Document:

EX-10.29

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

Exhibit 10.29 
 Execution Version 
 AIRCRAFT LEASE AGREEMENT 

Dated as of 17 November 2010 
 BETWEEN 
 WILMINGTON TRUST SP SERVICES (DUBLIN) LIMITED 

(not in its individual capacity but solely as trustee) 
 as Lessor 
 and 

CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. 

(D/B/A VOLARIS) 
 as Lessee 
  

 
 One
(1) Airbus A319-132 Aircraft 
 Manufacturer’s Serial Number 3317 

 
  

 
  
 This Aircraft Lease Agreement may be executed in several counterparts. To the extent, if any, that this Aircraft Lease Agreement or the Lease Supplement hereunder constitutes tangible chattel paper (as
such term is defined in the Uniform Commercial Code as in effect in any applicable jurisdiction), no security interest in this Aircraft Lease Agreement or such Lease Supplement may be created through the transfer or possession of any counterpart
other than the original executed counterpart, which shall be identified as the counterpart containing the receipt therefor executed by the Security Trustee under and as defined in the Security Trust Agreement. 

 
  

 CONTACTS - SERVICER 
 NOTE: This list is for convenience only; refer to Section 27.18 for contacts for formal notices to be under this Lease 

Primary Business Contact: 
 Israel Padron 
 Vice President - Marketing  

CIT Aerospace 
 1100 Lee Wagener Boulevard, Suite 204 
 Fort Lauderdale, Florida 33315, U.S.A.

 Tel: +1 (954) 359 0113 
 Fax: +1 (954) 359 5542 
 e-mail: israel.padron@cit.com 

 

			
	Payment Inquiries:	  	Technical Inquiries:
		
	Operations	  	Asset Manager
	CIT Aerospace	  	e-mail: aerospaceassetmgmt@cit.com
	3 George’s Dock, IFSC	  	
	Dublin 1, Ireland	  	
	Tel: +353 1 656 1004	  	
	Fax: +353 1 656 1001	  	
	e-mail: citaioperations@cit.com	  	
		
	Utilisation Reporting:	  	Financial Reporting:
		
	Asset Manager	  	Operations
	e-mail: aerospaceassetmgmt@cit.com	  	CIT Aerospace
		  	3 George’s Dock, IFSC
	Operations	  	Dublin 1, Ireland
	e-mail: citaioperations@cit.com	  	Tel: +353 1 656 1004
		  	Fax: +353 1 656 1001
		  	e-mail: citaioperations@cit.com
		
	Insurance Reporting:	  	Legal Contact:
		
	Portfolio Services	  	Thomas Schmid
	CIT Aerospace	  	CIT Aerospace
	11 West 42nd Street, 12th
Floor	  	3 George’s Dock, IFSC
	New York, NY 10036	  	Dublin 1, Ireland
	U.S.A.	  	Tel: +353 1 656 1000
	Tel: +1 (212) 461 7844	  	Fax: +353 1 656 1001
	Fax: +1 (877) 525 9183	  	e-mail: thomas.schmid@cit.com
	e-mail: alice.arazny@cit.com	  	

  
 - i -

 CONTACTS - LESSEE 
 NOTE: This list is for convenience only; refer to Section 27.18 for contacts for formal notices to be delivered under this Lease 

Primary Business Contact 
 Mario Geyne 
 Financial, Fleet and Planning Director 

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

Prolongación Paseo de la Reforma No. 490 ~ Piso 1 
 Colonia Santa Fe Peña Blanca 
 C.P. 01210, México, D.F., México

 Tel: +52 (55) 5261 6400 
 Fax: +52 (55) 5261 6460 
 e-mail: mario.geyne@volaris.com.mx 

 

			
	Payment Inquiries:	  	Technical Inquiries:
		
	 Carlos Gonzalez
	  	Guillermo Cano
	 Financial Controller
	  	Director – Maintenance
		
	 Tel: +52 (55) 5261 6428
	  	Tel: +52 (55) 5261 6415
	 Fax: +52 (55) 5261 6460
	  	Fax: +52 (55) 5261 6460
	 e-mail: carlos.gonzalez@volaris.com.mx
	  	e-mail: guillermo.cano@volaris.com.mx
		
	Utilisation Reporting:	  	Financial Reporting:
		
	 Carlos Gonzalez
	  	Carlos Gonzalez
	 Financial Controller
	  	Financial Controller
		
	 Tel: +52 (55) 5261 6415
	  	Tel: +52 (55) 5261 6428
	 Fax: +52 (55) 5261 6460
	  	Fax: +52 (55) 5261 6460
	 e-mail: carlos.gonzalez@volaris.com.mx
	  	e-mail: carlos.gonzalez@volaris.com.mx
		
	Insurance/Risk Management Contact:	  	Legal Contact:
		
	 Maria Elena Rodriguez
	  	Alfonso Ascencio
	 Risk Manager
	  	General Counsel
		
	 Tel: +52 (55) 5261 6435
	  	Tel: +52 (55) 5261 6412
	 Fax: +52 (55) 5261 6460
	  	Fax: +52 (55) 561 6460
	 e-mail: maelena.rodriguez@volaris.com.mx
	  	e-mail: alfonso.ascencio@volaris.com.mx

  
 - ii -

 CONTENTS 

 

							
	 Article
	  	Page	 
			
	1.    	 	DEFINITIONS AND INTERPRETATION	  	 	1	  
	2.	 	LEASE TERM; NATURE OF LEASE	  	 	2	  
		 	 2.1.       Lease Term.
	  	 	2	  
		 	 2.2.       Nature of Lease
	  	 	2	  
	3.	 	RENT	  	 	3	  
		 	 3.1.       Agreement to Pay Rent
	  	 	3	  
		 	 3.2.       Basic Rent
	  	 	3	  
		 	 3.3.       Supplemental Rent
	  	 	3	  
		 	 3.4.       Obligation to Perform Unconditional
	  	 	3	  
	4.	 	SECURITY DEPOSIT	  	 	4	  
		 	 4.1.       Security Deposit Amount
	  	 	4	  
		 	 4.2.       Nature of Security Deposit
	  	 	4	  
		 	 4.3.       Application of Security Deposit
	  	 	4	  
		 	 4.4.       Effect of Application of Security Deposit
	  	 	4	  
		 	 4.5.       Repayment of Security Deposit
	  	 	4	  
		 	 4.6.       Security Letter of Credit
	  	 	5	  
	5.	 	PAYMENTS	  	 	7	  
		 	 5.1.       Account
	  	 	7	  
		 	 5.2.       Payments on Non-Business Days
	  	 	7	  
		 	 5.3.       Timing of Payments
	  	 	7	  
		 	 5.4.       Late Payment
	  	 	7	  
		 	 5.5.       Calculation of Interest and Prorating of other Payments
	  	 	7	  
		 	 5.6.       Payments in Dollars
	  	 	7	  
		 	 5.7.       Retention of Certain Payments
	  	 	7	  
		 	 5.8.       Application of Payments
	  	 	8	  
	6.	 	AIRCRAFT DELIVERY CONDITION; LESSEE’S INSPECTION	  	 	9	  
		 	 6.1.       Aircraft Delivery Condition
	  	 	9	  
		 	 6.2.       Lessee’s Inspection of Aircraft; No Lessor Liability
	  	 	9	  
	7.	 	CONDITIONS PRECEDENT TO DELIVERY	  	 	10	  
		 	 7.1.       Conditions Precedent
	  	 	10	  
		 	 7.2.       Waiver or Deferral of Conditions Precedent
	  	 	10	  
	8.	 	DELIVERY; EVENT OF LOSS PRIOR TO DELIVERY; RISK OF LOSS FOLLOWING DELIVERY	  	 	11	  
		 	 8.1.       Delivery Location and Timing
	  	 	11	  
		 	 8.2.       Delivery Subject to Return from Prior Operator
	  	 	11	  
		 	 8.3.       [Reserved]
	  	 	11	  
		 	 8.4.       [Reserved]
	  	 	11	  
		 	 8.5.       Event of Loss to Aircraft Prior to Delivery
	  	 	11	  
		 	 8.6.       Lessee Acceptance of Aircraft
	  	 	11	  
		 	 8.7.       Risk of Loss to Aircraft following Delivery
	  	 	11	  
		 	 8.8.       Waiver of Remedies for Delay in Delivery
	  	 	11	  
	9.	 	LESSEE’S REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 	12	  
		 	 9.1.       Lessee’s Representations and Warranties
	  	 	12	  
		 	 9.2.       Application of Representations and Warranties; Survival
	  	 	14	  
		 	 9.3.       Lessee’s General Covenants
	  	 	14	  

  
 - iii -

							
	 10.    
	 	LESSOR’S REPRESENTATIONS, WARRANTIES AND COVENANTS; DISCLAIMERS	  	 	17	  
		 	 10.1.     General Representations and Warranties of Lessor
	  	 	17	  
		 	 10.2.     Covenant of Quiet Enjoyment
	  	 	17	  
		 	 10.3.     Disclaimer; Waiver of Warranties as between Indemnitees and Lessee; Waiver of
Remedies
	  	 	18	  
		 	 10.4.     DISCLAIMER AND WAIVER OF INCIDENTAL, CONSEQUENTIAL, SPECIAL AND PUNITIVE
DAMAGES
	  	 	20	  
		 	 10.5.     NO DUTY OF INDEMNITEES TO INSPECT, ETC
	  	 	20	  
	 11.
	 	GENERAL OPERATION OF THE AIRCRAFT	  	 	21	  
		 	 11.1.     General Operation
	  	 	21	  
		 	 11.2.     Insured Operations
	  	 	21	  
		 	 11.3.     Carriage of Goods
	  	 	21	  
		 	 11.4.     Operational Expenses
	  	 	22	  
		 	 11.5.     Compliance with Laws
	  	 	22	  
		 	 11.6.     Lessee’s Covenants Regarding Use of the Aircraft
	  	 	23	  
		 	 11.7.     Certain Tax Matters
	  	 	24	  
	 12.
	 	MAINTENANCE, MODIFICATION AND OPERATION OF THE AIRCRAFT	  	 	25	  
		 	 12.1.     General
	  	 	25	  
		 	 12.2.     Accomplishment of Tasks and Repairs
	  	 	25	  
		 	 12.3.     Information on Maintenance
	  	 	25	  
		 	 12.4.     Aircraft Documents in English Language
	  	 	26	  
		 	 12.5.     Originals
	  	 	26	  
		 	 12.6.     Performance of Maintenance
	  	 	26	  
		 	 12.7.     Alterations, Modifications and Additions
	  	 	27	  
		 	 12.8.     Replacement of Parts
	  	 	28	  
		 	 12.9.     Title to Parts
	  	 	29	  
		 	 12.10.  Temporary Replacement of Parts
	  	 	30	  
		 	 12.11.  Exchanging Parts
	  	 	30	  
		 	 12.12.  Temporary Attachment and Removal of Engines
	  	 	31	  
		 	 12.13.  Installation of Items of Equipment on Other Aircraft
	  	 	32	  
		 	 12.14.  Failure to Reinstall Engines and Items of Equipment on the Aircraft
	  	 	32	  
	 13.
	 	MAINTENANCE RESERVES	  	 	33	  
		 	 13.1.     Maintenance Reserves
	  	 	33	  
		 	 13.2.     Discrepancies
	  	 	33	  
		 	 13.3.     Rights in Maintenance Reserves
	  	 	33	  
		 	 13.4.     Claims for Reimbursement - Timing
	  	 	34	  
	 14.
	 	MANUFACTURERS’ WARRANTIES	  	 	35	  
		 	 14.1.     Assignable Warranties
	  	 	35	  
		 	 14.2.     Reassignment; Assignment of Lessee Warranties
	  	 	35	  
		 	 14.3.     Warranty Claims
	  	 	35	  
	 15.
	 	SUBLEASING AND WET LEASING	  	 	36	  
		 	 15.1.     Subleasing
	  	 	36	  
		 	 15.2.     Wet Leasing
	  	 	37	  
		 	 15.3.     No Independent Subleasing of Items of Equipment
	  	 	38	  
		 	 15.4.     Expenses
	  	 	38	  
		 	 15.5.     Lessee Remains Liable
	  	 	38	  
	 16.
	 	REPORTING AND INSPECTIONS	  	 	39	  
		 	 16.1.     Financial Reporting
	  	 	39	  
		 	 16.2.     Aircraft Utilisation and Other Reporting/Information
	  	 	40	  
		 	 16.3.     Further Information; Inspections
	  	 	40	  
		 	 16.4.     Technical Report Prior to Return of Aircraft
	  	 	41	  

  
 - iv -

							
	17.    	 	REGISTRATION; PERFECTION OF OWNER’S TITLE; LIENS	  	 	42	  
		 	 17.1.     Registration
	  	 	42	  
		 	 17.2.     Identification Plates
	  	 	42	  
		 	 17.3.     Aeronautics Authority Acknowledgment
	  	 	42	  
		 	 17.4.     Authorisation to Make Perfection Filings
	  	 	42	  
		 	 17.5.     Perfection of Title
	  	 	42	  
		 	 17.6.     Cape Town Convention
	  	 	43	  
		 	 17.7.     Permitted Liens
	  	 	45	  
		 	 17.8.     Expenses
	  	 	45	  
	18.	 	GENERAL INDEMNITY	  	 	46	  
		 	 18.1.     Scope
	  	 	46	  
		 	 18.2.     Lessee’s Release
	  	 	47	  
		 	 18.3.     Repayment
	  	 	47	  
		 	 18.4.     Payment
	  	 	47	  
		 	 18.5.     Exclusion
	  	 	47	  
		 	 18.6.     After-Tax Nature of Indemnity
	  	 	48	  
		 	 18.7.     Contest
	  	 	48	  
		 	 18.8.     Survival
	  	 	49	  
	19.	 	INSURANCE	  	 	50	  
		 	 19.1.     Obligation to Insure
	  	 	50	  
		 	 19.2.     Liability Insurance
	  	 	50	  
		 	 19.3.     Contractual Liability; Tail Coverage for Liability Insurance
	  	 	50	  
		 	 19.4.     Insurance Against Loss or Damage to the Items of Equipment
	  	 	51	  
		 	 19.5.     Reinsurance
	  	 	51	  
		 	 19.6.     Requirements for All Insurances
	  	 	52	  
		 	 19.7.     Reports
	  	 	52	  
		 	 19.8.     Assignee of Lessor’s and/or Owner’s Interests
	  	 	53	  
		 	 19.9.     Failure to Insure
	  	 	53	  
		 	 19.10.  Lessor’s Right to Insure
	  	 	53	  
		 	 19.11.  Changes to Insurance Practice
	  	 	54	  
		 	 19.12.  AVN 67B or AVN 67C
	  	 	54	  
	20.	 	LOSS AND DAMAGE TO THE AIRCRAFT AND ITEMS OF EQUIPMENT	  	 	55	  
		 	 20.1.     Risk of Loss and Damage
	  	 	55	  
		 	 20.2.     Notification of Loss and Damage
	  	 	55	  
		 	 20.3.     Event of Loss – Aircraft
	  	 	55	  
		 	 20.4.     Event of Loss – Engine or APU
	  	 	56	  
		 	 20.5.     Event of Loss – Landing Gear
	  	 	57	  
		 	 20.6.     Repairable Damage
	  	 	57	  
		 	 20.7.     Documents Loss
	  	 	58	  
		 	 20.8.     Application of Payments from Governmental Authorities
	  	 	58	  
		 	 20.9.     No Lessor Liability to Repair or Replace Following Delivery
	  	 	59	  
	21.	 	TAXES; TAX INDEMNITY	  	 	60	  
		 	 21.1.     Indemnity
	  	 	60	  
		 	 21.2.     VAT
	  	 	63	  
		 	 21.3.     Lessor Tax Certificates
	  	 	64	  
		 	 21.4.     Withholding Tax Exemption Certificates
	  	 	64	  
		 	 21.5.     Tax Filings; Information
	  	 	64	  
		 	 21.6.     Payment of Taxes and Indemnities
	  	 	65	  
		 	 21.7.     Contest
	  	 	65	  

  
 - v -

							
		 	 21.8.     Survival
	  	 	68	  
		 	 21.9.     Change in Circumstances; Mitigation
	  	 	68	  
	22.    	 	RETURN OF AIRCRAFT	  	 	69	  
		 	 22.1.     Time and Place
	  	 	69	  
		 	 22.2.     Condition
	  	 	69	  
		 	 22.3.     Lessee’s Continuing Obligations
	  	 	69	  
		 	 22.4.     Legal Status Upon Return
	  	 	70	  
		 	 22.5.     Airport and Navigation Charges
	  	 	70	  
	23.	 	EVENTS OF DEFAULT	  	 	71	  
	24.	 	LESSOR’S RIGHTS AND REMEDIES FOLLOWING AN EVENT OF DEFAULT	  	 	73	  
		 	 24.1.     Lessor’s Rights Following an Event of Default
	  	 	73	  
		 	 24.2.     De-Registration
	  	 	75	  
		 	 24.3.     Present Value of Payments
	  	 	75	  
		 	 24.4.     Remedies Cumulative
	  	 	75	  
		 	 24.5.     Lessor’s Exercise of Remedies
	  	 	75	  
		 	 24.6.     Application of Payments Following Default or Event of Default
	  	 	76	  
		 	 24.7.     Use of Termination Date
	  	 	76	  
		 	 24.8.     No Right to Maintain Possession
	  	 	76	  
	25.	 	ASSIGNMENT AND TRANSFER	  	 	77	  
		 	 25.1.     No Assignment by Lessee
	  	 	77	  
		 	 25.2.     Transfer of Lessor’s and/or Owner’s Interests
	  	 	77	  
		 	 25.3.     Cooperation with Transfers
	  	 	77	  
		 	 25.4.     Financings
	  	 	77	  
		 	 25.5.     Cooperation with Financings
	  	 	78	  
		 	 25.6.     Notice of Security Assignment
	  	 	78	  
		 	 25.7.     Transfer of Beneficial Interest
	  	 	79	  
	26.	 	LAW AND JURISDICTION	  	 	80	  
		 	 26.1.     Governing Law
	  	 	80	  
		 	 26.2.     Consent to Jurisdiction
	  	 	80	  
		 	 26.3.     Process Agent and Service of Process
	  	 	80	  
		 	 26.4.     Jurisdiction and Forum
	  	 	80	  
		 	 26.5.     Waiver of Jury Trial
	  	 	81	  
		 	 26.6.     Waiver of Immunity
	  	 	81	  
	27.	 	MISCELLANEOUS	  	 	82	  
		 	 27.1.     Severability and Illegality
	  	 	82	  
		 	 27.2.     Amendments
	  	 	83	  
		 	 27.3.     Lessor’s Right to Perform; Lessor’s Right to Delegate a Servicer
	  	 	83	  
		 	 27.4.     Counterparts
	  	 	84	  
		 	 27.5.     Delivery of Documents by Electronic Means
	  	 	84	  
		 	 27.6.     Survival
	  	 	84	  
		 	 27.7.     Entire Lease
	  	 	84	  
		 	 27.8.     Successors and Assigns
	  	 	84	  
		 	 27.9.     Brokers
	  	 	84	  
		 	 27.10.  Transaction Costs
	  	 	85	  
		 	 27.11.  Time is of the Essence
	  	 	85	  
		 	 27.12.  Language
	  	 	85	  
		 	 27.13.  No Rights of Third Parties
	  	 	85	  
		 	 27.14.  Delegation
	  	 	85	  
		 	 27.15.  Further Assurances
	  	 	85	  
		 	 27.16.  Rights at Law
	  	 	86	  
		 	 27.17.  Confidentiality
	  	 	86	  
		 	 27.18.  Notices
	  	 	87	  

  
 - vi -

 Appendices 
  

	1	Definitions 

	2	Commercial Terms 

	 	A.	Lease Term 

	 	B.	Rent, Security Deposit, Insurance and other Financial Matters 

	 	C.	Maintenance Reserves 

	 	D.	Delivery Conditions 

	 	E.	Return Conditions 

	3	Acceptance Certificate 

	4	Lease Supplement 

	5	[Reserved] 

	6	Conditions Precedent / Post-Delivery Items 

	 	A.	Lessor’s Conditions Precedent/Post-Delivery Items 

	 	B.	Lessee’s Conditions Precedent/Post-Delivery Items 

	7	Return Acceptance Certificate 

	8	Forms 

  
 - vii -

 THIS AIRCRAFT LEASE AGREEMENT is made as of 17 November 2010 by and between: 

 

	1.	WILMINGTON TRUST SP SERVICES (DUBLIN) LIMITED, not in its individual capacity but solely as trustee, First Floor, 7 Exchange Place, International Financial
Services Centre, Dublin 1, Ireland (“Lessor”); and 

  

	2.	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS), a company organised and existing under the applicable laws of
the United Mexican States and having its principal place of business at Prolongación Paseo de la Reforma No. 490, Piso 1, Colonia Santa Fe Peña Blanca, C.P. 01210, México, D.F., México (“Lessee”).

 WHEREAS: 

Lessee wishes to lease from Lessor and Lessor wishes to lease to Lessee the Aircraft on the terms and subject to the conditions of this Lease. 

NOW THEREFORE IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

 1.1 Unless the context otherwise requires, all capitalised terms used in this Lease shall have the meanings given such terms in Appendix 1 or as may otherwise be defined in this Lease. 

1.2 References to Articles, Sections and Appendices are to be construed as references to the articles, sections and appendices of and to
this Lease and references to this Lease include the Appendices. 
 1.3 Words importing the plural shall include the singular and
vice versa. 
 1.4 References to “Lessee”, “Lessor”, “Owner”, “Owner Participant”,
“Financing Party”, “Security Trustee”, “Liquidity Provider”, “Servicer”, “Manager”, “Guarantor”, or any other Person shall include the successors, assigns and transferees of such Person.

 1.5 The headings in this Lease are for convenience of reference only and shall not define or limit any of the terms or
provisions hereof. 
 1.6 References to (or to any specified provision of) this Lease or any Operative Document shall mean this
Lease or such Operative Documents as in force for the time being and as amended, novated, substituted or supplemented from time to time in accordance with this Lease or such Operative Document. 

1.7 References to “hereby”, “herein”, “hereof’, “hereunder”, and other like words shall refer to
this Lease including, without limitation, as supplemented by the Lease Supplement. 
 1.8 Whenever it is stated in this Lease
that the consent or other action of Lessee or Lessor is not to be “unreasonably withheld” it shall be deemed to mean that such consent or action shall not be “unreasonably withheld or delayed”. 

1.9 Whenever this Lease or any Operative Document refers to an obligation of Owner owing to Lessee, or of Lessor that requires the
cooperation or conduct of Owner, unless such obligation is taken directly by Owner in favour of Lessee, this obligation shall be deemed to mean that Lessor shall cause Owner to act accordingly. 

  

					
		  		  	 ARTICLE 1
 DEFINITIONS

	2.	LEASE TERM; NATURE OF LEASE 

 2.1. Lease Term. 
 (a) Lessor shall lease the Aircraft to
Lessee for the period stated in Appendix 2A. 
 (b) The Lease Term shall commence at Delivery and shall end
on the Termination Date. 
 2.2. Nature of Lease. At all times during the Lease Term, full legal title to the Aircraft
and each Item of Equipment shall remain vested in Owner to the exclusion of Lessee, notwithstanding the delivery of the Aircraft to, and the possession and use thereof by, Lessee. This Lease and the Lease Supplement, together, transfer to Lessee
with respect to the Aircraft a leasehold interest only and Owner is the owner and Lessor is the lessor of the Aircraft, and Lessee is the lessee of the Aircraft, for all purposes, including for purposes of the application of all relevant Laws and
all relevant financial accounting principles. 

  

					
		  	2	  	 ARTICLE 2
 LEASE TERM; NATURE OF LEASE

	3.	RENT 

 3.1. Agreement
to Pay Rent. As rental for the Aircraft, Lessee shall pay Basic Rent to Lessor as set forth in Appendix 2B, as applicable. 
 3.2. Basic Rent. The amount of Basic Rent due and payable by Lessee is set forth in Sections 1.1 and 1.2 of Appendix 2B. 

3.3. Supplemental Rent. Lessee shall pay to Lessor, or to whomsoever shall be entitled thereto, any and all Supplemental Rent
within ten (10) days after demand or such other relevant period as may be provided herein. 
 3.4. Obligation to
Perform Unconditional. This Lease is a net lease and Lessee’s obligation to pay Rent and Supplemental Rent, calculated in accordance with this Lease, and to perform its other Obligations shall be absolute and unconditional and shall not be
affected by any circumstance, including, without limitation: 
 (a) any withholding, set-off, counterclaim,
recoupment, defense or other right which Lessee may have against Lessor or any other Person for any reason whatsoever (whether in connection with the transactions contemplated hereby or any other transactions), including, without limitation, any
breach by Lessor of its warranties, agreements or covenants contained herein or in any of the other Operative Documents; 
 (b) any defect in the title, registration, airworthiness, condition, design, operation, or fitness for use of, or any damage to or loss or destruction of, the Aircraft, or any interruption or cessation in
the use or possession thereof by Lessee or any other Person for any reason whatsoever; 
 (c) any Liens with
respect to the Aircraft; 
 (d) an Event of Loss with respect to the Aircraft or any Item of Equipment (subject
to the terms of Section 20.3); 
 (e) the invalidity or unenforceability or lack of due authorisation or
other infirmity of this Lease or any absence of right, power or authority of Lessor or Lessee to enter into this Lease; 
 (f) any insolvency, bankruptcy, examinership, reorganisation, administration, liquidation or similar proceedings affecting the enforcement of creditor’s rights generally by or against Lessor, Owner
Participant, or Lessee; 
 (g) any other circumstance or happening of any nature whatsoever, whether or not
similar to any of the foregoing; or 
 (h) any imposition of Taxes. 

Nothing in this Section 3.4 shall be construed so as to prevent Lessee from pursuing any Claim it may have against Lessor, Owner Participant or any
other Person in such court of law or otherwise as Lessee may deem appropriate. 

  

					
		  	3	  	 ARTICLE 3
 RENT

	4.	SECURITY DEPOSIT 

 4.1.
Security Deposit Amount. Lessee shall pay the Security Deposit in cash into the bank account identified in and in accordance with the provisions of Appendix 2B. 
 4.2. Nature of Security Deposit. Except as otherwise expressly provided in this Lease, and without waiver by Lessee of its rights under Section 4.5 below, the Security Deposit shall be
non-refundable. The Security Deposit shall be the sole, absolute and unconditional property of Lessor, may be freely commingled by Lessor with its general funds and dealt with by Lessor in such manner as Lessor may see fit. If and to the extent
that, under applicable law in any relevant jurisdiction, the Security Deposit is considered to be the property of Lessee, the Security Deposit shall be held by Lessor as security for the full, timely and faithful performance by Lessee of the
Obligations and Lessee hereby assigns and charges in favour of Lessor, and hereby grants to Lessor a first priority security interest in, the Security Deposit to secure such payment and such performance, and in such circumstances Lessee shall not
create or permit to exist any Lien, other than created under this Lease, in or otherwise dispose of the Security Deposit. Lessee shall, from time to time, execute and file with the appropriate Governmental Authorities any and all documents necessary
or reasonably requested by Lessor to evidence and perfect such security interest in favour of Lessor with respect to the Security Deposit, including but not limited to the execution before a notary public of a pledge agreement under and pursuant to
Mexican Law between Lessee, as pledgor, and Lessor, as pledgee, in form and substance reasonably acceptable to Lessor, and the filing and registration thereof with the appropriate Governmental Authorities. 

4.3. Application of Security Deposit. If an Event of Default has occurred and is continuing hereunder, in addition to all other
rights Lessor has under this Lease or applicable Law, Lessor may set-off against, use, apply or retain all or any part of the Security Deposit in full or partial payment of amounts due and payable by Lessee or any Affiliate of Lessee, as applicable,
under any Operative Document or Related Lease and to compensate Lessor for any documented, out-of-pocket expense it shall have incurred as a result of the occurrence of such Event of Default, or to apply toward documented, out-of-pocket losses or
expenses Lessor may suffer or incur as a result of the occurrence of an Event of Default. 
 4.4. Effect of Application of
Security Deposit. If Lessor uses or applies all or any part of the Security Deposit, such use or application shall not be deemed a cure by Lessee, or waiver by Lessor or any other Person, of any Event of Default and Lessee shall, within
three (3) Business Days after Lessor’s written demand, pay to Lessor in cash such amount as may be necessary to restore the Security Deposit to its original amount. Notwithstanding the foregoing, provided that no other Default or
Event of Default has occurred and is continuing, Lessor’s receipt of such additional Security Deposit amount shall be deemed to cure the relevant Event of Default solely to the extent such Event of Default is curable by such amount. 

4.5. Repayment of Security Deposit. Provided no Default or Event of Default has occurred and is continuing, the Security Deposit,
less the amount, if any, of any reasonable costs incurred by Lessor, or costs incurred by Lessor on behalf of Lessee for which Lessee or any Affiliate of Lessee, as applicable, is responsible hereunder or under any Related Lease in connection with
the termination or cancellation of this Lease or a Related Lease or return of the Aircraft or an aircraft under any Related Lease, shall be paid over to Lessee promptly, and in any event within five (5) Business Days, after the Termination
Date and the satisfaction by Lessee, in full, of its Obligations and the Related Obligations, the payment or performance of which is then due (including any Obligations to pay Supplemental Rent specified in Section 22.3(c) and to correct
discrepancies identified in the Return Acceptance Certificate, 

  

					
		  	4	  	 ARTICLE 4
 SECURITY DEPOSIT

 
but excluding those other Obligations or Related Obligations expressly provided herein to survive the Termination Date or the equivalent date in any Related Lease and which are not due for
performance on or as of such date). 
 4.6. Security Letter of Credit. In lieu of paying or maintaining the Security
Deposit in cash, Lessee may deliver to Lessor a Security Letter of Credit in the amount of the Cash Security Deposit. 
 (a) If Lessee elects to provide a Security Letter of Credit, Lessee shall provide a draft of the same for approval by Lessor not less than ten (10) Business Days prior to the date that Lessee
desires to deliver the Security Letter of Credit to Lessor in substitution for the Cash Security Deposit. The Security Letter of Credit shall remain in full force and effect during the Lease Term and for not less than ninety (90) days
following the Scheduled Termination Date, shall permit partial and multiple draws without invalidating or terminating the remaining balance of the Security Letter of Credit, and shall be freely assignable and transferable by Lessor without
restriction or condition. Following receipt by Lessor of the Security Letter of Credit, Lessor shall promptly, and in any event within five (5) Business Days, repay to Lessee the equivalent amount of the Cash Security Deposit. 

(b) Lessor may draw upon all or a portion of the amount of the Security Letter of Credit: 

(i) upon the occurrence of an Event of Default; and/or 

(ii) if Lessee has not delivered a replacement Security Letter of Credit to Lessor in accordance with the provisions of
this Section 4.6 or deposited with Lessor cash in the amount of the Security Deposit by the required time set forth therein; and/or 
 (iii) not sooner than five (5) Business Days prior to the expiration date of the Security Letter of Credit if (x) such expiration date is prior to the date required under
Section 4.6(a), and (y) Lessee has not delivered a replacement letter of credit in substitution for the expiring Security Letter of Credit by such date or deposited with Lessor by such date the Security Deposit in cash;

 and Lessor shall hold, apply, use, retain and return all or any portion of the funds paid pursuant to the Security Letter of
Credit to the same extent as provided in Sections 4.3 and 4.5, as if Lessee had paid the Security Deposit in cash. 
 (c) If Lessor draws upon all or any portion of the Security Letter of Credit, such application shall not be deemed a cure of any Event of Default, and Lessee shall within three (3) Business Days
after written demand by Lessor cause the Security Letter of Credit to be reinstated to its original amount, cause a replacement letter of credit to be issued in the total amount of the Security Deposit or pay the amount of such shortfall in the
Security Deposit amount in cash. 
 (d) If (i) any bankruptcy, insolvency, examinership, administration,
reorganisation, liquidation or anything analogous thereto in any jurisdiction shall be commenced in relation to the issuer of the Security Letter of Credit (or any Person guaranteeing, confirming or assuming any obligation as principal in respect
thereof), (ii) the rating of obligations of the issuer of any Security Letter of Credit (or any Person guaranteeing, confirming or assuming any obligation as principal in respect thereof) is lowered or placed on CreditWatch with negative
implications by 

  

					
		  	5	  	 ARTICLE 4
 SECURITY DEPOSIT

 
Moody’s Investors Services or Standard & Poor’s (or any recognised institution providing similar services) so that the minimum required credit rating of the issuing and/or
confirming bank is or may not (by virtue of being placed on CreditWatch with negative implications) be maintained or (iii) the Security Letter of Credit shall cease to be valid and in full force and effect for any reason, Lessee shall within
three (3) Business Days of receipt of notice from Lessor provide to Lessor a substitute Security Letter of Credit in form and substance satisfactory to Lessor and otherwise in compliance with the requirements of this Section 4.6 or
deposit with Lessor cash in the amount of the Security Deposit. 
 (e) Lessor shall return the Security Letter of
Credit to Lessee for cancellation when Lessor is otherwise obligated under this Lease to repay the Security Deposit to Lessee had the same been paid in cash. 

  

					
		  	6	  	 ARTICLE 4
 SECURITY DEPOSIT

	5.	PAYMENTS 

 5.1.
Account. All payments of Rent, Security Deposit and in respect of Maintenance Reserves shall be made by Lessee to the bank account identified in Appendix 2B or to such other account designated in writing by Security Trustee not less than
two (2) Business Days prior to the due date of any relevant payment. Lessee shall, together with such payment, identify the institution from which such payment is being sent and refer to the make, model and Manufacturer’s serial number of
the Aircraft, provided that the failure to do so shall not constitute a Default hereunder. 
 5.2. Payments on Non-Business
Days. When any payment under any Operative Document would otherwise be due to Lessor on a day that is not a Business Day, the due date for payment shall be the next succeeding Business Day. 

5.3. Timing of Payments. Payments due under this Lease shall be made by Lessee for credit to Lessor not later than 11:00 A.M. New
York time on the due date. 
 5.4. Late Payment. If Lessee fails to pay to Lessor any sum on its due date for payment
under this Lease or any other Operative Document, including any payment of Supplemental Rent, Lessee shall pay to Lessor on demand interest on such sum from the due date up to the date of actual payment (including non-payment following the issuance
of a judgment) at the Past Due Rate. 
 5.5. Calculation of Interest and Prorating of other Payments. 

(a) All interest payable under this Lease or any other Operative Document shall accrue from day to day and be calculated
on the basis of actual days elapsed and a 360 day year. 
 (b) All payments of a monthly nature under this Lease
and any other Operative Document, including, but not limited to payments of Fixed Rent and in respect of Maintenance Reserves, that accrue on a monthly basis and for which the payment due is for less than a complete month shall be prorated on a
daily basis based on a month consisting of thirty (30) days. 
 5.6. Payments in Dollars. All amounts to be paid
hereunder shall be paid in Dollars, in immediately available funds, and all letters of credit delivered hereunder shall provide for payment in Dollars. The specification of Dollars in this transaction is of the essence and Dollars shall be the
currency of account in any and all events. The obligations of Lessee hereunder shall not be discharged by an amount paid in another currency, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on prompt conversion to
Dollars and transferred to Lessor under normal banking procedures does not yield the amount of Dollars owing to Lessor in respect of such payment. If Lessor receives an amount in respect of Lessee’s liability under this Lease or if such
liability is converted into a claim, proof, judgment or order in a currency other than Dollars, Lessee will indemnify Lessor, on an After-Tax Basis, as an independent obligation against any loss arising out of or as a result of such receipt or
conversion. If the amount received by Lessor, when converted into Dollars (at the market rate at which Lessor is able on the relevant date to purchase Dollars in New York with that other currency) is less than the amount owed in Dollars Lessee will,
forthwith on demand, pay to Lessor an amount in Dollars equal to the deficit. In addition, Lessee waives any right it may have in any jurisdiction to pay any amount due or to become due hereunder in a currency other than Dollars. 

5.7. Retention of Certain Payments. Any amount referred to in any Operative Document which is payable to or retainable by Lessee
shall not be paid to or retained by Lessee at any time when a 

  

					
		  	7	  	 ARTICLE 5
 PAYMENTS

 
Default or Event of Default shall have occurred and be continuing, but instead such amount shall be paid to or held by Lessor as additional security for Lessee’s Obligations to be held and
applied in accordance with the provisions of this Lease. At such time as there shall not be continuing any Default or Event of Default, such amount shall be paid to Lessee to the extent not applied in accordance with the preceding sentence. Where
Lessor would, but for this Section 5.7 or any similar provision, be obliged to make any payment to Lessee, Lessor may elect to make such payment but shall be entitled to deduct or withhold from such payment any amount then due and payable but
unpaid by Lessee under or in respect of Lessee’s Obligations. 
 5.8. Application of Payments. Lessor may apply any
payment received from Lessee under any Operative Document which is less than the full amount then due and owing to Lessor in respect of Lessee’s Obligations in such proportions, order and manner as Lessor may, in its reasonable discretion,
determine (except where an Event of Default is continuing, in which event such determination may be made in Lessor’s absolute discretion), notwithstanding any designation or instruction for application that may have been made by Lessee.

  

					
		  	8	  	 ARTICLE 5
 PAYMENTS

	6.	AIRCRAFT DELIVERY CONDITION; LESSEE’S INSPECTION 

 6.1. Aircraft Delivery Condition. The Aircraft shall be delivered to Lessee by Lessor on the Delivery Date in the condition set forth in Appendix 2D. 

6.2. Lessee’s Inspection of Aircraft; No Lessor Liability. 

(a) Lessee acknowledges that in accepting the Aircraft it is relying on its own inspection and knowledge of the Aircraft
in determining whether it meets the requirements of this Lease and specifically disclaims any reliance upon any representation or assurance by Lessor, Owner Participant, Servicer or any Affiliate of the foregoing or any representative or agent
thereof in making such determination. Lessee further acknowledges that any assumption that Lessor will cure any nonconformity of the Aircraft and/or any Item of Equipment, discovered, difficult of discovery, or undiscovered, is not reasonable unless
both (x) the nonconformity or possibility of nonconformity and (y) Lessor’s agreement to cure or cause the cure of such nonconformity are expressed in a written instrument signed by Lessor and Lessee delivered at or
before the execution and delivery of the Acceptance Certificate and Lease Supplement, except as otherwise set forth herein. Except for any express commitment by Lessor to cure or cause the cure of any nonconformity evidenced by a written instrument
of the type described in (y) above, including without limitation a list of discrepancies set forth as an attachment to the Acceptance Certificate, no Indemnitee will be liable for any failure of the Aircraft to conform with the
requirements of this Lease at the time of acceptance of the Aircraft by Lessee. 
 (b) Compliance. All
representatives designated by Lessee to perform the pre-Delivery inspections of the Aircraft contemplated under this Section 6.2 shall comply with such occupational health and safety and security requirements as the same are advised by
Servicer, or any duly appointed party acting by or through Servicer, in writing, and shall not unreasonably interfere with Lessor’s and/or Servicer’s performance of their respective obligations in connection with the return inspections
conducted pursuant to the Prior Lease. 

  

					
		  	9	  	 ARTICLE 6
 AIRCRAFT DELIVERY CONDITION:
 LESSEE’S INSPECTION

	7.	CONDITIONS PRECEDENT TO DELIVERY 

 7.1. Conditions Precedent. 
 (a) Lessor’s obligation to
deliver and lease the Aircraft to Lessee is subject to: 
 (i) the Aircraft being in compliance with the
condition required for Delivery under this Lease; 
 (ii) no Event of Loss having occurred with respect to the
Aircraft; 
 (iii) no Default or Event of Default having occurred and be continuing; 

(iv) there having been no material adverse change to the financial condition of Lessee from the date of execution of this
Lease to the Delivery Date which would adversely affect Lessee’s ability to perform its Obligations; 
 (v)
the receipt by Lessor of each item identified in Appendix 6A by the date required for such item appearing therein; and 
 (vi) Prior Operator having returned the Aircraft under the Prior Lease substantially in the condition required for return thereunder. 

(b) Lessee’s obligation to take delivery and lease the Aircraft from Lessor is subject to: 

(i) the Aircraft being in compliance with the condition required for Delivery under this Lease; 

(ii) no Event of Loss having occurred with respect to the Aircraft; and 

(iii) the receipt by Lessee of each item identified in Appendix 6B by the date required for such item appearing
therein. 
 7.2. Waiver or Deferral of Conditions Precedent. If any condition precedent specified in
Section 7.1(a)(v) is not satisfied before Delivery, Lessor may, at its option, waive or defer satisfaction thereof on such terms and for such period as Lessor may determine and notify to Lessee in writing. If any condition precedent specified
in Section 7.1(b)(iii) is not satisfied before Delivery, Lessee may, at its option, waive or defer satisfaction thereof on such terms and for such period as Lessee may determine and notify to Lessor in writing. 

  

					
		  	10	  	 ARTICLE 7
 CONDITIONS PRECEDENT TO DELIVERY

	8.	DELIVERY; EVENT OF LOSS PRIOR TO DELIVERY; RISK OF LOSS FOLLOWING DELIVERY 

 8.1. Delivery Location and Timing. Lessor shall deliver the Aircraft in the condition required by this Lease to Lessee and Lessee shall accept the Aircraft when properly tendered under this Lease
on the Delivery Date at the Delivery Location, whereupon the Lease Term shall commence. 
 8.2. Delivery Subject to Return
from Prior Operator. Delivery of the Aircraft is subject to and expressly conditioned upon return of the Aircraft by Prior Operator pursuant to the Prior Lease. Lessor shall not be liable or responsible to Lessee for and Lessee hereby expressly
waives any right to any Claims arising or the exercise of any remedies from or in connection with any delay by Prior Operator in the return of, or failure to return, the Aircraft under the Prior Lease, and Lessee shall not be released from its
Obligation to take delivery of the Aircraft under this Lease as a result of any such delay; provided that the foregoing release and waiver by Lessee shall not apply with respect to any Claims solely and directly attributable to Lessor’s willful
misconduct. 
 8.3. [Reserved]. 
 8.4. [Reserved]. 
 8.5. Event of Loss to Aircraft Prior to Delivery.
If an Event of Loss with respect to the Aircraft occurs prior to Delivery, Lessor will notify Lessee promptly following Lessor’s knowledge of the same, and this Lease shall automatically terminate whereupon neither party will have any further
liability to the other except that Lessor will return to Lessee the Security Deposit in accordance with Section 4.5 and any prepaid Rent. 
 8.6. Lessee Acceptance of Aircraft. If Lessee fails to (x) comply with the conditions contained in this Lease so as to allow Delivery to take place or (y) take delivery of the Aircraft
when properly tendered for delivery by Lessor in the condition required under this Lease, Lessee will be liable for and shall indemnify Lessor for all documented, out-of-pocket costs and expenses reasonably incurred by Lessor as a result thereof
including any payments which Lessor becomes obliged to make, or has made, for or on account of Lessee’s delivery requirements in order to prepare the Aircraft for Delivery, but excluding payments which Lessor would otherwise have been required
to make notwithstanding such failure of Lessee to take delivery. 
 8.7. Risk of Loss to Aircraft following Delivery.
Upon Delivery, risk of loss or damage to the Aircraft shall pass to Lessee for the Lease Term (save for any periods during which Lessor, or any Person lawfully claiming by or through Lessor, shall have taken possession and control of the Aircraft in
breach of the covenant of quiet enjoyment set forth in Section 10.2). 
 8.8. Waiver of Remedies for Delay in
Delivery. Lessor shall not be liable to Lessee for any delay or failure in Delivery to Lessee which is an Excusable Delay. Pursuant to Section 10.3, Lessee’s only rights or remedies for a delay in delivery, or anticipated delay in
delivery, of the Aircraft not caused or occasioned by a Default of Event of Default of Lessee are those rights and remedies provided for in Section 10.3. 

  

					
		  	11	  	 ARTICLE 8
 DELIVERY

	9.	LESSEE’S REPRESENTATIONS, WARRANTIES AND COVENANTS 

 9.1. Lessee’s Representations and Warranties. Lessee represents and warrants to Lessor that: 
 (a) Lessee is a company duly organised and validly existing under the Laws of its State of Organisation and has the corporate power and authority to carry on its business as it is being conducted.

 (b) Lessee has the corporate power to enter into and perform, and has taken all necessary corporate action to
authorise the entry into, performance and delivery of each Operative Document to which it is a party and upon execution by the other parties thereto such Operative Documents will constitute the valid and legally binding and enforceable obligations
of Lessee (except to the extent such enforceability may be limited by insolvency, moratorium, bankruptcy, reorganization and other laws affecting the rights of creditors generally). 

(c) The execution and delivery of, the performance of its Obligations under, and compliance by Lessee with the provisions
of, the Operative Documents will not (i) contravene any existing applicable Law of its State of Organisation or the State of Registration (or federal and other divisional governmental Laws applicable therein), (ii) conflict with, or result
in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which Lessee is a party or is subject or by which it or any of its property is bound, (iii) contravene or conflict with any provision of
its constitutional and/or organisational documents, or (iv) result in the creation or imposition of, or oblige it to create, any Lien over its undertaking or any of its material assets, rights or revenues. 

(d) Lessee is not in default under any material agreement to which it is a party or by which it may be bound and no
litigation, arbitration or administrative proceeding is taking place or, to its knowledge, after reasonable inquiry, pending or threatened against Lessee which would have or could reasonably be expected to have a material adverse effect on its
ability to perform its Obligations. 
 (e) The audited annual financial statements of Lessee for each financial
year are certified by independent auditors and, as most recently delivered to Lessor, have been prepared in accordance with GAAP and fairly present the financial position of Lessee as at such date and the results of the operations of Lessee for the
financial year ended on the date set forth therein and there has, to the knowledge of Lessee, after reasonable inquiry, been no material adverse change in the financial condition of Lessee since publication of such financial statements, except as
otherwise previously disclosed to Lessor in writing. 
 (f) Other than making a filing in respect of this Lease
in the State of Registration with the Aeronautics Authority and with the IR and the filing and registration in respect of the pledge under Mexican Law with the appropriate Governmental Authorities pursuant to Sections 4.2 and 13.3(a)(i), it is
not necessary, in order to ensure the legality, validity, enforceability or admissibility in evidence of any Operative Document, that such Operative Document or any other instrument be filed, recorded, registered or enrolled in any court, public
office or elsewhere or that any stamp, registration or similar tax or charge be paid in relation to any of the Operative Documents. 

  

					
		  	12	  	 ARTICLE 9
 LESSEE’S REPRESENTATIONS,
 WARRANTIES AND COVENANTS

 (g) Lessee has received and complied with or will, prior to the Delivery
Date, receive and comply with, each authorisation required for the valid authorisation, execution, delivery and performance of this Lease and each other Operative Document to which it is a party, the validity and enforceability hereof and thereof
and the compliance, satisfaction or performance by Lessee with or of all monetary and other Obligations hereunder and thereunder and all such authorisations are, or prior to the Delivery Date will be, valid and in full force and effect. 

(h) The choice by Lessee of New York Law to govern the Operative Documents and the submission by Lessee to the
jurisdiction of the New York courts is valid and binding on Lessee. 
 (i) In any proceedings taken in any
jurisdiction in relation to any of the Operative Documents, Lessee will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process. 

(j) Lessee has paid or caused to be paid all fees or charges assessed and due against it (or against any aircraft owned by
or leased to or operated by it) by any airport or air navigation authority assessing landing or navigation fees or charges in respect of the Aircraft or any other aircraft owned by or leased to or operated by it, which if unpaid are reasonably
likely to result in the imposition of a Lien on the Aircraft. 
 (k) Lessee has fully disclosed to Lessor all
facts of which it has knowledge which in Lessee’s reasonable belief are material for disclosure to Lessor in the context of this Lease, Lessee knows of no material facts that would render any information previously furnished by or on behalf of
Lessee to Lessor inaccurate or misleading in any material respect. 
 (l) No Default or Event of Default has
occurred and is continuing. 
 (m) Lessee is solvent and able to pay its debts as the same fall due and the
transactions contemplated by the Operative Documents are of commercial benefit to it and in its commercial interests. 
 (n) With respect to Taxes: 
 (i) Lessee has duly filed all Tax
returns that it is required by applicable Laws to file, has duly paid all Taxes stated to be due and payable in such Tax returns and has duly paid all Taxes stated to be due in any demand for payment or similar communication issued by any taxing
authority to Lessee other than: 
 (A) Taxes (1) which are being contested in good faith by appropriate
proceedings in accordance with applicable Law, (2) for which adequate reserves are maintained in accordance with GAAP, and (3) the contest of which does not involve any risk of imposition of any criminal penalty on any Indemnitee or any
reasonable possibility of any sale, forfeiture, confiscation, seizure or loss of, or the imposition of a Lien (other than a Permitted Lien) on, any Item of Equipment or any interest therein; 

  

					
		  	13	  	 ARTICLE 9
 LESSEE’S REPRESENTATIONS,
 WARRANTIES AND COVENANTS

 (B) Tax returns, the non-filing of which could not reasonably be expected
to have a material adverse effect on the ability of Lessee to perform its Obligations or to result in a sale, forfeiture, confiscation, seizure or loss of, or the imposition any criminal penalty on any Indemnitee or the imposition of a Lien (other
than a Permitted Lien) on, any Item of Equipment or any interest therein; and 
 (C) Taxes, the non-payment of
which could not reasonably be expected to have a material adverse effect on the ability of Lessee to perform its Obligations or to result in a sale, forfeiture, confiscation, seizure or loss of, or the imposition of any criminal penalty on any
Indemnitee or the imposition of a Lien (other than a Permitted Lien) on, any Item of Equipment or any interest therein; 
 (ii) no Tax imposed by any Governmental Authority or other taxing authority of, or having jurisdiction in, Lessee’s State of Organisation or the State of Registration is (or, subject to any change in
law after the Delivery Date, will be) (A) required to be paid by Lessor or Owner Participant as a result of the execution, delivery, performance or enforcement of, or the transactions and activities provided for or contemplated in, the
Operative Documents, or (B) required to be deducted or withheld from or with respect to any amount payable by Lessee to Lessor under any Operative Document; and 

(iii) neither of Lessor nor Owner Participant is (and, subject to any change in law after the Delivery Date, will be)
required to give any notice to, make any registration with, or file any document or information with, any Governmental Authority or other taxing authority of, or having jurisdiction in, Lessee’s State of Organisation or the State of
Registration with respect to Taxes solely by reason of the execution, delivery, performance or enforcement of the Operative Documents. 
 9.2. Application of Representations and Warranties; Survival. Each representation and warranty set out in Section 9.1 shall be deemed to be repeated on the Delivery Date by reference to the
facts and circumstances existing on such date and shall survive the execution hereof and the delivery of the Aircraft. 
 9.3.
Lessee’s General Covenants. Lessee covenants to Lessor that it will: 
 (a) preserve and maintain
(i) its corporate existence and (ii) all of its material rights, privileges and franchises in every jurisdiction in which the character of the property owned or the nature of the business transacted by it makes licensing or qualification
necessary; 
 (b) pay or cause to be paid (i) all Taxes required by applicable Laws to be paid by it
(whether such Taxes are imposed upon it or upon its income and profits or upon any property belonging to it or otherwise) prior to the date on which any penalty accrues, except Taxes described in sub-clause (A), (B) or (C) of
Section 9.1(n)(i), and (ii) all other lawful claims which, if not paid, are reasonably likely to result in the imposition of a Lien upon its property or upon the Aircraft or any part thereof; 

(c) remain duly qualified to operate the Aircraft under applicable Law; 

  

					
		  	14	  	 ARTICLE 9
 LESSEE’S REPRESENTATIONS,
 WARRANTIES AND COVENANTS

 (d) maintain in full force and effect all governmental consents, licenses,
authorisations, approvals, declarations, filings and registrations obtained or effected in connection with this Lease and every document or instrument contemplated hereby and to take all such additional action as may be proper or advisable in
connection herewith or therewith. Lessee further undertakes to timely obtain or effect any new or additional governmental consents, licenses, authorisations, approvals, declarations, filings or registrations as may become necessary for Lessee’s
performance of its Obligations; 
 (e) not consolidate with, merge with or merge into any other corporation or
convey, transfer or lease substantially all of its assets as an entirety to any other Person, provided that Lessee may do so if Lessee establishes to the reasonable satisfaction of Lessor that such merger, conveyance, transfer or lease will not have
a materially adverse effect on Lessee’s ability to perform its Obligations and that the surviving entity will assume all Obligations, unless (i) in the case of a merger or consolidation, the surviving entity of such merger or consolidation
is Lessee or an entity which (x) is a certificated air carrier or parent thereof and (y) after giving effect to such merger or consolidation has a net worth equal to or greater than that of Lessee immediately prior to such merger or
consolidation and which has agreed in writing satisfactory to Lessor, to assume and perform all Obligations of Lessee hereunder, and such merger or consolidation will not have a materially adverse effect on the ability of the surviving entity to
perform such Obligations; or, (ii) in the case of a transfer or lease, such transfer or lease will not have a materially adverse effect on Lessee or its ability to perform its Obligations hereunder; 

(f) notify Lessor of any change to Lessee’s registered office, principal place of business or chief executive office
if there is more than one place of business not more than thirty (30) days following such change; 
 (g) not
(i) voluntarily suspend its certificated operations of the Aircraft or its fleet other than by reason of a merger or consolidation not otherwise prohibited by sub-clause (e) above; or (ii) permit to be revoked, canceled or otherwise
terminated, whether by act or omission, all or substantially all of the material franchises, concessions, permits, rights or privileges required for the conduct of business and operations of Lessee or the free and continued use and exercise thereof,
where such revocation, suspension or termination will have or could be deemed to have a material adverse effect on Lessee’s ability to perform its Obligations; 

(h) pay promptly when due all navigation and en-route charges and all other charges payable by Lessee for the use of or
services provided at any airport, whether in respect of the Aircraft or any other aircraft in Lessee’s fleet where the failure to pay the same could reasonably be expected to (i) result in a Lien upon the Aircraft, except to the extent
being contested in accordance with applicable law and in respect of which contest Lessee has taken adequate reserves in accordance with GAAP, provided such contest would not give rise to any material likelihood of the loss, forfeiture or seizure of
the Aircraft or any criminal liability on the part of Lessor or any Financing Party, and/or (ii) materially and adversely effect Lessee’s ability to perform its Obligations hereunder; 

(i) not represent or hold out Owner, Lessor (if not Owner), Owner Participant, any Financing Party or any Affiliate of the
foregoing as carrying goods or passengers on the Aircraft or being in any way connected to operation of the Aircraft; and 

  

					
		  	15	  	 ARTICLE 9
 LESSEE’S REPRESENTATIONS,
 WARRANTIES AND COVENANTS

 (j) if any items delivered to Lessor in connection with this Lease are
required by this Lease to have a validity and effectiveness for the Lease Term, but have or are of a duration or effectiveness that is for less than the Lease Term when originally delivered, Lessee shall cause replacements, extensions or supplements
thereof to be timely delivered to Lessor during the Lease Term to ensure that Lessor maintains at all times during the Lease Term the benefits initially afforded by such items and the continued effectiveness and validity of the same for the Lease
Term. 

  

					
		  	16	  	 ARTICLE 9
 LESSEE’S REPRESENTATIONS,
 WARRANTIES AND COVENANTS

	10.	LESSOR’S REPRESENTATIONS, WARRANTIES AND COVENANTS; DISCLAIMERS 

 10.1. General Representations and Warranties of Lessor. Lessor represents and warrants to Lessee that: 
 (a) Lessor is a company duly organised and validly existing under the Laws of its State of Organisation and has the corporate power and authority to carry on its business as it is being conducted;

 (b) Lessor has the corporate power to enter into and perform, and has taken all necessary corporate action to
authorise the entry into, performance and delivery of each Operative Document to which it is a party and upon execution by the other parties thereto the Operative Documents to which it is a party will constitute its valid and legally binding and
enforceable obligations; 
 (c) the execution and delivery of, the performance of its obligations under, and
compliance by Lessor with the provisions of, the Operative Documents to which it is a party will not (i) contravene any existing applicable Law of its State of Organisation (or federal and other divisional governmental Laws applicable therein),
(ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which Lessor is a party or is subject or by which it or any of its property is bound, or
(iii) contravene or conflict with any provision of its constitutional and/or organisational documents; 

(d) Lessor has received and complied with or will, prior to the Delivery Date, receive and comply with, each authorisation
required for the valid authorisation, execution, delivery and performance of this Lease and each other Operative Document to which Lessor is a party and the validity and enforceability hereof and thereof; 

(e) each representation set forth in this Section 10.1 shall be deemed to be repeated on the Delivery Date by
reference to the facts and circumstances existing on such date and shall survive the execution hereof and the delivery of the Aircraft; 
 (f) on and as of Delivery, Lessor shall have the right to lease the Aircraft to Lessee and there is no actual, or to Lessor’s knowledge, after reasonable inquiry, pending or threatened litigation to
prevent or prohibit Lessor from entering into and performing its obligations under the Operative Documents to which it is a party or otherwise affecting the Aircraft or Lessor’s rights, title and interest in and to the Lease; and 

(g) Lessor is solvent and able to pay its debts as the same fall due. 

10.2. Covenant of Quiet Enjoyment. 
 (a) Notwithstanding the effect of any provision in the Cape Town Convention to the contrary, which by the terms of the Cape Town Convention may be derogated from or varied, Lessor covenants that so long
as an Event of Default shall not have occurred and be continuing, Lessee shall quietly enjoy the Aircraft without interference by Lessor or by any Person lawfully claiming by or through Lessor. The lawful exercise by Lessor of its rights under any
Operative Document in conformity with the terms and conditions of such Operative Document shall not constitute a breach of this Section 10.2. 

