.	)	 
	 	 	 
	THE LESSOR	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	[PARINA  LEASING  LIMITED/RAYADOR  LEASING  LIMITED/CUCLILLO  LEASING 
	LIMITED/CANASTERO LEASING
    LIMITED]	)	 
	 	 	 
	THE AIRLINE	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	LATAM AIRLINES GROUP S.A.	)	 
	 	 	 
	THE SUBLESSEE	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	TAM LINHAS AÉREAS S.A.	)	 
	 	 	 
	THE LOAN TRUSTEE	 	 
	 	 	 
	SIGNED by	)	 
	and	)	 
	duly authorised for and	)	 
	on behalf of	)	 
	WILMINGTON TRUST COMPANY,	)	 
	not in its individual capacity	)	 
	but solely as Loan Trustee	)	 

 

     

     

    

  

EXHIBIT L-3 to 

NOTE PURCHASE
AGREEMENT

 

FORM OF AIRFRAME WARRANTIES AGREEMENT (A321
– TAM)

 

[Attached.]

 

     

     

    

 

		

 

Form Document

 

DATED_____________201[•]

 

AIRBUS S.A.S.

as Manufacturer

 

[PARINA LEASING LIMITED/RAYADOR LEASING
LIMITED/CUCLILLO LEASING

LIMITED/CANASTERO LEASING LIMITED]

as Lessor

 

LATAM AIRLINES GROUP S.A.

as Airline

 

and

 

WILMINGTON TRUST COMPANY, NOT IN ITS INDIVIDUAL
CAPACITY BUT SOLELY

AS LOAN TRUSTEE

as Loan Trustee

 

 

 

AIRFRAME WARRANTIES AGREEMENT

IN RESPECT OF CERTAIN AIRFRAME WARRANTIES

RELATING TO ONE (1) AIRBUS A321-200 AIRCRAFT

WITH MANUFACTURER'S SERIAL NUMBER [•] AND

CHILEAN REGISTRATION MARK [•]

 

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Interpretation	2
	 	 	 
	Section 2.	Intentionally Left Blank	4
	 	 	 
	Section 3.	Covenant	4
	 	 	 
	Section 4.	Notice to the Manufacturer and Warranty Confirmation	4
	 	 	 
	Section 5.	Termination of the Airline's Rights	5
	 	 	 
	Section 6.	Remedies and Waivers	5
	 	 	 
	Section 7.	Benefit of Agreement	5
	 	 	 
	Section 8.	Assignments and Transfers	5
	 	 	 
	Section 9.	Manufacturer Warranty Confirmation	5
	 	 	 
	Section 10.	Partial Invalidity	7
	 	 	 
	Section 12.	Notices	7
	 	 	 
	Section 13.	Counterparts	9
	 	 	 
	Section 14.	Governing Law and Jurisdiction	9
	 	 	 
	Section 15.	Further Acts	10
	 	 	 
	Section 16.	Waiver	10
	 	 	 
	Section 17.	Effective Date	10
	 	 	 
	Section 19.	Confidentiality Undertaking	10
	 	 	 
	Schedule 1:	 	1
	 	 	 
	Part A:	Form of Enforcement
Notice to Manufacturer	2
	 	 	 
	Part B:	Form of Lessor's
Notice to Manufacturer	3
	 	 	 
	Schedule 2:	Form of Warranty Confirmation by the
Manufacturer	1
	 	 	 
	Schedule 3:	The Warranties	1

 

    	 	-i-	 

     

    

 

THIS AIRFRAME WARRANTIES AGREEMENT
(this "Agreement")
is dated__________201[•] and made AMONG:

 

		(1)	AIRBUS S.A.S. (legal successor of Airbus S.N.C., formerly known (1) as Airbus G.I.E. and Airbus
Industrie G.I.E., a Société par Actions Simplifiée duly created and existing under French law having
its principal office at 1 rond-point Maurice Bellonte, 31707 Blagnac Cedex, France (together with its successors and assigns) in
its capacity as manufacturer of the Aircraft (the "Manufacturer");

 

		(2)	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED],
a company incorporated and existing under the laws of the Cayman Islands having its registered office at c/o [Maples Corporate
Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands]1 (the
"Lessor");

 

		(3)	LATAM AIRLINES GROUP S.A., a corporation organised and existing under the laws of Chile whose principal
place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso 20, Las Condes, Santiago, Chile (the "Airline");
and

 

		(4)	WILMINGTON TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS LOAN TRUSTEE, acting through
its offices at [•], in its capacity as Loan Trustee (the "Loan Trustee").

 

RECITALS

 

		(A)	Pursuant to the Purchase Agreement (as defined below), the Airline agreed to purchase,

inter alia, the Aircraft (as defined below)
from the Manufacturer.

 

		(B)	Pursuant to the Purchase Agreement Assignment (as defined below), the Airline has assigned to the
Lessor, inter alia, its rights to purchase the Aircraft from the Manufacturer on the terms and conditions set out therein.

 

		(C)	Pursuant to the Lease (as defined below), the Lessor has agreed that it will lease the Aircraft
to the Airline.

 

		(D)	The Manufacturer has granted the Warranties to the Airline under the Purchase Agreement and the
Warranties are made available exclusively for the benefit of the Airline. At the request of the Loan Trustee and the Lessor, who
may be entitled to repossess the Aircraft pursuant to the provisions of certain of the Financing Agreements, the Lessor, the Airline
and the Loan Trustee wish, with the consent and agreement of the Manufacturer, to make arrangements in respect of the Warranties
on the terms and conditions set out herein.

 

IT IS AGREED:

 

 

1 To be confirmed

 

    	 	 	 

     

    

 

Section 1.        Definitions and Interpretation.

 

1.1     Definitions.In this
Agreement, the following terms shall have the following meanings:

 

"Aircraft" means
collectively the Airframe and the Propulsion Systems installed thereon.

 

"Airframe" means the Airbus
A321-200airframe bearing manufacturer's serial number [•] and current registration mark [•] (excluding the
Propulsion Systems from time to time installed thereon) together with all parts incorporated in, installed on or attached to
such airframe on the Delivery Date.

 

"Beneficiaries" means the Secured
Parties.

 

"Business
Day" means a day, other than a Saturday or Sunday, on which commercial banks are open for general business in Paris, New
York, Santiago and Hamburg.

 

"Delivery"
means the delivery of and transfer of title to the Aircraft in accordance with the Purchase Agreement and the Purchase Agreement
Assignment.

 

"Delivery Date" means the date on
which Delivery takes place.

 

"Enforcement
Notice" means any notice served by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer)
and substantially in the form set out in Schedule 1 Part B (Form of Enforcement Notice to Manufacturer).

 

"Financing Agreements" has the meaning
given to it in the Participation Agreement.

 

"Lease" means the lease agreement [MSN[•]] dated as of as of____________,
201[•] between the Lessor and the Airline in relation to the Aircraft.

 

"Lease
Event of Default" has the meaning given to the term "Lease Event of Default" in the Lease.

 

"Lessor
Notice" means any notice served by the Lessor pursuant to Section 4.3 (Lessor's Notice to Manufacturer) and substantially
in the form set out in Schedule 1 Part C (Form of Lessor Notice to Manufacturer).

 

"Loan
Trustee" means Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee including its successors
and assigns, provided that such successors and/or assigns (i) are not owned or controlled by an aircraft manufacturer and (ii)
are not in direct or indirect competition with the Manufacturer.

 

"Notice" means a Lessor Notice or
an Enforcement Notice.

 

    	 	-2-	 

     

    

 

"ParticipationAgreement"meanstheparticipationagreementdatedasof
___________ 201[•] between, amongst others, the Lessor and the Airline relating to, inter
alia, the Aircraft.

 

"Propulsion
Systems" means collectively the two (2) CFM International model CFM56- 5b3/3 aircraft engines bearing manufacturer's serial
numbers [•] and [•], together with all parts incorporated in, installed on, or attached to such Propulsion Systems on
the Delivery Date, and any replacement engine therefor with effect from the time title to which has passed to the Lessor pursuant
to the Lease.

 

"Purchase
Agreement" means the Airbus A320F/A330 family purchase agreement dated 14 November 2006 between TAM Linhas Aéreas
S.A., as purchaser, and Airbus, as seller, (as novated to the Assignor on 30 October 2014) such purchase agreement together with
its various letter agreements, exhibits and appendices, as amended, restated and supplemented from time to time, relating to inter
alia the purchase of the Aircraft.

 

"Purchase
Agreement Assignment" means the purchase agreement assignment dated on or about the date of this Agreement between the
Airline, as assignor, and the Lessor, as assignee, in relation to the Aircraft.

 

"Remaining Warranties" has the
meaning given to it in Section 3 (Covenant).

 

"Secured Parties" means:

 

		(i)	Wilmington Trust Company, as Loan Trustee,

 

		(ii)	Wilmington Trust Company , as Pass Through Trustee,

 

		(iii)	Wilmington Trust Company, as Subordination Agent,

 

		(iv)	Natixis, acting through its New York branch , as Liquidity Provider

 

and including
such person's successors and assigns provided that such successors and/or assigns (i) are not owned or controlled by an aircraft
manufacturer and (ii) are not in direct or indirect competition with Airbus and "Secured Party" shall mean any
of them.

 

"Warranties"
means such warranties in respect of the Airframe given by the Manufacturer to the Airline pursuant to [clause 12]
(Warranties and Service Life Policy) and [clause 13] (Patent Indemnity) of the Purchase Agreement, including
all post-delivery rights in respect thereof and as are and remain available on the Delivery Date, and as more particularly
set out in Schedule 3 (The Warranties).

 

"Warranty
Confirmation" means the confirmation to be provided by the Manufacturer pursuant to Section 4.4 (Warranty Confirmation)
in the form set out in Schedule 2 (Form of Warranty Confirmation by the Manufacturer).

 

    	 	-3-	 

     

    

 

1.2        In this
Agreement, unless otherwise stated, a reference to any Section, paragraph or Schedule is a reference to such Section, paragraph
or Schedule of this Agreement, and the headings of Sections and Schedules are inserted for convenience of reference only and shall
not affect the interpretation.

 

1.3        Reference
to any document or agreement means such document or agreement as originally signed, or as modified, amended, varied or supplemented
from time to time.

 

Section 2.           Intentionally Left Blank

 

Section 3.
Covenant. Subject to Section 4 (Notice to the Manufacturer and Warranty Confirmation) and Section 5 (Termination
of the Airline's Rights), the Manufacturer agrees to grant by way of the Warranty Confirmation to the Loan Trustee or the Lessor
specified in a Notice duly served in accordance with Section 4 (Notice to the Manufacturer and Warranty Confirmation) a
package of warranties equivalent to such of the Warranties which as at the date of the Notice remain available under the terms
of the Purchase Agreement (the "Remaining Warranties").

 

Section 4.           Notice
to the Manufacturer and Warranty Confirmation.

 

4.1        Enforcement
Notice to Manufacturer. The rights of the Loan Trustee to receive the benefit of the Remaining Warranties pursuant to Section
3 (Covenant) is subject to the receipt by the Manufacturer of an Enforcement Notice duly executed by the Loan Trustee and
the execution by the Manufacturer of the Warranty Confirmation specified in Section 4.3 (Warranty Confirmation). The Enforcement
Notice may only be served after actual repossession of the Aircraft by the Loan Trustee pursuant to the provisions of the Financing
Agreements following a Lease Event of Default which shall have occurred and be continuing. A copy of the Notice shall be sent to
the Airline and the Lessor for information, but the receipt or non-receipt of such copy by the Airline or the Lessor shall not
affect the rights and obligations of the parties to this Agreement.

 

4.2        Lessor's
Notice to Manufacturer. The rights of the Lessor to receive the benefit of the Remaining Warranties pursuant to Section 3 (Covenant)
is subject to the receipt by the Manufacturer of an Lessor's Notice duly executed by the Lessor and the execution by the
Manufacturer of the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Lessor may deliver the Lessor's
Notice only if (i) the Lessor has repossessed the Aircraft pursuant to the provisions of the Financing Agreements following a Lease
Event of Default which shall have occurred and be continuing; and (ii) there has been no delivery of an Enforcement Notice to the
Manufacturer by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer). A copy of the Lessor's
Notice shall be sent to the Airline and the Loan Trustee for information, but the receipt or non-receipt of such copy by the Airline
or the Loan Trustee shall not affect the rights and obligations of the parties to this Agreement.

 

4.3        Warranty
Confirmation. Subject to Section 9 (Manufacturer Warranty Confirmation) and upon receipt by the Manufacturer of any
of (i) the Enforcement Notice in accordance with Section 4.1 (Enforcement Notice to Manufacturer), or (ii) the Lessor Notice
in accordance with Section 4.2
(Lessor Notice), the Manufacturer shall execute and deliver to the Lessor and the Loan Trustee (as the case may be) the
Warranty Confirmation and grant the Remaining Warranties to the Lessor or the Loan Trustee (as the case may be) which is identified
in the Notice in accordance with Section 3 (Covenant).

 

    	 	-4-	 

     

    

 

4.4        Benefit
of Warranties. Each of the parties hereto hereby agrees that until receipt by the Manufacturer of any Notice in accordance
with Section 4.1 (Enforcement Notice to Manufacturer) or Section 4.2 (Lessor’s Notice to Manufacturer) the
benefit of the Warranties shall be made available only to the Airline in accordance with the provisions of this Agreement.

 

Section
5.           Termination of the Airline's Rights.

 

5.1 The Airline
and the Lessorhereby agree that, as regards any rights that the Airline may have against the Manufacturer, on the date of any Notice
all of the Airline's right, title and interest in and to the Warranties shall be terminated forthwith (save to the extent
of any claim made against the Manufacturer existing at such date and notified in writing to the Manufacturer on or before that
date) whether or not the Airline shall have actually received a copy of the Notice. The Manufacturer shall have no liability whatsoever
to the Airline in the event that the Airline does not receive a copy of such Notice or (save to the extent of any claim made against
the Manufacturer existing at such date and notified in writing to the Manufacturer on or before that date) in any other respect
whatsoever concerning the Warranties from the date of such Notice.

 

Section 6.          Remedies
and Waivers. No failure by the parties to exercise, nor any delay in exercising, any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof
or the exercise of any right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights
or remedies provided at law.

 

Section 7.          Benefit
of Agreement. This Agreement shall be binding upon and enure to the benefit of each party hereto and its or any subsequent successors
and permitted assigns in accordance with Section 8 (Assignments and Transfers).

 

Section 8.          Assignments
and Transfers.

 

8.1 Except as
expressly provided in this Agreement, none of the parties hereto shall be entitled to assign, sell, or transfer or otherwise dispose
of all or any of their rights, benefits and obligations hereunder without the prior written consent of the other parties hereto
and the Manufacturer (such consent not to be unreasonably withheld).

 

Section 9.           Manufacturer
Warranty Confirmation.

 

9.1       The parties
hereby agree that the Manufacturer will provide the Warranty Confirmation subject to the following:

 

(a)      the
Manufacturer shall incur no obligations (except as set out in this Agreement), costs, expenses, damages, losses or liabilities
whatsoever by reason of any of the Financing Agreements, this Agreement or any of the transactions contemplated thereby (other than in respect of its
obligations as Manufacturer pursuant to the Purchase Agreement) and the Airline shall indemnify and hold harmless the Manufacturer
against any such obligations, costs, expenses, damages, losses or liabilities so incurred (except to the extent directly caused
by fraud, the gross negligence or wilful misconduct of the Manufacturer) provided that the Airline has been provided with
a certificate setting out, in reasonable detail, the basis upon which such costs, expenses, losses or liabilities were incurred
together with documentary evidence (if any) thereof;

    	 	-5-	 

     

    

 

(b)      this
Agreement shall not constitute a novation of the Purchase Agreement and the Airline shall not be discharged from any of its obligations
under the Purchase Agreement by reason of this Agreement;

 

(c)      the
Manufacturer shall be entitled to rely on the information contained in any Notice delivered to it pursuant to Section 4.1 (Enforcement
Notice to Manufacturer) or Section 4.2 (Lessor's Notice to Manufacturer) without enquiring as to the accuracy
of the information contained in such Notice or entitlement of any of the parties to give such Notice and the Airline shall indemnify
and hold harmless the Manufacturer in respect of all losses, obligations, costs, expenses, damages and liabilities it may incur
if such information proves not to be correct (except to the extent directly caused by fraud, the gross negligence or wilful misconduct
of the Manufacturer) provided that the Airline has been provided with a certificate setting out, in reasonable detail, the
basis upon which such obligations, costs, expenses, losses, damages or liabilities were incurred together with documentary evidence
(if any) thereof; and

 

(d)      Airbus
shall not be deemed to have knowledge of the actual repossession of the Aircraft by the Loan Trustee or the Lessor unless and
until Airbus shall have received a Notice in accordance with sections 4.1 (Enforcement Notice to Manufacturer) or 4.2 (Lessor's
Notice to Manufacturer).

 

(e)      nothing
herein nor in the Warranty Confirmation shall modify in any way the rights of the Manufacturer under the Purchase Agreement or
subject the Manufacturer to any obligations, costs, expenses, losses, damages or liabilities to which it would not otherwise be
subject.

 

9.2      The Lessor,
the Loan Trustee and the Airline agree that the terms of the Warranty Confirmation are subject to the provisions of this Section
9 (Manufacturer Warranty Confirmation).

 

9.3      The
Lessor, the Loan Trustee and the Airline shall have no obligation or liability under the Purchase Agreement by reason of or arising
out of this Agreement, provided that the terms and conditions of the Purchase Agreement shall apply to all claims made
in respect of the Warranties and shall be binding upon the Lessor, the Loan Trustee and the Airline, and the Lessor, the Loan
Trustee and the Airline shall be subject to all obligations, restrictions, limitations and conditions of the Purchase Agreement
with respect to the making of such claim (including, without limitation, the Waiver, Release and Renunciation in clause 12 of
the Purchase Agreement) to the same extent as if they had been named "Buyer" thereunder.

 

    	 	-6-	 

     

    

 

9.4      If, at
any time prior to the receipt of any Notice, there shall at any time be any dispute as to which of the parties to this Agreement
is the beneficiary of any particular right or interest in respect of the Remaining Warranties, the Manufacturer shall be entitled
to perform the corresponding obligations exclusively in favour of the Airline until the Loan Trustee or the Airline or the Lessor
shall provide a Notice to the Manufacturer.

 

9.5      In the
event of a conflict between an Enforcement Notice and a Lessor Notice, the Enforcement Notice shall prevail and the Manufacturer
shall extend the benefit of the Remaining Warranties to the Loan Trustee.

 

Section 10.
Partial Invalidity. If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect
under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the
legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or
impaired thereby.

 

Section 11.
Transfers between the Lessor and the Loan Trustee. If, at any time after the Remaining Warranties have been granted to the
Lessor (the "First Party") pursuant to this Agreement, the Aircraft is repossessed by the Loan Trustee (the "Replacement
Party"), then the parties agree that all right, title and interest of the First Party in and to the Remaining Warranties
shall be terminated and that the Manufacturer shall grant to the Replacement Party the manufacturer support equivalent to such
of the Remaining Warranties as at such time remain available to the First Party on terms mutatis mutandis and subject to
the same conditions as in respect of the granting of the relevant rights to the First Party by the Manufacturer.

 

Section 12.
Notices. Any notice or other communication given or made under this Agreement shall be in writing and, provided it shall
be addressed as set out below, shall be deemed to have been duly given:

 

12.1      if sent
by personal delivery, upon delivery at the address of the relevant Party (provided that if the date of delivery is not a Business
Day, notice shall be deemed to have been received on the first following Business Day);

 

 12.2      if sent by post, then five Business Days after posting;

 

12.3      if sent
by fax, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business Day, notice
shall be deemed to have been received on the first following Business Day),

 

to the Parties as follows:

 

		(a)	if to the Manufacturer, to it at: 

 

Airbus S.A.S.

1 rond-point Maurice Bellonte

31707 Blagnac Cedex

France

Attn.:   Head of Contract – Customer Services

Fax:      +33 5 61 93 46 10

    	 	-7-	 

     

    

 

		(b)	if to the Lessor, to it at:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo

Leasing Limited/Canastero Leasing Limited]2

c/o Maples Corporate Services Limited

PO Box 309,

Ugland House,

Grand Cayman,

KY1-1104,

Cayman Islands

 

Fax:     +1 345 949 8080

Attention:      Wanda Ebanks

 

with copy to the Loan Trustee (at the address given
below) and to the Airline (at the address given below).

 

		(c)	if to the Airline, to it at:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago Chile

 

Fax:    +56 22 565 8764

Attn.: General Counsel/Corporate Finance Director

 

With a copy by e-mail to:

GrupoTesoreriaPagosChile_2@lanchile.com

(it being agreed that such electronic notification
shall not constitute

notice under this Section 12 (Notices))

 

		(d)	if to the Loan Trustee, to it at:

 

Wilmington Trust Company

1100 North Market Street

Wilmington

DE 19890-1605

 

 

2 Delete
as appropriate

 

    	 	-8-	 

     

    

 

Telephone: +1 302 636 6000

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

(it being agreed that electronic
notification shall not constitute

notice under this Section 12 (Notices)).

 

12.4    Each
communication and document made or delivered by one party to another pursuant to this Agreement shall be made and/or delivered
in writing and in the English language. Unless otherwise stated, any such communication or document may be made by letter or any
form of facsimile transmission.

 

Section 13.       Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which when executed and delivered shall constitute an original, but all counterparts shall together constitute
but one and the same instrument.

 

Section 14.       Governing Law and Jurisdiction.

 

14.1    English
Law. This Agreement shall be governed by and construed in accordance with the laws of England and Wales.

 

14.2    The parties
hereto irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any disputes arising
out of or in connection with this Agreement

 

14.3    Each
of the parties hereto irrevocably and unconditionally waives: (a) any immunity from the jurisdiction of the court mentioned in
section 14.2 and any immunity from suit, judgement, execution, set-off, attachment, arrest, specific performance, injunction or
other judicial order or remedy to which it or any of its assets may be entitled at present or in the future in any jurisdiction
in respect of any legal action or proceedings with respect to or in connection with this Agreement; and (b) any objections to such
jurisdiction on the ground of venue or forum non conveniens or any similar grounds.

 

14.4    Service
of Process on Airline. The Airline agrees that the process by which any Proceedings are begun may be served on it by being
delivered to its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England or such
other person from time to time appointed as the process agent in the United Kingdom of the Airline. If such person ceases to be
appointed and no other person is appointed within fifteen

(15) days, the Loan Trustee
shall be entitled to appoint such person by notice to the Airline. Nothing contained in this Section 14.4 (Service of Process
on Airline) shall affect the right to serve process in any other manner permitted by law.

 

14.5    Service
of Process on Lessor. The Lessor agrees that the process by which any Proceedings are begun may be served on it by being
delivered to its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England, or
such other person from time to time appointed as the process agent in the United Kingdom of the Lessor. If such person ceases
to be appointed and no other person is appointed within fifteen (15) days, the Loan Trustee shall be entitled to appoint such
person by notice to the Lessor.

 

    	 	-9-	 

     

    

 

Nothing contained in this Section 14.6 (Service of
Process on Lessor) shall affect the right to serve process in any other manner permitted by law.

 

Section 15.    Further Acts. The parties hereto agree that at any time and from time to time, and at the cost and expense of the Airline,
they shall promptly and duly execute and deliver any and all such further instruments and documents and take such further action
as may reasonably be necessary in order to give full effect to this Agreement and the rights and powers herein granted.

 

Section 16.    Waiver. No term or provision of this Agreement may be changed, waived, discharged or terminated except by written instruments
signed by or on behalf of each of the parties hereto.

 

Section 17.    Effective Date. This Agreement shall enter into effect and be binding upon the parties hereto from the Delivery Date.

 

Section 18.    Third Parties. The terms of this Agreement may only be enforced by a party to it and the operation of the Contracts (Rights
of Third Parties) Act 1999 is excluded. This Agreement may be amended without the consent of any third party.

 

Section 19.
Confidentiality Undertaking. Each of the the Lessor, the Airline and the Loan Trustee agrees that it shall not disclose
to any person the terms of this Agreement, [clauses 12 and 13] to the Purchase Agreement, any Notice or any Warranty Confirmation
(together, the "Relevant Documents"), except:

 

(a)    as required by any applicable
law or governmental regulations; or

 

(b)    in
connection with any legal proceedings arising out of or in connection with the Relevant Documents; or

 

(c)    to
any Beneficiary, provided that the Lessor, the Airline or the Loan Trustee disclosing the Relevant Documents to any Beneficiary
shall cause and ensure that it obtains an undertaking in favour of the parties to this Agreement from such Beneficiary in terms
similar to this Section 19 (Confidentiality Undertaking); or

 

(d)    to
its accountants, auditors or legal advisers provided that such accountants, auditors or legal advisers are under an ethical obligation
to or agree to treat such information as confidential; or

 

(e)    with
the prior written consent of the Manufacturer and the other parties to this Agreement, such consent not to be unreasonable withheld.

 

AS WITNESS
the Parties hereto have executed this Agreement in five (5) originals as of the day and year first written above.

 

    	 	-10-	 

     

    

 

SCHEDULE 1

 

    	 	-1-	 

     

    

 

PART A

FORM OF ENFORCEMENT NOTICE TO MANUFACTURER

  

	 	To:	Airbus S.A.S.
	 	 	Attn.: Head of Contracts Customer
Services
	 	 	 
		Copy:	LATAM
                                         Airlines Group S.A. (the
                                         "Airline") Attn.: General Counsel/Corporate Finance Director
 

 

		Copy:	[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (the
"Lessor")

Attn.: Wanda Ebanks

 

____________ 20___

 

One (1) Airbus A321-200 Aircraft MSN [•]
(the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth in the airframe warranties agreement
between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited], the
Airline and Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee dated__________________201[•]
(the "Airframe Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed by the Loan Trustee in accordance
with the provisions of the Financing Agreements following a Lease Event of Default which has occurred and is continuing and that
the Loan Trustee is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe Warranties Agreement, we request
you to provide your confirmation in the form of the Warranty Confirmation that the Remaining Warranties shall, from the date of
the Warranty Confirmation, be extended to the Loan Trustee in accordance with the terms of the Airframe Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance with the laws of England and Wales.

 

	 	WILMINGTON TRUST COMPANY, not in its
	 	individual capacity but solely as Loan Trustee, as Loan Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	-2-	 

     

    

 

PART B

FORM OF LESSOR NOTICE TO MANUFACTURER

 

	 	To:	Airbus S.A.S.
	 	 	Attn.: Head of Contracts Customer
Services

 

		Copy:	LATAM
                                         Airlines Group S.A. (the
                                         "Airline")
 Attn.: General Counsel/Corporate Finance Director

 

		Copy:	Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee (the
"Loan Trustee")

Attn.: [•]

 

____________
20___

  

One (1) Airbus A321 Aircraft MSN [•] (the
"Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth in the airframe warranties agreement
between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited], the
Airline and Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee dated___________201[•] (the
"Airframe Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed by the Lessor in accordance with the
provisions of the Financing Agreements following a Lease Event of Default which has occurred and is continuing and that the Lessor
is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe Warranties Agreement, we request
you to provide your confirmation in the form of the Warranty Confirmation that the Remaining Warranties shall, from the date of
the Warranty Confirmation, be extended to the Lessor in accordance with the terms of the Airframe Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance with the laws of England and Wales.

 

	 	[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]
	 	as Lessor
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

 

    	 	-3-	 

     

    

 

SCHEDULE 2

FORM OF WARRANTY CONFIRMATION BY THE MANUFACTURER

 

To:           (1)        Wilmington
Trust Company, not in its individual capacity but solely as Loan Trustee (the "Loan
Trustee")

 

(2)        [Parina
Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (the
"Lessor")

 

		(3)	LATAM Airlines Group S.A. (the "Airline")

 

_________20__

 

One (1) Airbus A321 Aircraft MSN [•] (the
"Aircraft")

 

		1.	Terms used herein bear the same meanings
as those set forth in the Airframe Warranties Agreement between Airbus S.A.S. (the "Manufacturer"), the Lessor,
the Airline and the Loan Trustee dated ______201[•] (the
"Airframe Warranties Agreement").

 

		2.	The Manufacturer hereby acknowledges receipt of a Notice
dated _______201[•] from [insert name of relevant party] whereby it was advised by the [Lessor/Loan Trustee] that
[has repossessed the Aircraft pursuant to the provisions of the Financing Agreements]. Accordingly, the Manufacturer hereby confirms
that, from the date hereof, the Remaining Warranties shall be made available to [insert name of relevant party].

 

		3.	The Warranty Confirmation given by the Manufacturer in the preceding paragraph is given upon and subject to the provisions
of the Airframe Warranties Agreement.

 

		4.	This Warranty Confirmation shall be governed by and construed in accordance with the laws of England and Wales.

 

	 	AIRBUS S.A.S.
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

    	 	-1-	 

     

    

 

SCHEDULE 3

THE WARRANTIES

 

    	 	-1-	 

     

    

 

EXECUTION PAGE

AIRFRAME WARRANTIES AGREEMENT
MSN [•]

 

THE MANUFACTURER

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	AIRBUS S.A.S.	)
	 	 
	THE LESSOR	 
	 	 
	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]                                    )
	 	 
	THE AIRLINE	 
	 	 
	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	LATAM AIRLINES GROUP S.A.	)
	 	 
	THE LOAN TRUSTEE	 
	 	 
	SIGNED by	)
	and	)
	duly authorised for and	)
	on behalf of	)
	WILMINGTON TRUST COMPANY,	)
	not in its individual capacity	)
	but solely as Loan Trustee	)

    	 	 	 

     

    

 

EXHIBIT L-4 to

NOTE
PURCHASE AGREEMENT

 

FORM OF AIRFRAME
WARRANTIES AGREEMENT (A321 – TAM – INITIAL SUBLEASE)

 

[Attached.]

 

    	 	 	 

     

    

 

		

 

Form Document

 

DATED______________________________201[•]

 

AIRBUS S.A.S.

as Manufacturer

 

[PARINA LEASING LIMITED/RAYADOR LEASING
LIMITED/CUCLILLO LEASING 

LIMITED/CANASTERO LEASING LIMITED]1

as Lessor

 

LATAM AIRLINES GROUP S.A.

as Airline

 

TAM LINHAS AÉREAS S.A.

as Sublessee

 

and

 

WILMINGTON TRUST COMPANY, NOT IN ITS INDIVIDUAL
CAPACITY BUT SOLELY

AS LOAN TRUSTEE

as Loan Trustee

 

 

 

AIRFRAME WARRANTIES AGREEMENT

IN RESPECT OF CERTAIN AIRFRAME WARRANTIES

RELATING TO ONE (1) AIRBUS A321 AIRCRAFT WITH

MANUFACTURER'S SERIAL NUMBER [•] AND

BRAZILIAN REGISTRATION MARK [•]

 

 

 

 

1 Delete as appropriate

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Interpretation	2
	 	 	 
	Section 2.	Intentionally Left Blank	4
	 	 	 
	Section 3.	Covenant	4
	 	 	 
	Section 4.	Notice to the Manufacturer and Warranty Confirmation	4
	 	 	 
	Section 5.	Termination of the Airline's and the Sublessee's Rights	5
	 	 	 
	Section 6.	Remedies and Waivers	6
	 	 	 
	Section 7.	Benefit of Agreement	6
	 	 	 
	Section 8.	Assignments and Transfers	6
	 	 	 
	Section 9.	Manufacturer Warranty Confirmation	6
	 	 	 
	Section 10.	Partial Invalidity	8
	 	 	 
	Section 12.	Notices	8
	 	 	 
	Section 13.	Counterparts	10
	 	 	 
	Section 14.	Governing Law and Jurisdiction	10
	 	 	 
	Section 15.	Further Acts	11
	 	 	 
	Section 16.	Waiver	11
	 	 	 
	Section 17.	Effective Date	11
	 	 	 
	Section 19.	Confidentiality Undertaking	11
	 	 	 
	Schedule 1:	 	13
	 	 	 
	Part A:	Form of Airline's Notice to Manufacturer 	13
	 	 	 
	Part B:	Form of Enforcement Notice to Manufacturer 	14
	 	 	 
	Part C:	Form of Lessor's Notice to Manufacturer	15
	 	 	 
	Schedule 2:	Form of Warranty Confirmation by the Manufacturer 	16
	 	 	 
	Schedule 3:	The Warranties	17

 

    	 	-i-	 

     

    

 

THIS AIRFRAME WARRANTIES AGREEMENT (this
"Agreement") is dated_________201[•] and made

 

AMONG:

 

		(1)	AIRBUS S.A.S. (legal successor of Airbus S.N.C., formerly
known as Airbus G.I.E. and Airbus Industrie G.I.E.), a Société par Actions Simplifiée duly created
and existing under French law having its principal office at 1 rond-point Maurice Bellonte, 31707 Blagnac Cedex, France (together
with its successors and assigns) in its capacity as manufacturer of the Aircraft (the "Manufacturer");

 

		(2)	[PARINA LEASING LIMITED/RAYADOR
                                         LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]2
                                         , a company incorporated and existing under the laws of the Cayman Islands
                                         having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland
                                         House, Grand Cayman, KY1- 1104, Cayman Islands (the "Lessor");

 

		(3)	LATAM AIRLINES GROUP S.A., a corporation organised and
existing under the laws of Chile whose principal place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso
20, Las Condes, Santiago, Chile (the "Airline");

 

		(4)	TAM LINHAS AÉREAS S.A., a company incorporated and
existing under the laws of Brazil, and having its principal place of business at Avenida Jurandir, No. 856, 4 Andar, Lote 4, CEP
04072-000 Jardim Ceci, in the City of São Paulo, State of São Paulo, Brazil (the "Sublessee");
and

 

		(5)	WILMINGTON TRUST COMPANY, not in its individual capacity,
except as expressly set forth herein, but solely in its capacity as Loan Trustee (the "Loan Trustee").

