Document:

EX-4.8

 EXHIBIT 4.8 

FORM OF 
 GUARANTEED LOAN
AGREEMENT 
 dated as of
                     
 among 

                       
 , 
 as Borrower 

                       
 , 
 as Guaranteed Lender 

                       
 , 
 not in its individual capacity, but solely 

as Security Trustee 
 and 

EXPORT-IMPORT BANK OF THE UNITED STATES 
  

                       
  
             
(            ) Boeing Model              Aircraft 

                     Guarantee No.
                     — Republic of Panama (COPA) 
  

                       
              
  

                     

 TABLE OF CONTENTS 
  

							
	Section 1.	 	Definitions; Amount of the Credit	  	 	1	 
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Amount of the Credit	  	 	1	 
			
	Section 2.	 	Total Commitments	  	 	2	 
	 2.1
	 	Loan	  	 	2	 
	 2.2
	 	Borrowings	  	 	2	 
	 2.3
	 	Termination of Total Commitment	  	 	2	 
	 2.4
	 	Prepayments	  	 	3	 
			
	Section 3.	 	Payments of Principal and Interest; Promissory Note	  	 	4	 
	 3.1
	 	Repayment of Loan	  	 	4	 
	 3.2
	 	Interest; Ex-Im Bank’s Overdue Amounts	  	 	5	 
	 3.3
	 	Promissory Note	  	 	5	 
			
	Section 4.	 	Payments; Pro Rata Treatment; Computations; Etc	  	 	6	 
	 4.1
	 	Payments	  	 	6	 
	 4.2
	 	Computations	  	 	7	 
	 4.3
	 	Certain Notices	  	 	7	 
	 4.4
	 	Loan Register	  	 	8	 
	 4.5
	 	Fees	  	 	8	 
	 4.6
	 	Reimbursement Obligations	  	 	9	 
	 4.7
	 	Transfer	  	 	9	 
	 4.8
	 	Waiver	  	 	10	 
	 4.9
	 	Payments Absolute	  	 	10	 
	 4.10
	 	Payments under Ex-Im Bank Guarantee	  	 	10	 
			
	Section 5.	 	Taxes; Indemnities	  	 	10	 
	 5.1
	 	Taxes	  	 	10	 
	 5.2
	 	Grossing-up of Indemnity Provisions	  	 	11	 
	 5.3
	 	Definitions	  	 	11	 
			
	Section 6.	 	Conditions Precedent	  	 	12	 
			
	Section 7.	 	Representations and Warranties	  	 	12	 
			
	Section 8.	 	Covenants	  	 	12	 
			
	Section 9.	 	Events of Default; Remedies	  	 	12	 
	 9.1
	 	Events of Default	  	 	12	 
	 9.2
	 	Remedies	  	 	14	 
			
	Section 10.	 	Miscellaneous	  	 	15	 
	 10.1
	 	No Waiver	  	 	15	 

 TABLE OF CONTENTS 
  

							
	 10.2
	 	Notices	  	 	15	 
	 10.3
	 	Expenses, Etc	  	 	15	 
	 10.4
	 	Amendments, Etc	  	 	15	 
	 10.5
	 	Successors and Assigns	  	 	16	 
	 10.6
	 	Assignments and Participations	  	 	16	 
	 10.7
	 	GOVERNING LAW	  	 	17	 
	 10.8
	 	Jurisdiction; Service of Process	  	 	17	 
	 10.9
	 	Entire Agreement	  	 	18	 
	 10.10
	 	Severability	  	 	18	 
	 10.11
	 	Captions	  	 	18	 
	 10.12
	 	Counterparts	  	 	18	 
	 10.13
	 	WAIVER OF JURY TRIAL	  	 	18	 
			
	EXHIBIT A -	 	Form of Notice of Borrowing	  			
	EXHIBIT B -	 	Form of Note	  			
	EXHIBIT C -	 	Form of Transfer Certificate	  			
	EXHIBIT D -	 	Form of Certificate Authorizing Disbursement	  			

  
 ii 

 GUARANTEED LOAN AGREEMENT 

THIS GUARANTEED LOAN AGREEMENT dated as of
                     (the “GUARANTEED LOAN AGREEMENT”) is among
                    , a corporation duly organized and validly existing under the general corporation law of the State of Delaware (the
“BORROWER”);                      (together with any permitted assignee(s) and transferee(s) in accordance with the terms hereof,
the “GUARANTEED Lender”);                     , not in its individual capacity, but solely as security trustee (the “SECURITY
TRUSTEE”); and EXPORT-IMPORT BANK OF THE UNITED STATES, an agency of the United States of America (“EX-IM BANK”). 

W I T N E S S E T H: 

WHEREAS, the Borrower has requested the Guaranteed Lender to establish a credit facility (the “CREDIT”) in favor of the Borrower in
the maximum principal amount of up to U.S.$          so that the Borrower may finance the Ex-Im Bank Financed Portion of the Aircraft; 

WHEREAS, by this Guaranteed Loan Agreement and on the terms and conditions herein set forth, the Guaranteed Lender has established the Credit
for the Borrower pursuant to which the Guaranteed Lender shall extend such financing under the Credit; 
 WHEREAS, immediately upon the
acquisition by the Borrower of the Aircraft, the Aircraft will be leased by the Borrower (as lessor) to the Lessee pursuant to the Lease and thereafter immediately subleased by the Lessee (as lessor) to the Sublessee pursuant to the Sublease; 

WHEREAS, the obligations of the Borrower hereunder shall be secured by the Lien of the Security Documents; and 

WHEREAS, the establishment of the Credit will facilitate exports and imports between the United States of America and the Republic of Panama.

 NOW, THEREFORE, in consideration of the foregoing and other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Definitions; Amount of the Credit. 

1.1 Definitions. Unless the context requires otherwise, capitalized terms used herein and not otherwise defined herein shall have the
respective meanings assigned thereto in Part I of Appendix A hereto for all purposes of this Guaranteed Loan Agreement and this Guaranteed Loan Agreement shall be interpreted in accordance with the rules of construction set forth in Part II of
Appendix A hereto. 
 1.2 Amount of the Credit. Subject to the terms and conditions set forth in this Guaranteed Loan Agreement and the
Participation Agreement, the Guaranteed Lender hereby establishes the Credit in favor of the Borrower in the maximum principal amount of up to
                     (U.S.$         ) (the “TOTAL COMMITMENT”), and the Guaranteed
Lender agrees, upon the terms and conditions hereinafter set forth, to make one Disbursement in an amount not to exceed the lesser of (a) the Ex-Im Bank Financed Portion and (b) the Ex-Im Bank Total Commitment. 

 [Form of Guaranteed Loan Agreement] 

 
 SECTION 2.    Total Commitments. 

2.1 Loan. Subject to the terms and conditions set forth below, on the Delivery Date, the Guaranteed Lender shall make a Disbursement to the
Borrower in the principal amount up to but not exceeding the amount of the unused Total Commitment (the Disbursement made by the Guaranteed Lender shall be referred to herein as the “LOAN.”) The Loan shall be made only during the
Availability Period. 
 2.2 Borrowings. Subject to Section 4.3, the Borrower shall (acting solely at the direction of Sublessee) give
the Security Trustee, the Guaranteed Lender and Ex-Im Bank notice in the form of Exhibit A hereto of each borrowing hereunder (the “NOTICE OF BORROWING”). On the date specified for the borrowing
hereunder, the Guaranteed Lender shall, subject to the terms and conditions of this Agreement and the other Operative Documents, make available to the Borrower the amount of the Loan to be made on such date in Dollars by depositing the same, in
immediately available funds, in an account or accounts with                      designated by the Borrower in the Notice of Borrowing,
provided, that an amount equal to the Supplemental Equipment Amount shall not be disbursed to the Borrower on the Delivery Date but rather shall be deposited in the account of the Security Trustee and be held by the Security Trustee for the account
of the Borrower (and deposited in Permitted Investments) until the earlier of (i) receipt by the Security Trustee (copied to the Guaranteed Lender) of a certificate authorizing disbursement issued by
Ex-Im Bank in the form attached hereto as Exhibit D (a “CERTIFICATE AUTHORIZING DISBURSEMENT”) to be issued no later than, the earlier of, forty-five (45) days after the Final Disbursement Date
and              (            ) days prior to the first Loan Payment Date, or (ii) the date on which a
prepayment is required under Section 2.4(d) hereof, and on such date the Security Trustee shall, in the case of (i) above, deposit the amount indicated in such Certificate Authorizing Disbursement in an account designated by the Borrower
(at the direction of the Sublessee), apply any remaining Supplemental Equipment Amount in accordance with the provisions of Section 2.4 hereof and disburse any remaining proceeds of such Permitted Investments in an account designated by the
Borrower (at the discretion of the Sublessee) or, in the case of (ii) above, apply (with notice to the Guaranteed Lender) the Supplemental Equipment Amount towards the prepayment due on such date in accordance with the provisions of
Section 2.4 hereof by making such amount available to the Guaranteed Lender on such date and any proceeds of such Permitted Investments remaining after such prepayment shall be deposited in an account designated by the Borrower. 

2.3 Termination of Total Commitment. 

(a) The undisbursed and uncanceled amount of the Total Commitment shall automatically be canceled and reduced to
                         as of
                     New York time on the Final Disbursement Date. In no event shall any disbursement of the Total Commitment take place after
the Final Disbursement Date. 
 (b) The Borrower may terminate such part of the Total Commitment (or the unutilized portion thereof) by
giving notice thereof to the Guaranteed Lender upon (and only 

  
 2 

 [Form of Guaranteed Loan Agreement] 

 
 upon) receiving notice from Sublessee that it does not wish to proceed with the leasing
of the Aircraft; provided that: (i) the Borrower shall give notice of such termination as provided in Section 4.3 hereof and (ii) the Total Commitment (or the unutilized portion thereof) once terminated may not be reinstated. 

(c) If an Event of Default shall have occurred and be continuing, Ex-Im Bank, by written notice to the
Guaranteed Lender, the Borrower, the Lessee and the Sublessee, may: cancel the unutilized and uncanceled amount of the Total Commitment. In the event of a cancellation by Ex-Im Bank of all or part of the Total
Commitment, the Borrower shall pay to Ex-Im Bank, the Security Trustee and the Guaranteed Lender, respectively, all commitment fees as set forth in, and accrued and unpaid under, the Operative Documents
through such date and all other amounts due but unpaid under the Operative Documents as of such date (after giving effect to any acceleration, pursuant to Section 9 of any such amounts). 

2.4 Prepayments. (a) Subject to no Event of Default having occurred and being continuing, the Borrower shall (acting solely at the
direction of Sublessee) have the right to prepay the Loan in full or in part on any Loan Payment Date, provided that the Borrower (or Sublessee acting on behalf of the Borrower) shall give the Guaranteed Lender and
Ex-Im Bank written notice of such prepayment as provided in Section 4.3 hereof and partial prepayments may be made only in an amount at least equal to
                         ($            ) (or if the
principal amount of the Loan outstanding at such time is less than $        , then such principal amount) and in integral multiples of
                         ($        ). 

(b) The Borrower shall prepay the Loan in full (together with accrued interest thereon and all other amounts then owing by the Borrower
hereunder and under the other Operative Documents (including, without limitation, amounts payable under the
                         Indemnity Agreement)) (i) prior to or contemporaneously with the termination of the Lease or the
Sublease, or (ii) within                          (        ) days of
the occurrence of an Event of Loss unless a Replacement Aircraft is substituted for the Aircraft in accordance with the terms of the Lease and the Sublease, and the Guaranteed Lender hereby acknowledges that the Security Trustee may require that any
funds held by the Security Trustee be applied to any prepayment of the Loan. 
 (c) [Intentionally Omitted.] 

(d) (i) If the Security Trustee has not received a Certificate Authorizing Disbursement on or prior to the date which is the earlier of
                         (            ) days after the
Final Disbursement Date and                         
(            ) days prior to the first Loan Payment Date, on the first Loan Payment Date, the Borrower shall prepay the Loan (with the funds held by the Security Trustee pursuant
to Section 2.2 hereof and any proceeds of the Permitted Investments relating to such funds)) in part in an amount equal to the Supplemental Equipment Amount together with accrued interest thereon, and all other amounts then owing by the
Borrower hereunder and under the other Operative Documents (including, without limitation, amounts payable under the
                         Indemnity Agreement) on such Loan Payment Date. 

(ii) If the Security Trustee receives a Certificate Authorizing Disbursement pursuant to Section 2.2 hereof authorizing the Security
Trustee to distribute 

  
 3 

 [Form of Guaranteed Loan Agreement] 

 
 to the account of the Borrower an amount which is less than the Supplemental Equipment
Amount, then on the date of receipt by the Security Trustee of such Certificate Authorizing Disbursement, the Borrower shall prepay the Loan (to the extent available, with the funds held by the Security Trustee pursuant to Section 2.2 hereof)
in part in an amount equal to the difference between (A) the Supplemental Equipment Amount and (B) the amount listed in such Certificate Authorizing Disbursement, together with accrued interest thereon and all other amounts then owing by the
Borrower hereunder and under the other Operative Documents (including, without limitation, amounts payable under such                     
Indemnity Agreement) on such Loan Payment Date. 
 (e) Any notice of prepayment given by the Borrower pursuant to Section 2.4(a) hereof
shall be irrevocable, shall specify the date upon which such prepayment is to be made and the amount of such prepayment and shall oblige the Borrower to make such prepayment on such date. 

(f) Any prepayment pursuant to Section 2.4(a), (b) or (d) hereof shall satisfy pro tanto the Borrower’s obligations in relation
to the Loan and the Note (or portion thereof, in the case of any partial prepayment pursuant to Section 2.4(a) or (d)). 
 (g) Any
partial prepayment pursuant to Section 2.4(a) shall be applied to the principal installments of the Loan and the Note in the inverse chronological order of their maturities. 

(h) Any partial prepayment pursuant to Section 2.4(d) shall be applied in reduction of the remaining principal installments of the Loan
and Note pro rata. 
 (i) Any amount prepaid under this Guaranteed Loan Agreement may not be reborrowed. 

(j) The Borrower may not voluntarily prepay the Loan except in accordance with the express terms of this Section 2.4. Any prepayment made
pursuant to Sections 2.4(a), (b) or (d) shall be made together with accrued and unpaid interest thereon and all other amounts then due and owing by the Borrower under any other Operative Document (including, without limitation, all amounts due
and owing under Section              of the
                         Indemnity Agreement). 