  

					
		  	17	  	 ARTICLE 10
 LESSOR’S REPRESENTATIONS

WARRANTIES AND COVENANTS; DISCLAIMERS

 (b) Prior to Delivery, Lessor shall cause each of Owner Participant and
Security Trustee to provide Lessee with a Quiet Enjoyment Letter substantially in the forms set out in Appendix 8. 
 10.3. Disclaimer;
Waiver of Warranties as between Indemnitees and Lessee; Waiver of Remedies. 
 (a) LESSEE AGREES THAT, AS
BETWEEN ITSELF AND THE INDEMNITEES, IT ACCEPTS DELIVERY OF THE AIRCRAFT AND EACH ITEM OF EQUIPMENT “AS-IS, WHERE-IS”. LESSEE ACKNOWLEDGES AND AGREES THAT NO INDEMNITEE HAS MADE, OR SHALL BE DEEMED TO HAVE MADE, (WHETHER BY VIRTUE OF HAVING
LEASED THE AIRCRAFT UNDER THIS LEASE, OR HAVING ACQUIRED THE AIRCRAFT, OR HAVING DONE OR FAILED TO DO ANY ACT, OR HAVING ACQUIRED OR FAILED TO ACQUIRE ANY STATUS UNDER OR IN RELATION TO THIS LEASE OR OTHERWISE), AND LESSOR, FOR ITSELF AND FOR EACH
INDEMNITEE, HEREBY SPECIFICALLY DISCLAIMS, ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE (EXCEPT AS HEREIN BELOW PROVIDED), AIRWORTHINESS, CONDITION, DESIGN, OPERATION, MERCHANTABILITY, FREEDOM FROM CLAIMS OF INFRINGEMENT
OR THE LIKE, OR FITNESS FOR USE FOR A PARTICULAR PURPOSE OF THE AIRCRAFT, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP OF THE AIRCRAFT, THE ABSENCE THEREFROM OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE OR CAPABLE OF DISCOVERY, OR
AS TO ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED (INCLUDING ANY IMPLIED WARRANTY ARISING FROM A COURSE OF PERFORMANCE OR DEALING OR USAGE OF TRADE), WITH RESPECT TO THE AIRCRAFT; AND LESSEE HEREBY WAIVES, RELEASES, RENOUNCES
AND DISCLAIMS EXPECTATION OF OR RELIANCE UPON ANY SUCH WARRANTY OR WARRANTIES. NO INDEMNITEE SHALL HAVE ANY RESPONSIBILITY OR LIABILITY TO LESSEE OR ANY OTHER PERSON, WHETHER ARISING IN CONTRACT OR TORT OUT OF ANY NEGLIGENCE OR STRICT LIABILITY OF
LESSOR OR OTHERWISE, FOR (i) ANY LIABILITY, LOSS OR DAMAGE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY OR INDIRECTLY BY THE AIRCRAFT OR ANY ITEM OF EQUIPMENT OR BY ANY INADEQUACY THEREOF OR DEFICIENCY OR DEFECT THEREIN OR BY ANY OTHER CIRCUMSTANCE
IN CONNECTION THEREWITH, (ii) THE USE, OPERATION OR PERFORMANCE OF THE AIRCRAFT OR ANY RISKS RELATING THERETO, (iii) THE DELIVERY OR DELAY IN DELIVERY (WHERE ANY SUCH DELAY IS NOT DUE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF
LESSOR) OR EXCUSABLE DELAY, OR (iv) OPERATION, SERVICING, MAINTENANCE, REPAIR, IMPROVEMENT OR REPLACEMENT OF THE AIRCRAFT OR ANY ITEM OF EQUIPMENT. THE WARRANTIES AND REPRESENTATIONS SET FORTH IN THIS LEASE OR IN ANY OTHER OPERATIVE DOCUMENT
ARE EXCLUSIVE AND IN LIEU OF ALL OTHER REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, AND NO INDEMNITEE SHALL BE DEEMED TO HAVE MADE ANY OTHER WARRANTIES, EXCEPT AS OTHERWISE EXPRESSLY STATED IN THIS LEASE OR ANY OTHER OPERATIVE
DOCUMENT. 

  

					
		  	18	  	 ARTICLE 10
 LESSOR’S REPRESENTATIONS

WARRANTIES AND COVENANTS; DISCLAIMERS

 (b) LESSEE ACKNOWLEDGES THAT THE DESCRIPTION OF THE AIRCRAFT SET FORTH IN
THIS LEASE AND ANY OPERATIVE DOCUMENTS IS BASED UPON INFORMATION SUPPLIED BY EACH MANUFACTURER. LESSEE REPRESENTS TO LESSOR THAT LESSEE HAS USED ITS OWN JUDGMENT IN SELECTING THE AIRCRAFT AND HAS DONE SO BASED ON ITS SIZE, DESIGN AND TYPE. LESSEE
ACKNOWLEDGES THAT (i) NO INDEMNITEE IS A SELLER, MANUFACTURER, REPAIRER OR PERSON MANAGING, DIRECTING OR PERFORMING SUCH SERVICES OF THE AIRCRAFT AND (ii) THE RENT AND OTHER AMOUNTS HAVE BEEN CALCULATED HAVING DUE REGARD FOR THE PROVISIONS
OF THIS SECTION 10.3. 
 (c) IN CONSIDERATION OF (i) LESSEE’S RIGHTS HEREUNDER TO INSPECT THE
AIRCRAFT AND (ii) LESSOR’S ASSIGNMENT TO LESSEE OF ANY AND ALL ASSIGNABLE WARRANTIES OF ALL MANUFACTURERS, LESSEE HEREBY AGREES THAT ITS ACCEPTANCE OF THE AIRCRAFT AT DELIVERY AND ITS EXECUTION AND DELIVERY OF THE ACCEPTANCE CERTIFICATE
CONSTITUTE LESSEE’S WAIVER OF THE WARRANTY OF DESCRIPTION, ANY CLAIMS LESSEE MAY HAVE AGAINST LESSOR BASED UPON THE FAILURE OF THE AIRCRAFT TO CONFORM WITH SUCH DESCRIPTION AND ANY AND ALL RIGHTS IT MAY HAVE UNDER APPLICABLE LAW. EVEN IF AT ANY
TIME THE FAILURE OF THE AIRCRAFT TO CONFORM TO SUCH DESCRIPTION SUBSTANTIALLY IMPAIRS THE VALUE AND UTILITY OF THE AIRCRAFT AND LESSEE ACCEPTED THE AIRCRAFT WITHOUT DISCOVERING THE NONCONFORMITY BUT LESSEE’S ACCEPTANCE OF THE AIRCRAFT WAS
REASONABLY INDUCED EITHER BY AN INDEMNITEE’S ASSURANCES OR BY THE DIFFICULTY OF DISCOVERING ANY DEFECT PRIOR TO ACCEPTANCE, LESSEE AGREES NOT TO LOOK TO ANY INDEMNITEE FOR DAMAGES OR RELIEF ARISING OUT OF THE FAILURE OF THE AIRCRAFT TO CONFORM
TO SUCH DESCRIPTION. 
 (d) DELIVERY BY LESSEE TO LESSOR OF THE ACCEPTANCE CERTIFICATE WILL BE CONCLUSIVE PROOF
AS BETWEEN LESSOR AND LESSEE THAT LESSEE HAS EXAMINED AND INVESTIGATED THE AIRCRAFT, INCLUDING THE ENGINES AND THE AIRCRAFT DOCUMENTS AND THAT EACH IS IN THE CONDITION REQUIRED HEREUNDER AND WITHOUT DEFECT, EXCEPT AS SPECIFICALLY SET FORTH IN SUCH
CERTIFICATE, (WHETHER OR NOT DISCOVERABLE OR DIFFICULT OF DISCOVERY AT DELIVERY) AND OTHERWISE IN EVERY WAY SATISFACTORY TO LESSEE. 
 (e) LESSEE HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS WHICH IT MAY NOW HAVE OR WHICH AT ANY TIME HEREAFTER MAY BE CONFERRED UPON IT, BY STATUTE OR OTHERWISE, TO SUSPEND
ITS PERFORMANCE HEREUNDER OR TO TERMINATE, CANCEL, QUIT OR SURRENDER THIS LEASE, INCLUDING, WITHOUT LIMITATION, (X) ON ACCOUNT OF ANY GROUNDS OF INSECURITY WITH RESPECT TO LESSOR’S PERFORMANCE OF ITS OBLIGATIONS UNDER THIS LEASE AND
(Y) ON ACCOUNT 

  

					
		  	19	  	 ARTICLE 10
 LESSOR’S REPRESENTATIONS

WARRANTIES AND COVENANTS; DISCLAIMERS

 
OF ANY REPUDIATION BY LESSOR OF ANY OF ITS OBLIGATIONS UNDER THIS LEASE, EXCEPT IN ACCORDANCE WITH THE EXPRESS TERMS HEREOF. EACH PAYMENT OF RENT MADE BY LESSEE TO LESSOR SHALL BE FINAL AND
LESSEE WILL NOT SEEK TO RECOVER ANY PART OF SUCH PAYMENT FROM LESSOR FOR ANY REASON WHATSOEVER, EXCEPT FOR NEGLIGENCE OR MANIFEST ERROR IN THE CALCULATION OF THE AMOUNT OR REMITTANCE OF SUCH PAYMENT. LESSEE’S COVENANTS AND PROMISES IN THIS
LEASE ARE IRREVOCABLE AND INDEPENDENT UPON DELIVERY HEREUNDER, AND NONE OF SUCH COVENANTS OR PROMISES IS SUBJECT TO CANCELLATION, TERMINATION, MODIFICATION, REPUDIATION, EXCUSE, OR SUBSTITUTION WITHOUT LESSOR’S CONSENT OR THE CONSENT OF SUCH
OTHER PERSON TO WHOM THE COVENANT OR PROMISE RUNS. LESSEE AGREES THAT ITS ONLY RIGHT WITH RESPECT TO A DEFAULT BY LESSOR UNDER THIS LEASE IS, AFTER COMPLYING WITH ITS OBLIGATIONS UNDER THIS LEASE, TO MAKE A CLAIM AGAINST LESSOR FOR ACTUAL DAMAGES
RESULTING DIRECTLY FROM SUCH DEFAULT AND LESSEE HEREBY WAIVES ANY OTHER RIGHTS OR REMEDIES IT MAY HAVE UNDER ARTICLE 2A (UNIFORM COMMERCIAL CODE-LEASES) OF THE NEW YORK UNIFORM COMMERCIAL CODE OR OTHERWISE IN RESPECT OF SUCH BREACH. 

10.4. DISCLAIMER AND WAIVER OF INCIDENTAL, CONSEQUENTIAL, SPECIAL AND PUNITIVE DAMAGES. EACH OF LESSEE AND LESSOR (EXCEPT IN
RESPECT OF LESSOR AS OTHERWISE SET FORTH HEREIN OR IN ANY OTHER OPERATIVE DOCUMENT) AGREES THAT IT SHALL NOT BE ENTITLED TO RECOVER, AND HEREBY DISCLAIMS AND WAIVES ANY RIGHT THAT IT MAY OTHERWISE HAVE TO RECOVER, (i) INCIDENTAL, CONSEQUENTIAL,
SPECIAL AND PUNITIVE DAMAGES, AND/OR (ii) DAMAGES IN CONNECTION WITH ANY INTERRUPTION OF SERVICE, LOSS OF BUSINESS OR IN THE CASE OF LESSOR, EXCEPT AS OTHERWISE PROVIDED IN ARTICLE 24, ANTICIPATED PROFITS AS A RESULT OF ANY BREACH OR
ALLEGED BREACH BY THE OTHER OF ANY OF THE AGREEMENTS, REPRESENTATIONS OR WARRANTIES OF SUCH OTHER PARTY CONTAINED IN THIS LEASE OR ANY OPERATIVE DOCUMENTS. 
 10.5. NO DUTY OF INDEMNITEES TO INSPECT, ETC. NO INDEMNITEE SHALL HAVE ANY DUTY OR OBLIGATION TO DETERMINE WHETHER ANY ITEM OF EQUIPMENT IS REQUIRED TO BE OVERHAULED OR MAINTAINED, OR TO OBSERVE OR
INSPECT THE OVERHAUL OR MAINTENANCE OF ANY ITEM OF EQUIPMENT OR TO CONFIRM OR VERIFY THE FITNESS OR QUALIFICATION OF LESSEE OR ANY APPROVED MAINTENANCE ORGANISATION TO PERFORM ANY MAINTENANCE TO ANY ITEM OF EQUIPMENT AND NO INDEMNITEE SHALL INCUR
ANY LIABILITY OR OBLIGATION IN CONNECTION WITH THE FOREGOING OR BY REASON OF THE FAILURE OF ANY ITEM TO BE PROPERLY MAINTAINED OR BY REASON OF ANY INDEMNITEE’S ELECTION TO OBSERVE OR INSPECT OR NOT TO OBSERVE OR INSPECT ANY MAINTENANCE CHECK OR
OTHER MAINTENANCE OF ANY ITEM OF EQUIPMENT PERFORMED DURING THE LEASE TERM. 

  

					
		  	20	  	 ARTICLE 10
 LESSOR’S REPRESENTATIONS

WARRANTIES AND COVENANTS; DISCLAIMERS

	11.	GENERAL OPERATION OF THE AIRCRAFT 

 11.1. General Operation. Lessee will: 
 (a) comply with the
Law in any country or jurisdiction which may for the time being be applicable to the Aircraft and its use, maintenance and operation, including but not limited to the holding of all certificates, licenses, permits, authorisations and regulations,
and take all reasonable steps to ensure that the Aircraft is not used for any illegal purpose; 
 (b) not use any
Item of Equipment in any manner contrary to: 
 (i) any Manufacturer’s operating manuals or published
instructions, or in violation of any airworthiness certificate or registration relating thereto; or 
 (ii) any
published recommendation of the Manufacturer of such Item of Equipment or regulation of the Aeronautics Authority or for any purpose for which the Aircraft is not designed or reasonably suitable; 

(c) ensure that all personnel directly or indirectly employed by it in connection with the operation and maintenance of
the Aircraft have the qualifications and hold the licenses required by the Aeronautics Authority and applicable Law; 
 (d) use the Aircraft solely in commercial passenger and cargo (provided such cargo is carried exclusively in the cargo compartments of the Aircraft) operations for which Lessee is duly authorised by the
Aeronautics Authority and under applicable Law and, without prejudice to Lessee’s rights under Section 15.2 hereof, principally from one or more bases located within the State of Registration or Lessee’s State of Organisation (or such
other location as Lessor may approve in writing from time to time, such approval not to be unreasonably withheld); 
 (e) not utilise the Aircraft for purposes of training, qualifying or re-confirming the status of cockpit personnel except for the benefit of Lessee’s cockpit personnel, and then only if the use of
the Aircraft for such purpose is not disproportionate to the use for such purpose of other similar model aircraft within Lessee’s fleet of aircraft; and 
 (f) obtain and maintain in full force and effect all certificates, licenses, permits and authorisations required for the making of payments required by this Lease and the compliance by Lessee with its
other Obligations. 
 11.2. Insured Operations. Lessee will not use or locate or permit the Aircraft or any Item of
Equipment to be used or located in any manner, for any purpose or at any location which is not covered by the insurance policies and the scope of coverage Lessee is required to carry and maintain as set forth in this Lease. Lessee will not carry any
goods of any description excepted or exempted from such policies or do any other act or permit to be done anything which could reasonably be expected to invalidate or limit the coverage provided under any such insurance policy or coverage provided
thereunder. 
 11.3. Carriage of Goods. Lessee shall not use the Aircraft for the carriage of: 

(a) whole animals living or dead except in compliance with I.A.T.A. regulations; 

  

					
		  	21	  	 ARTICLE 11
 GENERAL OPERATION OF THE AIRCRAFT

 (b) cargo to the extent forbidden pursuant to Section 2 (Limitations)
of the I.A.T.A. Dangerous Goods Regulations, as revised, from time to time; 
 (c) nuclear fuels or waste,
illegal drugs, controlled substances or the like or any other goods, materials or items of cargo which are prohibited by Law; or 
 (d) any other cargo which, whether due to size, content or packaging, (i) could reasonably be expected to cause damage to the Aircraft or (ii) the carriage of which might cause damage that would
not be adequately covered by insurance. 
 11.4. Operational Expenses. Lessee shall pay or procure payment of all
expenses incurred in the operation of the Aircraft during the Lease Term including, without limitation, expenses of flight crews, cabin personnel, fuel, oil, lubricants, maintenance, insurance, landing and navigation fees, airport charges, passenger
service and any and all other expenses or claims of any kind or nature incurred during the Lease Term, arising directly or indirectly in connection with or related to the use, movement, operation, storage or location of the Aircraft or any Item of
Equipment. The obligations of Lessee under this Section 11.4 arising prior to any cancellation, termination or expiration of the Lease Term shall continue in full force and effect, notwithstanding such cancellation or termination (whether
arising out of an Event of Default or otherwise) or expiration, and shall be enforceable by Lessor. Nothing herein shall be deemed to prevent Lessee from contesting any such expenses by appropriate proceedings, provided that no such contest shall
give rise to any reasonable likelihood of the loss, forfeiture or seizure of the Aircraft or any criminal liability on the part of any Indemnitee. 
 11.5. Compliance with Laws. Lessee will: 
 (a) not cause or
permit the Aircraft to proceed to, or remain at, any location to the extent then prohibited by applicable Law by any Governmental Authority of the State of Registration or Lessee’s, Lessor’s or Owner’s State of Organisation or any
Governmental Authority of the country in which such location is situated, except under exigent circumstances, when necessary to safeguard the Aircraft or the lives and well-being of passengers and crew, provided that the Aircraft is promptly removed
from such location upon cessation of such exigent circumstances; and 
 (b) not use or permit the use of the
Aircraft or any Item of Equipment with, for or on behalf of any Person: 
 (i) whose property or interests in
property are blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 24, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg.
49079 (2001)) (as the same is in effect during the Lease Term); 
 (ii) in violation of the United States
Bank Secrecy Act, as amended, or any applicable regulations thereunder; 
 (iii) in violation of any of the
sanctions programs administered by the Office of Foreign Assets Control of the United States Department of Treasury (“OFAC”), any regulations promulgated thereunder by OFAC or under any affiliated or successor governmental or
quasi-governmental office, bureau or agency, or any enabling legislation or executive order relating thereto (ref: www.ustreas.gov/offices/enforcement/ofac/); 

  

					
		  	22	  	 ARTICLE 11
 GENERAL OPERATION OF THE AIRCRAFT

 (iv) on the list of “Specially Designated Nationals” and
“Blocked Persons” or prohibited under any OFAC regulation or executive order, as the same are amended from time to time; 
 (v) in violation of a United Nations sanction or whose assets have been frozen by enabling legislation of the same in the State of Registration or Lessee’s State of Organisation; or 

(vi) in violation of any Laws similar to or consistent with the foregoing clauses (i) through (v) as the same
are enacted in Lessee’s State of Organisation or the State of Registration; 
 as any or all of the same are amended or
supplemented from time to time, and including any successor Laws as the same are enacted from time to time. 
 11.6.
Lessee’s Covenants Regarding Use of the Aircraft. Lessee covenants to Lessor that it will procure that (x) in each calendar year that begins and ends during the Lease Term and (y) in the case of the calendar year that includes
the Delivery Date, during the part of such calendar year that begins on the Delivery Date and (z) in the case of the calendar year that includes the Termination Date, during the part of such calendar year that ends on the Termination Date:

 (a) either: 
 (i) the Aircraft will be located outside the U.S.A. and outside Puerto Rico (in each case including the territorial sea extending two hundred (200) nautical miles from the coast thereof) more than
fifty percent (50%) of the time, or 
 (ii) more than fifty percent (50%) of the miles traversed in the
use of the Aircraft will be outside the U.S.A. and outside Puerto Rico (in each case including the territorial sea extending two hundred (200) nautical miles from the coast thereof), 

provided that the Aircraft will be deemed to be in the U.S.A. at all times during which it is engaged in transport between the
U.S.A. and Puerto Rico or between two points in the U.S.A. or between two points in Puerto Rico; and 
 (b) either: 

(i) the Aircraft will be located outside Canada (including the territorial sea extending two hundred (200) nautical
miles from the coast thereof) more than fifty per cent (50%) of the time, or 
 (ii) more than fifty per
cent (50%) of the miles traversed in the use of the Aircraft will be traversed outside Canada (including the territorial sea extending two hundred (200) nautical miles from the coast thereof); and 

  

					
		  	23	  	 ARTICLE 11
 GENERAL OPERATION OF THE AIRCRAFT

 (c) the Aircraft will not be used, pursuant to any sublease, wet lease,
charter, or otherwise, by any Person that: 
 (i) has a State of Organisation in or whose State of Organisation
is (A) Canada or (B) Puerto Rico or the U.S.A., or 
 (ii) is resident or principally based in
(A) Canada or (B) Puerto Rico or the U.S.A., or 
 (iii) has any right under any sublease, wet lease,
charter or other agreement to use (or to permit or suffer any other Person to use) the Aircraft or any part thereof in a manner which is reasonably likely to result in a breach of any covenant of Lessee in this Section 11.6, 

except that the Aircraft may be wet leased to a Person described in subclause (i)(B) or (ii)(B) provided that such Person will not
have the right to use the Aircraft for more than a total of ninety (90) days in any calendar year, and Lessee provides Lessor written notice of such wet lease within ten (10) days after the date on which such wet lease is executed. For
purposes of this Section 11.6(c), the term “wet lease” shall have the same meaning as the term Wet Lease except that it may include a “wet lease” of the Aircraft by a Permitted Sublessee (and in such case references to
Lessee appearing in the definition of the term Wet Lease shall be deemed to refer to such Permitted Sublessee). 
 11.7.
Certain Tax Matters. If, after the Delivery Date, an amendment to Section 954 of the United States Internal Revenue Code of 1986, as amended (the “U.S. Tax Code”), is enacted or an amendment to the Treasury Regulations
under Section 954 of the U.S. Tax Code is promulgated as a final regulation and if independent tax counsel engaged by Lessee and reasonably acceptable to Lessor delivers to Lessee and Lessor a written opinion to the effect that due to such
amendment, Rent payable by Lessee pursuant to this Lease will be treated as “derived from leasing the Aircraft in foreign commerce” within the meaning of Section 954(c)(2)(A) of the U.S. Tax Code even if Lessee does not comply with
its warranty and covenant in Section 11.6(a), then if requested by Lessee in writing and if no Event of Default shall have occurred and be continuing, Lessor will negotiate with Lessee in good faith with a view to amending Section 11.6 to
reflect such amendment, provided that no such amendment shall give rise to a reasonable likelihood that any Indemnitee would incur any liability, loss, cost, expense or other adverse consequence that it would not have incurred in the absence of such
amendment unless Lessee is required by this Lease or any other Operative Document to indemnify such Indemnitee therefor in a manner that is reasonably satisfactory to such Indemnitee. Lessee shall pay the costs and expenses incurred by Lessor or any
other Indemnitee in connection with the negotiation, documentation, execution, delivery, filing or recording of any amendment requested by Lessee pursuant to this Section 11.7. 

  

					
		  	24	  	 ARTICLE 11
 GENERAL OPERATION OF THE AIRCRAFT

	12.	MAINTENANCE, MODIFICATION AND OPERATION OF THE AIRCRAFT 

 12.1. General. Lessee, at its own expense, shall cause the Aircraft and each Item of Equipment to be serviced, repaired, overhauled, tested and maintained: 

(a) in accordance with the Maintenance Program and the applicable Manufacturer’s Repair Manuals including, without
limitation, the Manufacturer’s recommended corrosion prevention and control program for the Aircraft; 
 (b)
so as to keep each such Item in as good operating condition and as necessary to maintain the value, utility and appearance of the Aircraft as when delivered to Lessee hereunder, reasonable wear and tear excepted; 

(c) in compliance with Manufacturers’ service bulletins designated by such Manufacturer as either (x) an Alert
Service Bulletin or (y) a mandatory service bulletin, either of which by their terms (i) is applicable to the respective Item of Equipment and (ii) specify compliance during the Lease Term; 

(d) in compliance with all other Manufacturer’s service bulletins which require compliance in order to maintain the
validity of warranties assigned or otherwise provided to Lessee; and 
 (e) in compliance with all Airworthiness
Directives which by the terms of each such AD require compliance during the Lease Term and which shall be accomplished in strict accordance with such AD. Notwithstanding the foregoing, compliance with any AD may be accomplished by the use of an
alternate method of compliance, provided that such alternate method of compliance is approved by EASA and the Aeronautics Authority, without limitation. 
 12.2. Accomplishment of Tasks and Repairs. Lessee shall cause, at its expense, all Tasks to be accomplished on the Aircraft as they become due, with no discrimination toward the Aircraft with
respect to any maintenance accomplished on similar model aircraft within Lessee’s fleet of aircraft. To the extent that the Maintenance Program permits certain structural Tasks to be accomplished on a sampling basis, Lessee nevertheless shall
accomplish on the Aircraft all such structural Tasks that, by the terms of such Tasks, are applicable to the Aircraft, provided, however, at Lessee’s option the accomplishment of such structural sampling Tasks may be deferred during the Lease
Term, but in any event all such structural sampling Tasks that have been deferred shall be accomplished by Lessee not later than during the Final Check. Any damage, defects or corrosion discovered during the Lease Term shall be repaired in
accordance with the applicable Manufacturer’s Repair Manual approved procedures at the sole expense of Lessee, and Lessee shall obtain Required Approval with respect to any repairs or modifications accomplished during the Lease Term which have
not been approved by the Manufacturer and the Certificating Authority in addition to any approval received by Lessee from the Aeronautics Authority with respect to any such repairs or modifications. 

12.3. Information on Maintenance. Lessee, at its cost and expense, shall furnish Lessor, at such times during the Lease Term as
Lessor shall reasonably request, copies of records maintained relating to the Aircraft. 

  

					
		  	25	  	 ARTICLE 12
 MAINTENANCE MODIFICATION AND
 OPERATION OF THE
AIRCRAFT

 12.4. Aircraft Documents in English Language. Lessee, at its cost and expense, shall
maintain all Aircraft Documents produced during the Lease Term by or for the benefit of Lessee or any Permitted Sublessee or delivered to Lessee on the Delivery Date, in the English language, including such Aircraft Documents described above and
required by the applicable Aeronautics Authority to be maintained in respect of each Item of Equipment, and promptly furnish to Lessor upon Lessor’s request such information as may be required to enable Lessor to file any reports required to be
filed with any Governmental Authority because of Owner’s ownership of the Aircraft. 
 12.5. Originals. All Aircraft
Documents, including records and documentation of maintenance accomplished on the Aircraft and any Item of Equipment shall be retained by Lessee until the Termination Date, at which time all records and Aircraft Documents shall be returned to Lessor
in original (not duplicate) form, or, to the extent delivered with the Aircraft at Delivery, in such form as received by Lessee at Delivery. Notwithstanding the preceding sentence, Lessee may return any such Aircraft Documents in electronic form,
except with respect to documentation of Airworthiness Directive accomplishments which must be in original form with the signature of the Person authorized to accomplish such, subject to the following: 

(a) Lessee shall, unless already possessed by Lessor, provide Lessor with the software necessary to access such electronic
documentation and the appropriate licenses for Lessor and any other owner or operator to use such software; 

(b) Lessee shall provide Lessor with the appropriate excerpts from Lessee’s operations or procedures manuals (in
English), approved by the Aeronautics Authority, specifying the procedures to be adhered to by Lessee in the use of such form of electronic documentation in place of original documents; and 

(c) Lessee shall provide certification by a duly authorized officer of Lessee that the electronic documentation was
maintained in accordance with the Aeronautics Authority approved procedures as set forth in clause (b) above. 
 12.6.
Performance of Maintenance. All Maintenance Checks, including the Final Check, shall be accomplished only at Approved Maintenance Organisations which shall be approved by Lessor, acting reasonably, in writing prior to the commencement of such
Maintenance Check, such approval not to be unreasonably withheld. All other maintenance on the Aircraft will be performed by Lessee using personnel that are approved and appropriately certified by the Aeronautics Authority to perform such
maintenance. Notwithstanding the preceding, at any time during the Lease Term, Lessee may provide Lessor with a list of Approved Maintenance Organisations that Lessee plans to use, and unless Lessor notifies Lessee in writing of its objection to any
such Approved Maintenance Organisation at least thirty (30) days prior to the commencement of any Maintenance Check, such Maintenance Check may nevertheless be accomplished at such Approved Maintenance Organisation objected to by Lessor and
such Approved Maintenance Organisation shall be deemed to be approved by Lessor for the accomplishment of such Maintenance Check, but otherwise such Approved Maintenance Organisation objected to by Lessor shall no longer be deemed to be approved.

  

					
		  	26	  	 ARTICLE 12
 MAINTENANCE MODIFICATION AND
 OPERATION OF THE
AIRCRAFT

 12.7. Alterations, Modifications and Additions. 

(a) Required Alterations, Modifications and Additions. Lessee, at its own cost and expense, shall make such
alterations, modifications and additions to the Aircraft and any Items of Equipment as may be required from time to time to comply with: 
 (i) all Manufacturers’ service bulletins designated by such Manufacturer as either (x) an Alert Service Bulletin or (y) a mandatory service bulletin, either of which by their
terms (1) is applicable to the respective Item of Equipment and (2) specify compliance during the Lease Term; 
 (ii) Airworthiness Directives which by the terms of each such AD require compliance during the Lease Term and which shall be performed in strict accordance with such AD and without application or
utilisation of any alternate method of compliance; and 
 (iii) all Laws of the Aeronautics Authority which
require compliance during the Lease Term. 
 (b) Discretionary Alterations, Modifications and Additions.

 (i) Except as set forth in the preceding clause (a) or the following clause (ii), Lessee shall not
make any alteration, modification or addition to the Aircraft or any Item of Equipment (including, but not limited to, galleys, lavatories, avionics or Engines) without the prior written consent of Lessor, which consent shall not be unreasonably
withheld and shall be deemed given in the absence of a response within ten (10) Business Days following Lessor’s receipt of Lessee’s written request. 

(ii) Notwithstanding the provisions of the preceding clause (i), Lessor’s consent shall not be required for any
discretionary alteration, modification or addition that Lessee wishes to perform to the Aircraft provided that any such alteration, modification or addition does not require or result in a modification to the Aircraft structure or electrical wiring
system, and is: 
 (A) for the installation of additional or enhanced Items of Equipment (and not in
substitution for the same, unless replacing a Part with another Part that is of a higher modification status); or 
 (B) cosmetic (and non-structural) in nature in order for Lessee to display its name, logo or other identification or advertising; or 

(C) to the Aircraft interior configuration that (1) utilises the existing seat track system (without modification),
(2) does not require the addition to, removal of or modification of any Aircraft structure, (3) does not impair the value or utility of the Aircraft or any Item of Equipment or adversely affect compliance with the type certificate data
sheet of the Aircraft, and (4) does not cause any change in the category or status of the Aircraft as defined by the Manufacturer. 

  

					
		  	27	  	 ARTICLE 12
 MAINTENANCE MODIFICATION AND
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 (c) Removed Items – Title and Risk of Loss. Subject to the
provisions of Sections 12.8 and 12.9, title to any and all Items of Equipment removed from the Aircraft shall remain with Owner and risk of loss or damage to the same shall remain with Lessee during the Lease Term and Lessee shall keep, store
and maintain the same in accordance with Manufacturer’s published procedures or written recommendations of the Manufacturer and standard industry practice (including the issuance of a Certificating Authority Form at the time of removal) for
subsequent reinstallation or, at Lessor’s option, return to Lessor on the Termination Date. 
 (d)
De-Modification of Aircraft. Subject to the provisions of Sections 12.8 and 12.9, at Lessor’s option (unless otherwise agreed in writing by Lessor and Lessee), Lessee shall, in connection with Return, de-modify and restore the
Aircraft to the condition and configuration it was in prior to the accomplishment of any alterations, modifications or additions performed in accordance with this Section 12.7, assuming such condition was in compliance with the terms of this
Lease, notwithstanding the provision of Lessor’s consent under Section 12.7(b)(i), if the same is provided, or otherwise. 
 12.8. Replacement of Parts. Lessee, at its own cost and expense, shall promptly replace all Parts which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged
beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or testing, Lessee may remove any Part, whether or not worn out, lost, stolen, destroyed,
seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided that Lessee shall as promptly as practicable either reinstall such Part or replace such Part pursuant to the terms of this Article 12. Each
replacement part prior to installation in the Aircraft or any Item of Equipment: 
 (a) shall be free and clear
of all Liens (other than Permitted Liens); 
 (b) shall be in as good operating condition and shall have a value,
utility, maintenance, modification and repair status at least equal to the Part replaced, assuming such replaced Part was in the condition and repair required to be maintained by the terms hereof; 

(c) shall have documentation evidencing compliance with all applicable Certificating Authority and Aeronautics Authority
requirements, including, without limitation (but to the extent applicable): 
 (i) a Certificating Authority Form
and, if not indicated on such form, a teardown report indicating time since Overhaul and a description of work accomplished with respect to such part by an Approved Maintenance Organisation; 

(ii) Overhaul records with respect to Parts replacing Time Controlled Parts; 

(iii) documentation of modification status and compliance with Airworthiness Directives; and 

(iv) any other appropriate documentation applicable to the maintenance and repair status of such part; and 

  

					
		  	28	  	 ARTICLE 12
 MAINTENANCE MODIFICATION AND
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 (d) shall: 

(i) have the same part number and be of the same Manufacturer as the replaced Part (an “OEM Part”),
except (x) to the extent the Manufacturer has superseded the part number of such OEM Part, and in such an event the superseding part number shall be an acceptable alternate pursuant to the Manufacturer’s Repair Manual or a Required
Approval or (y) if such OEM Part is no longer commercially available, an equivalent part with a different part number or from a different manufacturer shall be acceptable, and (z) non-OEM Parts manufactured by alternate manufacturers may
be used to replace airframe consumable items, cosmetic items and standard hardware in the passenger cabin of the Aircraft, provided, however, each of sub-clauses (y) and (z) herein with respect to such equivalent parts or non-OEM Parts
shall be subject to the approval of both the Airframe Manufacturer and the EASA for installation of such parts on the Aircraft; 
 (ii) with respect to Time Controlled Parts, have not accumulated more time since new (and time since Overhaul if such replaced Part has previously been Overhauled) than that of the replaced Part.

 12.9. Title to Parts. 
 (a) Parts Replacement in Connection with Maintenance. Any Part removed from the Airframe or any Item of Equipment shall remain the property of Owner and subject to this Lease, no matter where
located, until such time as such Part shall be replaced by a part which has been incorporated or installed in or attached to the Aircraft or an Item of Equipment pursuant to the requirements for replacement parts specified in Section 12.8 and
title to such replacement part has been vested in Owner. Except as set forth in Section 12.10, immediately upon any replacement part becoming incorporated, installed or attached to the Aircraft or an Item of Equipment as provided above, such
part shall become the property of Owner, title to such replacement part shall immediately vest in Owner and such replacement part shall become subject to this Lease and be deemed a Part for all purposes hereof to the same extent as the Part which it
has replaced. Once the replacement part has become subject to this Lease, title to the Part so replaced shall immediately vest in Lessee. 
 (b) Parts Replacement in Connection with Discretionary Alterations, etc. So long as no Default or Event of Default shall have occurred and be continuing, at any time during the Lease Term, Lessee
may remove any Part from an Item of Equipment that was installed pursuant to Lessee’s accomplishment of an alteration, modification or addition pursuant to Section 12.7(b), provided that: 

(i) such Part is in addition to and not in replacement of or in substitution for, any Part originally incorporated or
installed in or attached to such Item at the time of delivery thereof hereunder or any Part in replacement of, or substitution for, any such original Part; 
 (ii) such Part is not required to be incorporated or installed in or attached or added to such Item pursuant to the terms hereof; 

  

					
		  	29	  	 ARTICLE 12
 MAINTENANCE MODIFICATION AND
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AIRCRAFT

 (iii) such Part can be removed from such Item without diminishing or
impairing the value, utility or airworthiness which such Item would have had at such time had such alteration, modification or addition not occurred; and 
 (iv) such Part is not required to be installed on or attached to such Item of Equipment by the Aeronautics Authority or the Certificating Authority in order to maintain the airworthiness certification of
the Aircraft for passenger operation. 
 Upon removal of any such Parts, Lessee shall restore the area where such Part was
removed so that it is in the condition it would have been had such Part not been installed, assuming such condition was in compliance with the terms of this Lease, and so that such removal is undetectable. Title to any Part not removed by Lessee as
above provided prior to the return of the respective Item of Equipment to Lessor hereunder shall remain with Owner. 
 12.10.
Temporary Replacement of Parts. Provided no Event of Default has occurred and is continuing, at any time during the Lease Term, any Part incorporated or installed in or attached or added to any Item of Equipment may be replaced temporarily
with a part which does not satisfy the requirements of Section 12.8; provided that: 
 (a) there shall not
have been readily or economically available to Lessee at the time and in the place that such substitute or replacement part was required to be installed on the Airframe or Engine a replacement part complying with the requirements of
Section 12.8; 
 (b) it would have resulted in an unreasonable disruption of the operation of the Aircraft
and/or the business of Lessee as an airline (as determined by Lessee) to have grounded the Aircraft until such time as a replacement part complying with the requirements of Section 12.8 became available for installation on the Aircraft;

 (c) as soon as practicable after installation of the same on the Airframe or Engine (and in any event no later
than the earliest to occur of (i) the first C-Check following such installation, (ii) the Scheduled Termination Date or (iii) the Termination Date) Lessee shall remove any such part not complying with the requirements of
Section 12.8 and replace the same with a part complying with such requirements. 
 Upon the replacement by Lessee of any such
non-conforming part pursuant to the foregoing clause (c), title to such replacement part shall, without further act, vest in Owner and such part shall be deemed a Part hereunder. 

12.11. Exchanging Parts. Any Part removed from the Aircraft or any Item of Equipment in the course of performance of maintenance
on the same may be subjected by Lessee to normal exchanges customary in the airline industry in the ordinary course of Lessee’s business provided that (x) the parts replacing such removed Parts are incorporated, installed in or
attached to the Aircraft or such Item of Equipment promptly following the removal of such Parts, and (y) all applicable requirements of the Aeronautics Authority and the Certificating Authority shall be adhered to with respect to all
such Parts being incorporated, installed, or attached, whether or not such Part was originally removed from the Aircraft or any Item of Equipment or is a replacement for any such removed Part. Lessee shall, whether or not such exchanged part is
owned by Lessee at the time such exchange is completed, comply or ensure the continued compliance with the requirements of Sections 12.8, 12.9 and 12.10 as applicable prior to installation of the same into the Aircraft or any Item of Equipment.

  

					
		  	30	  	 ARTICLE 12
 MAINTENANCE MODIFICATION AND
 OPERATION OF THE
AIRCRAFT

 12.12. Temporary Attachment and Removal of Engines. 

(a) Installation of Other Engines. 

(i) In the course of performance of Lessee’s Obligations under this Lease, Lessee may temporarily remove an Engine
from the Airframe and install an engine on the Airframe that is owned by Lessee or which is subject to a lease, conditional sale agreement, trust indenture or other security agreement, provided that such other engine is (x) free and
clear of all Liens except the rights of the parties to the lease or conditional sale or other security agreement covering such engine and as the same are otherwise permitted to exist pursuant to Section 17.7, and (y) Lessee, or if
Lessee is not the owner of the engine, the lessor, conditional seller, indenture trustee or secured party of any such engine agrees in writing in a form satisfactory to Lessor, acting reasonably, and which agreement may be set forth in the relevant
lease, conditional sale agreement, mortgage, indenture or security agreement, that it will not acquire or claim, as against Lessor, any right, title or interest in or any adverse right, title or interest to the Airframe or any Item of Equipment as
the result of any such engine being installed on the Airframe. Lessor agrees for the benefit of any such owner, lessor, conditional seller or secured party that, subject to such Person’s agreement as set forth above, Lessor shall not claim any
interest in any such engine by virtue of its installation on the Airframe. If any of the respective interests of Lessor, Owner or any relevant Financing Party in any Item of Equipment is materially impaired by virtue of installation of such engine
on the Airframe, Lessee shall promptly, following receipt of written notice from Lessor to such effect, remove such engine from the Airframe, failing which such impairment or adverse effect will be deemed an Event of Default pursuant to
Section 23(k). 
 (ii) Lessee shall comply with the requirements of Section 19.4(c) for as long as such
engine is installed on the Airframe and the engine shall be removed from the Airframe and the removed Engine reinstalled on the Airframe upon the occurrence and continuation of an Event of Default, but in any event, not later than the Termination
Date. 
 (b) Installation of Engines on other Airframes. Provided no Event of Default has occurred and is
continuing, Lessee may install an Engine removed from the Airframe on any other airframe of the same type operated by and in Lessee’s fleet of aircraft, but only if: 

(i) Lessee has title to such other airframe and such airframe is free and clear of all Liens (except as the same are
permitted to exist pursuant to Section 17.7); or 
 (ii) such other airframe is leased to Lessee or owned by
Lessee subject to a conditional sale or other security agreement, provided that (A) such airframe is free and clear of all Liens except the rights of the parties to the lease or conditional sale or other security agreement covering such
airframe and as the same are otherwise permitted to exist pursuant to Section 17.7, and (B) there shall be in effect a written recognition of rights agreement of the lessor or secured party of such airframe substantially in the form
appearing in Appendix 8 or substantially similar agreement to the effect that such lessor, 

  

					
		  	31	  	 ARTICLE 12
 MAINTENANCE MODIFICATION AND
 OPERATION OF THE
AIRCRAFT

 
conditional seller or secured party will not claim any interest in the Engine by virtue of such Engine being installed on such airframe, and which agreement may be set forth in any relevant
lease, conditional sale agreement, mortgage or security agreement. If any of the respective interests of Lessor or any relevant Financing Party in an Engine is materially impaired by virtue of installation on any such other airframe, Lessee shall
promptly remove such Engine from such other airframe, failing which such impairment or adverse effect will be deemed an Event of Default under Section 23(k) or in the event such continued installation of such Engine on such airframe has
resulted in loss of title to the Engine by Lessor, an Engine Loss; 
 and in either case, Lessee shall comply with the
requirements of Section 19.4 for as long as such Engine is installed on such other airframe and the Engine shall be removed from such other airframe for reinstallation on the Airframe upon the occurrence and continuation of an Event of Default,
but in any event, not less than thirty (30) days prior to the Scheduled Termination Date. 
 12.13. Installation of
Items of Equipment on Other Aircraft. Subject to the preceding provisions of this Article 12, Lessee may permit any Item (excluding Landing Gear) to be installed on another aircraft solely to the extent such aircraft is within
Lessee’s fleet of aircraft; provided, however, upon the occurrence and continuation of an Event of Default following the removal of any such Item from the Aircraft, Lessee shall promptly, but in no event later than ten (10) Business Days
following such Event of Default: 
 (a) reinstall on the Aircraft each such Item not then currently installed
thereon, assuming such Item is in airworthy condition, or 
 (b) in the event such Item is not in an airworthy
condition, such Item shall be restored promptly to an airworthy condition and reinstalled on the Aircraft or, in the case of a Part, such Part may be exchanged in accordance with Section 12.11. 

12.14. Failure to Reinstall Engines and Items of Equipment on the Aircraft. If (a) an Event of Default has occurred and is
continuing which is the result of Lessee’s failure to make any payments when due or failure to maintain the airworthiness of the Items of Equipment, and (b) Lessee fails to comply with the requirements set forth in Sections 12.12 and
12.13, then in such instance and in recognition of the higher credit risk to which an aircraft lessor is exposed when an Engine, APU, or Part has been removed from an aircraft at a time when a Default or an Event of Default has occurred and is
continuing, Lessee shall pay to Lessor an additional rental charge, incurred as Supplemental Rent and not as a penalty, in the amount of (X) ***** for each Engine, (Y) ***** for the APU, and (Z) ***** of the replacement cost for any
Part, for each day each such Engine, APU or Part, as the case may be, remains in noncompliance with Sections 12.12 or 12.13, as the case may be. 

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

  

					
		  	32	  	 ARTICLE 12
 MAINTENANCE MODIFICATION AND
 OPERATION OF THE
AIRCRAFT

	13.	MAINTENANCE RESERVES 

13.1. Maintenance Reserves. Lessee shall make payments to Lessor in respect of the Maintenance Reserves in accordance with
Appendix 2C, on a monthly basis, within ten (10) days following the last day of each Calendar Month, with the first payment due ten (10) days following the first full Calendar Month of the Lease Term; provided that Lessee’s final
payment in respect of Maintenance Reserves shall be made on the Termination Date. 
 13.2. Discrepancies. If
Lessee’s actual utilisation of the Aircraft is greater than Lessee’s utilisation of the Aircraft reported to Lessor in accordance with Article 16, Lessee shall make up any deficiency payments in respect of Maintenance Reserves to
Lessor within three (3) Business Days of the date of receipt of written notice from Lessor. 
 13.3. Rights in
Maintenance Reserves. 
 (a) All amounts paid by Lessee in respect of Maintenance Reserves are the sole and
exclusive property of Lessor and Lessor shall be entitled to freely commingle such moneys with its several funds and deal with such moneys as Lessor sees fit. Notwithstanding such stated intent, if and to the extent that the Maintenance Reserves or
any part thereof, under any applicable Law or otherwise, are determined to be security deposits or otherwise the property of Lessee or if it is so determined those monies are a debt owed to Lessee or that Lessee shall have any interest in those
monies, Lessee and Lessor agree that subclauses (i) and (ii) below shall apply. 
 (i) Pursuant to
applicable Law, Lessee hereby grants to Lessor a first and prior perfected Lien and possessory security interest in the Maintenance Reserves as security for Lessee’s Obligations, including, without limitation, the obligations of Lessee to
maintain and return the Aircraft and each Item of Equipment in the condition required by this Lease. Lessee agrees to execute and file, at Lessee’s expense, with the appropriate Governmental Authorities any and all documents necessary or
reasonably requested by Lessor to evidence and perfect such security interest in favour of Lessor, including but not limited to the execution before a notary public of a pledge agreement under and pursuant to Mexican Law between Lessee, as pledgor,
and Lessor, as pledgee, in form and substance reasonably acceptable to Lessor, and the filing and registration thereof with the appropriate Governmental Authorities. 

(ii) Lessee shall not assign, hypothecate or otherwise transfer its interests, if any, in the Maintenance Reserves.

 (b) Upon and during the continuance of an Event of Default, and in addition to all other rights Lessor may
have under this Lease under applicable Law, Lessor may use, apply or retain all or any portion of the Maintenance Reserves, and, without limitation, Lessor may immediately or at any time thereafter, while any Event of Default is continuing, without
prior notice to Lessee (x) offset all or any part of the Obligations or Related Obligations against the liabilities of Lessor in respect of any obligations of Lessor or Affiliate of Lessor under any Related Lease, or (y) apply the
Maintenance Reserves in or towards the payment or discharge of the Obligations or Related Obligations in such order as Lessor reasonably sees fit. If Lessor uses or applies all or any portion of such Maintenance Reserves, such application shall not
be deemed a cure of any Default or Event of Default unless and until Lessee shall have, and Lessee shall within three (3) Business Days after written demand therefor deposit with Lessor in cash an

  

					
		  	33	  	 ARTICLE 13
 MAINTENANCE RESERVES

 
amount sufficient to fully restore each such Maintenance Reserve account to its original sum prior to such application plus any amount then due and payable by Lessee in respect of Maintenance
Reserves. 
 13.4. Claims for Reimbursement - Timing. Any claim by Lessee for reimbursement from the Maintenance Reserves
made pursuant to this Lease shall be made within the earlier to occur of (x) one hundred eighty (180) days following the completion date of the Maintenance Check for which such claim is being made and (y) the Termination Date,
provided that notification by Lessee to Lessor on or before the Termination Date that a claim exists and will be submitted no later than 180 days following completion of the respective Maintenance Check shall be deemed as complying with the timing
requirement set forth herein. Should Lessee fail to make such claim within such time period (or agree with Lessor in writing concerning an alternate disposition for such claim), Lessee shall thereafter be forever barred and estopped from making a
claim in respect of such maintenance. 

  

					
		  	34	  	 ARTICLE 13
 MAINTENANCE RESERVES

	14.	MANUFACTURERS’ WARRANTIES 

 14.1. Assignable Warranties. At Delivery, Lessor will assign and make available to Lessee for the duration of the Lease Term the benefit of all assignable warranties provided to Lessor by the
Airframe Manufacturer and the Engine Manufacturer pursuant to airframe and engine warranty assignment agreements in form and substance satisfactory to Lessee, Lessor and such Manufacturer. In addition, at Delivery Lessor will assign and make
available to Lessee for the duration of the Lease Term the benefit of all assignable warranties provided to Lessor by any other Manufacturer, and at Lessee’s cost, Lessor shall cooperate with Lessee in respect of the enforcement of any such
warranties. 
 14.2. Reassignment; Assignment of Lessee Warranties. On the Termination Date: 

(a) the benefit of any warranty and other rights assigned or made available by Lessor to Lessee pursuant to this Lease
will be reassigned automatically and without further act or writing to Lessor; provided that upon the occurrence and continuation of an Event of Default, Lessor may instruct any Manufacturer of any Item of Equipment to make any payments of monies
under any warranty claims made by Lessee directly to Lessor for further credit to Lessee upon and subject to Lessee’s cure of such Event of Default; and 
 (b) Lessee shall assign and shall be deemed to have assigned to Lessor on and as of the Termination Date, at no charge to Lessor, any and all warranties Lessee has obtained in connection with any
maintenance or services performed on the Aircraft or any Item of Equipment during the Lease Term. 
 14.3. Warranty
Claims. Lessee will diligently and promptly pursue any valid claims it may have under the warranties assigned to it hereunder with respect to the Aircraft and other Items of Equipment. At the written request of Lessor, Lessee shall provide an
itemised list to Lessor not later than the earlier of (x) fourteen (14) days prior to the Scheduled Termination Date and (y) the Termination Date of all such warranty claims made by Lessee during the Lease Term to the extent
historical records of the same are maintained by Lessee (except to the extent such information shall have previously been provided to Lessor). 

  

					
		  	35	  	 ARTICLE 14
 MANUFACTURERS’ WARRANTIES

	15.	SUBLEASING AND WET LEASING 

15.1. Subleasing. Provided no Default or Event of Default has occurred and is continuing, Lessee may, subject to the restrictions
contained in Section 11.6, enter into Permitted Subleases for the Aircraft with Permitted Sublessees provided that: 
 (a) the term of such Permitted Sublease is not for a period exceeding the Lease Term and shall expressly prohibit sub-subleasing of the Aircraft and any Item of Equipment independent of the Airframe;

 (b) the rights of the Permitted Sublessee under such Permitted Sublease are at all times expressly subject and
subordinate to the rights of Lessor hereunder and to the respective interests of Owner, Owner Participant and any Financing Parties and shall contain a provision substantially to the effect of: 

“Anything in this sublease to the contrary notwithstanding, the sublessee’s rights hereunder to the possession, use and
enjoyment of the Airframe, and if attached to the Airframe at the commencement of the sublease or if subsequently delivered to sublessee during the term of the sublease, the Engines in accordance with the terms hereof shall be subject to the
Aircraft Lease Agreement dated as of 17 November 2010 (the ‘Primary Lease’) between Wilmington Trust SP Services (Dublin) Limited, as lessor (the ‘Primary Lessor’), and the sublessor hereunder, in respect
of the Aircraft, Airframe and Engines, and the sublessee confirms and agrees that this sublease is in all respects subject and subordinate to the Primary Lease. Upon notice to the sublessee hereunder by the Primary Lessor that an Event of Default
(as defined in the Primary Lease) has occurred and is continuing, and that the Primary Lease shall have been cancelled or terminated pursuant to the terms thereof, the Primary Lessor may, at its option, by written notice to the sublessee after the
date of such cancellation or termination: 
 (i) require the sublessee to enter into an agreement, in form and
substance satisfactory to the Primary Lessor, recognising the Primary Lessor, as the sublessor hereunder and reconfirming all of the obligations of the sublessee hereunder, or 

(ii) terminate this sublease and require prompt delivery by the sublessee of the Aircraft to the Primary Lessor, in
accordance with the return provisions of this sublease. 
 Unless the sublessee shall have received any such written notice from
the Primary Lessor requiring attornment or terminating this sublease, the sublessee shall be and remain fully obligated hereunder notwithstanding the continuance of any Event of Default under the Primary Lease or the termination or cancellation
thereof pursuant to the terms thereof.”; 
 (c) Lessee causes the Permitted Sublessee under the Permitted
Sublease to deliver to and for the benefit of Lessor at or prior to the delivery of the Aircraft under the Permitted Sublease a supplemental power of attorney for deregistration of the Aircraft in the form delivered by Lessee to Lessor at Delivery;

  

					
		  	36	  	 ARTICLE 15
 SUBLEASING AND WET LEASING

 (d) Lessee and such Permitted Sublessee shall not enter into any amendments,
modifications, waivers or the like of any provision of the Permitted Sublease without Lessor’s prior written consent and should such consent be granted, Lessee shall deliver to Lessor a copy of any such duly executed agreements between Lessee
and such Permitted Sublessee in connection with the same; 
 (e) if necessary, Lessee and Permitted Sublessee
shall authorise the filing of and deliver documents appropriate for perfection filings in the State of Registration and such other jurisdictions as Lessor, in good faith, deems reasonable and appropriate, in form and substance satisfactory to
Lessor, covering the interests of Lessee and such Permitted Sublessee under such Permitted Sublease, together with any other documents requested by Lessor to protect or perfect the interest of Lessor, Owner, Owner Participant and any Financing
Parties in the Permitted Sublease in the State of Registration and/or such other jurisdictions; 
 (f) Lessee
shall assign each Permitted Sublease and all rights and security deposits and maintenance and other reserves received thereunder to Lessor pursuant to a security assignment of the Permitted Sublease together with a consent and agreement of the
Permitted Sublessee, each in form and substance satisfactory to Lessor and, if applicable, Owner, Owner Participant and each Financing Party, as security for Lessee’s Obligations, and Lessor shall receive an opinion of Lessee’s counsel
regarding the enforceability and perfection of the Permitted Sublease and such assignments for security and the consent and agreement or other assurances reasonably satisfactory to Lessor; 

(g) the provisions of each Permitted Sublease shall provide for benefits and protections to Lessee, as sublessor, which
are (in respect of material terms and in the aggregate) not less advantageous to Lessee, as sublessor, than the benefits and protections provided to Lessor by the provisions of this Lease; 

(h) Lessee shall (x) notify Lessor of the terms of each Permitted Sublease (and provide copies of the final
drafts thereof) not less than fifteen (15) Business Days prior to the execution of such Permitted Sublease, and (y) furnish the “original” copy of such Permitted Sublease to Lessor as soon as possible after the execution
thereof, but in any event prior to the delivery of the Aircraft to such Permitted Sublessee; and 
 (i) neither
Lessee nor Permitted Sublessee shall register any Permitted Sublease on the International Registry without Lessor’s prior consent, which consent shall not be unreasonably withheld. 

15.2. Wet Leasing. Provided no Event of Default has occurred and is continuing, Lessee may, subject to the restrictions contained
in Section 11.6, enter into Wet Leases for the Aircraft to any Person provided that: 
 (a) the rights of
the lessee under the Wet Lease are at all times expressly subject to and subordinate to, and do not conflict in any respect with (or give such wet lessee any rights greater than the rights of Lessee under), the terms of this Lease and the rights of
Lessor hereunder and the respective interests of Owner, Owner Participant and any Financing Party; 
 (b) Lessee
provides Lessor with (x) a certified copy of the applicable provisions from the Wet Lease or an officer’s certificate indicating whether Lessee or the wet lessee under the Wet 

  

					
		  	37	  	 ARTICLE 15
 SUBLEASING AND WET LEASING

 
Lease will be responsible for maintaining the primary passenger, baggage and cargo liability insurance relating to operation under the Wet Lease, and (y) a certified copy or original of an
insurance certificate and broker’s letter of undertaking confirming the maintenance of insurance coverage required by this Lease; and 
 (c) in any event, unless otherwise agreed by Lessor in writing, the term of such Wet Lease ends on a day not later than thirty (30) days prior to the Scheduled Termination Date. 

15.3. No Independent Subleasing of Items of Equipment. No Item of Equipment may be subleased independently from the Aircraft.

 15.4. Expenses. Lessee shall pay or reimburse, without duplication, Lessor, Owner, Owner Participant, Servicer,
Security Trustee and any other Financing Party on demand for their respective, documented, out of pocket costs and expenses reasonably incurred in connection with the review, negotiation and consummation of the transactions contemplated by any
Permitted Sublease or Wet Lease. 
 15.5. Lessee Remains Liable. Lessee shall remain primarily and fully responsible and
liable for the performance of its Obligations under, and the observance of the terms of this Lease and the Operative Documents, notwithstanding any Permitted Sublease or any Wet Lease, as if such Permitted Sublease or Wet Lease had not occurred.

  

					
		  	38	  	 ARTICLE 15
 SUBLEASING AND WET LEASING

	16.	REPORTING AND INSPECTIONS 

16.1. Financial Reporting. Lessee agrees to furnish to Lessor the following, which shall be deemed Information: 

(a) Semi-Annual Statements. As soon as reasonably practicable after the end of the second and fourth quarterly
fiscal periods in each fiscal year of Lessee, and in any event within one hundred twenty (120) days thereafter, duplicate copies, in English, of: 
 (i) a consolidated balance sheet of Lessee or Guarantor as at the end of such six month period; 
 (ii) consolidated statements of income and retained earnings of Lessee or Guarantor for such six month period; and 
 (iii) consolidated statements of cash flow of Lessee or Guarantor for the portion of the fiscal year ending with such six month period. 

(b) Annual Statements. As soon as practicable after the end of each fiscal year, and in any event within one
hundred eighty (180) days thereafter, a copy, in English, of: 
 (i) a consolidated balance sheet of Lessee
or Guarantor as at the end of such year, and 
 (ii) consolidated statements of income and retained earnings and
of cash flow of Lessee or Guarantor for such year, prepared in accordance with GAAP (except as set forth in the auditor’s opinion) accompanied by an auditor’s report of a firm of independent certified public accountants of recognised
standing in Lessee’s State of Organisation (which report may be adverse, qualified or disclaim an opinion). 

(c) Comparison. All statements furnished under clauses (a) or (b) above shall set forth in comparative
form the amount for the end of the corresponding fiscal year, or corresponding period of the preceding fiscal year, as the case may be. 
 (d) Satisfaction by Publication. Lessee’s obligations under Sections 16.1(a) through (c) above shall be deemed satisfied should Lessee or Guarantor publish, on a website generally
available free of charge to the public, the equivalent of the information required to be provided by Lessee thereunder, and further notify Lessor in writing of the website address. 