 

RECITALS

 

		(A)	Pursuant to the Purchase Agreement (as defined below),
the Airline agreed to purchase, inter alia, the Aircraft (as defined below) from the Manufacturer.

 

		(B)	Pursuant to the Purchase Agreement Assignment (as defined
below), the Airline has assigned to the Lessor, inter alia, its rights to purchase the Aircraft from the Manufacturer on
the terms and conditions set out therein.

 

		(C)	Pursuant to the Lease (as defined below), the Lessor has
agreed that it will lease the Aircraft to the Airline.

 

		(D)	Pursuant to the Sublease Agreement (as defined below),
the Airline has agreed that it will lease the Aircraft to the Sublessee.

 

		(E)	The Manufacturer has granted the Warranties to the Airline
under the Purchase Agreement and the Warranties are made available exclusively for the benefit of the Airline. At the request of the Airline
and the Loan Trustee who may be entitled to repossess the Aircraft pursuant to the provisions of certain of the Financing Agreements,
the Lessor, the Airline, the Sublessee and the Loan Trustee wish, with the consent and agreement of the Manufacturer, to make arrangements
in respect of the Warranties on the terms and conditions set out herein.

 

 

2 Delete as appropriate

 

     

     

    

 

IT IS AGREED:

 

Section 1.            Definitions and Interpretation.

 

1.1         Definitions.In
this Agreement, the following terms shall have the following meanings:

 

"Aircraft"
means collectively the Airframe and the Propulsion Systems installed thereon.

 

"Airframe" means the Airbus A321
airframe bearing manufacturer's serial number [•] and current registration mark [•] (excluding the Propulsion Systems
from time to time installed thereon) together with all parts incorporated in, installed on or attached to such airframe on the
Delivery Date.

 

"Airline's Notice" means
a notice delivered by the Airline pursuant to Section 4.1 (Airline's Notice to Manufacturer) and substantially in the form
set out in Schedule 1 Part A (Form of Airline's Notice to Manufacturer).

 

"Beneficiaries" means the Secured Parties.

 

"Business Day" means a
day, other than a Saturday or Sunday, on which commercial banks are open for general business in Paris, Santiago and Hamburg.

 

"Delivery" means the delivery
of and transfer of title to the Aircraft in accordance with the Purchase Agreement and the Purchase Agreement Assignment.

 

"Delivery Date" means the date on which Delivery
takes place.

 

"Enforcement Notice" means
any notice served by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer) and substantially in
the form set out in Schedule 1 Part B (Form of Enforcement Notice to Manufacturer).

 

"Financing
Agreements" has the meaning given to it in the Participation Agreement.

 

"Lease" means the lease agreement
[MSN [•]] dated as of as of__________, 201[•] between the Lessor and the Airline in relation to the Aircraft.

 

"Lease Event of Default"
has the meaning given to the term "Lease Event of Default" in the Lease.

 

    	 	-2-	 

     

    

 

"Lessor Notice" means
any notice served by the Lessor pursuant to Section 4.3 (Lessor's Notice to Manufacturer) and substantially in the form
set out in Schedule 1 Part C (Form of Lessor Notice to Manufacturer).

 

"Loan Trustee" shall mean
Wilmington Trust Company, not in its individual capacity, except as expressly provided in the Financing Agreements, but solely
in its capacity as Loan Trustee .

 

"Notice" means an Airline's Notice, a Lessor
Notice or an Enforcement Notice.

 

"Participation Agreement"
means the participation agreement dated as of ____________, 201[•] between, amongst others, the Lessor and the Airline relating
to, inter alia, the Aircraft.

 

"Propulsion Systems" means
collectively the CFM International model CFM56-5B3/3 aircraft engines bearing manufacturer's serial numbers [•] and [•],
together with all parts incorporated in, installed on, or attached to such Propulsion Systems on the Delivery Date, and any replacement
engine therefor with effect from the time title to which has passed to the Lessor pursuant to the Lease.

 

"Purchase Agreement" means
the Airbus A320F/A330 family purchase agreement dated 14 November 2006 between TAM Linhas Aéreas S.A, purchaser, and the
Manufacturer, as seller as (as novated to the Assignor on 30 October 2014) such purchase agreement together with its various exhibits
and appendices, and as amended, restated and supplemented from time to time, relating to inter alia the purchase of the
Aircraft).

 

"Purchase Agreement Assignment"
means the purchase agreement assignment dated on or about the date of this Agreement between the Airline, as assignor, and the
Lessor, as assignee, in relation to the Aircraft.

 

"Remaining Warranties" has the meaning given
to it in Section 3 (Covenant). "Secured Parties" means:

 

(i) Wilmington Trust Company, as
Loan Trustee,

 

(ii) Wilmington Trust Company , as
Pass Through Trustee,

 

(iii) Wilmington Trust Company, as
Subordination Agent,

 

(iv) Natixis, acting through its
New York branch , as Liquidity Provider

 

and including such person's successors
and assigns provided that such successors and/or assigns (i) are not owned or controlled by an aircraft manufacturer and (ii) are
not in direct or indirect competition with Airbus and "Secured Party" shall mean any of them.

 

    	 	-3-	 

     

    

 

"Sublease Agreement" means
the aircraft sublease agreement dated as of ______________, 201[•] entered into between the Airline and the Sublessee in relation to the
Aircraft.

 

"Warranties" means such
warranties in respect of the Airframe given by the Manufacturer to the Airline pursuant to [clause 12] (Warranties and Service
Life Policy) and [clause 13] (Patent Indemnity) of the Purchase Agreement, including all post-delivery rights in respect
thereof and as are and remain available on the Delivery Date, and as more particularly set out in Schedule 3 (The Warranties).

 

"Warranty Confirmation"
means the confirmation to be provided by the Manufacturer pursuant to Section 4.4 (Warranty Confirmation) in the form set
out in Schedule 2 (Form of Warranty Confirmation by the Manufacturer).

 

1.2          In this Agreement, unless otherwise
stated, a reference to any Section, paragraph or Schedule is a reference to such Section, paragraph or Schedule of this Agreement,
and the headings of Sections and Schedules are inserted for convenience of reference only and shall not affect the interpretation.

 

1.3          Reference to any document or agreement
means such document or agreement as originally signed, or as modified, amended, varied or supplemented from time to time.

 

Section 2.             Intentionally Left Blank

 

Section 3.   Covenant. Subject to
Section 4 (Notice to the Manufacturer and Warranty Confirmation) and Section 5 (Termination of the Airline's and the
Sublessee's Rights), the Manufacturer agrees to grant by way of the Warranty Confirmation to the Loan Trustee or the Airline
specified in a Notice duly served in accordance with Section 4 (Notice to the Manufacturer and Warranty Confirmation) a
package of warranties equivalent to such of the Warranties which as at the date of the Notice remain available under the terms
of the Purchase Agreement (the "Remaining Warranties").

 

Section
4.             Notice to the Manufacturer and Warranty
Confirmation.

 

4.1          Airline's Notice to Manufacturer.
The rights of the Airline to receive the benefit of the Remaining Warranties pursuant to Section 3 (Covenant) is subject
to the receipt by the Manufacturer of an Airline's Notice duly executed by the Airline and the execution by the Manufacturer of
the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Airline may deliver the Airline's Notice
only if (i) the leasing of the Aircraft under the Sublease Agreement has ended or has been terminated pursuant to the provisions
thereof; and (ii) there has been no delivery of an Enforcement Notice or Lessor Notice to the Manufacturer by the Loan Trustee
or Lessor pursuant to Section 4.2 (Enforcement Notice to Manufacturer) or Section 4.3 (Lessor's Notice to the Manufacturer).
A copy of the Airline's Notice shall be sent to the Sublessee, the Lessor and the Loan Trustee for information, but the receipt
or non-receipt of such copy by the Sublessee, the Lessor or the Loan Trustee shall not affect the rights and obligations of the
parties to this Agreement.

 

    	 	-4-	 

     

    

 

4.2          Enforcement Notice to Manufacturer.
The rights of the Loan Trustee to receive the benefit of the Remaining Warranties pursuant to Section 3 (Covenant) is subject
to the receipt by the Manufacturer of an Enforcement Notice duly executed by the Loan Trustee and the execution by the Manufacturer
of the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Enforcement Notice may only be served
after actual repossession of the Aircraft by the Loan Trustee pursuant to the provisions of the Financing Agreements following
a Lease Event of Default which shall have occurred and be continuing. A copy of the Notice shall be sent to the Airline, the Lessor
and the Sublessee for information, but the receipt or non-receipt of such copy by the Airline, the Lessor or the Sublessee shall
not affect the rights and obligations of the parties to this Agreement.

 

4.3          Lessor's Notice to Manufacturer.
The rights of the Lessor to receive the benefit of the Remaining Warranties pursuant to Section 3 (Covenant) is subject
to the receipt by the Manufacturer of a Lessor's Notice duly executed by the Lessor and the execution by the Manufacturer of the
Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Lessor may deliver the Lessor's Notice only
if (i) the Lessor has repossessed the Aircraft pursuant to the provisions of the Financing Agreements following a Lease Event of
Default which shall have occurred and be continuing; and (ii) there has been no delivery of an Enforcement Notice to the Manufacturer
by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer). A copy of the Lessor's Notice shall be
sent to the Sublessee, the Airline and the Loan Trustee for information, but the receipt or non-receipt of such copy by the Sublessee,
the Airline or the Loan Trustee shall not affect the rights and obligations of the parties to this Agreement.

 

4.4          Warranty Confirmation. Subject
to Section 9 (Manufacturer Warranty Confirmation) and upon receipt by the Manufacturer of any of (i) the Airline's Notice
in accordance with Section 4.1 (Airline's Notice to Manufacturer); (ii) the Enforcement Notice in accordance with Section
4.2 (Enforcement Notice to Manufacturer), or (iii) the Lessor Notice in accordance with Section 4.3 (Lessor Notice),
the Manufacturer shall execute and deliver to the Lessor, the Loan Trustee and the Airline (as the case may be) the Warranty Confirmation
and grant the Remaining Warranties to the Lessor, the Loan Trustee or the Airline (as the case may be) which is identified in the
Notice in accordance with Section 3 (Covenant).

 

4.5          Benefit of Warranties. Each
of the parties hereto hereby agrees that until receipt by the Manufacturer of any Notice in accordance with Section 4.1 (Airline's
Notice to Manufacturer), Section 4.2 (Enforcement Notice to Manufacturer) or Section 4.3 (Lessor's Notice to Manufacturer)
the benefit of the Warranties shall be made available only to the Sublessee in accordance with the provisions of this Agreement.

 

Section 5.             Termination
of the Airline's and the Sublessee's Rights.

 

5.1          The Sublessee and the Airline hereby
agree that, as regards any rights that the Sublessee may have against the Manufacturer, on the date of any Notice all of the Sublessee's
right, title and interest in and to the Warranties shall be terminated forthwith (save to the extent of any claim made against
the Manufacturer existing at such date and notified in writing to the Manufacturer on or before that date) whether or not the
Sublessee shall have actually received a copy of the Notice. The Manufacturer shall have no liability whatsoever to the Sublessee
in the event that the Sublessee does not receive a copy of such Notice or (save to the extent of any claim made against the Manufacturer
existing at such date and notified in writing to the Manufacturer on or before that date) in any other respect whatsoever concerning
the Warranties from the date of such Notice.

 

    	 	-5-	 

     

    

 

5.2           The Sublessee and the Airline hereby
agree that, as regards any rights that the Airline may have against the Manufacturer, on the date of any Notice all of the Airline's
right, title and interest in and to the Warranties shall be terminated forthwith (save to the extent of any claim made against
the Manufacturer existing at such date and notified in writing to the Manufacturer on or before that date) whether or not the Airline
shall have actually received a copy of the Notice. The Manufacturer shall have no liability whatsoever to the Airline in the event
that the Airline does not receive a copy of the Notice or (save to the extent of any claim made against the Manufacturer existing
at such date and notified in writing to the Manufacturer on or before that date) in any other respect whatsoever concerning the
Warranties from the date of such Notice.

 

Section 6.   Remedies and Waivers.
No failure by the parties to exercise, nor any delay in exercising, any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of
any right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided
at law.

 

Section 7.   Benefit of Agreement.
This Agreement shall be binding upon and enure to the benefit of each party hereto and its or any subsequent successors and permitted
assigns in accordance with Section 8 (Assignments and Transfers).

 

Section 8.   Assignments and Transfers.
Except as expressly provided in this Agreement, none of the parties hereto shall be entitled to assign, sell, or transfer or otherwise
dispose of all or any of their rights, benefits and obligations hereunder without the prior written consent of the other parties
hereto and the Manufacturer (such consent not to be unreasonably withheld).

 

Section 9.           Manufacturer Warranty Confirmation.

 

9.1       The parties hereby agree that the
Manufacturer will provide the Warranty Confirmation subject to the following:

 

(a)          the Manufacturer shall incur no
obligations (except as set out in this Agreement), costs, expenses, damages, losses or liabilities whatsoever by reason of any
of the Financing Agreements, this Agreement or any of the transactions contemplated thereby (other than in respect of its obligations
as Manufacturer pursuant to the Purchase Agreement) and the Airline shall indemnify and hold harmless the Manufacturer against
any such obligations, costs, expenses, damages, losses or liabilities so incurred (except to the extent directly caused by fraud,
the gross negligence or wilful misconduct of the Manufacturer) provided that the Airline has been provided with a certificate
setting out, in reasonable detail, the basis upon which such costs, expenses, losses or liabilities were incurred together with
documentary evidence (if any) thereof;

 

    	 	-6-	 

     

    

 

(b)          this Agreement shall not constitute
a novation of the Purchase Agreement and the Airline shall not be discharged from any of its obligations under the Purchase Agreement
by reason of this Agreement;

 

(c)          the Manufacturer shall be entitled
to rely on the information contained in any Notice delivered to it pursuant to Section 4.1 (Airline's Notice to Manufacturer),
Section 4.2 (Enforcement Notice to Manufacturer) or Section 4.3 (Lessor's Notice to Manufacturer) without enquiring
as to the accuracy of the information contained in such Notice or entitlement of any of the parties to give such Notice and the
Airline shall indemnify and hold harmless the Manufacturer in respect of all losses, obligations, costs, expenses, damages and
liabilities it may incur if such information proves not to be correct (except to the extent directly caused by fraud, the gross
negligence or wilful misconduct of the Manufacturer) provided that the Airline has been provided with a certificate setting
out, in reasonable detail, the basis upon which such obligations, costs, expenses, losses, damages or liabilities were incurred
together with documentary evidence (if any) thereof; and

 

(d)          Airbus
shall not be deemed to have knowledge of (i) any termination or expiration of the leasing of the Aircraft under the Sub-Lease
Agreement, or (ii) the actual repossession of the Aircraft by the Loan Trustee or the Lessor unless and until Airbus shall have
received a Notice in accordance with sections 4.1 (Airline's Notice to Manufacturer), 4.2 (Enforcement Notice to Manufacturer)
or 4.3 (Lessor's Notice to Manufacturer).

 

(e)          nothing herein nor in the Warranty
Confirmation shall modify in any way the rights of the Manufacturer under the Purchase Agreement or subject the Manufacturer to
any obligations, costs, expenses, losses, damages or liabilities to which it would not otherwise be subject.

 

9.2           The Sublessee and the Airline agree
that the terms of the Warranty Confirmation are subject to the provisions of this Section 9 (Manufacturer Warranty Confirmation).

 

9.3           The Lessor, the Airline, the Loan
Trustee and the Sublessee shall have no obligation or liability under the Purchase Agreement by reason of or arising out of this
Agreement, provided that the terms and conditions of the Purchase Agreement shall apply to all claims made in respect of
the Warranties and shall be binding upon the Lessor, the Airline, the Loan Trustee and the Sublessee and the Lessor, the Airline,
the Loan Trustee and the Sublessee shall be subject to all obligations, restrictions, limitations and conditions of the Purchase
Agreement with respect to the making of such claim (including, without limitation, the Waiver, Release and Renunciation in clause
12 of the Purchase Agreement) to the same extent as if they had been named "Buyer" thereunder.

 

9.4           If, at any time prior to the receipt
of any Notice, there shall at any time be any dispute as to which of the parties to this Agreement is the beneficiary of any particular
right or interest in respect of the Remaining Warranties, the Manufacturer shall be entitled to perform the corresponding obligations
exclusively in favour of the Sublessee until the Loan Trustee or the Airline or the Lessor shall provide a Notice to the Manufacturer.

 

    	 	-7-	 

     

    

 

9.5           In the event of a conflict between
an Airline's Notice and a Lessor Notice, then the Lessor Notice shall prevail and the Manufacturer shall extend the benefit of
the Remaining Warranties to the Lessor. In the event of a conflict between an Enforcement Notice and either a Lessor Notice or
an Airline's Notice, the Enforcement Notice shall prevail and the Manufacturer shall extend the benefit of the Remaining Warranties
to the Loan Trustee.

 

Section 10. Partial Invalidity.
If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability
of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

 

Section 11. Transfers between Lessor
or from the Airline. If, at any time after the Remaining Warranties have been granted to the Lessor or the Airline (the "First
Party") pursuant to this Agreement, the Aircraft is repossessed by the Loan Trustee (the "Replacement Party"),
then the parties agree that all right, title and interest of the First Party in and to the Remaining Warranties shall be terminated
and that the Manufacturer shall grant to the Replacement Party the manufacturer support equivalent to such of the Remaining Warranties
as at such time remain available to the First Party on terms mutatis mutandis and subject to the same conditions as in respect
of the granting of the relevant rights to the First Party by the Manufacturer.

 

Section 12. Notices. Any notice
or other communication given or made under this Agreement shall be in writing and, provided it shall be addressed as set out below,
shall be deemed to have been duly given:

 

12.1         if sent by personal delivery, upon
delivery at the address of the relevant Party (provided that if the date of delivery is not a Business Day, notice shall be deemed
to have been received on the first following Business Day);

 

12.2         if sent by post, then five Business Days after posting;

 

12.3         if sent by fax, when dispatched
with correct confirmation printout (provided that if the date of receipt is not a Business Day, notice shall be deemed to have
been received on the first following Business Day), 

 

to the Parties as follows:

 

		(a)	if to the Manufacturer, to it at: 

       

Airbus S.A.S.

1 rond-point Maurice Bellonte 

31707 Blagnac Cedex

France

 

		Attn:	Head of Contract – Customer Services

		Fax:	+33 5 61 93 46 10

 

    	 	-8-	 

     

    

 

		(b)	if to the Lessor, to it at:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo

Leasing Limited/Canastero Leasing Limited]3

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

		Attn:	Wanda Ebanks

		Fax:	+1 345 949 8080

 

with copy to the Loan Trustee (at the address given below) and
to the Airline (at the address given below).

 

		(c)	if to the Airline, to it at:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago

Chile

 

		Fax:	+56 22 565 8764

		Attn:	General Counsel/Corporate Finance Director

 

With a copy by e-mail to:

GrupoTesoreriaPagosChile_2@lanchile.com

(it being agreed that such electronic notification shall not
constitute

notice under this Section 12 (Notices))

 

		(d)	if to the Sublessee, to it at:

 

TAM Linhas Aéreas S.A.

Avenida Jurandir

No. 856, 4° Andar

Lote 4, CEP 04072-000

Jardim Ceci

São Paulo

Brazil

 

 

3 Delete as appropriate

 

    	 	-9-	 

     

    

 

		Fax:	+55 11 55 82 91 18

		Attn:	Contracts Director

 

		(e)	if to the Loan Trustee, to it at:

 

Wilmington Trust Company

1100 North Market Street

Wilmington

DE 19890-1605

 

Telephone: +1 302 636 6000

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

 

(it being agreed that electronic notification shall not constitute
notice under this Section 12 (Notices))

 

12.4        Each communication and document
made or delivered by one party to another pursuant to this Agreement shall be made and/or delivered in writing and in the English
language. Unless otherwise stated, any such communication or document may be made by letter or any form of facsimile transmission.

 

Section 13.        Counterparts. This Agreement
may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when
executed and delivered shall constitute an original, but all counterparts shall together constitute but one and the same instrument.

 

Section 14.        Governing Law and
Jurisdiction.

 

14.1        English Law. This Agreement
shall be governed by and construed in accordance with the laws of England and Wales.

 

14.2        The parties hereto irrevocably
agree that the courts of England and Wales shall have exclusive jurisdiction to settle any disputes arising out of or in connection
with this Agreement

 

14.3        Each of the parties hereto irrevocably
and unconditionally waives: (a) any immunity from the jurisdiction of the court mentioned in section 14.2 and any immunity from
suit, judgement, execution, set-off, attachment, arrest, specific performance, injunction or other judicial order or remedy to
which it or any of its assets may be entitled at present or in the future in any jurisdiction in respect of any legal action or
proceedings with respect to or in connection with this Agreement; and (b) any objections to such jurisdiction on the ground of
venue or forum non conveniens or any similar grounds.

 

14.4        Service
of Process on Airline. The Airline agrees that the process by which any Proceedings are begun may be served on it by being
delivered to its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England or such
other person from time to time appointed as the process agent in the United Kingdom of the Airline. If such person ceases to be
appointed and no other person is appointed within fifteen (15) days, the Loan Trustee shall be entitled to appoint such person
by notice to the Airline. Nothing contained in this Section 14.4 (Service of Process on Airline) shall affect the right
to serve process in any other manner permitted by law.

 

    	 	-10-	 

     

    

 

14.5         Service of Process on Sublessee.
The Sublessee agrees that the process by which any Proceedings are begun may be served on it by being delivered to its London office,
at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England or such other person from time to time
appointed as the process agent in the United Kingdom of the Sublessee. If such person ceases to be appointed and no other person
is appointed within fifteen (15) days, the Loan Trustee shall be entitled to appoint such person by notice to the Sublessee. Nothing
contained in this Section 14.5 (Service of Process on Sublessee) shall affect the right to serve process in any other manner
permitted by law.

 

14.6         Service of Process on
Lessor. The Lessor agrees that the process by which any Proceedings are begun may be served on it by being delivered to
its London office, at present of 2nd Floor, Landmark House, Hammersmith Bridge Road, London W6 9EJ, England, or such other
person from time to time appointed as the process agent in the United Kingdom of the Lessor. If such person ceases to be
appointed and no other person is appointed within fifteen (15) days, the Loan Trustee shall be entitled to appoint such
person by notice to the Lessor. Nothing contained in this Section 14.6 (Service of Process on Lessor) shall affect the
right to serve process in any other manner permitted by law.

 

Section 15. Further Acts. The parties
hereto agree that at any time and from time to time, and at the cost and expense of the Airline, they shall promptly and duly execute
and deliver any and all such further instruments and documents and take such further action as may reasonably be necessary in order
to give full effect to this Agreement and the rights and powers herein granted.

 

Section 16. Waiver. No term or provision
of this Agreement may be changed, waived, discharged or terminated except by written instruments signed by or on behalf of each
of the parties hereto.

 

Section 17. Effective Date. This
Agreement shall enter into effect and be binding upon the parties hereto from the Delivery Date.

 

Section 18. Third Parties. The terms
of this Agreement may only be enforced by a party to it and the operation of the Contracts (Rights of Third Parties) Act 1999 is
excluded. This Agreement may be amended without the consent of any third party.

 

Section 19. Confidentiality Undertaking.
Each of the Lessor, the Airline, the Sublessee and the Loan Trustee agrees that it shall not disclose to any person the terms of
this Agreement, [clauses 12 and 13] to the Purchase Agreement, any Notice or any Warranty Confirmation (together, the "Relevant
Documents"), except:

 

(a)         as required by any applicable law or governmental regulations;
or

 

    	 	-11-	 

     

    

 

(b)         in connection with any legal proceedings
arising out of or in connection with the Relevant Documents; or

 

(c)         to any Beneficiary, provided
that the Lessor, the Airline, the Sublessee or the Loan Trustee disclosing the Relevant Documents to any Beneficiary shall
cause and ensure that it obtains an undertaking in favour of the parties to this Agreement from such Beneficiary in terms similar
to this Section 19 (Confidentiality Undertaking); or

 

(d)         to its accountants, auditors or
legal advisers provided that such accountants, auditors or legal advisers are under an ethical obligation to or agree to treat
such information as confidential; or

 

(e)         with the prior written consent of
the Manufacturer and the other parties to this Agreement, such consent not to be unreasonable withheld.

 

AS WITNESS the Parties hereto have executed this Agreement in
five (5) originals as of the day and year first written above.

 

    	 	-12-	 

     

    

 

SCHEDULE 1

 

PART A

FORM OF AIRLINE'S NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

Attn: Head of Contracts Customer Services

 

		Copy:	Wilmington Trust Company (the "Loan Trustee")

Attn: [•]

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

Attn: Contracts Director

 

		Copy:	[Parina Leasing
Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]

Attn: Wanda Ebanks

 

___________ 20 ___

 

One (1) Airbus A321 Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein
bear the same meanings as those set forth in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador
Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]4, the Airline,
the Sublessee and Wilmington Trust Company as Loan Trustee dated__________201[•] (the "Airframe Warranties Agreement").

 

		2.	The Airline hereby gives notice that the leasing of the
Aircraft under the Sublease has ended or has been terminated pursuant to the provisions thereof.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you provide your confirmation in the form of the Warranty Confirmation that the Remaining Warranties
shall, from the date of the Warranty Confirmation, be extended to the Airline in accordance with the terms of the Airframe Warranties
Agreement.

 

This Notice shall be governed by and construed in accordance
with laws of England and Wales.

 

	 	LATAM AIRLINES GROUP S.A.
	 	 
	 	By:	                 
	 	 	Name:
	 	 	Title:

 

 

4 Delete as appropriate

 

    	 	-13-	 

     

    

 

PART B

FORM OF ENFORCEMENT NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

Attn: Head of Contracts Customer Services

 

		Copy:	LATAM Airlines Group S.A. (the "Airline")

Attn: General Counsel/Corporate Finance Director

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

Attn: Contracts Director

 

		Copy:	[Parina Leasing
Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]

Attn: Wanda Ebanks

 

___________ 20 ___

 

One (1) Airbus A321 Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited], the Airline, the Sublessee and Wilmington Trust Company as Loan Trustee dated_________201[•] (the "Airframe
Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed
by the Loan Trustee in accordance with the provisions of the Financing Agreements following a Lease Event of Default which has
occurred and is continuing and that the Loan Trustee is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you to provide your confirmation in the form of the Warranty Confirmation that the Remaining
Warranties shall, from the date of the Warranty Confirmation, be extended to the Loan Trustee in accordance with the terms of
the Airframe Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of England and Wales.

 

	 	WILMINGTON TRUST COMPANY, not in its
	 	individual capacity but solely as Loan Trustee,
	 	as Loan Trustee
	 	 
	 	By:	                 
	 	 	Name:
	 	 	Title:

 

    	 	-14-	 

     

    

 

PART C

FORM OF LESSOR NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

Attn: Head of Contracts Customer Services

 

		Copy:	LATAM Airlines Group S.A. (the "Airline")

Attn: General Counsel/Corporate Finance Director

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

Attn: Contracts Director

 

		Copy:	Wilmington Trust Company (the "Loan Trustee")

Attn: [•]

 

___________ 20 ___ 

One (1) Airbus A321 Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited], the Airline, the Sublessee and Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee
dated__________201[•] (the "Airframe Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed
by the Lessor in accordance with the provisions of the Financing Agreements following a Lease Event of Default which has occurred
and is continuing and that the Lessor is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you to provide your confirmation in the form of the Warranty Confirmation that the Remaining
Warranties shall, from the date of the Warranty Confirmation, be extended to the Lessor in accordance with the terms of the Airframe
Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of England and Wales.

 

	 	[PARINA LEASING LIMITED/RAYADOR
	 	LEASING LIMITED/CUCLILLO LEASING
	 	LIMITED/CANASTERO LEASING LIMITED]
	 	as Lessor
	 	 
	 	By:	                 
	 	 	Name:
	 	 	Title:

 

    	 	-15-	 

     

    

 

SCHEDULE 2

FORM OF WARRANTY CONFIRMATION BY THE MANUFACTURER

 

	To:	(1)	Wilmington Trust Company, not in its
individual capacity but solely as Loan Trustee (the "Loan Trustee")

 

		(2)	[Parina
                                                                                                                          Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]
                                                                                                                          (the "Lessor")

 

		(3)	LATAM Airlines Group S.A. (the "Airline")

 

		(4)	TAM Linhas Aéreas S.A. (the "Sublessee")

 

___________ 20 ___

 

One (1) Airbus A321-211 Aircraft MSN [●] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the Airframe Warranties Agreement between Airbus S.A.S. (the "Manufacturer"), the Lessor, the Airline, the
Sublessee and the Loan Trustee dated [•] 201[•] (the "Airframe Warranties Agreement").

 

		2.	The Manufacturer hereby acknowledges receipt of a Notice
dated__________20 from [insert name of relevant party] whereby it was advised by the [Airline/Loan Trustee/Lessor] that
[the leasing of the Aircraft under the Sublease has ended or expired][the Aircraft has been repossessed by the [Loan Trustee][the
Lessor] in accordance with the provisions of the Financing Agreements][[ Accordingly, the Manufacturer hereby confirms that, from
the date hereof, the Remaining Warranties shall be made available to [insert name of relevant party].

 

		3.	The Warranty Confirmation given by the Manufacturer in
the preceding paragraph is given upon and subject to the provisions of the Airframe Warranties Agreement.

 

		4.	This Warranty Confirmation shall be governed by and construed
in accordance with the laws of England and Wales.

 

	 	AIRBUS S.A.S.
	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:

 

    	 	-16-	 

     

    

 

SCHEDULE 3

THE WARRANTIES

 

    	 	-17-	 

     

    

 

EXECUTION PAGE

AIRFRAME WARRANTIES AGREEMENT MSN 6414

 

THE MANUFACTURER

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	AIRBUS S.A.S.	)

 

THE LESSOR

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED])

 

THE AIRLINE

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	LATAM AIRLINES GROUP S.A.	)

 

THE SUBLESSEE

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	TAM LINHAS AÉREAS S.A.	)

 

THE LOAN TRUSTEE

 

	SIGNED by	)
	and	)
	duly authorised for and	)
	on behalf of	)
	WILMINGTON TRUST COMPANY,	)
	not in its individual capacity	)
	but solely as Loan Trustee	)

 

     

     

    

 

EXHIBIT L-5 to

NOTE PURCHASE AGREEMENT

 

FORM OF AIRFRAME WARRANTIES AGREEMENT (A350)

 

[Attached.]

 

     

     

    

 

		

 

Form Document

 

DATED__________________________201[•]

 

AIRBUS S.A.S.

as Manufacturer

 

[PARINA LEASING LIMITED/RAYADOR LEASING
LIMITED/CUCLILLO LEASING

LIMITED/CANASTERO LEASING LIMITED]1

as Lessor

 

LATAM AIRLINES GROUP S.A.

as Airline

 

TAM LINHAS AÉREAS S.A.

as Sublessee

 

and

 

WILMINGTON TRUST COMPANY, NOT IN ITS INDIVIDUAL
CAPACITY BUT SOLELY

AS LOAN TRUSTEE

as Loan Trustee

 

 

 

AIRFRAME WARRANTIES AGREEMENT

IN RESPECT OF CERTAIN AIRFRAME WARRANTIES

RELATING TO ONE (1) AIRBUS A350 AIRCRAFT WITH

MANUFACTURER'S SERIAL NUMBER [•] AND

BRAZILIAN REGISTRATION MARK [•]

 

 

 

 

 1 Delete as appropriate

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Interpretation	2
	 	 	 
	Section 2.	Intentionally Left Blank	4
	 	 	 
	Section 3.	Covenant	4
	 	 	 
	Section 4.	Notice to the Manufacturer and Warranty Confirmation	4
	 	 	 
	Section 5.	Termination of the Airline's and the Sublessee's Rights	5
	 	 	 
	Section 6.	Remedies and Waivers	6
	 	 	 
	Section 7.	Benefit of Agreement	6
	 	 	 
	Section 8.	Assignments and Transfers	6
	 	 	 
	Section 9.	Manufacturer Warranty Confirmation	6
	 	 	 
	Section 10.	Partial Invalidity	8
	 	 	 
	Section 12.	Notices	8
	 	 	 
	Section 13.	Counterparts	10
	 	 	 
	Section 14.	Governing Law and Jurisdiction	10
	 	 	 
	Section 15.	Further Acts	10
	 	 	 
	Section 16.	Waiver	11
	 	 	 
	Section 17.	Effective Date	11
	 	 	 
	Section 19.	Confidentiality Undertaking	11
	 	 	 
	Schedule 1:	 	12
	 	 	 
	Part A:	Form of Airline's Notice to Manufacturer 	12
	 	 	 
	Part B:	Form of Enforcement Notice to Manufacturer 	13
	 	 	 
	Part C:	Form of Lessor's Notice to Manufacturer	14
	 	 	 
	Schedule 2:	Form of Warranty Confirmation by the Manufacturer 	15
	 	 	 
	Schedule 3:	The Warranties	16

 

    	 	-i-	 

     

    

 

THIS AIRFRAME WARRANTIES AGREEMENT (this
"Agreement") is dated ___________201[•] and made

 

AMONG:

 

		(1)	AIRBUS S.A.S. (legal successor of Airbus S.N.C., formerly known as Airbus G.I.E. and Airbus Industrie
G.I.E.), a Société par Actions Simplifiée duly created and existing under French law having its principal
office at 1 rond-point Maurice Bellonte, 31707 Blagnac Cedex, France (together with its successors and assigns) in its capacity
as manufacturer of the Aircraft (the "Manufacturer");

 

		(2)	[PARINA LEASING LIMITED/RAYADOR LEASING
                                         LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED]2
                                         , a company incorporated and existing under the laws of the Cayman Islands
                                         having its registered office at c/o Maples Corporate Services Limited, PO Box 309, Ugland
                                         House, Grand Cayman, KY1- 1104, Cayman Islands (the "Lessor");

 

		(3)	LATAM AIRLINES GROUP S.A., (formerly having the legal name LAN Airlines S.A. and Lan Chile S.A.
and doing business as LAN Airlines), a corporation organised and existing under the laws of Chile whose principal place of business
is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso 20, Las Condes, Santiago, Chile (the "Airline");

 

		(4)	TAM LINHAS AÉREAS S.A., a company incorporated and existing under the laws of Brazil, and
having its principal place of business at Avenida Jurandir, No. 856, 4 Andar, Lote 4, CEP 04072-000 Jardim Ceci, in the City of
São Paulo, State of São Paulo, Brazil (the "Sublessee"); and

 

		(5)	WILMINGTON TRUST COMPANY, not in its individual capacity, except as expressly set forth herein,
but solely in its capacity as Loan Trustee (the "Loan Trustee").