SECTION 3. Payments of Principal and Interest; Promissory Note. 

3.1 Repayment of Loan. The Borrower shall pay to the Guaranteed Lender the entire aggregate outstanding principal amount of the Loan in
             (            ) installments payable on each Loan Payment Date in the principal amount set forth in
Schedule I to the Note; provided, that the principal installment payable on the Final Maturity Date shall in all cases be in an amount equal to the entire principal amount of such Loan outstanding on such date, and such principal installment shall
be paid together with all accrued and unpaid interest and all other amounts then owing hereunder and under the other Operative Documents. The quarterly installments of principal of the Loan will be calculated including accrued interest on a
“level total payment” or “mortgage style” basis. 

  
 4 

 [Form of Guaranteed Loan Agreement] 

 
 3.2 Interest; Ex-Im Bank’s
Overdue Amounts. 
 (a) Interest. 

(i) The Borrower shall pay to the Guaranteed Lender interest on the unpaid principal amount of the Loan for the period from and
including the date the Loan is disbursed to but excluding the date the Loan shall be paid in full, at the Fixed Rate. 
 (ii)
The Borrower will pay to the Guaranteed Lender (other than Ex-Im Bank) interest at the applicable Post-Default Rate on any principal of the Loan and on any interest thereon and any other amount payable by the
Borrower to the Guaranteed Lender (other than Ex-Im Bank) hereunder that shall not be paid in full when due (whether at stated maturity, by acceleration or otherwise), for the period from and including the due
date thereof to but excluding the date the same is paid in full. 
 (iii) Accrued interest on the Loan shall be payable on
each Loan Payment Date and upon the payment or prepayment thereof (but only on the principal amount so paid or prepaid), except that interest payable at the applicable Post-Default Rate shall be payable from time to time on demand. 

(b) Ex-Im Bank’s Overdue Amounts. 

(i) Notwithstanding Section 3.2(a), if Ex-Im Bank shall have made a claim payment
under the Ex-Im Bank Guarantee to the Guaranteed Lender with respect to a demand under the Note, then, beginning on the date of such claim payment, if any amount of principal of or accrued interest on the Loan
then owing to Ex-Im Bank is not paid in full when due, whether at stated maturity, by acceleration or otherwise, the Borrower shall pay (without duplication of interest accrued under Section 3.2(a)(i)) to
Ex-Im Bank on demand interest on such unpaid amount for the period from and including the date such amount was due to Ex-Im Bank to but excluding the date such amount is
paid in full at an interest rate per annum equal to one percent (         %) per annum above the Fixed Rate. 

(ii) Except as otherwise provided in Section 3.2(b)(i) with respect to the amounts of principal and accrued interest, if,
at any time, any other amount owing to Ex-Im Bank under this Guaranteed Loan Agreement or the Note is not paid in full when due, the Borrower shall pay to Ex-Im Bank on
demand interest on such unpaid amount for the period from the date such amount was due (the “PAYMENT DEFAULT DATE”) until such amount shall have been paid in full at an interest rate per annum equal to one percent
(         %) per annum above the U.S. Treasury Rate for                      -month
(     days) Treasury Bills which is in effect on the Payment Default Date. 
 3.3 Promissory Note. The Borrower
agrees that to further evidence its obligation to repay the Loan, with interest thereon, it shall issue and deliver to the Guaranteed Lender on the Delivery Date a Note substantially in the form of Exhibit B hereto. The Note as originally delivered
to the Guaranteed Lender shall (i) be dated the date of its issue, (ii) be in a principal amount equal to the amount of the Loan, (iii) be payable as to principal in accordance with the provisions of this Guaranteed Loan Agreement,
(iv) shall bear interest in accordance with the 

  
 5 

 [Form of Guaranteed Loan Agreement] 

 
 appropriate provisions of this Guaranteed Loan Agreement, (v) be otherwise in
conformity with the terms of this Guaranteed Loan Agreement, and (vi) designate the Aircraft to which it relates. The Note shall be the legal, valid and enforceable obligation of the Borrower and shall be enforceable against the Borrower in
accordance with its terms. If the Note is mutilated, lost, stolen or destroyed, the Borrower shall issue a new Note of the same date, type, maturity and denomination as the Note so mutilated, lost, stolen or destroyed; provided that, in the case of
a mutilated Note, such mutilated Note shall be simultaneously delivered to the Borrower through Ex-Im Bank (for cancellation of the Ex-Im Bank Guarantee endorsement
affixed thereon) and in the case of a lost, stolen or destroyed Note, there shall first be furnished to the Borrower, Sublessee and Ex-Im Bank an instrument of indemnity from the Guaranteed Lender which holds
the Borrower, Sublessee and Ex-Im Bank harmless from any actual loss on the purportedly destroyed, lost or stolen Note and evidence of such loss, theft or destruction reasonably satisfactory to each of them,
together with an officer’s certificate of the Borrower certifying and warranting as to the due authorization, execution and delivery of such new Note, and (if requested by Ex-Im Bank in its reasonable
discretion) an opinion of the Borrower’s counsel (at the expense of Sublessee) as to due authorization, execution and delivery of such new Note, and the legality, validity, binding nature and enforceability thereof. 

SECTION 4. Payments; Pro Rata Treatment; Computations; Etc. 

4.1 Payments. 
 (a) Except to the
extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the Borrower (or by Sublessee on behalf of the Borrower) under this Guaranteed Loan Agreement (other than to
Ex-Im Bank) shall be made in Dollars, in immediately available funds (or such other funds as are from time to time customary for the settlement of international banking transactions in Dollars in New York
City), without deduction, set off or counterclaim, to the account of the Guaranteed Lender at                         .;
ABA No.             ; Account No.:             , Reference: Eximbank transaction no.
                         (or such account as the Guaranteed Lender may designate, in writing, by not less than
             (            ) Banking Days notice), not later than
         a.m. New York time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding
Banking Day). With respect to any amounts due to Ex-Im Bank, all payments shall be made at the Federal Reserve Bank of New York for credit to Ex-Im Bank’s account:
U.S. Treasury Department                  TREAS NYC/CTR/BNF=/        
OBI-Export-Import Bank Due (date) on EIB Guarantee No.         — Republic of Panama
(                        ). 

(b) All payments by the Borrower (or by Lessee or Sublessee on behalf of the Borrower) hereunder shall, except as otherwise expressly provided
herein, be made to the Guaranteed Lender and shall be allocated towards principal, interest and/or other sums owing hereunder in the following order: 

(i) First, in or towards payment of all interest due pursuant to Section 3.2(a)(ii) payable in respect of the Loan which
is accrued, due and unpaid, but only to the extent such amounts are included in the Guaranteed Amount; 

  
 6 

 [Form of Guaranteed Loan Agreement] 

 
 (ii) Second, in or towards payment of all Ex-Im Bank Commitment Fee, Ex-Im Bank Exposure Fee and all other amounts due to Ex-Im Bank under this Guaranteed Loan Agreement
(including, without limitation, all interest due pursuant to Section 3.2(b)) and the other Operative Documents which are accrued, due and unpaid, which are not otherwise provided for under clauses “First” or “Third” of this
Section 4.1(c); 
 (iii) Third, in or towards payment of all interest due pursuant to Section 3.2(a)(i) payable in
respect of the Loans which is accrued, due and unpaid; 
 (iv) Fourth, in or towards payment of all amounts of principal
payable in respect of the Loan hereunder which is due and unpaid; and 
 (v) Fifth, on a pro rata basis, in or towards
payment of all other amounts (including any fees and expenses) payable hereunder which are due and unpaid and not otherwise provided for under this Section 4.1(b). 

(c) Payments received (if any) by the Guaranteed Lender for the account of Ex-Im Bank before
                 (New York time) at any place of payment for Ex-Im Bank shall be remitted to Ex-Im Bank on that same day and any payments received after                  (New York time) shall be remitted on the following
Banking Day. 
 (d) If the due date for any payment under this Guaranteed Loan Agreement would otherwise fall on the day that is not a
Banking Day, such payment shall be made on the next succeeding Banking Day and the amount of interest payable with respect thereto shall be adjusted accordingly for any amount so extended for the period of such extension. 

4.2 Computations. Interest, including Post-Default Rate interest, on the Loan shall be computed on the basis of a year of 365 days and the
actual number of days elapsed. 
 4.3 Certain Notices. Notices by the Borrower (which shall be given only at the direction of Sublessee) to
the Security Trustee, the Guaranteed Lender and Ex-Im Bank of the borrowing and prepayment of the Loan and termination of the Total Commitment shall be irrevocable and shall be effective only if in writing and
received by the Guaranteed Lender, the Security Trustee or Ex-Im Bank, as the case may be, not later than              (New York time) on
the number of days or Business Days, as the case may be, prior to the date of the relevant termination, borrowing or prepayment specified below: 
  

			
	 Notice
	  	 Number of Banking Days Prior

	Termination of Total Commitments	  	             Banking Days
	Borrowing of a Loan	  	             Banking Days
	Prepayment of a Loan	  	             Banking Days
	under Section 2.4(a)	  	

  
 7 

 [Form of Guaranteed Loan Agreement] 

 
 The Notice of Borrowing shall (i) specify the date of borrowing (which shall be a
Banking Day) and the aggregate principal amount of the Loan to be borrowed on such date and the Aircraft to be financed, (ii) be in substantially the form of Exhibit A hereto and (iii) be signed by the Borrower and countersigned by
Sublessee. Any notice of prepayment shall specify the date of prepayment (which shall be a Loan Payment Date and a Banking Day) and the aggregate principal amount of the Loan to be prepaid on such date. Any notice of termination shall specify the
amount of the Total Commitment to be terminated and signed by the Borrower and countersigned by Sublessee. 
 4.4 Loan Register.
(a) The Guaranteed Lender will establish and maintain at its office a record of ownership in which the Guaranteed Lender hereby covenants and agrees to register by book entry the Guaranteed Lender’s interest in the Loan, this Guaranteed
Loan Agreement and the Note, and in the rights to receive any payments hereunder or thereunder and any transfer of any such interest or rights. 

(b) No transfer by the Guaranteed Lender of any interest in the Loan, this Guaranteed Loan Agreement , the Note or in the rights to receive
any payments hereunder or thereunder (other than any transfer to Ex-Im Bank) shall be effective unless a book entry of such transfer is made upon the record referred to above and such transfer is effected in
compliance with the terms of this Guaranteed Loan Agreement. No such transfer shall be effective until, and such transferee shall succeed to the rights of the transferor Guaranteed Lender only upon, final acceptance and entry into the record of
ownership of the transfer pursuant hereto. 
 (c) Prior to the entry into the record of ownership of any transfer by the transferring
Guaranteed Lender as provided in Section 4.4(b), the Borrower and each other Person shall be entitled to deem and treat each Person reflected in the record of ownership as owner of a portion of the Loan, this Guaranteed Loan Agreement or the
Note, or the rights to receive any payments hereunder or thereunder as the owner thereof for all purposes. The Borrower agrees that the record of ownership referred to in this Section 4.4 shall be conclusive and binding on the Borrower absent
manifest error. Any such entry by the Guaranteed Lender shall be effective for the purposes of determining the effectiveness of any transfer notwithstanding any revocation of the agency granted and appointed herein. 

4.5 Fees. In addition to fees specified in the
                     Indemnity Agreement, the Borrower shall pay (or cause to be paid) to Ex-Im Bank
the following fees: 
 (a) a guarantee commitment fee (the “EX-IM BANK COMMITMENT FEE”) in
Dollars equal to         % per annum accruing on the uncancelled and undisbursed balance from time to time of the Ex-Im Bank Total Commitment, computed on the
basis of a 360-day year and the actual number of days elapsed (including the first day but excluding the last day), accruing from
                    , until the earlier of (i) the date the Ex-Im Bank Total Commitment is fully
disbursed, (ii) the date the undisbursed portion of the Ex-Im Bank Total Commitment is canceled by the Borrower in writing to Ex-Im Bank or (iii) the Final
Disbursement Date, and payable on the Delivery Date and quarterly on January 6, April 6, July 6, and October 6 of each year commencing January 6, 2005; and 

  
 8 

 [Form of Guaranteed Loan Agreement] 

 
 (b) an exposure fee (the
“EX-IM BANK EXPOSURE FEE”) in Dollars in an amount equal to         % of the initial principal amount of the Loan (less the portion thereof relating to
the Ex-Im Bank Exposure Fee) payable              (            ) Banking
Day prior to the date of the making of the Loan. 
 4.6 Reimbursement Obligations. (a) In consideration of Ex-Im Bank entering into the Ex-Im Bank Guarantee, the Borrower hereby irrevocably and unconditionally undertakes and agrees with Ex-Im
Bank, without duplication of any amounts paid by Sublessee (or any other Obligor) under the Participation Agreement, (i) to reimburse Ex-Im Bank immediately upon demand for all amounts paid by Ex-Im Bank under and in respect of the Ex-Im Bank Guarantee (it being agreed that if the Guaranteed Lender elects to have Ex-Im Bank
service the obligations pursuant to Section 2.02(b)(i) of the Ex-Im Bank Guarantee, the reimbursement obligation set forth in this clause (i) shall include the principal of, and interest on, the
obligations serviced thereunder), provided once the principal amount of the Loan, together with accrued interest thereon and the Ex-Im Bank Make-Whole Amount, if any, has been paid to Ex-Im Bank, in order to avoid duplication, the reimbursement obligation set forth in this clause (i) shall not include any payments of principal or interest made by Ex-Im
Bank pursuant to the Ex-Im Bank Guarantee), or in the exercise of any right in respect thereof provided by Applicable Law, (ii) (without duplication of any amounts paid by or on behalf of the Borrower
hereunder) to pay to Ex-Im Bank, after Ex-Im Bank services the obligations under the Note pursuant to Section 2.02(b)(i) of the
Ex-Im Bank Guarantee, for Ex-Im Bank’s own account, the Ex-Im Bank Make-Whole Amount, if any, calculated by Ex-Im Bank as of the Calculation Date (as such term is defined in the definition of Ex-Im Bank Make-Whole Amount), and (iii) (without duplication of the foregoing) to
indemnify Ex-Im Bank on a full indemnity basis against all actions, proceedings, claims, demands, costs, charges, damages, losses, costs and expenses (including, without limitation, consequential damages)
made, suffered or incurred by Ex-Im Bank and to pay to Ex-Im Bank immediately upon demand for all payments, costs, damages, losses or expenses of any description
whatsoever which may be incurred by Ex-Im Bank in connection with any investigative, administrative or judicial proceeding in relation to or arising out of the Ex-Im
Bank Guarantee. 
 (b) All payments to be made by the Borrower to Ex-Im Bank under this Guaranteed
Loan Agreement or any other Operative Document shall be in Dollars. All payments to Ex-Im Bank in Dollars shall be made at the Federal Reserve Bank in New York for credit to
Ex-Im Bank’s account with the Treasurer of the United States, Washington, D.C., U.S.A., in accordance with the payment instructions set forth in Section 4.1(a). Whenever any payment to Ex-Im Bank under this Guaranteed Loan Agreement or any other Operative Document shall be stated to be due and payable on a day other than a Banking Day, such payment shall be made on the next succeeding Banking Day
with interest at the rate provided for in Section 3.2. 
 4.7 Transfer. The Borrower acknowledges that upon payment of any amounts by Ex-Im Bank under the Ex-Im Bank Guarantee, Ex-Im Bank shall be subrogated (by way of an assignment, by operation of law or otherwise)
to all of the rights of the Guaranteed Lender under the Operative Documents to the extent set forth in the Ex-Im Bank Guarantee and in this Guaranteed Loan Agreement (excluding, for the avoidance of doubt, the
                         Indemnity Agreement). The Borrower hereby consents and agrees that
Ex-Im Bank is a permitted assignee and transferee of the Guaranteed Lender for all purposes of this Guaranteed 

  
 9 

 [Form of Guaranteed Loan Agreement] 

 
 Loan Agreement and any other Operative Document and upon such assignment, Ex-Im Bank shall be deemed the Guaranteed Lender under this Guaranteed Loan Agreement and the other Operative Documents (other than the
                         Indemnity Agreement) for all purposes hereof and thereof. 