(e) Notice of Proceedings. Prompt notice of any litigation or arbitral proceedings not covered by insurance (except
for deductibles standard in the airline industry) and of all proceedings by or before any Governmental Authority (i) which might adversely affect Owner’s ownership or Owner’s or Lessor’s other interests in the Aircraft,
(ii) which relate to the Aircraft and where the amount involved not covered by insurance is in excess of ***** or (iii) which might, in the reasonable and good faith judgment of Lessee, have a material adverse effect on the ability of
Lessee to perform the Obligations. 
 (f) Additional Information. Lessee will furnish to Lessor
(i) unless available on a website generally available free of charge to the public, promptly after the same has been made 

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

  

					
		  	39	  	 ARTICLE 16
 REPORTING AND INSPECTIONS

 
public, a copy of any announcement released by Lessee to any stock exchange on which Lessee is publicly traded by shares (if applicable), and (ii) a copy of any other information concerning
Lessee’s business which Lessee releases or otherwise makes available to its creditors generally. 
 16.2. Aircraft
Utilisation and Other Reporting/Information. During the Lease Term, Lessee agrees to furnish to Lessor the following information in connection with Lessee’s utilisation of the Aircraft: 

(a)(i) within ten (10) days following the last day of the first full Calendar Month and each subsequent Calendar
Month during the Lease Term, and (ii) on the Termination Date, a utilisation report in the form appearing in Appendix 8 reporting the utilisation of the Items of Equipment set forth therein for the immediately preceding Calendar Month or
part thereof; 
 (b) as promptly as reasonably practicable, but in no event later than the date of issuance of
the next monthly utilisation report following the date of the removal of any Engine, Landing Gear or APU, advising of (i) the reason for such removal, (ii) the location of such Item of Equipment, (iii) the total accumulated Flight
Hours and Cycles of such Item of Equipment (or total APU Hours with respect to the APU), (iv) the Flight Hours and Cycles accumulated since the most recent Engine Restoration with respect to any Engine or the most recent Overhaul with respect
to any Landing Gear, as applicable, (v) the APU Hours accumulated since the most recent Overhaul with respect to the APU, and (vi) the intended workscope, in each case, as applicable; 

(c) written notice of and information of any accident or incident with respect to any Item of Equipment (other than Parts)
as promptly as possible, and in any event within two (2) Business Days following the occurrence or detection thereof; 
 (d) within a reasonable time (but not less than ten (10) days) prior to the commencement date for any Maintenance Check and in accordance with Section 12.6, the identity of the Approved
Maintenance Organisation Lessee intends to have perform such check together with a copy of the workscope intended to be accomplished in connection with the same, to the extent available; and 

(e) upon written request of Lessor, a copy of the Maintenance Program, inclusive of all revisions issued as of the date of
such request. Lessor agrees not to disclose such Maintenance Program to any Person (other than Lessor’s employees and consultants, who shall be instructed not to disclose the same other than as permitted by this Section 16.2(e)) except as
necessary to bridge the Maintenance Program onto another maintenance program following the Termination of the Lease, and shall require any Person to whom it shall disclose the same as permitted by this Section 16.2(e), to agree in writing not
to disclose the contents of such Maintenance Program. 
 16.3. Further Information; Inspections. 

(a) Lessee shall provide to Lessor, following Lessor’s written request during the Lease Term (provided that long as
no Event of Default has occurred and is continuing, such requests shall be made no more than once per year) and within one hundred eighty (180) days following the Termination Date, a list of the airports to which Lessee has operated the
Aircraft during the (i) twelve (12) months preceding such request (or the Termination Date, if applicable). 

  

					
		  	40	  	 ARTICLE 16
 REPORTING AND INSPECTIONS

 (b) During the Lease Term, Lessee shall furnish to Lessor such other
information concerning the location, condition, use, maintenance and operation of the Items of Equipment as Lessor may reasonably request. 
 (c) Lessee shall permit any Person (including prospective purchasers, financiers or lessees of the Aircraft) designated in writing by Lessor, to visit and inspect (at any reasonable time, provided that,
so long as no Event of Default has occurred and is continuing, such inspection shall not unreasonably interfere with Lessee’s business, maintenance or operational commitments) the Items of Equipment, their condition, use and operation and the
records maintained in connection therewith and, at Lessor’s cost, to make copies of such records as Lessor may reasonably designate (unless an Event of Default has occurred and is continuing, in which case such copies shall be provided to
Lessor at Lessee’s cost). 
 (d) Lessor shall be permitted to have representatives and/or agents present
throughout the accomplishment of Maintenance Checks to observe all aspects of the same including, but not limited to, the workscope thereof; provided, however, that such representatives and agents shall not interfere with such Maintenance Checks and
shall be bound by all rules and regulations of the relevant maintenance provider. Neither Lessor nor any person designated by Lessor shall have any duty to make any such inspection and none shall incur any liability or obligation by reason of making
or not making such inspection. 
 16.4. Technical Report Prior to Return of Aircraft. 

(a) Twenty (20) months prior to the Scheduled Termination Date, Lessee shall provide to Lessor a maintenance status
report detailing the information in the form appearing in Appendix 8. 
 (b) At Lessor’s written
request, Lessee will make copies available of (i) drawings of the interior configuration of the Aircraft both as it then exists and as it will exist at Return, (ii) an Airworthiness Directive status list, (iii) a service bulletin
incorporation list, (iv) Time Controlled Part listings and current maintenance status of each, (v) a list of modifications and alterations accomplished with respect to the Aircraft during the Lease Term, (vi) interior material burn
certificates, (vii) the complete workscope for the Maintenance Checks and other work to be performed prior to Return, (viii) a list of all no-charge service bulletin kits with respect to the Aircraft which were ordered by Lessee from any
Manufacturer, (ix) current Engine disk sheets and a description of the work accomplished during the last shop visit for each Engine and (x) any other data which is reasonably requested by Lessor in connection with any of the foregoing.

  

					
		  	41	  	 ARTICLE 16
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	17.	REGISTRATION; PERFECTION OF OWNER’S TITLE; LIENS 

 17.1. Registration. At Delivery, Lessee shall register the Aircraft (or shall cause the same to be registered) with the Register in the State of Registration with the respective interests of Owner,
Lessor and the Security Trustee and any relevant Financing Party recorded to the fullest extent permitted by applicable Law in the State of Registration and shall thereafter maintain such registration throughout the Lease Term. Lessor and Owner
shall cooperate and shall cause Servicer, Owner Participant, Security Trustee and any Financing Party to cooperate with Lessee in effecting and maintaining such registration and shall provide to Lessee such documents as Lessee may reasonably request
in connection therewith. Lessee shall not take or permit any action inconsistent with the continued registration of the Aircraft or the recordation of the various interests of Lessor, Owner and any Financing Party therein with the Register.

 17.2. Identification Plates. Lessee shall, throughout the Lease Term, maintain in respect of the Airframe, the APU and
each Engine a fireproof identification plate of a reasonable size, in a clearly visible place in the cockpit of the Aircraft (or in the vicinity of the Airframe Manufacturer’s data plate) and in close proximity to the Manufacturer’s data
plate on each Engine and the APU, that contains the legend in writing appearing in Appendix 2B. Lessee shall not remove, or cause or permit the removal or modification of such identification plate without Lessor’s prior written consent.
Lessee shall not allow the name of any other Person (with the exception of Lessee) to be placed on the Airframe or any Engine as a designation that might be interpreted as a claim of ownership or of any interest therein. Lessee shall promptly
replace any such nameplate that becomes illegible, lost, damaged or destroyed for any reason. If at any time Lessor and/or Owner transfer their respective interests in the Aircraft or this Lease as permitted hereunder or Lessor or Owner finances or
refinances the Aircraft, Lessee will, at Lessor’s request and cost, promptly affix such new nameplates to the Airframe and the Engines as may be required by Lessor. 
 17.3. Aeronautics Authority Acknowledgment. If and to the extent that the same is customarily available in the State of Registration, Lessee shall use reasonable efforts to obtain and deliver to
Lessor at Delivery, a letter from the Aeronautics Authority addressed to Lessor and (if so requested by Lessor) Owner and/or any Financing Party confirming that it will recognise Owner’s title to the Aircraft and the respective rights of
Lessor, Owner and/or such Financing Party to deregister the Aircraft upon the cancellation, termination or expiration of the leasing of the Aircraft hereunder in accordance with the provisions hereof 

17.4. Authorisation to Make Perfection Filings. The execution of this Lease by the parties hereto constitutes the authorisation by
Lessee to Lessor’s legal counsel to make such perfection filings as Lessor and its counsel deem necessary or desirable to protect the interest of Lessor, Owner and any Financing Party hereunder. From time to time on reasonable written request
made by Lessor, Lessee shall provide to Lessor a letter on the letterhead of Lessee, in form and substance reasonably satisfactory to Lessor and executed by an officer of Lessee, authorising such Persons as Lessor may specify to make such perfection
filings as Lessor reasonably deems necessary or desirable to protect the interests of Lessor, Owner or any Financing Party hereunder. 
 17.5. Perfection of Title. 
 (a) Lessee shall, together with
Owner, Owner Participant, Security Trustee and/or Lessor, cause, or, at Lessor’s request, assist Lessor in causing, this Lease, the Lease Supplement 

  

					
		  	42	  	 ARTICLE 17
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 OWNER’S TITLE; LIENS

 
and any and all additional instruments which shall be executed pursuant to the terms hereof as permitted by applicable Law, to be kept, filed and recorded in the offices of any Governmental
Authorities in the State of Registration as required by the Register, any applicable Aeronautics Authority and any applicable Law. Lessee shall not take any action which would conflict with or adversely affect such filings and recordation of the
Lease and such other documents as provided herein. 
 (b) If at any time subsequent to the initial recordation
under the preceding clause (a), any filing or recording is reasonably necessary or desirable to protect the interests of Lessor, Owner Participant, Security Trustee and/or Owner, Lessee, upon written request by Lessor, shall cause this Lease,
any financing statements with respect hereto, and any and all additional instruments which shall be executed pursuant to the terms hereof, to be kept, filed and recorded or, as necessary to be re-filed and re-recorded in the appropriate office or
offices pursuant to applicable Laws, to perfect, protect and preserve the rights and interests of Lessor, Owner Participant, Security Trustee and Owner hereunder and in the Aircraft or any Item of Equipment. At the reasonable request of Lessor and
at Lessor’s cost, Lessee shall furnish to Lessor, Owner (if not Lessor), Owner Participant and Security Trustee an opinion of counsel or other evidence satisfactory to Lessor of each such filing or refiling and recordation or re-recordation.

 (c) Without limiting the foregoing, Lessee shall do or cause to be done any and all acts and things which may
be required under the terms of the Mortgage Convention to perfect and preserve the title of Owner and interests of Owner, Owner Participant, Security Trustee and Lessor in the Aircraft within the jurisdiction of any signatory which has ratified the
Mortgage Convention if such jurisdiction is in the territory in which Lessee does or is reasonably likely to operate the Aircraft, as Lessor may reasonably request. Lessee shall also do or cause to be done, at its own expense, any and all acts and
things which may be required under the terms of any other Law involving any jurisdiction in which Lessee does, or is reasonably likely to, operate, or any and all acts and things which Lessor may reasonably request, to perfect and preserve
Owner’s and Owner Participant’s ownership rights regarding the Aircraft within any such jurisdiction. 
 17.6. Cape
Town Convention. 
 (a) Lessee shall promptly make or approve registrations, filings and recordings, and/or
do or cause to be done such additional acts and things which may be reasonably requested by Lessor (for itself or for and on behalf of Owner and any Financing Party) as being required by or advisable under applicable law, in order (x) that the
Operative Documents effectively constitute international interests, while retaining the commercial and business agreements of the parties as described therein in any such new Operative Documents, and provide to the such parties the full benefit of
the Cape Town Convention with respect to the Aircraft and the Engines, and (y) the Operative Documents contain such provisions as may be necessary to confirm the commercial and business agreements of the parties therein to the greatest extent
permitted under the Cape Town Convention, including, without limitation, with respect to: 
 (i) matters
concerning the documentation and registration in the International Registry of international interest(s) or prospective international interest(s) which are, or may be, vested in Lessor, Owner or any Financing Party under this Lease or any other
Operative Documents and the relative priority thereof contemplated in the Operative Documents as against competing interests; 

  

					
		  	43	  	 ARTICLE 17
 REGISTRATION; PERFECTION OF
 OWNER’S TITLE; LIENS

 (ii) matters concerning sales and prospective sales which are required or
permitted by this Lease or the other Operative Documents, including with respect to documentation and registration in the International Registry and the relative priority thereof contemplated in the Operative Documents as against competing
interests; 
 (iii) matters concerning any assignment of associated rights or prospective assignment of
associated rights which is required or permitted or constituted by this Lease or any other Operative Document, the documentation and registration thereof in the international registry and the relative priority thereof contemplated in the Operative
Documents as against competing interests; 
 (iv) delivery and recording with the Register of an irrevocable
de-registration and export request authorisation substantially in the form annexed to the Protocol, which may be exercised only after the occurrence and during the continuance of an Event of Default; and 

(v) subject to the preceding and the following provisions of this Section 17.6, including or excluding in writing the
application of any provisions of the Cape Town Convention and/or the Protocol that Lessor (for itself or acting for an on behalf of Owner or any Financing Party), acting reasonably may deem advisable in connection with the foregoing. 

(b) In addition to the remedies set forth in this Lease or as may otherwise be available to Lessor, Owner or any Financing
Party under any other Operative Documents, at law or in equity, upon the occurrence and during the continuation of an Event of Default, Lessor and/or Owner may, but shall not be obligated to, exercise any remedy available to it under the Cape Town
Convention and/or the Protocol (subject, in each case to the requirements and limitations of the Cape Town Convention and the Protocol and to the requirements and limitations imposed by the State of Registration in relation to the Cape Town
Convention and Protocol), including: 
 (i) the remedies set forth in Articles 8, 9 and 34 of the Cape Town
Convention and Article IX(1) of the Protocol; 
 (ii) relief pending final determination under
Article 13 of the Cape Town Convention and Article X of the Protocol (including sale of the Aircraft and application of proceeds therefrom, but excluding the application of Article 13(2) of the Cape Town Convention); and 

(iii) the procurement of the de-registration of the Aircraft and the export and physical transfer of the Aircraft or any
Engine from the territory in which it is situated pursuant to Article IX of the Protocol, but excluding, solely to the extent permitted by Article 15 of the Cape Town Convention, the provisions of Chapter III of the Cape Town Convention
with regard to default remedies without prejudice to Article IX(1) of the Protocol, provided that such exclusion shall not be applicable (to the extent permitted by Article 15 of the Cape Town Convention) to the extent such default
remedies are exercised outside the territorial limits of the State of Registration and in a manner not 

  

					
		  	44	  	 ARTICLE 17
 REGISTRATION; PERFECTION OF
 OWNER’S TITLE; LIENS

 
involving the courts of the State of Registration or of its territorial units; and (y) where a remedy is available to it under the Cape Town Convention or the Protocol and also under
this Agreement and the other Operative Documents or other applicable law, to the extent permitted by the Cape Town Convention and the Protocol and other applicable law, and subject to the provisions of the previous clause (x), Lessor
(for itself and for and on behalf of Owner and any Financing Party) may elect under which of the foregoing it shall exercise such remedy. 
 (c) Without limiting the generality of the foregoing or any other provisions of the Operative Documents, Lessee hereby (i) agrees (without prejudice to its rights under Section 10.2) to exclude
the application of Article XVI(1)(a) of the Protocol; and (ii) consents, pursuant to Article XV of the Protocol, to any assignment of associated rights within the scope of Article 33(1) of the Cape Town Convention which is
permitted or required by the Operative Documents and further agrees that the provisions of this Section 17.6, shall apply, in particular, with respect to Articles 31(4) and 36(1) of the Cape Town Convention to the extent applicable to any
such assignment of associated rights. 
 (d) In this Section 17.6 the following terms have the meanings
given in the Cape Town Convention and the Protocol: international interest, prospective international interest, international registry, assignment of associated rights, prospective assignment of associated rights, registered, sale and
prospective sale and proceeds. 
 17.7. Permitted Liens. Lessee shall not, directly or indirectly, create,
incur, assume or suffer to exist any Lien on or with respect to this Lease, any Item of Equipment, title thereto or any interest therein, except (i) the respective rights of Owner, Lessor and Lessee as herein provided; (ii) Lessor’s
Liens; (iii) Liens for Taxes not yet due or being contested in good faith by appropriate proceedings so long as adequate reserves are maintained with respect to such Taxes in accordance with GAAP; (iv) materialmen’s, mechanics’,
workmen’s, repairmen’s, employees’ or other like Liens arising in the ordinary course of business and for amounts the payment of which is either not yet delinquent or is being contested in good faith by appropriate proceedings (and
for which adequate reserves have been made in accordance with GAAP, or if required to contest the same, adequate security has been posted by Lessee); and (v) Liens for airport, navigation, and en-route charges arising in the ordinary course of
business and for amounts the payment of which is either not yet delinquent or is being contested in good faith by appropriate proceedings (and for which adequate reserves have been made in accordance with GAAP, or if required to contest the same,
adequate security has been posted by Lessee). Lessee shall not be permitted to contest any Lien if such contest gives rise to any reasonable likelihood of the sale, forfeiture, confiscation, distraint, seizure or loss of any Item of Equipment or any
interest therein in the course of any such proceedings, or as a result of any such Lien or the respective interests of Lessor, Owner or any Financing Party will be similarly adversely affected. Lessee shall promptly, at its own expense, take such
action as may be necessary to duly discharge any such Lien not excepted above if the same shall arise at any time with respect to any Item of Equipment. 
 17.8. Expenses. With respect to all filings, recordings and/or registrations to be made in accordance with the requirements of each of Sections 17.1 through 17.6, inclusive, Lessee shall bear
all costs incurred in effecting and maintaining the registration of Owner’s and Lessor’s interests during the Lease Term, but Lessor shall bear any costs of filing, maintaining or otherwise perfecting the interests of Security Trustee,
Servicer, Owner Participant and any Financing Party. 

  

					
		  	45	  	 ARTICLE 17
 REGISTRATION; PERFECTION OF
 OWNER’S TITLE; LIENS

	18.	GENERAL INDEMNITY 

 18.1.
Scope. Lessee agrees to indemnify, defend, reimburse and hold harmless, to the fullest extent permitted by Law, each Indemnitee from and against any and all Claims which in any way may result from, pertain to or arise out of or are in any
manner related to: 
 (a) the Aircraft, this Lease or any other Operative Document, or the breach of any
representation, warranty, covenant or Obligation made or to be performed by Lessee hereunder or thereunder; or 

(b) the condition, design, ownership, manufacture, purchase, delivery, non-delivery, lease, acceptance, rejection,
possession, return, disposition, use, or operation of the Aircraft either in the air or on the ground; or 
 (c)
any defect in the Aircraft or any Item of Equipment (whether or not discovered or discoverable by Lessee, Lessor, Owner Participant or Servicer) arising from the material or any articles used therein or from the design, testing, or use thereof or
from any maintenance, service, repair, overhaul, or testing of the Aircraft or any Item of Equipment, whether or not the Aircraft or any Item of Equipment is in the possession of Lessee, and regardless of where the Aircraft or any Item of Equipment
may then be located; or 
 (d) any failure of Lessee to provide or maintain the Aircraft Documents in accordance
with the relevant provisions of this Lease or any other Operative Document during the Lease Term; or 
 (e) any
en route navigation charges, navigation service charges, airport charges and landing fees and all other charges payable in connection with the use of or for services provided at any airport or by any navigation service or Governmental Authority,
whether in respect of the Aircraft or any other aircraft owned, leased or operated by Lessee; or 
 (f) any
lawful action taken by any Indemnitee in relation to the release or attempt to release the Aircraft from any arrest, confiscation, seizure, taking in execution, impounding, forfeiture or detention of the Aircraft; or 

(g) any act or omission of Lessee which invalidates or which renders voidable any Insurances or which is outside the scope
of, or excluded from, the coverage thereof; or 
 (h) any transaction, approval, or document contemplated by this
Lease or any other Operative Document or given or entered into in connection herewith or therewith. 
 Upon payment in full to any Indemnitee of
any indemnities contained in this Article 18 by Lessee, Lessee shall be subrogated to all rights and remedies which such indemnified party has or may have against the Manufacturer or any other Person. If any Indemnitee or Lessee has knowledge
of any Claim for which Lessee is obligated to indemnify under this Article 18, it shall give prompt written notice thereof to Lessee or such Indemnitee, as the case may be, but failure to give such notice shall not relieve Lessee of its
obligations hereunder, except to the extent such failure precludes or restricts Lessee from contesting or otherwise defending any such Claim and except for any liability or obligation of Lessee to the extent the same is increased or would not have
been incurred in the absence of any such failure. 

  

					
		  	46	  	 ARTICLE 18
 GENERAL INDEMNITY

 18.2. Lessee’s Release. Lessee hereby waives and releases each Indemnitee from
any Claims (whether existing now or hereafter arising) for or on account of or arising or in any way connected with injury to or death of personnel of Lessee or loss or damage to property of Lessee or the loss of use of any property which may result
from or arise in any manner out of or in relation to the ownership, leasing, condition, use or operation of the Aircraft or any Item of Equipment, either in the air or on the ground, or which may be caused by any defect in the Aircraft or any Item
of Equipment from the material or any article used therein or from the design or testing thereof, or use thereof, or from any maintenance, service, repair, overhaul or testing of the Aircraft or any Item of Equipment regardless of when such defect
may be discovered, whether or not the Aircraft or any Item of Equipment is at the time in the possession of Lessee, and regardless of the location of the Aircraft or any Item of Equipment at any such time. 

18.3. Repayment. If an Indemnitee shall obtain a repayment of any amount paid by Lessee, such Indemnitee shall, so long as there
exists no Default or Event of Default, promptly pay to Lessee the amount of such repayment, together with the amount of any interest received by such Indemnitee on account of such repayment. 

18.4. Payment. Subject to the provisions of Section 18.3 hereof, Lessee shall pay directly to each Indemnitee all amounts due
under this Article 18 within ten (10) days of the receipt of written notice by Lessee from such Indemnitee that such payment is due, together with reasonable detail supporting Lessee’s obligations in respect of the relevant Claim(s)
and the amount(s) thereof. 
 18.5. Exclusion. Notwithstanding the foregoing provisions of this Article 18, Lessee
shall not be obligated to make any payment to an Indemnitee by way of indemnity in respect of any Claim against such Indemnitee, to the extent that such Claim results from or arises out of: 

(a) the gross negligence or willful misconduct of such Indemnitee; 

(b) any Lessor’s Lien, except to the extent any such Claim results from or arises out of (and in which case such
Claim shall not be excluded from Lessee’s indemnity Obligations under this Article 18): 
 (i) the
premature termination of any funding or other financing arrangements with a Financing Party with respect to Lessor’s or Owner’s financing of the acquisition or continued ownership of the Aircraft following the occurrence and continuation
of an Event of Default; or 
 (ii) any indemnity payment payable by an Indemnitee to another Person under any
financing arrangements with a Financing Party with respect to Lessor’s or Owner’s financing of the acquisition or continued ownership of the Aircraft and for which Lessee has expressly agreed to provide an indemnity pursuant to
Section 18.1; 
 (c) any Taxes; 

(d) acts or events which occur (i) before Delivery (except with respect to any Claims arising from or related to
Lessee’s acts or omissions in connection with its activities under and pursuant to, among other things, the Participation Agreement) or (ii) after the Termination Date (except if such Claims arise as a result of an act or omission of
Lessee which occurred during the Lease Term and are not attributable to any act or omission of an Indemnitee); 

  

					
		  	47	  	 ARTICLE 18
 GENERAL INDEMNITY

 (e) ordinary and usual operating or overhead expenses of any Indemnitee,
other than as arising as a result of and during the continuance of an Event of Default; 
 (f) in respect of an
Indemnitee, a breach by such Indemnitee of any express covenant given to Lessee; or 
 (g) the sale, transfer,
assignment or other disposition by an Indemnitee of any of its right, title and interest in and to the Aircraft or the Lease, except as a result of the occurrence and continuation of an Event of Default. 

For purposes of this Clause 18.5 and to the extent that Trust Company, Lessor and Owner are, at any given time, one and the same
entity (whether in its individual capacity and/or as a trustee), any act or omission of the Trust Company, Lessor or Owner giving rise to an exemption from the provisions of Section 18.1 in respect of any Claim shall be deemed an act or
omission of any and/or all three of such Indemnitees such that the act or omission of any one of such Indemnitees shall be imputed to all three such Indemnitees. 
 18.6. After-Tax Nature of Indemnity. Each indemnity payable pursuant to this Article 18 shall be paid on an After-Tax Basis. 

18.7. Contest. Lessee shall be entitled, at its sole cost and expense, acting through counsel acceptable to the respective
Indemnitee, (a) in any judicial or administrative proceeding that involves solely a claim for one or more Claims, to assume responsibility for and control thereof, (b) in any judicial or administrative proceeding involving a claim for one
or more Claims and other claims related or unrelated to the transactions contemplated by this Lease, to assume responsibility for and control of such Claim or Claims to the extent that the same may be and are severed from such other claims (and each
of Lessee and such Indemnitee shall use its commercially reasonable efforts to obtain such severance), and (c) in any other case, to be consulted by such Indemnitee with respect to judicial proceedings subject to the control of such Indemnitee.
Notwithstanding any of the foregoing to the contrary, Lessee shall not be entitled to assume responsibility for and control of any such judicial or administrative proceedings (i) while a Default or an Event of Default shall have occurred and be
continuing, (ii) if such proceedings will involve any reasonable possibility of the sale, forfeiture or loss of, or the creation of any Lien (other than a Lessor’s Lien) on, the Aircraft, any Item of Equipment, this Lease, any other
Operative Documents, or any part of the foregoing, (iii) if such Claims relate in any way to the business of any Indemnitee other than the transactions contemplated by this Lease or any of the other Operative Documents, (iv) if such
Claims, in the opinion of independent counsel for such Indemnitee reasonably satisfactory to Lessee, have a reasonable possibility of otherwise compromising or jeopardizing any substantial interests of such Indemnitee, or (v) if Lessee shall
not have furnished such Indemnitee with an opinion of independent counsel reasonably satisfactory to such Indemnitee to the effect that there exists a meritorious basis for contesting such Claims. The Indemnitee may participate with its own counsel,
at its own expense, in any judicial proceeding controlled by Lessee pursuant to the preceding provisions. Lessee shall not without the prior written consent of the relevant Indemnitee enter into a settlement or other compromise with respect to any
Claims that may result in admission or culpability on the part of any Indemnitee, otherwise subject any Indemnitee to any civil or criminal penalty or other prejudice any Indemnitee or the Aircraft. If for any reason Lessee shall not be responsible
for and be in control of any contest contemplated in this Section 18.7, Lessee may, so long as no Default or Event of Default shall have occurred and be continuing, nonetheless participate in any such contest, at its sole cost and expense, in a
manner reasonably acceptable to the relevant Indemnitee. The Indemnitee shall supply Lessee with such information reasonably requested by Lessee (and to the extent that it is commercially reasonable for the 

  

					
		  	48	  	 ARTICLE 18
 GENERAL INDEMNITY

 
Indemnitee to do so) as is necessary or advisable for Lessee to assume responsibility for and control or participate in any proceeding to the extent permitted by this Section 18.7. As long
as no Default or Event of Default has occurred and is continuing, such Indemnitee shall not enter into a settlement or other compromise with respect to any Claims without the prior written consent of Lessee, which consent shall not be unreasonably
withheld, unless such Indemnitee waives its right to be indemnified with respect to such Claims under this Section 18.7. Notwithstanding this Section 18.7, no Indemnitee shall be prevented from settling or paying any Claim immediately if
required by Law to do so nor from assuming control of and terminating Lessee’s participation in any contest of a Claim if, in such Indemnitee’s judgment, the interest of any Indemnitee may be adversely affected or prejudiced by any delay,
act, omission or continued contest by Lessee of such Claim. 
 18.8. Survival. The indemnities contained in this
Article 18 shall continue in full force and effect notwithstanding the occurrence of the Termination Date, and are expressly made for the benefit of and shall be enforceable by each Indemnitee. 

  

					
		  	49	  	 ARTICLE 18
 GENERAL INDEMNITY

	19.	INSURANCE 

 19.1.
Obligation to Insure. Throughout the Lease Term, Lessee shall maintain in full force and effect, at its own cost and expense, the Insurances. 
 19.2. Liability Insurance. Lessee shall maintain in effect comprehensive third party aircraft liability insurance against bodily injury and property damage losses arising from ground, flight and
taxiing exposures, including, but not limited to, passenger legal liability, cargo liability and products liability insurance in the amount set forth in Section 4.1 of Appendix 2B, and in the aggregate with respect to products liability,
or such higher amount as Lessee may maintain from time to time on similar aircraft, for any one accident, or series of accidents arising out of any one event, with respect to the Aircraft and Items of Equipment. Such policy shall include war and
allied risks in accordance with standard market practice (currently “The Extended Coverage Endorsement-AVN 52E”) plus such excess coverage through government indemnity or commercial insurance up to the full limit required herein.
Any such liability insurance policy shall not be subject to any deductible amount except with respect to baggage, cargo liability, and hangar keeper’s liability coverage, for which there may not be a deductible in an amount exceeding ***** or
such higher amount as may constitute general industry practice and e approved by Lessor in writing from time to time. All Insurances shall: 
 (a) name the Additional Insureds as additional insureds; 
 (b) be
primary without right of contribution from any other insurance which is carried by any Additional Insureds with respect to the Aircraft or any Engine when not installed on the Aircraft; and 

(c) each liability policy shall expressly provide that all of the provisions thereof, except the limits of liability,
shall operate in the same manner as if there were a separate policy covering each insured. 
 19.3. Contractual Liability;
Tail Coverage for Liability Insurance. The Insurances referred to in Section 19.2 shall: 
 (a) include
and insure (to the extent of the risks covered by the policies) the indemnity provisions of Article 18; 

(b) for a period of two (2) years after the Termination Date, at Lessee’s cost and expense, continue to name
each Indemnitee as additional insureds; and 
 (c) should Lessor and/or Owner transfer their interests in the
Aircraft and this Lease pursuant to and in accordance with the provisions of Article 25, for a period of two (2) years from the effective date of such transfer continue to name as additional insured(s) the transferring Lessor (and the
relevant transferring Owner and Financing Parties and other related Indemnitees). 

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

  

					
		  	50	  	 ARTICLE 19
 INSURANCE

 19.4. Insurance Against Loss or Damage to the Items of Equipment. 

(a) Lessee shall maintain in effect with respect to the loss of or damage to the Items of Equipment: 

(i) all-risk ground, flight and ingestion aircraft hull insurance for the Agreed Value set forth in Appendix 2B,
Section 4.2 covering the Aircraft, for the Engine Agreed Value set forth in Appendix 2B, Section 4.3 covering each Engine when not installed on the Airframe and all risk insurance on a full replacement cost basis with respect to the
Landing Gear, APU and Parts while not installed on or in the Aircraft, and 
 (ii) war risk insurance including,
but not limited to, war, acts of terrorism, hijacking, confiscation, including confiscation by the Government of Registry, expropriation, nationalisation, seizure and where generally procured by carriers similarly situated with Lessee, further
including coverage for electromagnetic, chemical and biological risks as the same is available on the standard commercial aviation insurance markets upon commercially reasonably terms. 

(b) All such insurance shall be payable in Dollars and shall be, with respect to the Aircraft and each Engine, on an
“agreed value” basis. Any hull insurance carried in accordance with this Section 19.4 shall not contain any provision for self-insured amounts or a deductible that exceeds the deductible amount appearing in Appendix 2B. Any
policies carried in accordance with this Section 19.4 shall designate Security Trustee, as sole loss payee for an amount equal to the Agreed Value, on behalf of the Additional Insureds as their respective interests may appear, and Lessor as
lessor of the Aircraft covered thereby. 
 (c) Installation of Other Engines on the Aircraft. If Lessee
installs an engine not owned by Owner on the Aircraft, either (x) Lessee’s hull insurance on the Aircraft must automatically increase to such higher amount as is necessary in order to satisfy the requirement of this
Section 19.4 that Owner receive the Agreed Value in the event of an Event of Loss and the amount required by the third party engine owner or (y) separate additional insurance on such engine will attach in order to satisfy separately
the requirements of Lessee to such third party engine owner. 
 (d) Installation of Engines on other
Airframes. If Lessee installs or permits the installation of an Engine on an airframe that is not the Airframe, either (x) the hull insurance maintained on such airframe must automatically increase by an amount equal to the Engine
Agreed Value so that Owner receives the Engine Agreed Value in the event of an Event of Loss with respect to such Engine while installed on such airframe, or (y) separate additional insurance on such Engine will attach in order to
satisfy separately the requirements of Lessee with respect to such Engine. 
 (e) Additional Lessee
Coverage. Lessee may obtain additional hull insurance on the Aircraft, over and above the Agreed Value hereunder, provided that it does not adversely affect the coverage required to be maintained hereunder. 

19.5. Reinsurance. If any of the risks required to be insured under this Article 19 are not placed in the manner required,
then such risks shall be reinsured and shall: 
 (a) be on the same terms as the primary insurance required
hereunder; 
 (b) be at levels of not ***** of insurances required to be maintained under this Article 19;

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

  

					
		  	51	  	 ARTICLE 19
 INSURANCE

 (c) contain a “cut through” clause providing that, in the event of
any claim arising under such reinsurance, the reinsurer shall (in lieu of payment to the primary insurer or its successors) pay to the relevant Indemnitee and/or loss payee, as applicable, that portion of any claim which the reinsurer would
otherwise be liable to pay the primary insurer or its successors; 
 (d) provide for payment to be made directly
to the relevant Indemnitee notwithstanding (x) any bankruptcy, insolvency, examinership, liquidation, administration, receivership, dissolution or other similar proceeding with respect to the primary insurer and/or (y) that
the primary insurer has made no payment under the primary policies; and 
 (e) be evidenced by a reinsurance
certificate and supported by a broker’s letter of undertaking reasonably satisfactory to Lessor. 
 19.6. Requirements
for All Insurances. All Insurances shall: 
 (a) be maintained in effect with insurers reasonably acceptable
to Lessor, and, if applicable, reinsurers reasonably acceptable to Lessor, of recognised responsibility, specialising and normally participating in the international aviation insurance market and carrying and maintaining an A.M. Best rating of not
less than A-, Class VII; 
 (b) provide that in respect of the interests of the Additional Insureds such policies
of insurance shall insure the Additional Insureds regardless of any breach or violation of any warranty, declarations or conditions contained in such policies by Lessee or any other Person; 

(c) provide that the Additional Insureds shall have no responsibility for any premiums, assessments, warranties or
representations in connection with such insurance; 
 (d) include the geographic limits of all territories over
which the Aircraft and any Engine will be operated; 
 (e) waive any rights of set off, counterclaim or
deduction, whether by attachment or otherwise, and all rights of subrogation against the Additional Insureds and their respective successors, assigns, agents, officers, employees and servants, other than set-off for unpaid premiums in respect of the
Aircraft; and 
 (f) provide that if the insurers cancel such insurance for any reason whatever, or the same is
allowed to lapse for nonpayment of premium, or if there is any material change in policy terms and conditions, such cancellation, lapse or change shall not be effective until thirty (30) days after receipt by Lessee’s designated broker of
written notice from such insurers of such cancellation, lapse or change (ten (10) days for nonpayment of premium and seven (7) days for cancellation with respect to war risk and allied perils insurance or such shorter period as shall be
customary on the London market for such insurance in such area of the world). Lessee shall cause such designated broker to immediately notify the Additional Insureds of any such notice of cancellation or termination. 

19.7. Reports. Lessee shall cause its brokers to advise Lessor in writing promptly of any default in the payment of any premium.
On or before the Delivery Date, and thereafter on or prior to each renewal or replacement by Lessee of the insurance required hereby, but not less often than annually, Lessee will furnish to Lessor one or more original certificates of insurance or
reinsurance and a broker’s 

  

					
		  	52	  	 ARTICLE 19
 INSURANCE

 
letter of undertaking, each executed and delivered by an insurance broker appointed by Lessee, and, if applicable, a certified English translation thereof, reasonably satisfactory to Lessor,
which shall describe in reasonable detail the insurance carried on the Aircraft. Lessee will cause its insurance brokers to identify to Lessor the insurers and reinsurers and shall advise Lessor in writing at least thirty (30) days (seven
(7) days or such lesser period as may from time to time be applicable in the case of any war risk and allied perils coverage and ten (10) days for reason of non-payment of premiums) prior to the cancellation by the underwriters of any such
insurance or as soon as possible in respect of “non-renewal” or automatic termination for war risk insurance required hereunder. On or prior to the expiration or termination date of any insurance required hereunder, Lessee will provide
Lessor with faxed or other electronic confirmation from Lessee’s insurance brokers certifying that renewal certificates of insurance evidencing the renewal or replacement of such insurance pursuant to the provisions of this Article 19 will
be issued effective as of the termination date of the prior certificate of insurance coverage. Within fifteen (15) days after such renewal, Lessee will furnish to Lessor an original or electronic certificate of such insurance coverage from such
insurance broker. 
 19.8. Assignee of Lessor’s and/or Owner’s Interests. If Lessor, Owner, Owner Participant
and/or any Financing Party assigns, in accordance with the provisions of Article 25, all or any of its rights or otherwise disposes of any interest in the Aircraft or this Lease to any other Person, Lessee shall, upon request, procure that such
Person shall (x) be named as loss payee in substitution for Lessor, Owner, Owner Participant and/or such Financing Party, as applicable and/or as additional insured in the policies effected hereunder and (y) enjoy the same
rights and insurance enjoyed by Lessor, Owner, Owner Participant and such Financing Party, as applicable, under such policies from and after the effective date of such assignment or disposition. 

19.9. Failure to Insure. If at any time the Insurances are not maintained by Lessee in compliance with this Article 19,
Lessor, Owner, Owner Participant and any Financing Party shall be entitled but not bound to do any of the following (without prejudice to any of the rights which any of them may have under the Operative Documents by reason of such failure):

 (a) upon giving notice thereof to Lessee, to pay any premiums due or to effect or maintain such insurance or
otherwise remedy such failure in such manner as Lessor or, if applicable, any Financing Party considers appropriate (and Lessee shall upon demand reimburse Lessor or if applicable, the relevant Financing Party in full for any amount so expended in
that connection); and/or 
 (b) at any time while such failure is continuing, to require the Aircraft to remain
at any airport or (as the case may be), subject to the Aircraft being adequately insured, proceed to and remain at any airport designated by Lessor, until such failure is remedied to Lessor’s satisfaction. 

19.10. Lessor’s Right to Insure. Lessee acknowledges that each of Lessor, Owner and each Financing Party has an insurable
interest in the Aircraft and each Item of Equipment and may, at its own expense, obtain insurance or contingent insurance in its own name with respect to such insurable interest. Lessee shall provide to Lessor, Owner and each Financing Party all
reasonable assistance as from time to time requested by it in order to adequately protect such insurable interest. Neither Lessor, Owner nor any Financing Party shall maintain any such insurance that would prejudice the insurance maintained by
Lessee pursuant to this Lease. Lessee shall have no right to any proceeds of any insurance policies maintained by Lessor. 

  

					
		  	53	  	 ARTICLE 19
 INSURANCE

 19.11. Changes to Insurance Practice. If there is a material change in the generally
accepted industry-wide practice with regard to the insurance of aircraft by air carriers operating similar aircraft on routes similar to Lessee or any material change with respect to the insurance of aircraft based or operated in any jurisdiction in
which the Aircraft may then be based or operated (whether relating to all or any of the types of Insurances required to be effected under this Article 19) such that Lessor shall, after consultation with Lessee and Lessee’s designated
reinsurance or insurance brokers, be of the reasonable opinion that the Insurances required pursuant to this Article 19 are insufficient to protect the respective interests of Lessor and the other Indemnitees (bearing in mind the nature and
route of operation of the Aircraft), the insurance requirements set forth in this Article 19 shall be amended, as soon as reasonably practicable following notice by Lessor to Lessee, so as to include such additional or varied requirements as
may be reasonably necessary to ensure that the insurance as so varied shall provide comparable protection to Lessor and the other Indemnitees to that which it would have done if such change had not occurred. In such circumstances, Lessor will
consult in good faith with Lessee in relation to any proposed change. 
 19.12. AVN 67B or AVN 67C. Notwithstanding
anything to the contrary contained in this Article 19, Lessor shall accept the terms of AVN 67B or AVN 67C (“Airline Finance/Lease Contract Endorsement”) where such endorsement is contrary to the terms of this Lease as long as
such endorsement is customary in the major international insurance markets for commercial passenger airlines. 

  

					
		  	54	  	 ARTICLE 19
 INSURANCE

	20.	LOSS AND DAMAGE TO THE AIRCRAFT AND ITEMS OF EQUIPMENT 

 20.1. Risk of Loss and Damage. Following Delivery, Lessee shall bear the full risk of any loss, destruction, hijacking, theft, condemnation, confiscation, seizure or requisition of or damage to the
Aircraft and each Item of Equipment and of any other occurrence which shall deprive Lessee of the Aircraft or any Item of Equipment for the time being of the use, possession or enjoyment thereof including, without limitation, any resulting loss in
value of the Aircraft or any Item of Equipment due to any of the aforementioned circumstances (save for any periods during which Lessor, or any Person lawfully claiming by or through Lessor, shall have taken possession and control of the Aircraft in
breach of the covenant of quiet enjoyment set forth in Section 10.2). 
 20.2. Notification of Loss and Damage.

 (a) Lessee shall give Lessor written notice of and information regarding any Event of Loss as promptly as
possible, and in any event within two (2) Business Days of the occurrence of such Event of Loss. 
 (b) Each
of Lessee and Lessor shall supply to the other all necessary information, documentation and assistance which may reasonably be required in connection with making any claim under the Insurances. 

20.3. Event of Loss – Aircraft. If an Event of Loss occurs in respect of the Aircraft (with or without the Engines), Lessee
shall pay, or procure that the insurer pays, to Owner (or to any Financing Party named as loss payee under the Insurances) as soon as reasonably practicable but in any event within sixty (60) days after the Event of Loss Date or, if earlier,
the date such insurance proceeds are received, the Agreed Value as at the Event of Loss Date (or such earlier date, as the case may be) together with all Rent and other amounts then due and payable under the Operative Documents. 

(a) The Net Event of Loss Proceeds received by Owner (or such other person as may be designated as loss payee) from Lessee
or the insurer pursuant to this Article 20 shall be applied as follows: 
 (i) first, in discharge of the
Agreed Value; 
 (ii) second, in discharge of any unpaid Rent and any other unpaid amounts (other than the Agreed
Value) due and payable by Lessee under the Operative Documents and any Related Lease; and 
 (iii) third, payment
of the balance, if any, to Lessee. 
 (b) Lessee shall continue to pay Basic Rent on the days and in the amounts
required under this Lease notwithstanding any such Event of Loss provided that no further installments of Basic Rent shall become due after the date on which all sums due under this Section 20.3 shall have been paid in full, and on such date
the Lease Term shall terminate and Owner shall, at Lessee’s cost and subject to the rights (if any) of the insurer cause title to the Aircraft (and to any surviving Engine) to be conveyed to Lessee (or Lessee’s insurers, as the case may
be) on a quitclaim basis, without warranty or recourse, except that the same shall be free and clear of all rights of Lessor and Owner and Lessor’s Liens without representation, recourse to or warranty by

  

					
		  	55	  	 ARTICLE 20
 LOSS AND DAMAGE TO THE AIRCRAFT
 AND ITEMS OF
EQUIPMENT

 
Lessor, Owner or any Financing Party and, provided no Default or Event of Default has occurred and is continuing or upon a complete cure thereof, Lessor shall thereafter return the Security
Deposit to Lessee in accordance with Section 4.5 and shall return ***** of the remaining balance of the Maintenance Reserves to Lessee. 
 20.4. Event of Loss – Engine or APU. Upon the occurrence of an Event of Loss with respect to an Engine or APU, under circumstances in which there has not occurred an Event of Loss with respect
to the Aircraft, Lessee shall forthwith, but in any event, before the earliest to occur of (x) the Scheduled Termination Date, (y) the Termination Date, and (z) sixty (60) days after the Event of Loss Date,
convey to Owner, free and clear of all Liens, title to another engine or, as applicable, auxiliary power unit of the same or an improved model and suitable for installation and use on the Airframe. 

(a) Replacement Engine. The replacement engine shall have a value and utility at least equal to, and be in as good
operating condition as, the Engine with respect to which such Event of Loss shall have occurred, based on but not limited to (i) Cycles accumulated on each Engine Life Limited Part, (ii) Flight Hours accumulated since new (and accumulated
since completion of the most recent heavy maintenance shop visit that completed a workscope at least equivalent to that of an Engine Restoration if an Engine Restoration had previously been accomplished on the Engine that suffered such Event of
Loss), and (iii) Flight Hours and Cycles accumulated since new (and accumulated since the most recent restoration or refurbishment of each engine module with respect to any module for which a restoration or refurbishment had previously been
accomplished on the Engine that suffered such Event of Loss), assuming such Engine was of the value and utility and in the condition and repair as required by the terms hereof immediately prior to the occurrence of such Event of Loss. 

(b) Replacement APU. The replacement auxiliary power unit shall have a value and utility at least equal to, and be
in as good operating condition as, the APU with respect to which such Event of Loss shall have occurred, based on but not limited to (i) APU Hours (and APU Cycles if applicable) accumulated since new with respect to each APU Life Limited
Part (as applicable) and (ii) APU Hours accumulated since new (and since the most recent Overhaul for each auxiliary power unit module if an Overhaul had previously been accomplished on the APU that suffered such Event of Loss), assuming
such APU was of the value and utility and in the condition and repair as required by the terms hereof immediately prior to the occurrence of such Event of Loss. 
 (c) Lessor Inspection. Lessee shall identify to Lessor a candidate replacement engine or auxiliary power unit (as applicable) and Lessor may inspect such candidate replacement engine or auxiliary
power unit, which shall include, at Lessor’s option, (i) a full borescope inspection of the compressor, turbine and combustion sections of the replacement engine or auxiliary power unit and (ii) a records inspection, and the results
of each such inspection must be satisfactory to Lessor. 
 (d) Replacement Subject to Lease. Upon
acceptance by Lessor, such replacement engine or, as applicable, auxiliary power unit, shall be deemed an “Engine” or, as applicable, an “APU”, as defined herein for all purposes hereunder. Lessee agrees to take such action and
execute and deliver such documents, including, but not limited to a warranty bill of sale, a supplement hereto and legal opinions, as Lessor may reasonably request in order that any such replacement Engine or APU shall be duly and properly titled in
the name of Owner and leased hereunder to the same extent as any Engine or APU replaced thereby. 

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

  

					
		  	56	  	 ARTICLE 20
 LOSS AND DAMAGE TO THE AIRCRAFT
 AND ITEMS OF
EQUIPMENT

 20.5. Event of Loss – Landing Gear. Upon the occurrence of an Event of Loss with
respect to a Landing Gear, under circumstances in which there has not occurred an Event of Loss with respect to the Aircraft, Lessee shall forthwith replace such Landing Gear as soon as reasonably possible, but in any event, before the earliest to
occur of (x) the Scheduled Termination Date, (y) the Termination Date, and (z) sixty (60) days from the Event of Loss Date, by duly conveying to Owner, free and clear of all Liens, title to another landing
gear of the same or an improved model and suitable for installation and use on the Airframe. 
 (a)
Replacement Landing Gear. The replacement landing gear shall have a value and utility at least equal to, and be in as good operating condition as, the Landing Gear with respect to which such Event of Loss shall have occurred, based on but not
limited to (i) the maximum weight certified for such landing gear; (ii) Flight Hours, Cycles and calendar time accumulated since new with respect to each Landing Gear Life Limited Part (as applicable), and (iii) Flight Hours,
Cycles and calendar time accumulated since new (and accumulated since Overhaul if an Overhaul had previously been accomplished on the Landing Gear that suffered such Event of Loss), assuming such Landing Gear was of the value and utility and in the
condition and repair as required by the terms hereof immediately prior to the occurrence of such Event of Loss. 

(b) Lessor Inspection. Lessee shall identify to Lessor a candidate replacement landing gear and Lessor may inspect
such replacement landing gear, which shall include, at Lessor’s option, a records inspection, and the results of such inspection must be satisfactory to Lessor. 

(c) Replacement Subject to Lease. Upon acceptance by Lessor, any such replacement landing gear shall be deemed a
“Landing Gear”, as defined herein for all purposes hereunder. Lessee agrees to take such action and execute and deliver such documents, including, but not limited to a warranty bill of sale, a supplement hereto and legal opinions, as
Lessor may reasonably request in order that any such replacement landing gear shall be duly and properly titled in the name of Owner and leased hereunder to the same extent as any Landing Gear replaced thereby. 

20.6. Repairable Damage. 
 (a) In the event of repairable damage to any Item of Equipment for which insurance proceeds are paid or payable, subject to no Event of Default having occurred and continuing, all insurance proceeds which
may be paid or payable by the insurers of the Aircraft shall, subject to (x) receipt by Lessor of (A) a repair estimate acceptable to Lessor, (B) evidence of completion of such repair by an Approved Maintenance Organisation,
provided such evidence and the Approved Maintenance Organisation are acceptable to Lessor and (C) a true and correct copy of the adjuster’s claim report, and (y) receipt by Lessee and the insurers of Lessor’s prior written
approval for the release of such proceeds (such approval not to be unreasonably withheld), be paid to: 
 (i)
Lessee in respect of all loss or damage Lessee has made good (or caused to be made good), or 

  

					
		  	57	  	 ARTICLE 20
 LOSS AND DAMAGE TO THE AIRCRAFT
 AND ITEMS OF
EQUIPMENT

 (ii) the repairer for the cost of the completed repair works, or 

(iii) to the vendor of any new or replacement Item of Equipment for the cost of such new or replacement Item of Equipment;

 provided that Lessee shall have furnished to Lessor evidence satisfactory to Lessor, that the repairs have been fully
completed and that all invoices in relation thereto have been paid and all such repairs have been performed in accordance with the terms of this Lease. Any such insurance proceeds payable following the occurrence and during the continuation of an
Event of Default (or not otherwise applied in the manner described above) shall be applied in such manner as Lessor may direct, and any remainder shall be returned to Lessee following the complete cure of any such Event of Default. 

(b) In the event of repairable damage to any Item of Equipment for which insurance proceeds are paid or payable, if such
insurance proceeds paid in respect thereof are insufficient to pay the cost or estimated cost of making good or repairing such damage or the cost of purchasing a replacement engine, auxiliary power unit, landing gear or part if the same is beyond
economic repair, Lessee will pay the deficiency. 
 20.7. Documents Loss. Upon the occurrence of a Documents Loss under
circumstances in which there has not occurred an Event of Loss with respect to an Item of Equipment to which such Lost Documents relate, Lessee shall within thirty (30) days from the date of such loss notify Lessor in writing and thereafter
replace such Lost Documents (such replacement documents hereinafter “Reconstructed Documents”) by: 
 (a) obtaining copies of such Lost Documents from the Approved Maintenance Organisation that accomplished the maintenance covered by the respective Lost Documents, each such copy to be certified by the
Quality Assurance Department of the respective Approved Maintenance Organisation as to being a true copy of the respective Lost Document, or 
 (b) the re-accomplishment of Overhauls and Tasks specified in such Lost Documents as soon as reasonably possible, but in any event, before the earliest to occur of (x) sixty (60) days
following the Documents Loss, (y) the Scheduled Termination Date, and (z) the Termination Date. The Reconstructed Documents shall comply with all requirements for Required Approvals with respect to the Item of Equipment to
which such Lost Documents relate and shall be sufficient to document the then current maintenance status of the affected Items of Equipment. Lessor shall be entitled to inspect the Reconstructed Documents and the results of each such inspection must
be satisfactory to Lessor, acting reasonably. Upon acceptance by Lessor, such Reconstructed Documents shall be deemed Aircraft Documents as defined herein for all purposes hereunder. 

20.8. Application of Payments from Governmental Authorities. Payments received by Lessor, Owner or Lessee from any Governmental
Authority with respect to an Event of Loss resulting from the condemnation, confiscation or seizure of, or requisition of title to or use of the Aircraft or the Airframe, shall be retained by Lessor or Owner, if received by Lessor or Owner, or
promptly paid over to 

  

					
		  	58	  	 ARTICLE 20
 LOSS AND DAMAGE TO THE AIRCRAFT
 AND ITEMS OF
EQUIPMENT

 
Lessor, if received by Lessee, up to the Agreed Value (plus any amounts of unpaid Rent and any other amounts due to Lessor or Owner hereunder or under any other Operative Documents or any Related
Lease). At such time as Lessor or Owner has received such amounts in full, Lessor shall promptly remit (or cause Owner to promptly remit) the excess, if any, of such payments to Lessee. Payments received by Lessor, Owner or Lessee from any
Governmental Authority with respect to an Event of Loss resulting solely from the condemnation, confiscation or seizure of, or requisition of title to or use of any Engine shall be paid over to, or retained by, Lessee, provided that Lessee shall
have fully performed its obligations under this Article 20 with respect to such Engine. Payments received by Lessor, Owner or Lessee from any Governmental Authority with respect to a requisition of use during the Lease Term of the Aircraft, the
Airframe or any of the Engines, which requisition does not constitute an Event of Loss, shall, so long as no Default or Event of Default has occurred and is continuing, be paid to, or retained by Lessee, and any remainder shall be returned to Lessee
following the complete cure of any such Event of Default. 
 20.9. No Lessor Liability to Repair or Replace Following
Delivery. Lessor will not be liable for any expense in repairing or replacing any Item of Equipment or be liable to supply another aircraft or any item of equipment in lieu of the Aircraft or any Item of Equipment if the same is lost,
confiscated, damaged, destroyed or otherwise rendered unfit for use or required to produce or provide Reconstructed Documents. 

  

					
		  	59	  	 ARTICLE 20
 LOSS AND DAMAGE TO THE AIRCRAFT
 AND ITEMS OF
EQUIPMENT

	21.	TAXES; TAX INDEMNITY 

21.1. Indemnity. 
 (a) Indemnity. Except as provided in Section 21.1(b), Lessee shall pay (without duplication as among Lessor, Trust Company and Owner, to the extent that Trust Company, Lessor and Owner are, at
any given time, one and the same entity (whether in its individual capacity and/or as a trustee)), and shall indemnify and hold harmless each Indemnitee, for and against, all Taxes arising or resulting from or otherwise relating to any Item of
Equipment, any Operative Document, or any of the transactions and activities provided for or contemplated in, or permitted by, the Operative Documents, including without limitation, the purchase, ownership, delivery, leasing, subleasing,
wet-leasing, registration, possession, use, operation, landing, takeoff, storage, location, presence, maintenance, alteration, modification, improvement, servicing, repair, overhaul, pooling, interchange, exchange, substitution, replacement, loss,
return, sale or other disposition of, or any damage, addition or transfer of title to, any Item of Equipment or any interest therein, the execution, delivery, filing, registration, recording, presence, performance of, payment under or enforcement
of, or the cure of any default or the exercise of any remedy under, any Operative Document or any other documents executed from time to time pursuant to any Operative Document (regardless of how or when such Taxes are imposed or assessed, whether
imposed on or assessed against any Indemnitee, Lessee, any Item of Equipment, any Operative Document, any interest therein or any use thereof, or otherwise) and all costs and expenses (including, without limitation, reasonable attorneys fees and
disbursements) paid or incurred by any Indemnitee with respect to any Tax for which Lessee is required to indemnify such Indemnitee pursuant to this Article 21 (an “Indemnified Tax”) or in connection with the enforcement of
this Article 21. 
 (b) Excluded Taxes. Lessee shall have no obligation under Section 21.1(a) to
indemnify an Indemnitee for the following Taxes (each a “Non-Indemnified Tax”): 
 (i) any Tax
imposed on or measured by the total net income, receipts, capital, net worth, franchise of, or conduct of business by, such Indemnitee except to the extent that such Tax would not have been payable in the absence of (A) the registration, use,
presence or other connection of any Item of Equipment in or with, or any act or omission of Lessee or any Affiliate, agent, representative or contractor of Lessee or any Person using or having possession, custody or control of any Item of Equipment
in, the jurisdiction imposing such Tax, (B) the inaccuracy or breach of any of the representations, warranties, covenants or agreements of Lessee in the Operative Documents, or (C) an Event of Default, provided that the exclusion in this
clause (i) shall not apply to any Tax that is, or is in the nature of, a sales, use, rental, value added, goods and services, consumption, service, transaction privilege, stamp, documentary, transfer, license, excise, withholding or property
Tax; 
 (ii) any Tax imposed on or with respect to any sale or other transfer (x) by such Indemnitee of such
Indemnitee’s interest in the Aircraft pursuant to Section 25.2, or (y) by Owner Participant of the Beneficial Interest, provided that the exclusion in this clause (ii) shall not apply to any sale or transfer that occurs
(A) in connection with or as a result of a Default, an Event of Default, an Event of Loss, or any maintenance, repair, overhaul, pooling, interchange, exchange, removal, replacement, substitution, modification, improvement, or alteration of any
Item of Equipment, or (B) at Lessee’s request, or (C) pursuant to a requirement in any Operative Document or any applicable Law; or 

  

					
		  	60	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

 (iii) any Tax to the extent such Tax is caused by, and would not have been
incurred but for, any activities of an Indemnitee in the jurisdiction imposing such Tax that are unrelated to any Indemnitee’s dealings with Lessee or any Affiliate of Lessee, unrelated to the transactions contemplated in the Operative
Documents, unrelated to any Related Lease, and unrelated to use of the Aircraft (or any aircraft subject to a Related Lease) or any part thereof by Lessee or any Affiliate of Lessee or any agent, representative or contractor of Lessee or any Person
using or having possession, custody or control of any such Aircraft (or any such aircraft) or any part thereof; 

(iv) (a) any Tax to the extent imposed with respect to any event or period occurring before the date of this Agreement,
except that the exclusion in this subclause (iv)(A) shall not apply to any such Tax which arises from any act or omission of Lessee or any Affiliate of Lessee or any director, officer, employee, agent or representative of Lessee or any
Affiliate of Lessee; 
 (A) any Tax to the extent imposed with respect to any act or event or period of time
occurring after the Aircraft has been returned by Lessee to Lessor in full compliance with Article 22 and is no longer subject to this Lease, provided that the exclusion in this subclause (iv)(B) shall not apply to any Tax that
(1) relates to any act or event occurring or matter arising prior to or concurrently with the return of the Aircraft or (2) arises from or in connection with (x) an Event of Default or (y) any payment by or on account of any
obligation of Lessee under the Operative Documents to which it is a party; or 
 (B) the performance of any
other obligation of Lessee under the Operative Documents to which it is a party; 
 (v) any penalty, fine,
addition to tax or interest imposed on such Indemnitee to the extent that such penalty, fine, addition to tax or interest is caused by, and would not have been payable but for: 

(A) the failure by such Indemnitee to file any Tax return which such Indemnitee is required by applicable Law to file
with respect to any Indemnified Tax before the time such penalty, fine, addition to tax or interest (as the case may be) accrued with respect to such Tax return, or 

(B) the failure by such Indemnitee to pay any Tax which such Indemnitee is required by applicable Law to pay before the
time such penalty, fine, addition to tax or interest (as the case may be) accrued with respect to such Tax payment, 
 unless (in
each case) such failure is a result of: 
 (U) a failure by Lessee to provide as soon as reasonably practicable
(and in any event within 60 days) after receipt of such Indemnitee’s request therefor, any information or documents that are reasonably requested by such Indemnitee and are in the possession or reasonable control of Lessee or any Affiliate of
Lessee or any Person using or having possession, custody or control of the Aircraft or any part thereof, or 

  

					
		  	61	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

 (V) the willful misconduct or gross negligence of Lessee or any Affiliate
of Lessee or any Person using or having possession, custody or control of the Aircraft or any part thereof, or 

(W) a failure by Lessee to perform any of its obligations under this Lease, or 

(X) an Event of Default, or 
 (Y) any circumstances beyond such Indemnitee’s reasonable control in any jurisdiction (other than the jurisdiction under the Laws of which such Indemnitee is incorporated or otherwise created and any
jurisdiction in which an office or other fixed place of business of such Indemnitee is located) in which (1) any Item of Equipment is registered or used and (2) such Tax return is required to be filed or such Tax payment is required to be
paid, or 
 (Z) any combination of the foregoing; 

(vi) any Tax to the extent that such Tax would not have been payable but for a breach by such Indemnitee of any obligation
of such Indemnitee under Section 21.3 or 21.4 hereof; 
 (vii) any Tax imposed on an Indemnitee to the
extent such Tax is caused directly by, and would not have been incurred but for (A) the gross negligence or willful misconduct of any Indemnitee or (B) the inaccuracy or breach of any representation, warranty, covenant or agreement of such
Indemnitee in this Lease or (C) the existence or enforcement of a Lessor’s Lien; 
 (viii) in the case
of a Person that becomes the Lessor or Owner Participant after the Delivery Date by acquiring its interest in the Aircraft and the Lease by sale, assignment or other transfer from a prior Lessor pursuant to Section 25.2, Taxes if and to the
extent that the aggregate amount of such Taxes exceeds the aggregate amount of Taxes that would have been imposed on or payable by the transferor Lessor or Owner Participant and for which Lessee would have been required to indemnify the transferor
Lessor or Owner Participant pursuant to this Article 21, determined under applicable Laws in effect on the effective date of the transfer by the transferor Lessor or Owner Participant to the transferee Lessor or Owner Participant (the
“Transfer Date”) (or enacted prior to the Transfer Date and effective from and after the first anniversary of the Transfer Date if as of the Transfer Date the effect of such Laws on Lessee can be reasonably determined), provided that the
exclusion in this clause (viii) shall not apply to a transferee Lessor or Owner Participant that acquires its interest in the Aircraft pursuant to a transfer that occurs (A) in connection with or as a result of an Event of Default or
(B) at Lessee’s request or (C) pursuant to a requirement in any Operative Document or any applicable Law and (for the avoidance of doubt) shall not apply to any Tax to the extent incurred or increased as a result of a change in any
Law after the effective date of the transfer by the transferor Lessor or Owner Participant to the transferee Lessor or Owner Participant; 
 (ix) any Tax imposed on an Indemnitee to the extent that such Tax would not have been imposed but for an amendment to any Operative Document to which Lessee is not a party without the prior written
consent of Lessee, unless such amendment occurs in connection with and during the continuance of an Event of Default or is required by applicable Law or is required by any Operative Document. 