 

RECITALS

 

		(A)	Pursuant to the Purchase Agreement (as defined below), the Airline agreed to purchase, inter alia, the Aircraft (as
defined below) from the Manufacturer.

 

		(B)	Pursuant to the Purchase Agreement Assignment (as defined below), the Airline has assigned to the
Lessor, inter alia, its rights to purchase the Aircraft from the Manufacturer on the terms and conditions set out therein.

 

		(C)	Pursuant to the Lease (as defined below), the Lessor has agreed that it will lease the Aircraft
to the Airline.

 

		(D)	Pursuant to the Sublease Agreement (as defined below), the Airline has agreed that it will lease
the Aircraft to the Sublessee.

 

 

 2 Delete as appropriate

 

     

     

    

 

		(E)	The Manufacturer has granted the Warranties to the Airline under the Purchase Agreement and the
Warranties are made available exclusively for the benefit of the Airline. At the request of the Airline and the Loan Trustee who
may be entitled to repossess the Aircraft pursuant to the provisions of certain of the Financing Agreements, the Lessor, the Airline,
the Sublessee and the Loan Trustee wish, with the consent and agreement of the Manufacturer, to make arrangements in respect of
the Warranties on the terms and conditions set out herein.

 

IT IS AGREED:

 

Section 1.              Definitions and Interpretation.

 

1.1           Definitions.   In this Agreement, the following
terms shall have the following meanings:

 

"Aircraft" means collectively the Airframe
and the Propulsion Systems installed thereon.

 

"Airframe" means the Airbus
A350 airframe bearing manufacturer's serial number [•] and current registration mark [•] (excluding the [Propulsion
Systems from time to time installed thereon) together with all parts incorporated in, installed on or attached to such airframe
on the Delivery Date.

 

"Airline's Notice" means
a notice delivered by the Airline pursuant to Section 4.1 (Airline's Notice to Manufacturer) and substantially in the form
set out in Schedule 1 Part A (Form of Airline's Notice to Manufacturer).

 

"Beneficiaries" means the Secured Parties.

 

"Business Day" means a
day, other than a Saturday or Sunday, on which commercial banks are open for general business in Paris, Santiago and Hamburg.

 

"Delivery" means the delivery
of and transfer of title to the Aircraft in accordance with the Purchase Agreement and the Purchase Agreement Assignment.

 

"Delivery Date" means the date on which Delivery
takes place.

 

"Enforcement Notice" means
any notice served by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer) and substantially in
the form set out in Schedule 1 Part B (Form of Enforcement Notice to Manufacturer).

 

"Financing Agreements" has the meaning given
to it in the Participation Agreement.

 

"Lease" means the lease agreement [MSN [•]]
dated as of as of________________, 201[•] between the Lessor and the Airline in relation to the Aircraft.

 

"Lease Event of Default"
has the meaning given to the term "Lease Event of Default" in the Lease.

 

    	 	-2-	 

     

    

 

"Lessor Notice" means
any notice served by the Lessor pursuant to Section 4.3 (Lessor's Notice to Manufacturer) and substantially in the form
set out in Schedule 1 Part C (Form of Lessor Notice to Manufacturer).

 

"Loan Trustee" shall mean
Wilmington Trust Company, not in its individual capacity, except as expressly provided in the Financing Agreements, but solely
in its capacity as Loan Trustee .

 

"Notice" means an Airline's Notice, a Lessor
Notice or an Enforcement Notice.

 

"Participation Agreement"
means the participation agreement dated as of______________, 201[•] between, amongst others, the Lessor and the Airline relating
to, inter alia, the Aircraft.

 

"Propulsion Systems" means
collectively the Rolls-Royce Trentmodel XWB-84 aircraft engines bearing manufacturer's serial numbers [•] and [•], together
with all parts incorporated in, installed on, or attached to such Propulsion Systems on the Delivery Date, and any replacement
engine therefor with effect from the time title to which has passed to the Lessor pursuant to the Lease.

 

"Purchase Agreement" means
the Airbus A350XWB family purchase agreement dated 20 December 2005 (as amended and restated on 21 January 2008 and as further
amended 28 July 2010) between the TAM – Linhas Aereas S.A., as purchaser, and the Manufacturer, as seller (the "Original
Purchase Agreement") as novated to the Airline as of 21 July 2014 , relating to inter alia the purchase of the
Aircraft).]

 

"Purchase Agreement Assignment"
means the purchase agreement assignment dated on or about the date of this Agreement between the Airline, as assignor, and the
Lessor, as assignee, in relation to the Aircraft.

 

"Remaining Warranties" has the meaning given
to it in Section 3 (Covenant).

 

"Secured Parties" means:

 

(i) Wilmington Trust Company, as Loan Trustee,

 

(ii) Wilmington Trust Company , as Pass Through
Trustee,

 

(iii) Wilmington Trust Company, as Subordination
Agent,

 

(iv) Natixis, acting through its New York branch , as
Liquidity Provider

 

and including such person's successors
and assigns provided that such successors and/or assigns (i) are not owned or controlled by an aircraft manufacturer and (ii) are
not in direct or indirect competition with Airbus and "Secured Party" shall mean any of them.

 

    	 	-3-	 

     

    

 

"Sublease Agreement" means
the aircraft sublease agreement dated as of                         ,
201[•] entered into between the Airline and the Sublessee in relation to the Aircraft.

 

"Warranties" means such
warranties in respect of the Airframe given by the Manufacturer to the Airline pursuant to [clause 12] (Warranties and Service
Life Policy) and [clause 13] (Patent Indemnity) of the Purchase Agreement, including all post-delivery rights in respect
thereof and as are and remain available on the Delivery Date, and as more particularly set out in Schedule 3 (The Warranties).

 

"Warranty Confirmation"
means the confirmation to be provided by the Manufacturer pursuant to Section 4.4 (Warranty Confirmation) in the form set
out in Schedule 2 (Form of Warranty Confirmation by the Manufacturer).

 

1.2           In this Agreement, unless otherwise
stated, a reference to any Section, paragraph or Schedule is a reference to such Section, paragraph or Schedule of this Agreement,
and the headings of Sections and Schedules are inserted for convenience of reference only and shall not affect the interpretation.

 

1.3           Reference to any document or agreement
means such document or agreement as originally signed, or as modified, amended, varied or supplemented from time to time.

 

Section 2.               Intentionally Left Blank

 

Section 3.   Covenant. Subject to
Section 4 (Notice to the Manufacturer and Warranty Confirmation) and Section 5 (Termination of the Airline's and the
Sublessee's Rights), the Manufacturer agrees to grant by way of the Warranty Confirmation to the Loan Trustee or the Airline
specified in a Notice duly served in accordance with Section 4 (Notice to the Manufacturer and Warranty Confirmation) a
package of warranties equivalent to such of the Warranties which as at the date of the Notice remain available under the terms
of the Purchase Agreement (the "Remaining Warranties").

 

Section 4.               Notice
to the Manufacturer and Warranty Confirmation.

 

4.1           Airline's Notice to Manufacturer.
The rights of the Airline to receive the benefit of the Remaining Warranties pursuant to Section 3 (Covenant) is subject
to the receipt by the Manufacturer of an Airline's Notice duly executed by the Airline and the execution by the Manufacturer of
the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Airline may deliver the Airline's Notice
only if (i) the leasing of the Aircraft under the Sublease Agreement has ended or has been terminated pursuant to the provisions
thereof; and (ii) there has been no delivery of an Enforcement Notice or Lessor Notice to the Manufacturer by the Loan Trustee
or Lessor pursuant to Section 4.2 (Enforcement Notice to Manufacturer) or Section 4.3 (Lessor's Notice to the Manufacturer).
A copy of the Airline's Notice shall be sent to the Sublessee, the Lessor and the Loan Trustee for information, but the receipt
or non-receipt of such copy by the Sublessee, the Lessor or the Loan Trustee shall not affect the rights and obligations of the
parties to this Agreement.

 

    	 	-4-	 

     

    

 

4.2           Enforcement Notice to Manufacturer.
The rights of the Loan Trustee to receive the benefit of the Remaining Warranties pursuant to Section 3 (Covenant) is subject
to the receipt by the Manufacturer of an Enforcement Notice duly executed by the Loan Trustee and the execution by the Manufacturer
of the Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Enforcement Notice may only be served
after actual repossession of the Aircraft by the Loan Trustee pursuant to the provisions of the Financing Agreements following
a Lease Event of Default which shall have occurred and be continuing. A copy of the Notice shall be sent to the Airline, the Lessor
and the Sublessee for information, but the receipt or non-receipt of such copy by the Airline, the Lessor or the Sublessee shall
not affect the rights and obligations of the parties to this Agreement.

 

4.3           Lessor's Notice to Manufacturer.
The rights of the Lessor to receive the benefit of the Remaining Warranties pursuant to Section 3 (Covenant) is subject
to the receipt by the Manufacturer of a Lessor's Notice duly executed by the Lessor and the execution by the Manufacturer of the
Warranty Confirmation specified in Section 4.4 (Warranty Confirmation). The Lessor may deliver the Lessor's Notice only
if (i) the Lessor has repossessed the Aircraft pursuant to the provisions of the Financing Agreements following a Lease Event of
Default which shall have occurred and be continuing; and (ii) there has been no delivery of an Enforcement Notice to the Manufacturer
by the Loan Trustee pursuant to Section 4.2 (Enforcement Notice to Manufacturer). A copy of the Lessor's Notice shall be
sent to the Sublessee, the Airline and the Loan Trustee for information, but the receipt or non-receipt of such copy by the Sublessee,
the Airline or the Loan Trustee shall not affect the rights and obligations of the parties to this Agreement.

 

4.4           Warranty Confirmation. Subject
to Section 9 (Manufacturer Warranty Confirmation) and upon receipt by the Manufacturer of any of (i) the Airline's Notice
in accordance with Section 4.1 (Airline's Notice to Manufacturer); (ii) the Enforcement Notice in accordance with Section
4.2 (Enforcement Notice to Manufacturer), or (iii) the Lessor Notice in accordance with Section 4.3 (Lessor Notice),
the Manufacturer shall execute and deliver to the Lessor, the Loan Trustee and the Airline (as the case may be) the Warranty Confirmation
and grant the Remaining Warranties to the Lessor, the Loan Trustee or the Airline (as the case may be) which is identified in the
Notice in accordance with Section 3 (Covenant).

 

4.5           Benefit of Warranties. Each
of the parties hereto hereby agrees that until receipt by the Manufacturer of any Notice in accordance with Section 4.1 (Airline's
Notice to Manufacturer), Section 4.2 (Enforcement Notice to Manufacturer) or Section 4.3 (Lessor's Notice to Manufacturer)
the benefit of the Warranties shall be made available only to the Sublessee in accordance with the provisions of this Agreement.

 

Section 5.               Termination
of the Airline's and the Sublessee's Rights.

 

5.1           The
Sublessee and the Airline hereby agree that, as regards any rights that the Sublessee may have against the Manufacturer, on the
date of any Notice all of the Sublessee's right, title and interest in and to the Warranties shall be terminated forthwith (save
to the extent of any claim made against the Manufacturer existing at such date and notified in writing to the Manufacturer on
or before that date) whether or not the Sublessee shall have actually received a copy of the Notice. The Manufacturer shall have
no liability whatsoever to the Sublessee in the event that the Sublessee does not receive a copy of such Notice or (save to the
extent of any claim made against the Manufacturer existing at such date and notified in writing to the Manufacturer on or before
that date) in any other respect whatsoever concerning the Warranties from the date of such Notice.

 

    	 	-5-	 

     

    

 

5.2           The Sublessee and the Airline hereby
agree that, as regards any rights that the Airline may have against the Manufacturer, on the date of any Notice all of the Airline's
right, title and interest in and to the Warranties shall be terminated forthwith (save to the extent of any claim made against
the Manufacturer existing at such date and notified in writing to the Manufacturer on or before that date) whether or not the Airline
shall have actually received a copy of the Notice. The Manufacturer shall have no liability whatsoever to the Airline in the event
that the Airline does not receive a copy of the Notice or (save to the extent of any claim made against the Manufacturer existing
at such date and notified in writing to the Manufacturer on or before that date) in any other respect whatsoever concerning the
Warranties from the date of such Notice.

 

Section 6.              Remedies and Waivers.
No failure by the parties to exercise, nor any delay in exercising, any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of
any right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided
at law.

 

Section 7.              Benefit of Agreement.
This Agreement shall be binding upon and enure to the benefit of each party hereto and its or any subsequent successors and permitted
assigns in accordance with Section 8 (Assignments and Transfers).

 

Section 8.              Assignments and Transfers.
Except as expressly provided in this Agreement, none of the parties hereto shall be entitled to assign, sell, or transfer or otherwise
dispose of all or any of their rights, benefits and obligations hereunder without the prior written consent of the other parties
hereto and the Manufacturer (such consent not to be unreasonably withheld).

 

Section 9.              Manufacturer Warranty Confirmation.

 

9.1           The parties hereby agree that the
Manufacturer will provide the Warranty Confirmation subject to the following:

 

(a)          the Manufacturer shall incur no
obligations (except as set out in this Agreement), costs, expenses, damages, losses or liabilities whatsoever by reason of any
of the Financing Agreements, this Agreement or any of the transactions contemplated thereby (other than in respect of its obligations
as Manufacturer pursuant to the Purchase Agreement) and the Airline shall indemnify and hold harmless the Manufacturer against
any such obligations, costs, expenses, damages, losses or liabilities so incurred (except to the extent directly caused by fraud,
the gross negligence or wilful misconduct of the Manufacturer) provided that the Airline has been provided with a certificate
setting out, in reasonable detail, the basis upon which such costs, expenses, losses or liabilities were incurred together with
documentary evidence (if any) thereof;

 

    	 	-6-	 

     

    

 

(b)          this Agreement shall not constitute
a novation of the Purchase Agreement and the Airline shall not be discharged from any of its obligations under the Purchase Agreement
by reason of this Agreement;

 

(c)          the Manufacturer shall be entitled
to rely on the information contained in any Notice delivered to it pursuant to Section 4.1 (Airline's Notice to Manufacturer),
Section 4.2 (Enforcement Notice to Manufacturer) or Section 4.3 (Lessor's Notice to Manufacturer) without enquiring
as to the accuracy of the information contained in such Notice or entitlement of any of the parties to give such Notice and the
Airline shall indemnify and hold harmless the Manufacturer in respect of all losses, obligations, costs, expenses, damages and
liabilities it may incur if such information proves not to be correct (except to the extent directly caused by fraud, the gross
negligence or wilful misconduct of the Manufacturer) provided that the Airline has been provided with a certificate setting
out, in reasonable detail, the basis upon which such obligations, costs, expenses, losses, damages or liabilities were incurred
together with documentary evidence (if any) thereof; and

 

(d)          Airbus
shall not be deemed to have knowledge of (i) any termination or expiration of the leasing of the Aircraft under the Sub-Lease
Agreement, or (ii) the actual repossession of the Aircraft by the Loan Trustee or the Lessor unless and until Airbus shall have
received a Notice in accordance with sections 4.1 (Airline's Notice to Manufacturer), 4.2 (Enforcement Notice to Manufacturer)
or 4.3 (Lessor's Notice to Manufacturer).

 

(e)          nothing herein nor in the Warranty
Confirmation shall modify in any way the rights of the Manufacturer under the Purchase Agreement or subject the Manufacturer to
any obligations, costs, expenses, losses, damages or liabilities to which it would not otherwise be subject.

 

9.2          The he Sublessee and the Airline
agree that the terms of the Warranty Confirmation are subject to the provisions of this Section 9 (Manufacturer Warranty Confirmation).

 

9.3          The Lessor, the Airline, the Loan
Trustee and the Sublessee shall have no obligation or liability under the Purchase Agreement by reason of or arising out of this
Agreement, provided that the terms and conditions of the Purchase Agreement shall apply to all claims made in respect of
the Warranties and shall be binding upon the Lessor, the Airline, the Loan Trustee and the Sublessee and the Lessor, the Airline,
the Loan Trustee and the Sublessee shall be subject to all obligations, restrictions, limitations and conditions of the Purchase
Agreement with respect to the making of such claim (including, without limitation, the Waiver, Release and Renunciation in clause
12 of the Purchase Agreement) to the same extent as if they had been named "Buyer" thereunder.

 

9.4          If, at any time prior to the receipt
of any Notice, there shall at any time be any dispute as to which of the parties to this Agreement is the beneficiary of any particular
right or interest in respect of the Remaining Warranties, the Manufacturer shall be entitled to perform the corresponding obligations
exclusively in favour of the Sublessee until the Loan Trustee or the Airline or the Lessor shall provide a Notice to the Manufacturer.

 

    	 	-7-	 

     

    

 

9.5          In the event of a conflict between
an Airline's Notice and a Lessor Notice, then the Lessor Notice shall prevail and the Manufacturer shall extend the benefit of
the Remaining Warranties to the Lessor. In the event of a conflict between an Enforcement Notice and either a Lessor Notice or
an Airline's Notice, the Enforcement Notice shall prevail and the Manufacturer shall extend the benefit of the Remaining Warranties
to the Loan Trustee.

 

Section 10.   Partial Invalidity.
If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability
of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

 

Section 11.   Transfers between Lessor
or from the Airline. If, at any time after the Remaining Warranties have been granted to the Lessor or the Airline (the "First
Party") pursuant to this Agreement, the Aircraft is repossessed by the Loan Trustee (the "Replacement Party"),
then the parties agree that all right, title and interest of the First Party in and to the Remaining Warranties shall be terminated
and that the Manufacturer shall grant to the Replacement Party the manufacturer support equivalent to such of the Remaining Warranties
as at such time remain available to the First Party on terms mutatis mutandis and subject to the same conditions as in respect
of the granting of the relevant rights to the First Party by the Manufacturer.

 

Section 12.   Notices. Any notice
or other communication given or made under this Agreement shall be in writing and, provided it shall be addressed as set out below,
shall be deemed to have been duly given:

 

12.1   if sent by personal delivery, upon
delivery at the address of the relevant Party (provided that if the date of delivery is not a Business Day, notice shall be deemed
to have been received on the first following Business Day);

 

12.2   if sent by post, then five Business Days after posting;

 

12.3   if
sent by fax, when dispatched with correct confirmation printout (provided that if the date of receipt is not a Business Day, notice
shall be deemed to have been received on the first following Business Day),

 

to the Parties as follows:

 

		(a)	if to the Manufacturer, to it at: 

 

Airbus S.A.S.

1 rond-point Maurice Bellonte

31707 Blagnac Cedex

France

 

		Attn:	Head of Contract – Customer Services

		Fax:	+33 5 61 93 46 10

 

    	 	-8-	 

     

    

 

		(b)	if to the Lessor, to it at:

 

[Parina Leasing Limited/Rayador Leasing Limited/Cuclillo

Leasing Limited/Canastero Leasing Limited]3

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

		Attn:	Wanda Ebanks

		Fax:	+1 345 949 8080

 

with copy to the Loan Trustee (at the address given below) and
to the Airline (at the address given below).

 

		(c)	if to the Airline, to it at:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago

Chile

 

		Fax:	+56 22 565 8764

		Attn:	General Counsel/Corporate Finance Director

 

With a copy by e-mail to:

GrupoTesoreriaPagosChile_2@lanchile.com

(it being agreed that such electronic notification shall not
constitute

notice under this Section 12 (Notices))

 

		(d)	if to the Sublessee, to it at:

 

TAM Linhas Aéreas S.A.

Avenida Jurandir

No. 856, 4° Andar

Lote 4, CEP 04072-000

Jardim Ceci

São Paulo

Brazil

 

 

 3 Delete as appropriate

 

    	 	-9-	 

     

    

 

		Fax:	+55 11 55 82 91 18

		Attn:	Contracts Director

 

		(e)	if to the Loan Trustee, to it at:

 

Wilmington Trust Company

1100 North Market Street

Wilmington

DE 19890-1605

 

Telephone: +1 302 636 6000

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

 

(it being agreed that electronic notification shall not constitute
notice under this Section 12 (Notices))

 

12.4 Each
communication and document made or delivered by one party to another pursuant to this Agreement shall be made and/or
delivered in writing and in the English language. Unless otherwise stated, any such communication or document may be made by
letter or any form of facsimile transmission.

 

Section 13.    Counterparts. This Agreement
may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when
executed and delivered shall constitute an original, but all counterparts shall together constitute but one and the same instrument.

 

Section 14.     Governing Law and
Jurisdiction.

 

14.1 French
Law. This Agreement shall be governed by and construed in accordance with the laws of France.

 

14.2 The
parties hereto irrevocably agree that the Tribunal de Commerce of Paris shall have exclusive jurisdiction to settle any
disputes arising out of or in connection with this Agreement

 

14.3 Each of
the parties hereto irrevocably and unconditionally waives: (a) any immunity from the jurisdiction of the court mentioned in
section 14.2 and any immunity from suit, judgement, execution, set-off, attachment, arrest, specific performance, injunction
or other judicial order or remedy to which it or any of its assets may be entitled at present or in the future in any
jurisdiction in respect of any legal action or proceedings with respect to or in connection with this Agreement; and (b) any
objections to such jurisdiction on the ground of venue or forum non conveniens or any similar grounds.

 

Section 15.    Further Acts. The parties
hereto agree that at any time and from time to time, and at the cost and expense of the Airline, they shall promptly and duly
execute and deliver any and all such further instruments and documents and take such further action as may reasonably be necessary
in order to give full effect to this Agreement and the rights and powers herein granted.

 

    	 	-10-	 

     

    

 

Section 16. Waiver. No term or provision
of this Agreement may be changed, waived, discharged or terminated except by written instruments signed by or on behalf of each
of the parties hereto.

 

Section 17. Effective Date. This
Agreement shall enter into effect and be binding upon the parties hereto from the Delivery Date.

 

Section 18. Confidentiality Undertaking.
Each of the Lessor, the Airline, the Sublessee and the Loan Trustee agrees that it shall not disclose to any person the terms of
this Agreement, [clauses 12 and 13] to the Purchase Agreement, any Notice or any Warranty Confirmation (together, the "Relevant
Documents"), except:

 

(a)          as required by any applicable law or governmental regulations;
or

 

(b)          in connection with any legal proceedings
arising out of or in connection with the Relevant Documents; or

 

(c)          to any Beneficiary, provided
that the Lessor, the Airline, the Sublessee or the Loan Trustee disclosing the Relevant Documents to any Beneficiary shall
cause and ensure that it obtains an undertaking in favour of the parties to this Agreement from such Beneficiary in terms similar
to this Section 19 (Confidentiality Undertaking); or

 

(d)          to its accountants, auditors or
legal advisers provided that such accountants, auditors or legal advisers are under an ethical obligation to or agree to treat
such information as confidential; or

 

(e)          with the prior written consent of
the Manufacturer and the other parties to this Agreement, such consent not to be unreasonable withheld.

 

AS WITNESS the Parties hereto have executed
this Agreement in five (5) originals as of the day and year first written above.

 

    	 	-11-	 

     

    

 

SCHEDULE 1

 

PART A

FORM OF AIRLINE'S NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

Attn: Head of Contracts Customer Services

 

		Copy:	Wilmington Trust Company (the "Loan Trustee")
Attn: [•]

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

Attn: Contracts Director

 

		Copy:	[Parina Leasing
Limited/Rayador Leasing Limited/Cuclillo Leasing 

Limited/Canastero Leasing Limited]

Attn: Wanda Ebanks

 

____________ 20____

 

One (1) Airbus [A321/A350] Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein
                                         bear the same meanings as those set forth in the airframe warranties agreement between
                                         Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
                                         Leasing Limited]4, the Airline, the Sublessee
                                         and Wilmington Trust Company as Loan Trustee dated__________201[•] (the "Airframe
                                         Warranties Agreement").

 

		2.	The Airline hereby gives notice that the leasing of the
Aircraft under the Sublease has ended or has been terminated pursuant to the provisions thereof.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you provide your confirmation in the form of the Warranty Confirmation that the Remaining Warranties
shall, from the date of the Warranty Confirmation, be extended to the Airline in accordance with the terms of the Airframe Warranties
Agreement.

 

This Notice shall be governed by and construed in accordance
with laws of France.

 

	 	LATAM AIRLINES GROUP S.A.
	 	 	 
	 	By:	             
	 	 	Name:
	 	 	Title:

 

 

4 Delete as appropriate

 

    	 	-12-	 

     

    

 

PART B

FORM OF ENFORCEMENT NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

Attn: Head of Contracts Customer Services

 

		Copy:	LATAM Airlines Group S.A. (the "Airline")

Attn: General Counsel/Corporate Finance Director

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

Attn: Contracts Director

 

		Copy:	[Parina Leasing
Limited/Rayador Leasing Limited/Cuclillo Leasing 

Limited/Canastero Leasing Limited]

Attn: Wanda Ebanks

 

____________ 20____

 

One (1) Airbus [A321/A350] Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited], the Airline, the Sublessee and Wilmington Trust Company as Loan Trustee dated____________201[•] (the "Airframe
Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed
by the Loan Trustee in accordance with the provisions of the Financing Agreements following a Lease Event of Default which has
occurred and is continuing and that the Loan Trustee is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you to provide your confirmation in the form of the Warranty Confirmation that the Remaining
Warranties shall, from the date of the Warranty Confirmation, be extended to the Loan Trustee in accordance with the terms of
the Airframe Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of France.

 

	 	WILMINGTON TRUST COMPANY, not in its
	 	individual capacity but solely as Loan Trustee,

 as Loan Trustee
	 	 	 
	 	By:	        
	 	 	Name:
	 	 	Title:

 

    	 	-13-	 

     

    

 

PART C

FORM OF LESSOR NOTICE TO MANUFACTURER

 

		To:	Airbus S.A.S.

Attn: Head of Contracts Customer Services

 

		Copy:	LATAM Airlines Group S.A. (the "Airline")

Attn: General Counsel/Corporate Finance Director

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

Attn: Contracts Director

 

		Copy:	Wilmington Trust Company (the "Loan Trustee")

Attn: [•]

 

____________ 20____

 

One (1) Airbus [A321/A350] Aircraft MSN [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the airframe warranties agreement between Airbus S.A.S., [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero
Leasing Limited], the Airline, the Sublessee and Wilmington Trust Company, not in its individual capacity but solely as Loan Trustee
dated201[•] (the "Airframe Warranties Agreement").

 

		2.	We hereby give notice that the Aircraft has been repossessed
by the Lessor in accordance with the provisions of the Financing Agreements following a Lease Event of Default which has occurred
and is continuing and that the Lessor is entitled to the benefit of the Remaining Warranties.

 

		3.	In accordance with Section 3 (Covenant) of the Airframe
Warranties Agreement, we request you to provide your confirmation in the form of the Warranty Confirmation that the Remaining
Warranties shall, from the date of the Warranty Confirmation, be extended to the Lessor in accordance with the terms of the Airframe
Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of France.

 

	 	[PARINA LEASING LIMITED/RAYADOR

 LEASING LIMITED/CUCLILLO LEASING

 LIMITED/CANASTERO LEASING LIMITED]
	 	as Lessor
	 	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

    	 	-14-	 

     

    

 

SCHEDULE 2

FORM OF WARRANTY CONFIRMATION BY THE MANUFACTURER

 

		To:	(1)           Wilmington Trust Company, not in its individual
capacity but solely as Loan Trustee (the "Loan Trustee")

 

(2)           [Parina
Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited]
(the "Lessor")

 

(3)           LATAM Airlines Group S.A. (the "Airline")

 

(4)           TAM Linhas Aéreas S.A. (the "Sublessee")

 

____________ 20____

 

One (1) Airbus A321-211 Aircraft MSN 6414 (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the Airframe Warranties Agreement between Airbus S.A.S. (the "Manufacturer"), the Lessor, the Airline, the
Sublessee and the Loan Trustee dated [•] 201[•] (the "Airframe Warranties Agreement").

 

		2.	The Manufacturer hereby acknowledges receipt of a Notice
dated20 from [insert name of relevant party] whereby it was advised by the [Airline/Loan Trustee/Lessor] that
[the leasing of the Aircraft under the Sublease has ended or expired][the Aircraft has been repossessed by the [Loan Trustee][the
Lessor] in accordance with the provisions of the Financing Agreements][[ Accordingly, the Manufacturer hereby confirms that, from
the date hereof, the Remaining Warranties shall be made available to [insert name of relevant party].

 

		3.	The Warranty Confirmation given by the Manufacturer in
the preceding paragraph is given upon and subject to the provisions of the Airframe Warranties Agreement.

 

		4.	This Warranty Confirmation shall be governed by and construed
in accordance with the laws of France.

 

	 	AIRBUS S.A.S.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	-15-	 

     

    

 

SCHEDULE 3

THE WARRANTIES

  

    	 	-16-	 

     

    

 

EXECUTION PAGE

AIRFRAME WARRANTIES AGREEMENT MSN 6414

 

THE MANUFACTURER

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	AIRBUS S.A.S.	)

 

THE LESSOR

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	[PARINA LEASING LIMITED/RAYADOR LEASING LIMITED/CUCLILLO LEASING LIMITED/CANASTERO LEASING LIMITED])

 

THE AIRLINE

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	LATAM AIRLINES GROUP S.A.	)

 

THE SUBLESSEE

 

	SIGNED by	)
	duly authorised for and	)
	on behalf of	)
	TAM LINHAS AÉREAS S.A.	)

 

THE LOAN TRUSTEE

 

	SIGNED by	)
	and	)
	duly authorised for and	)
	on behalf of	)
	WILMINGTON TRUST COMPANY,	)
	not in its individual capacity	)
	but solely as Loan Trustee	)

 

     

     

    

 

EXHIBIT M-1 to

NOTE PURCHASE AGREEMENT

 

FORM OF ENGINE WARRANTIES AGREEMENT (ROLLS ROYCE)

 

[Attached.]

 

     

     

    

 

Form Document

 

DATED:_____________, 201[•]

 

BETWEEN

 

(1)
ROLLS-ROYCE PLC

 

AND

 

(2) LATAM
AIRLINES GROUP S.A.