4.8 Waiver. The Borrower acknowledges and agrees that if any covenant, stipulation or other provision of this Guaranteed Loan Agreement which
imposes on the Borrower the obligation to make any payment, whether by way of indemnity or otherwise, is at any time void under any provision of Applicable Law (including, without limitation, the Applicable Law of the ROP) the Borrower will not make
any claim, counterclaim or institute any proceedings against Ex-Im Bank, the Guaranteed Lender or any of their respective assignees or subrogees for any amount paid by the Borrower at any time, and (to the
extent permitted by Applicable Law) the Borrower waives unconditionally and absolutely any rights and defenses, legal or equitable, which arise under or in connection with any such provision against or in connection with any claim or proceeding
brought by the Borrower for recovery of any amount due under any Operative Document. 
 4.9 Payments Absolute. The reimbursement and
indemnity obligations of the Borrower hereunder and under any other Operative Document shall be absolute, unconditional and irrevocable, and shall to the full extent provided by Applicable Law be paid strictly in accordance with the terms of this
Guaranteed Loan Agreement, under all circumstances whatsoever, including, without limitation, the following circumstances: (a) any lack of legality, validity, regularity or enforceability of this Guaranteed Loan Agreement or any other Operative
Documents; (b) any amendment or waiver of or any consent given under any of the Operative Documents; (c) the existence of any claim, set-off, defense or other rights which any Person may have at any
time against Ex-Im Bank, the Security Trustee, the Guaranteed Lender or any other Person or entity, whether in connection with this Guaranteed Loan Agreement, the other Operative Documents or any unrelated
transaction; provided that the foregoing shall not prohibit the assertion of any such claim or defense by separate suit or counterclaim; and (d) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing,
which could be interpreted as a legal or equitable defense to payment hereunder or under any other Operative Document. 
 4.10 Payments
under Ex-Im Bank Guarantee. If Ex-Im Bank shall have received a demand for payment under the Ex-Im Bank Guarantee, and Ex-Im Bank shall not have been reimbursed in full on the same Banking Day of the date of demand, Ex-Im Bank may thereafter exercise any of the rights and remedies granted to
it for exercise after an Event of Default under the Lease, the Sublease or this Guaranteed Loan Agreement. 
 SECTION 5. Taxes; Indemnities.

 5.1 Taxes. The Borrower covenants and agrees that, whether or not the Loan is made hereunder: (a) all payments by the Borrower to Ex-Im Bank or the Guaranteed Lender (each, an “INDEMNITEE”) under or in respect of this Guaranteed Loan Agreement, including amounts payable under clauses (b) and (c) of this sentence, shall be made
free and clear of and without reduction by reason of any Taxes, all of which will be paid by the Borrower to the appropriate taxing authority at the time and in the manner prescribed by Applicable Law; (b) in the event that 

  
 10 

 [Form of Guaranteed Loan Agreement] 

 
 the Borrower is required by Applicable Law to deduct or withhold any Taxes from any
amounts payable to an Indemnitee on, under or in respect of this Guaranteed Loan Agreement or the Loan or the Note, the Borrower shall pay, on demand of such Indemnitee, to such Indemnitee, such additional amount or amounts as may be required in
order that the amount received after deduction or withholding shall equal the full amount stated to be payable under this Guaranteed Loan Agreement as if such deduction or withholding had not been required; (c) the Borrower shall promptly
furnish to such Indemnitee satisfactory official tax receipts in respect of any payment of Taxes; and (d) the covenants and agreements of the Borrower under this Section 5 shall survive the repayment of the Loan. Without prejudice to the
obligations of the Borrower under the foregoing sentence, in the event and to the extent that the Borrower is required by Applicable Law to deduct or withhold any Tax from any payment due hereunder to an Indemnitee in respect of this Guaranteed Loan
Agreement or the Loan or the Note, then the Borrower agrees to withhold from each such payment due hereunder such withholding Taxes at the appropriate rate, and will, on a timely basis and in the manner required by Applicable Law, deposit such
amounts with an authorized depository or other relevant Government Body and make such reports, filings and other reports in connection therewith. The Borrower shall promptly furnish to such Indemnitee (but in no event later than the date
             (            ) days after the due date thereof) the completed relevant form or forms and/or official
tax receipts indicating the payment in full of any Tax withheld from any payments by the Borrower for account of such Indemnitee, together with all such other information and documents reasonably requested by such Indemnitee’s counsel. If the
Borrower fails to pay any such Taxes when due or fails to remit to such Indemnitee the required receipts or other required documentary evidence, the Borrower shall indemnify and reimburse on demand such Indemnitee on an After Tax Basis for any
Taxes, interest, additions, fines or penalties that may become payable as a result of any such failure. Each Indemnitee shall use its reasonable good faith efforts (consistent with its internal policy and legal and regulatory restrictions) to avoid
or mitigate such Taxes, provided, however that Ex-Im Bank shall not be required to take any such action if, in Ex-Im Bank’s own reasonable determination, to do so
would have an adverse effect on Ex-Im Bank, would require Ex-Im Bank to incur any unindemnified cost, expense or Tax, would involve any unlawful activity or would modify
the terms of repayment of the Loan. 
 5.2 Grossing-up of Indemnity Provisions. Where in this
Guaranteed Loan Agreement the Borrower has an obligation to indemnify or reimburse an Indemnitee in respect of any loss or payment (including, without limitation, obligations of the Borrower to make a payment to or reimburse an Indemnitee in respect
of Taxes, expenses or indemnities) the amount payable shall include the amount necessary to hold such Indemnitee harmless on an After-Tax Basis (computed by taking into account the credit or deduction with
respect to such loss or payment available to such Indemnitee in its reasonable determination without such Indemnitee being under any obligation to utilize any credit or deduction for any particular purpose), so as to leave such Indemnitee in the
same after-tax position as it would have been in had the indemnity or reimbursement payment made to such Indemnitee not given rise to any liability for any Tax. 

5.3 Definitions. The terms “Tax” and “Taxes” as used in this Section 5 shall have the meaning given to such terms in
Appendix A hereto; provided, however, that other than with respect to an obligation to gross-up indemnities and any other payments on an After-Tax Basis, the terms
“Tax” and “Taxes” shall not include any Tax imposed on the overall net income of any Indemnitee. 

  
 11 

 [Form of Guaranteed Loan Agreement] 

 
 SECTION 6. Conditions Precedent. The obligation of the Guaranteed Lender
to make the Loan hereunder and of Ex-Im Bank to guarantee the Loan is subject to the satisfaction on the Delivery Date of the conditions precedent set forth in Sections 4A and 4B of the Participation
Agreement. The Notice of Borrowing shall constitute a certification by the Borrower to the effect set forth in clauses (b) and (c) of Section 4A of the Participation Agreement (both as of the date of such notice and unless the Borrower
otherwise notifies the Security Trustee, the Guaranteed Lender and Ex-Im Bank prior to the date of the borrowing, as of the date of the borrowing, but only in the case of such clause (b) as to the
representations by the Borrower, Lessee and Sublessee). 
 SECTION 7. Representations and Warranties. (a) The representations and
warranties of the parties hereto set forth in Section 9 of the Participation Agreement are hereby incorporated herein by reference thereto as fully and to the same extent as if set forth herein (with the Borrower mutatis mutandis for Lessor).

 (b) The Borrower hereby represents and warrants to the Guaranteed Lender, the Security Trustee and
Ex-Im Bank that its representations and warranties set forth in Section 9 of the Participation Agreement are true and correct as of the date hereof. 

SECTION 8. Covenants. The covenants of the parties hereto set forth in Section 9 of the Participation Agreement are hereby incorporated
herein by reference thereto as fully and to the same extent as if set forth herein (with the Borrower mutatis mutandis for Lessor). 

SECTION 9. Events of Default; Remedies. 

9.1 Events of Default. The following events shall constitute “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 ROP, the United
States, or any other jurisdiction, or the administration or interpretation thereof) and each such 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) the Borrower shall fail to pay when due any principal of or interest on the Loan (including for this purpose any additional amounts
required to be paid under Section 5 hereof); 
 (b) the Borrower shall fail to pay when due any other amount payable (whether at stated
maturity, by acceleration or otherwise) by it to the Security Trustee, Ex-Im Bank or the Guaranteed Lender hereunder or under any other Operative Document to which it is a party within
             (            ) Business Days of the date of any demand therefor; 

(c) any representation, warranty or certification made or deemed made by the Borrower herein or in any other Operative Document to which it is
a party or any certificate furnished to the Guaranteed Lender, Ex-Im Bank or the Security Trustee pursuant to the provisions hereof or thereof, shall prove to have been false or misleading as of the time made
or furnished in any material respect; 

  
 12 

 [Form of Guaranteed Loan Agreement] 

 
 (d) the Borrower shall fail to perform any of its obligations, covenants
or agreements under this Guaranteed Loan Agreement or any other Operative Document to which it is a party (and not constituting an Event of Default under any other clause of this Section 9), and, if capable of being remedied, shall continue
unremedied for a period of              (            ) days after the earlier of (i) the Borrower obtaining
actual knowledge of such failure or (ii) notice thereof has been given to the Borrower by the Security Trustee, Ex-Im Bank or the Guaranteed Lender; 

(e) any of the Security Documents ceases or shall cease to constitute a duly perfected and enforceable security interest over the property
referred to therein free and clear of all Liens other than Liens contemplated by or permitted under the Operative Documents; 
 (f) the
Borrower or the Lessor Parent shall admit in writing its inability to, or be generally unable to, pay its debts as such debts become due; 

(g) the Borrower or the Lessor Parent shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the bankruptcy law of the relevant
jurisdiction, (iv) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or readjustment of debts, (v) fail to
controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the bankruptcy law of the relevant jurisdiction, or (vi) take any corporate action for the purpose of
effecting any of the foregoing; 
 (h) a proceeding or case shall be commenced, without the application or consent of the Borrower or the
Lessor Parent, in any court of competent jurisdiction, seeking (i) its liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of its debts, (ii) the appointment of
a trustee, receiver, custodian, liquidator or the like of the Borrower or the Lessor Parent or of all or any substantial part of its assets, or (iii) similar relief in respect of the Borrower under any law relating to bankruptcy, insolvency,
reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be
entered and continue unstayed and in effect, for a period of              (            ) or more days; or an order
for relief against the Borrower or the Lessor Parent shall be entered in an involuntary case under the bankruptcy law of the relevant jurisdiction; 

(i) any Event of Default under and as defined in the Lease shall occur and be continuing; 

(j) any Event of Default under and as defined in the Sublease shall occur and be continuing; 

(k) any Event of Default under and as defined in the
                         Agreement or the
                             Agreement shall have occurred and be continuing; 

(l) any Government Body (i) shall have condemned, seized or appropriated all or substantially all of the property of the Borrower or
(ii) shall have taken any other action which, in the opinion of Ex-Im Bank, adversely affects the Borrower’s ability to pay any Indebtedness hereunder; 

  
 13 

 [Form of Guaranteed Loan Agreement] 

 
 (m) a judgment for the payment of money shall be rendered against the
Borrower and the same shall remain undischarged for a period of              (            ) calendar days during
which neither execution of such judgment shall be effectively stayed nor adequate bonding fully covering such judgment shall exist; 
 (n)
the Borrower shall do or cause to be done any act or thing evidencing or establishing its intention to repudiate this Guaranteed Loan Agreement or any other Operative Document; 

(o) there shall have occurred and be continuing an “event of default” under any Other Operative Document; and/or 

(p) any other event occurs or any other circumstance arises (other than an Event of Loss) which, in the reasonable judgment of Ex-Im Bank, is likely materially and adversely to affect the ability of the Borrower or Lessor Parent to perform its obligations under each Operative Document to which it is a party. 