  

					
		  	62	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

 For the avoidance of doubt and to the extent that Trust Company, Lessor and Owner are, at
any given time, one and the same entity (whether in its individual capacity and/or as a trustee), any act or omission of the Trust Company, Lessor or Owner giving rise to an Excluded Tax shall be deemed an act or omission of any and/or all three of
such Indemnitees such that the act or omission of any one of such Indemnitees shall be imputed to all three such Indemnitees. 
 (c) No Reduction for Withholding. Lessee agrees that all amounts payable by Lessee (or by any other Person on account of any obligation of Lessee) pursuant to the Operative Documents shall be paid
without any deduction or withholding on account of any Taxes, monetary transfer fees, or other charges or withholdings of any nature, except to the extent that the deduction or withholding of any Tax is required by applicable Law, in which event
Lessee shall (i) pay to the Person entitled to receive such payment (the “Payee”) such additional amount as is necessary so that the Payee receives, after such deduction or withholding (including any withholding with respect to
such additional amount), an amount equal to the amount that the Payee would have received if such deduction or withholding had not been made and (ii) deliver to Lessor within sixty (60) days after the date of such payment an official
receipt of the relevant taxing authority (or, if an official receipt is not obtainable, other documentary evidence satisfactory to Lessor) showing that Lessee paid to such taxing authority the full amount of the Tax required to be deducted or
withheld. If Lessee pays any additional amount to Lessor pursuant to clause (i) of the preceding sentence for any withholding Tax that is an Excluded Tax, then Lessor shall repay such additional amount to Lessee within thirty (30) days
after receipt of Lessee’s written request therefor accompanied by the official receipt or other evidence of payment described in clause (ii) of the preceding sentence and a written statement describing in reasonable detail the reason that
such withholding Tax is an Excluded Tax. 
 21.2. VAT. 

(a) All amounts payable by Lessee pursuant to the Operative Documents are exclusive of VAT. Lessor and Lessee acknowledge
and agree that any VAT that is required by any applicable Law to be paid with respect to any of the transactions, activities or payments contemplated in the Operative Documents is a Tax to which the provisions of this Article 21 apply.

 (b) If requested by Lessor, Lessee shall deliver to Lessor on the Delivery Date and, thereafter, within thirty
(30) days after receipt of Lessor’s written request made not more than annually during the Lease Term, the following documents to enable Lessor to comply with applicable Laws relating to VAT: 

(i) a certificate of an officer of Lessee regarding use of aircraft, in form and substance satisfactory to Lessor, and/or

 (ii) an Irish Revenue Form VAT 60B (or applicable successor form) with respect to this Lease. 

  

					
		  	63	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

 21.3. Lessor Tax Certificates. Prior to the first payment of Basic Rent hereunder,
and thereafter as soon as reasonably practicable after receipt of Lessee’s written request therefor (but not more frequently than once within any 12-month period): 

(i) in the case of the Person that is Lessor on the date hereof, Lessor will deliver to Lessee a certificate or other
document issued by the appropriate tax authority confirming that Lessor is a resident of Ireland for the purposes of taxation or, if such a certificate or other document is not then reasonably obtainable, equivalent official evidence of the status
of Lessor as a resident of Ireland for the purposes of taxation; or 
 (ii) in the case of a Person that acquires
its interest in this Lease and the Aircraft by transfer from a prior Lessor, such Lessor will deliver to Lessee a certificate or other document issued by the appropriate tax authority of the country in which the principal place of business of such
Lessor is located confirming that such Lessor is a resident of such country for the purposes of taxation or, if such a certificate or other document is not then reasonably obtainable, equivalent official evidence of the status of such Lessor as a
resident of such country for the purposes of taxation. 
 21.4. Withholding Tax Exemption Certificates. Each Indemnitee
will deliver to Lessee, as soon as reasonably practicable after receipt of Lessees written request therefor (accompanied by a copy of each requested document, any published instructions for such document, and an English translation of each such
document and instruction that is not in English) such forms, certifications, and other documents as (i) such Indemnitee is entitled under applicable Law to execute or obtain and (ii) are required by applicable Law to permit Lessee to make
any payment to or for the account of such Indemnitee pursuant to this Lease without withholding (or withholding at a reduced rate, as the case may be) any withholding Tax that Lessee would be required by any applicable Law to withhold in the absence
of such document, provided that in the case of any such document that must be executed or endorsed by any Governmental Authority or other taxing authority, the failure of such Indemnitee or Lessee to receive such document from such
Governmental Authority or other taxing authority within a reasonable time shall not be deemed to be a failure to comply with this Section 21.4 so long as such Indemnitee is using commercially reasonable efforts to obtain such document, and
provided, further, that no Indemnitee shall have any obligation to deliver any document requested by Lessee pursuant to this Section 21.4 if such Indemnitee determines in good faith that delivering such document would result in a risk that any
Indemnitee could incur a liability, loss, cost or expense for which Lessee is not required by any Operative Document to indemnify such Indemnitee unless Lessee delivers to such Indemnitee a written undertaking to indemnify such Indemnitee on an
After-Tax Basis for any such liability, loss, cost or expense in a manner reasonably satisfactory to such Indemnitee. 
 21.5.
Tax Filings; Information. 
 (a) Unless otherwise directed or agreed in writing by Lessor, Lessee shall
properly prepare and timely file all reports, returns, declarations and other documents (each a “Tax Document”) that are required by applicable Law to be filed with any Governmental Authority or other taxing authority with respect
to each Indemnified Tax. 
 (b) Lessee shall (i) deliver to Lessor within thirty (30) days after
receipt of Lessor’s written request, a certificate of an officer of Lessee, in form and substance satisfactory to Lessor, demonstrating compliance with Lessee’s covenants in Section 11.6 during the period or periods specified in
Lessor’s written request, and (ii) deliver to each Indemnitee as soon as reasonably practicable (and in any event within thirty (30) days) after receipt of such Indemnitee’s written request therefor, such information and copies
of such records and other documents (including, without limitation, the flight log for the Aircraft) maintained or required to be maintained by Lessee or by any other user of any Item of Equipment in the regular course of its business as such
Indemnitee may request from time to time to enable such Indemnitee to comply with applicable Tax reporting, audit, audit dispute resolution, and litigation requirements, and if requested by any Indemnitee, make such information, records and other
documents available for inspection by such Indemnitee or its authorised representatives. 

  

					
		  	64	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

 21.6. Payment of Taxes and Indemnities. 

(a) To the extent required or permitted by applicable Law, Lessee shall pay each Indemnified Tax when due directly to the
proper taxing authority, unless otherwise directed or agreed in writing by Lessor. 
 (b) Any indemnity payable
by Lessee to an Indemnitee shall be paid within ten (10) days after the date on which Lessee receives such Indemnitee’s written demand therefor (which demand shall provide a description in reasonable detail of the applicable Indemnified
Taxes and the calculation of the amount of the indemnity payment demanded). 
 (c) All amounts payable by Lessee
pursuant to this Article 21 shall be paid on an After-Tax Basis. 
 21.7. Contest. 

(a) If any Indemnitee receives a written claim from any taxing authority for any Indemnified Tax (a “Tax
Claim”), such Indemnitee shall give Lessee written notice of such Tax Claim within fifteen (15) Business Days after such Indemnitee receives such Tax Claim. 

(b) If reasonably requested by Lessee in a written notice delivered to such Indemnitee within thirty (30) days after
the date on which such Indemnitee gives the notice required by Section 21.7(a) with respect to a Tax Claim, and if the conditions described in Section 21.7(c) are satisfied and continue to be satisfied at all times during the contest, such
Indemnitee shall contest such Tax Claim (or, at the option of such Indemnitee, may permit Lessee to contest such Tax Claim in the name of Lessee or in the name of such Indemnitee), in each case at Lessee’s expense, in accordance with applicable
Law, and in a manner determined and controlled by the party that is conducting such contest (for example, by contesting the validity, applicability or amount of the Indemnified Taxes that are the subject of such Tax Claim by resisting payment of
such Indemnified Taxes, or by paying such Indemnified Taxes under protest if protest is necessary and proper, or by paying such Indemnified Taxes and using reasonable efforts to obtain a refund thereof), and such Indemnitee shall not settle or
compromise such Tax Claim or refrain from taking any allowable appeal from any adverse administrative or judicial determination with respect to such Tax Claim without the prior written consent of Lessee (which consent shall not be unreasonably
withheld), provided that such Indemnitee shall have the right to refuse to begin or continue (or to permit Lessee to begin or continue) the contest of any or all of the Indemnified Taxes that are the subject of such Tax Claim if such Indemnitee
(x) waives in writing its right under this Article 21 to be indemnified for the Indemnified Taxes which such Indemnitee declines to contest and (y) repays to Lessee the amount (if any) which Lessee previously advanced to such
Indemnitee in accordance with Section 21.7(c)(iv) with respect to the Indemnified Taxes that such Indemnitee declines to contest. Any request by Lessee to contest a Tax Claim pursuant to this Section 21.7 shall constitute an acknowledgment
and agreement by Lessee that the Taxes which are the subject of such Tax Claim are Indemnified Taxes and that Lessee shall pay on demand and on an After-Tax Basis all costs and expenses paid or incurred by such Indemnitee in connection with the
conduct of such contest (including, without limitation, reasonable attorneys’ and accountants’ fees and disbursements). 

  

					
		  	65	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

 (c) An Indemnitee shall have no obligation to begin or continue (or to
permit Lessee to begin or continue) to contest any Tax Claim pursuant to this Section 21.7 unless all of the following conditions are satisfied at the time such contest is to be commenced and at all times during the contest: 

(i) no Event of Default (or Default consisting of an occurrence of any event described in Section 23(a), (m), or
(n) hereof which has not yet become an Event of Default) shall have occurred and be continuing; 
 (ii)
contesting such Tax Claim would not, in the opinion of Lessor, result in any material reputational risk for any Indemnitee, any risk of criminal or civil penalty, or any reasonable possibility of any sale, forfeiture, confiscation, seizure or loss
of, or the imposition of a Lien (other than a Lien for the Tax that is the subject of such contest provided that enforcement of such Lien is stayed until the final determination of such contest and Lessee maintains adequate reserves with respect to
such Lien in accordance with International Accounting Principles) on any Item of Equipment or any interest therein; 
 (iii) the amount of the Indemnified Tax that is the subject of such Tax Claim exceeds ***** (or its equivalent in any other currency) or, if the Indemnified Tax that is the subject of such Tax Claim is a
recurring Tax, the sum of (A) the amount of the Indemnified Tax that is the subject of such Tax Claim plus (B) the aggregate amount of the Indemnified Taxes that would be required to be paid in all subsequent years during the remainder of
the Term if the Tax Claim is not contested exceeds ***** (or its equivalent in any other currency); 
 (iv) if
such Indemnitee decides to contest such Tax Claim by paying the Indemnified Tax that is the subject of such Tax Claim and taking action to obtain a refund thereof, Lessee shall have made an interest-free advance to such Indemnitee in an amount equal
to the amount of the Indemnified Tax and shall have delivered to such Indemnitee a written undertaking to indemnify such Indemnitee and its Affiliates for any adverse Tax consequences to such Indemnitee or any of its Affiliates resulting from such
interest-free advance; 
 (v) Lessee shall be paying, on demand and on an After-Tax Basis, all costs and expenses
paid or incurred by such Indemnitee in connection with the conduct of such contest (including, without limitation, reasonable attorneys’ and accountants’ fees and disbursements); 

(vi) If requested by such Indemnitee, Lessee shall have delivered to such Indemnitee, at Lessee’s expense, a written
opinion of independent tax counsel selected by such Indemnitee and reasonably acceptable to Lessee and having expertise with respect to the Tax that is the subject of the Tax Claim to the effect that it is more likely than not that the requested
contest of such Tax Claim will be successful; and 
 (vii) if the sum of the Indemnified Taxes that are the
subject of such Tax Claim exceeds *****, Lessee shall have delivered to such Indemnitee (or, if required by applicable Law, to the court in which the proceeding contesting such Tax Claim is to be conducted) a letter of credit, surety bond or other
collateral in form, substance and amount satisfactory to such Indemnitee, in its 

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

  

					
		  	66	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

 
sole discretion (exercised reasonably and in good faith), to secure the obligations of Lessee under this Article 21 with respect to the Indemnified Taxes that are the subject of such Tax
Claim unless Lessee shall have paid, or shall have advanced pursuant to Section 21.7(c)(iv) funds to pay, such Tax Claim. 
 (d) If and to the extent that an Indemnitee determines in good faith (i) that it has actually realized a reduction in its current liability for an Excluded Tax (a “Tax Saving”), as a
result of any deduction, Tax credit or other Tax benefit for any Indemnified Tax which Lessee has paid to the appropriate taxing authority or for which Lessee has paid an indemnity to such Indemnitee pursuant to Section 21.1, or (ii) that
it has actually received a refund (in cash or as an offset against any liability of such Indemnitee for an Excluded Tax) (a “Refund”) of any Indemnified Tax paid by Lessee to the appropriate taxing authority or for which Lessee has
paid an indemnity to such Indemnitee pursuant to Section 21.1, then provided that such Indemnitee may do so without adversely affecting its right to retain such Tax Saving or Refund and provided that no Event of Default (or Default consisting
of the occurrence of any event described in Section 23(a), (m), or (n) hereof which has not yet become an Event of Default) has occurred and is continuing, such Indemnitee shall pay to Lessee an amount equal to the sum of: 

 

	 	(1)	the lesser of (x) the amount of such Tax Saving or Refund (as the case may be) minus the net amount of all Taxes payable by such Indemnitee with respect to the
receipt or accrual of such Refund or Tax Saving, or (y) the amount of the Indemnified Tax or indemnity payment previously paid by Lessee with respect to such Indemnified Tax, plus 

 

	 	(2)	the amount of interest (if any) received by such Indemnitee on such Refund minus the net amount of all Taxes payable by such Indemnitee with respect to the receipt or
accrual of such interest, provided that such Indemnitee shall not thereby be in a less favorable position than it would have been in if the Indemnified Tax had not been paid or incurred. A written statement of such Indemnitee as to the availability
and/or amount of such Tax Saving or Refund and interest shall be final and conclusive, except for any manifest error. 

 (e) Each Indemnitee shall provide as soon as reasonably practicable after receipt of Lessee’s written request therefor, any information or documents that are reasonably requested by Lessee and are in
the possession or reasonable control of such Indemnitee and which are necessary to enable Lessee to contest any Tax pursuant to this Section 21.7, provided, however, that no Indemnitee shall have any obligation to make available, disclose or
deliver to Lessee or any other Person (i) any return, report, declaration, opinion or other document or information relating solely to one or more Excluded Taxes or (ii) in the case of any return, report, declaration or other document or
information that relates to one or more Excluded Taxes and to one or more Indemnified Taxes, the portion of such return, report, declaration, opinion or other document or information that relates to Excluded Taxes. 

(f) Any additional Tax that is imposed on an Indemnitee as a result of the disallowance, loss, unavailability, recapture,
or reduction of any Tax Saving or Refund for which any Indemnitee made a payment to Lessee pursuant to Section 21.7(d) shall be treated as an Indemnified Tax for which Lessee is required to indemnify such Indemnitee pursuant to
Section 21.1, without regard to the exclusions in Section 21.1(b) and without regard to the contest provisions of Sections 21.7(a) and 21.7(b). 

 

  

					
		  	67	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

 21.8. Survival. The respective obligations of Lessee and Lessor under this
Article 21 shall remain in full force and effect, notwithstanding the occurrence of the Termination Date. 
 21.9.
Change in Circumstances; Mitigation. If Lessee incurs an indemnity liability under Section 21.1(a) or 21.1(c) or if it becomes reasonably foreseeable that Lessee would (but for this Section 21.9) incur an indemnity liability under
Section 21.1(a) or 21.1(c), then if requested by Lessee in writing, Lessor shall consult with Lessee in good faith with a view to restructuring the transactions contemplated in this Lease so that the indemnity liability can be avoided or
minimized, provided that no Indemnitee shall have any obligation to take any action pursuant to this Section 21.9 if such Indemnitee determines in good faith that taking such action may result in a material economic, legal or regulatory
disadvantage to such Indemnitee or any material reputational risk for such Indemnitee. Lessee shall pay the costs and expenses incurred by Lessor or any other Indemnitee (as invoiced by Lessor or such other Indemnitee to Lessee and supported by
evidence of such cost reasonably acceptable to Lessee), in connection with the consideration, negotiation, documentation, or closing of any restructuring requested by Lessee pursuant to this Section 21.9. 

  

					
		  	68	  	 ARTICLE 21
 TAXES; TAX INDEMNITY

	22.	RETURN OF AIRCRAFT 

 22.1.
Time and Place. On the Scheduled Termination Date (or, if applicable, the Termination Date if such date is different than the Scheduled Termination Date) and unless the Aircraft has suffered an Event of Loss, Lessee, at its own expense, shall
return the Aircraft to Lessor at the Redelivery Location. Lessor and Lessee shall evidence Lessor’s acceptance of Return of the Aircraft, and any exceptions thereto, by executing a Return Acceptance Certificate. Unless a Default or an Event of
Default shall have occurred and be continuing or unless this Lease shall have been cancelled by Lessor pursuant to Article 24, upon such execution and delivery, this Lease shall terminate, with neither party hereto having any further liability
to the other hereunder except for those Obligations which specifically survive the expiration, cancellation or termination of this Lease or as are otherwise reserved in accordance with such Return Acceptance Certificate. If an Event of Default
occurs by Lessee failing to complete Return on the Scheduled Termination Date or if an Event of Default occurs prior to or after the Scheduled Termination Date and Lessor exercises its remedy to thereafter repossess the Aircraft, Lessee is
nonetheless obligated to comply, and to have the Aircraft comply, with the return requirements set forth in this Article 22 on the date of actual Return or repossession by Lessor. 

22.2. Condition. Upon return of the Aircraft pursuant to Section 22.1, Lessee shall comply with the requirements of
Appendix 2E and shall return the Aircraft in a condition in compliance with the provisions of this Lease, including this Article 22 and Appendix 2E. 
 22.3. Lessee’s Continuing Obligations. 
 (a) If Lessee
shall, for any reason whatsoever, fail to return the Aircraft in a timely manner in the condition specified in this Lease, the Obligations of Lessee shall continue and the Lease Term shall be deemed to be extended, day-to-day, until Return of the
Aircraft; provided that this paragraph shall not be construed as permitting Lessee to fail to meet its Obligation to return the Aircraft in accordance with the requirements of this Lease and shall not constitute a waiver by Lessor of any Default or
Event of Default arising out of such failure or prejudice the rights of Lessor under Article 24 with respect thereto. 
 (b) If the Aircraft is not returned to Lessor in accordance with this Lease on the Scheduled Termination Date: 

(i) with effect from and including the Scheduled Termination Date, Fixed Rent shall continue to be
payable at the daily rate of one-thirtieth (1/30) of the Fixed Rent otherwise payable hereunder; and with effect from and including the fifteenth (15th) day following the Scheduled Termination Date, Fixed Rent shall be payable at the daily rate of one-twentieth
(1/20) of the Fixed Rent otherwise payable hereunder; and with effect from and including the thirtieth
(30th) day following the Scheduled Termination Date,
Fixed Rent shall thereafter be payable at the daily rate of one-fifteenth (1/15) of the Fixed Rent otherwise payable hereunder; and 
 (ii) payments in respect of Maintenance Reserves shall continue to be payable and, with respect to Maintenance Reserves paid on a monthly basis, prorated on a daily basis based on a month consisting of
thirty (30) days; 
 each of which amounts shall be paid by Lessee at the earlier to occur of each next Fixed Rent Payment
Date and Return. Notwithstanding the foregoing, in the event Lessee is unable to return the Aircraft to Lessor in accordance with this Lease on the Scheduled Termination Date primarily as a result of any act or omission of Lessor or any Person
lawfully claiming by or through Lessor, Lessee’s continuing Fixed Rent payment obligations as set forth in sub-section (i) shall not apply. 

  

					
		  	69	  	 ARTICLE 22
 RETURN OF AIRCRAFT

 (c) Lessor may elect, in its sole and absolute discretion and without
prejudice to its rights under this Lease, to accept the return of the Aircraft prior to the Aircraft being put in the condition required by this Article 22 and thereafter have any such non-conformance corrected at such time as Lessor may deem
appropriate and at commercial rates then charged by the Person selected by Lessor to accomplish such correction. Any direct, documented, out-of-pocket expenses incurred by Lessor for such correction will become Supplemental Rent payable by Lessee on
demand following the submission of a written statement by Lessor to Lessee, identifying the items corrected and setting forth the expense of such corrections in reasonable detail. Lessee’s Obligation to pay such Supplemental Rent will survive
the Termination Date and until such time that the Aircraft is put into the condition required for Return and Lessee’s remaining Obligations due for performance on the Termination Date have been performed in full. 

22.4. Legal Status Upon Return. At Return, the Aircraft shall be: 

(a) free and clear of all Liens, except Lessor’s Liens; and 

(b) duly registered in the name of Lessee, as lessee, and evidencing the ownership interest of Owner to the extent
permitted under the Law of the State of Registration of the Aircraft. 
 At Return, Lessee shall, at its own cost and expense, procure or
cooperate with Lessor in procuring the immediate deregistration of the Aircraft from the Register (including, without limitation, execution and delivery by Lessee of such documents as may be required to de-register the Aircraft from the Register and
to terminate the Lease or to evidence the expiration, termination or cancellation of the Lease). 
 22.5. Airport and
Navigation Charges. Lessee shall ensure that upon Return any and all airport, navigation and other similar charges in connection with the use and operation of the Aircraft or any other aircraft operated by or in Lessee’s fleet of aircraft
which give rise or would if unpaid give rise to any Lien in relation to the Aircraft or any Item of Equipment have been paid and discharged in full and will at Lessor’s written request produce reasonable evidence thereof reasonably satisfactory
to Lessor. 

  

					
		  	70	  	 ARTICLE 22
 RETURN OF AIRCRAFT

	23.	EVENTS OF DEFAULT 

 Any
one or more of the following events shall constitute an “Event of Default” under this Lease: 

(a) Lessee shall fail to make any payment of Rent or in respect of Maintenance Reserves when due hereunder and such
failure shall continue for five (5) Business Days; or 
 (b) Lessee shall fail to procure and maintain the
Insurances, or Lessee shall operate the Aircraft at a time when or in a place where such Insurances shall not be in effect or otherwise outside the scope of coverage of the Insurances or Lessee fails to comply with the provisions of
Sections 11.5 (Compliance with Laws) or 17.1 (Registration); or 
 (c) Lessee shall fail to timely comply
with the provisions of Article 4 (Security Deposit); or 
 (d) Lessee shall fail to timely comply with its
Obligation to accept delivery of the Aircraft when validly tendered by Lessor hereunder, or Lessee fails in any material respect to satisfy the conditions precedent for Delivery under Article 7 hereof; or 

(e) Lessee shall fail to timely comply with its Obligation to complete Return of the Aircraft to Lessor on the Scheduled
Termination Date or, if applicable, the Relevant Date as defined in Section 27.1(b) and such failure is not primarily attributable to any act or omission of Lessor or any Person lawfully claiming by or through Lessor; provided that so long as
Lessee is diligently endeavoring to return the Aircraft to Lessor in accordance with the provisions of this Lease, the time for compliance shall be extended for a period of up to fifteen (15) days from the Scheduled Termination Date or the
Relevant Date, as the case may be; or 
 (f) Lessee (i) voluntarily suspends substantially all of its
airline operations or the franchises, concessions, permits, rights or privileges required for the conduct of the business and operations of Lessee are revoked, cancelled or otherwise terminated or the free and continued use and exercise thereof
curtailed or prevented, and as a result of any of the foregoing the preponderant business activity of Lessee shall cease to be that of a commercial airline, or (ii) ceases to be a commercial air carrier or ceases to hold its current air
operator’s certificate (or equivalent); or 
 (g) Any representation or warranty made by Lessee herein or in
any document or certificate furnished to Lessor in connection herewith or pursuant hereto shall prove to have been incorrect in any material respect when made, and if capable of cure, is not cured within thirty (30) days of receipt of notice of
the same; or 
 (h) The occurrence of a Related Lease Event of Default or an event of default (as defined
therein) or material breach of any obligation under any Operative Document, which event of default or material breach is not cured within any applicable cure period set forth therein; 

(i) Lessee shall at any time fail to maintain the Items of Equipment in accordance with the provisions of this Lease or to
promptly correct any discrepancy which renders the Aircraft or any Item of Equipment unairworthy so that a current and valid certificate of airworthiness and continuing authority to operate the Aircraft in commercial revenue service by the
Aeronautics Authority cannot be or is not maintained for the Aircraft; provided, however, that it shall not be deemed to be an Event of Default if all Airbus A319 series aircraft are the subject of a grounding order issued by the Aeronautics
Authority or the EASA, unless Lessee fails to comply with any instructions to correct the reason(s) for such grounding 

  

					
		  	71	  	 ARTICLE 23
 EVENTS OF DEFAULT

 
order promptly following the issuance thereof or fails to make diligent efforts to obtain any necessary parts required for such correction, but giving due regard to the management of such
corrections on a fleet-wide basis; or 
 (j) This Lease, any Related Lease or any assignment for security of any
Permitted Sublease shall cease to be a valid and enforceable agreement and in full force and effect for any reason due to any action or inaction of Lessee in breach of its obligations hereunder or Lessee otherwise repudiates the same; or 

(k) Lessee shall fail to comply with its obligations pursuant to Sections 12.12(a) (Installation of other Engines),
17.5 (Perfection of Title), 17.6 (Cape Town Convention) or 17.7 (Permitted Liens) and such failure shall continue for a period of five (5) Business Days after notice thereof is given by Lessor to Lessee; or 

(l) Lessee shall fail to perform or observe in any material respect any other of the covenants, conditions, or agreements
to be performed or observed by it hereunder and such failure shall continue for a period in excess of thirty (30) days after written notice thereof is given by Lessor to Lessee of such failure; or 

(m) Attachments or other Liens shall be issued or entered against substantially all of the property of Lessee and shall
remain undischarged or unbonded for thirty (30) days except for security interests created in connection with monies borrowed or obligations agreed to by Lessee in the ordinary course of its business; or 

(n) (i) Lessee shall commence any case, proceeding or other action (A) under any existing or future Law relating to
bankruptcy, insolvency, examinership, administration, reorganisation or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganisation,
arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, or other similar official for it or for all or any
substantial part of its assets, or Lessee shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Lessee any case, proceeding or other action of a nature referred to in clause (i) above
which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be commenced against Lessee
any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not
have been vacated, discharged, stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) Lessee shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
acts set forth in clause (i), (ii), or (iii) above; or (v) Lessee shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due. 

Lessee hereby acknowledges that the occurrence of any one of the foregoing Events of Default would represent a material default in the
performance of its Obligations. 

  

					
		  	72	  	 ARTICLE 23
 EVENTS OF DEFAULT

	24.	LESSOR’S RIGHTS AND REMEDIES FOLLOWING AN EVENT OF DEFAULT 

 24.1. Lessor’s Rights Following an Event of Default. At any time after the occurrence and continuation of an Event of Default Lessor may treat such event as a repudiation by Lessee of the
Lease generally and of its Obligations and may: 
 (a) in the event of the occurrence and continuation of an
Event of Default before Delivery, by notice to Lessee terminate its obligation to lease the Aircraft to Lessee hereunder; and/or 
 (b) proceed by appropriate court action to enforce performance by Lessee of the applicable covenants and provisions of this Lease or the other Operative Documents or to recover damages for the breach
thereof; and/or 
 (c) by notice to Lessee, (i) require the grounding of the Aircraft and or
(ii) cancel this Lease on and as of the date specified in such notice and (without further notice to Lessee) retake possession of the Aircraft, and Lessee agrees that Lessor may by its agents or representatives for this purpose enter upon
Lessee’s premises where the Aircraft may be located or cause the same to be redelivered to Lessor, and Lessor shall be entitled to act as attorney for Lessee in causing such redelivery or in directing pilots to fly the Aircraft to said airport
for redelivery thereof to Lessor and shall have all the powers and authorisations legally necessary for taking such action (at Lessor’s election); and/or 
 (d) do anything that may be required to cure the Event of Default (notwithstanding Lessor having no obligation or responsibility to do so and without prejudice to Lessor’s right to treat any such
non-compliance by Lessee as an Event of Default under this Lease) and recover from Lessee all costs and expenses incurred in doing so; and/or 
 (e) with or without taking possession thereof, sell all the Aircraft or any Item of Equipment at public or private sale, with or without advertisement, for cash or upon credit, or otherwise dispose of,
hold, use, operate, lease to others or keep idle the Aircraft or any Item of Equipment as Lessor in its sole discretion may determine appropriate, all free and clear of any rights of Lessee and without any duty to account to Lessee with respect to
such action or inaction or for any proceeds thereof, all in such manner and on such terms as Lessor considers appropriate in its absolute discretion, as if this Lease had never been entered into; and/or 

(f) require Lessee to pay to Lessor all amounts due and payable by Lessee to Lessor and/or any Indemnitee under the
Operative Documents to which it is a party as of the date of termination or cancellation of this Lease; and/or 

(g) require Lessee to pay to Lessor on demand and to indemnify Lessor for, from and against all damages, costs, fees,
disbursements and expenses incurred or recoverable (pursuant to Article 2A (Uniform Commercial Code – Leases) or other applicable Law) by Lessor or in connection with such Event of Default, including, but not limited to: 

(i) all losses, including lost profits (calculated on an After-Tax Basis) suffered by Lessor because of Lessor’s
inability to place the Aircraft on lease with another lessee or inability to place the Aircraft on lease with another lessee on terms as 

  

					
		  	73	  	 ARTICLE 24
 LESSOR’S RIGHTS AND REMEDIES

FOLLOWING AN EVENT OF DEFAULT

 
favourable to Lessor as this Lease and the other Operative Documents or because whatever use, if any, to which Lessor is able to put the Aircraft upon its return to Lessor, or the amount received
by Lessor upon a sale or other disposal of the Aircraft, is not as profitable to Lessor as leasing the Aircraft in accordance with the terms of this Lease and the other Operative Documents would have been, including, in each case, but without
duplication, lost Rent payments during any remarketing period or during any period in which the Aircraft is placed in storage and which have not otherwise been paid by Lessee (and, without duplication, taking into account any expenses incurred by
Lessor in remarketing the Aircraft and/or in modifying or reconfiguring the Aircraft to meet the requirements of an alternative lessee); and 
 (ii) interest at the Past Due Rate on (A) any amounts due and payable by Lessee under this Lease, but not paid, and (B) any judgment against Lessee in respect of or related to this Lease or any
other Operative Document issued by a court of competent authority until the same are paid in full; and 
 (iii)
without duplication of any of the foregoing, any loss, cost, expense or liability sustained or incurred by Lessor owing to Lessee’s failure to redeliver the Aircraft on the date, at the place and in the condition required by this Lease,
including any costs, fees, disbursements and expenses incurred in (A) repossessing, storing, preserving, shipping, maintaining, repairing and refurbishing any Item of Equipment to the condition required by this Lease and (B) preparing any
Item of Equipment for sale or lease, advertising the sale or lease of any such Items and selling or re-leasing the same; and 
 (iv) reasonable legal fees and other costs and expenses incurred by reason of the occurrence of any Default or Event of Default or the exercise of Lessor’s remedies with respect thereto; and/or

 (h) without duplication of any of the foregoing, require Lessee to indemnify each Indemnitee on demand against
any expense which such Indemnitee may sustain or incur as a result or consequence of such Event of Default, including (but not limited to) any loss, premium, penalty or expense which may be incurred in repaying funds raised to finance the Aircraft
or any Item of Equipment or in unwinding any swap, forward interest rate agreement or other financial instrument relating in whole or in part to any financings by Lessor or Owner in connection with this Lease, any Operative Document, any Item of
Equipment or any rights thereunder or in connection therewith (including any interest, fees, penalties, breakage costs or other sums whatsoever paid or payable on account of funds borrowed, including funds borrowed in order to carry any unpaid Rent,
any unpaid amount in respect of Maintenance Reserves, or other Obligations); and/or 
 (i) apply and/or set off
against any Obligations and Lessor’s costs, damages, expenses and disbursements incurred in connection with such Event of Default, at Lessor’s discretion, all amounts paid to Lessor in respect of Maintenance Reserves or Security Deposit
pursuant to this Lease, as well as any other amounts paid by Lessee under any Operative Document and Related Lease; and/or 
 (j) require Lessee to redeliver possession of the Aircraft to Lessor at the Redelivery Location (or such other location as Lessor may require); and/or 

  

					
		  	74	  	 ARTICLE 24
 LESSOR’S RIGHTS AND REMEDIES

FOLLOWING AN EVENT OF DEFAULT

 (k) exercise any of the rights, and avail itself of any of the remedies,
provided by Article 2A (Uniform Commercial Code—Leases) and, to the extent applicable, Article 9 (Uniform Commercial Code—Secured Transactions) of the New York Uniform Commercial Code, or otherwise available under any other
applicable Laws, including but not limited to the applicable rights and remedies provided by the Laws of the United Mexican States. 
 Without
prejudice to Lessor’s other remedies under this Lease or any other Operative Document, Lessee agrees that the occurrence of an Event of Default shall entitle Lessor to automatically and unilaterally cancel or terminate this Lease without
requirement of any prior notice or judicial intervention for all legal purposes. All costs and expenses incurred or advanced by Lessor for or on account of any Obligations following the occurrence and continuation of an Event of Default shall bear
interest at the Past Due Rate from the date on which such expenditure is incurred by Lessor until the date of reimbursement thereof by Lessee (both before and after any relevant judgment, if any). 

24.2. De-Registration. If an Event of Default occurs and is continuing following Delivery, Lessor may otherwise deal with the
Aircraft as if this Lease has never been made and Lessee will at the request of Lessor take all steps necessary to effect (if applicable) de-registration of the Aircraft and its export from the country where the Aircraft is for the time being
situated and any other steps necessary to enable the Aircraft to be redelivered to Lessor in accordance with this Lease. Lessee hereby irrevocably and by way of security for its obligations under this Lease appoints (which appointment is coupled
with an interest) Lessor as its attorney to execute and deliver any documentation and to do any act or thing required in connection with the foregoing. 
 24.3. Present Value of Payments. In calculating Lessor’s damages hereunder, upon the occurrence of an Event of Default all Rent and other amounts which would have been due hereunder during the
Lease Term if an Event of Default had not occurred, together with amounts, if any, scheduled to be paid by a new lessee after any re-lease of the Aircraft, will be calculated on a present value basis using a discount rate of ***** per annum,
discounted to the earlier of the date on which Lessor obtains possession of the Aircraft or Lessee makes an effective tender thereof. 
 24.4. Remedies Cumulative. No remedy referred to in this Article 24 is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to above or otherwise
available to Lessor; and the exercise by Lessor of any one or more of such remedies shall not preclude the simultaneous or later exercise by Lessor of any or all of such other remedies. No express or implied waiver by Lessor of any Default or Event
of Default shall in any way be, or be construed to be, a waiver of any future or subsequent Default or Event of Default. 

24.5. Lessor’s Exercise of Remedies. In effecting any repossession of the Aircraft (including the Aircraft Documents, any
Item of Equipment, an Engine, or Part) (“Repossessed Items”), Lessor and its representatives and agents, to the extent permitted by Law, shall: 
 (a) have the right to enter upon any premises where it reasonably believes the Repossessed Items to be located; 
 (b) not be liable, in conversion or otherwise, for the taking of any personal property of Lessee which is in or attached to any of the Repossessed Items; provided, however, that Lessor shall return to
Lessee all personal property of Lessee and other Persons, including its employees or its passengers, which was on the Aircraft at the time Lessor repossessed the Aircraft; 

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

  

					
		  	75	  	 ARTICLE 24
 LESSOR’S RIGHTS AND REMEDIES

FOLLOWING AN EVENT OF DEFAULT

 (c) not be liable or responsible, in any manner, for any inadvertent damage
to any of Lessee’s property in repossessing and holding any of the Repossessed Items, except to the extent caused directly by Lessor’s gross negligence or willful misconduct; and 

(d) have the right to maintain possession of and dispose of the Repossessed Items on any premises owned by Lessee or under
Lessee’s control. 
 24.6. Application of Payments Following Default or Event of Default. Any and all payments
received by Lessor under this Lease and under any other Operative Document following the occurrence and during the continuation of a Default or Event of Default, whether in respect of Rent, Supplemental Rent or otherwise, may be applied by Lessor to
the Obligations of Lessee in any manner or order as Lessor may determine in its sole discretion, notwithstanding any instructions, directions or notice given by Lessee or any other Person with respect to the application of such payments. 

24.7. Use of Termination Date. If this Lease is cancelled or the leasing of the Aircraft is otherwise terminated and the Aircraft
is repossessed in connection with Lessor’s exercise of remedies following the occurrence and during the continuation of an Event of Default prior to the Scheduled Termination Date, then notwithstanding the use of the term “Termination
Date” in this Lease, the period of the Lease Term and the “Scheduled Termination Date” will be utilised in calculating the damages to which Lessor may be entitled to receive from Lessee pursuant to Section 24.1. 

24.8. No Right to Maintain Possession. Upon cancellation of this Lease or termination of the leasing of the Aircraft following the
occurrence and during the continuance of an Event of Default, Lessee shall have no right to maintain possession of the Aircraft or any Item of Equipment, and any de facto possession thereof exercised by Lessee shall be deemed illegitimate possession
for all purposes of applicable Law with respect to the Aircraft and all Items of Equipment, and Lessee agrees to redeliver immediate possession of the Aircraft as directed by Lessor. 

  

					
		  	76	  	 ARTICLE 24
 LESSOR’S RIGHTS AND REMEDIES

FOLLOWING AN EVENT OF DEFAULT

	25.	ASSIGNMENT AND TRANSFER 

25.1. No Assignment by Lessee. Except as permitted by Section 15.1, Lessee shall not transfer, assign, novate, mortgage or
complete any other such or similar transfer of any interest in this Lease or any of its rights hereunder or in any Item of Equipment, and any such purported assignment shall be void ab initio. 

25.2. Transfer of Lessor’s and/or Owner’s Interests. Each of Lessor, Owner, any Owner Participant and any Financing
Party may at any time and without Lessee’s consent transfer to any Person (a “Transferee”) the Aircraft and/or all or any of its rights and obligations under this Lease and the other Operative Documents to which it is a party;
provided that (i) at the time of transfer, no such transfer shall result in any increase of Lessee’s liabilities or obligations hereunder or under any other Operative Document or create any additional obligations on the part of Lessee
hereunder or thereunder or adversely affect Lessee’s rights under this Lease or any other Operative Document to which it is a party or its rights in respect of the Aircraft or any Item of Equipment, based on current laws in effect at the time
of such transfer or enacted prior to but scheduled to come into effect subsequent to the date of such transfer, than it would have had if such transfer had not taken place; (ii) at the time of transfer, the Transferee shall have a net worth of
no less than *****, or the obligations of Lessor under the Lease shall have been guaranteed by a guarantor having a net worth of no less than *****, or Transferee shall have agreed to hold all Security Deposits, Maintenance Reserves and insurance
proceeds in excess of the Agreed Value in a segregated account; (iii) no Transferee shall be an air carrier (or an Affiliate of the same) that competes with Lessee; (iv) any Transferee shall have agreed in writing for the benefit of Lessee
to be bound by and perform all obligations of “Lessor” under this Lease and the other Operative Documents, or in the case of a transfer to or by a Financing Party, the Transferee shall have agreed that (a) in exercising its rights
under the Lease and/or other Operative Documents, it shall do so in accordance with the terms hereof and thereof and (b) to the extent it shall receive any amounts of Security Deposit, Rent, Supplemental Rent or Agreed Value, it shall receive,
hold, apply, return, reimburse and pay, as applicable, such amounts in accordance with the applicable provisions of the Lease. Lessee acknowledges that neither minimal increases in Lessee’s administrative obligations, including expenses, nor an
increase in the number of Indemnitees and/or Additional Insureds as a result of such transfer shall not, in and of itself, constitute an increase in Lessee’s obligations hereunder. The foregoing shall apply with the same force and effect to the
transfer of any beneficial interest in the Aircraft or any trust or similar entity. 
 25.3. Cooperation with Transfers.
Lessee shall do such things and execute such documents as may be reasonably requested of it to give effect to a transfer contemplated by and made or to be made in accordance with the terms and provisions of Section 25.2, including
(a) entering into an assignment and assumption agreement or novation deed with the Transferee in form and substance reasonably satisfactory to Lessee, and (b) providing Lessor reasonably requested scheduling and routing information for the
Aircraft or the Item of Equipment being transferred. Lessor shall reimburse (or cause Lessee to be reimbursed) for any reasonable out-of-pocket expenses reasonably incurred by Lessee in connection with such transfer. Lessee shall make such
amendments to the stated contracts and list of Additional Insureds in respect of the Insurances effected in respect of the Aircraft so as to ensure continued compliance with the requirements of Article 19 with regard to the interests of such
Transferee and any new Financing Parties and shall provide to Lessor updated documentation evidencing such amendments. 
 25.4.
Financings. Owner, Lessor and any Owner Participant may at any time and without Lessee’s consent enter into any financing arrangements (which may include the conversion of the lease transaction contemplated by this Lease to a
“leveraged lease” structure, a “head-lease, sub-lease” or other 

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

  

					
		  	77	  	 ARTICLE 25
 ASSIGNMENT AND TRANSFER

 
lease structure) with respect to the Aircraft pursuant to which (a) Lessor may assign its rights under this Lease and the other Operative Documents (by way of security) to Owner or to any
Financing Parties and (b) Owner may execute a mortgage over the Aircraft in favour of the Financing Parties; provided, that (i) no such financing transaction shall increase Lessee’s liabilities or obligations hereunder or under any
other Operative Document or create any additional liabilities or obligations on the part of Lessee hereunder or thereunder or adversely affect Lessee’s rights under this Lease or any other Operative Document to which it is a party, based on
laws enacted or in effect at the time of such transfer, than it would have had if such transfer had not taken place; (ii) any Transferee shall have agreed in writing for the benefit of Lessee to be bound by and perform all obligations of
“Lessor” under this Lease and the other Operative Documents, or in the case of a transfer by a Financing Party, the Transferee shall have agreed that (a) in exercising its rights under the Lease and/or other Operative Documents, it
shall do so in accordance with the terms hereof and thereof and (b) to the extent it shall receive any amounts of Security Deposit, Basic Rent, Supplemental Rent or Agreed Value, it shall receive, hold, apply, return, reimburse and pay, as
applicable, such amounts in accordance with the applicable provisions of the Lease. Such financing arrangements may also take the form of a securitisation (a “Securitisation”) involving one or more loans from one or more financial
institutions (each a “Lender”), and/or with notes, loan certificates, or pass through certificates issued pursuant to an indenture with a trustee (the “Trustee”), which notes, loan certificates or pass through
certificates may be guaranteed (in whole or in part) by one or more monoline insurers (each, a “Financial Guarantor”). 
 25.5. Cooperation with Financings. Lessee shall cooperate with Lessor and do such things and execute such documents and make such filings and registrations in the State of Registration as may be
requested of it by Lessor and/or Owner in order to protect the interests of the Financing Parties and/or Owner in connection with any financing contemplated by and made or to be made in accordance with the terms and provisions of Section 25.4
including, without limitation, (a) executing an acknowledgement of any assignment of Lessor’s rights under this Lease in favour of Owner or any relevant Financing Party, on terms customary in aircraft financing transactions or
Securitisations, (b) providing Lessor scheduling and routing information for the Aircraft or any Item of Equipment being financed, (c) making such amendments to this Lease and any of the other Operative Documents and executing such
additional documents, as may be reasonably be requested by Lessor in connection with the Securitisation, provided that any such amendment or additional documentation does not adversely affect the rights, or materially increase the obligations, of
Lessee under the Lease and Operative Documents, and (d) making such amendments to the Insurances maintained in respect of the Aircraft to ensure continued compliance with the requirements of Article 19 with regard to the interests of Owner
and any such Financing Party, and shall provide to Lessor updated documentation evidencing such amendments. Lessor shall reimburse (or cause Lessee to be reimbursed) for any reasonable out-of-pocket expenses incurred by Lessee in connection with
such financing transaction. 
 25.6. Notice of Security Assignment. Lessor hereby provides irrevocable notice to Lessee
that: 
 (a) pursuant to the Security Trust Agreement, Lessor has assigned to the Security Trustee by way of
security, all of its right, title and interest in and to the Lease and the proceeds thereof, including certain insurance proceeds (the “Security Assignment”), and Lessee is hereby authorised and required to make all payments to
Security Trustee in accordance with the terms of this Lease until the Security Trustee otherwise directs, in writing, and Lessee is hereby authorised and required to comply with any such directions of the Security Trustee; 

  

					
		  	78	  	 ARTICLE 25
 ASSIGNMENT AND TRANSFER

 (b) by executing and delivering the Lessee Acknowledgment, Lessee shall have
confirmed its acknowledgment of an agreement for the benefit of the Security Trustee that the Security Trustee shall not be bound by, nor have any liability to Lessee for the performance of, any of the obligations of Lessor under this Lease save and
to the extent otherwise expressly agreed in writing by the Security Trustee with Lessee, and Lessee is hereby irrevocably authorised to assume the obligations expressed to be assumed by Lessee under the Lessee Acknowledgment to the effect that, so
far as the same would otherwise be incompatible with the Lease, Lessee’s obligations to Lessor under the Lease shall be modified accordingly; and 
 (c) by executing and delivering the Lessee Acknowledgment, Lessee shall have acknowledged that each of Owner and Lessor has appointed the Servicer as its servicer and attorney-in-fact in respect of the
Lease and the Aircraft as contemplated in Section 27.3 hereof, and all communications received by Lessee from the Servicer in connection with this Lease and the Aircraft may and shall be relied upon (and complied with where the context calls
for compliance) by Lessee as if Lessee received the same from Lessor and/or Owner, as the case may be, and Lessee may rely on this notice of such appointment until notified in writing to the contrary by Owner, Lessor or Security Trustee. 

25.7. Transfer of Beneficial Interest. The provisions of Sections 25.2 and 25.3 shall be applicable to any sale, assignment,
transfer or other conveyance by Owner Participant of all or any portion of its right, title and/or interest in or to the Aircraft, this Lease and/or the Beneficial Interest or by applicable Law as applied thereto. 

  

					
		  	79	  	 ARTICLE 25
 ASSIGNMENT AND TRANSFER

	26.	LAW AND JURISDICTION 

26.1. Governing Law. THIS LEASE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, U.S.A. APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT REGARD FOR CONFLICT OF LAW PRINCIPLES (OTHER THAN THE PROVISIONS OF SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 26.2. Consent to Jurisdiction. Each of Lessee and Lessor hereby expressly and irrevocably consents that any legal
action or proceeding with respect to this Lease may be brought in any court of the State of New York or any Federal court of the United States of America located in New York, New York, located in the Borough of Manhattan, United States of America,
or in any jurisdiction where Lessee or Lessor or any of their respective assets may be found, and by execution and delivery of this Lease, each of Lessee and Lessor hereby irrevocably and expressly submits to and accepts with regard to any such
action or proceeding, for itself and in respect of its assets, generally and unconditionally, the jurisdiction of the aforesaid courts, irrevocably and expressly waiving the jurisdiction of any other courts to which it may be entitled by reason of
its present or future domicile or otherwise. 
 26.3. Process Agent and Service of Process. Lessee shall, not later than
the execution date of this Lease, irrevocably designate, appoint and empower a duly authorised agent for service of process in the State of New York reasonably acceptable to Lessor in any suit or proceeding with respect to this Lease. A copy of any
such process served on such agent shall be promptly forwarded by airmail by the person commencing such proceeding to Lessee at its address set forth in Appendix 2B, but the failure of Lessee to receive such copies shall not affect in any way
the service of such process as aforesaid. Lessee further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified airmail,
postage prepaid, to Lessee at its address set forth in Appendix 2B. The foregoing, however, shall not limit the rights of Lessor to serve process in any other manner permitted by Law or to bring any legal action or proceeding or to obtain
execution of judgment in any jurisdiction. 
 26.4. Jurisdiction and Forum. Lessee agrees that final judgment against
Lessee in any action or proceeding in connection with this Lease shall be conclusive and may be enforced in any other jurisdiction within or outside the United States of America by suit on the judgment, a certified or exemplified copy of which shall
be conclusive evidence of the fact and the amount of Lessee’s indebtedness. Lessee hereby irrevocably waives, to the fullest extent permitted by Law, any objection which Lessee may now or hereafter have to the laying of venue of any suit,
action or proceeding arising out of or relating to this Lease brought in the State of New York, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in the State of New York has been brought in an
inconvenient forum. To the extent that Lessee may, in any jurisdiction in which proceedings may at any time be taken for the determination of any question arising under or for the enforcement of this Lease (including any interlocutory proceedings or
the execution of any judgment or award arising therefrom), be entitled to claim or otherwise be accorded for itself or its property, assets or revenues immunity from suit or attachment (whether in aid of execution, before judgment or otherwise) or
other legal process, and to the extent that in any such jurisdiction, there may be attributed to Lessee, or its property, assets or revenues such immunity (whether or not claimed), Lessee hereby irrevocably agrees not to claim and waives such
immunity to the fullest extent permitted by the Law of such jurisdiction. 
  

  

					
		  	80	  	 ARTICLE 26
 LAW AND JURISDICTIONS

 26.5. Waiver of Jury Trial. LESSEE AND LESSOR HEREBY WAIVE TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING TO WHICH THEY ARE BOTH PARTIES INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS LEASE, ANY OF THE OPERATIVE DOCUMENTS OR
THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
 26.6. Waiver of Immunity. Each party to this Lease agrees that
in any legal action or proceedings against it or its assets in connection with this Lease and/or any other Operative Document no immunity from such legal action or proceedings (which shall include, without limitation, suit, attachment prior to
judgment, other attachment, the obtaining of judgment, execution or other enforcement) shall be claimed by or on behalf of it or with respect to its assets, irrevocably waives any such right of immunity which it or its assets now have or may
hereafter acquire or which may be attributed to it or its assets and consents generally in respect of any such legal action or proceedings to the giving of any relief or the issue of any process in connection with such action or proceedings
including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order of judgment which may be made or given in such action or proceedings. 

  

					
		  	81	  	 ARTICLE 26
 LAW AND JURISDICTIONS

	27.	MISCELLANEOUS 

 27.1.
Severability and Illegality. 
 (a) Severability. Any provision of this Lease prohibited by or
unlawful or unenforceable under any applicable Law actually applied by any court of competent jurisdiction shall, to the extent required by such Law, be severed from this Lease and rendered ineffective so far as is possible without modifying the
remaining provisions of this Lease. 
 (b) Illegality. 

(i) If at any time there is a change in any applicable Law binding upon Lessee or Lessor in its State of Organisation or
where it has its principal office or in any jurisdiction in which any action is required to be performed by it for the purposes of any Operative Document which renders, or which will render, it unlawful for such party to perform any of its
obligations or to exercise any of its rights under any Operative Document (an “Illegality Event”) and the parties are not able to restructure the transaction in accordance with Section 27.1(b)(iii), Lessor or Lessee (as the
case may be) shall forthwith notify the other party hereto and Lessor or Lessee (as the case may be) shall be entitled by written notice (the “Illegality Notice”) to the other party, either: 

(A) to terminate its obligation to lease, or take on lease, the Aircraft pursuant to the terms of this Lease; or

 (B) if such event occurs after the Delivery Date, to terminate the Lease Term, 

in each such case, on the Relevant Date. 

(ii) In Section 27.1(b) “Relevant Date” means the later to occur of: 

(A) the date of the Illegality Notice; and 

(B) a future date specified in the Illegality Notice being prior to the date on which the Illegality Event takes effect.

 (iii) Lessor and Lessee shall, for a period of ***** days from the date Lessor or Lessee becomes aware that an
Illegality Event will arise or has arisen, or such shorter period ending on the Business Day prior to the date on which such Illegality Event takes place, and provided that no Event of Default has occurred and is continuing, negotiate in good faith
and take all commercially reasonable steps (subject to Section 27.1(b)(iv) below) which are available to mitigate the effects of such Illegality Event, with a view to restructuring the transaction in a manner such that the leasing of the
Aircraft to Lessee may continue on the same commercial terms as under this Lease, including, without limitation, by way of amendment, novation or replacement to any Operative Document, or termination of, any Operative Document. 

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

  

					
		  	82	  	 ARTICLE 27
 MISCELLANEOUS

 (iv) Nothing in Section 27.1(b)(iii) above shall, or shall be construed
so as to, oblige Lessor to take any mitigating steps (including, without limitation, omitting to act) if, in its reasonable opinion, to do so: 
 (A) would or would be likely to involve it in any unlawful activity or any activity that is contrary to any Law; or 

(B) unless indemnified to its satisfaction, would involve it in any cost, loss, liability or Tax disadvantage; or

 (C) would be prejudicial to it, the Aircraft or the other Indemnitees. 

(v) The cost of any mitigation pursuant to this Section 27.1(b) shall be for the account of Lessee. 

(vi) If Lessor or Lessee shall have terminated the Lease Term or its obligation to lease, or take on lease, the Aircraft
pursuant to the terms of this Lease in accordance with Section 27.1(b)(i), then on the Relevant Date, Lessee shall: 
 (A) return the Aircraft to Lessor in accordance with the provisions of Article 22 if the Aircraft has been delivered to Lessee under this Lease, unless a Lessor Illegality Event has occurred in which
case the Aircraft shall be returned to Lessor in its then as-is condition, but in any event, having been operated and maintained throughout the Lease Term in accordance with the provisions of this Lease; and 

(B) pay to Lessor the amounts provided in Section 24.1, clauses (f), (g) and (h), and Section 24.3 as
if references therein to an “Event of Default” were to the termination of the Lease Term pursuant to Section 27.1(b)(i). 
 27.2. Amendments. No term or provision of this Lease may be amended, modified, waived, discharged or terminated orally, but only by a written instrument signed by Lessor and Lessee. 

27.3. Lessor’s Right to Perform; Lessor’s Right to Delegate a Servicer. 

(a) If Lessee fails to perform or comply with any Obligations, Lessor shall have the right, but not the obligation, to
discharge such obligation, and the amount of such payment made and the expenses of Lessor incurred in connection with such discharge shall be payable by Lessee upon demand, together with interest at the Past Due Rate from the date such expenses were
incurred. 
 (b) (2) Lessor may delegate to any Person or Persons (including, without limitation, the Servicer)
all or any of the rights, powers or discretions vested in it by this Lease or any of the other Operative Documents, and any such delegation may be made upon such terms and conditions and subject to such regulations (including the power to
sub-delegate) as Lessor in its absolute discretion deems fit; 
 (i) Pursuant to a servicing agreement between
Servicer, Owner and Lessor, Servicer has been appointed by Lessor and Owner as servicer for all matters related to 

  

					
		  	83	  	 ARTICLE 27
 MISCELLANEOUS

 
this Lease and the Aircraft, and accordingly, except with respect to payments of Rent, Supplemental Rent, Maintenance Reserves and other amounts payable hereunder which shall be paid as provided
herein, Lessee shall communicate with and deal with Servicer with respect to all matters relating to this Lease and the Aircraft as if the Servicer were the Owner and Lessor under this Lease, until notified in writing to the contrary by Owner,
Lessor or Security Trustee; 
 (ii) Pursuant to a management agreement among Manager, Owner Participant, Security
Trustee and other parties thereto, Manager has been appointed to provide certain administrative services for Owner Participant, Owner and Lessor in connection with this Lease and the Aircraft. 