 

AND

 

(3) [RAYADOR
LEASING LIMITED/ CANASTERO LEASING LIMITED]1 

 

AND

 

(4)
WILMINGTON TRUST COMPANY

 

 

 

ENGINE WARRANTY AGREEMENT

relating to two Rolls-Royce model Trent
[XWB-84/1000]

 engines

DEG [•]

 

 

 

 

1 Delete as appropriate

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	INTERPRETATION.	1
	 	 	 
	2.	REPRESENTATIONS AND WARRANTIES	2
	 	 	 
	3.	LESSEE WARRANTY	2
	 	 	 
	4.	GRANT OF WARRANTIES	3
	 	 	 
	5.	RECOGNITION OF RIGHTS TO LEASE ENGINES	6
	 	 	 
	6.	TRANSFER	6
	 	 	 
	7.	MISCELLANEOUS	6
	 	 	 
	8.	NOTICES	8
	 	 	 
	9.	LAW AND JURISDICTION	9
	 	 	 
	SCHEDULE 1 INTERPRETATION	12
	 	 	 
	SCHEDULE 2 NOTICES	15
	 	 	 
	SCHEDULE 3 WARRANTIES	16
	 	 	 
	SCHEDULE 4 NOTICE OF ASSIGNMENT RELATING TO ENGINE WARRANTY AGREEMENT DEG [•]	17

 

    	 	-i-	 

     

    

 

ENGINE WARRANTY AGREEMENT

 

DATED:___________, 201[•]

 

PARTIES:

 

		(1)	ROLLS-ROYCE plc, a company incorporated in England (company
number 1003142), whose registered office is 62 Buckingham Gate, London, SW1E 6AT, England ("Rolls-Royce");

 

		(2)	LATAM AIRLINES GROUP S.A. (formerly having the legal name
LAN Airlines S.A. and doing business as LAN Airlines), a sociedad anónima organized under the laws of the Republic of Chile,
whose principal place of business is at Edificio Huidobro, Avda. Presidente Riesco 5711 Piso 20, Las Condes, Santiago, Chile ("Lessee");

 

		(3)	[RAYADOR LEASING
                                         LIMITED/CANASTERO LEASING LIMITED] 2 ,
                                         a company incorporated and existing under the laws of the Cayman Islands having its registered
                                         office at c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman,
                                         KY1-1104, Cayman Islands ("Lessor"); and

 

		(4)	WILMINGTON TRUST COMPANY, not in its individual capacity,
but solely as Loan Trustee, a company organized under the laws of the State of Delaware whose principal place of business is at
1100 North Market Street, Wilmington, Delaware 19890-1605 ("Loan Trustee")

 

each a "Party" and together the "Parties".

 

BACKGROUND:

 

		(A)	Lessee has entered into a purchase agreement with the Airframer,
for the purchase of the Aircraft. The Lessee has agreed to assign to the Lessor its rights to purchase the Aircraft.

 

		(B)	The Lessor has agreed
to lease the Aircraft to the Lessee pursuant to the Lease Agreement [MSN[•]] dated as of_________, 201[•].

 

		(C)	Rolls-Royce has, inter alia, granted certain warranties
relating to the Supplies to the Lessee.

 

		(D)	Rolls-Royce has agreed to extend to the Transaction Parties
the benefit of the Warranties on the terms set out in this Agreement.

 

AGREED TERMS:

 

		1.	INTERPRETATION

 

The definitions and rules of interpretation set out in Schedule
1 (Interpretation) apply in this Agreement.

 

 

2 Delete as appropriate

 

    	 	-1-	 

     

    

 

		2.	REPRESENTATIONS AND WARRANTIES

 

		2.1	General

 

Each Party makes the following representations
and warranties to the other Parties:

 

		(a)	It is a limited liability company, sociedad anónima
(S.A.) or corporation, as applicable, duly incorporated and validly existing under the laws of its jurisdiction of incorporation
and, if relevant under such laws, in good standing;

 

		(b)	It has the power to enter into, perform and deliver,
and has taken all necessary action to authorise its entry into, performance and delivery of, this Agreement and the transactions
contemplated by it;

 

		(c)	The entry into and performance by it of, and the transactions
contemplated by, this Agreement do not and will not conflict with:

 

		(i)	any Law applicable to it;

 

		(ii)	its constitutional documents; or

 

		(iii)	any agreement or instrument binding upon it or any
of its assets;

 

		(d)	The obligations expressed to be assumed by it in this
Agreement are legal, valid and binding obligations, enforceable in accordance with their terms (except as enforceability may be
limited by bankruptcy, insolvency, reorganisation or other laws of general application affecting the enforcement of creditors'
rights).

 

		3.	LESSEE WARRANTY

 

		3.1	Acknowledgement of Lessee Warranty

 

Rolls-Royce and Lessee confirm that through
the Customer Agreement, Rolls-Royce has granted to the Lessee and the Lessee has accepted certain warranties (the "Lessee
Warranty") relating to the Supplies.

 

		3.2	Applicability of Lessee Warranty

 

The Lessee acknowledges that:

 

		(a)	Where a Transaction Party has an interest in the relevant
item of Supplies, Lessee will only be entitled to receive any benefit under the Lessee Warranty, whilst it is the Operator of
such Supplies;

 

		(b)	The Lessee Warranty is subject always to the terms of any
other agreement between Lessee and any company in the Rolls-Royce Group relating to Supplies;

 

    	 	-2-	 

     

    

 

		(c)	Upon receipt by Rolls-Royce of a notice from Lessor or
Loan Trustee that (as applicable), Lessor or Loan Trustee is now the Operator, Lessee's rights and Rolls-Royce's obligations under
the Lessee Warranty will be suspended in respect of the applicable Supplies until such time as Rolls-Royce receives a notice from
Lessor and/or Loan Trustee (as applicable) confirming that Lessee is the Operator of such Supplies;

 

		(d)	To the extent that Rolls-Royce has provided any warranty
benefit to a Transaction Party in accordance with this Agreement, Rolls-Royce will have no obligation to provide any benefit to
the Lessee under the Lessee Warranty.

 

		4.	GRANT OF WARRANTIES

 

		4.1	Grant of Warranty

 

		(a)	In consideration of the sum of £1 paid by each
of the Transaction Parties to Rolls-Royce (the receipt and adequacy of which is hereby acknowledged) and the terms of this Agreement,
Rolls-Royce grants to each of the Transaction Parties the Warranties in respect of Supplies.

 

		(b)	Nothing in this Agreement will oblige Rolls-Royce
to perform its obligations in respect of the Warranties in favour of any person (including without limitation a Transaction Party)
that is not the Operator.

 

		4.2	Benefit of Warranty

 

Rolls-Royce, Lessee and each of the Transaction Parties agree
that:

 

		(a)	Subject to Clause 4.3, following a notice from Lessor
or Loan Trustee that Lessee is no longer the Operator, Rolls-Royce will perform its obligations in respect of the Warranties in
favour of Lessor to the exclusion of Lessee and the Loan Trustee.

 

		(b)	Subject to Clause 4.3, following a notice from Loan
Trustee that:

 

		(i)	A Lease Event of Default under the Lease has occurred
and is continuing; and

 

		(ii)	the Loan Trustee has exercised its rights under the
Indenture;

 

unless and until such notice is rescinded,
Rolls-Royce will perform its obligations in respect of the Warranties in favour of Loan Trustee to the exclusion of Lessor and
Lessee.

 

		(c)	Lessor will provide notice to Rolls-Royce when the
Transaction Parties no longer have any interest in the Supplies. Following such notice, all the rights of Lessor and the Loan
Trustee under this Agreement will terminate.

 

		(d)	Loan Trustee will provide notice to Rolls-Royce when:

 

		(i)	the sums secured by the Indenture have been paid;
or

 

		(ii)	the Indenture has been discharged; or

 

    	 	-3-	 

     

    

 

		(iii)	Loan Trustee has no further rights or interest in
the Supplies.

 

Following such notice all the rights of Loan Trustee under this
Agreement will terminate.

 

		(e)	Notwithstanding the termination of or expiry of the rights
of any of the Transactions Parties rights under this Agreement, this Agreement will continue to regulate the mutual rights and
obligations of the applicable Parties for the period from the date of this Agreement until such termination or expiry.

 

		4.3	Conditions of Warranty

 

Rolls-Royce's obligations under the Warranties
are subject always to the terms of this Agreement and are conditional upon the Operator's compliance with and performance of the
conditions and obligations contained in the Warranties.

 

		4.4	Inconsistent Notices

 

		(a)	If Rolls-Royce receives inconsistent notices from
the Lessor and the Loan Trustee, any notice served by Loan Trustee will prevail over any served by the Lessor, provided that
Rolls-Royce will be entitled to comply with any notice served by any Transaction Party, and will be under no obligation to
any other Transaction Party, until effective service of an inconsistent notice.

 

		(b)	Rolls-Royce will be entitled to rely on any notice
referred to in Clause 4.2 without enquiring as to the validity of the facts specified in such notice or incurring any liability
in relation to such reliance. Rolls-Royce will have no responsibility to determine, investigate or verify which other party is
the Operator at any given time and subject to Clause 4.4(a), may rely upon notices received from any Transaction Party setting
forth the identity of the Operator for the time being. This will be without prejudice to Clause 4.1(b).

 

		4.5	Priority of Claims

 

		(a)	Failure by any Transaction Party to give notice of a claim
under the Warranties to Rolls-Royce while it is the Operator of the Supplies will not prejudice or affect the rights of any other
Transaction Party to enforce such claim at any time when it is the Operator of the Supplies.

 

		(b)	If any Transaction Party makes a claim under the Warranties,
but another Transaction Party is the Operator of the Supplies on the date on which the benefits of the Warranties under such claim
are to be provided, such benefits will be provided by Rolls-Royce to such subsequent Operator to the exclusion of the Transaction
Party which made the original claim.

 

		(c)	Each Transaction Party agrees for the benefit of Rolls-Royce
that with respect to any claim made under the Warranties, Rolls-Royce will under no circumstances be required to make a payment
or provide a benefit to more than one Transaction Party.

 

    	 	-4-	 

     

    

 

		4.6	Assignment of Warranty to Third Parties

 

		(a)	Rolls-Royce agrees with each Transaction Party that, on
receiving notice from time to time from a Transaction Party that such Transaction Party wishes to assign absolutely and with full
title guarantee all of its rights, title and interest, present and future, in and to the Warranties to a person other than a Transaction
Party, Rolls-Royce will, upon receipt and acceptance (such acceptance not to be unreasonably withheld) of a duly executed Notice
of Assignment, permit such assignment of the Warranties.

 

		(b)	Each Transaction Party will inform any such person or any
other person to whom the Transaction Party may intend to assign its rights in the Warranties:

 

		(i)	that such person will need to agree to the terms of and
execute the Notice of Assignment and deliver the same to Rolls-Royce; and

 

		(ii)	of such person’s inability to claim against Rolls-Royce
in respect of the Warranties unless it executes and delivers the Notice of Assignment to Rolls- Royce and such Notice of Assignment
is accepted by Rolls-Royce.

 

		4.7	Limitation of Liability

 

		(a)	Transaction Parties' remedy for Rolls-Royce's breach (including
repudiatory breach) of, or failure to perform, any obligation under this Agreement is as set out in this Agreement and not otherwise.

 

		(b)	Transaction Parties' entitlement to the Warranties in respect
of the Supplies and all other rights and privileges granted by this Agreement, are in lieu of and to the exclusion of any other
right or cause in action in contract (including negligent breach of contract), tort (including negligence and product liability
whether strict or otherwise) or under statute or any other legally recognised cause of action or liability whatsoever.

 

		(c)	The protection afforded by this Clause 4.7 extends to,
and for the benefit of, Rolls-Royce's servants and agents and any Supplier, and Clause 7.8 must be construed accordingly.

 

		(d)	Nothing in this Agreement will exclude or limit any liability
on the part of Rolls-Royce other than to the extent permissible by Law. To the extent that any part of this Agreement has such
effect the Parties agree to replace such part of this Agreement with provisions modified to the extent necessary to ensure such
exclusion or limitation is permissible by Law, but no further.

 

		(e)	Transaction Parties and Rolls-Royce agree that this Agreement
has been the subject of negotiation at arms' length between sophisticated Parties with assistance of counsel, is fully understood
by each, and that the agreements of the Parties set out in this Agreement have been arrived at having regard to:

 

		(i)	the terms of this Agreement;

 

		(ii)	the express Warranties given by Rolls-Royce and Transaction
Parties' rights under this Agreement; and

 

    	 	-5-	 

     

    

 

		(iii)	the exclusions, waivers and limitations of liability
set out in this Agreement.

 

		5.	RECOGNITION OF RIGHTS TO LEASE ENGINES

 

Each Transaction Party acknowledges that
from time to time, Rolls-Royce or a member of the Rolls-Royce Group (the "Engine Provider") may make a Lease Engine
available for the non-exclusive use of the Lessee and that Lessee may install such Lease Engine on the Aircraft. In consideration
of the benefits associated with the use of the Lease Engines on the Aircraft, Lessor and Loan Trustee agree to:

 

		(a)	recognise the rights of the Engine Provider and its creditors'
rights and interests in any Lease Engine installed on the Aircraft; and

 

		(b)	not claim or assert, as against the Engine Provider or
its creditors, any right, title or interest in any Lease Engine arising by virtue of the installation of any such Lease Engine
on the Aircraft.

 

		6.	TRANSFER

 

Subject to Clause 4.6, no Party will assign,
transfer or part with any of its rights or obligations under this Agreement without the prior written consent of the other Parties.

 

		7.	MISCELLANEOUS

 

		7.1	Further Assurance

 

Each Party agrees from time to time to
promptly do and perform such other and further acts and execute and deliver all such other instruments as may be required by Law
to carry out and effect the intent and purpose of this Agreement, all at the expense of the Party requesting such acts and instruments.

 

		7.2	Expenses

 

Each Party will pay its own charges and
expenses incurred by it in the negotiation, preparation, execution and registration of this Agreement.

 

		7.3	Waiver, remedies cumulative

 

The rights of each Party under this Agreement
may be exercised as often as needed, are cumulative and apply in addition to its rights under the general Law and may be waived
only in writing and specifically. Not exercising or delay in exercising any right is not a waiver of that right.

 

		7.4	Severability

 

If a term of this Agreement is or becomes
illegal, invalid or unenforceable in any jurisdiction in relation to any Party, that will not invalidate the remaining provisions
of this Agreement or affect the legality, validity or enforceability of that or any other provision in any other jurisdiction.

 

    	 	-6-	 

     

    

 

		7.5	Counterparts

 

This Agreement may be executed in any number
of separate counterparts by the Parties, and by each Party on separate counterparts. Each counterpart is an original but all counterparts
will together constitute one and the same instrument.

 

		7.6	Variation

 

The provisions of this Agreement may not
be varied otherwise than by written agreement between the Parties.

 

		7.7	Survival

 

The provisions of Clauses 4.7 (Limitation
of Liability), 7 (Miscellaneous), 8 (Notices) and 9 (Law and Jurisdiction) and Schedule 3 (Warranties)
will survive the expiration or termination of this Agreement, and will continue in full force and effect

 

		7.8	Contract (Rights of Third Parties) Act 1999

 

A person who is not a Party, other than
a person contemplated by Clause 4.7(c) (Limitation of Liability) or with respect to Clause 5 (Recognition of Rights to
Lease Engines) an Engine Provider, will have no rights under the Contract (Rights of Third Parties) Act 1999 to enforce any
term of this Agreement. No consent of any third party is needed for any amendment (including any release or compromise of any liability)
or termination of this Agreement.

 

		7.9	Entire agreement

 

		(a)	This Agreement (and with respect to the Lessee and Rolls-Royce
the Customer Agreement) constitutes the entire agreement between the Parties with respect to its subject matter.

 

		(b)	Rolls-Royce assumes no contractual obligation with respect
to the Supplies other than as expressly set out in this Agreement (and with respect to the Lessee and Rolls-Royce the Customer
Agreement), whether arising under any condition or warranty of merchantability, fitness or quality or any other contractual condition
or warranty express or implied by statute or otherwise.

 

		(c)	Rolls-Royce assumes no collateral duty in tort or negligence
to any other Party with respect to the Supplies.

 

		(d)	No Party has placed any reliance on any representations,
agreements, statements or understandings made prior to the signature of this Agreement, whether orally or in writing, relating
to the Supplies other than those expressly incorporated in this Agreement (and with respect to the Lessee and Rolls- Royce the
Customer Agreement), which has been negotiated on the basis that its terms represent their entire agreement relating to Supplies
and supersede all such representations, agreements, statements and understandings.

 

		(e)	Neither Party may place any reliance on any and all future
representations whatsoever in respect of the performance of this Agreement unless expressly agreed by the Parties in writing to
form a part of this Agreement. It is not the intention of this Clause 7.9 to exclude the liability of any Party for fraudulent
misrepresentation.

 

    	 	-7-	 

     

    

 

		7.10	Precedence

 

If there is any conflict or inconsistency between the terms
of this Agreement and the terms of the Warranty, then the terms of the Warranty will prevail.

 

		8.	NOTICES

 

		8.1	Communications in writing

 

		(a)	Subject to Clause 8.1(b), any notice given to a Party
under or in connection with this Agreement will be in writing and, unless otherwise stated, may be given in person, by certified
post or by fax.

 

		(b)	If provisions of this Agreement specify other methods
or recipients of communication between the Parties, then the terms of those provisions will apply.

 

		8.2	Contact Details

 

		(a)	The addresses for delivery of a notice in connection
with this Agreement for each Party are set out in Schedule 2 (Notices).

 

		(b)	A Party may change its contact details by giving five
Business Days' notice to the other Parties.

 

		(c)	Where a Party nominates a particular department or
officer to receive a communication, a communication will not be effective if it fails to specify that department or officer.

 

		8.3	Effectiveness

 

Any notice given in connection with this Agreement will only
be effective:

 

		(a)	if delivered in person, when delivered;

 

		(b)	if by commercial courier service or recorded delivery,
on the date and at the time of signature of the courier's delivery receipt or the recorded delivery receipt; and

 

		(c)	if by fax, when received in legible form.

 

		(d)	For the purposes of this Clause 8.3 the following will
apply:

 

		(i)	where delivery occurs after 6:00 p.m. on a Business Day
or at any time on a day which is not a Business Day, service will be deemed to occur at 9:00 a.m. on the next following Business
Day; and

 

		(ii)	all times are to be read as local time in the place of
deemed receipt.

 

    	 	-8-	 

     

    

 

		(e)	The provisions of this Clause 8.3 will not apply to the
service of any proceedings or other documents in any legal or arbitral proceedings.

 

		(f)	A notice required to be given under or in connection with
this Agreement is not validly given if sent by e-mail.

 

		(g)	References to time in this Clause 8.3 are to local time
in the country of the addressee.

 

		8.4	English language

 

		(a)	Any notice given in connection with this Agreement will
be in English.

 

		(b)	Any other document provided in connection with this Agreement
will be in English or accompanied by a certified English translation. In this case, the English translation prevails unless the
document is a statutory or other official document.

 

		9.	LAW AND JURISDICTION

 

		9.1	Governing law

 

This Agreement and any non-contractual obligations arising out
of or in relation to it are governed by, and are to be construed in accordance with, English law.

 

		9.2	Jurisdiction

 

		(a)	For the exclusive benefit of Rolls-Royce, each of Lessee
and the Transaction Parties irrevocably submits to the non-exclusive jurisdiction of the courts of England and Wales over any
claim or matter arising under or in connection with this Agreement.

 

		(b)	Nothing in this Clause 9 limits Rolls-Royce's right to
take legal action under this Agreement in any other courts with jurisdiction. To the extent allowed by law, Rolls-Royce may take:

 

		(i)	proceedings in any other court; and

 

		(ii)	concurrent proceedings in any number of jurisdictions.

 

		(c)	Each Party:

 

		(i)	waives any objection to the courts of England on grounds
of inconvenient forum or otherwise as regards proceedings in connection with this Agreement; and

 

		(ii)	agrees that a judgment or order or a court of England in
connection with this Agreement will be binding on it and may be enforced against it in the courts of any other jurisdiction; and

 

    	 	-9-	 

     

    

 

		(iii)	represents and warrants that is subject to civil and commercial
law with respect to its obligations under this Agreement and that neither it nor its assets enjoys any right of immunity from
set-off, suit or execution in respect of its obligations under this Agreement and it hereby waives any immunity it may have inconsistent
with the foregoing.

 

		9.3	Process Agent

 

		(a)	Lessee irrevocably appoints the Lessee's Process Agent
as its process agent under this Agreement for service of process in any proceedings before the English courts. Service of process
will be deemed complete on delivery to such agent (whether or not it is forwarded to and received by Lessee). If any person appointed
as process agent is unable for any reason to act as agent for service of process, Lessee must immediately appoint another agent
on terms acceptable to Rolls-Royce. Failing this, Rolls-Royce may appoint another agent for this purpose. Lessee agrees that failure
by a process agent to notify it of any process will not invalidate the relevant proceedings. This clause does not affect any other
method of service allowed by Law.

 

		(b)	Lessor irrevocably appoints the Lessee's Process Agent
as its process agent under this Agreement for service of process in any proceedings before the English courts. Service of process
will be deemed complete on delivery to such agent (whether or not it is forwarded to and received by Lessor). If any person appointed
as process agent is unable for any reason to act as agent for service of process, Lessor must immediately appoint another agent
on terms acceptable to Rolls-Royce. Failing this, Rolls-Royce may appoint another agent for this purpose. Lessor agrees that failure
by a process agent to notify it of any process will not invalidate the relevant proceedings. This clause does not affect any other
method of service allowed by Law.

 

		(c)	Loan Trustee irrevocably appoints the Lessee's Process
Agent as its process agent under this Agreement for service of process in any proceedings before the English courts. Service of
process will be deemed complete on delivery to such agent (whether or not it is forwarded to and received by Loan Trustee). If
any person appointed as process agent is unable for any reason to act as agent for service of process, Loan Trustee must immediately
appoint another agent on terms acceptable to Rolls-Royce. Failing this, Rolls-Royce may appoint another agent for this purpose.
Loan Trustee agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings.
This clause does not affect any other method of service allowed by Law.

 

    	 	-10-	 

     

    

 

	
        Signed for and on behalf of:

        ROLLS-ROYCE plc
	 	
        Signed for and on behalf of:

        LATAM AIRLINES GROUP S.A.

	 	 	 
	By:	 	 	By:	 
	Printed:	 	 	Printed:	 
	Title:	 	 	Title:	 
	 	 	 
	Signed for and on behalf of:

 [RAYADOR LEASING LIMITED	 	Signed for and on behalf of: 

WILMINGTON TRUST COMPANY
	/CANASTERO LEASING LIMITED]	 	
        not in its individual capacity but solely

        as Loan Trustee

	 	 	 
	By:	 	 	By:	 
	Printed:	 	 	Printed:	 
	Title:	 	 	Title:	 

 

    	 	-11-	 

     

    

 

SCHEDULE 1

 

INTERPRETATION

 

		1.1	Definitions

 

In this Agreement:

 

"Affiliate" means as to
any person, any other person that, directly or indirectly, is in control of, is controlled by, or is under common control with,
such person (for purposes of this definition, "control" of a person means the power, directly or indirectly, either to
(a) vote 50% or more of the securities having ordinary voting power for the election of directors (or persons performing similar
functions) of such person or (b) direct or cause the direction of the management and policies of such person, whether by contract
or otherwise;

 

"Aircraft" means the [Airbus
A350/Boeing 787-9] type aircraft with manufacturer's serial number [•] and registration mark [•] powered by the Engines;

 

"Airframer" means [The
Boeing Company/Airbus S.A.S.];

 

"Business Day" means any
day other than a Saturday, Sunday or day on which commercial banks are required or authorised to close in New York, New York and
Santiago, Chile;

 

"Customer Agreement" means
the General Terms Agreement No. DEG [•] dated [•] between the Engine Manufacturer and Lessee in respect of the applicable
Engines,

 

"Engine(s)" means the
Rolls-Royce model Trent [XWB-84/1000] engines with Rolls- Royce serial numbers [•] and [•];

 

"Engine Provider" has
the meaning given in Clause 5;

 

"Group" means in relation
to a company, that company and all other Affiliates of that company; and each company in a group is a member of that group. Unless
the context requires otherwise, the application of the definition of Group to any company at any time applies to the company as
it is at that time;

 

"Indenture" shall mean
that certain indenture and Indenture [MSN] dated on or about the date of the Lease between the Lessor and the Loan Trustee, as
the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, including by
any indenture supplement executed and delivered pursuant to the Indenture;

 

"Law" means all rules
and regulations (regardless of its source), including judicial or administrative interpretation thereof, in force from time to
time;

 

"Lease Agreement"
shall mean the lease agreement [MSN [•]] dated as of ___________, 201[•] between Lessor and Lessee, as supplemented by each Lease
Supplement and "Lease" will be construed accordingly;

 

    	 	-12-	 

     

    

 

"Lease Engine" means an
engine which is not owned by Lessee and which is made available by the Rolls-Royce Group for the use of Lessee;

 

"Lease Event of Default"
means an event of default under the Lease Agreement;

 

"Lessee's Process Agent"
means the person from time to time appointed by the Lessee as its agent for service of process in the United Kingdom pursuant to
the Companies Act 2006 of the United Kingdom of Great Britain and Northern Ireland;

 

"Lessee Warranty" has
the meaning given in Clause 3.1;

 

“Notice of Assignment”
means the notice of assignment contained in Schedule 4 (Notice of Assignment).

 

"Operator" means the Transaction
Party having the right for the time being to immediate possession, use, enjoyment, management and operation of the Engines;

 

"Part" means any Engine
part manufactured or supplied by Rolls-Royce or a source approved by Rolls-Royce;

 

"Supplier" means Rolls-Royce,
its servants and agents, and any person engaged directly or indirectly in the supply of Parts or Used Parts to Operator or in the
provision of goods or services for that purpose, whether as subcontractor or supplier to Rolls-Royce or otherwise;

 

"Supplies" means any equipment
in the possession of Transaction Party (including the Engines and Parts), which falls into the categories of the Warranties.

 

"Transaction Parties"
means together Lessor and Loan Trustee and "Transaction Party" will be construed accordingly;

 

"Used Part(s)" means parts
purchased by Operator directly from Rolls-Royce which are used and serviceable;

 

"Warranties" means the
warranties contained in Schedule 3 (Warranties) and "Warranty" will be construed accordingly.

 

		1.2	Construction:

 

In this Agreement any reference to:

 

	(a)	(i)	 this Agreement or another document is a reference to
this Agreement or other document as amended (but without prejudice to any prohibition on amending this Agreement);

 

		(ii)	an "amendment" includes an amendment,
supplement, novation, re-enactment, replacement, restatement or variation and "amend" will be construed accordingly;

 

    	 	-13-	 

     

    

 

		(iii)	a clause, a sub-clause or a schedule is a reference to
a clause or sub-clause of, or a schedule to, this Agreement;

 

		(iv)	a currency is a reference to the lawful currency for the
time being of the relevant country;

 

		(v)	"include", "includes",
"including" or similar terms will not be construed as exclusive or limiting examples of the matters in question
and will mean "including, without limitation";

 

		(vi)	"incorporation" includes the formation
or establishment of a partnership or any other person and "incorporate" will be construed accordingly;

 

		(vii)	"jurisdiction of incorporation" includes
any jurisdiction under the laws of which a person is incorporated;

 

		(viii)	a "person" includes any individual, partnership,
consortium, joint venture, trust, company, corporation, government, state, agency, committee, department, authority and other
bodies, corporate or unincorporated whether having distinct legal personality or not;

 

		(ix)	a "regulation" includes any regulation,
rule, official directive, request or guideline in each case whether or not having the force of law but, if not having the force
of law, being of a type the compliance with which is in accordance with the general practice of the persons to whom it is addressed
of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority
or organisation;

 

		(x)	a provision of any Law is a reference to that provision
as extended, re-enacted, applied or amended and includes any subordinate legislation;

 

		(xi)	a Party or any other person includes its successors in
title, permitted assigns and permitted transferees;

 

		(xii)	this Agreement includes the Schedules;

 

		(xiii)	words imparting the singular include the plural and vice
versa;

 

		(xiv)	one gender will include a reference to the other genders;

 

		(xv)	the word "month" or "months" must be
construed as a reference to any period starting on one day in a calendar month and ending on the numerically corresponding day
in the next calendar month (or in the case of a period of two or more months, the numerically corresponding day in the final such
month) or, if any such period ends on a day which is not a Business Day, it will end on the next succeeding Business Day; provided
that if any such period starts on the last Business Day in a calendar month or if there is no numerically corresponding day
in the calendar month in which such period ends, such period will end on the last Business Day in that later calendar month; and

 

		(xvi)	all times are to be read as local time in the place of
deemed receipt.

 

		(b)	The Table of Contents and headings in this Agreement do
not affect its interpretation.

 

    	 	-14-	 

     

    

 

SCHEDULE 2

 

NOTICES

 

The following are the notice details for each Party.

 

Rolls-Royce plc

PO Box 31

Moor Lane

Derby

England

DE24 8BJ

		Contact:	Commercial Executive – Customer Team

		Fax:	+44 (0)1332 245490

 

For the Lessee:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avda. Presidente Riesco 5711

Piso 20

Las Condes, Santiago

Chile

		Attention:	Corporate Finance Director/General Counsel

		Fax:	+ 56 22 565 8764

 

With a copy to:

 

Email: GrupoTesoreriaPagosChile_2@lanchile.com

(it being agreed
that such electronic notification shall

not constitute notice under Section 8)

 

For the Lessor:

 

[Rayador Leasing Limited/Canastero Leasing Limited]

c/o MaplesFS
Limited

PO Box 1093

Queensgate House

George Town

Grand Cayman

KY1-1102

Cayman Islands

 

Attention: Wanda Ebanks

 

Facsimile: +1 345 949 8080

 

For the Loan Trustee:

 

Wilmington Trust Company

1100 North Market Street

Wilmington, DE 19890-1605

		Attention:	Corporate Trust Administration

		Telephone:	302-636-6000

		Fax:	302-636-4140

 

    	 	-15-	 

     

    

 

SCHEDULE 3

 

WARRANTIES3

 

 

 

3 To be inserted depending on Engine type

 

    	 	-16-	 

     

    

 

SCHEDULE 4

 

NOTICE OF ASSIGNMENT RELATING TO ENGINE WARRANTY AGREEMENT
DEG [•]

 

To:

 

Rolls-Royce plc (“Rolls-Royce”)

65 Buckingham
Gate

London SW1E 6AT

England

 

From:

 

[                ] (the “Assignor”)

 

And:

 

[                ] (the “Assignee”)

 

Dated:____________201[•]

 

Capitalised terms, unless defined herein
or as the context otherwise requires, shall have the meanings given to them in the engine warranty agreement dated as of,
201[•] between Rolls-Royce, LATAM Airlines Group S.A., [Rayador Leasing Limited/Canastero Leasing Limited] and Wilmington
Trust Company, not in its individual capacity but solely as Loan Trustee (the “EWA”), a copy of which is attached
hereto.

 

		1.	The Assignor and the Assignee have entered into the “Indenture”
whereby the Assignor granted security over the Engines covered to the extent under the EWA.

 

		2.	The Assignor and the Assignee acknowledge that Rolls-Royce
and the Assignor amongst others parties entered into the EWA.

 

		3.	The Assignor hereby gives Rolls-Royce notice that by means
of the Indenture, the Assignor has assigned absolutely and with full title guarantee all of its right, title and interest, present
and future, in and to the Warranties (together, the “Assigned Rights”) to the Assignee, the validity of such
assignment being subject to the express written consent of Rolls-Royce which consent is provided by Rolls-Royce executing the
attached copy of this Notice of Assignment.

 

		4.	The Assignor and the Assignee each warrant that the assignment
of the Assigned Rights as provided in paragraph 3 above shall not result in any increased obligation or liability on the part
of Rolls-Royce under the EWA.

 

		5.	The Assignee acknowledges and agrees that all references
to the Assignor in the EWA (whether individually or collectively as a Transaction Party) shall from the date of acceptance by
Rolls-Royce of this Notice of Assignment apply to the Assignee.

 

		6.	The Assignee expressly and irrevocably agrees to be bound
by all of the terms, conditions and limitations set forth in the EWA, and in particular clause 4.7 (Limitation of Liability)
thereof, without exception or reservation, as if the Assignee were the original contracting party, and, subject to Rolls-Royce
retaining all of its rights and entitlements under the EWA.

 

    	 	-17-	 

     

    

 

		7.	Upon execution by Rolls-Royce of this notice of assignment,
Rolls-Royce shall be released from any further obligation to the Assignor under the EWA.

 

		8.	This notice and the instructions herein contained are irrevocable.

 

		9.	This notice shall be governed by and construed in accordance
with the laws of England and Wales.

 

		10.	For the exclusive benefit of Rolls-Royce, each of Assignor
and Assignee irrevocably submits to the exclusive jurisdiction of the courts of England and Wales over any claim or matter arising
under or in connection with this Notice of Assignment. Nothing in this paragraph 10 limits Rolls-Royce’s right to take legal
action under this Notice of Assignment in any other courts with jurisdiction.

 

    	 	-18-	 

     

    

 

	Executed by and on behalf of Assignor: 	 
	 	 
	By:	 	 
	 	 	 
	Printed	 	 
	 	 	 
	Title:	 	 
	 	 
	Executed by and on behalf of Assignee: 	 
	 	 
	By:	 	 
	 	 	 
	Printed	                           	 
	 	 	 
	Title:	 	 
	 	 
	Executed by and accepted on behalf of:	 
	 	 
	ROLLS-ROYCE plc	 
	 	 
	By:	 	 
	 	 	 
	Printed	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

    	 	-19-	 

     

    

 

EXHIBIT M-2 to

NOTE PURCHASE AGREEMENT

 

FORM OF ENGINE WARRANTIES AGREEMENT (CFM)

 

[Attached.]