9.2 Remedies. Upon the occurrence of any Event of Default and so long as such Event of Default is continuing,
(i) Ex-Im Bank (or if the Ex-Im Bank Guarantee is no longer in effect and no amounts are owed to Ex-Im Bank under the
Operative Documents, the Guaranteed Lender) may, by notice to the Borrower (unless such notice is prohibited by Applicable Law), cancel the Total Commitment and/or declare the aggregate principal amount then outstanding of, and the accrued interest
on, the Loan and all other amounts payable by the Borrower hereunder to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand (except as aforesaid), protest or other formalities of any
kind, all of which are hereby expressly waived by the Borrower; and (ii) in the case of the occurrence of an Event of Default referred to in clause (f), (g) or (h) of this Section 9 with respect to the Borrower or any Event of Default
under Section 13(g)-(k) (inclusive) of the Lease with respect to the Lessee or Section 13(g)-(k) (inclusive) of the Sublease with respect to the Sublessee, the Total Commitment shall automatically be canceled and the aggregate principal
amount then outstanding of, and the accrued interest on, the Loan and all other amounts payable by the Borrower hereunder shall automatically become immediately due and payable without presentment, demand, protest or other formalities of any kind,
all of which are hereby expressly waived by the Borrower (unless, subsequent to such automatic acceleration, such automatic acceleration is waived by Ex-Im Bank or, if the
Ex-Im Bank Guarantee is no longer in effect and no amounts are owed to Ex-Im Bank under the Operative Documents, the Guaranteed Lender). If (x) the Loan shall have
been (or shall automatically become) accelerated hereunder and (y) a claim shall be made on Ex-Im Bank under the Ex-Im Bank Guarantee and the Guaranteed Lender
elects to have Ex-Im Bank service the obligations in respect of the Loan in accordance with Section 2.02(b)(i) thereof, then, upon demand by Ex-Im Bank, the
Borrower shall pay to Ex-Im Bank the applicable Ex-Im Bank Make-Whole Amount, if any. Ex-Im Bank shall provide the Borrower with
reasonable supporting documentation concerning the determination of any Ex-Im Bank Make-Whole Amount. 

  
 14 

 [Form of Guaranteed Loan Agreement] 

 
 SECTION 10. Miscellaneous. 

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

10.2 Notices. Each of the parties hereby acknowledges and confirms that each of this Guaranteed Loan Agreement and the Note is one of the
Operative Documents and as a result all of the provisions of Section 13(c) of the Participation Agreement are hereby incorporated herein and therein by reference thereto as fully and to the same extent as if set forth herein and therein
(including, without limitation, (a) the manner in which all notices or other communications are to be made hereunder, (b) the time as of which such notices or communications shall be deemed to have been given or made, and (c) the
address to which such notices or communications are to be sent). 
 10.3 Expenses, Etc. Other than with respect to Section 5 hereof,
the provisions of Section 10 of the Participation Agreement are hereby incorporated herein, mutatis mutandis, with references to “Sublessee” being construed as references to “the Borrower”. In addition the Borrower agrees,
without prejudice to Section 10.6(f), to pay or reimburse each of Ex-Im Bank, the Guaranteed Lender and the Security Trustee for paying (against invoices or receipts (to the extent available) submitted by
Ex-Im Bank, the Security Trustee and/or the Guaranteed Lender): (a) all proper out-of-pocket costs and expenses of Ex-Im Bank, the Guaranteed Lender and the Security Trustee (including the reasonable fees and expenses of counsel to Ex-Im Bank, the Guaranteed Lender and the Security
Trustee), in connection with (i) the negotiation, preparation and execution of this Guaranteed Loan Agreement and the Operative Documents (whether the same shall ever become any effective) and (ii) any actual or proposed amendment,
modification or waiver requested by the Borrower, Sublessee, Lessee or any Guarantor (whether the same shall ever become effective) of any of the terms of this Guaranteed Loan Agreement and the other Operative Documents and in accordance with the
terms thereof; and (b) all costs and expenses of Ex-Im Bank, the Security Trustee and the Guaranteed Lender (including reasonable fees and expenses of their respective counsel) in connection with any
Event of Default and any enforcement or collection proceedings resulting therefrom. 
 10.4 Amendments, Etc. Except as otherwise expressly
provided in this Guaranteed Loan Agreement, any provision of this Guaranteed Loan Agreement may be amended or modified only by an instrument signed by the Borrower (acting solely at the direction of Sublessee),
Ex-Im Bank and, provided no claim has been made under the Ex-Im Bank Guarantee, the Guaranteed Lender, and any provision of this Agreement may be waived by Ex-Im Bank and, so long as no claim shall have been made under the Ex-Im Bank Guarantee in relation to the Note, the Guaranteed Lender; provided, further that, so long as no
claim shall have been made under the Ex-Im Bank Guarantee with respect to the Note, no amendment, modification or waiver related to the Note or the Loan which is evidenced by the Note shall, unless by an
instrument also signed by the Guaranteed Lender: (i) increase or extend the term, or 

  
 15 

 [Form of Guaranteed Loan Agreement] 

 
 extend the time or waive any requirement for the termination, of the Total Commitment,
(ii) extend the date fixed for the payment of principal of or interest on the Loan, (iii) reduce the amount of any payment of principal thereof or the rate at which interest is payable thereon or any fee is payable hereunder,
(iv) alter the terms of Section 2.4 or this Section 10.4, and (v) amend the definition of the term “Fixed Rate”, “Event of Default” or “Guaranteed Lender”. 

10.5 Successors and Assigns. This Guaranteed Loan Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 10.6 Assignments and Participations. (a) Except as expressly permitted in the Operative
Documents, the Borrower may not assign or transfer its rights or delegate its obligations hereunder or under any other Operative Document without the prior written consent of Sublessee, Ex-Im Bank and the
Guaranteed Lender. 
 (b) Subject in all events to compliance with all terms and conditions of the
Ex-Im Bank Guarantee (including, without limitation, any requirement for Ex-Im Bank’s prior written consent thereto) and with Applicable Laws, the Guaranteed Lender
may assign, transfer, pledge, sell or grant participations in or otherwise dispose of all or any part of its interest in all or any part of the Borrower’s Indebtedness under this Guaranteed Loan Agreement and the Note to one or more other
Permitted Institutions without the prior written consent of the Borrower or the Sublessee (collectively, a “DISPOSITION OF INDEBTEDNESS”) provided that (other than in connection with an assignment to
Ex-Im Bank) if, as at the date of such assignment or transfer, such assignment or transfer would subject the Borrower to any greater obligation or liability under Section
             of the                          Agreement
or under the                          Indemnity Agreement or under any other Operative Document than it would have been
under on such date if no such assignment had then taken place, then unless such assignment was made to mitigate or avoid the requirement for payment of additional amounts or increased costs under the
                         Indemnity Agreement or any illegality, the assignee shall not be entitled to receive any greater
payment under the                          Indemnity Agreement or under Section
         of the                          Agreement or any other Operative
Document than the assignor would have been entitled to receive with respect to the rights assigned or transferred at the time such assignment or transfer is entered into. Furthermore, without limiting the generality of the foregoing, the Guaranteed
Lender may sell, assign, transfer and set over to a trustee for the holders of the Guaranteed Lender’s secured indebtedness or other securities (the
“                         TRUSTEE”) the Loan and the Note for the purpose of creating a security interest
therein in favor of the                          Trustee, and the
                         Trustee may, in such event, exercise any and all rights and remedies which would otherwise be
available to the Guaranteed Lender in connection with this Guaranteed Loan Agreement and the enforcement thereof in relation to the Loan and the Note. The Borrower shall, at the request of the Guaranteed Lender, execute and deliver to the Guaranteed
Lender, or to any party that the Guaranteed Lender may designate, any such further instruments as may be necessary or reasonably requested by the Guaranteed Lender to give full force and effect to a Disposition of Indebtedness by the Guaranteed
Lender. 
 (c) Without limiting the provisions of Section              of
the Participation Agreement, all non-public information provided to the Security Trustee and the Guaranteed 

  
 16 

 [Form of Guaranteed Loan Agreement] 

 
 Lender by the Borrower or Sublessee shall be treated as confidential by the Security
Trustee and the Guaranteed Lender; provided, however, that the Guaranteed Lender may furnish any information concerning the Borrower or Sublessee in the possession of the Guaranteed Lender from time to time to assignees and participants (including
prospective assignees and participants), provided such Persons have agreed to maintain the confidentiality as provided in Section 14 of the Participation Agreement of all such non-public information so
furnished and any such information may be disclosed as required by Applicable Laws. 
 (d) If the Guaranteed Lender (other than Ex-Im Bank) wishes to assign or transfer all or any of its rights, benefits and obligations hereunder as contemplated in Section 10.6(b), then such assignment or transfer may be effected (i) in the case of
an assignment or transfer to a Person (other than Ex-Im Bank) on the Transfer Date specified in the relevant Transfer Certificate or (ii) in the case of a transfer or assignment to Ex-Im Bank as a result of a demand under the terms of the Ex-Im Bank Guarantee, on the date of such transfer. To the extent that pursuant to such Transfer Certificate and the
provisions thereof the rights and obligations of the Guaranteed Lender hereunder and under the other Operative Documents (to which the Guaranteed Lender is party) are validly transferred to and assumed by the assignee or transferee, such Guaranteed
Lender shall be released from further obligations hereunder and under the other Operative Documents, other than accrued rights owing to any party hereunder and thereunder. 

(e) No Guaranteed Lender (other than Ex-Im Bank, any of its transferees or any further transferees)
may assign or transfer (it being understood and agreed that a participation permitted by Section 10.6 shall not constitute an assignment or transfer) any of its rights or obligations hereunder as contemplated by this Section 10.6 unless
contemporaneously therewith it assigns or transfers to the same assignee or transferee all or a corresponding part of its rights, benefits and obligations under each of the other Operative Documents (except for rights and benefits which the
documents expressly provide will be retained by the transferee) to which such Guaranteed Lender is party. 
 (f) Any assigning or
transferring Guaranteed Lender (other than Ex-Im Bank and any subsequent transferees) shall be solely responsible for all of its reasonable costs and expenses for any assignment, transfer or participation
under this Section 10.6 including, without limitation, all costs in connection with any amendment to or supplement to, or registration of or re-registration of the Security Documents and any legal fees
and expenses relating thereto (or may procure that any transferee or participant pay such costs and expenses), unless such assignment or transfer was effected at the request of the Borrower or Sublessee to mitigate the imposition of any Claims. 

10.7 GOVERNING LAW. THIS GUARANTEED LOAN AGREEMENT 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 SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 10.8 Jurisdiction; Service of Process. Any suit, proceeding, action or process against the Borrower with respect to this Guaranteed Loan
Agreement may be brought in accordance 

  
 17 

 [Form of Guaranteed Loan Agreement] 

 
 with Section
             of the Participation Agreement as if the same were repeated herein in full mutatis mutandis, and the Borrower hereby consents to service of process as therein set forth.

 10.9 Entire Agreement. This Guaranteed Loan Agreement (together with the other Operative Documents) is the entire agreement of the
parties hereto with respect to the subject matter hereof and supersedes all prior communications and agreements by the parties hereto with respect thereto, and each such prior communication and agreement is null and void. 

10.10 Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Guaranteed Lender and Ex-Im Bank in order to carry out the
intentions of the parties hereto as nearly as may be possible and (ii) 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.

 10.11 Captions. The table of contents and captions and section headings appearing herein are included solely for convenience of reference
and are not intended to affect the interpretation of any provision of this Guaranteed Loan Agreement. 
 10.12 Counterparts. This Guaranteed
Loan Agreement may be executed in any number of counterparts each of which shall be an original and all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Guaranteed Loan Agreement by
signing any such counterpart. 
 10.13 WAIVER OF JURY TRIAL. THE BORROWER, THE SECURITY TRUSTEE,
EX-IM BANK AND THE GUARANTEED LENDER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR
IN CONNECTION WITH, THIS GUARANTEED LOAN AGREEMENT, OR ANY OTHER OPERATIVE DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OR OMISSIONS OF THE GUARANTEED LENDER, THE SECURITY TRUSTEE, EX-IM BANK OR THE BORROWER OR ANY PERSON RELATING TO THE OPERATIVE DOCUMENTS. 
 * * * 

  
 18 

 [Form of Guaranteed Loan Agreement] 

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

			
	BORROWER
		
	By:	 	  

		 	Name:
		 	Title
	
	SECURITY TRUSTEE
		
	By:	 	  

		 	Name:
		 	Title
	
	EX-IM BANK
	
	EXPORT-IMPORT BANK OF THE UNITED STATES
		
	By:	 	  

		 	Name:
		 	Title
	
	GUARANTEED LENDER
		
	By:	 	  

		 	Name:
		 	Title:

  
 19 

 [Form of Guaranteed Loan Agreement] 

 
 EXHIBIT A 

NOTICE OF BORROWING 

                       
 ,                      
  

	To:	
                       
      

 as Guaranteed Lender 

                       
     , 
 as Security Trustee 

Export-Import Bank of the United States 
 Dear
Sirs: 
 Pursuant to the Guaranteed Loan Agreement dated as of
                     (the “GUARANTEED LOAN AGREEMENT”) among
                    , as Borrower,
                    , as Guaranteed Lender,
                     as Security Trustee and Export-Import Bank of the United States, we hereby: 

 

	(1)	 Give you notice that we wish to borrow the Loan on
                    ,          in the amount of
                     in relation to financing the purchase of
                 (            ) Boeing Model
                -                 aircraft bearing manufacturer’s
serial number                 . The principal amount of
                     is to be available to us by crediting such amounts to such accounts as the Borrower and the Guaranteed Lender may agree
and the principal amount of                                  (the
“SUPPLEMENTAL EQUIPMENT AMOUNT”) shall be deposited in the Security Trustee’s account in accordance with Section 2.2 of the Guaranteed Loan Agreement. 

 

	(2)	 Confirm and certify that the borrowing to be effected by such drawing will be within our powers and has been
validly authorized by appropriate action, that no Default, Event of Default or Event of Loss and no event that with the giving of notice or the passing of time or both would constitute an Event of Loss has occurred, that the representations
contained or referred to in Section 7 of the Guaranteed Loan Agreement, if repeated as at the date of this Notice, with reference to the facts existing at the date hereof, would be true and accurate in all respects, and that the covenants
contained or referred to in Section 8 of the Guaranteed Loan Agreement have at all times been complied with. 

  

	(3)	 Confirm that the Loan referred to herein is the Loan under the Guaranteed Loan Agreement.

  
 Exhibit A 

Page 1 

 [Form of Guaranteed Loan Agreement] 

 
 Terms defined in the Guaranteed Loan Agreement shall have the same meanings in this
Notice. 
  