27.4. Counterparts. This Lease may be executed simultaneously in two or more counterparts and by different parties hereto on
separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. To the extent, if any, that this Lease or the Lease Supplement hereunder constitutes tangible chattel paper (as
such term is defined in the Uniform Commercial Code as in effect in any applicable jurisdiction), no security interest in this Lease or such Lease Supplement may be created through the transfer or possession of any counterpart other than the
original executed counterpart, which shall be identified as the counterpart containing the receipt therefor executed by the Security Trustee under and as defined in the Security Trust Agreement. 

27.5. Delivery of Documents by Electronic Means. Delivery of an executed counterpart of this Lease or of any other documents in
connection with this Lease by fax or other electronic image file will be deemed as effective as delivery of an originally executed counterpart. Any party delivering an executed counterpart of this Lease or other document by fax or other electronic
image file will also deliver an originally executed counterpart, but the failure of any party to deliver an originally executed counterpart of this Lease or such other document will not affect the validity or effectiveness of this Lease or such
other document. 
 27.6. Survival. The representations, warranties, covenants, agreements and indemnities (including,
without limitation, the indemnities contained in Articles 18, 21 and 24) of Lessee and Lessor set forth in this Lease, and Lessee’s and Lessor’s obligations hereunder, shall survive the Termination Date to the extent required for full
performance and satisfaction thereof. 
 27.7. Entire Lease. This Lease (including all Appendices) and the other
Operative Documents executed pursuant hereto constitute the entire agreement between Lessor and Lessee regarding the Aircraft and any prior or contemporaneous written or oral understandings with regard to the subject matter hereof are superseded
hereby in their entirety. 
 27.8. Successors and Assigns. Subject to the provisions of Article 25, the terms and
provisions of this Lease and each other Operative Document shall be binding upon and inure to the benefit of Lessor and Lessee and their respective successors and permitted assigns. 

27.9. Brokers. Each party agrees to indemnify and hold the other harmless from and against any and all claims, suits, damages,
costs and expenses (including, but not limited to reasonable attorney’s fees and disbursements) asserted by any agent, broker or other third party for any commission or compensation of any nature whatsoever based upon the lease of the Aircraft,
if such claim, damage, cost or expense arises out of any action or alleged action by the indemnifying party, its employees or agents. It is understood and agreed between the parties that this Lease has been concluded by direct negotiation

  

					
		  	84	  	 ARTICLE 27
 MISCELLANEOUS

 
without any intermediaries or agents. Lessee hereby represents and warrants that it has not paid, agreed to pay or caused to be paid directly or indirectly in any form, any commission,
percentage, contingent fee, brokerage or other similar payments of any kind, in connection with the establishment or operation of this Lease, to any employee of Lessor or to any Person. 

27.10. Transaction Costs. Whether or not the transactions contemplated hereby are consummated, each party hereto agrees to pay its
own costs and expenses incurred in connection with the preparation, execution and delivery of this Lease and any other documents delivered in connection herewith, including without limitation the fees, expenses and disbursements of counsel, except
as otherwise expressly set forth herein. In addition, Lessee shall be solely responsible for (i) all costs, including attorneys’ fees and disbursements, incurred in registering the Aircraft and an executed counterpart of this Lease and the
Lease Supplement in the State of Registration and any other jurisdiction wherein registration of the same is necessary as a result of the operation of the Aircraft by Lessee or any Permitted Sublessee, and (ii) all costs, including
attorneys’ fees and disbursements, incurred in connection with the de-registration of the Aircraft from the Register or any other applicable Aeronautics Authority upon the cancellation or termination of this Lease in accordance with the
provisions hereof. Each of Lessor and Lessee agrees to pay the reasonable costs and expenses (including attorneys’ fees and disbursements) of the other party incurred in connection with the entering into or giving or withholding of any future
waiver, supplement or amendment or other action with respect to the Lease or any other document delivered in connection therewith that it may request, except in the case of an Event of Default in which case all of such costs shall be at the expense
of Lessee. 
 27.11. Time is of the Essence. Time and strict and punctual performance are of the essence with respect to
each provision of this Lease. 
 27.12. Language. 

(a) This Lease is in the English language and all notices, opinions, financial statements and other documents given under
this Lease shall be provided in the English language or, if not submitted in the English language, shall be accompanied by one certified copy of an English translation thereof for each copy of the foregoing so submitted. 

(b) If this Lease or any other Operative Document is required to be translated into another language for the purposes of
any filing or registration, (i) Lessee shall procure and pay for any such translation, and (ii) the English version shall prevail in the event of any conflict with any such non-English version. 

27.13. No Rights of Third Parties. No third parties, other than Indemnitees and Affiliates of Lessor, are intended to nor shall
they be deemed to have a right to (x) benefit from, or (y) seek to enforce, any of the provisions of this Lease. 
 27.14. Delegation. Lessor may delegate to any appropriately licensed and/or experienced person(s) all or any of the rights, powers or discretions vested in it by this Lease or any other Operative
Document and any such delegation may be made upon such terms and conditions as between such person and Lessor as Lessor in its absolute discretion may determine. 
 27.15. Further Assurances. Lessee shall from time to time do and perform such other and further acts and execute and deliver any and all such further instruments as may be required by Law or
reasonably requested in writing by Lessor to establish, maintain and protect the rights and remedies of Lessor and to carry out and effect the intent and purposes of this Lease and the other Operative Documents. 

  

					
		  	85	  	 ARTICLE 27
 MISCELLANEOUS

 27.16. Rights at Law. Nothing contained in any Operative Document shall be construed
to limit in any way any right, power, remedy or privilege of Lessor hereunder or under any other Operative Document or now or hereafter existing at law or in equity. Each and every right, power, remedy and privilege of Lessor under the Operative
Documents (i) shall be in addition to and not in limitation of, or in substitution for, any other right, power, remedy or privilege under any Operative Document or at law or in equity, (ii) may be exercised from time to time or
simultaneously and as often and in such order as may be deemed expedient by Lessor and (iii) shall be cumulative and not mutually exclusive and the exercise of one shall not be deemed a waiver of the right to exercise any other. 

27.17. Confidentiality. 
 (a) During the Lease Term all Information shall remain confidential and the parties hereto and their respective Affiliates will use their respective reasonable efforts not to disclose the Information to
any other Person without prior written consent of each other party, which consent shall not be unreasonably withheld; provided, that Lessor and Lessee may, without the consent of each other party, disclose the Information in any of the following
situations: 
 (i) To directors, officers, employees, permitted assigns and agents of Lessor, Owner Participant,
Servicer, Manager, Lessee or any Affiliate (direct or indirect) of any of such parties; or 
 (ii) To auditors,
accountants or legal advisors of Lessor, Owner Participant, Servicer, Manager, Lessee or any Affiliate (direct or indirect) of any of such parties; or 
 (iii) To actual or potential lenders/Financing Parties, purchasers or other permitted assigns of Lessor, Owner Participant, Lessee or any Affiliate of any of such parties, including but not limited to
providing financial information about Lessee to potential lenders/Financing Parties to, and purchasers from, Lessor, provided that, upon the request of Lessee, such potential lenders/Financing Parties will agree to keep such Information confidential
in a manner similar to the provisions hereunder and that their access to Information is solely for purposes of evaluating an investment in a Securitisation or other financing of the Aircraft, or such purchaser provides to Lessee a confidentiality
agreement in a form reasonably acceptable to Lessee; or 
 (iv) To rating agencies with respect to ratings of
Lessor, Owner, Owner Participant, or a related Securitisation; or 
 (v) To such other parties as Lessor, Owner
Participant, Servicer, Manager or Lessee may reasonably believe to be required by Law (including, without limitation any regulation or order of a bank regulatory agency), by subpoena or by any other legal process. 

(b) Notwithstanding any of the foregoing, Information will not be considered confidential, and Lessor, Owner Participant,
Servicer, Manager and Lessee and their respective Affiliates may disclose any item of the Information without restriction in any of the following circumstances, if such item: 

(i) is publicly available (either to the general public or to any relevant trade or industry) prior to any party’s
receipt of it from another party hereto; 

  

					
		  	86	  	 ARTICLE 27
 MISCELLANEOUS

 (ii) is thereafter made publicly available (either to the general public or
to any relevant trade or industry) by another party hereto or by a third party which is entitled to make such item publicly available; 
 (iii) becomes available to any party hereto on a non-confidential basis from a source which has represented to such party that such source is entitled to disclose it; or 

(iv) was known to any party hereto on a non-confidential basis prior to its disclosure to such party by another party
hereto. 
 27.18. Notices. All notices provided for herein shall be in writing and shall be deemed to have been given
when delivered personally, when telecopied, or if deposited in the mail, when received, to the addressees appearing in Appendix 2B or to such other address as any party may designate for itself by written notice to the other party or parties.

  

					
		  	87	  	 ARTICLE 27
 MISCELLANEOUS

 IN WITNESS WHEREOF, Lessor and Lessee have each caused this Aircraft Lease Agreement
to be duly executed by their authorised representatives as of 17 November 2010. 
  

					
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)	  		  	WILMINGTON TRUST SP SERVICES (DUBLIN) LIMITED
	Lessee	  		  	Lessor
			
	By: /s/ Alfonso Ascencio
Triujeque                                        
    	  		  	By: /s/ Alan
Geraghty                                        
                
	Name: Alfonso Ascencio Triujeque	  		  	Name: Alan Geraghty
	Title: General Counsel	  		  	Title: Director
			
	By: /s/ Mario E. Geyne
Pliego                                        
           	  		  	
	Name: Mario E. Geyne Pliego	  		  	
	Title: Financial and Fleet Planning Director	  		  	

 TO THE EXTENT, IF ANY, THAT THIS AIRCRAFT LEASE AGREEMENT CONSTITUTES TANGIBLE CHATTEL PAPER (AS SUCH TERM IS DEFINED IN
THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS AIRCRAFT LEASE AGREEMENT MAY BE CREATED THROUGH THE TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER THAN THE ORIGINAL EXECUTED COUNTERPART, WHICH
SHALL BE IDENTIFIED AS THE COUNTERPART CONTAINING THE RECEIPT THEREFOR EXECUTED BY THE SECURITY TRUSTEE UNDER AND AS DEFINED IN THE SECURITY TRUST AGREEMENT. 

  

					
		  		  	SIGNATURE PAGE

 CHATTEL PAPER ORIGINAL 

IN WITNESS WHEREOF, Lessor and Lessee have each caused this Aircraft Lease Agreement to be duly executed by their authorised
representatives as of 17 November 2010. 
  

					
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)	  		  	WILMINGTON TRUST SP SERVICES (DUBLIN) LIMITED
	Lessee	  		  	Lessor
			
	By: /s/ Alfonso Ascencio
Triujeque                                        
  	  		  	By: /s/ Alan
Geraghty                                        
                    
	Name: Alfonso Ascencio Triujeque	  		  	Name: Alan Geraghty
	Title: General Counsel	  		  	Title: Director
			
	By: /s/ Mario E. Geyne
Pliego                                        
           	  		  	
	Name: Mario E. Geyne Pliego	  		  	
	Title: Financial and Fleet Planning Director	  		  	

 TO THE EXTENT, IF ANY, THAT THIS AIRCRAFT LEASE AGREEMENT CONSTITUTES TANGIBLE CHATTEL PAPER (AS SUCH TERM IS DEFINED IN
THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS AIRCRAFT LEASE AGREEMENT MAY BE CREATED THROUGH THE TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER THAN THE ORIGINAL EXECUTED COUNTERPART, WHICH
SHALL BE IDENTIFIED AS THE COUNTERPART CONTAINING THE RECEIPT THEREFOR EXECUTED BY THE SECURITY TRUSTEE UNDER AND AS DEFINED IN THE SECURITY TRUST AGREEMENT. 

 

	
	SECURITY TRUSTEE RECEIPT
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Security Trustee
	
	By:                             
                                         
                          
	
	Name:                             
                                         
                    
	
	Title:                            
                                         
                       
	
	By:                             
                                         
                          
	
	Name:                             
                                         
                    
	
	Title:                            
                                         
                       

  
 SIGNATURE PAGE

 Appendix 1 

to Aircraft Lease Agreement 
 DEFINITIONS 
 “Acceptance Certificate” means the acceptance certificate
executed and delivered by Lessee to Lessor at Delivery in the form of Appendix 3. 
 “Additional Insureds” means the
Indemnitees and each of them. 
 “Aeronautics Authority” means the DGAC or such other governmental department, bureau,
commission or agency that under the Law of the State of Registration shall from time to time have control or supervision of civil aviation in that state or have jurisdiction over the registration, airworthiness, operation, or other matters relating
to, the Aircraft. 
 “Affiliate” means any other Person directly or indirectly controlling, directly or indirectly controlled
by or under direct or indirect common control with the Person specified. 
 “After-Tax Basis” means, with respect to any
indemnity or other amount (an “Amount”) which is required by any Operative Document to be paid on an “After-Tax Basis” by Lessee (or by any other Person on account of any Obligation of Lessee under the Operative Documents)
to any Indemnitee (or to any other Person for the account or benefit of any Indemnitee), payment of such Amount supplemented to the extent necessary by a further payment or payments that will cause the sum of all such payments, reduced by the
aggregate amount of all Taxes payable by any Indemnitee with respect to the accrual, actual receipt or constructive receipt of such payments by any Indemnitee, net of any actual current reduction in any Indemnitee’s liability for Taxes caused
by the allowance of any deduction, Tax credit or other Tax benefit for the Tax, Claim, cost or expense that gave rise to Lessee’s liability to pay such Amount, to be equal to the Amount that is required to be paid on an “After-Tax
Basis”, provided, that for the purpose of calculating the amount of Taxes imposed on any Indemnitee with respect to the accrual, actual receipt or constructive receipt of such payments, it shall be assumed that such Indemnitee is subject to
each Tax that is imposed on or payable by such Indemnitee with respect to the accrual, actual receipt or constructive receipt of each such payment at the highest marginal statutory Tax rate applicable to such Indemnitee for the Tax accounting period
in which such Indemnitee accrues or receives (actually or constructively) such payment. 
 “Agreed Value” means, with respect
to the Aircraft, the amount set forth in Appendix 2B. 
 “Aircraft” means, as the context may require or permit, the
Airframe together with (i) the Engines, whether or not installed on the Airframe, (ii) all Parts or components thereof, (iii) any spare parts or ancillary equipment or devices furnished with the Airframe or the Engines under this
Lease, (iv) all items of equipment and other property, tangible and intangible, described in the Acceptance Certificate delivered on the Delivery Date and not otherwise described in the preceding portions of this definition, (v) all
Aircraft Documents, (vi) all substitutions, replacements and renewals of any and all thereof, and (vii) all alterations, modifications and additions which may be made to, installed on or incorporated into the Aircraft, including but not
limited to, those required pursuant to any Airworthiness Directive. 
 “Aircraft Documents” means, whether in paper,
photographic, digital, electronic or other medium, (i) the manuals and records identified in the attachments to the Acceptance Certificate hereto and all other records and documentation pertaining to the Aircraft and delivered with the Aircraft
on the Delivery Date 

  

					
		  	App 1 - 1	  	 APPENDIX 1
 DEFINITIONS

 
and (ii) all other Required Approvals, records and documentation generated during the Lease Term that are related to the maintenance, inspections and alterations, modifications and additions
accomplished during the Lease Term with respect to the Aircraft and required to be maintained by Lessee either by the Aeronautics Authority or in order to comply with the provisions of this Lease. 

“Airframe” means the Airbus A319-132 aircraft (except for the Engines) as more specifically described in the Lease Supplement, together
with the APU, all Landing Gear and any and all Parts. 
 “Airworthiness Directive” or “AD” means any
airworthiness directive issued by the Certificating Authority, in addition to any airworthiness directive issued by the Aeronautics Authority, each to the extent the same is applicable to the Aircraft and/or any Item of Equipment. 

“Alert Service Bulletin” means any service bulletin issued by a Manufacturer that is designated as such by such Manufacturer.

 “Approved Maintenance Organisation” means the Manufacturer or a maintenance facility approved by the Aeronautics Authority
and also by the FAA pursuant to FAR Part 145 and/or the EASA pursuant to EASA Part-145 for the performance of maintenance, testing, inspection, repair, overhaul or modification on the Aircraft or any Item of Equipment. 

“APU” means the auxiliary power unit installed in the Airframe on the Delivery Date, or any replacement thereof made pursuant to this
Lease, together, in any case, with any and all Parts which are from time to time incorporated in or attached to such auxiliary power unit and any and all Parts removed therefrom. 
 “APU Cycle” means one complete continuous operation of the APU beginning at the moment the APU is started and continuing until it subsequently shuts down. 

“APU Hour” means each hour or part thereof, rounded to the nearest minute, elapsing from the moment the APU is started to the moment
when the APU is shut down. 
 “APU Overhaul Reserve” has the meaning set forth in Appendix 2C, Section “APU Overhaul
Reserve”. 
 “Basic Rent” means the rent payable for the Aircraft under this Lease in the amount determined in
Appendix 2B, and which shall include both PBH Rent and Fixed Rent. 
 “Beneficial Interest” means the entire beneficial
interest in the trust established by the Trust Agreement. 
 “Business Day” means (a) in respect to the determination of
LIBOR, a day on which U.S. Dollar deposits may be dealt in the London inter-bank market; (b) in the case of payments under this Lease or any Operative Document, any day (other than Saturday or Sunday) on which banks are open for business
in New York, United States of America; and (c) in all other cases, any day (other than Saturday or Sunday) on which banks are open for business in Ireland, the State of Registration and if different from the State of Registration, Lessee’s
State of Organisation. 
 “C-Check” means with respect to the Aircraft, (i) the accomplishment of Tasks that, at the time
of such check, would require accomplishment prior to the next due c-check based upon the interval for each such Task in the MPD, and where such Tasks are controlled by Flight Hours, Cycles and/or calendar time, as applicable to each such Task and
(ii) the rectification of each defect discovered during the accomplishment of such Tasks. 

  

					
		  	App 1 - 2	  	 APPENDIX 1
 DEFINITIONS

 “Calendar Month” means the period commencing on and including the Delivery Date and ending
on and including the last day of the calendar month in which the Delivery Date occurs and each of the consecutive calendar monthly periods thereafter throughout the Lease Term, provided that the final Calendar Month of the Lease Term may consist of
less than a calendar month if this Lease expires, terminates or is cancelled effective as of or on a date other than the last day of a calendar month. 
 “Cape Town Convention” means, together, the official English language text of each of the Convention on International Interests in Mobile Equipment (the “Convention”) and
the Protocol thereto on Matters Specific to Aircraft Equipment (the “Protocol”) each as opened for signature on 16 November 2001 at Cape Town, South Africa. 
 “Cash Security Deposit” means the portion of the Security Deposit paid in cash in the amounts in Appendix 2B. 
 “Certificating Authority” means the EASA. 
 “Certificating Authority
Form” means an EASA Form One or an FAA Form 8130-3, any dual release form approved by both the EASA and the FAA, or any successor to either such forms. 
 “Claims” means any and all claims, damages, losses, liabilities, demands, suits, judgments, causes of action, legal proceedings, whether civil or criminal, penalties, fines and other
sanctions, and any reasonable attorney’s fees and other reasonable and documented out-of-pocket costs and expenses in connection therewith or in establishing the right to indemnification hereunder, including any of the foregoing arising or
imposed with or without the fault or negligence of any Indemnitee (whether passive or active) or under the doctrine of strict or absolute liability. 
 “Credit Security Deposit” means the portion of the Security Deposit paid by Lessee in the form of a Security Letter of Credit in the amount specified in Appendix 2B. 

“Cycle” means one take-off and landing of the Aircraft (or in respect of any Engine, Landing Gear, or Part, an aircraft on which such
Engine, Landing Gear, or Part is (or was) then currently installed). 
 “Default” means any event, condition or circumstance
which, with the lapse of time and/or the giving of notice which would constitute an Event of Default. 
 “Delivery” means the
delivery of the Aircraft by Lessor to Lessee in accordance with this Lease and which shall be evidenced by execution and delivery of the Lease Supplement and the Acceptance Certificate. 
 “Delivery Date” means the date on which Delivery occurs. 
 “Delivery
Location” means the facilities of Atitech S.p.A in Naples, Italy, or such other airport in Europe or such other location as may be agreed to in writing by Lessor and Lessee. 
 “DGAC” means the Mexican General Department of Civil Aeronautics (Direction General de Aeronautica Civil) and any successor agency thereto established to regulate civil aircraft
registered in the United Mexican States. 
 “Documents Loss” means the loss or destruction of the Aircraft Documents or any of
them. 

  

					
		  	App 1 - 3	  	 APPENDIX 1
 DEFINITIONS

 “Dollars” or “$” means the lawful currency of the U.S. 

“EASA” means the European Aviation Safety Agency, an agency of the European Union having responsibility for aviation safety, regulation
and oversight of member states of the European Union, or any Person, governmental department, bureau, commission or agency succeeding to the functions of the European Aviation Safety Agency. 
 “EASA Requirements” means, as applicable to the Aircraft, (i) any of the regulations, rules, or decisions of, or governing the EASA, and (ii) EU-OPS 1. 

“Engine(s)” means each of the engines identified in the Lease Supplement, or any replacement of any thereof made pursuant to this Lease,
together, in any case, with any and all Parts which are from time to time incorporated in or attached to any such Engine and any and all Parts removed therefrom. 
 “Engine Agreed Value” means, with respect to each Engine when not installed on the Airframe, the amount set forth in Appendix 2B. 

“Engine Life Limited Parts Reserve” has the meaning set forth in Appendix 2C, Section “Engine Life Limited Parts
Reserve”. 
 “Engine Loss” means the occurrence of (a) an Event of Loss with respect to an Engine only (whether or
not installed on the Airframe) or (b) any divestiture or impairment of any right, title or interest of Lessor in or to an Engine as a result of the installation of such Engine on any other airframe. 

“Engine Restoration” means any engine shop visit having a workscope that at a minimum, includes a complete refurbishment or full
overhaul of the high pressure turbine and combustion section of the relevant Engine, accomplished in accordance with the Engine Manufacturer’s Engine Maintenance Management Program applicable to the Engine. 

“Engine Restoration Reserve” has the meaning set forth in Appendix 2C, Section “Engine Restoration Reserve”. 

“EU-OPS 1” means the technical requirements and administrative procedures implemented pursuant to Council Regulation (EEC)
No. 3922/91, as amended by Regulation (EC) No. 1899/2006 of the European Parliament and Council of the EU, and as the same is further amended from time to time. 
 “European Union” or “EU” means the union of countries established pursuant to the Treaty of Maastricht, which came into effect on November 1, 1993, as amended by the
Treaty of Amsterdam, which came into effect on May 1, 1999, and the Treaty of Nice signed on February 26, 2001, and as may be amended from time to time. 
 “Event of Default” means those events and circumstances listed in Article 23. 
 “Event of Loss” means, with respect to any Item of Equipment (excluding Parts), any of the following events: 

(a) the agreed, actual, arranged, compromised or constructive total loss of such Item (including any damage to the
same which results in an insurance settlement on the basis of a total loss, or requisition for use or hire of the same which results in an insurance settlement on the basis of a total loss); or 

  

					
		  	App 1 - 4	  	 APPENDIX 1
 DEFINITIONS

 (b) the destruction or damage that permanently renders such Item to be unfit
for normal use for any reason whatsoever; or 
 (c) the requisition of title or other compulsory acquisition,
requisition, appropriation, expropriation, deprivation, condemnation or confiscation for any reason of such Item by a Governmental Authority or other competent authority, whether de jure or de facto, but shall exclude requisition for use or hire not
involving requisition of title of such Item; or 
 (d) the hijacking, theft, or disappearance of such
Item (i) for a period of sixty (60) days or more or (ii) if earlier, beyond the earlier of the Scheduled Termination Date and the Termination Date; or 

(e) the condemnation, confiscation, capture, deprivation, seizure or requisition for use or hire of the Airframe or the
deprivation of the possession or use of the Airframe as a result of any Law or other action by the Aeronautics Authority or any Governmental Authority (other than where the same amounts to the circumstances provided in clause (c)) which
deprives any Person entitled to have possession and/or use of the Item of its possession and/or use (i) for more than a period of sixty (60) consecutive days or (ii) if earlier, beyond the earlier of the Scheduled Termination Date and
the Termination Date; or 
 (f) any other case which by subsequent written agreement Lessor and Lessee may deem,
with the agreement of the insurers, to be an Event of Loss. 
 An Event of Loss with respect to the Aircraft shall be deemed to have occurred if
an Event of Loss occurs with respect to the Airframe. 
 “Event of Loss Date” means (a) with respect to any Event of Loss
set forth in paragraph (a) of the definition thereof, the earliest of (i) the date of actual loss, (ii) the date on which the loss is agreed, arranged or compromised by the insurers and (iii) sixty (60) days after the date
of notice to Lessee’s brokers or insurers claiming the loss, (b) with respect to any Event of Loss set forth in paragraph (b) or (c) of the definition thereof, the date such event, condition or circumstance occurs or, if such
date is not known, the date on which the relevant property was last known to exist, (c) with respect to any Event of Loss set forth in paragraph (d) or (e) of the definition thereof, the earlier of (i) the date on which insurers
make payment on the basis of an Event of Loss and (ii) the date falling thirty (30) days after the expiration of the period, or the continuation of the condition or circumstance beyond the date, described therein or (d) with respect
to any Event of Loss set forth in paragraph (f) of the definition thereof, the date of the subsequent agreement reached by Lessor and Lessee, with the agreement of the insurers. 
 “Event of Loss Proceeds” means the proceeds of any Insurances or any compensation or similar payment arising, in respect of an Event of Loss. 

“Excluded Taxes” has the meaning provided in Section 21.1(b) hereof. 
 “Excusable Delay” means any delay in Delivery not occasioned by the fault or negligence of Lessor and/or due to or arising from Lessor’s reasonable control including, without
limitation, (i) acts of God or the public enemy, natural disasters, civil war, insurrection or riots, quarantine restrictions, strikes, lockouts, or labour stoppages (other than strikes, lockouts or labour stoppages of Lessor and/or its
Affiliates), (ii) fires, floods, explosions, earthquakes, epidemics or serious accidents, (iii) delays relating to or arising out of maintenance work accomplished or to be accomplished on any Item of Equipment prior to Delivery hereunder,
and/or (iv) delays relating to any failure of the Prior Operator to return the Aircraft at the time and location and in the condition required by the Prior Lease. 

  

					
		  	App 1 - 5	  	 APPENDIX 1
 DEFINITIONS

 “FAA” means the United States Federal Aviation Administration and/or the Administrator of
the United States Federal Aviation Administration, or any Person, governmental department, bureau, commission or agency succeeding to the functions of either of the foregoing. 
 “FAR” means the federal aviation regulations as set forth in Title 14 of the United States Code of Federal Regulations, Chapter 1 (Parts 1 - 199). 

“Final Check” shall have the meaning ascribed to such term in Section 3.1 of Appendix 2E. 

“Financing Party” means the Security Trustee, the Liquidity Provider, Servicer, Manager, and any other Person or Persons, from time to
time notified by Lessor to Lessee, from whom financing for the acquisition or continued ownership of the Aircraft by Lessor (or Owner if Lessor is not the Owner) has been, is to be, or is for the time being, obtained and/or in whose favour or for
whose benefit security over the Aircraft is to be, or is for the time being, granted by Lessor or Owner (as the case may be), any security trustee, owner trust or trustee, manager, servicer, lender and/or financial guarantor. 

“Fixed Rent” has the meaning set forth in Appendix 2B. 
 “Fixed Rent Commencement Date” has the meaning set forth in Appendix 2B. 

“Fixed Rent Payment Date” means the first day of each Fixed Rent Period of the Lease Term and which is the date on which payment of
Fixed Rent is due and payable. 
 “Fixed Rent Period” means the period commencing on and including the Fixed Rent Commencement
Date and ending on and including the last day of the Calendar Month in which the Fixed Rent Commencement Date occurs and each of the consecutive Calendar Month periods thereafter throughout the Lease Term, provided that the final Fixed Rent Period
of the Lease Term may consist of less than a full Calendar Month if this Lease expires, terminates or is cancelled effective as of or on a date other than the last day of a full Calendar Month. 

“Flight Hour” means each hour or fraction thereof, measured to two decimal places, elapsing from the moment the wheels of the Airframe
(or in respect of any Engine, Landing Gear, or Part, an aircraft on which such Engine, Landing Gear, or Part is (or was) then currently installed) leave the ground on takeoff to the moment when the wheels of the Airframe (or such aircraft on which
an Engine, Landing Gear, or Part is (or was) then currently installed) touch the ground on landing. 
 “GAAP” means
(i) generally accepted accounting principles in effect in Mexico or (ii) International Financial Reporting Standards and International Accounting Standards (and interpretations thereof) as in effect at the relevant time, and applied on a
basis consistent with prior periods except as may be disclosed in the pertinent Person’s financial statements. 
 “Governmental
Authority” means and includes (whether having a distinct legal personality or not) (a) any national government, political subdivision thereof, or local jurisdiction therein, (b) any board, commission, department, division, organ,
instrumentality, court or agency of any entity referred to in (a) above, however constituted, and (c) any association, organisation or institution (international or otherwise) of which any entity mentioned in (a) or (b) above is
a member or to whose jurisdiction any thereof is subject or in whose activities any thereof is a participant. 

  

					
		  	App 1 - 6	  	 APPENDIX 1
 DEFINITIONS

 “Guarantee” means that certain guarantee provided to Lessor by the Guarantor pursuant to
which Guarantor has fully and irrevocably guaranteed all of Lessee’s Obligations. 
 “Guarantor” means Controladora Vuela
Companies de Aviación, S.A.P.I. de C.V., a sociedad anónima promotora de inversion de capital variable organized and existing under the laws of the United Mexican States. 
 “LA.T.A.” means the International Air Transport Association. 

“Indemnified Tax(es)” means any Tax for which Lessee has an obligation of indemnity pursuant to Article 21 of the Lease.

 “Indemnitee” means Lessor, Owner, Trust Company, Owner Participant, Security Trustee and the institution acting as such in
its individual capacity, Liquidity Provider, Servicer, Manager, any Financing Party, and their respective Affiliates, officers, directors, shareholders, members, managers, duly authorised agents, employees and attorneys-in-fact and their respective
successors and permitted assigns. 
 “Information” means the terms and conditions of this Lease and any other Operative
Document and any other information delivered to any party to this Lease in connection with this Lease or any Operative Document. 

“Insurances” means any and all contracts or policies of insurance (or reinsurance) required to be maintained from time to time under
this Lease. 
 “International Registry” or “IR” means the International Registry of Mobile Assets organised
pursuant to the Cape Town Convention. 
 “Item of Equipment” or “Item” means individually or collectively, as
the context requires, the Aircraft, the Airframe and any of the Engines, any Landing Gear, the APU and any of the Parts, whether or not installed in or attached to the Aircraft or the Airframe. 

“Landing Gear” means the complete strut assembly of each landing gear installed on the Airframe on the Delivery Date (or any replacement
for any such landing gear made pursuant to the terms of this Lease) and shall consist of the inner and outer cylinders of the main landing gear and the nose landing gear, including the truck assembly and axles of such landing gear. 

“Landing Gear Overhaul Reserve” has the meaning set forth in Appendix 2C, Section “Landing Gear Overhaul Reserve”.

 “Law” means and includes (a) any statute, decree, constitution, regulation, rule, order, judgment, AD or other
directive of any Governmental Authority; (b) any treaty, pact, compact or other agreement to which any Governmental Authority is a party; (c) any judicial or administrative interpretation or application of any Law described in (a) or
(b) above; and (d) any amendment or revision of any of the foregoing. 
 “Lease” means this Aircraft Lease Agreement,
including all appendices, exhibits and schedules hereto, as the same may be amended from time to time. 
 “Lease Supplement”
means the lease supplement dated the Delivery Date in the form of Appendix 4. 

  

					
		  	App 1 - 7	  	 APPENDIX 1
 DEFINITIONS

 “Lease Term” means the period appearing in Appendix 2A which otherwise commences on
the Delivery Date and ends on the Termination Date. 
 “Lease Term Extension” has the meaning set forth in Appendix 2A.

 “Lessee Acknowledgment” means Lessee’s acknowledgment of security assignment substantially in the form set out in
Appendix 8. 
 “Lessee’s Actual Cost” means Lessee’s cost incurred in performing an Obligation under this Lease,
determined as follows: (i) if Lessee elects that such obligation be performed by a third party, then Lessee’s Actual Cost shall be the actual charges, including, without limitation, shipping, freight mark-ups and handling charges of such
third party charged to and paid by Lessee (but excluding shipping and freight charges and mark-ups, handling charges or overhead added by Lessee), and (ii) if Lessee elects that such obligation be performed by Lessee, then Lessee’s Actual
Cost shall be ***** per labor hour (which hourly labor rate shall be increased by ***** at each calendar anniversary of the Delivery Date during the Lease Term) plus Lessee’s direct cost for materials and services provided by third parties
without Lessee-imposed mark-ups, handling charges or overhead added to such third-party charges by Lessee. 
 “Lessor Brake Contribution
Amount” has the meaning set forth in Appendix 2B. 
 “Lessor Illegality Event” means any event which makes it
illegal under applicable Law for Lessor to proceed with the transaction evidenced hereby because of illegality in Lessor’s State of Organisation, or such illegality arises as a result of any act or omission of Lessor, other than: 

(a) where caused due to any bi-lateral or United Nations sanctions applicable in Lessor’s State of Organisation; or

 (b) in circumstances where an Illegality Event has also occurred in Lessee’s State of Organisation.

 “Lessor’s Lien” means any Lien on the Aircraft or any Item of Equipment (i) granted to any Financing Party with
respect to the Aircraft or any Item of Equipment except where the same are granted in connection with and following the occurrence and during the continuation of an Event of Default, (ii) arising as a result of any act of Lessor, Owner, Owner
Participant or any Affiliate of Lessor, Owner or Owner Participant that is in violation of any of the obligations of such Person under the Lease and the other Operative Documents, (iii) any Claim against Lessor, Owner, Owner Participant or any
Affiliate of Lessor, Owner, Owner Participant or any Person lawfully claiming by or through any of them that is unrelated to the transactions contemplated by the Lease, (iv) any Liens arising in connection with a Claim for which Lessee is not
required to indemnify an Indemnitee hereunder; or (v) Taxes (including claims therefor) imposed on Lessor or any Affiliate of Lessor for which Lessee is not obligated to indemnify Lessor or such Affiliate pursuant to any of the Operative
Documents. 
 “LIBOR” means, for any period, the three-month rate of interest per annum at which deposits in Dollars are
offered to major banks in the London interbank market at approximately 11:00 a.m. (London time) three (3) Business Days before the first day of such period, as reported by the Reuters Screen LIBOR01 Page 3750 (or such other page as may
replace such page on such system for the purpose of reporting London Interbank Offered Rates of major banks) under the heading for British Bankers Association Interest Settlement Rates in the column designated “USD” (U.S. Dollar).

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

  

					
		  	App 1 - 8	  	 APPENDIX 1
 DEFINITIONS

 “Lien” means any mortgage, charge, pledge, lien, hypothecation, lease, title retention,
assignment, trust arrangement, right of possession or detention or security interest of any kind, howsoever created or arising. 
 “Life
Limited Part” or “LLP” means any Part that has a pre-determined life limit mandated by the Manufacturer or the Certificating Authority which requires any such Part to be discarded upon reaching such life limit. 

“Liquidity Provider” means DVB Bank SE, its successors and assigns. 
 “Lost Documents” means Aircraft Documents that have suffered a Documents Loss. 

“Maintenance Check(s)” means the 6 Year HMV Check and/or 12 Year HMV Check performed or to be performed on the Airframe, any Engine
Restoration performed or to be performed on an Engine, any Engine LLP replacement or any Overhaul performed or to be performed on any Landing Gear or the APU. 
 “Maintenance Program” mean Lessee’s maintenance program (as approved by the Aeronautics Authority) for the Aircraft encompassing scheduled maintenance, condition monitored
maintenance and on-condition maintenance of the Aircraft and each Item of Equipment. 
 “Maintenance Reserve Claim” means any
claim by Lessee for payment by Lessor from the applicable Maintenance Reserves of Reimbursable Expenses following completion by Lessee of a Maintenance Check. 
 “Maintenance Reserve(s)” means, collectively, as of any given time, the then current balance of payments received from Lessee and held by Lessor, net of disbursements, made pursuant to
the terms of Appendix 2C to the 6 Year HMV Check Airframe Reserve, 12 Year HMV Check Airframe Reserve, Engine Restoration Reserves, Engine Life Limited Parts Reserves, Landing Gear Overhaul Reserve and APU Overhaul Reserve. 

“Manager” means C.I.T. Leasing Corporation, a corporation organised under the laws of the State of Delaware, U.S.A. with its principal
office located at 1 CIT Drive, Livingston, New Jersey, 07039-5703 U.S.A., its successors and assigns. 
 “Manufacturer” means,
in the case of the Airframe, Airbus S.A.S., in the case of the Engines, IAE International Aero Engines AG, and in the case of any Item of Equipment, the manufacturer of such Item of Equipment. 

“Manufacturer’s Repair Manual” means the most current revision of the respective (i) maintenance, repair or overhaul manual or
(ii) the structural repair manual, each issued by the Manufacturer and applicable to the maintenance performed on the Aircraft or any Item of Equipment. 
 “Mortgage Convention” means the Convention for the International Recognition of Rights in Aircraft, signed (ad referendum) at Geneva, Switzerland, on June 19, 1948, and amended from
time to time, but excluding the terms of any adhesion thereto or ratification thereof containing reservations to which the United States of America does not accede. 

  

					
		  	App 1 - 9	  	 APPENDIX 1
 DEFINITIONS

 “MPD” means the Airframe Manufacturer’s Maintenance Planning Document, as revised from
time to time to include all revisions up to and including the then most current revision issued by the Airframe Manufacturer. 
 “Net
Event of Loss Proceeds” means any Event of Loss Proceeds actually received by Lessor or Owner (or such other person entitled to receipt thereof), less any expenses (including reasonable attorney’s fees and costs) and/or Taxes incurred
by Lessor (or any other relevant Person) in connection with the collection or receipt of such funds which would not otherwise have been incurred by Lessor (or such other relevant Person) absent the occurrence of such Event of Loss. 

“Obligations” means all of Lessee’s obligations and liabilities now existing or hereafter arising under any Operative Document.

 “Operative Document(s)” means, either collectively or individually as the context requires, this Lease, the Lease
Supplement, the Acceptance Certificate, the Guarantee, any warranty assignment, acknowledgment and consent, any Permitted Sublease, the Lessee Acknowledgment, the Security Letter of Credit (if any), and any and all other documents, instruments and
agreements entered into in connection with any of the foregoing and to which Lessee is a party or which Lessee acknowledges, in writing, is an Operative Document. 
 “Overhaul” means (as applicable): 
 (i) with
respect to any Landing Gear or Part, the complete refurbishment or major restoration of such Landing Gear or Part in accordance with the overhaul or restoration procedures in the respective Manufacturer’s Repair Manual for such Landing Gear or
Part, the extent of which refurbishes or restores such Landing Gear or Part, as applicable, to a “zero time since overhaul” condition in accordance with such Manufacturer’s Repair Manual; 

(ii) with respect to the APU, the complete refurbishment or restoration of the compressor, combustion section and turbine
of the APU pursuant to the Manufacturer’s Repair Manual; and 
 (iii) with respect to any Engine, an Engine
Restoration. 
 “Owner” means Lessor in its capacity as owner of the Aircraft or such other Person as Lessor may notify Lessee
in writing from time to time as being the owner of the Aircraft. 
 “Owner Participant” means CIT Aviation Finance II Limited,
a Bermuda limited liability company that is a tax resident in Ireland, which is the holder of the Beneficial Interest as owner participant under the Trust Agreement, its successors and permitted assigns. 

“Part(s)” means all appliances, components, parts, instruments, appurtenances, accessories, furnishings, seats and other equipment and
additions of whatever nature (other than Engines, the APU, any Landing Gear, and any temporary replacement parts installed pursuant to Article 12 of the Lease), which may from time to time be incorporated or installed in or attached to any Item
of Equipment or which have been removed therefrom, but which remain associated with and/or form part of the Aircraft or any Item of Equipment pursuant to the terms of the Lease. 
 “Past Due Rate” means the lesser of (i) the rate per annum equal to LIBOR plus four hundred (400) basis points, and (ii) the maximum rate permitted by applicable Law.

  

					
		  	App 1 - 10	  	 APPENDIX 1
 DEFINITIONS

 “PBH Period” has the meaning set forth in Appendix 2B. 

“PBH Rent” has the meaning set forth in Appendix 2B. 
 “PBH Rent Payment Date” the meaning set forth in Appendix 2B. 

“Permitted Liens” means those Liens expressly permitted pursuant to Section 17.7 hereof. 

“Permitted Sublease” means any sublease of the Aircraft to a Permitted Sublessee permitted under the terms and subject to the conditions
of this Lease. 
 “Permitted Sublessee” means a Person: 

(a) which is a commercial passenger air carrier that holds the requisite licenses and approvals for the maintenance and
operation of the Aircraft; and 
 (b) with respect to which, at the time such Person becomes a Permitted
Sublessee pursuant to the terms and conditions of this Lease and for the term of any Permitted Sublease to which such Permitted Sublessee is a party, no proceeding is pending or shall be instituted in connection with any insolvency, bankruptcy,
reorganisation, examinership, administration, liquidation, moratorium or other Laws affecting the enforcement of creditors’ rights generally; and 
 (c) that is expressly consented to in writing by Lessor, which consent shall be in Lessor’s sole discretion, acting reasonably. 
 “Person” means an individual, general partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, limited liability company or limited
partnership, Governmental Authority or other entity of whatever nature. 
 “Prior Lease” means that certain aircraft lease
agreement with respect to the Aircraft between an Affiliate of Lessor, as lessor, and Prior Operator, as lessee. 
 “Prior
Operator” means Olympic Air Anonimos Eteria Aeroporikon Metaforon, d/b/a Olympic Air. 
 “Quiet Enjoyment Letters”
means letters from each of Owner Participant and Security Trustee to Lessee substantially in the forms set out in Appendix 8. 

“Redelivery Location” means such airport in Mexico or El Salvador as specified in writing by Lessee to Lessor no less than ten
(10) Business Days prior to the Scheduled Termination Date, or such other location as may be agreed in writing by Lessor and Lessee prior to the Scheduled Termination Date. 
 “Register” means the registry of aircraft which is maintained in the State of Registration by the Aeronautics Authority having authority with respect to the registration of the Aircraft.

 “Reimbursable Event” means, subject to the provisions and exclusions of Appendix 2C, the completion by Lessee during
the Lease Term of a Maintenance Check or the replacement of any Engine Life Limited Parts. 

  

					
		  	App 1 - 11	  	 APPENDIX 1
 DEFINITIONS

 “Reimbursable Expenses” means, as the context requires, any or all of the 6 Year HMV Check
Reimbursable Expenses, 12 Year HMV Check Reimbursable Expenses, Engine Restoration Reimbursable Expenses, Engine Life Limited Parts Reimbursable Expenses, Landing Gear Overhaul Reimbursable Expenses and APU Overhaul Reimbursable Expenses, each as
such terms are defined in Appendix 2C. 
 “Related Lease(s)” means any and all leases of aircraft between Lessor, Owner
Participant or Servicer, or any Affiliate of Lessor, Owner Participant or Servicer, or trustee on behalf of Lessor, Owner Participant or Servicer, or any Affiliate of Lessor, Owner Participant or Servicer, as lessor, and Lessee or any Affiliate of
Lessee, as lessee. 
 “Related Lease Event of Default” means, in relation to any Related Lease, any breach or default of
Lessee’s obligations thereunder which constitute an “event of default” or similar event however termed thereunder under which the party to whom such obligations are owing would have the right to exercise remedies including the
termination or cancellation of the Related Lease. 
 “Related Obligations” means the obligations and liabilities now existing
or hereafter arising of Lessee or any Affiliate of Lessee under any Related Lease. 
 “Rent” means Basic Rent and Supplemental
Rent payable pursuant to this Lease. 
 “Required Approval” means evidence documenting approval by the respective Airframe or
Engine Manufacturer (as applicable) and the Certificating Authority with respect to (i) any repair to the Airframe or any Engine, where the accomplishment of such repair does not conform with the repair procedures set forth in the
Manufacturer’s Repair Manual or an EASA approved service bulletin relevant to such repair and (ii) any alteration or modification of the Airframe or any Engine. 
 “Return” means the return of the Aircraft and all Items of Equipment to Lessor pursuant to and in accordance with Article 22 and the other provisions of this Lease. 

“Return Acceptance Certificate” means the certificate substantially in the form of Appendix 7 to be executed and delivered by
Lessor and Lessee at Return. 
 “6 Year HMV Check” means a maintenance inspection (and rectification of defects discovered
during such inspection) that as a minimum includes (a) the next due C-Check and (b) each Task that has an initial interval of six (6) years and/or a repetitive interval of six (6) years where such Task has previously been
accomplished, each as set forth in the MPD. 
 “6 Year HMV Check Airframe Reserve” has the meaning set forth in
Appendix 2C, Section “6 Year HMV Check Airframe Reserve”. 
 “Scheduled Delivery Date” means the scheduled date
for Delivery identified in Appendix 2A which is the date Lessor expects the Prior Operator to return the Aircraft in accordance with the Prior Lease. 
 “Scheduled Termination Date” means the day on which the Lease Term is scheduled to expire (as provided in Appendix 2A), and which may be independent from the Termination Date as
provided in the definition of such term. 
 “Security Deposit” means (i) the Cash Security Deposit and the Credit Security
Deposit in the amounts set forth in Appendix 2B; including (ii) any amounts paid to Lessor pursuant to Sections 4.4 and 4.6(c); less (iii) any amounts applied or utilised by Lessor in accordance with the provisions of
Sections 4.3 and 4.6(b), whether the same are paid in cash or in the form of a Security Letter of Credit. 

  

					
		  	App 1 - 12	  	 APPENDIX 1
 DEFINITIONS

 “Security Letter of Credit” means an unconditional and irrevocable letter of credit,
satisfactory to Lessor in form and substance, in the amount of the Security Deposit and otherwise in compliance with the requirements of Section 4.6 and (i) drawn upon an issuer located in Ireland (either a bank organised in Ireland or the
Ireland branch of a bank organised outside Ireland) and with a branch office in Dublin, Ireland or (ii) issued by a bank outside of Ireland and confirmed by Allied Irish Banks, AIB International Centre, IFSC, Dublin 1, Ireland (SWIFT: AIBKIE2D)
or such other bank located in Ireland (either a bank organised in Ireland or the Ireland branch of a bank organised outside Ireland) and with a branch office in Dublin, Ireland, each issuing and confirming bank being acceptable to Lessor and having
a credit rating not lower than A from Standard and Poor’s or A2 from Moody’s, and which shall include any replacements, supplements and amendments thereto. 
 “Security Trust Agreement” means that certain security trust agreement dated as of December 11, 2008 among Owner Participant, Security Trustee, and the other parties named therein,
as amended and supplemented from time to time. 
 “Security Trustee” means Deutsche Bank Trust Company Americas, a New York
banking corporation, as security trustee pursuant to the Security Trust Agreement, its successors and assigns. 
 “Servicer”
means CIT Aerospace International, a company organised and existing under the Laws of Ireland and having its principal place of business at 3 George’s Dock, IFSC, Dublin 1, Ireland. 
 “State of Organisation” means the country and/or state under which Laws a Person is organised and existing, or, with respect to Lessor and Lessee, the country and/or state identified on
the first page of this Lease. 
 “State of Registration” means the United Mexican States. 

“Supplemental Rent” means all amounts, liabilities and obligations (other than Basic Rent and payments in respect of Maintenance
Reserves) which Lessee assumes or agrees to pay to Lessor under this Lease, including without limitation, and to the extent permitted by applicable Law, interest at the Past Due Rate calculated on any: (i) part of any installment of Basic Rent
not paid on the date due hereunder for the period the same remains unpaid and (ii) Supplemental Rent or Maintenance Reserves not paid when due hereunder, until the same is paid. 
 “12 Year HMV Check” means a maintenance inspection (and rectification of defects discovered during such inspection) that as a minimum includes (a) the next due C-Check, (b) each
Task that has a repetitive interval of six (6) years as set forth in the MPD, and (c) each Task that has an initial interval of twelve (12) years and/or a repetitive interval of twelve (12) years where such Task has previously
been accomplished, each as set forth in the MPD. 
 “12 Year HMV Check Airframe Reserve” has the meaning set forth in
Appendix 2C, Section “12 Year HMV Check Airframe Reserve”. 
 “Task(s)” means each inspection or other
requirement set forth in the MPD that (a) has a repetitive interval designated by a letter or combination of a letter and a number, or (b) is based upon (i) the accumulation of Flight Hours and/or Cycles, or (ii) the accumulation
of APU Hours and/or APU Cycles, or (iii) an elapsed number of calendar days, months and/or years. 

  

					
		  	App 1 - 13	  	 APPENDIX 1
 DEFINITIONS

 “Tax(es)” means any taxes (including, without limitation, sales, use, business, gross or
net income, personal property, license, documentation, transfer, import, export, fuel, leasing, occupational, value added, excess profits, excise, gross or net receipts, franchise, stamp, environmental and other taxes), levies, imposts,
withholdings, fees, assessments, duties and other charges of any nature, and any penalties, fines, additions to tax, interest or other charges related thereto which are imposed by any Governmental Authority or other taxing authority in any
jurisdiction or by any international or multinational taxing or regulatory authority. 
 “Termination Date” means: 

(i) the Scheduled Termination Date if Return is completed on the Scheduled Termination Date; or 

(ii) the date, if other than the Scheduled Termination Date, of Lessee’s Return of the Aircraft with all Obligations
then due for performance having been performed; or 
 (iii) the date on which this Lease terminates in accordance
with Section 20.3 following the occurrence of an Event of Loss with respect to the Aircraft or the Airframe following Delivery; or 
 (iv) the date of termination of this Lease following the occurrence of an Illegality Event in accordance with Section 27.1(b); or 

(v) the date on which this Lease is cancelled or terminated pursuant to Article 24 following the occurrence of an
Event of Default. 
 “Time Controlled Part” means any Item of Equipment, including any Life Limited Part, having a Task
applicable to it based upon a predetermined time limit or interval in accordance with the MPD to the extent such Task requires such Item of Equipment to be discarded, overhauled, or re-certified upon reaching such time limit or interval. 

“Trust Agreement” means the Amended and Restated Declaration of Trust (Aircraft 3317) as of December 19, 2008 between Owner
Participant and Wilmington Trust SP Services (Dublin) Limited, as amended, supplemented and assigned, pursuant to which Owner holds legal title to the Aircraft and acts for the benefit of Owner Participant with respect to the Aircraft. 

“Trust Company” means Wilmington Trust SP Services (Dublin) Limited, acting in its individual capacity, and its successors and assigns.

 “U.S.” or “U.S.A.” means the United States of America. 

“VAT” means any Tax that is, or is in the nature of, a value added, turnover, sales, use, rental, leasing, services, goods and services,
consumption, or transaction privilege Tax. 
 “Watch Item” means any maintenance requirement or inspection of the Aircraft or
applicable Item of Equipment following the Termination Date that results from a defect with respect to the Aircraft that was discovered during the Lease Term (and is not due to a routine inspection requirement for all aircraft of the same model as
the Aircraft resulting from an Airworthiness Directive, service bulletin or Manufacturer’s recommendations) and is in addition to the maintenance and inspection requirements set forth in the

  

					
		  	App 1 - 14	  	 APPENDIX 1
 DEFINITIONS

 
MPD, and where such additional inspection shall be required prior to the later of the accumulation of (i) six thousand (6,000) Flight Hours, (ii) four thousand five hundred
(4,500) Cycles, or (iii) twenty (20) months, as applicable. 
 “Wet Lease(s)” means any arrangement whereby
Lessee agrees to furnish the Aircraft to a third party pursuant to which (i) Lessee shall at all times maintain full operational, technical and navigational control and maintenance oversight of the Aircraft, (ii) the Aircraft shall be
operated solely by crews employed or contracted by Lessee possessing all current appropriate Aeronautics Authority certificates and licenses (it is understood that cabin attendants need not be regular employees of Lessee), (iii) the Insurances
shall remain in full force and effect (provided that such Insurance with respect to legal liabilities for passenger and cargo may be on a contingent basis for the duration of any such arrangement as long as such third party under such
arrangement maintains primary coverage for such insurance in favour of Lessor, Lessee, and any Indemnitee and Additional Insureds in accordance and strict compliance with the terms, conditions, and requirements of this Lease, evidence of which in
the form of a certificate of insurance and letter of undertaking from the brokers of such third party under such arrangement shall be provided to Lessor prior to the commencement of such arrangement), (iv) the Aircraft shall be used and
maintained by Lessee as otherwise required by and in accordance with the terms and conditions of this Lease. 

  

					
		  	App 1 - 15	  	 APPENDIX 1
 DEFINITIONS

 Appendix 2 

to Aircraft Lease Agreement 
 COMMERCIAL TERMS 
 [NOTE: THE TERMS OF
THIS APPENDIX 2 ARE CONFIDENTIAL AND CONTAIN 

COMMERCIALLY SENSITIVE INFORMATION; THIS APPENDIX 2 MUST BE REMOVED

 FROM ANY PUBLIC FILING OF THIS LEASE] 

Contents: 

Appendix 2A     Lease Term  

Appendix 2B     Rent, Security Deposit, Insurance and other Financial Matters  

Appendix 2C     Maintenance Reserves  

Appendix 2D     Delivery Conditions  

Appendix 2E     Return Conditions 

  

					
		  	App 2 - 1	  	 APPENDIX 2
 COMMERCIAL TERMS

 Appendix 2A 

to Aircraft Lease Agreement 
 LEASE TERM 
 1. Scheduled Delivery Date is on or about *****, but in any event, no
later than *****. 
 2. Lease Term 
 Subject to Section 3 below, the Lease Term shall commence on the Delivery Date and shall end on, but not later than, 11:59 P.M. New York, New York time on the later to occur of: 

(a) the day immediately preceding the ***** monthly anniversary of the Delivery Date, or 

(b) the date on which the next anticipated 6 Year HMV Check (or, in the event the 6 Year HMV Check interval is extended or
uses different terminology, such other structural inspection of equivalent scope and detail as the 6 Year HMV Check) is completed, 
 but which
shall in any event end on the Termination Date. 
 3. Lease Term Extension Option 

(a) Provided no Default or Event of Default shall have occurred and be continuing, Lessee may extend the Lease Term for
***** additional months (“Lease Term Extension”) on the same terms and conditions (except with respect to the amount of Basic Rent as more fully set forth in paragraph (b) below), provided that Lessee shall provide Lessor
with irrevocable written notice of its intention to exercise such extension option at least ***** months prior to the Scheduled Termination Date. 
 (b) Basic Rent for the Lease Term Extension shall be in an amount reflecting the fair market rate at the time of extension as agreed between Lessor and Lessee prior to but not later than the time that
Lessee exercises its option to extend the Lease Term of the Lease as set forth in paragraph (a) above. If Lessor and Lessee are unable to agree to an amount of Basic Rent for the Lease Term Extension, then Lessee’s option to extend the
Lease Term shall lapse. 

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

  

					
		  	App 2 - 2	  	 APPENDIX 2A
 LEASE TERM

 Appendix 2B 

to Aircraft Lease Agreement 
 RENT, SECURITY DEPOSIT, INSURANCE 
 AND OTHER FINANCIAL MATTERS

 1. Basic Rent. Lessee shall pay Basic Rent during the Lease Term as follows: 

1.1. PBH Rent. For that portion of the Lease Term commencing on the Delivery Date and continuing through and
including the twenty-eighth (28th) day after the
Delivery Date (the “PBH Period”), Lessee shall pay Basic Rent to Lessor on a power-by-the-hour basis at the rate of ***** per Flight Hour (the “PBH Rent”). The PBH Rent shall be paid in arrears on or prior to the
fifteenth (15th) day following the last day of the
PBH Period (the “PBH Rent Payment Date”). For the avoidance of doubt and by way of example, if Delivery occurs on 12 December 2010, the PBH Period would commence on 12 December 2010 and continue through and
including 08 January 2011, and the PBH Rent Payment Date would be 23 January 2011. 
 1.2. Fixed
Rent. Subject to Sections 1.3 and 1.4 below, for the remainder of the Lease Term period commencing on the day immediately following the last day of the PBH Period (the “Fixed Rent Commencement Date”) and continuing through
the end of the Lease Term (but not including any Lease Term Extension), Lessee shall pay Basic Rent to Lessor in advance on each Fixed Rent Payment Date in respect of each Fixed Rent Period in the amount of ***** per Fixed Rent Period (the
“Fixed Rent”), prorated for any partial Fixed Rent Period. 
 1.3. Fixed Rent Reduction due to Change of
Brakes. Lessor has agreed to partially reimburse Lessee for the cost of changing the brakes on the Aircraft from Messier-manufactured brakes to Goodrich-manufactured brakes in an amount equal to ***** (the (the “Lessor Brake Contribution
Amount”). In order to receive the Lessor Brake Contribution Amount and provided (i) no Event of Default has occurred and is continuing and (ii) Lessee has provided Lessor with documentation reasonably acceptable to Lessor
providing evidence of the installation of such Goodrich-manufactured brakes, Lessee may offset the first five (5) non-prorated Fixed Rent payments by ***** each, such that Lessor’s Fixed Rent obligation for each of such five (5) Fixed
Rent Periods will be *****. Lessee shall reinstall the Messier-manufactured brakes on the Aircraft prior to Return. For the avoidance of doubt, title to and ownership of the Messier-manufactured brakes and the Goodrich-manufactured brakes shall vest
with Lessor throughout the Lease Term, with title to and ownership of the Goodrich-manufactured brakes to transfer to Lessee at the time of Return. 
 1.4. Delayed Delivery. In the event Lessor tenders the Aircraft for delivery on or after *****, Lessee’s Obligation to pay Fixed Rent for the second Fixed Rent Period of the Lease Teri
automatically be waived by Lessor. 
 2. Security Deposit – Timing of Payments and Amounts. 

2.1. Prior to the execution of this Lease, Lessee has paid Lessor the amount of *****; one (1) Business Day following execution of
this Lease, Lessee shall deposit with Lessor an additional amount of *****; and one (1) Business Day prior to the Scheduled Delivery Date, Lessee shall deposit with Lessor an additional amount of *****. 

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

  

					
		  	App 2 - 3	  	 APPENDIX 2B
 RENT, SECURITY DEPOSIT, INSURANCE
 AND OTHER FINANCIAL
MATTERS

 2.2. Notwithstanding the foregoing, subject to no Default or Event of
Default having occurred during the first six (6) months of the Lease Term the total Security Deposit requirement hereunder shall be reduced to *****, and Lessor shall automatically apply ***** of the Security Deposit towards Lessee’s
Fixed Rent payment due for the seventh (7th) Fixed
Rent Period during the Lease Term. 
 2.3. In the event a Default or Event of Default has occurred during the first
six (6) months of the Lease Term, the total Security Deposit requirement hereunder shall remain at ***** throughout the Lease Term. 