 

     

     

    

 

	 	 

 

Form Document

 

CFM INTERNATIONAL, INC.,

as Engine Manufacturer

 

[PARINA LEASING LIMITED/CUCLILLO LEASING
LIMITED],

as Lessor

 

LATAM AIRLINES GROUP S.A.,

as Lessee

 

and

 

WILMINGTON TRUST COMPANY

as Loan Trustee

 

IN RESPECT OF ONE (1) AIRBUS A321 AIRCRAFT
WITH MANUFACTURER'S SERIAL

NUMBER [•] AND CHILEAN REGISTRATION MARK [•] EQUIPPED WITH TWO (2) CFM

56-5B3/3 ENGINES WITH
SERIAL NUMBERS [•] AND [•]

 

 

 

ENGINE WARRANTIES AGREEMENT

 

 

 

     

     

    

 

CONTENTS

 

	Clause	 	Page
	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	2
	 	 	 
	2.	REPRESENTATION, COVENANT	4
	 	 	 
	3.	NOTICE TO THE ENGINE MANUFACTURER AND WARRANTY
    CONFIRMATION	4
	 	 	 
	4.	TERMINATION OF THE LESSEE'S AND THE LESSOR'S
    RIGHTS	5
	 	 	 
	5.	REMEDIES AND WAIVERS	6
	 	 	 
	6.	BENEFIT OF AGREEMENT	6
	 	 	 
	7.	ASSIGNMENTS AND TRANSFERS	6
	 	 	 
	8.	ENGINE MANUFACTURER WARRANTY CONFIRMATION	6
	 	 	 
	9.	PARTIAL INVALIDITY	8
	 	 	 
	10.	TRANSFER FROM LESSOR TO LOAN TRUSTEE	9
	 	 	 
	11.	NOTICES	9
	 	 	 
	12.	COUNTERPARTS	10
	 	 	 
	13.	FURTHER ACTS	10
	 	 	 
	14.	EFFECTIVE DATE	11
	 	 	 
	15.	LAW AND JURISDICTION	11
	 	 
	SCHEDULES	 
	 	 
	SCHEDULE 1             ENGINE
    WARRANTIES 	1
	 	 
	SCHEDULE 2             NOTICES	1
	 	 
	SCHEDULE 3             WARRANTY
    CONFIRMATION	1

 

    	 	-i-	 

     

    

 

THIS ENGINE WARRANTIES
AGREEMENT (this "Agreement'") is dated as of ______________, 201[•] and made

 

BETWEEN:

 

		(1)	CFM INTERNATIONAL, INC., a corporation organised
and existing under the laws of the State of Delaware with its principal place of business at One Neumann Way, MD– F125,
Cincinnati, OH 45215-6301, United States of America (the "Engine Manufacturer");

 

		(2)	[PARINA LEASING LIMITED/CUCLILLO LEASING LIMITED],
a company incorporated under the laws of the Cayman Islands having its registered office at c/o Maples Corporate Services Limited,
PO Box 309, Ugland House, Grand Cayman KY1- 1104, Cayman Islands (the "Lessor");

 

		(3)	LATAM AIRLINES GROUP S.A. (formerly having the legal
name LAN Airlines S.A. and doing business as LAN Airlines), a corporation organised and existing under the laws of Chile whose
principal place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso 20, Las Condes, Santiago, Chile (the
"Lessee"); and

 

		(4)	WILMINGTON TRUST COMPANY, acting through its offices
at [•], not in its individual capacity but solely as Loan Trustee for and on behalf of the Secured Parties (in this capacity
the "Loan Trustee").

 

WHEREAS:

 

		(A)	Pursuant to the General Terms Agreement, the Engine Manufacturer
granted the Engine Warranties to the Lessee.

 

		(B)	Pursuant to a purchase agreement assignment of even date
herewith between the Lessee and the Lessor (the "Purchase Agreement Assignment"), the Lessee has assigned to
the Lessor, inter alia, its right to accept delivery of and take title to the Aircraft.

 

		(C)	Pursuant to the Lease, the Lessor has agreed that it will
lease the Aircraft to the Lessee, and the Lessee has agreed that it will take the Aircraft on lease from the Lessor.

 

		(D)	The Lessor has granted, or will grant, to the Loan Trustee
a mortgage over the Aircraft and has assigned, or will assign, to the Loan Trustee, by way of further security, its rights, title
and interest in and to, inter alia, the Lease.

 

		(E)	At the request of the Transaction Parties, who may be entitled
to repossess the Aircraft pursuant to certain of the Financing Agreements, the parties hereto wish, with the consent and agreement
of the Engine Manufacturer, to make arrangements in respect of the Engine Warranties on the terms and conditions set out herein.

 

     

     

    

 

IN CONSIDERATION OF THE MUTUAL COVENANTS HEREIN CONTAINED,
THE PARTIES HEREBY AGREE AS FOLLOWS:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Agreement, the following terms shall have the following
meanings:

 

"Aircraft" means the Airbus
A321 aircraft bearing manufacturer's serial number [•] together with the Engines and any and all Parts incorporated in, installed
on or attached to such aircraft on the Delivery Date;

 

"Business Day" means a
day, other than a Saturday or Sunday, on which commercial banks are open for general business in New York, London, Paris and Santiago,
Chile;

 

"Delivery Date" means
the date on which the Aircraft is delivered by Airbus S.A.S. to the Lessor pursuant to and subject to the terms and conditions
of the Purchase Agreement Assignment;

 

"Enforcement Notice" means
any notice served by the Loan Trustee pursuant to Clause

3.2 (Enforcement Notice to Engine Manufacturer)
and substantially in the form set out in schedule 2 part 2;

 

"Engines" means the two
(2) CFM 56-5B3/3 engines with manufacturer's serial numbers [•] and [•] installed on the Aircraft on the Delivery Date;

 

"Engine Warranties" means,
in respect solely to the Engines, the Engine Manufacturer's New Engine Warranty, New Parts Warranty, Ultimate Life Warranty and
Campaign Change Warranty as such warranties are defined and set forth in the CFM Product Support Plan (Section II, Exhibit B) which
forms a part of the General Terms Agreement and as limited by the applicable terms of the General Terms Agreement (such as, but
not limited to Article XIII (Limitation of Liability)) and the CFM Product Support Plan, as more particularly set out in
schedule 1;

 

"Financing Agreements"
has the meaning given to such term in the Participation Agreement;

 

"General Terms Agreement"
means the CFM General Terms Agreement No. CFM[•] dated [•] between the Engine Manufacturer and the Lessee, but solely
to the extent such General Terms Agreement relates to the Engines, as amended, modified or supplemented from time to time, but
excluding all letter agreements thereto;

 

"Indemnitee" means each
of the Lessor, the Secured Parties and their respective directors, officers, partners, employees, agents, contractors, subsidiaries
and affiliates;

 

"Lease" means the lease
agreement [MSN [•]] entered into between the Lessor and the Lessee in relation to the Aircraft;

 

"Lessor's Notice" means
a notice delivered by the Lessor pursuant to Clause 3.1 (Lessor's Notice to Engine Manufacturer) and substantially in the
form set out in schedule 2 part 1;

 

    	 	-2-	 

     

    

 

"Nominee" means any person
nominated by the Loan Trustee or the Lessor (as the context requires) whose nomination has been consented to by the Engine Manufacturer
(such consent not to be unreasonably withheld or delayed) and who has executed a notice to the Engine Manufacturer in substantially
the form set out in part 1 or part 2 (as the case may be) of schedule 2;

 

"Notice" means a Lessor's
Notice or an Enforcement Notice as the case may be;

 

"Participation Agreement" means the participation agreement
dated as of _____________ 201[•] between the Secured Parties, the Lessor and the Lessee relating to the Aircraft;

 

"Remaining Warranties"
has the meaning given in Clause 2.2;

 

"Secured Parties" has
the meaning given to such term in the Participation Agreement;

 

"Transaction Parties"
means the Lessor and the Loan Trustee, and "Transaction Party" shall mean either of them as the context may require;
and

 

"Warranty Confirmation"
means the confirmation to be provided by the Engine Manufacturer pursuant to Clause 3.3 (Warranty Confirmation) and in the
form set out in schedule 3.

 

		1.2	In this Agreement, unless otherwise stated, a reference
to any clause, paragraph or schedule is a reference to such clause, paragraph or schedule of this Agreement, and the headings
of clauses and schedules are inserted for convenience of reference only and shall not affect the interpretation.

 

		1.3	Reference to any document or agreement means such document
or agreement as modified, amended, varied or supplemented from time to time.

 

		1.4	Reference to a statutory or legislative provision, shall
be construed, at any particular time, as including a reference to any modification, extension or re-enactment thereof then in
force and all instruments, orders and regulations then in force and made under or deriving validity from the relevant provision.

 

		1.5	Reference to a "person" includes any individual,
company, corporation, firm, partnership, joint venture, association, organisation, trust, state or agency of a state (in each
case, whether or not having separate legal personality) and any assignee or successor in title to that person.

 

		1.6	The table of contents in this Agreement is for convenience
only and is to be ignored in construing this Agreement.

 

		1.7	Where the context so admits, words importing the singular
number only shall include the plural and vice versa.

 

    	 	-3-	 

     

    

 

		2.	REPRESENTATION, COVENANT

 

		2.1	The Lessee hereby represents and warrants to each of the
Lessor and the Loan Trustee that true and complete copies of the relevant provisions of the General Terms Agreement are attached
hereto at schedule 1 and that such provisions constitute all the provisions of the Engine Warranties (including all provisions
of each of the Engine Warranties) relevant to this Agreement.

 

		2.2	Subject to Clause 3 (Notice to the Engine Manufacturer
and Warranty Confirmation), Clause 4 (Termination of the Lessee's and the Lessor's Rights) and Clause 10 (Transfer
from Lessor to Loan Trustee) the Engine Manufacturer agrees to grant by way of the Warranty Confirmation to any of the Transaction
Parties as may be specified in a Notice duly served in accordance with Clause 3 (Notice to the Engine Manufacturer and Warranty
Confirmation) a package of warranty rights equivalent to such of the Engine Warranties which as at the date of the Notice
remain available under the terms of the General Terms Agreement (the "Remaining Warranties").

 

		3.	NOTICE TO THE ENGINE MANUFACTURER AND WARRANTY CONFIRMATION

 

		3.1	Lessor's Notice to Engine Manufacturer

 

The rights of the Lessor (which expression
shall, for the purposes of this Clause 3.1 (Lessor's Notice to Engine Manufacturer) and Clauses 3.3 (Warranty Confirmation)
and 10 (Transfer from Lessor or Lessee to Loan Trustee), include any Nominee if specified in the Lessor's Notice) to receive
the benefit of the Remaining Warranties pursuant to Clause 2 (Representation, Covenant) is subject to the receipt by the
Engine Manufacturer of a Lessor's Notice duly executed by the Lessor in the form set out in schedule 2 part 1 (Lessor's Notice
to the Engine Manufacturer) and the execution by the Engine Manufacturer of the Warranty Confirmation specified in Clause 3.3
(Warranty Confirmation). The Lessor may deliver the Lessor's Notice only if: (a) the leasing of the Aircraft under the Lease
has been terminated pursuant to the provisions thereof; and (b) there has been no delivery of an Enforcement Notice to the Engine
Manufacturer by the Loan Trustee pursuant to Clause 3.2 (Enforcement Notice to Engine Manufacturer). A copy of the Lessor's
Notice shall be sent to the Lessee and the Loan Trustee for information, but the receipt or non-receipt of such copy by the Lessee
or the Loan Trustee shall not affect the rights and obligations of the parties to this Agreement.

 

		3.2	Enforcement Notice to Engine Manufacturer

 

The right of the Loan Trustee (which expression
shall, for the purposes of this Clause 3.2 (Enforcement Notice to Engine Manufacturer) and Clauses 3.3 (Warranty Confirmation)
and 10 (Transfer from Lessor or Lessee to Loan Trustee), include any Nominee if specified in the Enforcement Notice) to
receive the benefit of the Remaining Warranties pursuant to Clause 2 (Representation, Covenant) is subject to the receipt
by the Engine Manufacturer of an Enforcement Notice duly executed by the Loan Trustee in the form set out in schedule 2 part 2
(Enforcement Notice) and the execution by the Engine Manufacturer of the Warranty Confirmation specified in Clause 3.3
(Warranty Confirmation). The Loan Trustee may deliver the Enforcement Notice at any time after actual repossession of the
Aircraft or any Engine by the Loan Trustee pursuant to the Financing Agreements. A copy of the Enforcement Notice shall be sent
to the Lessor and the Lessee for information, but the receipt or non-receipt of such copy by the Lessor and the Lessee shall not
affect the rights and obligations of the parties to this Agreement.

 

    	 	-4-	 

     

    

 

		3.3	Warranty Confirmation

 

Upon receipt by the Engine Manufacturer
of (a) a Lessor's Notice in accordance with Clause 3.1 (Lessor's Notice to Engine Manufacturer) or (b) an Enforcement Notice
in accordance with Clause 3.2 (Enforcement Notice to Engine Manufacturer), the Engine Manufacturer shall execute and deliver
to the Transaction Parties the Warranty Confirmation and grant the Remaining Warranties to the Transaction Party specified in the
Notice duly delivered in accordance with Clause 3.1 (Lessor's Notice to Engine Manufacturer) or Clause 3.2 (Enforcement
Notice to Engine Manufacturer).

 

		3.4	Benefit of Warranties

 

Each of the parties hereto hereby agrees
in favour of the Lessee and the Engine Manufacturer that, until such time as the leasing of the Aircraft under the Lease has been
terminated pursuant to the provisions thereof or until such time as the Aircraft has been repossessed by any one of the Transaction
Parties in accordance with the Financing Agreements and receipt by the Engine Manufacturer of a Notice in accordance with Clause
3.1 (Lessor's Notice to Engine Manufacturer) or Clause 3.2 (Enforcement Notice to Engine Manufacturer), the Lessee
shall have the exclusive benefit of and shall be entitled to exercise all rights in respect of the Engine Warranties. The Lessee
may not enter into any change order or other amendment, modification or supplement to the General Terms Agreement in respect of
the Engine Warranties without the prior written consent of the Loan Trustee and the Lessor.

 

		4.	TERMINATION OF THE LESSEE'S AND THE LESSOR'S RIGHTS

 

		4.1	The Lessee and the Transaction Parties hereby agree that,
as regards any rights that the Lessee may have against the Engine Manufacturer, on the date that any Lessor's Notice or an Enforcement
Notice is received by the Engine Manufacturer in accordance with this Agreement, all of the Lessee's rights, title and interest
in and to the Remaining Warranties shall (save to the extent of any claim against the Engine Manufacturer existing at such date)
be terminated forthwith, whether or not the Lessee shall have received a copy of such Notice. The Engine Manufacturer shall have
no liability whatsoever to the Lessee (save to the extent of any claim against the Engine Manufacturer existing at such date)
in the event that the Lessee does not receive a copy of such Notice or in any other respect whatsoever concerning the Remaining
Warranties from the date that such Notice is received by the Engine Manufacturer in accordance with this Agreement, except to
the extent such liability is directly caused by the fraud, gross negligence or wilful misconduct of the Engine Manufacturer.

 

    	 	-5-	 

     

    

 

		4.2	The Lessor hereby agrees that, as regards any rights that
the Lessor may have against the Engine Manufacturer, on the date that any Enforcement Notice is received by the Engine Manufacturer
in accordance with this Agreement, all of the Lessor's rights, title and interest in and to the Remaining Warranties shall (save
to the extent of any claim against the Engine Manufacturer existing at such date) be terminated forthwith, whether or not the
Lessor shall have received a copy of such Enforcement Notice. The Engine Manufacturer shall have no liability whatsoever to the
Lessor (save to the extent of any claim against the Engine Manufacturer existing at such date) in the event that the Lessor does
not receive a copy of such Enforcement Notice or in any other respect whatsoever concerning the Remaining Warranties from the
date on which any such Enforcement Notice is received by the Engine Manufacturer in accordance with this Agreement, except to
the extent such liability is directly caused by the fraud, gross negligence or wilful misconduct of the Engine Manufacturer.

 

		5.	REMEDIES AND WAIVERS

 

No failure by any party hereto to exercise,
nor any delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, remedy, power or privilege prevent any further or other exercise thereof or the exercise of any
other right, remedy, power or privilege whether hereunder or otherwise. The rights, remedies, powers and privileges herein provided
are cumulative and not exclusive of any rights, remedies, powers and privileges provided at law.

 

		6.	BENEFIT OF AGREEMENT

 

This Agreement shall be binding upon and
enure to the benefit of each party hereto and its or any subsequent successors, permitted assigns and permitted transferees (as
notified, in the case of permitted assigns and permitted transferees, to the Engine Manufacturer and confirmed by the Engine Manufacturer
in writing (such confirmation not to be unreasonably withheld or delayed)).

 

		7.	ASSIGNMENTS AND TRANSFERS

 

None of the Lessee and the Transaction
Parties hereto shall be entitled to assign, extend or transfer all or any of its rights, benefits and obligations hereunder (including
without limitation assignment for security purposes) without the prior written consent of the Engine Manufacturer and the Loan
Trustee (such consent not to be unreasonably withheld or delayed).

 

		8.	ENGINE MANUFACTURER WARRANTY CONFIRMATION

 

The parties hereby agree that the Engine
Manufacturer will provide the Warranty Confirmation subject to the following:

 

		8.1	the Engine Manufacturer shall incur no obligations, costs,
expenses or liabilities whatsoever by reason of this Agreement or any of the other Financing Agreements or any of the transactions
contemplated thereby and the Lessee shall indemnify and hold harmless the Engine Manufacturer against any such obligations, costs,
expenses or liabilities so incurred, except to the extent directly caused by the fraud, gross negligence or wilful misconduct
of the Engine Manufacturer, provided that the Lessee has been provided with the basis of such costs, expenses or liabilities
in reasonable detail;

 

    	 	-6-	 

     

    

 

		8.2	this Agreement shall not constitute a novation of the General
Terms Agreement, and the Lessee shall not be discharged from any of its duties or obligations under the General Terms Agreement
by reason of this Agreement;

 

		8.3	the Engine Manufacturer shall be entitled to rely on the
information contained in a Notice delivered to it pursuant to Clause 3.1 (Lessor's Notice to Engine Manufacturer) or Clause
3.2 (Enforcement Notice to Engine Manufacturer) without enquiring as to the accuracy of or entitlement of any of the Transaction
Parties to give such Notice. The Lessee shall indemnify and hold harmless the Engine Manufacturer in respect of all losses, costs,
expenses and liabilities it may incur if such information proves not to be correct, except to the extent that such liability is
directly caused by the fraud, gross negligence or wilful misconduct of the Engine Manufacturer; provided that the Lessee
has been provided with the basis of such costs, expenses or liabilities in reasonable detail;

 

		8.4	if, at any time prior to the service of a Notice, there
shall be any dispute as to which of the parties to this Agreement is the beneficiary of any particular right or interest in respect
of the Remaining Warranties, the Engine Manufacturer shall be entitled to perform the corresponding obligations exclusively in
favour of the Lessee;

 

		8.5	none of the parties hereto (other than the Engine Manufacturer)
shall, without the prior written consent of the Engine Manufacturer, disclose directly or indirectly to any third party any of
the terms of the Engine Warranties disclosed to it by the Engine Manufacturer in this Agreement; provided however, that
(a) the parties hereto may use, retain and disclose such information to their special counsel and public accountants, who
shall not further disclose such terms, (b) the parties hereto may disclose such information as required by applicable laws, governmental
regulations, subpoena, or other written demand under colour of legal right, but they shall first, as soon as practicable upon
receipt of such demand and to the extent permitted by applicable laws, furnish a copy thereof to the Engine Manufacturer (and
prior to the service of a Notice, the Lessee), and they shall afford the Engine Manufacturer (and prior to the service of a Notice,
the Lessee), reasonable opportunity, at the Engine Manufacturer's cost and expense, to obtain a protective order or other assurance
reasonably satisfactory to the Engine Manufacturer of confidential treatment of the information required to be disclosed, (c)
the parties hereto may disclose such information to any Indemnitee or their legal advisors who shall not further disclose such
terms or any bona fide potential purchaser, financier or lessee of the Aircraft and/or Engines or their legal advisors
(subject to the execution by such prospective purchaser, financier or lessee of a written confidentiality statement setting forth
the same or substantially similar terms as those referred to in this Clause 8.5), (d) the parties hereto may disclose such information
to their potential permitted transferees or assignees (subject to the execution by such potential permitted transferee or assignee
of a written confidentiality statement setting forth the same or substantially similar terms as those referred to in this Clause
8.5) and (e) the parties hereto may disclose such information to the Secured Parties and their affiliates, auditors, accountants,
legal advisers, potential transferees, assignees and participants provided that such person also similarly agrees to be bound
by the requirements of this Section 8.5;

 

    	 	-7-	 

     

    

 

		8.6	each of the parties hereto agrees that neither this Agreement,
nor any of the terms or provisions contained herein, may be amended, extended or modified, supplemented, terminated or waived
orally. Any and all amendments, extensions, modifications, supplements, terminations or waivers to this Agreement must be presented
to each of the other parties hereto in writing, and be signed by the party against whom such amendment, extension, modification,
supplement, termination or waiver is sought to be enforced;

 

		8.7	nothing in this Agreement shall modify in any way the contractual
rights of the Engine Manufacturer under the General Terms Agreement or subject the Engine Manufacturer to any multiple or duplicative
liability or obligations to which it would not otherwise be subject under the General Terms Agreement or subject the Engine Manufacturer
to any multiple or duplicate liability or obligations under the General Terms Agreement;

 

		8.8	by their execution of this Agreement, the parties hereto
agree to the terms of the Warranty Confirmation which is subject to the provisions of this Agreement;

 

		8.9	no Transaction Party shall have any obligation or liability
under the General Terms Agreement or the Engine Warranties by reason of or arising out of this Agreement, provided that the
terms and conditions of the General Terms Agreement and the Engine Warranties (including but not limited to Article XIII (Limitation
of Liability) shall apply to all rights exercised and all claims made in respect of the Engine Warranties and shall be binding
upon the Transaction Parties and the Transaction Parties shall be subject to all obligations, restrictions, limitations and conditions
of the General Terms Agreement and the Engine Warranties with respect to the exercising of such rights or the making of such claim
to the same extent as if they had been named the beneficiary thereunder; and

 

		8.10	in the event of a conflict between a Lessor's Notice and
an Enforcement Notice, then the Enforcement Notice shall prevail and the Engine Manufacturer shall extend the benefit of the Remaining
Warranties to the Loan Trustee.

 

		9.	PARTIAL
                                         INVALIDITY

 

		9.1	If, at any time, any provision hereof is or becomes illegal,
invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of
the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction
shall in any way be affected or impaired thereby.

 

		9.2	Any provision of this Agreement which may prove to be or
become illegal, invalid or unenforceable in whole or in part shall so far as reasonably possible be performed according to the
spirit and purpose of this Agreement.

 

    	 	-8-	 

     

    

 

		10.	TRANSFER
                                         FROM LESSOR TO LOAN TRUSTEE

 

If, at any time after the Remaining Warranties
have been granted to the Lessor pursuant to Clause 3.3 (Warranty Confirmation), the Loan Trustee serves an Enforcement Notice
on the Engine Manufacturer pursuant to Clause 3.2 (Enforcement Notice to Engine Manufacturer), then the parties hereto agree
that all rights, title and interest of the Lessor in and to the Remaining Warranties shall be terminated (save to the extent of
any claim against the Engine Manufacturer existing at such date), and that the Engine Manufacturer shall grant to the Loan Trustee
a package of warranties equivalent to such of the Remaining Warranties as at such time may remain available.

 

		11.	NOTICES

 

Any Notice or other communication given
or to be made under this Agreement shall be in writing in the English language and, provided it shall be addressed as set
out below, it shall be deemed to have been duly delivered as follows:

 

		(a)	if sent by personal delivery, upon actual delivery at the
address of the relevant party;

 

		(b)	if sent by post, five (5) Business Days after posting;

 

		(c)	if sent by fax, when despatched with correct confirmation
printout (provided that if the date of receipt is not a Business Day, notice shall be deemed to have been received on the
first following Business Day), to the parties as follows:

 

		(i)	in the case of the Engine Manufacturer to: 

         

CFM International,
Inc.

c/o GE Aviation

One Neumann Way, Mail Drop F125

Cincinnati, OH 45215-6301

United States of America

 

		Fax:	+1 513 243 9384

		Attention:	General Counsel Commercial Engines

 

With a copy
to:

 

CFM International, Inc.

One Neumann Way, Mail Drop Y7

Cincinnati, OH 45215

United States of America

 

		Fax:	+1 513 552 3397

		Attention:	Contracts Administration

 

		(ii)	in the case of the Lessor to:

 

    	 	-9-	 

     

    

 

[Parina Leasing Limited/Cuclillo Leasing Limited]

c/o Maples
Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

		Fax:	+1 345 949 8080

		Attention:	Wanda Ebanks

 

		(iii)	in the case of the Lessee to:

 

LATAM Airlines Group S.A.

 Edificio Huidobro

Avenida Presidente Riesco 5711

 piso 20

Las Condes 

Santiago 

Chile

 

		Fax:	+562 565 3905

		Attention:	Fleet Management Director

 

		(iv)	in the case of the Loan Trustee to: 

     

Wilmington Trust Company

1100 North Market Street Wilmington

DE 19890-1605

 

Telephone: +1 302 636 6000

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

 

		12.	COUNTERPARTS

 

This Agreement may be executed by fax and
in any number of counterparts and by the different parties hereto on separate counterparts, each of which when executed and delivered
shall constitute an original, but all counterparts shall together constitute but one and the same instrument.

 

		13.	FURTHER ACTS

 

The parties agree that at any
time and from time to time they shall promptly and duly execute and deliver any and all such further instruments and documents
and take such further action as may reasonably be necessary in order to give full effect to this Agreement and the rights and
powers herein granted. The reasonable out-of-pocket costs and expenses of any such actions shall be borne by the Lessee.

 

    	 	-10-	 

     

    

 

		14.	EFFECTIVE DATE

 

This Agreement shall enter into effect and become binding on
the parties from the Delivery Date.

 

		15.	LAW AND JURISDICTION

 

		15.1	This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York, United States of America.

 

		15.2	Each party hereby submits to the non-exclusive jurisdiction
of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court
for the Southern District of New York for the purpose of any suit, action or proceeding arising out of or relating to this Agreement;
provided, however, that notwithstanding the foregoing, any party may commence an action in any other jurisdiction
to enforce a judgment or other judicial determination in respect of this Agreement or take action in any other jurisdiction to
otherwise enforce its rights under this Agreement or to enforce a judgment or other judicial interpretation of any of the aforesaid
courts in New York issued by any of the foregoing courts.

 

		15.3	Each party irrevocably and unconditionally waives, to the
fullest extent permitted by applicable laws, any right that they may have to trial by jury of any claim or cause of action in
respect of the matters arising under this Agreement.

 

		15.4	Each party irrevocably waives any objection which it might
now or hereafter have to the courts referred to in Clause 15.2 being nominated as the forum to hear and determine any suit, action
or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim
that any such court is not a convenient or appropriate forum in each case whether on the grounds of venue or forum non conveniens
or any similar grounds or otherwise.

 

		15.5	The submission to the jurisdiction of the courts referred
to in Clause 15.2 shall not (and shall not be construed so as to) limit the right of a party to take proceedings against any other
party in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude
the taking of proceedings in any other jurisdiction, whether concurrently or not.

 

		15.6	To the extent that a party or any of the property of such
party is or becomes entitled at any time to any immunity on the grounds of sovereignty or otherwise from any legal action, suit
or proceeding, from set-off or counterclaim, from the jurisdiction of any competent court, from service of process, from attachment
prior to judgment, from attachment in aid of execution, or from execution prior to judgment, or other legal process in any jurisdiction,
such party for itself and its property does hereby irrevocably and unconditionally waive, and agrees not to plead or claim, any
such immunity with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this
Agreement or the subject matter hereof.

 

    	 	-11-	 

     

    

 

		15.7	The Lessee shall at all times maintain an agent for service
of process in the State of New York and agrees that the process by which any suit, action or proceedings is begun may be served
on it by being delivered to Law Debenture Corporate Services, Inc. in the case of proceedings in the Supreme Court of the State
of New York sitting in New York County and the United States District Court for the Southern District of New York. If for any
reason such person shall cease to be a valid agent for service of process, the Lessee shall appoint another agent and shall notify
the other parties hereto of the name and address of such new agent.

 

		15.8	The Lessor shall at all times maintain an agent for service
of process in the State of New York and agrees that the process by which any suit, action or proceedings is begun may be served
on it by being delivered to Law Debenture Corporate Services, Inc. in the case of proceedings in the Supreme Court of the State
of New York sitting in New York County and the United States District Court for the Southern District of New York. If for any
reason such person shall cease to be a valid agent for service of process, the Lessor shall appoint another agent and shall notify
the other parties hereto of the name and address of such new agent.

 

IN WITNESS WHEREOF the parties have executed this Agreement
in four (4) originals on the day and year first above written.

 

    	 	-12-	 

     

    

 

SCHEDULE 1

ENGINE WARRANTIES

 

    	 	-1-	 

     

    

 

SCHEDULE 2

NOTICES

 

PART 1: LESSOR'S NOTICE TO THE ENGINE
MANUFACTURER

 

		From:	[Parina Leasing Limited/Cuclillo Leasing Limited] (the
"Lessor")

 

		To:	CFM International, Inc.

 

		Attn:	General Counsel, Commercial Contracts

 

		Copy:	LATAM Airlines Group S.A. (the "Lessee")

 

		Copy:	Wilmington Trust Company (the "Loan Trustee")

 

[Date]

 

One (1) Airbus A321 aircraft msn [•] equipped with
two (2) CFM 56-5B3/3 engines with serial numbers [•] and [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the engine warranties agreement dated __________ 201[•] (the "Engine Warranties Agreement") in
relation to the Aircraft between CFM International, Inc., the Lessor, the Lessee and the Loan Trustee.

 

		2.	The Lessor hereby gives notice that the leasing of the
Aircraft under the Lease has been terminated pursuant to the provisions thereof.

 

		3.	In accordance with Clause 2 (Representation, Covenant)
of the Engine Warranties Agreement, we request you provide your confirmation in the form of the Warranty Confirmation that the
Remaining Warranties shall, from the date of the Warranty Confirmation, be extended to [the Lessor] [[•] as Nominee of the
Lessor] in accordance with the terms of the Engine Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of the State of New York.

 

	[PARINA LEASING LIMITED/CUCLILLO LEASING LIMITED]
	 	 
	By:	               	 
	 	Name:	 
	 	Title:	 

 

    	 	-1-	 

     

    

 

PART 2: ENFORCEMENT NOTICE

 

		From:	Wilmington Trust Company (the "Loan Trustee")

 

		To:	CFM International, Inc.

 

		Attn:	General Counsel, Commercial Contracts

 

		Copy:	LATAM Airlines Group S.A. (the "Lessee")

 

		Copy:	[Parina Leasing Limited/Cuclillo Leasing Limited] (the
"Lessor")

 

[Date]

 

One (1) Airbus A321 aircraft msn [•] equipped with
two (2) CFM 56-5B3/3 engines with serial numbers [•] and [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the engine warranties agreement dated__________201[•] (the "Engine Warranties Agreement") in relation
to the Aircraft between CFM International, Inc., the Lessor, the Lessee and the Loan Trustee.

 

		2.	The Loan Trustee hereby gives notice that the Aircraft
has been repossessed by the Loan Trustee pursuant to the terms of the Financing Agreements.

 

		3.	In accordance with Clause 2 (Representation, Covenant)
of the Engine Warranties Agreement, we request you provide your confirmation in the form of the Warranty Confirmation that the
Remaining Warranties shall, from the date of the Warranty Confirmation, be extended to [the Loan Trustee] [[•] as Nominee
of the Loan Trustee] in accordance with the terms of the Engine Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of the State of New York.

 

	WILMINGTON TRUST COMPANY
	 	 
	By:	               	 
	 	Name:	 
	 	Title:	 

  

    	 	-2-	 

     

    

 

SCHEDULE 3

WARRANTY CONFIRMATION

 

	To:	(1)	Wilmington Trust Company (the "Loan Trustee")

 

		(2)	[Parina Leasing Limited/Cuclillo Leasing Limited] (the
"Lessor")

 

		(3)	LATAM Airlines Group S.A. (the "Lessee")

 

[Date]

 

One (1) Airbus A321 aircraft msn [•] equipped with
two (2) CFM 56-5B3/3 engines with serial numbers [•] and [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the engine warranties agreement dated_________201[•] (the "Engine Warranties Agreement") in relation
to the Aircraft between CFM International, Inc., the Lessor, the Lessee and the Loan Trustee.

 

		2.	The Engine Manufacturer hereby acknowledges receipt of
the Notice to the Engine Manufacturer from [the Lessor] [the Loan Trustee]. Accordingly, the Engine Manufacturer hereby confirms
that, subject to the terms and conditions of the Engine Warranties Agreement, from the date hereof, the Remaining Warranties shall
be made available to [the Lessor] [the Loan Trustee] [[•] as Nominee of [the Lessor] [the Loan Trustee]].

 

		3.	This Warranty Confirmation of the Engine Manufacturer shall
be governed by and construed in accordance with the laws of the State of New York.

 

	CFM INTERNATIONAL, INC.
	 	 
	By:	               	 
	 	Name:	 
	 	Title:	 

  

    	 	-1-	 

     

    

 

	 	THE ENGINE MANUFACTURER 
	 	 
	 	CFM INTERNATIONAL, INC.
	 	 	 
	 	By:	 
	 	 	Name
	 	 	Title:
	 	 	 
	 	THE LESSOR
	 	 	 
	 	[PARINA LEASING LIMITED/CUCLILLO 
	 	LEASING LIMITED]
	 	 	 
	 	By:	 
	 	 	Name
	 	 	Title:
	 	 	 
	 	THE LESSEE
	 	 	 
	 	LATAM AIRLINES GROUP S.A.
	 	 	 