			
	For and on behalf of
	
	[BORROWER]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	AGREED:
	
	                    
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit A 

Page 2 

 [Form of Guaranteed Loan Agreement] 

 
 EXHIBIT B 

[FORM OF NOTE] 

                       
 . 
      SECURED PROMISSORY NOTE 

  DUE IN QUARTERLY INSTALLMENTS 

COMMENCING ON
                         AND 

  MATURING ON
                         

  ISSUED IN CONNECTION WITH 

                       
      MODEL              AIRCRAFT WITH 

MANUFACTURER’S SERIAL NO.             , 

PANAMANIAN REGISTRATION MARK
                        , 

    WITH TWO INSTALLED
                     
 MODEL
             ENGINES (THE “AIRCRAFT”) 
 No.
                                        
                                         
                       , 2004 
 $
                     

                    , a company
organized under the laws of the State of Delaware (the “BORROWER”), for value received, hereby promises to pay to the order of
                     (the “GUARANTEED LENDER”), the principal amount of
             Million              Thousand and
             United States Dollars (U.S.$            ) or such lesser amount as shall equal the aggregate unpaid
principal amount of the loan (the “LOAN”) made by the Guaranteed Lender to the Borrower on the date hereof in respect of the above-described Aircraft under that certain Guaranteed Loan Agreement dated as of
                         ,              (the
“GUARANTEED LOAN AGREEMENT”) among the Borrower, the Guaranteed Lender,                     , as Security Trustee, and Export-Import
Bank of the United States (“EX-IM BANK”), payable in forty-eight (48) successive quarterly principal installments payable commencing on
                             ,
             and thereafter on January             , April
            , July              and October
             of each year (or if any such day is not a Banking Day, on the next succeeding Banking Day; each such day being a “LOAN PAYMENT DATE”), each such installment to
be in the amount set forth opposite the applicable Loan Payment Date in Schedule I attached hereto and made a part hereof, and the entire unpaid principal amount then owing hereunder to be paid in full on
                                 ,
             (the “FINAL MATURITY DATE”); and to pay interest on the unpaid aggregate principal amount of the Loan from time to time at
             % per annum (the “FIXED RATE”) on each Loan Payment Date, and on the date the Loan is due (at maturity, by acceleration or otherwise) and thereafter on demand.
The Borrower also agrees to pay on demand interest at the applicable Post-Default Rate on overdue principal and overdue interest payable under this Note, from the date due until the Banking Day such payment is received at or before
             (New York time) at the place of payment set forth below, and to pay the costs of collection, if any (including reasonable attorneys’ fees), and in each case, in
lawful money of the United States of America and in immediately available and freely transferable funds. 

  
 Exhibit B 

Page 1 

 [Form of Guaranteed Loan Agreement] 

 
 All payments of principal, interest, overdue interest and other amounts
to be made by the Borrower to the Guaranteed Lender under this Note shall be made by payment to the account of the Guaranteed Lender at
                             Bank, Account No.
            , ABA No.             , reference: Eximbank transaction
no.             (or such other account in New York, New York, U.S.A. as the Guaranteed Lender may otherwise direct in writing to the Borrower from time to time upon not less than
             (            ) Banking Days notice) at or before
             on the due date therefor at the place of payment. 

Interest shall accrue on the unpaid aggregate principal amount of the Loan from and including the date hereof to, but not including, the date
the principal amount of the Loan shall be due (by installments, at maturity, by acceleration or otherwise) at the Fixed Rate. Any payment of interest, principal or any other payment not paid to the Guaranteed Lender when due and payable hereunder
shall, from the date when due and payable until the date when fully paid, bear interest at the Post-Default Rate computed on the basis of a year of 365 days and the actual number of days elapsed (including the first day but excluding the last day).
Interest on the Loan shall be computed on the basis of a year of 365 days and the actual number of days elapsed. 
 The Borrower agrees that
the records maintained by the Guaranteed Lender as to the date on which the Loan is made, the Fixed Rate, the date and amount of each repayment of principal of the Loan and payment of interest or overdue interest received by the Guaranteed Lender,
shall be conclusive absent manifest error. 
 This Note is the “Note” referred to in the Guaranteed Loan Agreement that is secured
by the Security Documents. The Borrower may prepay or be obligated to prepay the Loan, all as specified in the Guaranteed Loan Agreement, and subject to the requirements thereof. Capitalized terms not otherwise defined herein shall have the
respective meanings assigned thereto in the Guaranteed Loan Agreement. In addition, for purposes of this Note: 
 “BANKING DAY”
means any day, other than a Saturday or Sunday, on which commercial banks are not authorized or required to close in New York, New York, Paris, France or Salt Lake City, Utah. 

“EVENT OF DEFAULT” means any of those events specified as such in Section 9.1 of the Guaranteed Loan Agreement. 

Upon the occurrence of an Event of Default and for so long as such Event of Default shall continue, the principal hereof, accrued interest
hereon and all other amounts payable hereunder may be declared to be or may automatically become forthwith due and payable, all as provided in the Guaranteed Loan Agreement. 

The Borrower waives diligence, demand, presentment, notice of nonpayment, protest, and notice of protest all in the sole discretion of the
Facility Agent and without notice and without affecting in any manner the liability of the Borrower. This Note shall be governed by and construed in accordance with the internal laws of the State of New York, United States of America. 

Prior to the entry into the record of ownership of any transfer as provided in the Guaranteed Loan Agreement, the Borrower and each other
Person shall deem and treat each 
  

  
 Exhibit B 

Page 2 

 [Form of Guaranteed Loan Agreement] 

 
 owner of this Note reflected in the record of ownership as owner of this Note or the
rights to receive any payments hereunder as the owner thereof for all purposes. 
 * * * 

  
 Exhibit B 

Page 3 

 [Form of Guaranteed Loan Agreement] 

 
 IN WITNESS WHEREOF,
                     has caused its officer thereunto duly authorized to execute this Note as of the date first above written. 

 

			
	[BORROWER]
		
	By:	 	  

		 	Name:
		 	Title:

 GUARANTEE 

Repayment of the indebtedness evidenced hereby is guaranteed pursuant to the Guarantee Agreement dated as of December 15, 1971 between
Export-Import Bank of the United States and                     . 

 

			
	EXPORT-IMPORT BANK OF THE
	UNITED STATES
		
	By:	 	  

		 	 (Signature)

	Name:	 	  

		 	 (Print)

	Title:	 	  

 Ex-Im Bank Guarantee No.
             —Republic of Panama (            ) 

 

  
 Exhibit B 

Page 4 

 [Form of Guaranteed Loan Agreement] 

 
 Schedule I to Note 

 

							
	 LOAN PAYMENT DATE
	  	 PRINCIPAL PAYMENT
	  	 INTEREST PAYMENT
	  	 TOTAL PAYMENT

				
		  		  		  	

  
 Exhibit B 

Page 5 

 [Form of Guaranteed Loan Agreement] 

 
 EXHIBIT C 

[FORM OF TRANSFER CERTIFICATE] 
 To: [Borrower]

 TRANSFER CERTIFICATE 
 relating to the
Guaranteed Loan Agreement (as from time to time amended, varied or supplemented, the “LOAN AGREEMENT”) dated as of                 
        ,              and made between
                        , as borrower (the “BORROWER”),
                                , as Guaranteed Lender,
                        , not in its individual capacity but solely as security trustee (the “SECURITY TRUSTEE”)
and Export-Import Bank of the United States (“EX-IM BANK”). 
  

	1.	 Capitalized terms defined in the Loan Agreement shall, subject to any contrary indication, have the same
meaning herein. The terms Transferee, Transfer Date, Lender’s Participation, Lender’s Portion of the Loan, Loan Portion Transferred, Loan Portion Transfer Date and Amount Transferred are defined in the Schedule hereto.

  

	2.	                  as a
Guaranteed Lender under the Loan Agreement (the “LENDER”) hereby transfers to the Transferee, on and as of the Loan Portion Transfer Date, all of its right, title and interest in and to a percentage of the Lender’s Participation
(equal to the percentage that the Amount Transferred is of the aggregate of the component amounts (as set out in the schedule hereto) of the Lender’s Participation) together with all related right, title and interest of the Lender under the
Operative Documents to which the Lender is a party (collectively the “TRANSFERRED PROPERTY”), and the Transferee, on and as of the Transfer Date, hereby accepts such assignment and assumes all obligations of the Lender in respect of the
Transferred Property and the Transferee agrees to be under the same obligations towards each of the other parties to the Loan Agreement and the other Operative Documents as it would have had been under if it had been an original party hereto as a
Guaranteed Lender under the Loan Agreement and such Operative Documents. 

  

	3.	 The Transferee represents and warrants that prior to the Transfer Date it has received a copy of each of the
Operative Documents together with such other information as it has required in connection with this transaction and that it has not relied and will not hereafter rely on the Lender to check or enquire on its behalf into the legality, validity,
effectiveness, adequacy, accuracy or completeness of any such information and further agrees that it has not relied and will not rely on the Lender to assess or keep under review on its behalf the financial condition, creditworthiness, condition,
affairs, status or nature of the Borrower, Sublessee or any other party to the Operative Documents. 

  

	4.	 Neither the Lender nor any other party to the Loan Agreement makes any representation or warranty or assumes
any responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of any of the Operative Documents or assumes any responsibility for the financial condition of the Borrower, Sublessee or any other

  
 Exhibit C 

Page 1 

 [Form of Guaranteed Loan Agreement] 

 

	 	party to any other Operative Document or for the performance and observance by the Borrower, Sublessee or any such party of any of its obligations under the Loan Agreement, or, as the case may be, the other Operative
Documents and any and all such conditions and warranties, whether express or implied by law or otherwise, are hereby excluded. 

  

	5.	 The Lender hereby gives notice that nothing herein or in any of the other Operative Documents shall oblige the
Lender to (i) accept a re-transfer from the Transferee of the whole or any part of its rights and/or obligations under the Loan Agreement or the other Operative Documents transferred pursuant hereto or
(ii) support any losses directly or indirectly sustained or incurred by the Transferee for any reason whatsoever including, without limitation, the non-performance by the Borrower, Sublessee or any other
party to any of the Operative Documents of any of their respective obligations thereunder. The transferee hereby acknowledges the absence of any such obligation as is referred to in sub-clause (i) or (ii)
above. 

  

	6.	 The Transferee acknowledges and agrees that, as of the Transfer Date, for the express benefit of the parties to
the Operative Documents that it is not aware of any facts or circumstances that would as of the Transfer Date give rise to a claim that will be made against the Borrower or Sublessee for any indemnity under the Operative Documents and that to the
best of its knowledge, the transfer is in compliance with the provisions of Section              hereof. 

 

	7.	 This Transfer Certificate and the rights and obligations of the parties hereunder shall be governed by and
construed in accordance with the law of the State of New York. 

  

  
 Exhibit C 

Page 2 

 [Form of Guaranteed Loan Agreement] 

 
 THE SCHEDULE 

Lender: 
 Transferee: 

Lender’s Participation:                    [-] 

Lender’s Portion of the Loan:                [-] [Aggregate amount 

of the Lender’s funded loan 

amount less any repayment 

amounts already received] 
 Loan Portion
Transferred:                  [-] [% of Lender’s Portion of Loans] 

Amount Transferred:                    [-] [Total of Loan
Portion 
 Transferred] 
 Loan Portion
Transfer Date:            [-] 
 Facility
Office:                             - 

Contact
Name:                                - 

Account for Payments in Dollars:                - 

Fax:                         
               - 

Telephone:                        -

 [Transferor Lender]        [Transferee] 

By:                          
  By: 

Date:                         
   Date: 
 Address for notices: 

Account information: 

  
 Exhibit C 

Page 3 

 [Form of Guaranteed Loan Agreement] 

 
 EXHIBIT D 

[FORM OF CERTIFICATE AUTHORIZING DISBURSEMENT] 

                
        ,              
  

	To:	
                       
         , 

 as Security Trustee (“SECURITY TRUSTEE”) 

 

	cc:	
                       
          

 as Guaranteed Lender 

Subject: Ex-Im Bank Guarantee No.             
—Republic of Panama (            ) 
 Ladies and Gentlemen: 

In accordance with the terms and conditions of the Guaranteed Loan Agreement dated as of
                              ,
             (the “LOAN AGREEMENT”) among [Borrower],
                     as Guaranteed Lender, Security Trustee, and Export-Import Bank of the United States
(“EX-IM BANK”), pursuant to Section 2.2 of the Loan Agreement we hereby authorize the Security Trustee to pay in the amount of U.S.$
             in connection with the disbursement made on             
        ,          for             
(            ) Boeing model              aircraft (MSN
            ), to the Borrower in connection with the financing of the U.S. manufactured equipment identified in the supplier’s certificate(s) and invoice(s) provided to us by
the Borrower. 
  

			
	EXPORT-IMPORT BANK OF THE
	UNITED STATES
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit D 

Page 1EX-4.9

 EXHIBIT 4.9 

REGISTRATION RIGHTS AGREEMENT 

dated as of             , 2005 

among 
 COPA HOLDINGS, S.A., 

CORPORACION DE INVERSIONES AEREAS, S.A. 

and 
 CONTINENTAL AIRLINES, INC.

 TABLE OF CONTENTS 
  

									
	 	 	 	    	 	  	PAGE	 
	SECTION 1.     DEFINITIONS	  	 	1	 
		 	1.1.  	    	Defined Terms	  	 	1	 
		 	1.2.  	    	General Interpretive Principles	  	 	4	 
		
	SECTION 2.     REGISTRATION RIGHTS	  	 	4	 
		 	2.1.  	    	Demand Registrations	  	 	4	 
		 	2.2.  	    	Piggyback Registrations	  	 	6	 
		 	2.3.  	    	Sales by CIASA to Independent Panamanians	  	 	8	 
		 	2.4.  	    	Registered Offerings of CIASA Shares other than Registrable Securities	  	 	9	 
		 	2.5.  	    	Black-out Periods	  	 	9	 
		 	2.6.  	    	No Inconsistent Agreements	  	 	10	 
		 	2.7.  	    	Registration Procedures	  	 	10	 
		 	2.8.  	    	Underwritten Offerings	  	 	14	 
		 	2.9.  	    	Registration Expenses	  	 	15	 
		 	2.10.	    	Rules 144 and 144A	  	 	16	 
		
	SECTION 3.     MISCELLANEOUS	  	 	17	 
		 	3.1.  	    	Indemnification	  	 	17	 
		 	3.2.  	    	Remedies	  	 	19	 
		 	3.3.  	    	Notices	  	 	20	 
		 	3.4.  	    	Successors, Assigns and Transferees	  	 	21	 
		 	3.5.  	    	Recapitalizations, Exchanges, etc., Affecting Registrable Securities	  	 	21	 
		 	3.6.  	    	Governing Law; Arbitration	  	 	22	 
		 	3.7.  	    	Headings	  	 	22	 
		 	3.8.  	    	Severability	  	 	22	 
		 	3.9.  	    	Amendment; Waiver	  	 	23	 
		 	3.10.	    	Counterparts	  	 	23	 

  
 i 

 REGISTRATION RIGHTS AGREEMENT 

REGISTRATION RIGHTS AGREEMENT (“Agreement”), dated as of , 2005, by and among Copa Holdings, S.A., a corporation (sociedad anonima)
organized under the laws of the Republic of Panama (the “Company”), Corporacion de Inversiones Aereas, S.A., a corporation (sociedad anonima) organized under the laws of Panama (“CIASA”), and Continental Airlines, Inc., a
corporation organized under the laws of the State of Delaware (“Continental”). Each of the Company, CIASA and Continental may be referred to as a “Party” and collectively they may be referred to as the “Parties”. 