3. Account 
 All payments
made under this Lease or any other Operative Document shall be made to the account set forth below by wire transfer of immediately available funds to its correspondent bank: 

 

			
	Bank:	  	Deutsche Bank Trust Company Americas
		  	60 Wall Street, 26th Floor
		  	Mail Stop NYC60-2606
		  	New York, NY 10005
		
	Account Number:	  	*****
		
	ABA Number:	  	*****
		
	SWIFT:	  	*****
		
	For the account of:	  	
		
	Account Name:	  	*****
		
	Account Number:	  	*****
		
	Reference:	  	*****

 4. Insurances 
 4.1. Liability Insurance Coverage Amount: *****. 
 4.2. Agreed
Value: *****, which amount shall be reduced by ***** at each anniversary of the Delivery Date during the Lease Term. 
 4.3.
Engine Agreed Value (each Engine): *****. 
 4.4. Aircraft Hull Deductible Amount: ***** per occurrence.

  

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

  

					
		  	App 2 - 4	  	 APPENDIX 2B
 RENT, SECURITY DEPOSIT, INSURANCE
 AND OTHER FINANCIAL
MATTERS

 5. Legend 
 “LEASED FROM WILMINGTON TRUST SP SERVICES (DUBLIN) LIMITED, DUBLIN, IRELAND AS TRUSTEE/LESSOR” 
 6. Notices 
  

			
	 If to Lessee:
	  	If to Lessor:
		
	Concesionaria Vuela Compañía de	  	Wilmington Trust SP Services (Dublin) Limited
	Aviación S.A.P.I. de C.V.	  	First Floor, 7 Exchange Place
	Prolongación Paseo de la Reforma No. 490	  	International Financial Services Centre
	Colonia Santa Fe Peña Blanca	  	Dublin 1
	C.P. 01210	  	Ireland
	México, D.F.	  	Fax: +353 1 612 5550
		
		  	with a copy to Servicer, as follows:
	Attention: Director Jurídico	  	
	Fax: +52 (55) 5211 9613	  	CIT Aerospace International
		  	3 George’s Dock
		  	IFSC
		  	Dublin 1
		  	Ireland
		  	Attention: Chief Counsel
		  	Fax: +353 1 656 1001
		
		  	and, with respect to any insurance notification,
		  	with a copy to:
		
		  	CIT Aerospace
		  	1 West 42nd Street, 12th Floor
		  	New York, NY 10036, USA
		  	Attention: Portfolio Services
		  	Fax: +1 (877) 525 9183
		  	Email: alice.arazny@cit.com

  

					
		  	App 2 - 5	  	 APPENDIX 2B
 RENT, SECURITY DEPOSIT, INSURANCE
 AND OTHER FINANCIAL
MATTERS

 Appendix 2C 

to Aircraft Lease Agreement 
 MAINTENANCE RESERVES 
  

	1.	Maintenance Reserves - Airframe 

  

	 	A.	6 Year HMV Check Airframe Reserve 

 (i) Pursuant to Section 13.1 of the Lease, Lessee shall pay to Lessor ***** per Calendar Month (the then current balance of all such payments received from Lessee and held by Lessor, net of
disbursements made pursuant to this Appendix 2C, is hereinafter referred to as the “6 Year HMV Check Airframe Reserve”). 
 (ii) Subject to the conditions and exclusions contained in this Appendix 2C, Lessor will reimburse Lessee (or, at Lessee’s written instruction, pay on behalf of Lessee) from the 6 Year HMV Check
Airframe Reserve the amount then currently held by Lessor in the 6 Year HMV Check Airframe Reserve as of the date of commencement of such 6 Year HMV Check (all such qualifying expenses are hereinafter referred to as “6 Year HMV Check
Airframe Reimbursable Expenses”), provided that at the time of completion of such 6 Year HMV Check, the Tasks accomplished during such 6 Year HMV Check shall have included, as a minimum, (a) each six (6) year or seventy-two
(72) month Task, (b) each Task that has an initial or repetitive interval of (i) twenty (20) calendar months or less, (ii) six thousand (6,000) Flight Hours or less, (iii) four thousand five hundred Cycles or less,
and (iv) three thousand (3,000) APU Hours or less, and (c) the rectification of each defect discovered during the accomplishment of such Tasks set forth herein. Notwithstanding the preceding, except for the Final Check if the
Manufacturer approves an extension of time for Lessee to accomplish the rectification of any defect solely due to lead time required by the Manufacturer to provide (x) any necessary parts, or (y) any necessary engineering, such extension
of time will not prevent Lessee from claiming the 6 Year HMV Check Reimbursable Expenses, and in any event, any such defect must be rectified, in conformance with the requirements of this Lease, not later than the Termination Date and Lessee shall
not claim any additional reimbursement for such rectification. 
 (iii) Notwithstanding anything to the contrary
in the preceding clause (ii), solely with respect to the first 6 Year HMV Check to be accomplished by Lessee following the Delivery Date, in addition to the amount paid by Lessee with respect to the 6 Year HMV Check Airframe Reserve, Lessor
shall reimburse Lessee, or pay Lessee’s maintenance provider as directed by Lessee, the lesser of: 
 (a)
the amount by which (I) the 6 Year HMV Check Airframe Reimbursable Expenses incurred during the first 6 Year HMV Check accomplished following the Delivery Date exceeds (II) the amount that Lessee was required under this Lease to pay with
respect to the 6 Year HMV Check Airframe Reserve with respect to the Aircraft; or 
 (b) the amount equal to the
6 Year HMV Check Airframe Reserve Rate set forth in clause (i) above (as of the Delivery Date and without adjustment for inflation) multiplied by the number of months (prorated for partial months of operation) accumulated since the later of the
date that the Aircraft was delivered new to the Prior Operator or the date of completion of the most recent 6 Year HMV Check accomplished on the Aircraft at the time of Delivery. 

  

					
		  	App 2 - 6	  	 APPENDIX 2C
 MAINTENANCE RESERVES

	 	B.	12 Year HMV Check Airframe Reserve 

 (i) Pursuant to Section 13.1 of the Lease, Lessee shall pay to Lessor ***** per Calendar Month (the then current balance of all such payments received from Lessee and held by Lessor, net of
disbursements made pursuant to this Appendix 2C, is hereinafter referred to as the “12 Year HMV Check Airframe Reserve”). 
 (ii) Subject to the conditions and exclusions contained in this Appendix 2C, Lessor will reimburse Lessee (or, at Lessee’s written instruction, pay on behalf of Lessee) from the 12 Year HMV
Check Airframe Reserve the amount then currently held by Lessor in the 12 Year HMV Check Airframe Reserve as of the date of commencement of such 12 Year HMV Check (all such qualifying expenses are hereinafter referred to as “12 Year HMV
Check Airframe Reimbursable Expenses”), provided that at the time of completion of such 12 Year HMV Check, the Tasks accomplished during such 12 Year HMV Check shall have included, as a minimum, (a) each twelve (12) year or one
hundred forty-four (144) month Task, (b) each Task that has a repetitive interval of (i) twenty (20) calendar months or less, (ii) six thousand (6,000) Flight Hours or less, (iii) four thousand five hundred
(4,500) Cycles or less, and (iv) three thousand (3,000) APU Hours or less, and (c) the rectification of each defect discovered during the accomplishment of such Tasks set forth herein. Notwithstanding the preceding, except for
the Final Check if the Manufacturer approves an extension of time for Lessee to accomplish the rectification of any defect solely due to lead time required by the Manufacturer to provide (x) any necessary parts, or (y) any necessary
engineering, such extension of time will not prevent Lessee from claiming the 12 Year HMV Check Reimbursable Expenses, and in any event, any such defect must be rectified, in conformance with the requirements of this Lease, not later than the
Termination Date and Lessee shall not claim any additional reimbursement for such rectification. 
 (iii)
Notwithstanding anything to the contrary in the preceding clause (ii), solely with respect to the first 12 Year HMV Check to be accomplished by Lessee following the Delivery Date, in addition to the amount paid by Lessee with respect to the 12
Year HMV Check Airframe Reserve, Lessor shall reimburse Lessee, or pay Lessee’s maintenance provider as directed by Lessee, the lesser of: 
 (a) the amount by which (I) the 12 Year HMV Check Airframe Reimbursable Expenses incurred during the first 12 Year HMV Check accomplished following the Delivery Date exceeds (II) the amount that
Lessee was required under this Lease to pay with respect to the 12 Year HMV Check Airframe Reserve with respect to the Aircraft; or 
 (b) the amount equal to the 12 Year HMV Check Airframe Reserve Rate set forth in clause (i) above (as of the Delivery Date and without adjustment for inflation) multiplied by the number of months
(prorated for partial months of operation) accumulated since the later of the date that the Aircraft was delivered new to the Prior Operator or the date of completion of the most recent 12 Year HMV Check accomplished on the Aircraft at the time of
Delivery. 

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

  

					
		  	App 2 - 7	  	 APPENDIX 2C
 MAINTENANCE RESERVES

	2.	Maintenance Reserves - Engines 

  

	 	A.	Engine Restoration Reserves 

 (i) Pursuant to Section 13.1 of the Lease, Lessee shall pay to Lessor the amount determined under clause (ii) below multiplied by the number of Flight Hours of operation of each Engine during
each Calendar Month (the then current balance of all such payments received from Lessee and held by Lessor, net of disbursements made pursuant to this Appendix 2C, is hereinafter referred to as, with respect to each Engine, an “Engine
Restoration Reserve” and collectively, the “Engine Restoration Reserves”). A separate Engine Restoration Reserve shall be established and maintained separately for each Engine and the same shall not be cumulated or netted.

 (ii) The amount used to calculate Lessee’s payment due under clause (i) above shall be determined on
a monthly basis and shall be the amount set forth in the table below that most closely corresponds to Lessee’s actual Flight Hour to Cycle utilisation ratio for each Engine during the Calendar Month for which such payment is due: 

 

			
	 Actual Flight
 Hour/Cycle

(    :1)
	  	 Rate

	4.0	  	*****
	3.9	  	*****
	3.8	  	*****
	3.7	  	*****
	3.6	  	*****
	3.5	  	*****
	3.4	  	*****
	3.3	  	*****
	3.2	  	*****
	3.1	  	*****
	3.0	  	*****
	2.9	  	*****
	2.8	  	*****
	2.7	  	*****
	2.6	  	*****
	2.5	  	*****
	2.4	  	*****
	2.3	  	*****
	2.2	  	*****
	2.1	  	*****
	2.0	  	*****
	1.9	  	*****
	1.8	  	*****
	1.7	  	*****
	1.6	  	*****
	1.5	  	*****
	1.4	  	*****
	1.3	  	*****
	1.2	  	*****
	1.1	  	*****
	1.0	  	*****
	0.9	  	*****
	0.8	  	*****
	0.7	  	*****
	0.6	  	*****
	0.5	  	*****

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

  

					
		  	App 2 - 8	  	 APPENDIX 2C
 MAINTENANCE RESERVES

 (iii) Subject to the conditions and exclusions contained in this
Appendix 2C, Lessor will reimburse Lessee (or, at Lessee’s written instruction, pay on behalf of Lessee) from the applicable Engine Restoration Reserve an amount equal to Lessee’s Actual Cost incurred in connection with the
accomplishment by Lessee of an Engine Restoration on an Engine during the Lease Term for which such Engine Restoration Reserve is established (all such qualifying expenses are hereinafter referred to as “Engine Restoration Reimbursable
Expenses”), provided that at the time of completion of such Engine Restoration, as a minimum: 
 (a) the
Engine was restored to a condition having an expected minimum of sixteen thousand five hundred (16,500) Flight Hours without any requirement for a shop visit prior to the expiration of such time; and 

(b) each Life Limited Part installed in the Engine had no less than eight thousand five hundred (8,500) Cycles (and
equivalent calendar time, if applicable, with calendar time determined by the worldwide fleet average annual utilisation as reported by the Engine Manufacturer) remaining to its life limit, provided, however, Lessor and Lessee agree that during the
first Engine Restoration to occur, either party may request that the minimum number of Cycles required for each Life Limited Part as set forth above be reviewed by the parties, and the parties agree that they shall review and discuss in good faith
as to whether or not the minimum number of Cycles set forth above should be increased or decreased based upon the then current information available to both Lessee and Lessor as to the average Flight Hour to Cycle ratio operated by all similar model
aircraft worldwide; and 
 (c) the Engine was in compliance with all AD’s to the extent that (i) such
AD was issued prior to the date such Engine Restoration was completed and (ii) by the terms of such AD, compliance with such AD would otherwise be required on or prior to the commencement date of the next anticipated restoration shop visit of
the relevant Engine. 
 (iv) Engine Restoration Reimbursable Expenses shall only include Lessee’s Actual
Cost incurred in connection with Engine disassembly, repair, Overhaul, assembly and any required testing accomplished in connection with the accomplishment of such Engine Restoration. 

(v) Engine Restoration Reimbursable Expenses shall not include the cost of replacement Life Limited Parts installed in
connection with the accomplishment of such Engine Restoration. 

  

					
		  	App 2 - 9	  	 APPENDIX 2C
 MAINTENANCE RESERVES

 (vi) Notwithstanding anything to the contrary in the preceding
clause (iii), solely with respect to the first Engine Restoration accomplished by Lessee on each Engine following Delivery, in addition to the amount paid by Lessee with respect to the Engine Restoration Reserve applicable to the Engine on
which such Engine Restoration was accomplished, Lessor shall reimburse Lessee, or pay Lessee’s maintenance provider as directed by Lessee, the lesser of: 
 (a) the amount by which (I) the Engine Restoration Reimbursable Expenses incurred by Lessee during the first Engine Restoration accomplished for such Engine following the Delivery Date exceeds (II)
the amount that Lessee was required under this Lease to pay with respect to the Engine Restoration Reserve with respect to such Engine; or 
 (b) the amount equal to the Engine Restoration Reserve Rate set forth in clause (ii) above (as of the Delivery Date without adjustment for inflation) multiplied by the number of Flight Hours of
operation accumulated on such Engine since the later of the date that the Engine was delivered new or since the date of completion of the most recent Engine Performance Restoration accomplished on such Engine at the time of Delivery. 

 

	 	B.	Engine Life Limited Parts Reserves 

 (i) Pursuant to Section 13.1 of the Lease, Lessee shall pay to Lessor ***** multiplied by the number of Cycles of operation of each Engine during each Calendar Month (the then current balance of all
such payments received from Lessee and held by Lessor, net of disbursements made pursuant to this Appendix 2C, is hereinafter referred to as the “Engine Life Limited Parts Reserve”). A separate Engine Life Limited Parts Reserve
shall be established and maintained separately for each Engine and the same shall not be cumulated or netted. 

(ii) Subject to the conditions and exclusions contained in this Appendix 2C, Lessor will reimburse Lessee (or, at
Lessee’s written instruction, pay on behalf of Lessee) from the applicable Engine Life Limited Parts Reserve an amount equal to Lessee’s Actual Cost incurred in connection with the purchase by Lessee of any Engine Life Limited Part during
the Lease Term that is installed in an Engine for which such Engine Life Limited Parts Reserve is established (all such qualifying expenses are hereinafter referred to as “Engine Life Limited Parts Reimbursable Expenses”).

 (iii) Notwithstanding anything to the contrary in the preceding clause (ii), solely with respect to the
first replacement of each Engine Life Limited Part of each Engine accomplished by Lessee following the Delivery Date, in addition to the amount paid by Lessee with respect to the applicable Engine Life Limited Parts Reserve, Lessor shall reimburse
Lessee, or pay such other Person as directed by Lessee, the amount by which the Engine Life Limited Parts Reimbursable Expenses incurred by Lessee exceeds the amount paid by Lessee with respect to the Engine Life Limited Parts Reserve with respect
to such Engine, but in no event shall the sum of all such excess Engine Life Limited Parts Reimbursable Expenses paid by Lessor exceed the amount that is equal to the product of the Engine Life Limited Parts Reserve Rate set forth in clause (i)
above (as of the Delivery Date and without adjustments applied during the Lease Term) multiplied by the total number of Cycles accumulated by each such replaced Engine Life Limited Part as at the time of Delivery as set forth in the Acceptance
Certificate. 

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

  

					
		  	App 2 - 10	  	 APPENDIX 2C
 MAINTENANCE RESERVES

	3.	Maintenance Reserves – Other Items 

  

	 	A.	Landing Gear Overhaul Reserve 

 (i) Pursuant to Section 13.1 of the Lease, Lessee shall pay to Lessor ***** per Calendar Month (the then current balance of all such payments received from Lessee and held by Lessor, net of
disbursements made pursuant to this Appendix 2C, is hereinafter referred to as the “Landing Gear Overhaul Reserve”). 
 (ii) Subject to the conditions and exclusions contained in this Appendix 2C, Lessor will reimburse Lessee (or, at Lessee’s written instruction, pay on behalf of Lessee) the total prorated amount
held by Lessor in the Landing Gear Overhaul Reserve account (as prorated in accordance with sub-section (iii) below) as of the commencement date of such Landing Gear Overhaul (such prorated account balance amount being hereinafter referred to
as “Landing Gear Overhaul Reimbursable Expenses”), provided that at the time of completion of such Overhaul of any Landing Gear, such Landing Gear shall have no existing condition that would require the removal of such Landing Gear
prior to completing the full Overhaul interval as set forth in the MPD. 
 (iii) In no event shall any
reimbursement for a Landing Gear Overhaul of any individual Landing Gear exceed an amount that is in excess of a percentage of the total amount, then currently held by Lessor in the Landing Gear Overhaul Reserve, equal to ***** for each of the left
and right main Landing Gear, and ***** for the nose Landing Gear. 
 (iv) Notwithstanding anything to the
contrary in the preceding clause (ii), solely with respect to the first Overhaul of each Landing Gear accomplished by Lessee following the Delivery Date, in addition to the percentage amount with respect to such Landing Gear paid by Lessee with
respect to the applicable Landing Gear Overhaul Reserve, Lessor shall reimburse Lessee, or pay Lessee’s maintenance provider as directed by Lessee, the lesser of: 

(a) the amount by which (I) the Landing Gear Overhaul Reimbursable Expenses incurred during the first Overhaul
accomplished for each such Landing Gear following the Delivery Date exceeds (II) the percentage amount that Lessee was required under this Lease to pay with respect to the Landing Gear Overhaul Reserve with respect to such Landing Gear; or

 (b) the amount equal to the applicable percentage amount of the Landing Gear Overhaul Reserve Rate set forth
in clause (i) above (as of the Delivery Date and without adjustment for inflation) multiplied by the number of months (prorated for partial months) of operation accumulated since the later of the date that such Landing Gear was delivered new or
the date of accomplishment of the most recent Overhaul on such Landing Gear at the time of Delivery. 
  

	 	B.	APU Overhaul Reserve 

 (i) Pursuant to Section 13.1 of the Lease, Lessee shall pay Lessor ***** multiplied by the number of APU Hours of operation of the APU during each Calendar Month (the then current balance of all such
payments received from Lessee and held by Lessor, net of disbursements made pursuant to this Appendix 2C, is hereinafter referred to as the “APU Overhaul Reserve”). 

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

  

					
		  	App 2 - 11	  	 APPENDIX 2C
 MAINTENANCE RESERVES

 (ii) Subject to the conditions and exclusions contained in this
Appendix 2C, Lessor will reimburse Lessee (or, at Lessee’s written instruction, pay on behalf of Lessee) from the APU Overhaul Reserve an amount equal to Lessee’s Actual Cost incurred in connection with the accomplishment by Lessee of
an APU Overhaul on the APU during the Lease Term (all such qualifying expenses are hereinafter referred to as “APU Overhaul Reimbursable Expenses”), provided that at the time of completion of such APU Overhaul, as a minimum:

 (a) the APU was restored to a condition such that it can be reasonably expected to operate for a minimum of
five thousand (5,000) APU Hours without any requirement for a shop visit prior to the expiration of such time; 
 (b) each Life Limited Part installed in the APU had no less than five thousand (5,000) APU Cycles remaining to its life limit; and 

(c) the APU was in compliance with all AD’s to the extent that, by the terms of each AD, compliance was required
within any of (i) five thousand APU Hours, or (ii) five thousand (5,000) APU Cycles, or (iii) twenty-four (24) months, as applicable. 
 (iii) Notwithstanding anything to the contrary in the preceding clause (ii), solely with respect to the first APU Overhaul accomplished by Lessee following the Delivery Date, in addition to the
amount paid by Lessee with respect to the APU Overhaul Reserve, Lessor shall reimburse Lessee, or pay Lessee’s maintenance provider as directed by Lessee, the lesser of: 

(a) the amount by which (I) the APU Overhaul Reimbursable Expenses incurred during the first Overhaul accomplished
for the APU following the Delivery Date exceeds (II) the amount that Lessee was required under this Lease to pay with respect to the APU Overhaul Reserve with respect to the APU; or 

(b) the amount equal to APU Overhaul Reserve Rate set forth in clause (i) above (as of the Delivery Date and without
adjustment for inflation) multiplied by the number of APU Hours of operation accumulated since the later of the date that the APU was delivered new or the date of accomplishment of the most recent APU Overhaul on the APU at the time of Delivery.

  

	4.	Maintenance Reserve Claims 

 A. Prior to the accomplishment of any Maintenance Check for which Lessee intends to make a Maintenance Reserve Claim, Lessee shall provide Lessor with the workscope and, to the extent available from the
Approved Maintenance Provider, the estimated cost of accomplishing such Maintenance Check, for approval by Lessor as to whether or not such workscope complies with the requirements for reimbursement as set forth in this Appendix 2C herein.

 B. Following completion of such Maintenance Check in accordance with the approved workscope, Lessee may present its
Maintenance Reserve Claim to Lessor for payment by delivery of an invoice for the amount of Reimbursable Expenses claimed by Lessee together with documentation satisfactory to Lessor evidencing completion of such Maintenance Check in accordance with
the approved workscope and the cost associated therewith. 

  

					
		  	App 2 - 12	  	 APPENDIX 2C
 MAINTENANCE RESERVES

 C. Lessor shall reimburse Lessee by paying (x) to Lessee (provided Lessee has
delivered to Lessor evidence of payment by Lessee for the amount of such Reimbursable Expenses) or (y) upon receipt of written instruction from Lessee, to Lessee’s maintenance provider performing such Maintenance Check (provided
Lessor has received evidence of payment by Lessee for the amount of all estimated expenses that exceed the amount to be paid by Lessor as set forth herein). Such amount shall equal the lesser of (i) the amount of such Reimbursable Expenses for
such Maintenance Check, or (ii) the amount of the respective Maintenance Reserve for such Reimbursable Event. Notwithstanding the, foregoing, upon Lessee’s request, and at Lessor’s option and sole discretion, Lessor may pay up to
***** of the amount then currently held by Lessor in the applicable Maintenance Reserve account direct y to the maintenance provider performing the applicable Reimbursable Event (each an “Induction Payment”) following Lessor’s
receipt of a copy of the intended workscope and a preliminary invoice related to such Reimbursable Event, all in form and substance reasonably satisfactory to Lessor. 
 D. In any case in which the amount paid to Lessee by Lessor hereunder is not sufficient to pay the cost of such Maintenance Check, Lessee shall be obligated to and shall pay directly any such shortfall,
without further contribution from Lessor, and Lessee shall not subsequently be permitted to make a Maintenance Reserve Claim for such amounts under this Lease. 
  

	5.	Exclusions from Reimbursable Expenses 

 The following shall be and are specifically excluded from Reimbursable Expenses: 
 (i) with respect to all Maintenance Checks, expenses incurred in connection with or as a result of (A) an accident, faulty maintenance or installation, incident, improper operations, abuse,
neglect, or misuse, (B) any maintenance and material required for or in connection with elective Parts replacement, AD compliance and Aeronautics Authority and/or Certificating Authority regulation compliance, (C) any maintenance and
material covered by, or reimbursable by, a claim under any Manufacturer’s warranties or by insurance (with deductibles being treated as reimbursable by insurance for purposes of this exclusion), (D) modifications (including interior
reconfiguration), (E) the accomplishment of service bulletins, (F) any deferred maintenance discrepancies (G) any maintenance and material required to correct or repair damage caused by the ingestion by an Engine or the APU of a
foreign object external to such Engine or APU (“FOD”), (H) (x) the cost of shipping any Engine, Engine LLP, Landing Gear or the APU, or (y) ferrying the Aircraft to the maintenance facility performing
such Maintenance Check, (I) any fees or expenses incurred by representatives of Lessee, (J) handling charges or other mark-ups by Lessee, (K) removal and installation charges with respect to (1) any Engine (for Engine Restoration
or Engine LLP replacement) or (2) any Landing Gear or APU for Overhaul, (L) any maintenance or replacement of Parts (when such maintenance or replacement is as a result of (aa) Time Controlled Part requirements of the Maintenance
Program or (bb) a routine requirement of any task card), provided, however, Reimbursable Expenses shall include the cost to repair or replace any Part that requires maintenance or replacement solely as a result of failing a routine requirement for
an operational or functional test of any Task while installed on the Aircraft, and (M) Taxes paid or due and payable on or in connection with the accomplishment of the Maintenance Check and any labor and materials supplied thereunder;

 (ii) with respect to an Engine Restoration, in addition to the exclusions listed in clause (i)
above, expenses incurred in connection with or as a result of the cost of (A) labor and material necessary for the removal and installation of quick engine change components and Parts (“QEC”) except when such QEC is
removed or installed at the maintenance facility of the 

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

  

					
		  	App 2 - 13	  	 APPENDIX 2C
 MAINTENANCE RESERVES

 
Approved Maintenance Organisation accomplishing such Engine Restoration, (B) replacement, repair or Overhaul of external engine Parts, including QEC, (C) rental of tooling or equipment
for the removal, installation or shipping of the Engine and (D) charges incurred for the use of a temporary replacement engine; 
 (iii) with respect to the replacement of Engine LLPs, in addition to the exclusions listed in clause (i) above, (A) an amount equal to the product of (x) the
Manufacturer’s then current catalogue price of the replacement LLP which is the subject of Lessee’s Maintenance Reserve Claim divided by its Cycle life limit, multiplied by (y) the Cycles remaining to its Cycle life limit on
the LLP replaced, and (B) any labor or additional materials costs associated with the replacement of any such Engine LLP; 
 (iv) with respect to any Landing Gear Overhaul, in addition to the exclusions listed in clause (i) above, expenses incurred in connection with or as a result of the cost of (A) the
repair, replacement or Overhaul of rotable parts such as wheels, tires, brakes, transducers, switch assemblies, side struts, braces, and uplock and downlock mechanisms, (B) labor and material necessary for removal and installation of external
Parts (except when such external Parts are removed or installed at the Approved Maintenance Organisation accomplishing such Landing Gear Overhaul), (C) replacement, repair or Overhaul of external Landing Gear Parts, (D) rental of
tooling or equipment for the removal, installation and shipping of the Landing Gear and (E) charges incurred for the use of a temporary replacement landing gear; and 

(v) with respect to an APU Overhaul, in addition to the exclusions listed in clause (i) above, expenses
incurred in connection with or as a result of the cost of (A) labor and material necessary for removal and installation of external Parts (except when such external Parts are removed or installed at the Approved Maintenance Organisation in
order to perform such APU Overhaul), (B) replacement, repair or Overhaul of external APU Parts, (C) rental of tooling or equipment for the removal, installation and shipping of the APU and (D) charges incurred for the use of a
temporary replacement auxiliary power unit. 
  

	6.	Adjustment/Revision of Maintenance Reserve Rates 

 A. Adjustment for Inflation. The Maintenance Reserve rates set forth in paragraphs 1, 2A and 3 above (inclusive of subsections and including the table appearing in Section 2A(ii)), shall
be increased for inflation on 1 June of each calendar year (commencing 1 June 2011) by a percentage amount equal to ***** by adding: (x) the product of the then current Maintenance Reserve rate multiplied by the value of
*****, and (y) the then current Maintenance Reserve rate, as the same has been increased in accordance with this paragraph 6A. 
 B. Revision of Engine LLP Parts Reserve Rate. The Engine Life Limited Parts Reserve rate set forth in paragraph 2B shall be revised on 1 June of each calendar year of the Lease Term so
that it equals the sum of the then current cost per Cycle of each Engine Life Limited Part of each Engine. The cost per Cycle of each such Engine Life Limited Part shall be determined by dividing (x) the then current catalog list price
of each Engine Life Limited Part for each Engine by (y) the Engine Manufacturer’s then published cyclic life for each respective Engine Life Limited Part. 

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

  

					
		  	App 2 - 14	  	 APPENDIX 2C
 MAINTENANCE RESERVES

	7.	General 

 A. All payments
in respect of Maintenance Reserves that accrue on a monthly basis and for which the payment due is for less than a complete month shall be prorated on a daily basis based on a month consisting of thirty (30) days. 

B. In no event shall Lessor be obligated to reimburse or make any payment to Lessee under this Appendix 2C, whether due to a
Maintenance Reserve Claim or otherwise, (i) if and for so long as a Default or Event of Default has occurred and is continuing or (ii) with respect to a Maintenance Reserve Claim which has not been made within the time limits specified in
Section 13.4 of the Lease. Lessor shall not be obligated to cure any such Default or Event of Default by granting an offset to Lessee for any amounts that would be payable hereunder in the absence of such Default or Event of Default.

 C. All Maintenance Reserves shall be managed, held, applied and reimbursed strictly in accordance with the provisions of this
Lease, and any determinations and/or calculations made or to be made in respect of any Maintenance Reserve Claims shall be managed by personnel who are experienced and familiar with aircraft and operating leases of this type, and the payment of any
Maintenance Reserve reimbursement amounts due and owing to Lessee under this Appendix 2C shall not be unreasonably withheld. 
 D. The disposition of all Maintenance Reserves following the occurrence of an Event of Loss of the Aircraft shall be made in accordance with the provisions of Section 20.3(b) of the Lease.

 E. Each installment of Maintenance Reserves paid by Lessee shall accrue interest from the date of its receipt by Lessor. The
rate at which interest shall accrue on the Maintenance Reserves from time to time shall be the “30 Day Dealer Commercial Paper Rate” as reported on Reuters Page 23. The rate of interest shall be initially determined as of the Delivery
Date and shall be reset on each three (3) month anniversary of the Delivery Date thereafter during the Lease Term. Any interest earned on the Maintenance Reserves shall become part of the Maintenance Reserves, and shall be subject to the terms
hereof applicable to Maintenance Reserves. 
 F. For the avoidance of doubt, Lessor acknowledges and agrees that reimbursement
for any Engine Restoration or APU Overhaul shall be based on the accomplishment of a workscope encompassing the elements and requirements as set forth and contemplated in this Appendix 2C, regardless of whether or not the FAA Form 8130-3
issued in respect of the relevant Engine or APU specifically references that a “restoration” or “overhaul” was completed. 

  

					
		  	App 2 - 15	  	 APPENDIX 2C
 MAINTENANCE RESERVES

 Appendix 2D 

to Aircraft Lease Agreement 
 DELIVERY CONDITIONS 
  

	1.	GENERAL 

 1.1. The
Aircraft shall be airworthy with no existing condition that exceeds Manufacturer’s allowable limits and shall be eligible for the immediate issuance of a standard DGAC Certificate of Airworthiness for passenger operations. 

1.2. The Aircraft exterior shall be washed and the interior shall be clean. The cockpit shall be repainted if required to eliminate
existing stains, excessive wear, and inappropriate markings. Any placards shall be in both Spanish and English and shall be replaced if required, with Lessee to provide Lessor with such English and Spanish placards for installation prior to
Delivery. 
 1.3. Each Engine, the Landing Gear and the APU, and all Parts and all other Items of Equipment shall be installed
on the Aircraft and each such Item shall function in accordance with its intended use. 
 1.4. The Aircraft shall comply with
all AD’s required by the Certificating Authority which by their terms require compliance within ninety (90) days from scheduled redelivery date of the Aircraft under the Prior Lease, notwithstanding any waiver, deviation or time extension
obtained from any aeronautics authority or the Certificating Authority. 
 1.5. The Airframe, Engines, Landing Gear, APU, and
Parts shall comply with all applicable EASA Requirements for passenger operation as a transport category commercial aircraft, including, without limitation, EU-OPS 1 and EASA Requirement Part M, and certain conditions applicable to FAR Part 129
as required for Lessee’s flight operations. 
 1.6. The Aircraft shall have no leakage of fuel, oil, hydraulic fluid, or
water that exceeds allowable limits as set forth in the Manufacturer’s Repair Manual. Lessor shall repair any such leaks discovered. 
 1.7. Lessor shall obtain an export certificate of airworthiness for the Aircraft (or such other equivalent form if the same are not issued by the applicable aeronautics authority for certification of
airworthiness for aircraft to be exported from the then current state of registration and acceptable to the DGAC). 
 1.8. All
repairs accomplished prior to Delivery shall be permanent repairs completed in accordance with the Airframe Manufacturer’s structural repair manual or Manufacturer’s approved data for the Aircraft. 

1.9. The Aircraft (including each Engine, Landing Gear, APU, and Part) shall not have any open, deferred or placarded maintenance items
or Watch Items, nor shall they have any Flight Hour, Cycle or calendar time extensions or waivers. 
 1.10. Lessor shall deliver
to Lessee, without charge to Lessee, all service bulletin kits applicable to the Aircraft in Lessor’s possession for installation on the Aircraft by Lessee with appropriate instructions for installation provided with such kits. 

  

					
		  	App 2 - 16	  	 APPENDIX 2D
 DELIVERY CONDITONS

 1.11. The Aircraft shall be in full compliance with the Manufacturer’s recommended
corrosion prevention and control program and aging program for the Aircraft. 
 1.12. The Aircraft will: 

(a) be capable of operating to and from runways narrower than forty-five (45) meters; 

(b) be capable of performing autoland at airport altitudes of up to nine thousand two hundred (9,200) feet;

 (c) possess both fuel and weight quantity indicators indicating kilograms; 

(d) incorporate a EGPWS/TAWS system; 

(e) possess a reinforced cockpit door; and 

(f) be in compliance with all Manufacturers’ service bulletins designated by such Manufacturer as either
(x) an Alert Service Bulletin or (y) a mandatory service bulletin. 
  

	2.	PAINT 

 The Aircraft
fuselage including radome, wing to body fairings, wheel well doors, vertical stabilizer, and engine cowlings (if previously painted) shall be prepared for repainting by sanding the paint pursuant to the Airframe Manufacturer’s recommended
procedures for painting of aircraft, and shall be repainted in Lessee’s standard livery using a quality paint. All other areas of the Aircraft where paint is peeled, chipped or worn out, shall be restored as necessary to provide a uniform
appearance. Preparation for such repainting shall include restoration of aerodynamic sealer in areas requiring aerodynamic sealer due to deterioration or missing sealant. 

 

	3.	AIRFRAME 

 The Aircraft
shall not have been operated in commercial passenger service since completion of the redelivery check of the Aircraft pursuant to the Prior Lease, which shall have included the next due complete C-Check (and HMV Check if such check is due within the
intervals set forth for a block C-Check) as per the Prior Operator’s maintenance program which shall have included the accomplishment of all Tasks (including all systems, zonal, structural and corrosion inspection Tasks) that were due for
accomplishment within (i) six thousand (6,000) Flight Hours, (ii) four thousand five hundred (4,500) Cycles and (iii) twenty (20) months, as applicable, following the scheduled redelivery date of the Aircraft pursuant
to the Prior Lease (such check being hereinafter referred to as the “Delivery Check”). 
  

	4.	INTERIOR 

 4.1. Cockpit
windows shall not have any (i) crazing, (ii) delamination or, (iii) any other defects that exceed allowable limits set forth in the Manufacturer’s Repair Manual. 

4.2. Passenger compartment windows shall have no visible crazing that obstructs the view from the window. 

  

					
		  	App 2 - 17	  	 APPENDIX 2D
 DELIVERY CONDITIONS

 4.3. All equipment and furnishings in the interior of the Aircraft that are defective,
damaged, or excessively worn shall be repaired in accordance with the Manufacturer’s recommended repair procedures, or replaced by Lessor. 
  

	5.	ENGINES, APU AND LANDING GEAR 

 5.1. Lessee may (i) witness and accept Lessor’s borescope inspection of the Engines and APU in connection with the redelivery of the Aircraft by Prior Operator, or (ii) may accomplish a
complete borescope inspection of the compressor, turbine, and combustion sections of each Engine and the APU, to be performed by Lessee’s representative or, at Lessee’s expense, an agency selected by Lessee. All defects discovered as a
result of such inspections, which exceed the Manufacturer’s allowable limits for an installed engine or auxiliary power unit shall be corrected at Lessor’s expense. Notwithstanding anything to the contrary herein, solely with respect to
the Engine bearing Manufacturer’s serial number V12778 (“ESN V12778”), in the event that any damage to the combustion section of ESN V12778 exceeds the Manufacturer’s allowable limits during the Lease Term and ESN V12778
is not inducted for a performance restoration as a result of such damage, and provided that such damage was not caused by the negligence of Lessee or any Person using or having possession, custody or control of the Aircraft and/or ESN V12778, Lessor
shall contribute (by way of reimbursement to Lessee, or payment to Lessee’s maintenance provider, as directed by Lessee) towards Lessee’s Actual Costs solely related to the repair to the combustion section promptly following receipt by
Lessor of an invoice and documentation reasonably acceptable to Lessor providing evidence of such repair(s) and the cost associated therewith. Lessor’s contribution amount is to be determined by calculating the total labor and material costs of
the repair (at Lessee’s Actual Cost) of the combustion section divided by the total number of Flight Hours accumulated by ESN V12778 at the time of the repair multiplied by the total Flight Hours accumulated by ESN V12778 at Delivery. For the
avoidance of doubt, in the event ESN V12778 is inducted for a performance restoration as a result of such damage to the combustion chamber, Lessor shall contribute to the cost of such performance restoration pursuant to Section 2.A(vi) of
Appendix 2C to the Lease and not pursuant to this Section 5.1. 
 5.2.(a) Each Engine shall have
accumulated no more than thirteen thousand (13,000) Flight Hours since new or since completion of its most recent Engine Restoration. 
 (b) Each Engine Life Limited Part shall have a minimum of ten thousand (10,000) Cycles (and, if applicable, equivalent Flight Hours and calendar time, based upon the actual average utilisation and
Flight Hour to Cycle ratio of the Engine) remaining to the Engine Manufacturer’s then-published life limit for each such Engine Life Limited Part. 
 5.3. Each Engine shall be capable of developing full rated take-off power adjusted for the highest ambient outside air temperature for full rated take off thrust without exceeding the maximum limits for
all parameters (temperature, fuel flow, rotor speed, etc.) as per the Manufacturer’s Repair Manual for an installed engine. A maximum power assurance engine run-up shall be performed in the presence of Lessee’s representatives prior to
Delivery of the Aircraft, in accordance with Chapter 71-00-00 of the Airframe Manufacturer’s maintenance manual, or other comparable test (as agreed to by Lessor and Lessee), using temperature corrected charts in order to demonstrate that
the Engine will be capable of reaching full take-off power at an outside air temperature of thirty degrees (30°) Celsius. 
 5.4. The APU shall be in serviceable condition with no discrepancies that exceed maintenance manual allowable limits. 

  

					
		  	App 2 - 18	  	 APPENDIX 2D
 DELIVERY CONDITIONS

 5.5. Each Landing Gear shall have remaining to its next due Overhaul a minimum of
(i) sixty (60) months, and (ii) seven thousand (7,000) Cycles, and (iii) if applicable, equivalent Flight Hours, determined by the Flight Hour to Cycle ratio operated by the Aircraft during the twelve (12) month period
immediately prior to the Scheduled Delivery Date based upon the landing gear overhaul interval set forth in the MPD. 
  

	6.	INSPECTION 

 6.1.(a)
Subject to the consent of the Prior Operator, Lessee may have representatives on board the Aircraft as observers during a redelivery acceptance flight of the Aircraft performed by the Prior Operator using the Airframe Manufacturer’s recommended
acceptance flight procedures, or such other procedures acceptable to Lessor and the Prior Operator. If Lessee’s representatives are on board during such redelivery acceptance flight by the Prior Operator, such acceptance flight shall be the
acceptance flight for all purposes under this Lease. Lessee shall ensure Lessor’s representative (or the Prior Operator’s representative if Lessor’s representative is not on board during such redelivery acceptance flight) has observed
each discrepancy found. Immediately following the acceptance flight, each such discrepancy shall be listed in writing and signed by the representatives of both Lessee and Lessor (or the Prior Operator’s representative if Lessor’s
representative was not on board during such redelivery acceptance flight). To the extent any such discrepancy exceeds or is outside of the Airframe Manufacturer’s maintenance manual allowable limits and is not corrected prior to Delivery,
Lessee shall correct such discrepancy in accordance with the Lease, with Lessor to reimburse Lessee at Lessee’s Actual Cost for the cost of correcting such discrepancy promptly following receipt by Lessor of an invoice and documentation
reasonably acceptable to Lessor providing evidence of such correction and the cost associated therewith. Lessor shall have no obligation to pay the cost of correcting any discrepancies discovered during such acceptance flight which were not mutually
agreed to in writing by Lessor and Lessee. Lessee shall reimburse Lessor at the cost actually paid by Lessor, if any, to the Prior Operator for such flight. 
 (b) If Lessee’s representatives are not on board during such redelivery acceptance flight by the Prior Operator, then the first flight following Delivery, with Lessor’s representatives on board
and using the Airframe Manufacturer’s recommended acceptance flight procedures for used aircraft (or such other procedures acceptable to Lessor and Lessee), shall be the acceptance flight for all purposes set forth herein, and such acceptance
flight shall be of a sufficient duration to complete all such acceptance flight procedures. Lessee shall ensure Lessor’s representative has observed each discrepancy found. Immediately following the acceptance flight, each such discrepancy
shall be listed in writing and signed by the representatives of both Lessee and Lessor. To the extent any such discrepancy exceeds or is outside of the Airframe Manufacturer’s maintenance manual allowable limits and is not corrected prior to
Delivery, Lessee shall correct such discrepancy in accordance with the Lease, with Lessor to reimburse Lessee at Lessee’s Actual Cost for the cost of correcting such discrepancy promptly following receipt by Lessor of an invoice and
documentation reasonably acceptable to Lessor providing evidence of such correction and the cost associated therewith. Lessor shall have no obligation to pay the cost of correcting any discrepancies discovered during such acceptance flight which
were not mutually agreed to in writing by Lessor and Lessee. Lessee shall be responsible for all costs with respect to such flight. 
 6.2. Lessee shall inspect the Aircraft and Aircraft Documents (the “Acceptance Inspection”) prior to the Delivery Date. To the extent permitted by the Prior Operator, the Acceptance
Inspection of the Aircraft and the Aircraft Documents shall be accomplished in conjunction with the redelivery inspection to be accomplished by Lessor during the redelivery process of the Aircraft from the Prior Operator, and such Acceptance
Inspection of the Aircraft shall include the opening or removal of panels as reasonably required by Lessee and include access to all compartments and bays opened during Lessor’s 

  

					
		  	App 2 - 19	  	 APPENDIX 2D
 DELIVERY CONDITIONS

 
redelivery inspection, provided, however, panels that were previously opened, during the redelivery check accomplished by the Prior Operator, shall not be required to be opened again if Lessee
was given an opportunity to inspect, but failed to inspect in such areas while such panels were previously open. All discrepancies discovered during such Acceptance Inspection (i) of the Aircraft, that exceed the Manufacturer’s Repair
Manual allowable limits shall be permanently repaired by Lessor, and (ii) of the Aircraft Documents, to the extent such Aircraft Documents are not acceptable to Lessee, Lessor shall make reasonable efforts to correct such discrepancies at no
cost to Lessee. Lessee shall be given the opportunity to conduct all activity necessary to verify that the Aircraft and the Aircraft Documents comply with the requirements set forth herein. 

6.3. On the Delivery Date, Lessor shall deliver to Lessee all Aircraft Documents required by the EASA for issuance of a certificate of
airworthiness and airworthiness review certificate and all other Aircraft Documents in the possession of Lessor, and all Aircraft Documents required for the importation of the Aircraft into Mexico shall be in English. The Aircraft Documents required
pursuant to this Section 6.3, shall include, to the extent then in Lessor’s possession, (i) Overhaul records with respect to each Engine, Landing Gear and the APU, (ii) Time Controlled Part traceability to Overhaul for then
currently installed Time Controlled Parts subject to an Overhaul interval pursuant to the MPD, and teardown reports for such Time Controlled Parts (except to the extent that the description of the work accomplished can be determined from other
documentation), (iii) Life Limited Part traceability to manufacture (“zero time since new”) for then currently installed Life Limited Parts, (iv) inspection records (including records with respect to the accomplishment of Tasks,
(v) records pertaining to evidence of compliance with AD’s, (vi) burn test certification records, (vii) log books, (viii) FAA, EASA and other Aeronautics Authority forms, (ix) records of compliance with
Manufacturer’s service bulletins, (x) time logs showing Aircraft and Engine Flight Hours and Cycles on any given prior date, and (xi) all other documentation pertaining to the Aircraft, including the Engines, the APU, the Landing Gear
and Parts. 
 6.4. All aircraft and engine systems (including those in galleys, passenger compartments and cargo compartments)
shall be fully operational for their intended functions. Lessee’s representative shall operationally check all systems prior to the delivery of the Aircraft and all defects found shall be permanently repaired by Lessor, at Lessor’s
expense, prior to delivery of the Aircraft. 

  

					
		  	App 2 - 20	  	 APPENDIX 2D
 DELIVERY CONDITIONS

 Appendix 2E 

to Aircraft Lease Agreement 
 RETURN CONDITIONS 
  

	1.	GENERAL 

 1.1. The
Aircraft shall (i) be airworthy and have been maintained and operated in accordance with the Lease with the same care and consideration for the technical condition of the Aircraft as if it were to have been kept in continued regular service by
Lessee and (ii) comply with the Airframe Manufacturer’s original type certificate specifications, as revised up to the Termination Date, subject to any modifications installed during the Lease Term in compliance with the terms of this
Lease. 
 1.2. The Aircraft exterior shall be washed and the interior shall be clean. The cockpit shall be repainted if required
to eliminate existing stains, excessive wear, and inappropriate markings, and any required placards pursuant to the Airframe Manufacturer’s aircraft maintenance manual shall be replaced if unreadable, missing or not in the English language.
Placards that are not required pursuant to the Airframe Manufacturer’s aircraft maintenance manual shall be removed upon Lessor’s request. 
 1.3. Each Engine, the Landing Gear and the APU, and all Parts and all other Items of Equipment as were installed on the Aircraft on the Delivery Date or pursuant to Article 12 hereto, or were
delivered by Lessor to Lessee pursuant to the terms of the Lease shall be installed on the Aircraft and each such Item shall function in accordance with its intended use. 
 1.4. The Aircraft shall comply with all EASA AD’s which by their terms require compliance (without application or utilisation of any alternate method of compliance) on or before the date that is
ninety (90) days after the Termination Date, notwithstanding any waiver, deviation or time extension obtained from the Aeronautics Authority, the Certificating Authority or any other aeronautics authority, or otherwise. 

1.5. The Airframe, Engines, Landing Gear, APU, and Parts shall comply with all applicable EASA Requirements for passenger operation as a
transport category commercial aircraft, including, without limitation, EU-OPS 1 and EASA Requirements, Part M. 
 1.6. The
Aircraft shall have no leakage of fuel, oil, hydraulic fluid, or water that exceeds allowable limits as set forth in the Manufacturer’s Repair Manual. Lessee shall repair any such leaks discovered. 

1.7. Lessee shall obtain an export certificate of airworthiness for the Aircraft (or such other equivalent form if the same are not
issued by the Aeronautics Authority for certification of airworthiness for aircraft to be exported from the State of Registration) to a country advised by Lessor. At Lessor’s request, and provided the same shall not impact Lessee’s use of
the Aircraft throughout the Lease Term or otherwise result in a delay in redelivery, Lessee shall modify the Aircraft to comply with the requirements of the aeronautics authority of such country to which the Aircraft will be exported, provided,
however, if such Lessor requested modifications are not also a requirement of the Certificating Authority and/or EASA, Lessor shall reimburse Lessee for Lessee’s Actual Cost incurred in performing such modifications. 

1.8. All temporary repairs accomplished during the Lease Term, including repairs using blind fasteners (except to the extent that the use
of blind fasteners is considered a permanent repair in accordance with the Airframe Manufacturer’s structural repair manual for the Aircraft) and those 

  

					
		  	App 2 - 21	  	 APPENDIX 2E
 RETURN CONDITIONS

 
requiring repetitive inspections or future upgrading, shall be upgraded to a permanent repair and all external doublers (scab patches) installed during the Lease Term shall be replaced with flush
repairs, all in accordance with (x) the Manufacturer’s Repair Manual, or (y) Required Approval, provided, however, such replacement of a doubler shall not be required where installation of such doubler is (i) the only approved
repair in accordance with the Manufacturer’s Repair Manual, (ii) the result of a Manufacturer recommended service bulletin accomplishment, or (iii) where a flush repair cannot be accomplished due to inaccessibility of the area. For
the avoidance of doubt, to the extent that any repair accomplished prior to Delivery was accomplished using an external doubler (scab patch) and requires inspection during the Lease Term, the parties agree that any such repair work accomplished
prior to Delivery will be deemed to constitute a permanent repair for purposes of this paragraph 1.8. 
 1.9. The Aircraft
(including each Engine, Landing Gear, APU, and Part) shall not have any open, deferred or placarded maintenance items or Watch Items, nor shall they have any Flight Hour, Cycle or calendar time extensions or waivers. 

1.10. Lessee shall deliver to Lessor, at no cost to Lessor, all service bulletin kits furnished to Lessee without charge and which have
not been so installed together with appropriate instructions for installation provided with such kits. 
 1.11. The quantity of
fuel on board the Aircraft at Return shall not be less than the quantity of fuel on board the Aircraft at Delivery. 
 1.12. On
or prior to Return and on such later date as requested by Lessor, Lessee shall provide Lessor such excerpts from the Maintenance Program and/or general procedures manual as Lessor may reasonably request (i) in order to substantiate procedures
followed by Lessee and/or documentation used by Lessee which are specific to the Maintenance Program, in connection with the Return of the Aircraft to Lessor, and (ii) to assist with the bridging of the Aircraft onto a maintenance program other
than the Maintenance Program subsequent to the Return of the Aircraft to Lessor. 
 1.13. If the Manufacturer’s Repair
Manuals for the Aircraft were customised for or by Lessee during the Lease Term, Lessee will, at Lessee’s cost and expense, cause the Airframe Manufacturer to restore the Manufacturer’s Repair Manuals, revised up to and including the most
recent revisions issued by the Airframe Manufacturer, to the status as they were at Delivery (or to be re-customised to such other customisation as timely requested by Lessor, with Lessor to pay any incremental increase over the cost to restore the
Manufacturer’s Repair Manuals to the customisation as at Delivery) on the basis of the Aircraft no longer being part of Lessee’s fleet of aircraft, and Lessee will return to Lessor with the Aircraft the Manufacturer’s Repair Manuals
so revised and restored or re-customised (as the case may be). To the extent the same are not revised and restored as required herein, Lessee hereby grants Lessor a perpetual, worldwide, non-exclusive, fully paid license to use Lessee’s
customised Manufacturer’s Repair Manuals for itself and to further sub-license the same to any other Person as Lessor deems necessary and reasonable in the circumstances, without payment or compensation to Lessee. 

1.14. The Aircraft shall be in full compliance with the Manufacturer’s recommended corrosion prevention and control program and
aging program for the Aircraft. 
 1.15. The Aircraft will: 

(a) be capable of operating to and from runways narrower than forty-five (45) meters; 

  

					
		  	App 2 - 22	  	 APPENDIX 2E
 RETURN CONDITIONS

 (b) be capable of performing autoland at airport altitudes of up to nine
thousand two hundred (9,200) feet; 
 (c) possess both fuel and weight quantity indicators indicating
kilograms; 
 (d) incorporate a EGPWS/TAWS system; 

(e) possess a reinforced cockpit door; and 

(f) be in compliance with all Manufacturers’ service bulletins designated by such Manufacturer as either
(x) an Alert Service Bulletin or (y) a mandatory service bulletin. 
 1.16. The Messier-manufactured
brakes that were installed on the Aircraft at Delivery shall be installed on the Aircraft at Return as contemplated in Section 1.3 of Appendix 2B to the Lease. 

 

	2.	PAINT 

 The Aircraft
fuselage including radome, wing to body fairings, wheel well doors, vertical stabilizer, and engine cowlings (if previously painted) shall be prepared for repainting by sanding or stripping the paint pursuant to the Airframe Manufacturer’s
recommended procedures for painting of aircraft, and shall be repainted using a paint of a quality reasonably acceptable to Lessor, or as otherwise agreed by Lessor in writing, in a color scheme, including logo, as directed by Lessor, provided,
however, (i) the Aircraft shall be painted white if Lessor is unable to supply the necessary patterns in sufficient time to permit completion of the painting of the color scheme and logo without causing a delay in the redelivery of the Aircraft
and (ii) if painted in the color and logo as directed by Lessor, then Lessor shall reimburse Lessee for the incremental cost in excess of the cost Lessee would have incurred to paint the Aircraft in its own livery, and all such preparation and
painting shall be in accordance with the Airframe Manufacturer’s recommended procedures for painting of aircraft. Preparation for such repainting shall include restoration of aerodynamic sealer in areas requiring aerodynamic sealer due to
deterioration or missing sealant. All required placards and markings shall be in the English language and shall be replaced if not in English, or if deteriorated. 
  

	3.	AIRFRAME 

 Immediately
prior to Return, the Aircraft shall have completed (x) a C-Check and will include the accomplishment of all Tasks (including all systems, zonal, structural and corrosion inspection Tasks) which will be due for accomplishment within
(i) six thousand (6,000) Flight Hours, (ii) four thousand five hundred (4,500) Cycles and (iii) twenty (20) calendar months following the Scheduled Termination Date, each of the Tasks applicable to sub-clauses (i),
(ii) and (iii) herein based upon the MPD interval for each such Task as was in effect on the Delivery Date and as subsequently escalated in the MPD during the Lease Term), and (y) a 6 Year HMV Check or a 12 Year HMV Check, if
such 6 Year HMV Check or 12 Year HMV Check would otherwise require accomplishment within (iv) six thousand (6,000) Flight Hours, (v) four thousand five hundred (4,500) Cycles and (vi) twenty (20) calendar months
following the Scheduled Termination Date, each of the Tasks applicable to sub-clause (y) herein based upon the MPD interval for each such Task as was in effect on the Delivery Date and as subsequently escalated during the Lease Term (such
checks being hereinafter referred to as the “Final Check”). The Aircraft shall not have been operated in revenue service since completion of the Final Check. The Final Check shall be performed by an Approved Maintenance Organisation
approved by Lessor. Lessee shall give Lessor not less than ten (10) Business Days’ prior written notice of the commencement date of such Final Check. The Aircraft shall be weighed during such Final Check. 

  

					
		  	App 2 - 23	  	 APPENDIX 2E
 RETURN CONDITIONS

	4.	INTERIOR 

 4.1. The
Aircraft shall be in the same configuration (including, but not limited to, interior seating configuration, galleys and lavatories) at Lessor’s option, (i) as when such Aircraft was originally delivered to Lessee hereunder, (ii) as
subsequently provided or paid for by Lessor, or (iii) as otherwise set forth in this Lease or as otherwise agreed between the parties. 
 4.2. Cockpit windows shall not have any crazing or delamination, nor shall the cockpit windows have any other defects that exceed allowable limits set forth in the Manufacturer’s Repair Manual.

 4.3. Passenger compartment windows shall have no visible crazing. 

4.4. All equipment and furnishings in the interior of the Aircraft that are defective, damaged, or excessively worn shall be repaired in
accordance with the Manufacturer’s recommended repair procedures, or replaced by Lessee. 
  

	5.	ENGINES, APU AND LANDING GEAR 

 5.1. Prior to Return and following the redelivery flight for the Aircraft, Lessor shall have the right to accomplish a complete borescope inspection of the compressor, turbine, and combustion sections of
each Engine and the APU, to be performed by Lessor’s representative or, at Lessor’s expense, an agency selected by Lessor. All defects discovered as a result of such inspections, which exceed the Manufacturer’s allowable limits for an
installed engine or auxiliary power unit shall be corrected at Lessee’s expense. 
 5.2.(a) In the event
that an Engine Restoration is performed on an Engine, such Engine shall have accumulated no more than ten thousand five hundred (10,500) Flight Hours since completion of its most recent Engine Restoration. 

(b) Each Engine Life Limited Part shall have a minimum of four thousand five hundred (4,500) Cycles (and, if
applicable, equivalent Flight Hours and calendar time, based upon the actual average utilisation and Flight Hour to Cycle ratio of the Engine) remaining to the Engine Manufacturer’s then-published life limit for each such Engine Life Limited
Part. 
 5.3. Each Engine shall be capable of developing full rated take-off power adjusted for the highest ambient outside air
temperature for full rated take-off thrust without exceeding the maximum limits for all parameters (temperature, fuel flow, rotor speed, etc.) as per the Manufacturer’s Repair Manual for an installed engine. A full take-off power engine run-up
(high power assurance test) shall be performed in the presence of Lessor’s representatives immediately prior to the return of the Aircraft, in accordance with Chapter 71-00-00 of the Airframe Manufacturer’s maintenance manual, or other
comparable test (as agreed to by Lessor and Lessee), using temperature corrected charts in order to demonstrate that the Engine will be capable of reaching full take-off power at an outside air temperature of thirty degrees Celsius (30° C.).
Lessee shall be responsible, at its expense, for correcting any deficiencies which exceed or are outside of the Airframe Manufacturer’s Repair Manual allowable limits for an installed engine. 

5.4. The APU shall be in serviceable condition with no discrepancies that exceed maintenance manual allowable limits. 

  

					
		  	App 2 - 24	  	 APPENDIX 2E
 RETURN CONDITIONS

 5.5. Each Landing Gear shall have remaining to its next due Overhaul a minimum of
(i) forty (40) months, and (ii) six thousand (6,000) Cycles, and (iii) if applicable, equivalent Flight Hours, determined by the Flight Hour to Cycle ratio operated by the Aircraft during the twelve (12) month period
immediately prior to the earlier to occur of the Scheduled Termination Date or the Termination Date, based upon the landing gear overhaul interval set forth in the MPD. 