	 	By:	                                     
	 	 	Name
	 	 	Title:
	 	 	 
	 	THE LOAN TRUSTEE
	 	 	 
	 	WILMINGTON TRUST COMPANY not in its
	 	individual capacity but solely as Loan Trustee
	 	 	 
	 	By:	 
	 	 	Name
	 	 	Title:

 

Execution Page

Engine Warranties Agreement

MSN [•] / ESNs [•] and [•]

 

     

     

    

 

EXHIBIT M-3 to

NOTE PURCHASE AGREEMENT

 

FORM OF ENGINE WARRANTIES AGREEMENT (CFM – INITIAL
SUBLEASE)

 

[Attached.]

 

     

     

    

 

	 	 

 

Form Document

 

CFM INTERNATIONAL, INC.,

as Engine Manufacturer

 

[PARINA LEASING LIMITED/CUCLILLO LEASING
LIMITED]1,

as Lessor

 

LATAM AIRLINES GROUP S.A.,

as Lessee

 

TAM LINHAS AÉREAS S.A.,

as Sublessee

 

and

 

WILMINGTON TRUST COMPANY,

as Loan Trustee

 

IN RESPECT OF ONE (1) AIRBUS A321-200 AIRCRAFT
WITH MANUFACTURER'S

SERIAL NUMBER [•] AND BRAZILIAN REGISTRATION MARK [•] EQUIPPED WITH

TWO (2) CFM 56-5B3/3 ENGINES
WITH SERIAL NUMBERS [•] AND [•]

 

 

 

ENGINE WARRANTIES AGREEMENT

 

 

 

 

1 Delete as appropriate

 

     

     

    

 

CONTENTS

 

	Clause	 	Page
	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	2
	 	 	 
	2.	REPRESENTATION, COVENANT	4
	 	 	 
	3.	NOTICE TO THE ENGINE MANUFACTURER AND WARRANTY CONFIRMATION	4
	 	 	 
	4.	TERMINATION OF THE LESSEE'S, SUBLESSEE'S AND THE LESSOR'S RIGHTS	6
	 	 	 
	5.	REMEDIES AND WAIVERS	7
	 	 	 
	6.	BENEFIT OF AGREEMENT	7
	 	 	 
	7.	ASSIGNMENTS AND TRANSFERS	7
	 	 	 
	8.	ENGINE MANUFACTURER WARRANTY CONFIRMATION	8
	 	 	 
	9.	PARTIAL INVALIDITY	10
	 	 	 
	10.	TRANSFER FROM LESSOR OR LESSEE TO LOAN TRUSTEE	10
	 	 	 
	11.	NOTICES	10
	 	 	 
	12.	COUNTERPARTS	12
	 	 	 
	13.	FURTHER ACTS	12
	 	 	 
	14.	EFFECTIVE DATE	12
	 	 	 
	15.	LAW AND JURISDICTION	12

 

	SCHEDULES	 	 
	 	 	 
	SCHEDULE 1	ENGINE WARRANTIES	Sch. 1-1
	 	 	 
	SCHEDULE 2	NOTICES	Sch. 2-1
	 	 	 
	SCHEDULE 3	WARRANTY CONFIRMATION	Sch. 3-1

  

    	 	-i-	 

     

    

 

THIS ENGINE WARRANTIES AGREEMENT (this "Agreement'")
is dated as of ___________201[•] and made

 

BETWEEN:

 

		(1)	CFM INTERNATIONAL, INC., a corporation organised
and existing under the laws of the State of Delaware with its principal place of business at One Neumann Way, MD– F125,
Cincinnati, OH 45215-6301, United States of America (the "Engine Manufacturer");

 

		(2)	[PARINA LEASING LIMITED/CUCLILLO LEASING LIMITED]
2 , a company incorporated under the laws of the Cayman Islands having its registered office at c/o Maples Corporate Services
Limited, PO Box 309, Ugland House, Grand Cayman KY1- 1104, Cayman Islands (the "Lessor");

 

		(3)	LATAM AIRLINES GROUP S.A. (formerly having the legal
name LAN Airlines S.A. and doing business as LAN Airlines), a corporation organised and existing under the laws of Chile whose
principal place of business is at Edificio Huidobro, Avenida Presidente Riesco 5711, piso 20, Las Condes, Santiago, Chile (the
"Lessee");

 

		(4)	TAM LINHAS AÉREAS S.A., a company incorporated
and existing under the laws of Brazil, and having its principal place of business at Avenida Jurandir, No. 856, 4° Andar,
Lote 4, CEP 04072-000 Jardim Ceci, in the City of São Paulo, State of São Paulo, Brazil (the "Sublessee");
and

 

		(5)	WILMINGTON TRUST COMPANY, acting through its offices
at [•], not in its individual capacity but solely as Loan Trustee for and on behalf of the Secured Parties (in this capacity
the "Loan Trustee").

 

WHEREAS:

 

		(A)	Pursuant to the General Terms Agreement, the Engine Manufacturer
granted the Engine Warranties to the Lessee.

 

		(B)	Pursuant to a purchase agreement assignment of even date
herewith between the Lessee and the Lessor (the "Purchase Agreement Assignment"), the Lessee has assigned to
the Lessor, inter alia, its right to accept delivery of and take title to the Aircraft.

 

		(C)	Pursuant to the Lease, the Lessor has agreed that it will
lease the Aircraft to the Lessee, and the Lessee has agreed that it will take the Aircraft on lease from the Lessor.

 

		(D)	Pursuant to the Sublease, the Lessee has agreed that it will lease the Aircraft to the
                                                                             Sublessee, and the Sublessee has agreed that it will take the Aircraft on lease from the Lessee. The Lessor has granted, or will grant, to the Loan Trustee
a mortgage over the Aircraft and has assigned, or will assign, to the Loan Trustee, by way of further security, its rights, title
and interest in and to, inter alia, the Lease.

 

 

2 Delete as appropriate

 

    	 	-1-	 

     

    

 

		(E)	At the request of the Transaction Parties, who may be entitled
to repossess the Aircraft pursuant to certain of the Financing Agreements, the parties hereto wish, with the consent and agreement
of the Engine Manufacturer, to make arrangements in respect of the Engine Warranties on the terms and conditions set out herein.

 

IN CONSIDERATION OF THE MUTUAL COVENANTS HEREIN CONTAINED,
THE PARTIES HEREBY AGREE AS FOLLOWS:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Agreement, the following terms shall have the following
meanings:

 

"Aircraft" means the Airbus
A321-200 aircraft bearing manufacturer's serial number [•] together with the Engines and any and all Parts incorporated in,
installed on or attached to such aircraft on the Delivery Date;

 

"Business Day" means a
day, other than a Saturday or Sunday, on which commercial banks are open for general business in New York, London, Paris, São
Paulo and Santiago, Chile;

 

"Delivery Date" means
the date on which the Aircraft is delivered by Airbus S.A.S. to the Lessor pursuant to and subject to the terms and conditions
of the Purchase Agreement Assignment;

 

"Enforcement Notice" means
any notice served by the Loan Trustee pursuant to Clause

3.3 (Enforcement Notice to Engine Manufacturer)
and substantially in the form set out in schedule 2 part 3;

 

"Engines" means the two
(2) CFM 56-5B3/3 engines with manufacturer's serial numbers [•] and [•] installed on the Aircraft on the Delivery Date;

 

"Engine Warranties" means,
in respect solely to the Engines, the Engine Manufacturer's New Engine Warranty, New Parts Warranty, Ultimate Life Warranty and
Campaign Change Warranty as such warranties are defined and set forth in the CFM Product Support Plan (Section II, Exhibit B) which
forms a part of the General Terms Agreement and as limited by the applicable terms of the General Terms Agreement (such as, but
not limited to Article XIII (Limitation of Liability)) and the CFM Product Support Plan, as more particularly set out in
schedule 1;

 

"Financing Agreements"
has the meaning given to such term in the Participation Agreement;

 

"General Terms Agreement"
means the CFM General Terms Agreement No. CFM[•] dated [•] between the Engine Manufacturer and the Lessee, but solely
to the extent such General Terms Agreement relates to the Engines, as amended, modified or supplemented from time to time, but
excluding all letter agreements thereto;

 

    	 	-2-	 

     

    

 

"Indemnitee" means each
of the Lessor, the Secured Parties and their respective directors, officers, partners, employees, agents, contractors, subsidiaries
and affiliates;

 

"Lease" means the lease
agreement [MSN[•]] entered into between the Lessor and the Lessee in relation to the Aircraft;

 

"Lessor's Notice" means
a notice delivered by the Lessor pursuant to Clause 3.1 (Lessor's Notice to Engine Manufacturer) and substantially in the
form set out in schedule 2 part 1;

 

"Lessee's Notice" means
a notice delivered by the Lessee pursuant to Clause 3.2 (Lessee's Notice to Engine Manufacturer) and substantially in the
form set out in schedule 2 part 2;

 

"Nominee" means any person
nominated by the Loan Trustee or the Lessor (as the context requires) whose nomination has been consented to by the Engine Manufacturer
(such consent not to be unreasonably withheld or delayed) and who has executed a notice to the Engine Manufacturer in substantially
the form set out in part 1 or part 3 (as the case may be) of schedule 2;

 

"Notice" means a Lessor's
Notice, a Lessee's Notice or an Enforcement Notice as the case may be;

 

"Participation Agreement"
means the participation agreement dated as of __________, 201[•] between the Secured Parties, the Lessor and the Lessee relating to
the Aircraft

 

"Remaining Warranties"
has the meaning given in Clause 2.2;

 

"Secured Parties" has
the meaning given to such term in the Participation Agreement;

 

"Sublease" means the aircraft
sublease agreement entered or to be entered into between the Lessee and the Sublessee in relation to the Aircraft;

 

"Transaction Parties"
means the Lessor, the Lessee and the Loan Trustee, and "Transaction Party" shall mean either of them as the context
may require; and

 

"Warranty Confirmation"
means the confirmation to be provided by the Engine Manufacturer pursuant to Clause 3.4 (Warranty Confirmation) and in the
form set out in schedule 3.

 

		1.2	In this Agreement, unless otherwise stated, a reference
to any clause, paragraph or schedule is a reference to such clause, paragraph or schedule of this Agreement, and the headings
of clauses and schedules are inserted for convenience of reference only and shall not affect the interpretation.

 

    	 	-3-	 

     

    

 

		1.3	Reference to any document or agreement means such document
or agreement as modified, amended, varied or supplemented from time to time.

 

		1.4	Reference to a statutory or legislative provision, shall
be construed, at any particular time, as including a reference to any modification, extension or re-enactment thereof then in
force and all instruments, orders and regulations then in force and made under or deriving validity from the relevant provision.

 

		1.5	Reference to a "person" includes any individual,
company, corporation, firm, partnership, joint venture, association, organisation, trust, state or agency of a state (in each
case, whether or not having separate legal personality) and any assignee or successor in title to that person.

 

		1.6	The table of contents in this Agreement is for convenience
only and is to be ignored in construing this Agreement.

 

		1.7	Where the context so admits, words importing the singular
number only shall include the plural and vice versa.

 

		2.	REPRESENTATION,
                                         COVENANT

 

		2.1	The Lessee hereby represents and warrants to each of the
Lessor and the Loan Trustee that true and complete copies of the relevant provisions of the General Terms Agreement are attached
hereto at schedule 1 and that such provisions constitute all the provisions of the Engine Warranties (including all provisions
of each of the Engine Warranties) relevant to this Agreement.

 

		2.2	Subject to Clause 3 (Notice to the Engine Manufacturer
and Warranty Confirmation), Clause 4 (Termination of the Lessee's, Sublessee's and the Lessor's Rights) and Clause
10 (Transfer from Lessor or Lessee to Loan Trustee) the Engine Manufacturer agrees to grant by way of the Warranty Confirmation
to any of the Transaction Parties as may be specified in a Notice duly served in accordance with Clause 3 (Notice to the Engine
Manufacturer and Warranty Confirmation) a package of warranty rights equivalent to such of the Engine Warranties which as
at the date of the Notice remain available under the terms of the General Terms Agreement (the "Remaining Warranties").

 

		3.	NOTICE
                                         TO THE ENGINE MANUFACTURER AND WARRANTY CONFIRMATION

 

		3.1	Lessor's Notice to Engine Manufacturer

 

The rights of the Lessor (which
expression shall, for the purposes of this Clause 3.1 (Lessor's Notice to Engine Manufacturer) and Clauses 3.4 (Warranty
Confirmation) and 10 (Transfer from Lessor or Lessee to Loan Trustee), include any Nominee if specified in the Lessor's
Notice) to receive the benefit of the Remaining Warranties pursuant to Clause 2 (Representation, Covenant) is subject to
the receipt by the Engine Manufacturer of a Lessor's Notice duly executed by the Lessor in the form set out in schedule 2 part
1 (Lessor's Notice to the Engine Manufacturer) and the execution by the Engine Manufacturer of the Warranty Confirmation
specified in Clause 3.4 (Warranty Confirmation). The Lessor may deliver the Lessor's Notice only if: (a) the leasing of
the Aircraft under the Lease has been terminated pursuant to the provisions thereof; and (b) there has been no delivery of an
Enforcement Notice to the Engine Manufacturer by the Loan Trustee pursuant to Clause 3.3 (Enforcement Notice to Engine Manufacturer).
A copy of the Lessor's Notice shall be sent to the Lessee, the Sublessee and the Loan Trustee for information, but the receipt
or non-receipt of such copy by the Lessee, the Sublessee or the Loan Trustee shall not affect the rights and obligations of the
parties to this Agreement.

 

    	 	-4-	 

     

    

 

		3.2	Lessee's Notice to Engine Manufacturer

 

The rights of the Lessee to
receive the benefit of the Remaining Warranties pursuant to Clause 2 (Representation, Covenant) is subject to the receipt
by the Engine Manufacturer of a Lessee's Notice duly executed by the Lessee in the form set out in schedule 2 part 2 (Lessee's
Notice to the Engine Manufacturer) and the execution by the Engine Manufacturer of the Warranty Confirmation specified in
Clause 3.4 (Warranty Confirmation). The Lessee may deliver the Lessee's Notice only if: (a) the leasing of the Aircraft
under the Sublease has been terminated pursuant to the provisions thereof; (b) there has been no delivery of a Lessor's Notice
to the Engine Manufacturer by the Lessor pursuant to Clause 3.1 (Lessor's Notice to Engine Manufacturer); and (c) there
has been no delivery of an Enforcement Notice to the Engine Manufacturer by the Loan Trustee pursuant to Clause 3.3 (Enforcement
Notice to Manufacturer). A copy of the Lessee's Notice shall be sent to the Sublessee, the Lessor and the Loan Trustee for
information, but the receipt or non-receipt of such copy by the Sublessee, the Lessor or the Loan Trustee shall not affect the
rights and obligations of the parties to this Agreement.

 

		3.3	Enforcement Notice to Engine Manufacturer

 

The right of the Loan Trustee (which expression
shall, for the purposes of this Clause 3.3 (Enforcement Notice to Engine Manufacturer) and Clauses 3.4 (Warranty Confirmation)
and 10 (Transfer from Lessor or Lessee to Loan Trustee), include any Nominee if specified in the Enforcement Notice) to
receive the benefit of the Remaining Warranties pursuant to Clause 2 (Representation, Covenant) is subject to the receipt
by the Engine Manufacturer of an Enforcement Notice duly executed by the Loan Trustee in the form set out in schedule 2 part 3
(Enforcement Notice) and the execution by the Engine Manufacturer of the Warranty Confirmation specified in Clause 3.4 (Warranty
Confirmation). The Loan Trustee may deliver the Enforcement Notice at any time: after actual repossession of the Aircraft or
any Engine by the Loan Trustee pursuant to the Financing Agreements. A copy of the Enforcement Notice shall be sent to the Lessor,
the Lessee and the Sublessee for information, but the receipt or non-receipt of such copy by the Lessor, the Lessee or the Sublessee
shall not affect the rights and obligations of the parties to this Agreement.

 

    	 	-5-	 

     

    

 

		3.4	Warranty Confirmation

 

Upon receipt by the Engine Manufacturer
of (a) a Lessor's Notice in accordance with Clause 3.1 (Lessor's Notice to Engine Manufacturer), (b) a Lessee's Notice
in accordance with Clause 3.2 (Lessee's Notice to Engine Manufacturer), or (c) an Enforcement Notice in accordance with
Clause 3.3 (Enforcement Notice to Engine Manufacturer), the Engine Manufacturer shall execute and deliver to the Transaction
Parties and the Sublessee the Warranty Confirmation and grant the Remaining Warranties to the Transaction Party specified in the
Notice duly delivered in accordance with Clause 3.1 (Lessor's Notice to Engine Manufacturer), Clause 3.2 (Lessee's Notice
to Engine Manufacturer), or Clause 3.3 (Enforcement Notice to Engine Manufacturer).

 

		3.5	Benefit of Warranties

 

Each of the parties hereto hereby agrees
in favour of the Sublessee and the Engine Manufacturer that, until such time as the leasing of the Aircraft under the Sublease
has been terminated pursuant to the provisions thereof or until such time as the Aircraft has been repossessed by any one of the
Transaction Parties in accordance with the Financing Agreements and receipt by the Engine Manufacturer of a Notice in accordance
with Clause 3.1 (Lessor's Notice to Engine Manufacturer), Clause 3.2 (Lessee's Notice to Engine Manufacturer) or
Clause 3.3 (Enforcement Notice to Engine Manufacturer), the Sublessee shall have the exclusive benefit of and shall be entitled
to exercise all rights in respect of the Engine Warranties. The Lessee may not enter into any change order or other amendment,
modification or supplement to the General Terms Agreement in respect of the Engine Warranties without the prior written consent
of the Loan Trustee and the Lessor.

 

		4.	TERMINATION OF THE LESSEE'S, SUBLESSEE'S AND THE LESSOR'S
RIGHTS

 

		4.1	The Transaction Parties hereby agree that, as regards any
rights that the Lessee may have against the Engine Manufacturer, on the date that any Lessor's Notice or an Enforcement Notice
is received by the Engine Manufacturer in accordance with this Agreement, all of the Lessee's rights, title and interest in and
to the Remaining Warranties shall (save to the extent of any claim against the Engine Manufacturer existing at such date) be terminated
forthwith, whether or not the Lessee shall have received a copy of such Notice. The Engine Manufacturer shall have no liability
whatsoever to the Lessee (save to the extent of any claim against the Engine Manufacturer existing at such date) in the event
that the Lessee does not receive a copy of such Notice or in any other respect whatsoever concerning the Remaining Warranties
from the date that such Notice is received by the Engine Manufacturer in accordance with this Agreement, except to the extent
such liability is directly caused by the fraud, gross negligence or wilful misconduct of the Engine Manufacturer.

 

		4.2	The Sublessee and the Transaction Parties hereby agree
that, as regards any rights that the Sublessee may have against the Engine Manufacturer, on the date that any Notice is received
by the Engine Manufacturer in accordance with this Agreement, all of the Sublessee's rights, title and interest in and to the
Remaining Warranties shall (save to the extent of any claim against the Engine Manufacturer existing at such date) be terminated
forthwith, whether or not the Sublessee shall have received a copy of such Notice. The Engine Manufacturer shall have no liability
whatsoever to the Sublessee (save to the extent of any claim against the Engine Manufacturer existing at such date) in the event
that the Sublessee does not receive a copy of such Notice or in any other respect whatsoever concerning the Remaining Warranties
from the date that such Notice is received by the Engine Manufacturer in accordance with this Agreement, except to the extent
such liability is directly caused by the fraud, gross negligence or wilful misconduct of the Engine Manufacturer.

 

    	 	-6-	 

     

    

 

		4.3	The Lessor hereby agrees that, as regards any rights that
the Lessor may have against the Engine Manufacturer, on the date that any Enforcement Notice is received by the Engine Manufacturer
in accordance with this Agreement, all of the Lessor's rights, title and interest in and to the Remaining Warranties shall (save
to the extent of any claim against the Engine Manufacturer existing at such date) be terminated forthwith, whether or not the
Lessor shall have received a copy of such Enforcement Notice. The Engine Manufacturer shall have no liability whatsoever to the
Lessor (save to the extent of any claim against the Engine Manufacturer existing at such date) in the event that the Lessor does
not receive a copy of such Enforcement Notice or in any other respect whatsoever concerning the Remaining Warranties from the
date on which any such Enforcement Notice is received by the Engine Manufacturer in accordance with this Agreement, except to
the extent such liability is directly caused by the fraud, gross negligence or wilful misconduct of the Engine Manufacturer.

 

		5.	REMEDIES AND WAIVERS

 

No failure by any party hereto to exercise,
nor any delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, remedy, power or privilege prevent any further or other exercise thereof or the exercise of any
other right, remedy, power or privilege whether hereunder or otherwise. The rights, remedies, powers and privileges herein provided
are cumulative and not exclusive of any rights, remedies, powers and privileges provided at law.

 

		6.	BENEFIT OF AGREEMENT

 

This Agreement shall be binding upon and
enure to the benefit of each party hereto and its or any subsequent successors, permitted assigns and permitted transferees (as
notified, in the case of permitted assigns and permitted transferees, to the Engine Manufacturer and confirmed by the Engine Manufacturer
in writing (such confirmation not to be unreasonably withheld or delayed)).

 

		7.	ASSIGNMENTS AND TRANSFERS

 

None of the Sublessee and the
Transaction Parties hereto shall be entitled to assign, extend or transfer all or any of its rights, benefits and obligations
hereunder (including without limitation assignment for security purposes) without the prior written consent of the Engine Manufacturer
and the Loan Trustee (such consent not to be unreasonably withheld or delayed).

 

    	 	-7-	 

     

    

 

		8.	ENGINE MANUFACTURER WARRANTY CONFIRMATION

 

The parties hereby agree that the Engine
Manufacturer will provide the Warranty Confirmation subject to the following:

 

		8.1	the Engine Manufacturer shall incur no obligations, costs,
expenses or liabilities whatsoever by reason of this Agreement or any of the other Financing Agreements or any of the transactions
contemplated thereby and the Sublessee shall indemnify and hold harmless the Engine Manufacturer against any such obligations,
costs, expenses or liabilities so incurred, except to the extent directly caused by the fraud, gross negligence or wilful misconduct
of the Engine Manufacturer, provided that the Sublessee has been provided with the basis of such costs, expenses or liabilities
in reasonable detail;

 

		8.2	this Agreement shall not constitute a novation of the General
Terms Agreement, and the Lessee shall not be discharged from any of its duties or obligations under the General Terms Agreement
by reason of this Agreement;

 

		8.3	the Engine Manufacturer shall be entitled to rely on the
information contained in a Notice delivered to it pursuant to Clause 3.1 (Lessor's Notice to Engine Manufacturer), Clause
3.2 (Lessee's Notice to Engine Manufacturer), or Clause 3.3 (Enforcement Notice to Engine Manufacturer) without
enquiring as to the accuracy of or entitlement of any of the Transaction Parties to give such Notice. The Sublessee shall indemnify
and hold harmless the Engine Manufacturer in respect of all losses, costs, expenses and liabilities it may incur if such information
proves not to be correct, except to the extent that such liability is directly caused by the fraud, gross negligence or wilful
misconduct of the Engine Manufacturer, provided that the Sublessee has been provided with the basis of such costs, expenses
or liabilities in reasonable detail;

 

		8.4	if, at any time prior to the service of a Notice, there
shall be any dispute as to which of the parties to this Agreement is the beneficiary of any particular right or interest in respect
of the Remaining Warranties, the Engine Manufacturer shall be entitled to perform the corresponding obligations exclusively in
favour of the Sublessee;

 

		8.5	none of the parties hereto (other than the Engine Manufacturer)
shall, without the prior written consent of the Engine Manufacturer, disclose directly or indirectly to any third party any of
the terms of the Engine Warranties disclosed to it by the Engine Manufacturer in this Agreement; provided however, that
(a) the parties hereto may use, retain and disclose such information to their special counsel and public accountants, who
shall not further disclose such terms, (b) the parties hereto may disclose such information as required by applicable laws, governmental
regulations, subpoena, or other written demand under colour of legal right, but they shall first, as soon as practicable upon
receipt of such demand and to the extent permitted by applicable laws, furnish a copy thereof to the Engine Manufacturer (and
prior to the service of a Notice, the Sublessee), and they shall afford the Engine Manufacturer (and prior to the service of a
Notice, the Sublessee), reasonable opportunity, at the Engine Manufacturer's cost and expense, to obtain a protective order or
other assurance reasonably satisfactory to the Engine Manufacturer of confidential treatment of the information required to be
disclosed, (c) the parties hereto may disclose such information to any Indemnitee or their legal advisors who shall not further
disclose such terms or any bona fide potential purchaser, financier or lessee of the Aircraft and/or Engines or their legal
advisors (subject to the execution by such prospective purchaser, financier or lessee of a written confidentiality statement setting
forth the same or substantially similar terms as those referred to in this Clause 8.5), (d) the parties hereto may disclose such
information to their potential permitted transferees or assignees (subject to the execution by such potential permitted transferee
or assignee of a written confidentiality statement setting forth the same or substantially similar terms as those referred to
in this Clause 8.5) and (e) the parties hereto may disclose such information to the Secured Parties and their affiliates, auditors,
accountants, legal advisers, potential transferees, assignees and participants provided that such person also similarly agrees
to be bound by the requirements of this Section 8.5;

 

    	 	-8-	 

     

    

 

		8.6	each of the parties hereto agrees that neither this Agreement,
nor any of the terms or provisions contained herein, may be amended, extended or modified, supplemented, terminated or waived
orally. Any and all amendments, extensions, modifications, supplements, terminations or waivers to this Agreement must be presented
to each of the other parties hereto in writing, and be signed by the party against whom such amendment, extension, modification,
supplement, termination or waiver is sought to be enforced;

 

		8.7	nothing in this Agreement shall modify in any way the contractual
rights of the Engine Manufacturer under the General Terms Agreement or subject the Engine Manufacturer to any multiple or duplicative
liability or obligations to which it would not otherwise be subject under the General Terms Agreement or subject the Engine Manufacturer
to any multiple or duplicate liability or obligations under the General Terms Agreement;

 

		8.8	by their execution of this Agreement, the parties hereto
agree to the terms of the Warranty Confirmation which is subject to the provisions of this Agreement;

 

		8.9	no Transaction Party shall have any obligation or liability
under the General Terms Agreement or the Engine Warranties by reason of or arising out of this Agreement, provided that the
terms and conditions of the General Terms Agreement and the Engine Warranties (including but not limited to Article XIII (Limitation
of Liability) shall apply to all rights exercised and all claims made in respect of the Engine Warranties and shall be binding
upon the Transaction Parties and the Transaction Parties shall be subject to all obligations, restrictions, limitations and conditions
of the General Terms Agreement and the Engine Warranties with respect to the exercising of such rights or the making of such claim
to the same extent as if they had been named the beneficiary thereunder; and

 

		8.10	in the event of a conflict between a Lessee's Notice, a
Lessor's Notice, and an Enforcement Notice, then the Enforcement Notice shall prevail and the Engine Manufacturer shall extend
the benefit of the Remaining Warranties to the Loan Trustee.

 

    	 	-9-	 

     

    

 

		9.	PARTIAL INVALIDITY

 

		9.1	If, at any time, any provision hereof is or becomes illegal,
invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of
the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction
shall in any way be affected or impaired thereby.

 

		9.2	Any provision of this Agreement which may prove to be or
become illegal, invalid or unenforceable in whole or in part shall so far as reasonably possible be performed according to the
spirit and purpose of this Agreement.

 

		10.	TRANSFER FROM LESSOR OR LESSEE TO LOAN TRUSTEE

 

If, at any time after the Remaining Warranties
have been granted to the Lessor or the Lessee pursuant to Clause 3.4 (Warranty Confirmation), the Loan Trustee serves an
Enforcement Notice on the Engine Manufacturer pursuant to Clause 3.3 (Enforcement Notice to Engine Manufacturer), then the
parties hereto agree that all rights, title and interest of the Lessor or the Lessee (as the case may be) in and to the Remaining
Warranties shall be terminated (save to the extent of any claim against the Engine Manufacturer existing at such date), and that
the Engine Manufacturer shall grant to the Loan Trustee a package of warranties equivalent to such of the Remaining Warranties
as at such time may remain available.

 

		11.	NOTICES

 

Any Notice or other communication given
or to be made under this Agreement shall be in writing in the English language and, provided it shall be addressed as set
out below, it shall be deemed to have been duly delivered as follows:

 

		(a)	if sent by personal delivery, upon actual delivery at the
address of the relevant party;

 

		(b)	if sent by post, five (5) Business Days after posting;

 

		(c)	if sent by fax, when despatched with correct confirmation
printout (provided that if the date of receipt is not a Business Day, notice shall be deemed to have been received on the
first following Business Day), to the parties as follows:

 

		(i)	in the case of the Engine Manufacturer to:

          

CFM International,
Inc.

c/o GE Aviation

One Neumann Way, Mail Drop F125

 Cincinnati, OH 45215-6301

United States of America

 

    	 	-10-	 

     

    

 

		Fax:	+1 513 243 9384

		Attention:	General Counsel Commercial Engines

 

 With a copy to:

 

CFM International, Inc.

One Neumann Way, Mail Drop Y7 Cincinnati, OH 45215

United States of America

 

		Fax:	+1 513 552 3397

		Attention:	Contracts Administration

 

		(ii)	in the case of the Lessor to:

 

[PARINA LEASING LIMITED/CUCLILLO LEASING LIMITED]3

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

		Fax:	+1 345 949 8080

		Attention:	Wanda Ebanks

 

		(iii)	in the case of the Lessee to:

 

LATAM Airlines Group S.A.

Edificio Huidobro

Avenida Presidente Riesco 5711

piso 20

Las Condes

Santiago

Chile

 

		Fax:	+562 565 3905

		Attention:	Fleet Management Director

 

		(iv)	in the case of the Sublessee to:

 

TAM Linhas Aéreas S.A.

Avenida Jurandir

No. 856, 4° Andar

Lote 4, CEP 04072-000

Jardim Ceci

 

 

3 Delete as appropriate

 

    	 	-11-	 

     

    

 

São Paulo

Brazil

 

		Fax:	+55 11 55 82 91 18

		Attention:	Contracts Director

 

		(v)	in the case of the Loan Trustee to:

 

Wilmington Trust
Company

1100 North Market Street Wilmington

DE 19890-1605

 

Telephone: +1 302 636 6000

Fax: +1 302 636 4140

Attention: Corporate Trust Administration

 

		12.	COUNTERPARTS

 

This Agreement may be executed by fax and
in any number of counterparts and by the different parties hereto on separate counterparts, each of which when executed and delivered
shall constitute an original, but all counterparts shall together constitute but one and the same instrument.

 

		13.	FURTHER ACTS

 

The parties agree that at any time and
from time to time they shall promptly and duly execute and deliver any and all such further instruments and documents and take
such further action as may reasonably be necessary in order to give full effect to this Agreement and the rights and powers herein
granted. The reasonable out-of-pocket costs and expenses of any such actions shall be borne by the Sublessee.

 

		14.	EFFECTIVE DATE

 

This Agreement shall enter into effect
and become binding on the parties from the Delivery Date.

 

		15.	LAW AND JURISDICTION

 

		15.1	This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York, United States of America.

 

		15.2	Each party hereby submits to the non-exclusive jurisdiction
of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court
for the Southern District of New York for the purpose of any suit, action or proceeding arising out of or relating to this Agreement;
provided, however, that notwithstanding the foregoing, any party may commence an action in any other jurisdiction
to enforce a judgment or other judicial determination in respect of this Agreement or take action in any other jurisdiction to
otherwise enforce its rights under this Agreement or to enforce a judgment or other judicial interpretation of any of the aforesaid
courts in New York issued by any of the foregoing courts.

 

    	 	-12-	 

     

    

 

		15.3	Each party irrevocably and unconditionally waives, to the
fullest extent permitted by applicable laws, any right that they may have to trial by jury of any claim or cause of action in
respect of the matters arising under this Agreement.

 

		15.4	Each party irrevocably waives any objection which it might
now or hereafter have to the courts referred to in Clause 15.2 being nominated as the forum to hear and determine any suit, action
or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim
that any such court is not a convenient or appropriate forum in each case whether on the grounds of venue or forum non conveniens
or any similar grounds or otherwise.

 

		15.5	The submission to the jurisdiction of the courts referred
to in Clause 15.2 shall not (and shall not be construed so as to) limit the right of a party to take proceedings against any other
party in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude
the taking of proceedings in any other jurisdiction, whether concurrently or not.

 

		15.6	To the extent that a party or any of the property of such
party is or becomes entitled at any time to any immunity on the grounds of sovereignty or otherwise from any legal action, suit
or proceeding, from set-off or counterclaim, from the jurisdiction of any competent court, from service of process, from attachment
prior to judgment, from attachment in aid of execution, or from execution prior to judgment, or other legal process in any jurisdiction,
such party for itself and its property does hereby irrevocably and unconditionally waive, and agrees not to plead or claim, any
such immunity with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this
Agreement or the subject matter hereof.