W I T N E S S E T H: 
 WHEREAS,
the Company, CIASA and Continental have entered into an Underwriting Agreement, dated , 2005 (the “Underwriting Agreement”), among the Company, CIASA, Continental, and Morgan Stanley & Co. Incorporated and Goldman,
Sachs & Co., as representatives of the underwriters named therein (collectively, the “Underwriters”), pursuant to which the Underwriters are offering up to 8,050,000 Class A shares of the Company owned by Continental and
8,050,000 Class A shares of the Company owned by CIASA to investors as described in a registration statement on Form F-1 (File No. 333- ) filed by the Company
with the SEC (as defined below) (the “Initial Public Offering”); 
 WHEREAS, in connection with the Initial Public Offering, the
Company, CIASA and Continental entered into an Amended and Restated Shareholders Agreement, dated the date hereof (the “Shareholders Agreement”); 

WHEREAS, immediately after the Initial Public Offering, Continental will continue to own up to 13,978,125 Class A shares of the Company
and CIASA will continue to own 13,784,375 Class B shares of the Company and up to 1,050,000 Class A shares of the Company; and 

WHEREAS, in connection with the Amended and Restated Shareholders Agreement, the Company has agreed to provide the rights set forth in this
Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and the mutual premises, covenants and agreements of the parties hereto, and
for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

SECTION 1. DEFINITIONS. 
 1.1.
Defined Terms. 
 As used in this Agreement, the following terms shall have the following meanings: 

“Adverse Disclosure” means public disclosure of material non-public information, disclosure
of which, in the Board’s good faith judgment, after consultation with independent outside counsel to the Company, (i) would be required to be made in any Registration Statement filed by the Company so that such Registration Statement would
not be 

 
false or misleading in any material respect; (ii) would not be required to be made at such time but for the filing or publication of such Registration Statement and (iii) the Company
has a bona fide business purpose for not disclosing publicly. 
 “Affiliates” has the meaning set forth in the Shareholders
Agreement. 
 “Agreement” has the meaning set forth in the preamble hereto. 

“Board” means the Board of Directors or other supervisory committee or body of the Company or any other entity, as applicable. 

“Class A shares” means the Class A shares, no par value, of the Company. 

“Class B shares” means the Class B shares, no par value, of the Company. 

“Company” has the meaning set forth in the preamble hereto. 

“Company Sale” has the meaning set forth in Section 2.2(a). 

“Demand Notice” has the meaning set forth in Section 2.1(c). 

“Demand Registration” has the meaning set forth in Section 2.1(a). 

“Demand Registration Statement” has the meaning set forth in Section 2.1(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Holder” means any holder of Registrable
Securities who is a party hereto or who succeeds to rights hereunder pursuant to Section 3.4. 
 “Law” means, as applicable,
any and all (i) U.S. and foreign (including, without limitation, Panama) laws, ordinances, regulations, whether federal, provincial, state or local, (ii) codes, standards, rules, requirements and criteria issued under any U.S. or foreign
(including, without limitation, Panama) laws, ordinances or regulations, whether federal, provincial, state or local and (iii) judgments. 

“NASD” means the National Association of Securities Dealers, Inc. 

“NYSE” means the New York Stock Exchange. 

“Offer” means an offer to persons in the United States to acquire Registrable Securities. 

“Panama” means the Republic of Panama. 

“Panamanian” means any person or entity constituting a “Panamanian” within the meaning of Section     
of the Company’s by-laws. 

  
 2 

 “Panamanian Law” means any statute, act, order, rule or regulation enacted by any
Panamanian governmental authority or agency. 
 “Panamanian Listing Authority” means the Comision Nacional de Valores of the
Republic of Panama. 
 “Party” and “Parties” have the meaning set forth in the recitals. 

“Permitted Transferees” or “Permitted Transfer” has the meaning set forth in Section 2.1 of the Shareholders
Agreement. 
 “Piggyback Registration” has the meaning set forth in Section 2.2(a). 

“Prospectus” means the prospectus included in any Registration Statement, including any preliminary Prospectus, all amendments and
supplements to such prospectus, including post-effective amendments and all other material incorporated by reference in such prospectus. 

“Registrable Securities” means (i) with respect to Continental, up to 5,665,625 Class A shares of the Company held by
Continental and by Holders that are Permitted Transferees of Continental, (ii) with respect to CIASA, up to 6,521,875 Class A or Class B shares of the Company held by CIASA and by Holders that are Permitted Transferees of CIASA and
(iii) with respect to each of Continental and CIASA and their respective Permitted Transferees, any securities that may be issued or distributed or be issuable in respect of any Registrable Securities by way of conversion, dividend, stock split
or other distribution, merger, consolidation, exchange, recapitalization or reclassification or similar transaction; provided that (a) the number of Class A shares constituting Registrable Securities shall be reduced by the number of
Class A shares sold or otherwise transferred to a person that is not a Permitted Transferee permitted by Section 3.4, and the number of Class B shares constituting Registrable Securities shall be reduced by the number of Class B
shares sold or otherwise transferred to a person that is not a Permitted Transferee permitted by Section 3.4; (b) the number of Registrable Securities shall be increased from time to time in accordance with Section 2.3 and 2.4; and
(c) that any such Registrable Securities shall cease to be Registrable Securities to the extent (1) a Registration Statement with respect to the sale of such Registrable Securities has been declared effective under the Securities Act and
such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement and/or Prospectus in each case in accordance with applicable laws or (2) such Registrable Securities have
been distributed pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act or any other exemption from registration under applicable Law. 

“Registration” means registration with the SEC with respect to the Company’s securities for offer and sale to the public under
a Registration Statement. The term “Register” shall have a correlative meaning. 
 “Registration Expenses” has the
meaning set forth in Section 2.9. 
 “Registration Statement” means any registration statement of the Company filed with, or
to be filed with, the SEC under the rules and regulations promulgated under the 

  
 3 

 
Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement. 
 “Restricted Securities” means any shares of the Company held by CIASA or Continental
that are not Registrable Securities. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated
thereunder, all as the same shall be in effect from time to time. 
 “Shelf Registration Statement” means a “shelf”
registration statement of the Company that covers certain shares of the Company described in Section 2.3 on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and any document incorporated by reference therein. 

“Underwritten Offering” means a Registration in which Registrable Securities of the Company are sold to an underwriter or
underwriters for reoffering to the public or in which an underwriter or underwriters commit to acquire such securities if and to the extent they are not acquired by third parties. 

1.2. General Interpretive Principles. Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise
requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. The name assigned this Agreement and the section captions used herein are for convenience of reference only and shall not be
construed to affect the meaning, construction or effect hereof. Unless otherwise specified, the terms “hereof,” “herein” and similar terms refer to this Agreement as a whole (including the exhibits, schedules and disclosure
statements hereto), and references herein to Sections refer to Sections of this Agreement. 
 SECTION 2. REGISTRATION RIGHTS. 

2.1. Demand Registrations. 
 (a)
Demand by Holders. Subject to the limitations set forth herein, so long as either is a Holder, Continental or CIASA may make a written request to the Company for Registration of all or part of the outstanding shares of Registrable Securities held by
such Holder and any other Holders of Registrable Securities. Any such requested Registration shall hereinafter be referred to as a “Demand Registration.” A request for a Demand Registration shall specify the aggregate amount of Registrable
Securities to be Registered. The Company shall file as expeditiously as reasonably possible a Registration Statement relating to such Demand Registration (a “Demand Registration Statement”) and shall use its reasonable best efforts to file
and effect the Registration under applicable Law. 

  
 4 

 (b) Limitation on Demand Registrations. In no event shall the Company be required to effect
and complete (i) more than two (2) Demand Registrations requested by each of Continental or CIASA pursuant to Section 2.1(a) (but subject to the Holders’ right to request additional Demand Registrations pursuant to
Section 2.1(f), 2.3(b) and 2.3(c)(iii)), (ii) more than one Demand Registration in any twelve-month period or (iii) any Demand Registration that would register the lesser of $50 million of the Shares and 5% of the total Shares of the
Company; provided that if, subsequent to the last sale by a Holder of its Registrable Securities, the Company issues any Shares and, as a consequence of such issuance, such Holder’s remaining Registrable Securities cease to constitute at least
5% of the total Shares of the Company, then the limitation set forth in this Section 2.1(b)(iii) shall not apply to one further Demand Registration by such Holder if such Holder would otherwise continue to have such right. 

(c) Notice of Demand to Other Holders. Promptly upon receipt of any request for a Demand Registration pursuant to Section 2.1(a) (but in
no event more than 15 business days thereafter), the Company shall deliver a written notice of any such Registration request specifying the number of Registrable Securities requested to be registered and the intended method of distribution of the
Registrable Securities (a “Demand Notice”) to all other Holders of Registrable Securities, and the Company shall include in such Demand Registration all additional Registrable Securities of other Holders with respect to which the Company
has received written requests for inclusion therein within 20 days after the date on which the Demand Notice has been delivered. All requests made pursuant to this Section 2.1(c) shall specify the class and aggregate amount of Registrable
Securities to be registered. 
 (d) Delay in Filing; Suspension of Registration. If the filing, initial effectiveness, publication or
continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing, publication or initial
effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided that such Demand Suspensions shall not extend for more than 90 days in any twelve-month period. Any Demand Suspension pursuant to this
Section 2.1(d) shall not be effective unless each director and executive officer subject to Section 16(b) of the Exchange Act is prohibited from making purchases and sales during such Demand Suspension by reason of the existence of
material non-public information that would trigger an Adverse Disclosure. In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or
purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately (i) notify the Holders upon the termination of any Demand Suspension, (ii) amend or supplement the
Prospectus, if necessary, so it does not contain any untrue statement or omission therein and (iii) furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The Company
represents that, as of the date hereof, it has no knowledge of any circumstance that would reasonably be expected to cause it to exercise its rights under this Section 2.1(d). 

  
 5 

 (e) Underwritten Offering. If the Holder requesting the Demand Registration so elects, the
offering of Registrable Securities pursuant to a Demand Registration shall be in the form of an Underwritten Offering. If any offering pursuant to a Demand Registration involves an Underwritten Offering, such initiating Holder shall have the right
to select the underwriter or underwriters to administer the offering; provided that such underwriter or underwriters shall be reasonably acceptable to the Company. 

(f) Priority of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten
Offering of Registrable Securities included in a Demand Registration informs the Company or the Holders of such Registrable Securities that, in its or their opinion, the number of securities requested to be included in such Demand Registration
exceeds the number which can be sold in (or during the time of) such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or on the market for the securities offered, then
the number of Registrable Securities to be included in such Demand Registration shall be reduced and allocated as follows: (i) first, any securities that the Company proposes to sell and (ii) second, among the Holders in proportion to
their respective equity ownership in the Company at the time of the offering. If, as a consequence of any such determination occurring during the final Demand Registration available to such Holder pursuant to Section 2.1(b)(i), the initiating
Holder sells fewer Registrable Securities in such Demand Registration than such Holder requested to be included, such Holder shall be entitled to one additional Demand Registration. 

(g) Registration Statement Form. Registrations under this Section 2.1 shall be on such appropriate form of the SEC, (i) as shall be
selected by the Company and as shall be deemed appropriate by counsel for the Company and (ii) as shall permit the disposition of such Registrable Securities in accordance with the intended method or methods of disposition specified in such
Holders’ requests for such Registration. Notwithstanding the foregoing, if, pursuant to a Demand Registration, (x) the Company proposes to effect Registration by filing a Registration Statement on Form
F-3 (or any successor or similar short-form registration statement), (y) such Registration is in connection with an Underwritten Offering and (z) the managing underwriter or underwriters shall advise the
Company in writing that, in its or their opinion, the use of another form of registration statement is of material importance to the success of such proposed offering, then such Registration shall be effected on such other form. 

2.2. Piggyback Registrations. 

(a) Participation. If the Company at any time proposes to file or publish a Registration Statement under the Securities Act with respect to any
offering of its securities for its own account or for the account of any other Persons (other than (i) a Registration under Section 2.1(a) pursuant to which notice is delivered pursuant to Section 2.1(c), (ii) pursuant to a
registration right granted by the Company as part of a bona fide financing by the Company structured as a private placement of securities (other than common stock or warrants to purchase common stock) to be followed, within 270 days of the
consummation thereof, by the filing of a registration statement with respect to such securities or (iii) a Registration on Form F-4 or S-8 or any similar or
successor form to such Forms (such registration pursuant to clause (iii), a “Company Sale”)), then, as soon as practicable (but in no event less than 30 days prior to the proposed date of filing or publishing, as the case may be, such
Registration Statement), the 

  
 6 

 
Company shall give written notice of such proposed filing to all Holders of Registrable Securities, and such notice shall offer the Holders of such Registrable Securities the opportunity, subject
to Section 2.2(b), to Register under such Registration Statement such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Pursuant and subject to Section 2.2(b), the Company
shall include in such Registration Statement all such Registrable Securities with respect to which the Company has received written requests for inclusion within 20 days after the date on which the Company has delivered its written notice,
including, if necessary, filing with the SEC a post-effective amendment or a supplement to such Registration Statement or the related Prospectus or any document incorporated therein by reference or filing any other required document or otherwise
supplementing or amending such Registration Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Registration Statement or by the Securities Act, any state securities or
blue sky laws, or any rules and regulations thereunder; provided that if at any time after giving written notice of its intention to Register any securities and prior to the effective date of the Registration Statement filed in connection with such
Registration, the Company shall determine for any reason not to Register or to delay Registration of such securities, the Company may, at its election, give written notice of such determination to each Holder of Registrable Securities and,
thereupon, (i) in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in connection with such Registration (but not from its obligation, if any, under Section 2.9 to pay
Registration Expenses in connection therewith) and (ii) in the case of a determination to delay Registering, shall be permitted to delay Registering any Registrable Securities, for the same period as the delay in Registering such other
securities. If the offering pursuant to such Registration Statement is to be underwritten, then each Holder making a request for a Piggyback Registration pursuant to this Section 2.2(a) must, and the Company shall make such arrangements with
the underwriters so that each such Holder may, participate, subject to Section 2.2(b), in such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any other basis, then each Holder making a request for a
Piggyback Registration pursuant to this Section 2.2(a) must, and the Company will make such arrangements so that each such Holder may, participate, subject to Section 2.2(b), in such offering on such basis. Each Holder of Registrable Securities
shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration at any time prior to the Company’s request for acceleration of the effective date thereof. 