 

	6.	INSPECTION 

 6.1.
Immediately prior to Return, Lessee shall perform a redelivery acceptance flight of the Aircraft with Lessor’s representatives on board (subject to any limitation imposed by either Lessee’s insurance or the Aeronautics Authority with
respect to the number of Lessor’s representatives permitted to be on board during such redelivery acceptance flight), using the Airframe Manufacturer’s recommended acceptance flight procedures, or such other procedures acceptable to Lessor
and Lessee. Upon request of Lessor, Lessee shall permit representatives of the next subsequent lessee or purchaser of the Aircraft to be on board during such redelivery acceptance flight as observers, with one such observer to be permitted to occupy
the cockpit jump seat during the entire flight. Such redelivery acceptance flight shall be of a sufficient duration to complete all such acceptance flight procedures. Lessor shall ensure Lessee’s representative has observed each discrepancy
found. Immediately following the redelivery acceptance flight, each such discrepancy shall be listed in writing and signed by the representatives of both Lessee and Lessor. To the extent any such discrepancy exceeds or is outside of the Airframe
Manufacturer’s maintenance manual allowable limits, Lessee shall correct such discrepancy. Lessee shall have no obligation to pay the cost of correcting any discrepancies discovered during such redelivery acceptance flight which were not
acknowledged in writing by its representative by its representative. Lessor shall reimburse Lessee at Lessee’s Actual Cost for the fuel consumed during such redelivery acceptance flight and Lessee shall be responsible for all other expenses
associated with such flight and shall furnish the necessary permits and crews. 
 6.2. Lessor shall inspect the Aircraft,
including the Aircraft Documents, (the “Final Inspection”) prior to the Termination Date. The Final Inspection of the Aircraft shall commence after its last revenue flight and shall include the opening or removal of panels as
reasonably required by Lessor, and access to all compartments and bays. All discrepancies discovered during such Final Inspection (a) of the Aircraft that exceed the Manufacturer’s Repair Manual allowable limits, or that are not pursuant
to the terms of this Lease, shall be permanently repaired by Lessee and (b) of the Aircraft Documents, to the extent that such Aircraft Documents are missing or incomplete, shall be corrected at Lessee’s expense. Lessor shall be given the
opportunity to conduct all activity necessary to verify that the Aircraft and the Aircraft Documents comply with the requirements set forth herein. The Final Inspection of the Aircraft Documents shall commence on a date as mutually agreed by Lessor
and Lessee but which shall be no later than thirty (30) days prior to the Scheduled Termination Date. All Aircraft Documents shall be prepared by Lessee prior to the commencement of the Final Inspection of such Aircraft Documents by Lessor and
shall be complete and made available to Lessor at the time of commencement of the Final Inspection of such Aircraft Documents by Lessor. Any Aircraft Documents generated during the period following commencement of such Final Inspection of the
Aircraft Documents shall be delivered to Lessor for inspection as promptly as possible, but in any event prior to Return. 

6.3. On the Termination Date, Lessee shall deliver to Lessor all Aircraft Documents (a) delivered to Lessee with respect to the
Delivery of the Aircraft to Lessee and (b) required by the EASA for issuance of a certificate of airworthiness and airworthiness review certificate and (c) to the extent not provided in the preceding clauses (a) and (b), all other
Aircraft Documents applicable to the Aircraft with respect to any maintenance, inspections, repairs and modifications accomplished during the Lease Term. The Aircraft Documents required pursuant to this Section 6.3 herein, shall include:

 (i) with respect to clause (a), the most recent revision issued by the respective Manufacturer for the
Manufacturer’s Repair Manuals and in the same format as on the Delivery Date; 

  

					
		  	App 2 - 25	  	 APPENDIX 2E
 RETURN CONDITIONS

 (ii) with respect to clause (b), (1) Tasks, repairs, and
modifications accomplished during the Lease Term and (2) Time Controlled Parts and other Items installed during the Lease Term and then currently installed, as a minimum, (A) Overhaul records with respect to each Engine, Landing Gear and
the APU, (B) traceability to Overhaul for Time Controlled Parts subject to an Overhaul interval pursuant to the MPD, and teardown reports for such Time Controlled Parts (except to the extent that the description of the work accomplished
can be determined from other documentation), (C) Life Limited Part traceability to manufacture (“zero time since new”) for LLPs then installed on the Airframe or either Engine, (D) FAA Form 8130-3 or EASA Form One, or any
successor thereto, (E) records of modifications and repairs, (F) records of compliance with Manufacturer’s service bulletins, (G) documentation of Required Approvals (including applicable supplemental type certificates) required
pursuant to this Lease, and in addition to such Required Approvals, documentation of Aeronautics Authority and Certificating Authority approval, (H) inspection records (including records with respect to the accomplishment of Tasks),
(I) records pertaining to evidence of compliance with AD’s, and (J) burn test certification records for interior Items; 
 (iii) with respect to clause (c), to the extent then in Lessee’s possession, (A) log books, (B) FAA, EASA and other Aeronautics Authority forms not included in paragraph (ii)
above, (C) time logs showing Aircraft and Engine Flight Hours and Cycles on any given date during the Lease Term, and (D) all other documentation pertaining to the Aircraft, including the Engines, the APU, the Landing Gear and Parts.

 Any discrepancies found in the Aircraft Documents shall be corrected, and any missing Aircraft Documents shall be reconstructed by Lessee at
Lessee’s sole cost and expense prior to the return of the Aircraft. All Aircraft Documents of maintenance, inspection, modification, and Overhauls accomplished during the Lease Term shall be in the English language. In the event that any
Aircraft Documents are not provided to Lessor, or are not in the English language, the Aircraft shall be deemed not to meet the return conditions of this Appendix 2E and of Article 22 of the Lease. If Lessee subscribes to
Manufacturer’s on-line data access services, Lessee must nonetheless return the Manufacturer’s Repair Manuals with all current revisions provided by Manufacturer in a format acceptable to Lessor. 

6.4. All aircraft and engine systems (including those in galleys, passenger compartments and cargo compartments) shall be fully
operational for their intended functions. Lessor’s representative shall operationally check all systems prior to the return of the Aircraft and all defects found shall be permanently repaired by Lessee, at Lessee’s expense, prior to return
of the Aircraft. 

  

					
		  	App 2 - 26	  	 APPENDIX 2E
 RETURN CONDITIONS

 Appendix 3 

to Aircraft Lease Agreement 
 [NOTE: THE TERMS OF THIS APPENDIX 3 ARE CONFIDENTIAL AND CONTAIN COMMERCIALLY SENSITIVE INFORMATION; THIS APPENDIX 3 MUST BE REMOVED FROM ANY PUBLIC FILING OF THIS LEASE]

 ACCEPTANCE CERTIFICATE 
 (MSN 3317) 
 Concesionaria Vuela Compañía de Aviación,
S.A.P.I. de C.V. (d/b/a Volaris) (“Lessee”) hereby acknowledges that on this              day of
            20    , Wilmington Trust SP Services (Dublin) Limited (“Lessor”) did deliver for inspection and acceptance by Lessee under the Aircraft
Lease Agreement made between Lessor and Lessee dated as of 17 November 2010 (as amended, supplemented, novated and/or assigned, the “Lease”) the Aircraft, as described below, together with all Aircraft Documents applicable
thereto, in accordance with the Lease. Capitalised terms used but not defined herein shall have the meanings given such terms in the Lease. 
  

	1.	Aircraft Details 

  

	 	(a)	Airframe 

  

									
		  	Aircraft Model:	 	Airbus A319-132	  		  	
					
		  	Manufacturer’s Serial Number:	 	3317	  		  	
					
		  	Certified Weights:	 	Max Take-off:	  	  
	  	
		  		 	Max Zero Fuel:	  	  
	  	
		  		 	Max Landing:	  	  
	  	
		  		 	Max Taxi:	  	  
	  	
		  		 	Operating Empty:	  	  
	  	

 Airframe Maintenance Status: 

Total Flight Hours:
                     
 Total Cycles:                        

Total Flight Hours Since Last 6 Year HMV Check:
                     
 Total Cycles Since Last 6 Year HMV Check:                      

Date Last 6 Year HMV Check Accomplished:
                     
 Total Flight Hours Since Last 12 Year HMV Check:                      

Total Cycles Since Last 12 Year HMV Check:
                     
 Date Last 12 Year HMV Check Accomplished:                      

Total Flight Hours Since Last C-Check:
                     
 Total Cycles Since Last C-Check:                      

Date Last C-Check Accomplished:
                     

  

					
		  	App 3 - 1	  	 APPENDIX 3
 ACCEPTANCE CERTIFICATE

	(b)	Engines (Installed) 

  

							
		    	Engine Type:	 	IAE V2524-A5	 	
				
		    	Manufacturer’s Serial Numbers:	 	  
	 	and
				
		    		 	  
	 	
				
		    	Maximum Takeoff Thrust Rating:	 	  
	 	lbs.

 Engines Maintenance Status: 

Position 1 
 ESN:                      

Total Flight Hours:
                     
 Total Cycles:                      

Total Flight Hours Since Last Engine Restoration:
                     
 Total Cycles Since Last Engine Restoration:                      

Date of Last Engine Restoration:
                     
 Position 2 
 ESN:
                     
 Total Flight Hours:                      

Total Cycles:
                     
 Total Flight Hours Since Last Engine Restoration:                      

Total Cycles Since Last Engine Restoration:
                     
 Date of Last Engine Restoration:                      

 

	(c)	APU (Installed) 

 APU
Type
                                         
                    

Manufacturer’s Serial Number:
                         
 APU Maintenance Status: 
 Total APU Hours:
                     
 Total APU Cycles:                      

Total APU Hours Since Last Overhaul:
                     
 Total APU Cycles Since Last Overhaul:                      

Date of Last Overhaul:
                     
  

	(d)	Landing Gear (Installed) 

  

															
		 		 		    	Manufacturer’s Serial	    	Left Main:	  	  
	  		  	
		 		 		    	Numbers:	    	Right Main:	  	  
	  		  	
		 		 		    		    	Nose:	  	  
	  		  	

  

					
		  	App 3 - 2	  	 APPENDIX 3
 ACCEPTANCE CERTIFICATE

 Landing Gear Maintenance Status:  

            Left Main 

            Total Flight Hours:
                     
             Total Cycles:
                     
             Total Flight Hours Since Last Overhaul:
                     
             Total Cycles Since Last Overhaul:
                     
             Date of Last Overhaul:
                     
             Right Main 
             Total Flight Hours:
                     
             Total Cycles:
                     
             Total Flight Hours Since Last Overhaul:
                     
             Total Cycles Since Last Overhaul:
                     
             Date of Last Overhaul:
                     
             Nose 
             Total Flight Hours:
                     
             Total Cycles:
                     
             Total Flight Hours Since Last Overhaul:
                     
             Total Cycles Since Last Overhaul:
                     
             Date of Last Overhaul:
                     
  

	 	(e)	Interior Configuration  

  

											
		 		 	 Seating
	 	  
	 		 	
						
		 		 	 Lavatories
	 	  
	 		 	
						
		 		 	 Galleys
	 	  
	 		 	
						
		 		 	 Passenger Service Units
	 	  
	 		 	
						
		 		 	 PSIU
	 	  
	 		 	

  

	 	(f)	Aircraft Documents; Aircraft Manuals; Hard Time Components; Avionics; Loose Equipment Inventory 

As identified in Attachment 1 to this Acceptance Certificate. 

 

	 	(g)	Fuel on Board provided at Lessor’s cost:             kgs. 

 

	2.	Rent Payment Date:              

  

					
		  	App 3 - 3	  	 APPENDIX 3
 ACCEPTANCE CERTIFICATE

	3.	Acceptance for Delivery 

(a) Lessee hereby confirms to Lessor on
                    , 20     at
                     GMT at
                    ,
                     that the above described Aircraft is in accordance with the specifications, terms and conditions for Delivery set forth
in the Lease, is satisfactory in all respects and is in the condition required for Delivery under the Lease. 
 (b) The
Scheduled Termination Date is                      20    *. 

 

	 	*	NOTE: This stated date is provided for the convenience of the parties only and the provisions of Article 2 of, and Appendix 2A to, the Lease shall be
controlling. 

 (c) Lessee confirms that the Aircraft has been examined by its duly appointed and authorised
representatives and the same conforms to the information set forth above. 
 (d) To Lessee’s knowledge, (i) no Default
or Event of Default has occurred and is continuing, (ii) and Lessee has no claims, offsets, deductions, set-offs or defenses of any kind or nature in connection with the Lease. 

(e) The execution and delivery of this Acceptance Certificate by Lessee (i) signifies Lessee’s absolute and irrevocable
acceptance by Lessee of the Aircraft under the Lease, (ii) constitutes, as between Lessee and Lessor, conclusive proof that the Aircraft is delivered in accordance with the description set forth in and in the condition required by the Lease,
(iii) Lessee hereby expressly waives any right it may have to revoke acceptance of the Aircraft pursuant hereto for any reason, notwithstanding any nonconformity, discovered, difficult of discovery, or undiscovered, on the date hereof, and
(iv) Lessee hereby unconditionally and irrevocably waives its right to revoke acceptance of Delivery of any Item of Equipment. 
  

	4.	Governing Law 

 THIS
ACCEPTANCE CERTIFICATE SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
(OTHER THAN THE PROVISIONS OF SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

  

					
		  	App 3 - 4	  	 APPENDIX 3
 ACCEPTANCE CERTIFICATE

 IN WITNESS WHEREOF, this Acceptance Certificate has been executed and delivered this
                     day of                     
20    . 
  

	
	CONCESIONARIA VUELA COMPAÑÍA de AVIACIÓN, S.A.P.I. de C.V. (d/b/a VOLARIS)
	
	By:                             
                                         
                          
	
	Name:                             
                                         
                    
	
	Title:                            
                                         
                       
	
	By:                             
                                         
                          
	
	Name:                             
                                         
                    
	
	Title:                            
                                         
                       

  

					
		  	App 3 - 5	  	 APPENDIX 3
 ACCEPTANCE CERTIFICATE

 Attachment 1 to Acceptance Certificate 

Delivery Inventory 

Aircraft Documents 
 1.
             
 2.
             
 . 

. 
 . 

Aircraft Manuals 
 1.
             
 2.
             
 . 

. 
 . 

Loose Equipment 
 1.
             
 2.
             
 . 

. 
 . 

Avionics Inventory 
 1.
             
 2.
             
 . 

. 
 . 

Hard Time Components Inventory 
 1.              

2.              

. 
 . 

. 

  

					
		  	App 3 - 6	  	 APPENDIX 3
 ACCEPTANCE CERTIFICATE

 Appendix 4 

to Aircraft Lease Agreement 
 LEASE SUPPLEMENT 
 (MSN 3317) 

LEASE SUPPLEMENT dated as of
                    , 20    , (this “Lease Supplement”), between WILMINGTON TRUST SP SERVICES (DUBLIN) LIMITED,
as lessor (“Lessor”), and CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS), as lessee
(“Lessee”). 
 Lessor and Lessee have previously entered into that certain Aircraft Lease Agreement dated as of
17 November 2010, (as amended, supplemented, novated and/or assigned, the “Lease”) and the defined terms therein being hereinafter used with the same meaning. The Lease provides for the execution and delivery of a Lease
Supplement substantially in the form hereof for the purpose of leasing the aircraft described below under the Lease as and when delivered by Lessor to Lessee in accordance with the terms thereof. 

The Lease and this Lease Supplement relate to the Aircraft as more precisely described below and in the Acceptance Certificate. A
counterpart of the Lease is attached hereto and shall be filed together with this Lease Supplement with the Aeronautics Authority. 
 In consideration of the premises and other good and sufficient consideration, Lessor and Lessee hereby agree as follows: 
 1. Lessor hereby delivers and leases to Lessee under and pursuant to the Lease and Lessee hereby accepts, acknowledges receipt of possession and leases from Lessor under and pursuant to the Lease the
Aircraft described below, together with the Aircraft Documents described in the Lease (the “Delivered Aircraft”): 
  

			
	Aircraft Model:	  	Airbus A319-132
		
	Manufacturer’s Serial Number:	  	3317
		
	Installed Engines:	  	Two (2) IAE V2524-A5 Engines
		
	Manufacturer’s Serial Numbers:    	  	 ___________________ and

___________________

		
	Mexican Registration Mark:	  	___________________

 2. The Delivery Date of the Aircraft is the date of this Lease Supplement set forth in the opening
paragraph hereof. 
 3. By execution and delivery of this Lease Supplement, the Delivered Aircraft is and shall be for the Lease
Term subject to the Lease. 

  

					
		  	App 4 - 1	  	 APPENDIX 4
 LEASE SUPPLEMENT

 4. The amount of Basic Rent for the Delivered Aircraft is as set forth in the Lease and the
Acceptance Certificate. 
 5. Lessee hereby confirms to Lessor that (i) the Delivered Aircraft and each delivered Engine
have been duly marked in accordance with the terms of the Lease, (ii) the Aircraft is insured as required by the Lease, (iii) the representations and warranties of Lessee referred to in Article 9 of the Lease are hereby repeated with
effect as of the date first above written, (iv) having inspected the Delivered Aircraft, Lessee acknowledges that the Delivered Aircraft satisfies all conditions required for Lessee’s acceptance of delivery as set forth in the Lease, and
(v) the execution and delivery of this Lease Supplement signifies absolute and irrevocable acceptance by Lessee of the Delivered Aircraft for all purposes hereof and of the Lease. 

6. THIS LEASE SUPPLEMENT SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN THE PROVISIONS OF SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

7. This Lease Supplement may be executed simultaneously in two or more counterparts and by different parties hereto on separate
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Lease Supplement; provided, that to the extent, if any, that this Lease Supplement constitutes tangible chattel paper (as such term
is defined in the Uniform Commercial Code as in effect in any applicable jurisdiction), no security interest in this Lease Supplement may be created through the transfer or possession of any counterpart other than the original executed counterpart,
which shall be identified as the counterpart containing the receipt therefor executed by the Security Trustee under and as defined in the Security Trust Agreement. 
 8. This Lease Supplement supplements and forms a part of the Lease. The Lease and all Operative Documents, as supplemented hereby, are hereby ratified, approved and confirmed in all respects. 

[REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY] 

  

					
		  	App 4 - 2	  	 APPENDIX 4
 LEASE SUPPLEMENT

 IN WITNESS WHEREOF, Lessor and Lessee have each caused this Lease Supplement to be duly
executed by their authorised representatives on the date first above written. 
  

					
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)	 		  	 WILMINGTON TRUST SP SERVICES (DUBLIN)
 LIMITED

	Lessee	 		  	Lessor
			
	By:                             
                                         
                           	 		  	By:                             
                                         
                       
			
	Name:                             
                                         
                      	 		  	Name:                             
                                         
                 
			
	Title:                            
                                         
                         	 		  	Title:                            
                                         
                    
			
	By:                             
                                         
                           	 		  	
			
	Name:                             
                                         
                      	 		  	
			
	Title:                            
                                         
                         	 		  	

 [MSN 3317] 
 TO
THE EXTENT, IF ANY, THAT THIS LEASE SUPPLEMENT CONSTITUTES TANGIBLE CHATTEL PAPER (AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS LEASE SUPPLEMENT MAY BE CREATED
THROUGH THE TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER THAN THE ORIGINAL EXECUTED COUNTERPART, WHICH SHALL BE IDENTIFIED AS THE COUNTERPART CONTAINING THE RECEIPT THEREFOR EXECUTED BY THE SECURITY TRUSTEE UNDER AND AS DEFINED IN THE SECURITY
TRUST AGREEMENT. 

  

					
		  	App 4 - 3	  	 APPENDIX 4
 LEASE SUPPLEMENT

 CHATTEL PAPER ORIGINAL 

IN WITNESS WHEREOF, Lessor and Lessee have each caused this Lease Supplement to be duly executed by their authorised representatives on
the date first above written. 
  

					
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S A P I. DE C.V. (D/B/A VOLARIS)	 		  	WILMINGTON TRUST SP SERVICES (DUBLIN) LIMITED
	Lessee	 		  	Lessor
			
	By:                             
                                         
                         	 		  	By:                             
                                         
                    
			
	Name:                             
                                         
                   	 		  	Name:                             
                                         
               
			
	Title:                            
                                         
                       	 		  	Title:                            
                                         
                  
			
	By:                             
                                         
                         	 		  	
			
	Name:                             
                                         
                   	 		  	
			
	Title:                            
                                         
                       	 		  	

 [MSN 3317] 
 TO
THE EXTENT, IF ANY, THAT THIS LEASE SUPPLEMENT CONSTITUTES TANGIBLE CHATTEL PAPER (AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS LEASE SUPPLEMENT MAY BE CREATED
THROUGH THE TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER THAN THE ORIGINAL EXECUTED COUNTERPART, WHICH SHALL BE IDENTIFIED AS THE COUNTERPART CONTAINING THE RECEIPT THEREFOR EXECUTED BY THE SECURITY TRUSTEE UNDER AND AS DEFINED IN THE SECURITY
TRUST AGREEMENT. 
  

	
	SECURITY TRUSTEE RECEIPT
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Security Trustee
	
	By:                             
                                         
                          
	
	Name:                             
                                         
                    
	
	Title:                            
                                         
                       
	
	By:                             
                                         
                          
	
	Name:                             
                                         
                    
	
	Title:                            
                                         
                       

  

					
		  	App 4 - 4	  	 APPENDIX 4
 LEASE SUPPLEMENT

 Appendix 5 

to Aircraft Lease Agreement 
 [RESERVED] 

  

					
		  	App 5 - 1	  	 APPENDIX 5
 [RESERVED]

 Appendix 6A 

to Aircraft Lease Agreement 
 LESSOR’S CONDITIONS PRECEDENT / POST-DELIVERY ITEMS 
 Airbus A319-132

 MSN 3317 
 Lease
Execution Date: 17 November 2010 
 Scheduled Delivery Date: ***** 

 

							
	 Item
No.
	  	 Description
	  	 Date Due
	  	Status
				
	1.	  	Chattel Paper Original of Lease (RECEIPT UNSIGNED AND DELIVERED TO SECURITY TRUSTEE WITHIN 10 DAYS OF EXECUTION)	  	Lease Execution Date	  	
				
	2.	  	Lease Agreement, with Lessee’s signatures ratified before a notary public	  	Lease Execution Date	  	
				
	3.	  	Guarantee, with Guarantor’s signatures ratified before a notary public	  	Lease Execution Date	  	
				
	4.	  	Opinion of Lessee’s counsel as of the Lease Execution Date in form and substance reasonably satisfactory to Lessor	  	Lease Execution Date	  	
				
	5.	  	Opinion of Guarantor’s counsel as of the Lease Execution Date in form and substance reasonably satisfactory to Lessor	  	Lease Execution Date	  	
				
	6.	  	Powers of Attorney evidencing the appointment of Lessee’s and Guarantor’s Agent for Service of Process pursuant to Section 26.3 of the Lease and Section 15 of
the Guarantee, respectively, together with Powers of Attorney evidencing such appointment, duly notarised under and pursuant to Mexican Law	  	Lease Execution Date	  	
				
	7.	  	Security Deposit installment of ***** due under Appendix 2B	  	One (1) Business Day after Lease Execution	  	
				
	8.	  	Written evidence of company action authorising Lessee’s lease of the Aircraft and execution, delivery and performance of the Lease	  	Seven (7) Business Days after Lease Execution	  	
				
	9.	  	Written evidence of company action authorising Guarantor’s execution, delivery and performance of the Guarantee	  	Seven (7) Business Days after Lease Execution	  	
				
	10.	  	Incumbency Certificate of person or persons authorised to execute the Lease and related Operative Documents on behalf of Lessee	  	Seven (7) Business Days after Lease Execution	  	

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

  

					
		  	App 6 - 1	  	 APPENDIX 6
 CONDITIONS PRECEDENT

							
	 Item
No.
	  	 Description
	  	 Date Due
	  	Status
				
	11.	  	Incumbency Certificate of person or persons authorised to execute the Guarantee on behalf of Guarantor	  	Seven (7) Business Days after Lease Execution	  	
				
	12.	  	Pledge Agreement as required under Sections 4.2 and 13.3(a)(i)	  	Ten (10) Business Days prior to the Scheduled Delivery Date	  	
				
	13.	  	Such financial information concerning each of Lessee and Guarantor and other documents and matters incident to the foregoing as Lessor may reasonably request, all in a form
reasonably satisfactory to Lessor	  	Ten (10) Business Days prior to the Scheduled Delivery Date	  	
				
	14.	  	Power of Attorney evidencing the authority of Lessee’s representatives designated to accept delivery of the Aircraft and execute the Lease Supplement and Acceptance
Certificate on behalf of Lessee at Delivery, duly notarised under and pursuant to Mexican Law	  	Five (5) Business Days prior to the Scheduled Delivery Date	  	
				
	15.	  	Letter of Undertaking executed by independent aircraft insurance brokers and, if applicable, reinsurance brokers, each acceptable to Lessor, together with certificates of
insurance and, if applicable, reinsurance, evidencing the insurances required to be maintained by Lessee under the Lease	  	Five (5) Business Days prior to the Scheduled Delivery Date	  	
				
	16.	  	Application for Registration of the Aircraft with the DGAC duly executed by Lessee, together with the Lease and all other relevant Operative Documents to be recorded thereunder
and Spanish translations thereof, certified by a court-approved translator	  	Five (5) Business Days prior to the Scheduled Delivery Date	  	
				
	17.	  	Evidence of Lessee having registered as a Transacting User Entity (“TUE”) with the IR and provision of the DGAC access codes necessary in order to complete the
appropriate IR registrations. In connection with the foregoing, Lessor shall cooperate with Lessee to obtain the DGAC access codes and shall provide Lessee with such documents as Lessee may reasonably request in connection with the
foregoing.	  	Five (5) Business Days prior to the Scheduled Delivery Date	  	
				
	18.	  	Security Deposit balance payment of ***** due under Appendix 2B	  	One (1) Business Day prior to the Scheduled Delivery Date	  	
				
	19.	  	Lessee Acknowledgment of Security Assignment	  	Delivery Date	  	
				
	20.	  	Acceptance Certificate	  	Delivery Date	  	
				
	21.	  	Chattel Paper Original of Lease Supplement (RECEIPT UNSIGNED AND DELIVERED TO SECURITY TRUSTEE WITHIN 10 DAYS OF EXECUTION)	  	Delivery Date	  	
				
	22.	  	Lease Supplement, with Lessee’s signatures ratified before a notary public	  	Delivery Date	  	
				
	23.	  	Certificate of Airworthiness for Export for the Aircraft issued by the EASA / Greek Aviation Authority	  	Delivery Date	  	
				
	24.	  	Copy of Lessee’s Air Operator’s Certificate issued by the Aeronautics Authority	  	Delivery Date	  	

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

  

					
		  	App 6 - 2	  	 APPENDIX 6
 CONDITIONS PRECEDENT

							
	 Item
No.
	  	 Description
	  	 Date Due
	  	Status
				
	25.	  	Copy of provisional Certificate of Registration for the Aircraft	  	Delivery Date	  	
				
	26.	  	Evidence of Registration of the Aircraft, the Lease and related interests with the IR	  	Delivery Date	  	
				
	27.	  	An opinion in a form acceptable to Lessor from Lessor’s special counsel in the State of Registration confirming, among other things, the due and proper registration of the
Aircraft in the State of Registration and with the IR.	  	Delivery Date	  	
				
	28.	  	An irrevocable power of attorney executed by Lessee in a form prescribed by Lessor, appointing Lessor or any other Person selected by Lessor as attorney-in-fact for Lessee to
take all necessary actions on behalf of Lessee to obtain possession of and to remove the Aircraft from the jurisdiction of the State of Registration and from any other jurisdiction where the Aircraft may be located and/or registered and to
de-register the Aircraft from the Register upon the cancellation, termination, or expiration of this Lease	  	Delivery Date	  	
				
	29.	  	A duly executed Irrevocable De-Registration and Export Request Authorisation (IDERA) for filing with the IR	  	Delivery Date	  	
				
	30.	  	Letters addressed (1) to air traffic control authority in the State of Registration, (2) in blank to relevant air traffic control authorities and airport authorities where Lessee
operates or intends to operate the Aircraft and (3) to Eurocontrol (if the Aircraft is operated to or over Europe), authorising the recipient to issue to Lessor, upon Lessor’s request made from time to time, a statement of account of all sums
due by Lessee to the authority with respect to the Aircraft and which letters shall survive the cancellation, termination and expiration of the Lease	  	Delivery Date	  	
				
	31.	  	A certificate of an officer of Lessee regarding use of aircraft, in form and substance satisfactory to Lessor, and/or an Irish Revenue Form VAT 60B (or applicable successor form)
with respect to the Lease, as requested by Lessor, to enable Lessor to comply with applicable Laws relating to VAT	  	Delivery Date	  	
				
	32.	  	Follow up opinion of Lessee’s counsel in form and substance reasonably acceptable to Lessor	  	Delivery Date	  	
				
	33.	  	Such other certificates, documents, opinions and agreements relating to the transactions contemplated by or related to this Lease and the other Operative Documents, as may be
necessary or reasonably requested by Lessor	  	Delivery Date	  	
				
	34.	  	Copy of permanent Certificate of Registration for the Aircraft showing due registration in the name of Lessor as owner and lessor and Lessee as lessee	  	Ninety (90) days following the Delivery Date	  	

  

					
		  	App 6 - 3	  	 APPENDIX 6
 CONDITIONS PRECEDENT

 Appendix 6B 

to Aircraft Lease Agreement 
 LESSEE’S CONDITIONS PRECEDENT / POST-DELIVERY ITEMS 
 Airbus A319-132

 MSN 3317 
 Lease
Execution Date: 17 November 2010 
 Scheduled Delivery Date: ***** 

 

							
	 Item
No.
	  	 Description
	  	 Date Due
	    	 Status

				
	1.	  	Lease Agreement	  	Lease Execution Date	    	
				
	2.	  	Power of Attorney evidencing the authority of Lessor’s representatives designated to execute the Lease and the Lease Supplement on behalf of Lessor	  	Lease Execution Date	    	
				
	3.	  	Lease Supplement	  	Delivery Date	    	
				
	4.	  	Certificate of Airworthiness for Export for the Aircraft issued by the EASA / Greek Aviation Authority	  	Delivery Date	    	
				
	5.	  	Quiet Enjoyment Letter from Security Trustee	  	Delivery Date	    	
				
	6.	  	Quiet Enjoyment Letter from Owner Participant	  	Delivery Date	    	
				
	7.	  	Airframe Assignment of Warranties	  	Delivery Date	    	
				
	8.	  	Engine Assignment of Warranties	  	Delivery Date	    	

  

					
		  	App 6 - 4	  	 APPENDIX 6
 CONDITIONS PRECEDENT

 Appendix 7 

to Aircraft Lease Agreement 
 RETURN ACCEPTANCE CERTIFICATE 
 WILMINGTON TRUST SP SERVICES (DUBLIN)
LIMITED (“Lessor”) hereby acknowledges, pursuant to the Aircraft Lease Agreement made between Lessor and CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS) (“Lessee”)
dated as of 17 November 2010 (as amended, supplemented, novated and/or assigned, the “Lease”), that on this             day of 20__, at
__:             GMT it has received from Lessee possession of the following Aircraft. Capitalised terms used but not defined herein shall have the meanings given such terms in the
Lease. 
  
  
  

											
	 1.
	  	Aircraft Details	    		    		 		  	
						
		  	 (a)            Airframe
	    		    		 		  	
						
		  	                Aircraft Model:	    		    	Airbus A319-132	 		  	
						
		  	
                Manufacturer’s Serial 
Number:
	    		    	3317	 		  	
						
		  	                 Certified
Weights:
	    		    	Max Take-off:	 	                        	  	
		  		    		    	Max Zero Fuel:	 	                        	  	
		  		    		    	Max Landing:	 	                        	  	
		  		    		    	Max Taxi:	 	                        	  	
		  		    		    	Operating Empty:	 	                        	  	

 Airframe Maintenance Status: 

Total Flight Hours:
                                 

Total Cycles:
                                 

Total Flight Hours Since Last 6 Year HMV
Check:                                 

Total Cycles Since Last 6 Year HMV
Check:                                 

Date Last 6 Year HMV Check
Accomplished:                                 

Total Flight Hours Since Last 12 Year HMV
Check:                                 

Total Cycles Since Last 12 Year HMV
Check:                                 

Date Last 12 Year HMV Check
Accomplished:                                 

Total Flight Hours Since Last
C-Check:                                 

Total Cycles Since Last
C-Check:                                 

Date Last C-Check
Accomplished:                                 

 

													
		  		    		    		 		 		  	
		  	 (b)            Engines (Installed)
	    		    		 		 		  	
							
		  	                Engine Type:	    		    	IAE V2524-A5	 		 		  	
							
		  	
                Manufacturer’s Serial 
Numbers:
	    		    	                             
       	 	and    	 		  	
							
		  		    		    	                             
       	 		 	                        	  	

  

					
		  	App 7 - 1	  	 APPENDIX 7
 RETURN ACCEPTANCE CERTIFICATE

 Maximum Takeoff Thrust Rating:
                    lbs. 
 Engines Maintenance Status: 
 Position 1 

ESN:
                     
 Total Flight Hours:                      

Total Cycles:
                     
 Total Flight Hours Since Last Engine Restoration:                     

 Total Cycles Since Last Engine Restoration:
                     
 Date of Last Engine Restoration:                      

Position 2 
 ESN:                      

Total Flight Hours:
                     
 Total Cycles:                      

Total Flight Hours Since Last Engine Restoration:
                     
 Total Cycles Since Last Engine Restoration:                      

Date of Last Engine Restoration:
                     
  

	(c)	APU (Installed) 

  

											
		 		 	APU Manufacturer & Model:	 	  
	  		  	
						
		 		 	Manufacturer’s Serial Number:	 	  
	  	and	  	
		 		 		 	  
	  		  	

 APU Maintenance Status: 

Total APU Hours:
                     
 Total APU Cycles:                      

Total APU Hours Since Last Overhaul:
                     
 Total APU Cycles Since Last Overhaul:                      

Date of Last Overhaul:
                     
  

	(d)	Landing Gear (Installed) 

  

									
		 		 	        Manufacturer’s Serial Numbers:	    	Left Main:                     	  	
		 		 		    	Right Main:                   	  	
		 		 		    	Nose:
                            	  	

 Landing Gear Maintenance Status:  

Left Main 

  

					
		  	App 7 - 2	  	 APPENDIX 7
 RETURN ACCEPTANCE CERTIFICATE

					
		  	 Total Flight Hours:
                    
	  	
		  	 Total Cycles:
                    
	  	
		  	 Total Flight Hours Since Last Overhaul:
                    
	  	
		  	 Total Cycles Since Last Overhaul:
                    
	  	
		  	 Date of Last Overhaul:
                                    
	  	
		
	 Right Main
	  	
			
		  	 Total Flight Hours:
                    
	  	
			
		  	 Total Cycles:
                    
	  	
			
		  	 Total Flight Hours Since Last Overhaul:
                    
	  	
			
		  	 Total Cycles Since Last Overhaul:
                    
	  	
			
		  	 Date of Last Overhaul:
                                    
	  	
		
	 Nose
	  	
			
		  	 Total Flight Hours:
                    
	  	
			
		  	 Total Cycles:
                    
	  	
			
		  	 Total Flight Hours Since Last Overhaul:
                    
	  	
			
		  	 Total Cycles Since Last Overhaul:
                    
	  	
			
		  	 Date of Last Overhaul:
                                    
	  	

  

					
			
	(e)	 	 Interior Configuration
	 	
			
		 	 Seating
	 	  

			
		 	 Lavatories
	 	  

			
		 	 Galleys
	 	  

			
		 	 Passenger Service Units
	 	  

			
		 	 PSIU
	 	  

			
	(f)	 	 Aircraft Documents and Other Equipment
	 	
		
		 	 As described in Attachment 1 to this Return Acceptance Certificate.

		
	(g)	 	 Fuel On Board:
                                     kgs.

  

	2.	Maintenance Reserves (check one) 

                  There are no claims for reimbursement from the Maintenance Reserves outstanding and unpaid as of the
date hereof. 
 or 
                  Claims for reimbursement from the Maintenance Reserves are outstanding as of the date hereof and are
itemised or otherwise described in Attachment [            ] hereto. 

  

					
		  	App 7 - 3	  	 APPENDIX 7
 RETURN ACCEPTANCE CERTIFICATE

	3.	Return Acceptance 

 The
Aircraft and Aircraft Documents are hereby accepted by Lessor for return under the Lease subject to (i) the provisions of the Lease, and (ii) the correction by Lessee (or procurement by Lessee at Lessee’s cost) within
     days following the date hereof of the discrepancies specified in Attachment 3 hereto. 
  

	4.	Termination of Lease 

Subject to the following paragraph, the Lease is hereby terminated without prejudice to Lessee’s continuing obligations and
Lessor’s continuing rights under the Lease. 
  

	5.	Lessee’s Representations and Warranties 

 Lessee represents and warrants that during the Lease Term all maintenance and repairs to the Aircraft and each Item of Equipment were performed in accordance with the requirements of the Lease.

  

	6.	Governing Law 

 THIS
RETURN ACCEPTANCE CERTIFICATE SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES (OTHER THAN THE PROVISIONS OF SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 IN
WITNESS WHEREOF, Lessor and Lessee have each caused this Return Acceptance Certificate to be duly executed by their authorised representatives on the date first above written. 

 

									
	 CONCESIONARIA VUELA COMPAÑÍA DE
 AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)
  

Lessee
	 		 	 WILMINGTON TRUST SP SERVICES
 (DUBLIN) LIMITED
  

Lessor

					
	 By:
	 	  
	 		 	 By:
	 	  

					
	 Name:
	 	  
	 		 	 Name:
	 	  

					
	 Title:
	 	  
	 		 	 Title:
	 	  

					
	 By:
	 	  
	 		 		 	
					
	 Name:
	 	  
	 		 		 	
					
	 Title:
	 	  
	 		 		 	

  

					
		  	App 7 - 4	  	 APPENDIX 7
 RETURN ACCEPTANCE CERTIFICATE

 Attachment 1 to Return Acceptance Certificate 

Aircraft Documents and Equipment Inventory 
 Aircraft Documents 
  

	 	1.	             

	 	2.	             

	 	.	     

	 	.	     

	 	.	     

 Aircraft Manuals

  

	 	1.	             

	 	2.	             

	 	.	     

	 	.	     

	 	.	     

 Loose Equipment

  

	 	1.	             

	 	2.	             

	 	.	     

	 	.	     

	 	.	     

 Avionics Inventory

  

	 	1.	             

	 	2.	             

	 	.	     

	 	.	     

	 	.	     

 Hard Time
Components Inventory 
  

	 	1.	             

	 	2.	             

	 	.	     

	 	.	     

	 	.	     

  

					
		  	App 7 - 5	  	 APPENDIX 7
 RETURN ACCEPTANCE CERTIFICATE

 Attachment 2 to Return Acceptance Certificate 

Maintenance Reserve Claims Outstanding at Return 
 [Write “None” if there are no claims outstanding] 
  

					
	 Type of Work
	  	 Service Provider
	  	 Invoice Amount

			
	—  	  	—  	  	—  

  

					
		  	App 7 - 6	  	 APPENDIX 7
 RETURN ACCEPTANCE CERTIFICATE

 Attachment 3 to Return Acceptance Certificate 

Aircraft Discrepancies 

[Write “None” if there are no Aircraft Discrepancies] 

  

					
		  	App 7 - 7	  	 APPENDIX 7
 RETURN ACCEPTANCE CERTIFICATE

 Appendix 8 

to Aircraft Lease Agreement 
 FORMS 
  

			
	Form 1	  	Form of Aircraft Utilisation Report
	Form 2	  	Maintenance Status Report
	Form 3	  	Form of Air Traffic Control and Airport Authorities Letter
	Form 4	  	Form of Lease Termination Agreement
	Form 5	  	Form of Recognition of Rights (Engines)
	Form 6	  	Form of Lessee Acknowledgment of Security Assignment
	Form 7	  	Form of Quiet Enjoyment Letter - Security Trustee
	Form 8	  	Form of Quiet Enjoyment Letter - Owner Participant

  

					
		  	App 8 - 1	  	 APPENDIX 8
 FORMS

 Form 1 
 Form of Aircraft Utilisation Report 
 UTILISATION REPORT

 Lessee: Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. (d/b/a Volaris) 

Date of Report:                     
20     
 Report Period:
                     20     through
                     20     
 General Information 
  

			
	Aircraft Model: Airbus A319-132	  	Engine Type: IAE V2524-A5
	Airframe Serial Number: 3317	  	Lease Engine 1 Serial Number:                     
	Lease APU Serial Number:                     	  	Lease Engine 2 Serial Number:                     
	Lease Nose Landing Gear S/N:                     	  	Lease Left Main Gear S/N:                     
		  	Lease Right Main Gear S/N:                     
		
	Installed 1 Engine S/N:                     	  	Installed 2 Engine S/N:                     
	Installed APU S/N:                     	  	Installed Nose Landing Gear S/N                     
	Installed Left Main Gear S/N:                     	  	Installed Right Main Gear S/N:                     

 Utilisation Information — Airframe 

 

			
	Airframe Flight Hours:                     	  	Airframe Cycles:                     
	Airframe Total FHSN:                     	  	Airframe Total CSN:                     
		  	Airframe Status:                     
	Airframe Base:                     	  	                [In Service; Check; etc.]

 Utilisation Information — Engines 
 Lease Engine 1 — Serial Number 
  

			
	FH During Report Period:                     	  	Cycles During Report Period: ___________
	FH:Cycle Utilisation Ratio:     :1	  	Cycles Since New: ___________
	FH Since New:                     	  	Cycles Since Restoration: ___________
	EH Since Restoration:                     	  	Installed On MSN: ___________
	Airframe Position:                     	  	Airframe Reg Mark: ___________
	Airframe Owner (if not Owner):
                                         
                                         
                                    
	Removed From Service:                      (Date)	  	Current Location: ___________
	Reason for Removal:
                                         
                                         
                                         
             

 Lease Engine 2 — Serial Number 

 

			
	FH During Report Period:                     	  	Cycles During Report Period:                     
	FH:Cycle Utilisation Ratio:     :1	  	Cycles Since New:                     
	FH Since New:                     	  	Cycles Since Restoration:                     

  

					
		  	App 8 - 2	  	 APPENDIX 8
 FORMS

			
	FH Since Restoration:                     	  	Installed On MSN:                     
	Airframe Position:                     	  	Airframe Reg Mark:                     
	Airframe Owner (if not Owner):
                                         
                                         
                          
	Removed From Service:                      (Date)	  	Current Location:                     
	Reason for Removal:
                                         
                                         
                                         
   

 Installed Engine 1 — Serial Number
             (if not Lease Engine) 
  

			
	Engine Owner:                     	  	Airframe Position:                     

 Installed Engine 2 — Serial Number
            (if not Lease Engine) 
  

			
	Engine Owner:                     	  	Airframe Position:                     

 Utilisation Information — APU 
 Lease APU — S/N              
  

			
	APU Hours During Report Period:                     	  	APU Cycles During Report Period:                     
	APU Hours Since New:                     	  	APU Cycles Since New:                     
	APU Hours Since Overhaul:                     	  	APU Cycles Since Overhaul:                     
	Installed On MSN:                     	  	Removed From Service:                      (Date)
	Airframe Reg Mark:                     	  	Current Location:                     
	Airframe Owner (if not Owner):
                                         
                                         
                                  
	Reason for Removal:
                                         
                                         
                                         
           

 Installed APU — Serial Number
            (if not Lease APU) 
  

			
	APU Owner:                     	  	

 Utilisation Information — Landing Gear 

Lease Nose Landing Gear — S/N              

 

			
	FH During Report Period:                     	  	Cycles During Report Period:                     
	FH Since New:                     	  	Cycles Since New:                     
	FH Since Overhaul:                     	  	Cycles Since Overhaul:                     
	Removed From Service:                      (Date)	  	Current Location:                     
	Reason for Removal:
                                         
                                         
                                         
     

 Installed Nose Landing Gear — S/N (if not Lease Nose Landing Gear) 

 

			
	NLG Owner:                     	  	

 Lease Left Main Landing Gear — S/N
             
  

			
	FH During Report Period:                     	  	Cycles During Report Period:                     
	FH Since New:                     	  	FH Since Restoration:                     
	Cycles Since New:                     	  	Cycles Since Restoration:                     
	Removed From Service:                      (Date)	  	Current Location:                     
	Reason for Removal:
                                         
                                         
                                         
   

  

					
		  	App 8 - 3	  	 APPENDIX 8
 FORMS

 Installed Left Main Landing Gear — S/N
            (if not Lease Left Main Landing Gear) 
  

			
	Left MLG Owner:                     	  	

 Lease Right Main Landing Gear — S/N
             
  

			
	FH During Report Period:                     	  	Cycles During Report Period:                     
	FH Since New:                     	  	FH Since Restoration:                     
	Cycles Since New:                     	  	Cycles Since Restoration:                     
	Removed From Service:                      (Date)	  	Current Location:                     
	Reason for
Removal:                                       
                                         
                                         
                        

 Installed Right Main Landing Gear — S/N
             (if not Lease Right Main Landing Gear) 
  

			
	Right MLG Owner:                     	  	

  

	
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)
	
	  

	(Name)
	  

	(Title)
	  

	(Date)

  

					
		  	App 8 - 4	  	 APPENDIX 8
 FORMS

 Form 3 

Maintenance Status Report — Required Information 

 

	1.	Airframe 

  

	 	a.	Aircraft and Appliances Airworthiness Directive Summaries 

  

	 	b.	Aircraft times and cycles log 

  

	 	c.	Airframe Utilisation Report 

  

	 	d.	Avionics Computerised Inventory 

  

	 	e.	CPCP Summary as may be applicable 

  

	 	f.	Dent and Damage Chart 

  

	 	g.	Emergency Equipment Layout Drawing 

  

	 	h.	Fire Blocking Certification 

  

	 	i.	Maintenance last done next due task listing 

  

	 	j.	Life Limited Parts Summary 

  

	 	k.	Interior Layout configuration 

  

	 	1.	Maintenance Program Summary and Time Interval Summary-Upon request 

  

	 	m.	Service Bulletin, Engineering Orders, Major Repair and Alteration Summaries 

 

	 	n.	Scheduled Maintenance Checks Tally Sheets 

  

	 	o.	Time Controlled Components Summary 

  

	2.	Engines 

  

	 	a.	Airworthiness Directive Summaries 

  

	 	b.	Last Shop visit/Engine Restoration Mini Package 

  

	 	c.	Current Disk Sheet 

  

	 	d.	Date, Flight Hours and Cycles of Engine at last Engine install (including Airframe Flight Hours and Cycles) 

 

	 	e.	Service Bulletin Status / Engineering Orders and MOD Summaries 

  

	 	f.	Trend Monitor Readout for the three (3) months prior to the report 

  

	3.	Landing Gear 

  

	 	a.	Aircraft date, Flight Hours and Cycles at installation 

  

	 	b.	Landing Gear (each) Overhaul/restoration date, Flight Hours and Cycles 

  

	 	c.	Life Limited Parts Summary 

  

	 	d.	Last shop visit/Overhaul report 

  

	4.	APU 

  

	 	a.	Airworthiness Directive Summary 

  

	 	b.	Last shop visit/Overhaul mini package report 

  

	 	c.	Flight Hours and Cycles formula (as applicable if recording device not utilised) 

 

	 	d.	Aircraft/ APU date, APU Hours and APU Cycles at installation 

  

	 	e.	Life Limited Parts Summary 

  

	 	f.	Service Bulletin Summary 

  

					
		  	App 8 - 5	  	 APPENDIX 8
 FORMS

 Form 3 
 Form of Air Traffic Control and Airport Authorities Letters 

[LESSEE’S LETTERHEAD] 
  

	To:	All Relevant Air Traffic Control and Airport Authorities 

 Mexican General Department of Civil Aeronautics* (Dirección General de Aeronáutica Civil) 
 Eurocontrol Organisation for the Safety of Air Navigation 
 Rue de la Fusée,
96 
 B-1130 Bruxelles 
 Belgium 
 * To be used with the DGAC or any other Mexican authority only
following the occurrence and continuance of an Event of Default 
  

	Re:	Air Navigation / Airport Charges — Airbus A319-132 Aircraft with Manufacturer’s Serial Number 3317 and Mexican Registration Mark
..XA-[    ] (the “Aircraft”) 

 Ladies and Gentlemen, 

We hereby confirm that Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. (d/b/a Volaris) (the “Lessee”)
has entered into an Aircraft Lease Agreement with Wilmington Trust SP Services (Dublin) Limited (“Lessor”) dated as of 17 November 2010 (the “Lease”) related to the above-referenced Aircraft, pursuant to
which CIT Aerospace International (“CITAI”) serves as servicer. 
 We wish to enable each of Lessor and CITAI to monitor the
value of air navigation and other charges incurred by us in relation to the Aircraft. 
 We hereby irrevocably and unconditionally authorise you
to release to Lessor and CITAI (or its duly authorised representatives) upon its request from time to time, a statement of account of all sums due by us to you, as at the date of each such request, in respect of the Aircraft and to the extent the
same might result in a lien upon the Aircraft, all other aircraft operated by Lessee. 
 This authorisation may only be revoked or amended by a
written instruction signed by us, Lessor and CITAI. 
 Yours faithfully, 

 

			
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	App 8 - 6	  	 APPENDIX 8
 FORMS

			
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	App 8 - 7	  	 APPENDIX 8
 FORMS

 Form 4 

Form of Lease Termination Agreement 
 LEASE TERMINATION 
 (MSN 3317) 

By execution hereof (this “Lease Termination”), the undersigned, WILMINGTON TRUST SP SERVICES (DUBLIN) LIMITED
(“Lessor”), as lessor, and CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS) (“Lessee”), as lessee, acknowledge and agree that the Lease Agreement defined and described
on Exhibit A attached hereto, has by its terms expired or has otherwise been cancelled or terminated, and release the Equipment, which is also defined and described on Exhibit A attached hereto, from the terms and conditions of such Lease Agreement.

 This Lease Termination is without prejudice to the surviving rights of the parties under the Lease Agreement and nothing in
this Lease Termination shall relieve either party from its obligations under the Lease Agreement which are still unsatisfied and/or from any of its obligations under the Lease Agreement which may be due after the date of this Lease Termination.

 This Lease Termination may be executed by the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Dated this
             day of              20    . 

 

							
	 CONCESIONARIA VUELA COMPAÑÍA DE
 AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)
	    	 WILMINGTON TRUST SP SERVICES
 (DUBLIN) LIMITED

	Lessee	 		    	Lessor	  	
				
	By:	 	  
	    	By:	  	  

	Name:	 	  
	    	Name:	  	  

	Title:	 	  
	    	Title:	  	  

				
	By:	 	  
	    		  	
	Name:	 	  
	    		  	
	Title:	 	  
	    		  	

  

					
		  	App 8 - 8	  	APPENDIX 8
		  		  	FORMS

 EXHIBIT A 

The Equipment 
 [TO BE COMPLETED AT LEASE TERMINATION] 
 The Lease Agreement

 [TO BE COMPLETED AT LEASE TERMINATION] 

  

					
		  	App 8 - 9	  	APPENDIX 8
		  		  	FORMS

 Form 5  

Form of Recognition of Rights (Engines) 
 [ON THE LETTERHEAD OF THE OWNER/ 
 LESSOR/SECURED PARTY OF THE AIRFRAME 

ON WHICH THE ENGINE IS BEING INSTALLED] 
 [INSERT DATE] 
 [INSERT ADDRESS OF AIRCRAFT OWNER] 

 

	 	Re:	Acknowledgment of ownership of and waiver of lien interest in one
(1)                                  

	 	 	Aircraft Engine bearing Manufacturer’s Serial Number
                     (the “Engine’) 

 Dear Sirs: 
 The undersigned,
                                         
        (“Secured Party”), is the legal and beneficial owner of one (1) Airbus A319-132 aircraft bearing manufacturer’s serial number
[            ] and [            ] registration mark
[            ] (“Secured Aircraft”), which Secured Aircraft is on lease to Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. (d/b/a
Volaris) (“Lessee”). [NOTE: PROVIDE ALTERNATE STATEMENT FOR SECURED PARTY’S INTEREST AND/OR LESSOR’S INTEREST AS NECESSARY] 
 We understand that, pursuant to an aircraft lease agreement dated as of 17 November 2010 (the “Aircraft Lease”) between Wilmington Trust SP Services (Dublin) Limited, not in its
individual capacity but solely as trustee, as lessor (“Lessor”) and Lessee, you are the owner of and have leased one (1) Airbus A319-132 aircraft bearing manufacturer’s serial number 3317 Mexican registration mark XA-[ ]
to Lessee and which Aircraft Lease includes the lease of one (1) IAE V2524-A5 aircraft engine bearing manufacturer’s serial number [            ] (the “Leased
Engine”). We have been advised by Lessee that it desires to install the Leased Engine on the Secured Aircraft. [NOTE: PROVIDE MODIFIED STATEMENT AND DEFINITIONS IF LESSOR IS NOT OWNER OF THE AIRCRAFT] 

At the request of Lessee and for its benefit and the benefit of CIT, Secured Party hereby (i) acknowledges and agrees that CIT is
the owner and lessor to Lessee of the Leased Engine under the Aircraft Lease, (ii) agrees that Secured Party has not acquired or claimed nor will it acquire or claim, and hereby waives, releases and renounces any right, title or interest in the
Leased Engine by reason of the Leased Engine being installed on the Secured Aircraft at any time and that the foregoing shall apply notwithstanding any contrary laws of accession, or the like, which may from time to time be enacted or in effect in
any jurisdiction where the Leased Engine and/or Secured Aircraft may be located, and the same are expressly waived by Secured Party hereby, (iii) agrees not to impede or interfere with the exercise by CIT of its rights and remedies to regain
possession of the Leased Engine pursuant to the Aircraft Lease, (iv) agrees that the foregoing acknowledgments and agreements of Secured Party shall inure to the benefit of CIT’s successors and assigns, and (v) if requested by CIT,
consents to and agrees to cooperate with CIT (at no cost to Secured Party) in connection with the filing of any notices and registrations, in form and substance reasonably satisfactory to Secured Party, of CIT’s interest in the Leased Engine
with the applicable governmental authorities in the country of registration of the Secured Aircraft, the country of Lessee’s organisation and such other jurisdiction as CIT may deem appropriate and, if applicable, the International Registry of
Mobile Assets organised pursuant to the Cape Town Convention. 

  

					
		  	App 8 - 10	  	APPENDIX 8
		  		  	FORMS

 THIS LETTER SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK, U.S.A. APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT REGARD FOR CONFLICT OF LAW PRINCIPLES (OTHER THAN THE PROVISIONS OF SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK). 
 Sincerely, 

  

					
		  	App 8 - 11	  	APPENDIX 8
		  		  	FORMS

 Form 6 

Form of Lessee Acknowledgment of Security Assignment 

 

			
	From:	  	Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. (d/b/a Volaris) (“Lessee”)
		
	To:	  	Deutsche Bank Trust Company Americas, as Security Trustee (“Security Trustee”)
		
		  	Wilmington Trust SP Services (Dublin) Limited, not in its individual capacity but solely as trustee (“Lessor”)

                20     

Ladies and Gentlemen: 
 Reference is made to
that certain Aircraft Lease Agreement dated as of 17 November 2010 (the “Lease”) entered into between Lessee a d Lessor with respect to one (1) Airbus model A319-132 aircraft bearing manufacturer’s serial number
3317. Any and all initially capitalised terms used herein shall have the meanings ascribed thereto in t e ease, unless specifically defined herein. 
 We acknowledge that pursuant to Section 25.6 of the Lease, Lessor has advised us that the intent and effect of the Security Assignment is to confer upon Security Trustee all rights, title and
interest of Lessor under the Lease. In consideration of payment to us of ***** and the issuance to us of the Quiet Enjoyment Letters, receipt of which we hereby acknowledge, and subject to the provisions of such Quiet Enjoyment Letters, we hereby
agree as follows: 
  

	 	1.	Subject to Section 2 below, to comply with the provisions of the Lease, specifically including, but not limited to Article 25. 

 

	 	2.	If Security Trustee issues to us a notice (a “Relevant Notice”) that its rights as assignee under the Security Assignment have become exercisable we
agree that we shall thereafter (a) accomplish, observe and comply with all our other undertakings and obligations under the Lease in favour and for the benefit of Security Trustee as if Security Trustee were named as lessor therein instead of
Lessor; and (b) if Security Trustee so requests, enter into a lease with Security Trustee or its nominee, on the same terms (mutatis mutandis) as the Lease, provided that (i) no such new lease shall have the effect of releasing Lessor from
any of its obligations to us under the Lease, and (ii) Lessee shall not be responsible for any additional costs, expenses or charges, including but not limited to increased withholding or any other tax liability, which result from entering into
such lease. 

  

	 	3.	 If Lessor is in breach of any of its obligations, express or implied, under the Lease, or if any event occurs which would permit us to terminate,
cancel or surrender the Lease we will, without waiving any such breach or right after the 14 day period referenced below if such breach has not been cured or a new lease has not been entered into, (a) promptly after becoming aware of it, give
Security Trustee notice of such breach or event, (b) accept as adequate remedy for any such breach performance by Security Trustee of such obligations within 14 days of our written notice to Security Trustee; and (c) subject to Security
Trustee’s performance and satisfaction in full of such obligations, if the Security Trustee so requests, enter into a lease with Security Trustee on 

  

					
		  	App 8 - 12	  	 APPENDIX 8
 FORMS

	 	
terms identical to the Lease, mutatis mutandis; provided, however, that Lessee shall not be responsible for any additional costs, expenses or charges, including but not limited to increased
withholding or any other tax liability, which result on the date hereof from entering into such lease. 

  

	 	4.	We agree that after issue by Security Trustee of any Relevant Notice, we shall not recognise the exercise by Lessor of any of its rights and powers under the Lease
unless and until requested to do so by Security Trustee. 

  

	 	5.	We agree that the Security Trustee shall have the benefits, rights and privileges of the indemnity provisions in Sections 18.1 and 21.1 of the Lease (without
increasing the scope of such provisions) and agree that we are bound by the terms of such sections, as thought the same were set out herein in full, mutatis mutandis, provided, however, that no additional cost or expense shall result.

  

	 	6.	Other than as set forth in Section 25.6 of the Lease, no notice of assignment has been received by Lessee or, if Lessee has received any notice of assignment, such
notice has been terminated. 