 

		15.7	The Lessee shall at all times maintain an agent for service
of process in the State of New York and agrees that the process by which any suit, action or proceedings is begun may be served
on it by being delivered to Law Debenture Corporate Services, Inc. in the case of proceedings in the Supreme Court of the State
of New York sitting in New York County and the United States District Court for the Southern District of New York. If for any
reason such person shall cease to be a valid agent for service of process, the Lessee shall appoint another agent and shall notify
the other parties hereto of the name and address of such new agent.

 

		15.8	The Sublessee shall at all times maintain an agent for
service of process in the State of New York and agrees that the process by which any suit, action or proceedings is begun may
be served on it by being delivered to Law Debenture Corporate Services, Inc. in the case of proceedings in the Supreme Court of
the State of New York sitting in New York County and the United States District Court for the Southern District of New York. If
for any reason such person shall cease to be a valid agent for service of process, the Sublessee shall appoint another agent and
shall notify the other parties hereto of the name and address of such new agent.

 

    	 	-13-	 

     

    

 

		15.9	The Lessor shall at all times maintain an agent for service
of process in the State of New York and agrees that the process by which any suit, action or proceedings is begun may be served
on it by being delivered to Law Debenture Corporate Services, Inc. in the case of proceedings in the Supreme Court of the State
of New York sitting in New York County and the United States District Court for the Southern District of New York. If for any
reason such person shall cease to be a valid agent for service of process, the Lessor shall appoint another agent and shall notify
the other parties hereto of the name and address of such new agent.

 

IN WITNESS WHEREOF the parties have executed this Agreement
in five (5) originals on the day and year first above written.

 

    	 	-14-	 

     

    

 

SCHEDULE 1

ENGINE WARRANTIES

 

    	 	Sch. 1-1	 

     

    

 

SCHEDULE 2

NOTICES

 

PART 1: LESSOR'S NOTICE TO THE ENGINE
MANUFACTURER

 

		From:	[PARINA LEASING
                                         LIMITED/CUCLILLO LEASING LIMITED]4 (the
                                         "Lessor")

 

		To:	CFM International, Inc.

 

		Attn:	General Counsel, Commercial Contracts

 

		Copy:	LATAM Airlines Group S.A. (the "Lessee")

 

		Copy:	Wilmington Trust Company (the "Loan Trustee")

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

 

[Date]

 

One (1) Airbus A321-200 aircraft msn [•] equipped
with two (2) CFM 56-5B3/3 engines with serial numbers [•] and [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the engine warranties agreement dated_________201[•] (the "Engine Warranties Agreement") in relation
to the Aircraft between CFM International, Inc., the Lessor, the Lessee, the Sublessee and the Loan Trustee.

 

		2.	The Lessor hereby gives notice that the leasing of the
Aircraft under the Lease has been terminated pursuant to the provisions thereof.

 

		3.	In accordance with Clause 2 (Representation, Covenant)
of the Engine Warranties Agreement, we request you provide your confirmation in the form of the Warranty Confirmation that the
Remaining Warranties shall, from the date of the Warranty Confirmation, be extended to [the Lessor] [[•] as Nominee of the
Lessor] in accordance with the terms of the Engine Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of the State of New York.

 

	[PARINA LEASING LIMITED/CUCLILLO LEASING LIMITED]5
	 	 
	By:	                        	 
	 	Name:	 
	 	Title:	 

 

 

4 Delete as appropriate

 

5 Delete as appropriate

 

    	 	Sch. 2-1	 

     

    

 

PART 2: LESSEE'S NOTICE TO THE ENGINE MANUFACTURER

 

		From:	LATAM Airlines Group S.A. (the "Lessee")

 

		To:	CFM International, Inc.

 

		Attn:	General Counsel, Commercial Contracts

 

		Copy:	[PARINA LEASING LIMITED/CUCLILLO LEASING LIMITED]6
(the "Lessor")

 

		Copy:	Wilmington Trust Company (the "Loan Trustee")

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

 

[Date]

 

One (1) Airbus A321-200 aircraft msn [•] equipped
with two (2) CFM 56-5B3/3 engines with serial numbers [•] and [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the engine warranties agreement dated_________201[•] (the "Engine Warranties Agreement") in relation
to the Aircraft between CFM International, Inc., the Lessor, the Lessee, the Sublessee and the Loan Trustee.

 

		2.	The Lessee hereby gives notice that the leasing of the
Aircraft under the Sublease has been terminated pursuant to the provisions thereof.

 

		3.	In accordance with Clause 2 (Representation, Covenant)
of the Engine Warranties Agreement, we request you provide your confirmation in the form of the Warranty Confirmation that the
Remaining Warranties shall, from the date of the Warranty Confirmation, be extended to the Lessee in accordance with the terms
of the Engine Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of the State of New York.

 

	LATAM AIRLINES GROUP S.A.
	 	 
	By:	                        	 
	 	Name:	 
	 	Title:	 

 

 

6 Delete as appropriate

 

    	 	Sch. 2-2	 

     

    

 

PART 3: ENFORCEMENT NOTICE

 

		From:	Wilmington Trust Company (the "Loan Trustee")

 

		To:	CFM International, Inc.

 

		Attn:	General Counsel, Commercial Contracts

 

		Copy:	LATAM Airlines Group S.A. (the "Lessee")

 

		Copy:	[PARINA LEASING LIMITED/CUCLILLO LEASING LIMITED]7
(the "Lessor")

 

		Copy:	TAM Linhas Aéreas S.A. (the "Sublessee")

 

[Date]

 

One (1) Airbus A321-200 aircraft msn [•] equipped
with two (2) CFM 56-5B3/3 engines with serial numbers [•] and [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the engine warranties agreement dated_________201[•] (the "Engine Warranties Agreement") in relation
to the Aircraft between CFM International, Inc., the Lessor, the Lessee, the Sublessee and the Loan Trustee.

 

		2.	The Loan Trustee hereby gives notice that the Aircraft
has been repossessed by the Loan Trustee pursuant to the terms of the Financing Agreements.

 

		3.	In accordance with Clause 2 (Representation, Covenant)
of the Engine Warranties Agreement, we request you provide your confirmation in the form of the Warranty Confirmation that the
Remaining Warranties shall, from the date of the Warranty Confirmation, be extended to [the Loan Trustee] [[•] as Nominee
of the Loan Trustee] in accordance with the terms of the Engine Warranties Agreement.

 

		4.	This notice shall be governed by and construed in accordance
with the laws of the State of New York.

 

WILMINGTON TRUST COMPANY, not in its individual capacity but
solely as Loan Trustee

 

	By:	                        	 
	 	Name:	 
	 	Title:	 

 

 

7 Delete as appropriate

 

    	 	Sch. 2-3	 

     

    

 

SCHEDULE 3

WARRANTY CONFIRMATION

 

	To:	(1)	Wilmington Trust Company (the "Loan Trustee")

 

		(2)	[PARINALEASINGLIMITED/CUCLILLOLEASINGLIMITED]
                                         8 (the "Lessor")

 

		(3)	LATAM Airlines Group S.A. (the "Lessee")

 

		(4)	TAM Linhas Aéreas S.A. (the "Sublessee")

 

[Date]

 

One (1) Airbus A321-200 aircraft msn [•] equipped
with two (2) CFM 56-5B3/3 engines with serial numbers [•] and [•] (the "Aircraft")

 

		1.	Terms used herein bear the same meanings as those set forth
in the engine warranties agreement dated __________201[•](the"EngineWarranties Agreement")
in relation to the Aircraft between CFM International, Inc., the Lessor, the Lessee, the Sublessee and the Loan Trustee.

 

		2.	The Engine Manufacturer hereby acknowledges receipt of
the Notice to the Engine Manufacturer from [the Lessor] [the Lessee] [the Loan Trustee]. Accordingly, the Engine Manufacturer
hereby confirms that, subject to the terms and conditions of the Engine Warranties Agreement, from the date hereof, the Remaining
Warranties shall be made available to [the Lessor] [the Lessee] [the Loan Trustee] [[•] as Nominee of [the Lessor] [the Loan
Trustee]].

 

		3.	This Warranty Confirmation of the Engine Manufacturer shall
be governed by and construed in accordance with the laws of the State of New York.

 

	CFM INTERNATIONAL, INC.
	 	 
	By:	                        	 
	 	Name:	 
	 	Title:	 

 

 

8 Delete as appropriate

 

    	 	Sch. 3-1	 

     

    

 

	 	THE ENGINE MANUFACTURER CFM INTERNATIONAL, INC.
	 	 
	 	By:	                                   
	 	 	Name
	 	 	Title:
	 	 
	 	THE LESSOR
	 	 
	 	[PARINA LEASING LIMITED/CUCLILLO
    LEASING LIMITED]9
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:
	 	 
	 	THE LESSEE
	 	 
	 	LATAM AIRLINES GROUP S.A.
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:
	 	 
	 	THE SUBLESSEE
	 	 
	 	TAM LINHAS AÉREAS S.A.
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:
	 	 
	 	THE LOAN TRUSTEE
	 	 
	 	WILMINGTON TRUST COMPANY, not in its
	 	individual capacity but solely as Loan Trustee
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:

 

 

9 Delete as appropriate

 

Execution Page

Engine Warranties Agreement

MSN [•] / ESNs [•] and [•]

 

     

     

    

 

EXHIBIT N to

NOTE PURCHASE AGREEMENT

 

FORM OF SUBORDINATION ACKNOWLEDGMENT

 

[Attached.]

 

     

     

    

  

	
        SUBORDINATION 

ACKNOWLEDGEMENT

 (MSN [•])

         

        To:

        

        WILMINGTON TRUST COMPANY, not in its
        individual capacity but solely as Loan Trustee (the “Security Agent”) [Parina Leasing Limited/Rayador Leasing
        Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (the “Lessor”)

         

         

         

        Date:
        [·]________, 201[·]

         

        Dear Sirs,

         

        One (1) Airbus [A321] [A350] Aircraft MSN [•] with Brazilian
        Registration Mark [•] (the “Aircraft”)

         

         

        Reference is made to the lease agreement
        in relation to the Aircraft dated [•], 2015 and made between (1) the Lessor, as lessor, and (2) LATAM Airlines Group S.A.,
        as lessee (the “Lessee”) (the “Head Lease Agreement”).

         

         

         

        Pursuant
        to the Indenture and Security Agreement ([Reg. No.]) dated [·],
        2015 among, inter alios, the Lessor and the Loan Trustee, the Lessor will issue two separate series of Equipment Notes,
        the proceeds of which will be used to assist in financing the acquisition by the Lessor of the Aircraft;
	 	 	
        RECONHECIMENTO DE 

SUBORDINAÇÃO
        

(MSN [•])

         

        Para:

        

        WILMINGTON TRUST COMPANY, não
        em sua capacidade individual mas somente como Agente de Empréstimo (a “Agente de Empréstimo”)
        [Parina Leasing Limited/Rayador Leasing Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (a “Arrendadora”)

         

         

        Data:
        ________de [·]
        de 2015

         

        Prezados Senhores,

         

        Uma (1) Aeronave Airbus [A321] [A350]
        MSN [•] com Marca de Registro Brasileiro [•] (doravante denominada “Aeronave”)

         

        Fazemos referência ao contrato de
        arrendamento relacionado à Aeronave datado de [•] de 2015 e firmado entre (1) a Arrendadora, na qualidade de arrendadora,
        e (2) a LATAM Airlines Group S.A., na qualidade de arrendatária (doravante denominada “Arrendatária”),
        (doravante denominado “Contrato de Arrendamento”).

         

        Em
        conformidade com a Escritura e Contrato de Garantia ([Reg. No.]) datado de [·]
        de 2015, entre inter alios, o Arrendador e o Agente de Empréstimo, o Arrendador irá emitir duas séries
        separadas de Notas de Equipamentos (Equipment Notes) cujos recursos serão utilizados para auxiliar o financiamento
        da aquisição da Aeronave pelo Arrendador.

 

     

     

    

  

	
        Pursuant to a sublease agreement dated
        [•], 2015 between (1) the Lessee, as sublessor, and (2) TAM Linhas Aéreas S.A., as sublessee (the “Sublessee”),
        the Lessee has agreed to sublease the Aircraft to the Sublessee (the “Sublease Agreement”).

         

         

         

        In this letter, terms defined (expressly
        or by reference) in the Head Lease Agreement shall have the same meanings in this letter, unless otherwise defined herein.

          

         

        In consideration of the Lessor granting
        its consent to the subleasing of the Aircraft by the Lessee to the Sublessee and for other valuable consideration the sufficiency
        of which is hereby acknowledged, each of the Lessee and the Sublessee undertakes for the benefit of the addressees of this letter
        that it will duly perform its obligations under the Sublease Agreement and agrees as follows:

         

         
	 	 	
        Em conformidade com um contrato de subarrendamento
        datado de [•] de 2015 celebrado entre (1) a Arrendatária, na qualidade de subarrendadora, e (2) a TAM Linhas Aéreas
        S.A., na qualidade de subarrendatária (doravante denominada “Subarrendatária”), a Arrendatária
        concordou em subarrendar a Aeronave à Subarrendatária (doravante denominado “Contrato de Subarrendamento”).

         

        Os termos definidos (expressamente ou por
        referência) no Contrato de Arrendamento terão os mesmos significados nesta carta, salvo se definidos de outra forma
        neste instrumento.

         

        Em contraprestação
ao consentimento por parte da Arrendadora com o subarrendamento da Aeronave pela Arrendatária à Subarrendatária
e por outras contraprestações valiosas cuja suficiência nós reconhecemos neste ato, a Arrendatária
e a Subarrendatária, individualmente, comprometem-se, pelo benefício dos destinatários desta carta, a desempenharem
devidamente suas obrigações previstas no Contrato de Subarrendamento e concordam com o seguinte: 

 

    	 	-2-	 

     

    

  

	
        1 SUBORDINATION

         

        1.1 The Lessee and the Sublessee acknowledge
        and confirm to the Lessor and the Loan Trustee that the Sublease Agreement and their rights and interests therein as sublessor
        and sublessee respectively in and to the Aircraft shall be, in all respects and at all times, fully subject and subordinate to
        the Lessor’s rights, title and interests in and to the Aircraft and under the Head Lease Agreement and to the rights and
        interests of the Secured Parties under the Security Documents and the Related Secured Parties under the Related Security Documents.

         

         

         

         1.2 Any claims which the
Sublessee may have or acquire as a result of any breach, non-performance or repudiation of the Sublease Agreement shall be exclusively
against the Lessee, and the Sublessee shall not be entitled to withhold or delay performance of any of its undertakings herein
to any of the Lessor or the Loan Trustee on the grounds of such breach, non-performance or repudiation.

         

         

          

        1.3 Any claims which the Lessee may have
        or acquire as a result of any breach, non-performance or repudiation of the Sublease Agreement by the Sublessee shall be exclusively
        against the Sublessee, and the Lessee shall not be entitled to withhold or delay performance of any of the undertakings in this
        letter on the grounds of such breach, non- performance or repudiation.
	 	 	
        1 SUBORDINAÇÃO

         

        1.1 A Arrendatária e a Subarrendatária
        reconhecem e confirmam à Arrendadora e ao Agente de Empréstimo que o Contrato de Subarrendamento e os direitos e
        participações das mesmas contidos no referido contrato, na qualidade de subarrendadora e subarrendatária respectivamente,
        com relação à Aeronave, estarão em todos os aspectos e a todos os momentos totalmente sujeitos e subordinados
        aos direitos, titularidade e participações da Arrendadora na Aeronave, aos termos do Contrato de Arrendamento e aos
        direitos e participações das Partes Garantidas conforme previsto nos Documentos da Garantia e das Demais Partes Garantidas
        conforme previsto nos Demais Documentos da Garantia.

         

        1.2 Quaisquer reivindicações
        que a Subarrendatária possa ter ou adquirir como resultado de qualquer violação, não execução
        ou repúdio ao Contrato de Subarrendamento deverão ser exclusivamente contra a Arrendatária, e a Subarrendatária
        não terá direito de reter ou atrasar o cumprimento de quaisquer compromissos previstos neste instrumento com a Arrendadora
        ou com a Agente de Empréstimo tendo como base tal violação, não execução ou repúdio.

         

        1.3 Quaisquer reivindicações
        que a Arrendatária possa ter ou adquirir como resultado de qualquer violação, não execução
        ou repúdio ao Contrato de Subarrendamento por parte da Subarrendatária deverão ser exclusivamente contra a
        Subarrendatária, e a Arrendatária não terá direito de reter ou atrasar o cumprimento de quaisquer compromissos
        previstos neste instrumento tendo como base tal violação, não execução ou repúdio.

 

    	 	-3-	 

     

    

  

	
        1.4 The Sublessee agrees that the Aircraft
        shall not be used, maintained, repaired, insured, operated or kept in any manner which is inconsistent with the provisions of the
        Head Lease Agreement and the Sublessee will not take any action nor omit to do anything, during the term of the Sublease Agreement
        or whilst the Aircraft is in its possession or power, that would cause there to be a breach of the Head Lease Agreement.

         

         

        1.5 The Sublessee agrees that it shall
        not further lease, hire or part with possession of the Aircraft or any part thereof.

         

         

        1.6 The Sublessee hereby irrevocably and
        unconditionally waives any right of quiet enjoyment arising pursuant to or in connection with the Cape Town Convention.

         

         

        1.7 Each of the Lessee and the Sublessee repeats for
the benefit of the Lessor and the Loan Trustee (a) each of the representations and warranties set out in Section 4.02 and 4.02A,
respectively of the Participation Agreement and (b) each of the indemnities expressed in favour of the Lessor, the Secured Parties,
the Indemnitees and/or the Loan Trustee under Section 4.03 of the Participation Agreement.
	 	 	
        1.4 A Subarrendatária concorda que
        a Aeronave não deverá ser usada, conservada, reparada, segurada, operada ou mantida de uma forma que seja inconsistente
        com as disposições do Contrato de Arrendamento, e a Subarrendatária não tomará nem se omitirá
        em tomar qualquer medida, durante a vigência do Contrato de Subarrendamento ou enquanto a Aeronave estiver em sua posse ou
        poder, que possa causar uma violação do Contrato de Arrendamento.

         

        1.5 A Subarrendatária concorda em
        não arrendar, contratar ou abrir mão da posse da Aeronave ou de qualquer parte dela.

         

        1.6 A Subarrendatária neste ato
        renuncia em caráter irrevogável e incondicional a qualquer direito à posse pacífica decorrente de acordo
        com ou relacionada à Convenção da Cidade do Cabo.

         

        1.7 A Arrendatária e a Subarrendatária,
        individualmente, confirmam para o benefício da Arrendadora e da Agente de Empréstimo (a) cada uma das declarações
        e garantias previstas nas cláusulas 4.02 e 4.02A do Contrato de Participação e (b) cada uma das indenizações
        expressas em favor da Arrendadora, das Partes Garantidas, das Indenizadas e/ou do Agente de Empréstimo conforme previsto
        na cláusula 4.03 do Contrato de Participação.

 

    	 	-4-	 

     

    

  

	
        1.8 Each of the Lessee and the Sublessee
        repeats in favour of the Lessor and the Loan Trustee, each of the covenants and undertakings set out in the Sublease Agreement
        which are expressed to be for the benefit of the Lessor and the Loan Trustee.

         

        1.9 Each of the Lessee and the Sublessee
        agrees that the obligation of the Lessee to provide security in respect of the rights and interests of, inter alia, the
        Lessor and the Loan Trustee shall not be affected by the termination of the Sublease Agreement or the leasing of the Aircraft thereunder,
        and on the importation of the Aircraft into the Republic of Chile, the Lessee shall provide the levels of security as required
        under the terms of the Head Lease Agreement.

         

         

        1.10 The Sublessee acknowledges receipt of a copy of the Head
        Lease Agreement.

         

        1.11 The Lessee and the Sublessee confirm
        that the Sublessee shall not be permitted to take any action under the Sublease Agreement not permitted to be taken by the Lessee
        under the Head Lease Agreement.

         

         
	 	 	
        1.8 A Arrendatária e a Subarrendatária,
        individualmente, confirmam em favor da Arrendadora e da Agente de Empréstimo cada uma das avenças e compromissos
        estabelecidos no Contrato de Subarrendamento expressos em benefício da Arrendadora e da Agente de Empréstimo.

         

        1.9 A Arrendatária e a Subarrendatária,
        individualmente, concordam que a obrigação da Arrendatária em oferecer garantia com relação
        aos direitos e participações, inter alia, da Arrendadora e da Agente de Empréstimo não deverá
        ser afetada pela rescisão do Contrato de Subarrendamento ou do arrendamento da Aeronave previsto no mesmo, e quanto à
        importação da Aeronave para a República do Chile, a Arrendatária deverá oferecer níveis
        de garantia conforme exigido pelos termos do Contrato de Arrendamento.

         

        1.10 A Subarrendatária reconhece
        o recebimento de uma via do Contrato de Arrendamento.

         

        1.11 A Arrendatária e a Subarrendatária
        confirmam que a Subarrendatária não tem permissão para tomar qualquer medida nos termos do Contrato de Subarrendamento
        que não seja permitida pela Arrendatária nos termos do Contrato de Arrendamento.

 

    	 	-5-	 

     

    

 

	
        2 TERMINATION

         

        The Lessee and the Sublessee agree that
        if at any time the Lessor (or the Loan Trustee, as assignee of the Lessor or otherwise acting in accordance with the Security Documents)
        terminates the leasing of the Aircraft to the Lessee under the Head Lease Agreement:

         

         

        2.1 the leasing of the Aircraft pursuant
        to the Sublease Agreement and the Sublessee’s right to possession of the Aircraft under the Sublease Agreement will terminate
        simultaneously and automatically and that upon such termination, without prejudice to the Lessee’s obligations under the
        Head Lease Agreement which shall be unaffected thereby, the Lessee and the Sublessee shall if requested by the Lessor or the Loan
        Trustee promptly redeliver the Aircraft to the Lessor (or its nominee) to such location as directed by the Loan Trustee, free and
        clear of all Liens and security interests and in a condition complying in all respects with the requirements of the Head Lease
        Agreement. Such redelivery shall be carried out at the Lessee’s cost and expense; and

         

         

         2.2 if the Lessee and/or the Sublessee
fail to comply with their respective obligations set out in Clause 2.1, the Lessor may, without further notice or demand, retake
possession of the Aircraft wherever it may be located and for such purpose the Lessor and its agents and representatives may enter
upon any land or premises belonging to, occupied, or controlled by the Lessee and/or the Sublessee where the Aircraft may be located
and retake possession of and remove the same and do all other things or acts which are in the opinion of the Lessor or the Loan
Trustee necessary or advisable to retake possession of the Aircraft, in each case without any responsibility or liability for
any loss or damage caused thereby or in connection therewith (and the Lessee and/or the Sublessee irrevocably authorise the Lessor
and its agents and representatives to do any or all of the foregoing),

         
	 	 	
        2 RESCISÃO

         

        A Arrendatária e a Subarrendatária
        concordam que se, a qualquer tempo, a Arrendadora (ou a Agente de Empréstimo, na qualidade de cessionária da Arrendadora
        ou ainda atuando em conformidade com os Documentos da Garantia) rescindir o arrendamento da Aeronave à Arrendatária
        nos termos do Contrato de Arrendamento:

         

        2.1 o arrendamento da Aeronave de acordo
        com o Contrato de Subarrendamento e o direito da Subarrendatária à posse da Aeronave nos termos do Contrato de Subarrendamento
        rescindirão simultânea e automaticamente e que, após tal rescisão, sem prejuízo às obrigações
        da Arrendatária previstas no Contrato de Arrendamento que não deverão ser afetadas, a Arrendatária
        e a Subarrendatária deverão, se solicitado pela Arrendadora ou pela Agente de Empréstimo, reentregar imediatamente
        a Aeronave à Arrendadora (ou a sua representante) no local indicado pela Agente de Empréstimo, livre e desembaraçada
        de todos os Direitos de Garantia e em uma condição que esteja em conformidade, em todos os aspectos, com as exigências
        do Contrato de Arrendamento. Tal reentrega deverá ser realizada à custa da Arrendatária; e

         

        2.2 se a Arrendatária e/ou a Subarrendatária
        não cumprirem com suas respectivas obrigações estabelecidas na Cláusula 2.1, a Arrendadora poderá,
        sem notificação ou demanda, retomar a posse da Aeronave, onde quer que ela esteja localizada, e, para tal finalidade,
        a Arrendadora, seus agentes e representantes poderão entrar qualquer terreno ou prédio que pertença, seja
        ocupado ou controlado pela Arrendatária e/ou pela Subarrendatária, onde a Aeronave esteja localizada, retomar a posse
        dela e removê-la e realizar todas as medidas e atos necessários que, na opinião da Arrendadora ou da Agente
        de Empréstimo, sejam necessários ou convenientes para a retomada da posse da Aeronave, em cada caso sem qualquer
        responsabilidade ou obrigação sobre qualquer prejuízo ou dano causado por tais atos e medidas ou a eles relacionados
        (e a Arrendatária e/ou a Subarrendatária autorizam em caráter irrevogável a Arrendadora, seus agentes
        e representantes a realizar o acima exposto),

 

    	 	-6-	 

     

    

  

	
        PROVIDED THAT if the Loan Trustee
        has exercised and enforced its rights under the Security Documents then the Lessee and/or the Sublessee will either, as the case
        may be, (i) redeliver the Aircraft to the Loan Trustee (or its nominee) in accordance with Clause 2.1 or (ii) permit the Loan Trustee
        to retake possession and take the other actions permitted by Clause 2.2.

          

         

        3 HEAD LEASE AGREEMENT

         

        Notwithstanding the Sublease Agreement,
the Lessee will remain fully liable to perform its obligations under the Head Lease Agreement and the other Financing Agreements
to which the Lessee is a party but to the extent the Sublessee properly performs an obligation under the Sublease Agreement, the
Lessor agrees that such performance shall be regarded as discharging (to such extent) any corresponding obligations of the Lessee
under the Financing Agreements to which the Lessee is a party.
	 	 	
        FICANDO RESSALVADO QUE se a Agente
        de Empréstimo tiver exercido e executado seus direitos previstos nos Documentos de Garantia, então a Arrendatária
        e/ou a Subarrendatária, conforme o caso, (i) reentregarão a Aeronave à Agente de Empréstimo (ou seu
        representante), de acordo com a Cláusula 2.1 ou (ii) permitirão que a Agente de Empréstimo retome a posse
        e tome outras medidas permitidas pela Cláusula 2.2.

         

        3 CONTRATO DE ARRENDAMENTO

         

        Não obstante o Contrato de Subarrendamento,
        a Arrendatária continuará plenamente responsável pelo cumprimento das obrigações previstas no
        Contrato de Arrendamento e nos outros Documentos da Arrendatária, mas na medida em que a Subarrendatária cumprir
        adequadamente uma obrigação prevista no Contrato de Subarrendamento, a Arrendadora concorda que tal cumprimento será
        considerado como uma liberação (na mesma medida) de quaisquer obrigações correspondentes da Arrendatária
        previstas nos Documentos da Arrendatária dos quais a Arrendatária seja parte.

 

    	 	-7-	 

     

    

  

	
        4 SUBLEASE AGREEMENT

         

        4.1 The Lessee and the Sublessee hereby
        agree to cooperate with the Lessor and the Loan Trustee and do all things reasonably requested by the Lessor and/or the Loan Trustee
        (at no cost to the Lessor or the Loan Trustee) in connection with the execution and filing of any documents reasonably required
        by the Lessor or the Loan Trustee to be executed and filed from time to time in Brazil and/or Chile in connection with this letter
        and to ensure the validity, enforcement and priority hereof.

         

         

         

        4.2 The Lessee and the Sublessee hereby
        acknowledge and agree that the Sublease Agreement cannot be amended without the prior written consent of the Lessor and the Loan
        Trustee.

         

        4.3
The Lessee and the Sublessee will not assign, transfer or otherwise dispose of any of their respective obligations or rights under
the Sublease Agreement other than an assignment by the Lessee of its rights under the Sublease Agreement pursuant to a lessee
security assignment dated on or about the date hereof between the Lessee, as assignor, and the Lessor, as assignee.
	 	 	
        4 CONTRATO DE SUBARRENDAMENTO

         

        4.1 A Arrendatária e a Subarrendatária
        neste ato concordam em colaborar com a Arrendadora e a Agente de Empréstimo e fazer tudo o que seja razoavelmente solicitado
        pela Arrendadora e/ou pela Agente de Empréstimo (sem gastos para a Arrendadora ou a Agente de Empréstimo) com relação
        à assinatura e registro de quaisquer documentos razoavelmente solicitados pela Arrendadora ou pela Agente de Empréstimo
        a serem assinados e registrados de tempos em tempos no Brasil e/ou no Chile relacionados a esta carta e para garantir a validade,
        exequibilidade e prioridade deste instrumento.

         

        4.2 A Arrendatária e a Subarrendatária
        neste ato reconhecem e concordam que o Contrato de Subarrendamento não pode ser aditado sem o consentimento prévio
        por escrito da Arrendadora e da Agente de Empréstimo.

         

        4.3 A Arrendatária e a Subarrendatária
        não cederão, transferirão ou de outro modo alienarão quaisquer de suas respectivas obrigações
        ou direitos previstos no Contrato de Subarrendamento salvo a cessão por parte da Arrendatária de seus direitos previstos
        no Contrato de Subarrendamento de acordo com uma cessão de garantia da arrendatária celebrada na data ou em data
        próxima à deste instrumento entre a Arrendatária, na qualidade de cedente, e a Arrendadora, na qualidade de
        cessionária.

 

    	 	-8-	 

     

    

  

	
        4.4 The Lessee agrees to inform the Lessor
        and the Loan Trustee immediately upon the Sublessee ceasing to be a Leasing Affiliate or Permitted Sublessee.

         

         

        4.5
         Each
        of the Lessee and the Sublessee confirm that the provisions of the Sublease Agreement are not in contravention of the
        provisions         of the Head Lease Agreement. To the extent that any provision of the Sublease Agreement is in
        contravention of the provisions of         the Head Lease Agreement, the Lessee and the Sublessee agree to cooperate to amend
        the Sublease Agreement to correct such contravention         with the prior written consent of the Lessor and the Loan
        Trustee. Each of the Lessee and the Sublessee hereby waives any claim         it may have against the other should the
        provisions of the Sublease Agreement be determined to be in contravention of the provisions         of the Head Lease
        Agreement. If any provision of the Sublease Agreement contravenes any provision of the Head Lease Agreement,         any such
        contravening provision shall be of no force or effect as against the Lessor or the Secured Parties. If there is any conflict
        between the provisions of the Head Lease Agreement and the provisions of the Sublease Agreement, the provisions of the Head
        Lease         Agreement shall prevail.
	 	 	
        4.4 A Arrendatária concorda em informar
        a Arrendadora e a Agente de Empréstimo imediatamente quando a Subarrendatária deixar de ser uma Afiliada do Arrendamento.

         

        4.5 A Arrendatária e a Subarrendatária,
        individualmente, confirmam que as disposições do Contrato de Subarrendamento não são contrárias
        às disposições do Contrato de Arrendamento. Na medida em que qualquer disposição do Contrato
        de Subarrendamento seja contrária às disposições do Contrato de Arrendamento, a Arrendatária
        e a Subarrendatária concordam em colaborar para o aditamento do Contrato de Subarrendamento a fim de corrigir tal contravenção
        mediante o prévio consentimento por escrito da Arrendadora e da Agente de Empréstimo. A Arrendatária e a Subarrendatária,
        individualmente, neste ato renunciam a qualquer reivindicação que possam ter uma contra a outra caso as disposições
        do Contrato de Subarrendamento sejam consideradas contrárias às disposições do Contrato de Arrendamento.
        Se qualquer disposição do Contrato de Subarrendamento estiver em contravenção com qualquer disposição
        do Contrato de Arrendamento, tal disposição contrária não deverá vigorar ou ter efeito contra
        a Arrendadora ou as Partes Garantidas. Se houver um conflito entre as disposições do Contrato de Arrendamento e as
        disposições do Contrato de Subarrendamento, as disposições do Contrato de Arrendamento deverão
        prevalecer.