(b) Priority of Piggyback Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of
Registrable Securities included in a Piggyback Registration informs the Company or the Holders of such class of Registrable Securities that, in its or their opinion, the number of securities of such class which such Holders and any other Persons
intend to include in such offering exceeds the number which can be sold in (or during the time of) such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or on the
market for the securities offered, then the number of securities to be included in such Registration as so determined by the managing underwriter or underwriters (the “Included Securities”) shall be allocated as follows: (i) first,
any securities that the Company proposes to sell; (ii) second, among the Holders in proportion to their respective equity ownership in the Company at the time of the offering. 

  
 7 

 2.3. Sales by CIASA to Independent Panamanians. (a) If at any time CIASA or Permitted
Transferees of CIASA shall sell Class B shares to a Panamanian who is not a Permitted Transferee (an “Independent Panamanian”) and immediately after giving effect thereto CIASA, together with its Permitted Transferees, collectively
beneficially own fewer than 19.0% but greater than 10.0% of the total outstanding shares of the Company, the number of Registrable Securities held by Continental shall be increased by (i) if CIASA, together with its Permitted Transferees,
collectively beneficially owned 19.0% or more of the total outstanding shares of the Company immediately before such sale to an Independent Panamanian, a number of Class A shares equal to the difference between the number of shares representing
19.0% of the total outstanding shares of the Company and the number of Class B shares held by CIASA and its Permitted Transferees after such sale and (ii) if CIASA, together with its Permitted Transferees, collectively beneficially owned
less than 19.0% of the total outstanding shares of the Company immediately before such sale to an Independent Panamanian, a number of Class A shares equal to the number of Class B shares sold by CIASA or its Permitted Transferee to
Independent Panamanians. 
 (b) If at any time CIASA or Permitted Transferees of CIASA shall sell Class B shares to an Independent
Panamanian and immediately after giving effect thereto CIASA and Permitted Transferees of CIASA collectively beneficially own less than 10.0% of the total outstanding shares of the Company, (i) the total number of Registrable Securities held by
Continental shall be increased to include all Class A shares then owned by Continental, (ii) Continental may sell any Shares that become Registrable Securities pursuant to this Section 2.3(b) pursuant to the Shelf Registration
Statement described in Section 2.2(c) below and (iii) the number of Demand Registrations that Continental has a right to request pursuant to Section 2.1 shall increase by one. 

(c) CIASA and the Company agree that: 

(i) At such time as CIASA or a Permitted Transferee of CIASA enters into serious negotiations to sell such number of
Class B shares to an Independent Panamanian that would result in CIASA and Permitted Transferees of CIASA collectively beneficially owning less than 19.0% of the total outstanding shares of the Company, CIASA shall use its reasonable best
efforts to cause the Company, and the Company shall use its reasonable best efforts, to file as soon as possible a Shelf Registration Statement providing for the registration of a number of Registrable Securities held by Continental equal to the
increased number of Restricted Securities that shall be become Registrable Securities pursuant to Sections 2.3(a) or (b), as the case may be, and such other securities as the Company may deem appropriate and to have such Shelf Registration Statement
declared effective by the SEC. 
 (ii) The Company agrees to use its reasonable best efforts to keep any Shelf Registration
Statement required under Section 2.3(c) continuously effective until all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement (the “Shelf Effectiveness
Period”). The Company further agrees to supplement or amend the Shelf Registration Statement and the related Prospectus if required by the rules, 

  
 8 

 
regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder
for shelf registration or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use its reasonable best efforts to cause any such amendment to become effective and such Shelf
Registration Statement and Prospectus to become usable as soon as thereafter practicable. 
 (iii) If any Shelf Registration
Statement required by this Section 2.3(c), (i) has not been declared effective within 75 days of the consummation of the triggering sale to an Independent Panamanian contemplated by Section 2.3(a) or 2.3(b) or (ii) becomes effective and
thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable, in each case during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 75 days (whether or not
consecutive) in any 12-month period, then the number of Demand Registrations that Continental has a right to request pursuant to Section 2.1 shall be increased by one. 

(iv) If CIASA sells any of its Class B shares to an Independent Panamanian under circumstances that require the Company to
file the Shelf Registration Statement pursuant to this Section 2.3, then Continental may use the Shelf Registration Statement at any time to sell such increased number of Registrable Securities as were granted pursuant to this Section 2.3. 

2.4. Registered Offerings of CIASA Shares other than Registrable Securities. In addition to the rights granted to Continental by
Section 2.2, if at any time the Company proposes to file a Registration Statement with respect to Restricted Securities held by CIASA, then, as soon as practicable (but in no event less than 20 days prior to the proposed date of filing such
Registration Statement), the Company shall give written notice of such proposed filing to Continental and shall offer Continental the opportunity to register under such Registration Statement such number of Restricted Securities held by Continental
equal to the number of CIASA’s Restricted Securities that are proposed to be registered under such Registration Statement. Continental may, however, in lieu of exercising its rights to include Restricted Securities in the Registration Statement
described in the first sentence of this Section 2.4, elect in writing (prior to the filing of the relevant Registration Statement) to increase the number of Continental’s Registrable Securities upon consummation of the proposed sale of
shares by CIASA by a number of Class A shares equal to the number of shares which are actually sold by CIASA pursuant to such Registration Statement. If Continental so elects to increase the number of Registrable Securities, such Registrable
Securities shall be subject to the procedures described in Section 2.3(d) of the Shareholders Agreement relating to Permitted Block Trades. 

2.5. Black-out Periods. 

(a) The Company shall not be obligated to file any Registration Statement pursuant to Section 2.1 during the period (A) commencing
with the date on which either (1) the Company previously received a request to file a Registration Statement pursuant to Section 2.1 or (2) the Company, pursuant to Section 2.2 or 2.4, previously or simultaneously notified the

  
 9 

 
Holders of Registrable Securities of its intention to file a Registration Statement (in either case, such Registration Statement being hereinafter referred to as the “Preceding Registration
Statement”) and (B) ending with the earliest of (1) if such Preceding Registration Statement has not become effective, 180 days following the filing of such Preceding Registration Statement, (2) if such Preceding Registration
Statement has not been filed, 270 days after notification of intention to file, (3) if such Preceding Registration Statement has become effective, 180 days after such Preceding Registration Statement has become effective (subject to any period
(which shall not exceed 120 days) after such Preceding Registration Statement becomes effective, which the managing Underwriter has designated as the minimum period during which the Company and the Holders shall not engage in any new registered
offerings) and (4) the date of abandonment by the Company of its intention to file such Preceding Registration Statement or the date of withdrawal of the request under Section 2.1 by the Party making the request. 

2.6. No Inconsistent Agreements. Except for the Underwriting Agreement, the Company is not currently a party to any agreement with respect to
its securities which is inconsistent with the rights granted to the Holders of Registrable Securities by this Agreement. No other registration rights have been granted or will be granted in connection with the Initial Public Offering. 

2.7. Registration Procedures. 

(a) In connection with the Company’s Registration obligations under Sections 2.1, 2.2 and 2.3, the Company will use its reasonable best
efforts to effect such Registration to permit the sale of such Registrable Securities by the Holders in accordance with the intended method or methods of distribution thereof under the Securities Act, or other applicable Law, as expeditiously as
reasonably practicable, and in connection therewith the Company will: 
 (i) (A) prepare the required Registration Statement,
Prospectus or other applicable required registration and/or listing documents including all exhibits and financial statements required under applicable law to be filed therewith (such documents, collectively “Registration Documents”), and
such Registration Documents shall comply as to form with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith and all information reasonably requested by the lead managing Underwriter
or sole Underwriter, if applicable, to be included therein, (B) use its reasonable best efforts to cause such Registration Statement to become effective and remain effective, (C) use its reasonable best efforts to not take any action that
would cause a Registration Statement to contain a material misstatement or omission or to be not effective and usable for resale of Registrable Securities during the period that such Registration Statement is required to be effective and usable, and
(D) cause each Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of such Registration Statement, amendment or supplement (x) to comply in all material respects with any
requirements of the Securities Act and the rules and regulations of the SEC and (y) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading. Before filing a Registration Statement or publishing a Prospectus or any other applicable registration documents, or any amendments or supplements thereto, furnish to the underwriters, if any, and to the Holders of the
Registrable Securities covered by such Registration Statement, copies of all documents filed with an applicable regulatory authority in conformity with the requirements of the Securities Act or any other applicable Law; 

  
 10 

 (ii) prepare and file with the SEC such amendments and post-effective amendments to such
Registration Statement and supplements to the Prospectus as may be necessary to keep such Registration effective for the period of time required by this Agreement; 

(iii) notify the participating Holders of Registrable Securities and the managing underwriter or underwriters, if any, and furnish to each
Holder of Registrable Securities and to each underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of the relevant documents including the Prospectus, any amendment or supplement thereto and such
other documents as such Holder or underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities; 

(iv) use its reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order suspending the use of any
preliminary or final Prospectus; 
 (v) on or prior to the date on which the applicable Registration Statement is declared effective or is
published, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders of Registrable Securities, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the registration
or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each state of the United States and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if
any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for so long as such Registration Statement remains in
effect and so as to permit the continuance of sales and dealings in such jurisdictions for as long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration Statement; provided that the Company will
not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so
subject; 
 (vi) cooperate with the selling Holders of Registrable Securities and the managing underwriter or underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; 

(vii) use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities; 

(viii) obtain for delivery to the Holders of Registrable Securities being registered and to the underwriter or underwriters, if any, an
opinion or opinions from counsel for the Company dated the effective date of the Registration Statement or, in the event of an 

  
 11 

 
Underwritten Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance, which counsel and opinions shall be reasonably satisfactory to such
Holders or underwriters, as the case may be, and their respective counsel; 
 (ix) in the case of an Underwritten Offering, obtain for
delivery to the Company and the managing underwriter or underwriters, with copies to the Holders of Registrable Securities included in such Registration, a comfort letter from the Company’s independent certified public accountants in customary
form and covering such matters of the type customarily covered by cold comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under
the underwriting agreement; 
 (x) cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the NASD; 

(xi) provide and cause to be maintained in the United States or Panama, as applicable, a transfer agent and registrar for all Registrable
Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(xii) cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any
of the Company’s securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s securities are then quoted; 

(xiii) make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by
the majority of the Holders of each class of Registrable Securities covered by the applicable Registration Statement, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney,
accountant or other agent retained by such Holders or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees
and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such
Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility pursuant to the requirements of applicable Law; and 

(xiv) (A) within a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration
Statement or amendment or supplement to a Prospectus, provide copies of such document to the Holders of Registrable Securities and to counsel to such Holders and to the underwriter or underwriters of an Underwritten Offering of Registrable
Securities, if any; and 

  
 12 

 (B) if reasonably requested by any Holder selling Registrable Securities pursuant to a
Registration Statement, as promptly as reasonably practicable, incorporate in a Prospectus supplement or post-effective amendment to such Registration Statement such information as such Holder shall, on the basis of a written opinion of nationally
recognized counsel experienced in such matters, determine to be required to be included therein by applicable law and make any required filings of such Prospectus supplement or such post-effective amendment as required by applicable law; provided
that the Company shall not be required to take any actions under this Section 2.7(xiv)(B) that are not, in the reasonable opinion of counsel for the Company, required by applicable law; and fairly consider such other reasonable changes in any
such document prior to or after the filing thereof as the counsel to the Holders or the underwriter or the underwriters may request and not file any such document in a form to which Holders of a majority of the Registrable Securities being sold by
all Holders in such offering or any underwriter shall reasonably object; and make such of the representatives of the Company as shall be reasonably requested by the Holders of Registrable Securities being registered or any underwriter available for
discussion of such document; 
 (C) within a reasonable time prior to the filing of any document which is to be incorporated by reference
into a Registration Statement or a Prospectus, provide copies of such document to counsel for the Holders; fairly consider such reasonable changes in such document prior to or after the filing thereof as counsel for such Holders or such underwriter
shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document; and 

(xv) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months, but not more than eighteen (18) months, beginning with the first month after the effective date of the
Registration Statement, which earnings statement shall meet the requirements of the Securities Act. 
 (b) The Company may require each
seller of Registrable Securities as to which any Registration is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of
Registrable Securities as the Company may from time to time reasonably request in writing. Each Holder of Registrable Securities agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable
the Company to comply with the provisions of this Agreement. 
 (c) The Company shall advise each of the Holders and, if requested by any
such person, confirm such advice in writing (which advice pursuant to clauses (ii) through (v) of this Section 2.7(c) shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made):

 (i) when any Registration Statement and any amendment thereto has been filed with the Commission and when such Registration Statement or
any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for amendments or supplements to any
Registration Statement or the prospectus included therein or for additional information; 

  
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 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of
any Registration Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(v) of the happening of any event that requires the making of any changes in any Registration Statement or the prospectus included therein in
order that the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

(d) Each Holder agrees that, upon receipt of any notice from the Company pursuant to Section 2.7(c)(ii) through (v), such Holder will
discontinue disposition of any Registrable Securities until such Holder’s receipt of copies of a supplemental or amended prospectus or until advised in writing (the “Advice”) by the Company that the use of the applicable prospectus
may be resumed. In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including
the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus or receives Advice. 

2.8. Underwritten Offerings. 

(a) Underwriting Agreements. If requested by the underwriters for any Underwritten Offering, the Company shall enter into an underwriting
agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company, and the underwriters. Such agreement shall contain such representations and warranties by the Company and such
other terms as are generally prevailing in agreements of that type, including, without limitation, indemnities generally to the effect and to the extent of those provided in Section 3.1. The Holders of any Registrable Securities to be included
in any Underwritten Offering by such underwriters shall enter into such underwriting agreement at the request of the Company. The Holders of Registrable Securities to be distributed by such Underwriters shall be parties to such Underwriting
Agreement and may, at their option, require that all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters also be made to and for the benefit of such Holders and
any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the obligations of such Holders. No Holder shall be required in any such underwriting agreement to make any
representations or warranties to, or agreements with, the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s Registrable Securities, such Holder’s intended method of
distribution and any representations required by law. 
 (b) Participation in Underwritten Registrations. No Person may participate in any
Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

  
 14 

 (c) Piggyback by Holders in Underwritten Primary Offerings. If the Company at any time
proposes to register any of its securities under the Securities Act as contemplated by Section 2.2 and such securities are to be distributed by or through one or more Underwriters, then the Holders of Registrable Securities to be distributed by
such Underwriters pursuant to Piggyback Rights shall be parties to the Underwriting Agreement between the Company and such Underwriters and may, at their option, require that any or all of the representations and warranties by, and the other
agreements on the part of, the Company to and for the benefit of such Underwriters shall also be made to and for the benefit of such holders of Registrable Securities and that any or all of the conditions precedent to the obligations of such
Underwriters under such underwriting agreement be conditions precedent to the obligations of such holders of Registrable Securities. Any such Holder of Registrable Securities shall not be required to make any representations or warranties to or
agreements with the Company or the Underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s Registrable Securities and such Holder’s intended method of distribution and any other representation
required by law. 
 (d) Holdback Agreements. (i) Each Holder of Registrable Securities agrees, if so required by the managing
Underwriter, that it will agree to “Holdbacks” to the extent that (A) such Holdbacks apply to the Company and Holders of all other Registrable Securities on equal or more restrictive terms and (B) such Holdbacks were limited to
one hundred eighty (180) days after any underwritten registration pursuant to Section 2.1 or 2.2 has become effective or after any sale under a Registration Statement required by Section 2.3. For the purpose of this Agreement, to
“Holdback” is to refrain from selling, making any short sale of, loaning, granting any option for the purchase of, effecting any public sale or distribution of or otherwise disposing of any securities of the Company, except as part of such
underwritten registration, whether or not such holder participates in such registration. Each Holder of Registrable Securities agrees that the Company may instruct its transfer agent to place stop transfer notations in its records to enforce such
Holdbacks. 
 (i) The Company agrees (A) if so required by the managing Underwriter, that it would be subject to the same Holdbacks as
the holders of Registrable Securities, except pursuant to registrations on Form F-4, S-8, S-14 or
S-15 or any successor or similar forms thereto, and (B) to cause each holder of its securities or any securities convertible into or exchangeable or exercisable for any of such securities, in each case
purchased from the Company at any time after the date of this Agreement (other than in a public offering) to agree to such Holdbacks. 

2.9. Registration Expenses. In the case of the first two Demand Registrations under this Agreement, 50% of the Company’s expenses
incident to the Company’s performance of or compliance with this Agreement will be paid by the Company and the remaining 50% will be paid ratably by all Holders in proportion to the number of their respective Registrable or Restricted
Securities, as the case may be, that are included in such Registration; provided that Continental shall have initiated at least one of such Registrations. In the case of all Registrations 

  
 15 

 
other than the first two Demand Registrations, all such expenses shall be paid ratably by all Holders (including the Company) in proportion to the number of their respective Registrable or
Restricted Securities, as the case may be, that are included in such Registration. The expenses incident to the Company’s performance of or compliance with this Agreement, include, without limitation, (i) all fees and expenses (other than
registration and filing fees) associated with filings required to be made with the SEC, the NASD, the NYSE or the Panamanian Listing Authority, (ii) all fees and expenses in connection with compliance with state securities or “Blue
Sky” laws, (iii) all translating, printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with
The Depository Trust Company or other similar depository institution and of printing prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses
of any special audit and cold comfort letters required by or incident to such performance); (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary
underwriting practice, (vi) all fees and expenses (other than listing fees) incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer
quotation system, (vii) all applicable rating agency fees with respect to the Registrable Securities and (viii) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration.
Notwithstanding the foregoing, the Company shall not be required to pay, or reimburse any person for, any (i) registration or filing fees associated with filings required to be made with any governmental or listing authority or (ii) fees
and disbursements of underwriters or the Holders (including the fees of their respective counsel). Any expenses not payable by the Company shall be paid by the Holders of Registrable Securities in proportion to their number of Registrable Securities
included in such Registration. 
 2.10. Rules 144 and 144A. 

The Company shall timely file the reports required to be filed by it under the Securities Act and the Exchange Act (including but not limited
to the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c) of Rule 144 adopted by the Commission under the Securities Act) and the rules and regulations adopted by the Commission thereunder (or, if the
Company is not required to file such reports, will, upon the request of any holder of Registrable Securities, make publicly available other information) and will take such further action as any holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act,
as such Rule may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as
to whether it has complied with the requirements of this Section 2.10. 

  
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 SECTION 3. MISCELLANEOUS. 

3.1. Indemnification. 
 (a)
Indemnification by Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each Holder of Registrable Securities, its Affiliates and their respective partners, officers, directors, shareholders, employees and
advisors and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons from and against any and all losses, claims, damages, liabilities, judgments (or actions or proceedings in respect thereof, whether or
not such indemnified party is a party thereto) and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising out of or based upon (A) any
untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein
or any amendment thereof or supplement thereto or any documents incorporated by reference therein), (B) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in
the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, (C) any other violation by the Company of the Securities Act, the Exchange Act or any state securities law or of any
rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to the Company and relating to any action or inaction required of the Company in connection with any registration of Registrable Shares,
or (D) any violation or alleged violation of the securities Law of Panama; provided that the Company shall not be liable to any particular indemnified party in any such case to the extent that any such Loss arises out of or is based upon an
untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in any such
case made in any such Registration Statement in reliance upon and in conformity with written information furnished to the Company by such indemnified party expressly for use in the preparation thereof, provided further that the Company shall not be
liable to any Person who participates as an Underwriter in the offering or sale of Registrable Securities or to any other Person, if any, who controls such Underwriter within the meaning of the Securities Act, in any such case to the extent that any
such Losses arise out of such Person’s failure to send or give a copy of the final Offering Document, as the same may be then supplemented or amended, within the time required by the Securities Act or other applicable foreign securities Laws to
the Person asserting the existence of an untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such statement or omission was
corrected in such final Offering Document. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder
or any indemnified party and shall survive the transfer of such securities by such Holder. 
 (b) Indemnification by the Selling Holder of
Registrable Securities. Each selling Holder of Registrable Securities agrees (severally and not jointly) to indemnify and hold harmless, to the full extent permitted by law, the Company, its directors and officers and each Person who controls the
Company (within the meaning of the Securities Act and the Exchange Act) from and against any Losses resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement under
which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or 

  
 17 

 
any documents incorporated by reference therein), or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which
they were made) not misleading, to the extent, but only to the extent, that such untrue statement or omission is made in reliance upon and in conformity with information furnished in writing by such selling Holder to the Company specifically for
inclusion in such Registration Statement and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting such loss, claim, damage, liability or expense. In no event
shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the proceeds received by such Holder under the sale of the Registrable Securities giving rise to such indemnification
obligation. Each Holder also shall indemnify any underwriters of the Registrable Securities, their officers and directors and each person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above
with respect to the indemnification of the Company. 
 (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification
hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of
its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such
counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time
after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based on advice of counsel) that there
may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person, based upon advice of its counsel, a
conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any
liability for any settlement made without its consent, but such consent may not be unreasonably withheld; provided that an indemnifying party shall not be required to consent to any settlement involving the imposition of equitable remedies or
involving the imposition of any material obligations on such indemnifying party other than financial obligations for which such indemnified party will be indemnified hereunder. If the indemnifying party assumes the defense, the indemnifying party
shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other 

  
 18 

 
charges of more than one separate firm admitted to practice in such jurisdiction at any one time from all such indemnified party or parties unless (x) the employment of more than one counsel
has been authorized in writing by the indemnified party or parties, (y) an indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it that are different from or in addition to those
available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based on advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases
the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 
 (d)
Contribution. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such
indemnified party and shall survive the transfer of securities. If for any reason the indemnification provided for in paragraphs (a) and (b) of this Section 3.1 is unavailable to an indemnified party or insufficient to hold it harmless as
contemplated by paragraphs (a) and (b) of this Section 3.1, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and the indemnified party on the other. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information concerning the matter with respect to
which the claim was asserted and opportunity to correct or prevent such untrue statement or omission. Notwithstanding anything in this Section 3.1(d) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to
this Section 3.1(d) to contribute any amount in excess of the amount by which the net proceeds received by such indemnifying party from the sale of Registrable Securities in the offering to which the Losses of the indemnified parties relate
exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 3.1(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. If indemnification is available under this
Section 3.1, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 3.1(a) and 3.1(b) without regard to the relative fault of said indemnifying parties or indemnified party. 

3.2. Remedies. It is hereby agreed and acknowledged that it will be impossible to measure in money the damage that would be suffered if the
parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person will be irreparably damaged and will not have an adequate remedy at law. Any such Person shall, therefore, be
entitled (in addition to any other remedy to which it may be entitled in law or in equity) to injunctive relief, including, without limitation, specific performance, to enforce such obligations, and if any action should be brought in equity to
enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an 

  
 19 

 
adequate remedy at law. In addition, in the case of a material breach of this Agreement, CIASA or Continental, as applicable, shall have the rights to terminate the Alliance Agreement or the
Services Agreement as described in and in accordance with those agreements. 
 3.3. Notices. All notices, other communications or documents
provided for or permitted to be given hereunder, shall be made in writing and shall be given either personally by hand-delivery, by facsimile transmission, or by air courier guaranteeing overnight delivery: 

(a) if to the Company or to CIASA: 

Copa Holdings, S.A. 

Avenida Justo Arosmena y Calle 39 

Panama 1 

Panama 

Facsimile: +507 227-1952 

Attention: Pedro Heilbron 

with copies to: 

Galindo, Arias y Lopez 

Edif. Omanco 

Apartado 8629 

Panama 5 

Panama 

Facsimile: +507 263-5335 

Attention: Jaime A. Arias C. 

and to: 

Simpson Thacher & Bartlett LLP 

725 Lexington Ave. 

New York, New York 10017 

United States of America 

Facsimile: (212) 445-2502 

Attention: David L. Williams 

  
 20 

 (b) if to Continental: 

Continental Airlines, Inc. 

1600 Smith Street 

Houston, Texas 77002 

United States of America 

Facsimile:   (713) 324-3099 

Attention:   Senior Vice President - Asia/Pacific and 

       Corporate Development 

with copies to: 

Continental Airlines, Inc. 

1600 Smith Street 

Houston, Texas 77002 

United States of America 

Facsimile: (713) 324-5161 

Attention: Senior Vice President and General Counsel 

Each Holder, by written notice given to the Company in accordance with this Section 3.3 may change the address to which notices, other
communications or documents are to be sent to such Holder. All notices, other communications or documents shall be deemed to have been duly given: (i) at the time delivered by hand, if personally delivered; (ii) when receipt is
acknowledged in writing by addressee, if by facsimile transmission and (iii) on the first business day with respect to which a reputable air courier guarantees delivery; provided that notices of a change of address shall be effective only upon
receipt. 
 3.4. Successors, Assigns and Transferees. 

The provisions of this Agreement shall be binding upon, and shall inure to the benefit of, the respective successors and assigns of Continental
and CIASA; provided that the benefit of this Agreement may not be assigned or transferred in whole or in part by Continental or CIASA without the prior written consent of the other Party unless such assignment or transfer is by a Party to a
Permitted Transferee and such Permitted Transfer is made in accordance with the terms of Section 2.1 of the Shareholders Agreement; and provided, further, that no such assignment shall be binding upon or obligate the Company to any such
Permitted Transferee unless and until the Company shall have received (i) notice of such assignment as herein provided, (ii) a written agreement by the assigning or transferring party, in form and substance reasonably satisfactory to the
Company, to remain bound by the terms of this Agreement and (iii) a written agreement of the Permitted Transferee, in form and substance reasonably satisfactory to the Company, to be bound by the terms of this Agreement. 

3.5. Recapitalizations, Exchanges, etc., Affecting Registrable Securities. The provisions of this Agreement shall apply, to the full extent set
forth herein with respect to the Registrable Securities, to any and all securities or capital stock of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in
respect of, in exchange for, or in substitution of such Registrable Securities, by reason of any dividend, split, issuance, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise. 

  
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 3.6. Governing Law; Arbitration. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO
BE PERFORMED WITHIN THE STATE. 
 (b) (i) Any controversy or claim arising out of or relating to this Agreement, or the breach thereof,
shall be settled by arbitration administered in accordance with the International Arbitration Rules of the International Chamber of Commerce Court of International Arbitration (the “ICC”). Judgment on the award rendered by the arbitrators
may be entered in any court having jurisdiction thereof. 
 (ii) The number of arbitrators shall be three, one of whom shall be appointed by
each of the parties and the third of whom shall be selected by mutual agreement, if possible, within 30 days of the selection of the second arbitrator and thereafter by the ICC (in which case the third arbitrator shall not be a citizen of Panama or
the United States) and the place of arbitration shall be Miami, Florida. The language of the arbitration shall be English, but documents or testimony may be submitted in any other language if a translation is provided. 

(iii) The arbitrators will have no authority to award punitive damages or any other damages not measured by the prevailing party’s actual
damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms of the Agreement. 
 (iv) Either
party may make an application to the arbitrators seeking injunctive relief to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. Either party may apply to any court having
jurisdiction hereof and seek injunctive relief in order to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. 

3.7. Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and shall not in any way affect
the meaning or interpretation of this Agreement. 
 3.8. Severability. Whenever possible, each provision or portion of any provision of this
Agreement will be interpreted in such manner as to be effective and valid under applicable law but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision or portion of any provision had never been contained therein. 

  
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 3.9. Amendment; Waiver. 

(a) This Agreement may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except by
an instrument or instruments in writing making specific reference to this Agreement and signed by the Company, the Holders of a majority of Registrable Securities then outstanding and, so long as they are Holders, Continental and CIASA. Each Holder
of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment, modification, waiver or consent authorized by this Section 3.9(a), whether or not such Registrable Securities shall have been marked
accordingly. 
 (b) The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a
further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy
hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. 
 3.10. Counterparts. This Agreement may be executed in any number of separate counterparts
and by the parties hereto in separate counterparts each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed as of
the date first written above. 
  

			
	COPA HOLDINGS, S.A.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	CORPORACION DE INVERSIONES AEREAS, S.A.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	CONTINENTAL AIRLINES, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 24

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