 

    	 	-9-	 

     

    

  

	
        5 REPRESENTATIONS AND WARRANTIES OF THE SUBLESSEE

         

        The Sublessee acknowledges that the Loan
        Trustee and the Lessor have consented to the leasing of the Aircraft to the Sublessee pursuant to the Sublease Agreement in full
        reliance on the representations and warranties made and to be made by the Sublessee under the Sublease Agreement. In addition,
        for the benefit of the Lessor and the Loan Trustee, the Sublessee hereby represents and warrants as of the date hereof that:

         

         

        5.1 it has been and is properly formed
        and existing under the laws of Brazil and has been and is maintained according to all laws and regulations applicable to it;

         

        5.2 in entering into this letter and carrying
        out its obligations hereunder, it does not contravene or breach any law or regulation or document applicable to or binding upon
        it;
	 	 	
        5 DECLARAÇÕES E GARANTIAS DA SUBARRENDATÁRIA

         

        A Subarrendatária reconhece que
        a Agente de Empréstimo e a Arrendadora consentiram com o arrendamento da Aeronave à Subarrendatária de acordo
        com o Contrato de Subarrendamento com base nas declarações e garantias feitas e a serem feitas pela Subarrendatária
        de acordo com o Contrato de Subarrendamento. Além disso, para o benefício da Arrendadora e da Agente de Empréstimo,
        a Subarrendatária neste ato declara e garante na data deste instrumento que:

         

        5.1 foi e encontra-se constituída
        e existente de acordo com as leis do Brasil e tem sido operada de acordo com todas as leis e regulamentos aplicáveis a ela;

         

        5.2 ao assinar esta carta e cumprir suas
        obrigações de acordo com os termos deste instrumento, ela não transgride ou viola qualquer lei ou regulamento
        ou documento aplicável ou vinculante a ela;

 

    	 	-10-	 

     

    

  

	
        5.3 it has the authorizations it needs to enter into this letter
        and to carry out its obligations, and it has the power to enter into this letter;

         

        5.4 it has taken all necessary legal action
        to authorize the person or persons who execute and deliver this letter and thereby bind it to all the terms and conditions hereof
        and to act for and on behalf of it as contemplated hereby;

         

         

        5.5 no liquidator, receiver, manager or
        similar officer has been appointed in respect of all or any part of its assets nor has any application been made to a court which
        is still pending for an order for, or any act, matter or thing been done which with the giving of notice, lapse of time or satisfaction
        of some other condition (or any combination thereof) will lead to, the appointment of any such officer or equivalent in any jurisdiction;

         

        5.6 its obligations under this letter are
        legal, valid and binding and enforceable against it;

         

        5.7
the Sublease Agreement constitutes the whole agreement between the Lessee and the Sublessee relating to the Aircraft, and there
have been no amendments, supplements, novations, written consents, approvals, waivers or other modifications relating to the Sublease
Agreement and there are no oral waivers currently in effect that would modify or amend the terms thereof;
	 	 	
        5.3 tem as autorizações necessárias para
        assinar esta carta e cumprir suas obrigações, e tem o poder de assinar esta carta;

         

         

        5.4 tomou todas as medidas legais necessárias
        para autorizar a pessoa ou pessoas que assinam e formalizam esta carta e, desse modo, a vincula a todos os termos e condições
        deste instrumento e para agir em seu nome e representação conforme disposto neste instrumento;

         

        5.5 nenhum liquidante, administrador judicial,
        administrador ou pessoa de cargo similar foi nomeado a respeito de todo ou qualquer parte de seu ativo e nenhum pedido foi feito
        a um tribunal, o qual aguarda decisão, ou qualquer ato, questão ou coisa foi feita, a qual com a entrega de notificação,
        decorrer de tempo ou cumprimento de alguma outra condição (ou qualquer combinação disso) levará
        à nomeação de qualquer referida pessoa de cargo equivalente em qualquer jurisdição;

         

         5.6 suas obrigações de
        acordo com a presente carta são legais, válidas e vinculantes e exequíveis em relação a ela;

         

        5.7 o Contrato de Subarrendamento constitui
        o acordo integral entre a Arrendatária e a Subarrendatária com relação à Aeronave, e não
        houve alterações, aditamentos, novações, consentimentos por escrito, aprovações, renúncias
        ou outras modificações relativas ao Contrato de Subarrendamento e não há renúncias verbais atualmente
        em vigor que poderiam modificar ou alterar os termos do Contrato de Subarrendamento;

 

    	 	-11-	 

     

    

 

	
        5.8 its entry into the Sublease Agreement
        and its performance of its obligations and rights thereunder do not and will not contravene or breach any law or regulation or
        document applicable to or binding upon it; and

         

         

        5.9 its main activity is the transport of passengers and/or
        goods.

         

        6 REPRESENTATIONS AND WARRANTIES OF THE LESSEE

         

        For the benefit of the Lessor and the Loan
        Trustee, the Lessee hereby represents and warrants as of the date hereof that:

         

        6.1 the Sublease Agreement constitutes
        the whole agreement between the Lessee and the Sublessee relating to the Aircraft, and there have been no amendments, supplements,
        novations, written consents, approvals, waivers or other modifications relating to the Sublease Agreement and there are no oral
        waivers currently in effect that would modify or amend the terms thereof;

         

         

        6.2
         the
        terms of the Sublease Agreement are such that the Sublessee, in complying with the terms thereunder, shall not cause the Lessee,
        as lessee under the Head Lease Agreement, to be in breach of any of, or cause a Lease Event of Default under, the provisions of
        the Head Lease Agreement;
	 	 	
        5.8 sua entrada no Contrato de Subarrendamento
        e o cumprimento de suas obrigações e direitos nos termos desse instrumento não infringem ou violam, nem infringirão
        ou violarão, qualquer lei ou regulamento ou documento aplicável ou vinculante a ela; e

         

        5.9 sua principal atividade é o
        transporte de passageiros e/ou bens por contraprestação.

         

        6 DECLARAÇÕES E GARANTIAS DA ARRENDATÁRIA

         

        

        Para o benefício da Arrendadora
        e da Agente de Empréstimo, a Arrendatária neste ato declara e garante na data deste instrumento:

         

        6.1 que o Contrato de Subarrendamento constitui
        o acordo integral entre a Arrendatária e a Subarrendatária com relação à Aeronave, e não
        houve alterações, aditamentos, novações, consentimentos por escrito, aprovações, renúncias
        ou outras modificações relativas ao Contrato de Subarrendamento e não há renúncias verbais atualmente
        em vigor que poderiam modificar ou alterar os termos do Contrato de Subarrendamento;

         

        6.2 que os termos do Contrato de Subarrendamento
        sejam tais que a Subarrendatária, ao cumprir os termos do Contrato de Subarrendamento, não deverá fazer com
        que a Arrendatária, na qualidade de arrendatária de acordo com o Contrato de Arrendamento, viole qualquer das disposições
        do Contrato de Arredamento e não deverá causar um Evento de Inadimplementos do Arrendamento nos termos do Contrato
        de Arredamento;

 

    	 	-12-	 

     

    

  

	
        6.3 the term of the Sublease Agreement
        does not extend beyond, or be capable of extension beyond the Term; and

         

         

        6.4 the Sublessee is a Leasing Affiliate and a Permitted Sublessee.

         

        7 SECURITY ASSIGNMENTS 

         

        Each of the Lessee and the Sublessee acknowledges:

         

        7.1 [the assignment by way of security
        by the Sublessee of its right, title and interest to the proceeds of the Insurances and the requisition proceeds pursuant to a
        sublessee security assignment dated on or about the date hereof (the “Sublessee Security Assignment”);]

         

         

        7.2
         [the
        assignment by way of security by the Lessee of its right, title and interest to the proceeds of the Insurances, the requisition
        proceeds, the Sublease Agreement and the Sublessee Security Assignment to the Lessor pursuant to a lessee security assignment dated
        on or about the date hereof (the “Lessee Security Assignment”); and]
	 	 	
        6.3 que o prazo do Contrato de Subarrendamento
        não seja prorrogado, ou poderá ser prorrogado, além do Período de Arrendamento; e

         

        6.4 que a Subarrendatária seja uma Afiliada do Arrendamento.

         

        

        7 CESSÕES DE GARANTIA

         

        A Arrendatária e a Subarrendatária reconhecem:

         

        7.1 [a cessão, por meio
        de garantia, pela Subarrendatária de seus direitos, titularidade e participação nas receitas de Seguros
        e nas Receitas de Requisição de acordo com uma cessão de garantia da subarrendatária na ou
        próxima à data deste instrumento (a “Cessão de Garantia da Subarrendatária”);]

         

        7.2 [a cessão, por meio de garantia,
        pela Arrendatária de seus direitos, titularidade e participação nas receitas de Seguros, Receitas de Requisição,
        Contrato de Subarrendamento e na Cessão de Garantia da Subarrendatária à Arrendadora de acordo com uma cessão
        de garantia da arrendatária na ou próxima à data deste instrumento (a “Cessão de Garantia
        da Arrendatária”); e]

 

    	 	-13-	 

     

    

  

	
        7.3 [the assignment by way of security
        by the Lessor of its right, title and interest to the proceeds of the Insurances, the requisition proceeds, the Sublease Agreement,
        the Head Lease Agreement, the Sublessee Security Assignment and the Lessee Security Assignment to the Loan Trustee pursuant to
        [the Indenture].]

         

        8 LAW AND JURISDICTION

         

        8.1 This letter and any non-contractual
        obligations connected with it shall be governed by, and construed in accordance with, New York law and the courts of the State
        of New York [and Brazil] shall have non-exclusive jurisdiction to resolve any issues or disputes arising out of this letter.

         

        [8.2
        Without prejudice to any other mode of service, proceedings will be duly served upon: (i) the Lessee by sending a copy to its process
        agent referred to in clause [·]
        of the Trust Deed; and (ii) the Sublessee by sending a copy to its process agent referred to in clause [·]
        of the Sublease Agreement.]

         

         

        8.3 Each of the Lessee and the Sublessee
        irrevocably and unconditionally agrees that, if the Lessor and/or the Loan Trustee brings legal proceedings against it or its assets
        in relation to this letter, no immunity from such legal proceedings (which will be deemed to include, without limitation, suit,
        attachment prior to judgment, other attachment, the obtaining of judgment, execution or other enforcement) will be claimed by or
        on behalf of itself or with respect to its assets and waives any such right of immunity which it or its assets now has or may in
        the future acquire and consents generally in respect of any such proceedings to the giving of any relief or the issue of any process
        in connection with such proceedings including, without limitation, the making, enforcement or execution against any property whatsoever
        (irrespective of its use or intended use) of any order or judgment which may be made or given in such proceedings.

         
	 	 	
        7.3 [a cessão, por meio de garantia,
        pela Arrendadora de seus direitos, titularidade e participação nas receitas de Seguros, Receitas de Requisição,
        Contrato de Subarrendamento, Contrato de Arrendamento, Cessão de Garantia da Subarrendatária e na Cessão de
        Garantia da Arrendatária ao Agente de Empréstimo de acordo com [a Escritura].]

         

        8 LEI E JURISDIÇÃO

         

        8.1 A presente carta e quaisquer obrigações
        não contratuais ligadas a ela deverão ser regidas pela, e interpretadas de acordo com, a lei inglesa, e os tribunais
        ingleses deverão ter jurisdição não exclusiva para resolver quaisquer questões ou controvérsias
        decorrentes desta carta.

         

        [8.2
        Sem prejuízo a qualquer outro modo de citação, processos serão devidamente entregues: (i) à
        Arrendatária pela entrega de uma cópia ao seu agente de citação mencionado na cláusula [·]
        da Escritura de “Trust”; e (ii) à Subarrendatária pela entrega de uma cópia ao seu agente de citação
        mencionado na cláusula [·]
        do Contrato de Subarrendamento.]

         

        8.3 A Arrendatária e a Subarrendatária,
        individualmente, irrevogável e incondicionalmente, concordam que, caso a Arrendadora e/ou a Agente de Empréstimo
        instaure processos judiciais contra ela ou seus ativos com relação a esta carta, nenhuma imunidade aos referidos
        processos judiciais (os quais serão considerados como incluindo, entre outros, ações, arresto, outras apreensões,
        obtenção de sentença, execução, ou outro tipo de execução) será reivindicada
        por ou em nome dela ou a respeito de seus ativos e renuncia a quaisquer direitos de imunidade que ela ou seus ativos tenham ou
        possam adquirir no futuro e consentem com, de forma geral, a respeito de qualquer referido processo, a concessão de qualquer
        recurso ou emissão de qualquer citação em conexão com os referidos processos, incluindo, entre outros,
        o proferimento, aplicação ou execução, com relação a qualquer bem (independentemente
        de seu uso ou uso pretendido), de qualquer decisão ou sentença que possa ser proferida ou dada nesses processos.

         

 

    	 	-14-	 

     

    

 

	
        9 MISCELLANEOUS 

         

        9.1 To the extent that there is any inconsistency
        at all between any provision of any kind whatsoever of this letter and the Sublease Agreement, the provisions of this letter shall
        at all times prevail.

         

        9.2 This letter may be executed in counterparts
        each of which will constitute one and the same document.

         

        9.3 This letter is given to (i) the Lessor
        and (ii) the Loan Trustee as loan trustee for itself and the other Secured Parties.

         

        9.4 This letter shall not be construed as a waiver
or variation of any of the Lessor’s and/or the Secured Parties’ rights and remedies under the Head Lease Agreement
and the other Financing Agreements and is without prejudice to: (i) such rights and remedies of the Lessor and/or the Secured
Parties; and (ii) the obligations of the Lessee under the Head Lease Agreement and the other Financing Agreements which shall
remain in full force and effect.

         

        9.5 This letter is designated as a “Financing
        Agreement” under and for all purposes of the Head Lease Agreement and the other Financing Agreements.

         

        9.6 Each of the Lessee and the Sublessee
        covenants with the Lessor and the Loan Trustee that it shall from time to time and at all times, at the request of the Lessor and/or
        the Loan Trustee but at no cost to the Lessor or the Loan Trustee, take such actions and execute such additional documents, instruments,
        agreements, certificates, consents and assurances as may be reasonably necessary or desirable or as the Lessor or the Loan Trustee
        may reasonably request from time to time to give full effect to this letter.

         

         

         

         

        IN WITNESS WHEREOF this letter has
        been duly executed as a deed by the Lessee and the Sublessee and has been signed by the Lessor and the Loan Trustee and is intended
        to be and is hereby delivered on the date first above written.

         

         

        [Execution page follows]
	 	 	
        9 DISPOSIÇÕES DIVERSAS

         

        9.1 Em caso de qualquer inconsistência
        entre as disposições desta carta e o Contrato de Subarrendamento, as disposições desta carta sempre
        deverão prevalecer.

         

         

        9.2 Esta carta pode ser assinada em vias
        e cada uma delas constituirá um mesmo e único documento.

         

        9.3 Esta carta é entregue (i) à
        Arrendadora e (ii) à Agente de Empréstimo na qualidade de Agente de Empréstimo em seu próprio nome
        e em nome das Partes Garantidas.

         

        9.4 Esta carta não deverá ser interpretada como
        uma renúncia ou alteração a quaisquer direitos ou recursos da Arrendadora e/ou das Partes Garantidas nos termos
        do Contrato de Arrendamento e dos demais Documentos da Transação e não deverá causar prejuízo:
        (i) aos referidos direitos e recursos da Arrendadora e/ou das Partes Garantidas; e (ii) às obrigações da Arrendatária
        de acordo com o Contrato de Arrendamento e os demais Documentos da Transação, os quais permanecerão em pleno
        vigor e efeito.

         

         

        9.5 Esta carta é denominada um “Documento
        da Transação” de acordo com e para todas as finalidades do Contrato de Arrendamento e os demais Documentos
        da Transação.

         

        9.6 A Arrendatária e a Subarrendatária,
        individualmente, promete à Arrendadora e à Agente de Empréstimo que, de tempos em tempos e a todo momento,
        mediante pedido da Arrendadora e/ou da Agente de Empréstimo, mas sem nenhum custo para a Arrendadora e para a Agente de
        Empréstimo, tomará todas as medidas e assinará os documentos, instrumentos, contratos, certificados, consentimentos
        e garantias adicionais que possam ser razoavelmente necessários ou desejáveis ou conforme a Arrendadora ou a Agente
        de Empréstimo vierem a exigir razoavelmente de tempos em tempos para dar pleno efeito a esta carta.

         

        EM TESTEMUNHO DO QUE, esta
        carta foi devidamente assinada como um instrumento pela Arrendatária e pela Subarrendatária e foi assinada pela Arrendadora
        e pela Agente de Empréstimo e deve ser e neste ato é entregue na data primeiramente mencionada.

         

        [Segue página de assinatura]

 

    	 	-15-	 

     

    

  

	
        EXECUTION PAGE

         

        SUBORDINATION 

        ACKNOWLEDGEMENT

         

        MSN [•]

         

        EXECUTED as a DEED by

         

         

        LATAM AIRLINES GROUP S.A.

         

        and signed by:

         

        _________________________________

         

         its

         

        _________________________________

         

        being a person who in accordance with the
        laws of Chile is acting under the authority of the company

         

        in the presence of:

        Signature:

        

        Name:

        Title:

         

        EXECUTED as a DEED by

         

         

        

        TAM LINHAS AÉREAS S.A.

         

        and signed by:

        _________________________________
	 	 	
        PÁGINA DE ASSINATURA

         

        RECONHECIMENTO DE 

        SUBORDINAÇÃO

         

        MSN [•]

         

        ASSINADA como um INSTRUMENTO

         pela

         

        LATAM AIRLINES GROUP S.A.

         

        e assinada por:

         

        _________________________________

         

        seu

         

        _________________________________

         

        na qualidade da pessoa que, em conformidade com as leis do Chile,
        está atuando de acordo com autorização da sociedade.

         

        na presença de:

        Assinatura:

        Nome:

        Cargo:

         

        ASSINADA como um INSTRUMENTO

         pela

         

        TAM LINHAS AÉREAS S.A.

         

        e assinada por:

         
_________________________________

 

    	 	-16-	 

     

    

  

	
        its

        _________________________________

         

        being a person who in accordance with the
        laws of Brazil is acting under the authority of the company

         

        in the presence of:

        Signature:

        

        Name:

        Title:

         

        Acknowledged by:

         

        [Parina Leasing Limited/Rayador Leasing
        Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (as Lessor)

         

        By:

        Title:

         

        WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Loan Trustee (as Loan Trustee)

         

          

        By:

        Title:

         

        Witnesses:

         

        1.

        _________________________________

         

         Name:

         

        ID:

         

        2.

        _________________________________

        Name:

         

        ID:
	 	 	
        seu

        _________________________________

         

        na qualidade da pessoa que, em conformidade
        com as leis do Brasil, está atuando de acordo com autorização da sociedade.

         

        na presença de:

        Assinatura:

        Nome:

        

        Cargo:

         

        Reconhecido por:

         

        [Parina Leasing Limited/Rayador Leasing
        Limited/Cuclillo Leasing Limited/Canastero Leasing Limited] (na qualidade de Arrendadora)

         

        By:

        Title:

         

        WILMINGTON TRUST COMPANY, não em
        sua capacidade individual mas somente como Agente de Empréstimo (na qualidade de Agente de Empréstimo)

         

        Por:

        Cargo:

         

        Testemunhas:

         

        1.

        _________________________________

         

        Nome:

         

        RG:

         

        2.

        _________________________________

        Nome:

        RG:

 

    	 	-17-	 

     

    

 

EXHIBIT O to

NOTE PURCHASE AGREEMENT

 

FORM OF NOTE GUARANTEE

 

[Attached.]

 

     

     

    

 

FINAL FORM

 

 

 

GUARANTEE ([MSN])

 

dated as of [___________], 2015

 

from

 

[PARINA LEASING LIMITED]/[CUCLILLO LEASING
LIMITED]/[RAYADOR LEASING LIMITED]/[CANASTERO LEASING LIMITED]1

 

One (1) [Airbus A321-200]/[Boeing 787-9]/[Airbus
A350-900 Aircraft]2

  

 

 

 

1 To insert Relevant Owners, i.e. each Owner except
the Owner purchasing the Aircraft.

2 To insert relevant aircraft model.

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Guarantee 	2
	 	 	 
	Section 2.	No Implied Third Party Beneficiaries 	3
	 	 	 
	Section 3.	Waiver; No Set-off; Reinstatement; Subrogation 	3
	 	 	 
	Section 4.	Amendments, Etc 	4
	 	 	 
	Section 5.	Payments 	4
	 	 	 
	Section 6.	Integration; Counterparts; Successors and Assigns; Headings 	4
	 	 	 
	Section 7.	Notices 	4
	 	 	 
	Section 8.	No Waivers 	5
	 	 	 
	Section 9.	Severability 	5
	 	 	 
	Section 10.	GOVERNING LAW 	5

 

    	 	i	 

     

    

  

GUARANTEE

 

GUARANTEE, dated as of [ ], 201[_]
(as amended, modified or supplemented from time to time, this “Guarantee”), from [PARINA LEASING
LIMITED]/[CUCLILLO LEASING LIMITED]/[RAYADOR LEASING LIMITED]/[CANASTERO LEASING LIMITED]3,
each an exempted company with limited liability incorporated under the laws of the Cayman Islands (collectively, the
“Guarantors”, and individually, a “Guarantor”), to the parties listed in Schedule I
hereto (collectively, together with their successors and permitted assigns, the “Parties”, and,
individually, a “Party”).

 

WHEREAS, each Guarantor, [PARINA
LEASING LIMITED]/[CUCLILLO LEASING LIMITED]/[RAYADOR LEASING LIMITED]/[CANASTERO LEASING LIMITED]4,
an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Other
Owner”; the Guarantors and the Other Owner, collectively, the “Owners” and, individually an
“Owner”), have entered into that certain Note Purchase Agreement dated as of the date hereof (the
“Note Purchase Agreement”), among the Owners, LATAM Airlines Group S.A. (“LATAM”),
Wilmington Trust Company, as pass through trustee under each of the Pass Through Trust Agreements (the “Pass Through
Trustee”), Wilmington Trust Company, as Subordination Agent (the “Subordination Agent”),
Wilmington Trust, National Association, as Escrow Agent under each of the Escrow and Paying Agent Agreements, Wilmington
Trust Company, as Paying Agent under each of the Escrow and Paying Agent Agreements, and MaplesFS, as Put & Call
Trustee;

 

WHEREAS, capitalized terms used but not defined herein shall
have the meanings set forth in the Indenture; and

 

WHEREAS, in order to finance the aircraft identified on Schedule
II hereto (the “Aircraft”), the Other Owner will issue the Equipment Notes under the Indenture and Security
Agreement [MSN] dated as of the date hereof (the “Indenture”) between the Other Owner and the Loan Trustee;

 

WHEREAS, it is a condition to the financing of the Aircraft
that each Guarantor guarantee the obligations of the Other Owner under the Indenture;

 

NOW, THEREFORE, in order to induce the Pass Through Trustee
to purchase the Equipment Notes and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties
hereto agree as follows:

 

 

3 To insert Relevant Owners.

4 To insert the Owners purchasing the Aircraft.

 

     

     

    

 

Section 1.       Guarantee.

 

(a)        Each Guarantor does hereby acknowledge that it is fully
aware of the terms and conditions of the Indenture, the Participation Agreement, the Equipment Notes and the transactions and the
other documents contemplated thereby, and does hereby irrevocably and fully and unconditionally guarantee, jointly and severally,
as primary obligor and not as surety merely, to the Parties, as their respective interests may appear, the payment by the Other
Owner of all payment obligations when due under the Indenture, the Participation Agreement, the Aircraft Security Documents and
the Equipment Notes (such obligations of the Other Owner guaranteed hereby being hereafter referred to, individually, as a “Guaranteed
Obligation” and, collectively, as the “Guaranteed Obligations”) in accordance with the terms of the
Financing Agreements. Each Guarantor does hereby agree that in the event that the Other Owner fails to pay any Guaranteed Obligation
when due for any reason (including, without limitation, the liquidation, dissolution, receivership, insolvency, bankruptcy, assignment
for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceedings affecting
the status, existence, assets or obligations of the Other Owner, or the disaffirmance with respect to the Other Owner of the Indenture
or any other Financing Agreement in any such proceeding) after the date on which such Guaranteed Obligation became due and payable
and the applicable grace period has expired, the Guarantors shall, jointly and severally, pay or cause to be paid forthwith, upon
the receipt of notice from the Loan Trustee (such notice to be sent to the Other Owner (to the extent the Loan Trustee is not stayed
or prevented from doing so by operation of law) and the Guarantors) stating that such Guaranteed Obligation was not paid when due
after the applicable grace period has expired and stating the amount of such Guaranteed Obligation.

 

(b)        The obligations of each Guarantor hereunder shall not be,
to the fullest extent permitted by law, affected (i) by the genuineness, validity, regularity or enforceability (or lack thereof)
of any other Guarantor’s obligations hereunder or any of the Other Owner’s obligations under the Indenture or any other
Financing Agreement to which the Other Owner is a party, any amendment, waiver or other modification of the Indenture or such other
Financing Agreement (except that any such amendment or other modification shall be given effect in determining the obligations
of such Guarantor hereunder), or (ii) by any substitution, release or exchange of collateral for or other guaranty of any of the
Guaranteed Obligations (except to the extent that such substitution, release or exchange is not undertaken in accordance with the
terms of the Financing Agreements) without the consent of such Guarantor, or (iii) by any priority or preference to which any other
obligations of any other Guarantor or the Other Owner may be entitled over such other Guarantor’s obligations hereunder or
the Other Owner’s obligations under the Indenture and the other Financing Agreements to which the Other Owner is a party,
as the case may be, or (iv) by any other circumstance that might otherwise constitute a legal or equitable defense to or discharge
of the obligations of a surety or guarantor including, without limitation, any defense arising out of any laws of the Cayman Islands,
the United States of America or of any State thereof which would excuse, discharge, exempt, modify or delay the due or punctual
payment and performance of the obligations of such Guarantor hereunder. Without limiting the generality of the foregoing, it is
agreed that the occurrence of any one or more of the following shall not, to the fullest extent permitted by law, affect the liability
of any Guarantor hereunder: (v) the extension of the time for or waiver of, at any time or from time to time, without notice to
such Guarantor, any other Guarantor’s or the Other Owner’s performance of or compliance with any of its obligations
hereunder or under the Financing Agreements, as the case may be (except that such extension or waiver shall be given effect in
determining the obligations of such Guarantor hereunder), (w) any assignment, transfer, lease or other arrangement by which the
Other Owner transfers possession or loses control of the use of any Aircraft, any defect in the title, condition, design, operation
or fitness for use of, or damage to or loss or destruction of, any Aircraft, whether or not due to the fault of the Other Owner,
(x) any merger or consolidation of the Other Owner or any other Guarantor into or with any other Person, or any sale, transfer,
lease or disposal of any of its assets, (y) any issuance of Additional Series Equipment Notes or (z) any change in the ownership
of any shares of capital stock of the Other Owner or any other Guarantor.

 

    	 	2	 

     

    

  

(c)        This Guarantee is an absolute, present and continuing guaranty
of payment and performance and not of collection and is in no way conditional or contingent upon any attempt to collect from the
Other Owner any unpaid amounts due. Each Guarantor specifically agrees, to the fullest extent permitted by law, that it shall not
be necessary or required, and that such Guarantor shall not be entitled to require, that any Party (i) file suit or proceed to
obtain or assert a claim for personal judgment against the Other Owner or any other Guarantor for the Guaranteed Obligations, or
(ii) make any effort at collection of the Guaranteed Obligations from the Other Owner or any other Guarantor, or (iii) foreclose
against or seek to realize upon any security now or hereafter existing for the Guaranteed Obligations, including the Collateral,
or (iv) file suit or proceed to obtain or assert a claim for personal judgment against any other Person liable for the Guaranteed
Obligations, or make any effort at collection of the Guaranteed Obligations from any such other Person, or exercise or assert any
other right or remedy to which any Party is or may be entitled in connection with the Guaranteed Obligations or any security or
other guaranty therefor, or (v) assert or file any claim against the assets of the Other Owner or any other Guarantor or other
Person liable for the Guaranteed Obligations, or any part thereof, before or as a condition of enforcing the liability of any Guarantor
under this Guarantee or requiring payment of said Guaranteed Obligations by any Guarantor hereunder, or at any time thereafter.

 

Section 2.       No Implied Third Party Beneficiaries. This
Guarantee shall not be deemed to create any right in any Person except a Party and shall not be construed in any respect to be
a contract in whole or in part for the benefit of any other Person.

 

Section 3.       Waiver; No Set-off; Reinstatement; Subrogation.
Each Guarantor waives notice of the acceptance of this Guarantee and of the performance or nonperformance by the Other Owner or
any other Guarantor, demand for payment from the Other Owner, any other Guarantor or any other Person, notice of nonpayment or
failure to perform on the part of the Other Owner or any other Guarantor, diligence, presentment, protest, dishonor and, to the
fullest extent permitted by law, all other demands or notices whatsoever, other than the request for payment hereunder and notice
provided for in Section 1 hereof. The obligations of each Guarantor shall be absolute and unconditional and shall remain in full
force and effect until satisfaction of all Guaranteed Obligations and, without limiting the generality of the foregoing, to the
extent not prohibited by applicable law, shall not be released, discharged or otherwise affected by the existence of any claims,
set-off, defense or other rights that such Guarantor may have at any time and from time to time against any Party, whether in connection
herewith or any unrelated transactions. This Guarantee shall continue to be effective or be reinstated, as the case may be, if
at any time any payment of any Guaranteed Obligation is rescinded or must otherwise be returned by any Party upon the insolvency,
bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding with respect to the
Other Owner or any other Guarantor or otherwise, all as though such payment had not been made. Each Guarantor, by virtue of any
payment hereunder to a Party, shall be subrogated to such Party’s claim against the Other Owner or any other Person relating
thereto; provided, however, that such Guarantor shall not be entitled to receive payment from the Other Owner in respect of any
claim against the Other Owner arising from a payment by such Guarantor in the event of any insolvency, bankruptcy, liquidation,
reorganization or other similar proceedings relating to the Other Owner, or in the event of any proceedings for voluntary liquidation,
dissolution or other winding-up of the Other Owner, whether or not involving insolvency or bankruptcy proceedings, in which case
the Guaranteed Obligations shall be paid and performed in full before any payment in respect of a claim by such Guarantor shall
be made by or on behalf of the Other Owner.

 

    	 	3	 

     

    

 

 

Section 4.       Amendments, Etc. No amendment of or supplement
to this Guarantee, or waiver or modification of, or consent under, the terms hereof, shall be effective unless evidenced by an
instrument in writing signed by each Guarantor and each Party against whom such amendment, supplement, waiver, modification or
consent is to be enforced.

 

Section 5.       Payments. All payments by any Guarantor hereunder
in respect of any Obligation shall be made in Dollars and otherwise as provided in the Indenture, the Participation Agreement,
any relevant Aircraft Security Document or the Equipment Notes in which such Guaranteed Obligation is contained.

 

Section 6.       Integration; Counterparts; Successors and Assigns;
Headings. This Guarantee (a) constitutes the entire agreement, and supersedes all prior agreements and understandings, both
written and oral, among the Guarantors and the Parties, with respect to the subject matter hereof, (b) may be executed in several
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument,
and (c) shall be binding upon the successors and assigns of the Guarantors and shall inure to the benefit of, and shall be enforceable
by, each of the Parties to the fullest extent permitted by applicable laws. The headings in this Guarantee are for purposes of
reference only, and shall not limit or otherwise affect the meanings hereof.

 

Section 7.       Notices. All requests, notices or other communications
hereunder shall be in writing, addressed as follows:

 

If to the Guarantors:

 

[PARINA LEASING LIMITED]/[CUCLILLO LEASING LIMITED]/[RAYADOR
LEASING LIMITED]/[CANASTERO LEASING LIMITED]

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

    	 	4	 

     

    

  

[PARINA LEASING LIMITED]/[CUCLILLO LEASING LIMITED]/[RAYADOR
LEASING LIMITED]/[CANASTERO LEASING LIMITED]

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

[PARINA LEASING LIMITED]/[CUCLILLO LEASING LIMITED]/[RAYADOR
LEASING LIMITED]/[CANASTERO LEASING LIMITED]

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman

KY1-1104

Cayman Islands

 

If to a Party:

 

to the address or telecopy number set forth in the Participation
Agreements.

 

All requests, notices or other communications shall be given
in the manner, and shall be effective at the times and under the terms, set forth in Section 7.01 of the Participation Agreements.

 

Section 8.       No Waivers. No failure on the part of any
Party to exercise, no delay in exercising, and no course of dealing with respect to, any right or remedy hereunder will operate
as a waiver thereof; nor will any single or partial exercise of any right or remedy hereunder preclude any other or further exercise
of such right or remedy or the exercise of any other right or remedy.

 

Section 9.       Severability. To the fullest extent permitted
by applicable law, any provision of this Guarantee that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or any
provision in any other Operative Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

Section 10.       GOVERNING LAW. THIS GUARANTEE HAS BEEN DELIVERED
IN THE STATE OF NEW YORK AND THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

    	 	5	 

     

    

  

IN WITNESS WHEREOF, the undersigned has caused this Guarantee
to be duly executed as of the day and year first written above.

 

	 	[PARINA LEASING LIMITED]/[CUCLILLO LEASING LIMITED]/[RAYADOR LEASING LIMITED]/[CANASTERO LEASING LIMITED]
	 	 	 
	 	By: 	 
	 		Name:	 
	 		Title:	 

 

	 	[PARINA LEASING LIMITED]/[CUCLILLO LEASING LIMITED]/[RAYADOR LEASING LIMITED]/[CANASTERO LEASING LIMITED] 
	 	 	 
	 	By:	 
	 		Name:	 
	 		Title:	 

 

	 	[PARINA LEASING LIMITED]/[CUCLILLO LEASING LIMITED]/[RAYADOR LEASING LIMITED]/[CANASTERO LEASING LIMITED] 
	 	 	 
	 	By:	 
	 		Name:	 
	 		Title:	 

 

     

     

    

  

SCHEDULE I

TO GUARANTEE

 

PARTIES

 

Wilmington Trust Company, as Loan Trustee

 

Wilmington Trust Company, as Pass Through Trustee

 

Wilmington Trust Company, as Subordination Agent

 

     

     

    

  

SCHEDULE II

TO GUARANTEE

 

  AIRCRAFT

 

	Registration

 Mark	MSN #	Aircraft Type	Engine Model 

Type

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}]]