  

	 	7.	This acknowledgment shall be governed by and construed in accordance with New York Law. 

 Very truly yours, 
 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE
C.V. (D/B/A VOLARIS) 
  

			
	By:	 	  

	Name:
	Title:
		
	By:	 	  

	Name:
	Title:

  

					
		  	App 8 - 13	  	 APPENDIX 8
 FORMS

 Form 7 

Form of Quiet Enjoyment Letter — Security Trustee 

 

			
	From:	 	Deutsche Bank Trust Company Americas, as Security Trustee (“Security Trustee”)
		
	To:	 	Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. (d/b/a Volaris) (“Lessee”)
		
	Dated:	 	[    ]
		
	Re:	 	Aircraft Lease Agreement dated as of 17 November 2010 (as amended and supplemented, the “Lease”) between Lessee and Wilmington Trust SP Services
(Dublin) Limited, not in its individual capacity but solely as trustee (“Lessor”) pertaining to one (1) Airbus A319-132 aircraft bearing manufacturer’s serial number 3317 (as more particularly described in the Lease, the
“Aircraft”)

 Ladies and Gentlemen: 
 All terms defined in the Lease shall, unless the context otherwise requires, bear the same meanings herein. 
 Pursuant to that certain Security Trust Agreement dated as of December 11, 2008 among CIT Aviation Finance II Ltd., Lessor, the additional grantors referred to therein, and Security Trustee, Lessor
has assigned to Security Trustee by way of security all of its rights, title and interest in and to the Lease and the proceeds thereof, including certain insurance proceeds. 

 

	 	1.	We hereby covenant and undertake to Lessee that during the Lease Term, so long as an Event of Default shall not have occurred and be continuing, Lessee shall quietly
enjoy the use and possession of the Aircraft without interference by us or any Person lawfully claiming by or through us. We further confirm that if we have issued a Relevant Notice (as defined in the Lessee Acknowledgment) and we have succeeded to
the interest of Lessor under the Lease, we shall thereafter honour, perform, or cause to be performed, and accomplish all of Lessor’s obligations to Lessee accruing thereafter under the Lease. 

 

	 	2.	To the extent we receive any funds as Security Deposits and/or Maintenance Reserves, we will hold, apply, retain and return such amounts as provided in the Lease, and
in exercising our rights under or in respect of the Lease, we shall be bound by the terms and conditions thereof. 

  

	 	3.	The foregoing covenant and undertaking is not to be construed as restricting our rights to dispose of the Aircraft to such Persons and on such terms as we consider
appropriate. However, if we exercise such rights during the Lease Term and provided that no Event of Default has occurred and is continuing, we will (subject to any requirements or restrictions imposed by applicable Law) dispose of the Aircraft
expressly subject to the Lease and on the terms that the purchaser issues an undertaking to Lessee that it will not, and will not permit any person lawfully claiming by or thorough it, to interfere with the quiet possession and use of the Aircraft
by Lessee throughout the remaining period of the Lease Term, so long as no Event of Default has occurred and is continuing. 

  

					
		  	App 8 - 14	  	 APPENDIX 8
 FORMS

	 	4.	The rights conferred by this letter are granted only to Lessee and do not extend to any assignee, successor, or sublessee of Lessee. 

 

	 	5.	This letter shall be governed by and construed in accordance with New York Law. 

 Please countersign this letter in order to confirm your agreement to the arrangements contained herein. 
 Very truly yours, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

not in its individual capacity but solely as Security Trustee 
  

			
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Agreed and Accepted
	
	 CONCESIONARIA VUELA COMPAÑÍA DE
 AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	App 8 - 15	  	 APPENDIX 8
 FORMS

 Form 8 

Form of Quiet Enjoyment Letter — Owner Participant 
 From: CIT Aviation Finance II Limited (“Owner Participant”) 
 To: Concesionaria
Vuela Compañía de Aviación, S.A.P.I. de C.V. (d/b/a Volaris) (“Lessee”) 
 Dated:
[     ] 
  

	Re:	Aircraft Lease Agreement dated as of 17 November 2010 (as amended and supplemented, the “Lease”) between Lessee and Wilmington Trust SP
Services (Dublin) Limited, not in its individual capacity but solely as trustee “Lessor”) pertaining to one (1) Airbus A319-132 aircraft bearing manufacturer’s serial number 3317 (as more particularly described in the
Lease, the “Aircraft”) 

 Ladies and Gentlemen: 
 All terms defined in the Lease shall, unless the context otherwise requires, bear the same meanings herein. 
  

	 	1.	We hereby covenant and undertake to Lessee that during the Lease Term, so long as an Event of Default shall not have occurred and be continuing, Lessee shall quietly
enjoy the use and possession of the Aircraft without interference by us or any Person lawfully claiming by or through us. 

  

	 	2.	The foregoing covenant and undertaking is not to be construed as restricting our rights to dispose of the Aircraft to such Persons and on such terms as we consider
appropriate. However, if we exercise such rights during the Lease Term and provided that no Event of Default has occurred and is continuing, we will (subject to any requirements or restrictions imposed by applicable Law) dispose of the Aircraft
expressly subject to the Lease and on the terms that the purchaser issues an undertaking to Lessee that it will not, and will not permit any person lawfully claiming by or thorough it, to interfere with the quiet possession and use of the Aircraft
by Lessee throughout the remaining period of the Lease Term, so long as no Event of Default has occurred and is continuing. 

  

	 	3.	The rights conferred by this letter are granted only to Lessee and do not extend to any assignee, successor, or sublessee of Lessee. 

 

	 	4.	This letter shall be governed by and construed in accordance with New York Law. 

  

					
		  	App 8 - 16	  	 APPENDIX 8
 FORMS

 Please countersign this letter in order to confirm your agreement to the arrangements contained herein.

 Very truly yours, 
 CIT AVIATION
FINANCE II LIMITED 
  

			
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Agreed and Accepted
	
	 CONCESIONARIA VUELA COMPAÑÍA DE
 AVIACIÓN, S.A.P.I. DE C.V. (D/B/A VOLARIS)

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	App 8 - 17	  	 APPENDIX 8
 FORMSEX-10.30

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

Exhibit 10.30 
 AIRCRAFT LEASE AGREEMENT 
 Dated as of April 7, 2011 

BETWEEN 

MASL IRELAND (22) LIMITED, 
 as Lessor, 
 and 

CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V., 

as Lessee, 
  

 
 Concerning: One
Airbus A320-200 Aircraft, MSN 2204 and 
 Two IAE V2527-A5 Turbofan Engines 

 
  
 THIS AIRCRAFT LEASE AGREEMENT (THIS “LEASE”) HAS BEEN EXECUTED IN SEVERAL COUNTERPARTS. TO THE EXTENT, IF ANY, THAT THIS LEASE CONSTITUTES TANGIBLE CHATTEL PAPER (AS SUCH TERM IS DEFINED IN THE
UNIFORM COMMERCIAL CODE AS IN EFFECT IN ANY APPLICABLE JURISDICTION), NO TRANSFER OR ASSIGNMENT OF THIS LEASE OR ANY INTEREST HEREIN MAY BE ACCOMPLISHED, AND NO SECURITY INTEREST HEREIN MAY BE CREATED OR PERFECTED, THROUGH THE TRANSFER OR POSSESSION
OF ANY COUNTERPART HEREOF OTHER THAN THE ORIGINAL COUNTERPART IDENTIFIED AS THE “CHATTEL PAPER ORIGINAL” BY A RECEIPT THEREFOR EXECUTED BY LESSOR ON OR IMMEDIATELY FOLLOWING THE SIGNATURE PAGE HERETO. 

 Table of Contents 

 

					
	 1.      DEFINITIONS, CONSTRUCTION AND INTERPRETATION
	  	 	1	  
		
	 2.      DELIVERY AND ACCEPTANCE
	  	 	1	  
		
	 3.      TERM
	  	 	2	  
		
	 4.      RENT AND OTHER PAYMENTS
	  	 	2	  
		
	 5.      REPRESENTATIONS AND WARRANTIES; COVENANTS OF THE PARTIES
	  	 	5	  
		
	 6.      POSSESSION; USE; LAWFUL INSURED OPERATIONS; MAINTENANCE; INSIGNIA
	  	 	14	  
		
	 7.      INSPECTION
	  	 	18	  
		
	 8.      REPLACEMENT AND POOLING OF PARTS; ALTERATIONS, MODIFICATIONS AND
ADDITIONS
	  	 	19	  
		
	 9.      TAXES
	  	 	21	  
		
	 10.    EVENTS OF LOSS
	  	 	25	  
		
	 11.    INSURANCES
	  	 	26	  
		
	 12.    GENERAL INDEMNIFICATION
	  	 	30	  
		
	 13.    LIENS
	  	 	32	  
		
	 14.    RETURN OF AIRCRAFT
	  	 	32	  
		
	 15.    EVENTS OF DEFAULT
	  	 	32	  
		
	 16.    RIGHTS AND REMEDIES
	  	 	35	  
		
	 17.    MISCELLANEOUS
	  	 	40	  
		
	 Schedule 1 Definitions and Construction
	  	 	51	  
		
	 Schedule 2 Conditions Precedent
	  	 	64	  
		
	 Schedule 3 Rent And Other Payments
	  	 	67	  
		
	 Schedule 4 Form of Certificate of Acceptance
	  	 	74	  
		
	 Schedule 5 Insurances
	  	 	82	  
		
	 Schedule 6 Delivery Condition and Redelivery Condition
	  	 	85	  
		
	 PART A Delivery Condition
	  	 	85	  
		
	 PART B Redelivery Condition
	  	 	91	  
		
	 Schedule 7 Form of Security Letter of Credit
	  	 	98	  
		
	 Schedule 8 Aircraft Records Standard
	  	 	102	  
		
	 Schedule 9 Post-Delivery Modifications
	  	 	109	  
		
	 Schedule 10 Form of Deregistration Power of Attorney
	  	 	111	  
		
	 Schedule 11 [Intentionally Omitted]
	  	 	114	  
		
	 Schedule 12 Lease Information
	  	 	115	  
		
	 Schedule 13 Form of Monthly Operating Report
	  	 	117	  

					
		
	 Schedule 14 Form of Redelivery Certificate
	  	 	119	  
		
	 Schedule 15 Financial and Other Confidential Information
	  	 	130	  
		
	 Schedule 16 Form of Lessee Acknowledgement
	  	 	136	  
		
	 Schedule 17 Form of Irrevocable De-Registration and Export Request Authorisation (IDERA)
	  	 	141	  

 THIS AIRCRAFT LEASE AGREEMENT, dated as of April 7, 2011, between MASL IRELAND
(22) LIMITED, a company incorporated under the laws of Ireland, with its registered office at Level 1, South Bank House, Barrow Street, Dublin 4, Ireland (“Lessor”) and CONCESIONARIA VUELA COMPAÑÍA DE
AVIACIÓN, S.A.P.I. DE C.V., a Mexican company with its principal place of business at Prolongación Paseo de la Reforma No. 490, Piso 1, Col. Santa Fe Peña Blanca, Del. Álvaro Obregón, 01210 México, D.F.,
México (“Lessee”). 
 WITNESSETH: 
 WHEREAS, Lessee desires to lease from Lessor and Lessor is willing to lease to Lessee the Aircraft upon the terms and conditions set forth in this Lease. 

NOW, THEREFORE, in consideration of the mutual covenants herein set forth, Lessor and Lessee hereby agree as follows: 

 

	1.	DEFINITIONS, CONSTRUCTION AND INTERPRETATION 

 The capitalized terms used in this Lease (including in the paragraphs above) shall have the meanings specified in Schedule 1. The rules of construction and interpretation used in this Lease are also
specified in Schedule 1. 
  

	2.	DELIVERY AND ACCEPTANCE 

  

	2.1	Time and Place 

 Subject
to the satisfaction of the conditions set forth in Clause 2.3, Lessor shall deliver the Aircraft to Lessee on the Delivery Date at the Delivery Location or at such other location as may be mutually agreed. Subject to satisfaction of the
conditions set forth in Clause 2.4, Lessee shall accept the Aircraft by executing the Certificate of Acceptance and delivering the same to Lessor and upon Lessor’s countersignature on the Certificate of Acceptance the Aircraft shall become
subject to this Lease. Execution and delivery by Lessee of the Certificate of Acceptance shall constitute conclusive proof of Lessee’s unconditional acceptance of the Aircraft for lease under this Lease without any reservation whatsoever. The
date of the Certificate of Acceptance shall be the Delivery Date of the Aircraft. 
 It is anticipated that the Delivery Date of
the Aircraft will be the Anticipated Delivery Date. Lessor agrees to notify Lessee of any event of which it becomes aware which would cause a change in the Delivery Date. Lessee acknowledges and agrees that the Delivery Date may be delayed and that
Lessor shall not be responsible for any losses (including loss of profit), costs or expenses arising from any such delay which are suffered or incurred by Lessee. Lessee shall not be entitled to terminate this Lease, or to reject the Aircraft when
tendered for delivery on the grounds of any such delay, unless the Delivery Date is delayed beyond the Latest Delivery Date. If the Delivery Date is delayed beyond the Latest Delivery Date, either party may give written notice of termination to the
other in which event Lessor shall pay to Lessee an amount equivalent to the Security Deposit it has actually received from Lessee promptly thereafter, and this Lease shall be without further force or effect. Notwithstanding the foregoing, Lessee
shall not be entitled to give written notice of termination and Lessor shall not be obliged to pay to Lessee an amount equivalent to the Security Deposit if the delay has been caused by Lessee’s failure to satisfy any of the conditions
precedent set forth in paragraph 1 of Schedule 2 by the respective times specified or by any other matter under Lessee’s control. 
  

	2.2	A Letting Only 

 At all
times during the Term, full legal title to and ownership of the Aircraft shall remain vested in Owner to the exclusion of Lessee, notwithstanding the delivery of the Aircraft to, and the possession and use thereof by, Lessee. Lessee shall bear all
risks of loss, theft, damage or destruction of or to the Aircraft during the Term. 

	2.3	Lessor’s Conditions to Delivery 

 Lessor’s obligation to deliver and lease the Aircraft to Lessee hereunder shall be subject to satisfaction of the conditions precedent set forth in paragraph 1 of Schedule 2 (which Lessee
shall procure at the times specified) unless waived by Lessor. 
  

	2.4	Lessee’s Conditions to Delivery 

 Lessee’s obligation to accept and lease the Aircraft from Lessor hereunder shall be subject to the satisfaction of the conditions precedent specified in paragraph 2 of Schedule 2 (which
Lessor shall procure at the times specified) unless waived by Lessee. 
  

	2.5	Conditions Subsequent to Delivery 

 Lessee shall deliver to Lessor, or fulfill to the reasonable satisfaction of Lessor, the conditions subsequent set forth in paragraph 3 of Schedule 2 (which delivery or fulfillment Lessee shall
procure at the times specified) unless waived or deferred by Lessor. 
  

	3.	TERM 

 The Term shall
commence on the Delivery Date and shall continue, unless earlier terminated pursuant to any provision hereof, until the Expiry Date. 
  

	4.	RENT AND OTHER PAYMENTS 

  

	4.1	Basic Rent 

 Lessee shall
pay Lessor rent for the Aircraft on each Basic Rent Payment Date, each such payment to be in the amount specified in Schedule 3 (“Basic Rent”). 
  

	4.2	Supplemental Payments 

Lessee shall also pay to Lessor or, at Lessor’s direction to whomsoever shall be entitled thereto, any and all Supplemental Payments
on the due date specified in the invoice from Lessor to Lessee for each such Supplemental Payment or, in the case of Maintenance Payment Amounts, on the due date determined in accordance with Schedule 3. Lessee shall pay to Lessor (as well
after as before any judgment), as a Supplemental Payment, interest at the Incentive Rate on any part of any instalment of Rent not paid on the due date for such payment. All computations of interest under this Lease to be made on the basis of a
360-day year and actual days elapsed. 
  

	4.3	Prohibition Against Setoff, Counterclaim, Etc. 

 Lessee’s obligation to pay Rent and make other payments in accordance with this Lease shall be absolute and unconditional irrespective of any contingency whatsoever including (but not limited to)
(i) any right of setoff, counterclaim, recoupment, defence or other right which either party hereto may have against the other, (ii) any unavailability of the Aircraft or any part thereof for any reason, including, but not limited to, any
loss, theft, damage or destruction of or to the Aircraft or any part thereof, any requisition of the Aircraft or any prohibition or interruption or interference with or other restriction against Owner’s or Lessor’s or Lessee’s use,
operation or possession of the Aircraft, or any lack or invalidity of title or any other defect in title, airworthiness, merchantability, fitness for any purpose, condition, design or operation of any kind or nature of the Aircraft, or the
ineligibility of the Aircraft for any particular use or trade, or for registration or documentation under the laws of any relevant jurisdiction, or any Event of Loss (subject to the provision for cessation of Basic Rent as stated in
Clause 10.1) in respect of or any damage to the Aircraft or any part thereof, (iii) any insolvency, bankruptcy, reorganization, arrangement, readjustment of Indebtedness, dissolution, liquidation, concurso mercantil, or similar
proceedings by or against Owner, Lessor, Lessee or any Financier, (iv) any invalidity or unenforceability or lack of due authorization of, or other defect in, any of the Relevant Documents, and (v) any other cause which but for this
provision would or might have the effect of terminating or in any way affecting any obligation of Lessee hereunder. 

  

- 2 - 

	4.4	Security Deposit 

  

	 	4.4.1	Security Deposit. Lessee shall pay to Lessor the Security Deposit in cash in accordance with the provisions of Schedule 3. 

 

	 	4.4.2	Nature of Security Deposit. Except as otherwise expressly provided in this Lease, and without waiver by Lessee of its rights under Section 4.4.5 below, the
Security Deposit shall be non-refundable. The Security Deposit shall be the sole, absolute and unconditional property of Lessor and may be freely commingled by Lessor with its general funds and dealt with by Lessor in such manner as Lessor may see
fit. No interest will accrue or be paid on the Security Deposit. If and to the extent that, under applicable law in any relevant jurisdiction, the Security Deposit is considered to be the property of Lessee, the Security Deposit shall be held by
Lessor as security for the full, timely and faithful performance by Lessee of its obligations hereunder, and Lessee hereby grants to Lessor a first priority security interest in the Security Deposit to secure such payment and such performance, and
in such circumstances Lessee shall not create or permit to exist any Lien, other than Permitted Liens, in or otherwise dispose of the Security Deposit. 

  

	 	4.4.3	Application of Security Deposit. If an Event of Default has occurred and is continuing, in addition to all other rights Lessor has under this Lease or applicable law,
Lessor may set off against, use, apply or retain all or any part of the Security Deposit in full or partial payment of amounts due and payable by Lessee under any Relevant Document to which the Lessee is a party or Other Leases and to compensate
Lessor for any documented, out-of-pocket expense it shall have incurred as a result of the occurrence of such Event of Default, or to apply toward documented, out-of-pocket losses or expenses Lessor may suffer or incur as a result of the occurrence
of an Event of Default. 

  

	 	4.4.4	Effect of Application of Security Deposit. If Lessor uses or applies all or any part of the Security Deposit, such use or application shall not be deemed a cure by
Lessee, or waiver by Lessor or any other person, of any Event of Default and Lessee shall promptly, and in any event within five (5) Business Days, after Lessor’s written demand pay to Lessor in cash such amount as may be necessary to
restore the Security Deposit to its original amount. Notwithstanding the foregoing, provided that no other Event of Default has occurred and is continuing, Lessor’s receipt of such additional Security Deposit amount shall be deemed to cure the
relevant Event of Default solely to the extent such Event of Default is curable by such amount. 

  

	 	4.4.5	Repayment of Security Deposit. Provided no Default or Event of Default has occurred and is continuing, the remaining balance of the Security Deposit shall be paid over
to Lessee promptly, and in any event within five (5) Business Days, following the earlier to occur of the following events: 

  

	 	(a)	termination prior to the Delivery Date of the obligation of Lessee to lease the Aircraft pursuant to the Lease; 

 

	 	(b)	return of the Aircraft to Lessor in satisfaction of its obligations under this Lease; and 

 

	 	(c)	termination of the Term following an Event of Loss in relation to the Aircraft or the Airframe, 

  

- 3 - 

 and after the satisfaction by Lessee, in full, of its obligations hereunder, the payment or
performance of which is then due (including any obligations to pay Supplemental Payments and to redeliver the Aircraft in accordance with the redelivery conditions set forth in Schedule 6, Part B, but excluding those other obligations that
are expressly provided herein to survive the Expiry Date or the equivalent date in any Other Lease and which are not due for performance on or as of such date). 
  

	 	4.4.6	Security Letter of Credit. Subject to no Event of Default having occurred which is continuing, in lieu of paying or maintaining the Security Deposit in cash, at any
time following the Delivery Date Lessee may deliver to Lessor a Security Letter of Credit in the amount of the Security Letter of Credit Face Amount. 

  

	 	(a)	If Lessee elects to provide a Security Letter of Credit, Lessee shall provide a draft of the same for approval by Lessor not less than five (5) Business Days prior
to the date that Lessee desires to deliver the Security Letter of Credit to Lessor in substitution for the cash Security Deposit. The Security Letter of Credit shall: 

 

	 	(i)	have a validity period of not less than one (1) year or, if shorter, a period which ends on the date occurring thirty (30) days following the Expiry Date and
shall be renewed and delivered to Lessor not later than thirty (30) days prior to its then scheduled expiry; 

  

	 	(ii)	permit partial and multiple draws without invalidating or terminating the remaining balance of the Security Letter of Credit; and 

 

	 	(iii)	be freely assignable and transferable by Lessor without restriction or condition. 

Following receipt by Lessor of the Security Letter of Credit, Lessor shall promptly, and in any event within five (5) Business Days,
repay to Lessee an amount equal to the then balance of the cash Security Deposit. 
  

	 	(b)	Any Security Letter of Credit delivered to Lessor hereunder is provided as a guarantee of Lessee’s obligations under the Lease, all other Relevant Documents and
any Other Lease. Lessor may draw upon all or a portion of the amount of the Security Letter of Credit: 

  

	 	(i)	upon the occurrence and during the continuance of an Event of Default; and/or 

 

	 	(ii)	if Lessee fails to renew any Security Letter of Credit by the date falling thirty (30) days prior to its then scheduled expiry, 

and Lessor shall hold, apply, use, retain and return all or any portion of the funds paid pursuant to the Security Letter of Credit as
the Security Deposit as provided in the foregoing provisions of this Clause 4.4. 
  

	 	(c)	If Lessor draws upon all or any portion of the Security Letter of Credit, such application shall not be deemed a cure of any Event of Default, and Lessee shall
promptly, and in any event within five (5) Business Days, after written demand by Lessor cause the Security Letter of Credit to be reinstated to its original amount, cause a replacement Security Letter of Credit to be issued in the Security
Letter of Credit Face Amount or pay the Security Deposit to Lessor in cash. 

  
 - 4 -

	 	(d)	If (i) any bankruptcy, insolvency, examinership, administration, reorganization, liquidation or anything analogous thereto in any jurisdiction shall be commenced
in relation to the Security Letter of Credit Issuer (or any person guaranteeing, confirming or assuming any obligation as principal in respect thereof), (ii) the rating of obligations of the Security Letter of Credit Issuer (or any person
guaranteeing, confirming or assuming any obligation as principal in respect thereof) is lowered or placed on CreditWatch with negative implications by Moody’s Investors Services or Standard & Poor’s (or any recognised institution
providing similar services) so that the minimum required credit rating of the issuing and/or confirming bank is or may not (by virtue of being placed on CreditWatch with negative implications) be maintained or (iii) the Security Letter of
Credit shall cease to be valid and in full force and effect for any reason, Lessee shall promptly, and in any event within five (5) Business Days, following receipt of notice from Lessor provide to Lessor a substitute Security Letter of Credit
in form and substance satisfactory to Lessor and otherwise in compliance with the requirements of this Clause 4.4.6 or pay to Lessor the Security Deposit in cash. 

 

	 	(e)	Lessor shall return the Security Letter of Credit to Lessee for cancellation when Lessor is otherwise obligated under this Lease to repay the Security Deposit to Lessee
had the same been paid in cash. 

  

	4.5	Manner and Place of Payments 

 All amounts to be paid by Lessee hereunder shall be paid to the account of Lessor at the bank and to the account specified in Schedule 12 hereto or to such other party or account as Lessor shall
designate in writing for value on the due date prior to 12:00 noon at the place where payment is to be made and in such funds specified by Lessor as being customary at the time for settlement of transactions in Dollars in the place of payment.
Subject to Clause 4.2, if any such amount is due to be paid on a day other than a Business Day, such amount shall be payable on the next succeeding Business Day and the amount thereof, if calculated by application of a per annum rate, shall be
adjusted accordingly. Any payment of Rent received in Lessor’s bank account after 12:00 noon (at the place at which payment is to be made in accordance with the foregoing) on the due date shall be treated as having been received on the next
succeeding Business Day. 
  

	4.6	No Deductions or Withholdings 

 Rent and all other amounts payable by Lessee to Lessor hereunder and under each of the Relevant Documents will be made in full without any deduction or withholding (whether in respect of set-off,
counterclaim, duties, tax, charges or otherwise) unless a deduction or withholding is required by any applicable law, in which event the provisions of Clause 9.2 shall apply. 

 

	5.	REPRESENTATIONS AND WARRANTIES; COVENANTS OF THE PARTIES 

  

	5.1	Lessor’s Representations and Warranties and Disclaimer 

 Lessor represents and warrants that: 
  

	 	5.1.1	 on the Delivery Date Lessor shall have the right to lease the Aircraft to Lessee hereunder. EXCEPT FOR THE FOREGOING REPRESENTATION, AND THE
REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS CLAUSE 5.1 OR IN ANY OTHER RELEVANT DOCUMENT, NEITHER LESSOR NOR OWNER NOR ANY FINANCIER MAKES AND SHALL NOT BE DEEMED TO HAVE MADE OR TO MAKE ANY WARRANTIES,

  
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REPRESENTATIONS, GUARANTEES OR UNDERTAKINGS OF ANY KIND, INCLUDING WITHOUT LIMITATION (I) AS TO THE AIRWORTHINESS, VALUE, CONDITION, DESIGN OR OPERATION OF, OR QUALITY OF THE MATERIAL OR
WORKMANSHIP IN, OR THE ABSENCE OF ANY DEFECT IN, THE AIRCRAFT, THE AIRFRAME, ANY ENGINE, ANY PART, ANY DATA OR ANY OTHER THING DELIVERED, LEASED, OR TRANSFERRED HEREUNDER, (II) ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR SUITABILITY OR FITNESS
FOR USE OR FOR A PARTICULAR PURPOSE, AGAINST INFRINGEMENT OF PATENTS OR TRADE MARKS OR THE LIKE, OR ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE, (III) AS TO ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT
WITH RESPECT TO THE AIRCRAFT, THE AIRFRAME, ANY ENGINE, ANY PART, ANY DATA OR ANY OTHER THING DELIVERED, LEASED, OR TRANSFERRED HEREUNDER, WHETHER OR NOT IN STRICT OR ABSOLUTE LIABILITY OR ARISING FROM THE ACTUAL OR IMPUTED NEGLIGENCE OF OWNER OR
LESSOR OR ANY FINANCIER, OR (IV) AS TO ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF, OR DAMAGE TO, THE AIRCRAFT, THE AIRFRAME, ANY ENGINE, ANY PART, ANY DATA OR ANY OTHER THING, FOR ANY LOSS OF USE, REVENUE OR PROFIT, OR ANY
OTHER DIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES. 

  

	 	5.1.2	Corporate Existence and Qualification. Lessor is a company duly incorporated and validly existing under the laws of its Home Jurisdiction. 

 

	 	5.1.3	Tax Residence. Lessor is (a) liable to Tax in Ireland by reason of its domicile, residence or place of management in Ireland; and (b) beneficial owner of all
Rent payable under this Lease. 

  

	 	5.1.4	Authority. Lessor has full corporate power and authority to enter into and perform its obligations under the Relevant Documents to which Lessor is a party; and the
execution, delivery and performance of the Relevant Documents have been duly authorized by all necessary corporate action on the part of Lessor, do not require any stockholder or shareholder approval or approval or consent of any trustee or holders
of any Indebtedness or other obligations of Lessor except such as have been duly obtained and do not contravene any provision of any law, governmental rule, regulation or order binding on Lessor, or any applicable interpretation or administration of
any such law, governmental rule, regulation or order, or contravene the constitutional documents of Lessor or any Lien, contract or other agreement or instrument to which Lessor is a party or by which it or any of its assets may be bound or
affected. 

  

	 	5.1.5	Binding Obligations. The Relevant Documents to which Lessor is a party constitute or, when executed and delivered will constitute, the legal, valid and binding
obligations of Lessor, enforceable against Lessor in accordance with their terms except as any such enforcement may be affected by bankruptcy, moratorium and similar laws affecting creditors rights generally and by general equitable principles.

  

	 	5.1.6	 Government Approval. The execution and delivery by Lessor of the Relevant Documents to which Lessor is a party do not (or when executed will not)
require 

  
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the consent or approval of, the giving of notice to, the registration with or the taking of any action in respect of or by, any Government Entity or other person, except such as have been
obtained, given or accomplished. 

  

	 	5.1.7	No Immunity. Lessor is subject to civil commercial law with respect to its obligations under the Relevant Documents to which Lessor is a party and neither Lessor nor
any of its assets is entitled to any right of immunity and the entry into and performance of such Relevant Documents by Lessor constitute private and commercial acts. 

 

	 	5.1.8	Litigation. Except as otherwise disclosed to Lessee in writing prior to the execution and delivery of this Lease, there are no suits or proceedings taking place,
pending or, to the knowledge of Lessor, threatened in any court or before any arbiters, regulatory commission, board or other administrative or governmental agency in any jurisdiction against or affecting Lessor which relate to the Aircraft or the
transactions contemplated by the Relevant Documents or which, if adversely determined, could reasonably be expected to have an adverse effect on Lessor’s right, title or interest in and to the Aircraft and this Lease and Relevant Documents.

  

	 	5.1.9	Choice of Law. The choice by Lessor of New York law to govern this Lease and the Relevant Documents is valid and binding on Lessor. 

 

	 	5.1.10	Registration. Immediately prior to the registration of the Aircraft with the FAA as contemplated in this Lease, Owner shall be a “citizen of the United
States” within the meaning of Section 40102(a)(15)(c) of Title 49 of the United States Code. 

  

	5.2	Lessee’s Representations and Warranties 

  

	 	5.2.1	Lessee represents and warrants that: 

  

	 	(a)	Corporate Existence and Qualification. Lessee is a company duly incorporated and validly existing under the laws of its Home Jurisdiction and is duly qualified or
otherwise authorized to do business in all jurisdictions in which it conducts business, except for jurisdictions where failure to so qualify or obtain authorization would not have a material adverse effect on the business of Lessee and would not
involve any danger of the sale, forfeiture, detention or loss of the Aircraft or any part thereof or impairment of the value thereof. 

  

	 	(b)	Authority. Lessee has full corporate power and authority to enter into and perform its obligations under the Relevant Documents; and the execution, delivery and
performance of the Relevant Documents have been duly authorized by all necessary corporate action on the part of Lessee, do not require any stockholder or shareholder approval or approval or consent of any trustee or holders of any Indebtedness or
other obligations of Lessee except such as have been duly obtained and do not contravene any provision of any law, governmental rule, regulation or order binding on Lessee, or any applicable interpretation or administration of any such law,
governmental rule, regulation or order, or contravene the constitutional documents of Lessee or any Lien, contract or other agreement or instrument to which Lessee is a party or by which it or any of its assets may be bound or affected.

  
 - 7 -

	 	(c)	Governmental Approvals. None of the execution, delivery or performance by Lessee of the Relevant Documents or any other document to be executed by Lessee pursuant
thereto, or the consummation of any of the transactions by Lessee contemplated thereby, nor the leasing by Lessee of the Aircraft thereunder requires the consent or approval of, the giving of notice to, the registration or filing for recordation
with, or the taking of any other action in respect of, any Government Entity of Lessee’s Home Jurisdiction except for (i) the issuance of a certificate of airworthiness and a certificate of registration with respect to the Aircraft issued
by the Aeronautics Authority naming Owner as the owner of the Aircraft, (ii) the filing with the Aeronautics Authority of the bill of sale conveying the Aircraft to Owner, and (iii) such other filings or actions as have either been made or
taken or are not yet due or required but will be made or taken prior to the date when due or required. 

  

	 	(d)	Binding Obligations. The Relevant Documents and all other documents executed by Lessee pursuant thereto constitute or, when executed and delivered will constitute, the
legal, valid and binding obligations of Lessee, enforceable against Lessee in accordance with their terms except as any such enforcement may be affected by bankruptcy, moratorium and similar laws affecting creditors rights generally and by general
equitable principles. 

  

	 	(e)	Licenses. Lessee holds all valid licenses, certificates and permits from all applicable Government Entities for the conduct of its business as a certified air carrier
and performance of its obligations under this Lease and the other Relevant Documents. 

  

	 	(f)	Litigation. Except as otherwise disclosed to Lessor in writing prior to the execution and delivery of this Lease, there are no suits or proceedings taking place,
pending or, to the knowledge of Lessee, threatened in any court or before any arbiters, regulatory commission, board or other administrative or governmental agency in any jurisdiction against or affecting Lessee which relate to the Aircraft or the
transactions contemplated by the Relevant Documents or which, if adversely determined, could reasonably be expected to have an adverse effect on the ability of Lessee to fulfill its obligations under the Relevant Documents to which it is a party.

  

	 	(g)	Financial Condition. The audited balance sheet of Lessee as at December 31, 2009, certified by the independent auditor of Lessee and furnished to Lessor prior to
execution of this Lease, is complete and correct and has been prepared in accordance with GAAP. 

  

	 	(h)	Use of Aircraft. The Aircraft will be used exclusively for the carriage of persons, property, cargo, and mail as permitted under applicable law.

  

	 	(i)	No Adverse Agreements. Lessee is not a party to any agreement or instrument or subject to any restriction which individually or in the aggregate is, in the reasonable
judgment of Lessee, likely to adversely affect in any material respect its ability to perform its obligations under this Lease. 

  

	 	(j)	No Default. No Default or Event of Default has occurred and is continuing. 

  
 - 8 -

	 	(k)	Airport and Air Navigation Charges. Lessee has paid or caused to be paid all fees or charges assessed and due against it (or against any aircraft owned by or leased to
or operated by it) by any airport or air navigation authority assessing landing, parking or navigation fees or charges in respect of the Aircraft and any other aircraft owned by or leased to or operated by it other than any such fees or charges the
non-payment of which does not give rise to any risk of detention, interference with use or operation or sale, forfeiture or loss of the Aircraft. 

  

	 	(l)	Tax Returns. All necessary returns have been delivered by Lessee to all relevant taxation authorities in Lessee’s Home Jurisdiction and Lessee is not in default in
the payment of any Tax other than Taxes being actively disputed by Lessee in good faith through appropriate proceedings and for the payment of which adequate reserves have been provided, and only to the extent that there is no danger of the sale,
forfeiture, loss, or loss of use of the Aircraft, the Airframe, or any Engine or any interest therein. 

  

	 	(m)	Pari Passu Ranking. The obligations of Lessee under the Relevant Documents are direct, general and unconditional obligations of Lessee and rank at least pari passu in
right of payment with all other present and future unsecured and unsubordinated obligations (including contingent obligations) of Lessee with the exception of such obligations as are mandatorily preferred by applicable law. 

 

	 	(n)	Full Disclosure. The financial and other information furnished by Lessee in connection with the Relevant Documents is true and correct in all material respects and does
not contain any untrue statement or omit any facts, the omission of which, in light of the circumstances under which they were made, makes or could make such information misleading in any material respect, and all expressions of expectation,
impression, belief and opinion contained therein were honestly made on reasonable grounds after due and careful inquiry by Lessee. 

  

	 	(o)	Choice of Law. The choice by Lessee of New York law to govern this Lease and the Relevant Documents other than the Deregistration Power of Attorney is valid and binding
on Lessee. 

  

	 	(p)	No Immunity. Lessee is subject to civil commercial law with respect to its obligations under the Relevant Documents and neither Lessee nor any of its assets is entitled
to any right of immunity and the entry into and performance of the Relevant Documents by Lessee constitute private and commercial acts. 

  

	 	(q)	No Place of Business. Lessee has no established place of business in Ireland. 

 

	 	(r)	International Operations. The Aircraft will be operated exclusively outside the European Union during the Term. 

 

	 	(s)	Lessee’s Location. Lessee is, for the purposes of Article 3(1) of the Convention, situated in a Contracting State, being incorporated or formed under the laws
of a Contracting State within the meaning of Article 4 of the Convention. 

  

	 	5.2.2	Repetition. The representations and warranties contained in Clauses 5.1 and 5.2.1 are made on the date of this Lease and will be deemed to be repeated by Lessor
and Lessee, as applicable, on the Delivery Date. 

  
 - 9 -

	5.3	Covenants of Lessee 

Throughout the Term Lessee agrees that: 
  

	 	5.3.1	Financial Statements, Reports, etc. Lessee will furnish to Lessor: 

  

	 	(a)	as soon as available, but in no event later than sixty (60) days after the end of each fiscal quarter and one hundred and twenty (120) days (or, following the
change in Lessee’s accounting standards to IFRS, ninety (90) days) after the end of each fiscal year of Lessee, the balance sheet of Lessee as at the end of such quarter or year and the related statements of income for such quarter or
year, prepared in accordance with GAAP or IFRS (at Lessee’s option) and otherwise on a basis consistent with that used in the preparation of the financial statements referred to in Clause 5.2.1(g), except as noted in such balance sheet and
statements, and, in the case of year-end balance sheets and statements, certified by Lessee’s independent auditors and including their certificate and accompanying comments if any. Lessee’s obligations under this Clause 5.3.1(a) shall
be deemed satisfied should Lessee or Lessee’s parent publish, on a website generally available free of charge to the public, within the time limits specified above the equivalent of the information required to be provided by Lessee under this
Clause 5.3.1(a). Lessee shall notify Lessor in writing of the website address; 

  

	 	(b)	promptly after Lessee shall have obtained knowledge of the occurrence of any Default or Event of Default, a written notice specifying the nature and period of existence
thereof and what action Lessee has taken or is taking or proposes to take with respect thereto; 

  

	 	(c)	(A) not later than 30 days prior to entering into or becoming bound or affected by any pooling or interchange agreement or arrangement by which any Engine or Part
may be affected and prior to each amendment or modification of any such agreement or arrangement, a copy of such agreement, arrangement, amendment or modification, duly certified by an officer of Lessee as being a complete and correct copy, and
(B) prompt notice of any relinquishment of possession of any Engine or Part permitted under Clause 6.1 and a copy of any documents relating thereto duly certified by an officer of Lessee as being a complete and correct copy;

  

	 	(d)	prompt notice of: 

  

	 	(i)	any arrest, hi-jacking, attachment, seizure or detention of the Aircraft; 

  

	 	(ii)	any accident involving the Aircraft; and 

  

	 	(iii)	any incident involving the Aircraft where the cost of repair or correction is expected to exceed *****; 

 

	 	(e)	within 10 days after receiving service of process or the equivalent written notice of (A) any litigation, including arbitration, involving any claim in *****
or the equivalent thereof in any other currency and (B) any proceeding by or before any Government Entity, in each case which litigation or proceeding is not frivolous in nature and which, if adversely determined, could materially adversely
affect the financial condition of Lessee and its ability to meet its obligations under the Relevant Documents; 

  

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

  
 - 10 -

	 	(f)	promptly provide Lessor with copies of any changes to the Maintenance Program and, at Lessor’s request, cooperate with Lessor to amend Clauses 6 and 14, as
appropriate, to reflect such changes; 

  

	 	(g)	from time to time such other information as Lessor may reasonably request; and 

 

	 	(h)	on or before the 10th day of each month a report on the utilization and operation of the Aircraft during the immediately preceding calendar month in the form of
Schedule 13. 

  

	 	5.3.2	Authorizations. Lessee will obtain from time to time any and all such consents, approvals, licenses and authorizations and make any and all such filings and
registrations as shall now or hereafter be required under applicable law and regulations (including foreign exchange laws) for the execution, delivery and performance by Lessee of the Relevant Documents and will promptly furnish copies thereof
to Lessor. 

  

	 	5.3.3	Recording. Subject to Lessor’s obligations set forth in Clause 8.6.4, Lessee shall, at its sole cost and expense, procure that at all times during the
Term the Aircraft is registered in the State of Registration in the name of Owner and that this Lease, any Mortgage and such other instruments as are necessary or reasonably requested by Lessor to protect the right, title and interests of Lessor
and/or Owner with respect to the Aircraft and the Relevant Documents and to perfect and maintain the interest of Mortgagee and/or any other Financier created pursuant to any Mortgage or any other Financing Document are likewise at all times
registered with the Aeronautics Authority and any other appropriate Government Entities in the State of Registration or elsewhere as may be reasonably required by Lessor. Lessee will not do anything or permit anything to be done to prejudice any
such registration or such interests. At no time during the Term will the Aircraft be registered other than in the State of Registration. 

  

	 	5.3.4	Corporate Existence, Mergers, etc. Lessee will at all times throughout the Term of this Lease maintain its existence as a public or private company under the
laws of its Home Jurisdiction. Lessee will not (a) sell, lease, exchange, transfer or otherwise dispose (whether in one transaction or in a series of related transactions) of all or substantially all its property, assets or revenues, whether
now owned or hereafter acquired, or (b) consolidate with or merge with or merge into any other corporation unless (in the case of a consolidation or merger) (i) the surviving entity of such merger or consolidation is a certificated air
carrier or parent thereof which, after giving effect to such merger or consolidation, has a net worth equal to or greater than that of Lessee immediately prior to such merger or consolidation, (ii) if the surviving entity of such merger or
consolidation is not Lessee, such surviving entity has agreed in writing reasonably satisfactory to Lessor to assume and perform all obligations of Lessee hereunder and under the other Relevant Documents to which the Lessee is a party, and
(iii) if the surviving entity of such merger or consolidation is not Lessee, Lessee establishes to the reasonable satisfaction of Lessor that such surviving entity will assume all such obligations (including, if requested by Lessor, providing
Lessor with a legal opinion, in form and substance and from counsel reasonably satisfactory to Lessor, confirming that the surviving entity will be bound by the Relevant Documents to the same extent as Lessee was bound immediately prior to such
consolidation or merger). Lessee shall not change its registered office without giving Lessor at least 30 days’ prior written notice. Nothing in this Clause 5.3.4 shall restrict Lessee’s ability to engage in a public offering of
up to 100% of the voting equity shares of Lessee. 

  
 - 11 -

	 	5.3.5	Aircraft Records. Lessee will at all times maintain the Aircraft Records, including the Maintenance Manual and the Maintenance Program, at Lessee’s
engineering facility. 

  

	 	5.3.6	Base of Aircraft. Lessee will procure that the Aircraft will be based at its Habitual Base (or such other airport as Lessor may approve in writing, such approval
not to be unreasonably withheld). 

  

	 	5.3.7	Agreement with Authorised Maintenance Performer. The agreements between Lessee and the Authorised Maintenance Performer (including the agreement referred to in
paragraph 1.2.1 of Schedule 2) shall not be amended or varied without Lessor’s prior written consent (such consent not to be unreasonably withheld or delayed). 

 

	 	5.3.8	Registration on the International Registry. The Lessee will do or cause to be done any and all acts which may be reasonably required of it (or which Lessor may
require it to do) under the terms of the Cape Town Convention to perfect and preserve the respective interests of Lessor, the Owner and any Financier in and to the Aircraft and any part thereof. Lessee will not do anything to prejudice the
registrations on the International Registry of the international interests constituted by this Lease in the Aircraft and the Engines or the registrations contemplated by this clause 5.3. Lessee will not, without the prior written consent of
Lessor, effect or consent to (i) any person claiming through or under Lessee or (ii) any person who is a debtor or a creditor of Lessee (other than Lessor) effecting the registration (including any amendment or extension of any
registration) on the International Registry of any registrable interest in relation to the Aircraft or the Engines and if Lessee or any such person, without the prior written consent of Lessor, effects the registration on the International Registry
of any such interest Lessee will forthwith procure the discharge of such registration or the subordination of such interest as may be required by Lessor, in which case such subordination shall be registered on the International Registry at
Lessee’s cost. Lessee will not issue any demand pursuant to Article 25(2) of the Convention in respect of the registration at the International Registry of any prospective international interests constituted by this Lease in relation to
the Aircraft or the Engines. For the purposes of the said Article 25(2), Lessee acknowledges that Lessor will have incurred a commitment to give value in respect of such registration with effect from execution by it of this Lease. For the
purposes of Article 20(1) of the Convention, Lessee hereby consents to any registrations effected by Lessor pursuant to this clause 5.3 and Lessee will forthwith, upon Lessor’s written request, advise the International Registry of
such consent in such form as Lessor may reasonably require. 

  

	 	5.3.9	Information about Proceedings. Lessee will notify Lessor promptly of the existence of any proceedings of a judicial or administrative nature involving Lessee
which could, if adversely determined, reasonably be expected to have an adverse effect on the ability of Lessee to fulfill its obligations under this Lease. 

 

	 	5.3.10	Other Notices: If at any time any proceeding is commenced against Lessee by any airport or air navigation authorities that could result in a Lien being placed on
the Aircraft, then immediately upon learning of such proceeding, Lessee shall provide notice to Lessor of such proceeding and Lessee will immediately take all reasonable actions to prevent the imposition of such Lien on the Aircraft.

  
 - 12 -

	 	5.3.11	Airport and Air Navigation Charges. Lessee shall pay or cause to be paid all fees or charges assessed and due against it (or against any aircraft owned by or
leased to or operated by it) by any airport or air navigation authority assessing landing, parking or navigation fees or charges in respect of the Aircraft and any other aircraft owned by or leased to or operated by it other than any such fees or
charges the non-payment of which does not give rise to any risk of detention, interference with use or operation or sale, forfeiture or loss of the Aircraft. 

 

	 	5.3.12	Tax Returns. Lessee shall deliver all necessary returns to all relevant taxation authorities in Lessee’s Home Jurisdiction such that Lessee is not in
default in the payment of any Tax, other than Taxes being actively disputed by Lessee in good faith through appropriate proceedings and for the payment of which adequate reserves have been provided, and only to the extent that there is no danger of
the sale, forfeiture, loss, or loss of use of the Aircraft, the Airframe, or any Engine or any interest therein. 

  

	5.4	Covenants of Lessor 

  

	 	5.4.1	Registration. Upon receipt of written request from Lessee, Lessor will take such action as may be reasonably necessary to assist Lessee in fulfilling its obligations
under Clause 5.3.3 in relation to filing or recording this Lease, any Mortgage and any Financing Document and the registering of the Aircraft with the Aeronautics Authority; provided, however, that nothing herein shall require Lessor or any
Financier to qualify for admission to do business under the laws of the State of Registration or any subdivision thereof, nor shall anything herein require Lessor or any Financier to take any other action which would (either alone or in connection
with any other related or unrelated action) subject Lessor or any Financier to any liability to or the jurisdiction of taxing authorities in or for the State of Registration or any subdivision thereof. Lessor agrees to use commercially reasonable
efforts to deliver to Lessee and to any other Government Entity specified by Lessee such notifications, certifications, reports or other documents as may be required by law as a condition to exemption or other relief from (or reduction of) any Taxes
which otherwise would be imposed with respect to any amount payable by Lessee under this Lease. 

  

	 	5.4.2	Quiet Enjoyment. Lessor covenants that, unless an Event of Default shall have occurred and be continuing, Lessor shall not disturb or interrupt, or permit any person
lawfully claiming by or through Lessor to disturb or interrupt, Lessee’s quiet use, possession and enjoyment of the Aircraft. The exercise by Lessor of its rights under any Relevant Document in accordance with the terms thereof shall not
constitute a breach of this Clause 5.4.2. The foregoing covenant is in lieu of any quiet enjoyment covenant of Lessor which may be available to Lessee under Section 2A-211(1) of the New York Uniform Commercial Code or any similar law or
which might otherwise be implied under applicable law. 

  

	 	5.4.3	Owner a US Citizen. For so long as the Aircraft is registered with the FAA, Lessor shall procure that Owner shall be a “citizen of the United States” within
the meaning of Section 40102(a)(15)(c) of Title 49 of the United States Code. 

  

	 	5.4.4	Deregistration Power of Attorney. Lessor agrees not to make use of the powers conferred on it by the Deregistration Power of Attorney unless and until an Event of
Default has occurred which is continuing. 

  
 - 13 -

	6.	POSSESSION; USE; LAWFUL INSURED OPERATIONS; MAINTENANCE; INSIGNIA 

  

	6.1	Possession 

  

	 	6.1.1	The Aircraft and the operations performed therewith, subject to applicable law, the rules and regulations of the Aeronautics Authority and the provisions hereof and of
the other Relevant Documents, shall be under the exclusive control of Lessee until the Aircraft is returned pursuant to Clause 14. Lessee shall not without Lessor’s prior written consent deliver, relinquish or transfer possession of the
Aircraft, any Engine or the APU, or any part of any of the foregoing, except for a transfer of possession and/or replacement of Parts as provided in Clause 8; provided, however, that, so long as no Default or Event of Default shall have
occurred and be continuing, Lessee may, subject to the other provisions of this Clause 6: (a) deliver possession of the Aircraft or any part thereof to the Authorized Maintenance Performer for service, repair, maintenance or overhaul work
required by the terms hereof, or for modifications, alterations or additions permitted by the provisions hereof; or (b) install an Engine or the APU on another airframe of the same type and model as the Airframe, which other airframe is owned
or leased by Lessee, or hired or bailed or conditionally purchased by Lessee subject to a hire purchase or conditional sale agreement, provided that (i) such airframe is free and clear of all Liens except the right of the parties to the lease,
hire purchase or conditional sale agreement or other security agreement covering such airframe, (ii) the owner of such airframe expressly agrees in the lease, hire purchase or conditional sale agreement and the holder of any Lien on such
airframe expressly agrees in the security agreement that it will not acquire or claim any right, title or interest in any Engine or the APU by reason of such Engine or the APU being installed on such airframe at any time and (iii) no such other
airframe on which an Engine or the APU is installed by virtue of this Clause 6.1 may be subleased to any other entity. No agreement or arrangement described in (b) above shall contemplate or require the transfer of title to any Engine or
the APU. The rights of any person who receives possession by reason of a transfer permitted by this Clause 6.1 shall be subject and subordinate to all the terms of this Lease, any Superior Lease, any Financing Documents, and any Mortgage
(including, without limitation, the restrictions on the use of the Aircraft contained in Clause 6.3 and Lessor’s right to terminate the Term upon the occurrence of an Event of Default which is continuing and to obtain possession of the
Aircraft and each part thereof without regard to any such agreement and the rights of any person thereunder), and Lessee shall remain primarily liable hereunder for the performance of all of the terms hereof to the same extent as if such transfer
had not occurred. Any transfer of any part of the Aircraft pursuant to this Clause 6.1 which results in a transfer of title to such part shall be an Event of Default. If Lessee installs any Engine or the APU on another airframe pursuant to this
Clause 6.1, Lessor may, at any time after a Default shall have occurred which is continuing, by notice in writing require Lessee to remove such Engine or APU from such airframe and reinstall it on the Airframe, and Lessee shall forthwith comply
with any such notice at Lessee’s expense. 

  

	 	6.1.2	Lessor agrees and undertakes to and for the benefit of Lessee, any permitted sub-lessee, owner, lessor or secured party (each a “Third Party Interest
Holder”) of any engine (excluding the Engines) (each a “Third Party Engine”): 

  

	 	(a)	leased to Lessee or any permitted sub-lessee; or 

  

	 	(b)	purchased by Lessee or any permitted sub-lessee or subject to a conditional sale or other security agreement in favour of such Third Party Interest Holder,

  
 - 14 -

 that none of Lessor, Owner, Beneficiary, any Financier or any person claiming by or through
Lessor, Owner, Beneficiary or any Financier will acquire or claim, as against such Third Party Interest Holder, any right, title or interest in any Third Party Engine as a result of such Third Party Engine being installed on the Aircraft during the
Term; provided however that the foregoing agreement and undertaking of Lessor shall only be for the benefit of each Third Party Interest Holder who has given an equivalent undertaking, mutatis mutandis, for the benefit of Lessor, Owner, Beneficiary
and the Financiers with respect to the Engines while they are installed on another airframe in or with respect to which such Third Party Interest Holder has an interest. 

 

	6.2	Sublease; Assignment 

Except as provided in Clause 6.1, Lessee will not sublease or otherwise in any manner deliver, transfer or relinquish possession of
the Aircraft or any part thereof without the prior written consent of Lessor, and Lessee will not assign or transfer any of its rights or obligations under any of the Relevant Documents. In no circumstances will Lessor give its approval to any
sublease to a national of a Prohibited Country. Any such purported assignment shall be void ab initio. Lessee shall pay Lessor all reasonable costs incurred by Lessor or any Financier in assessing any request for consent to, or otherwise in
connection with, any sub-lease. Any sublease to which Lessor in its sole discretion may consent shall (a) be subject and subordinate to this Lease, any Superior Lease and any Mortgage and terminate automatically upon termination of the leasing
of the Aircraft hereunder, (b) require that the Aircraft be maintained by the Authorized Maintenance Performer under the approved Maintenance Program, and (c) require that the Aircraft remain on the aircraft registry of the State of
Registration. Subject to Clause 6.5, this Clause 6.2 shall not prohibit Lessee from “wet leasing” the Aircraft to any person approved by Lessor, Owner and Mortgagee (such approval not to be unreasonably withheld) provided
Lessee’s flight crews remain in full control of the Aircraft at all times during any such “wet lease” and provided further that Lessee shall remain primarily liable in respect of all of its obligations under this Lease and no such
“wet lease” shall materially adversely affect the rights and interests of Lessor, Owner or any Financier. 
  

	6.3	Use of Aircraft 

 Lessee
shall permit the Aircraft to be used solely in commercial operations for which Lessee is duly authorized. Lessee shall not use, or permit the use of, the Aircraft or any part thereof for any purpose for which it is not suitable. Lessee shall comply
with all regulations of the Aeronautics Authority. Lessee shall not at any time (a) represent or hold out Owner, Lessor or any Financier as carrying goods or passengers on the Aircraft or as being in any way connected or associated with any
operation of the Aircraft or (b) pledge the credit of Owner, Lessor or any Financier. 
  

	6.4	Notice of Maintenance 

Lessee shall notify Lessor, not less than 30 days prior to the scheduled commencement thereof, of each upcoming “C check”
(under and as defined in the Maintenance Program), of any Relevant Work which could be the subject of a claim for payment by the Lessor to Lessee under paragraph 5.3 of Schedule 3, and of any other major check or structural inspection to
be performed on the Airframe and of any shop visit of an Engine or the APU. 

  
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	6.5	Lawful Insured Operations 

Lessee will not cause or permit the Aircraft or any part thereof to be maintained, used or operated in violation of any law, treaty,
statute, rule, regulation, or order of any Government Entity having jurisdiction over Lessee or the Aircraft or any Engine or contrary to any manufacturer’s operating manuals and instructions, or in violation of any airworthiness certificate or
registration relating thereto. Lessee agrees not to operate the Aircraft, or permit the same to be operated, (a) unless the Aircraft is covered by insurance as required by the provisions of Clause 11, or (b) contrary to the terms of
the insurance required by the provisions of Clause 11. If the Aircraft is taken into any location or country in which the insurance required by Clause 11 is not in full force and effect, Lessee, in addition to its liability under
Clauses 15 and 16, shall be liable to Lessor for loss or damage to the Aircraft up to the Insured Value. The Aircraft shall not be subleased or wet leased to (a) a national of any Prohibited Country, (b) a national of any country as
to which the United States of America or the European Union has imposed an embargo, for the duration of such embargo, (c) any entities or nationals on the list of Specially Designated Nationals and Blocked Persons listed on the website of the
U.S. Department of the Treasury, Office of Foreign Assets Control (www.ustreas.gov/ofac), or (d) entities or nationals as to which sub-leasing or wet-leasing is prohibited by the U.S. Department of Commerce pursuant to the Denied Persons List
or the Entity List posted on the website of the U.S. Department of Commerce, Bureau of Export Administration (www.bis.doc.gov). Unless prohibited by the rules and regulations of the European Union, the foregoing shall not prohibit the use of the
Aircraft for travel to any such countries if (a) such use would be permitted as a temporary sojourn under Part 740.15 of the Export Administration Regulations of the United States of America, posted at (www.bis.doc.gov), (b) Lessee
retains operational control of the Aircraft at all times, as that term is defined in Part 740.15 of the Export Administration Regulations, and (c) such use is not otherwise prohibited under the laws of the United States of America.

  

	6.6	Maintenance 

 Lessee, at
its own cost and expense, shall: 
  

	 	6.6.1	service, repair, maintain, overhaul and test, or cause the same to be done to the Aircraft and each part thereof, (i) so as to keep the Aircraft and each part
thereof in the same condition as when delivered to Lessee hereunder, ordinary wear from normal flight operations excepted, and in good operating condition, (ii) so as to keep the Aircraft in the condition necessary to enable the airworthiness
certificate of the Aircraft to be maintained in good standing at all times under the applicable laws and regulations of the Aeronautics Authority and the FAA and (iii) in strict compliance with the Maintenance Program; 

 

	 	6.6.2	cause the Aircraft Records and all other records, logs and other materials required by the Aeronautics Authority in respect of the Aircraft to be maintained in the
manner and with the content specified in Schedule 8. All such other records, logs and other materials shall be the property of Owner and shall be deemed to be part of the Aircraft Records; 

 

	 	6.6.3	promptly furnish to Lessor such information as may be requested by Lessor to enable Lessor, Owner or any Financier to file any reports required to be filed with any
Government Entity concerning the Aircraft; 

  

	 	6.6.4	 cause the Airframe, each Engine, the APU and all Parts to be maintained, serviced, repaired and overhauled to comply with all warranty requirements. No
PMA Parts shall be installed on or in any Engine or the APU. PMA Parts may be installed in the Airframe provided that such parts are cosmetic, non-structural and non-critical items within the cabin interior and have been approved on the basis

  
 - 16 -

	 	
of identicality and/or an assist letter in accordance with FAA Order 8110.42C Chapter 2 paragraphs 3(a) and 3(b). Lessee shall, upon Lessor’s request, provide Lessor with (a) the
name of the manufacturer of each PMA Part installed in the Airframe, and (b) evidence reasonably satisfactory to Lessor that the PMA Part has been approved for manufacture on the basis of identicality and/or an assist letter in accordance with
FAA Order 8110.42C Chapter 2 paragraphs 3(a) and 3(b). 

  

	 	6.6.5	cause all scheduled maintenance (other than line maintenance), modification (as and if permitted hereunder), service, repair, overhaul and testing to be accomplished by
the Authorised Maintenance Performer; 

  

	 	6.6.6	to the extent not performed by the Authorized Maintenance Performer, cause line maintenance to be performed by mechanics or maintenance performers licensed by the
Aeronautics Authority; 

  

	 	6.6.7	cause to be incorporated into the Aircraft (i) all Alert and Mandatory Service Bulletins, and (ii) if and to the extent that Lessee incorporates any
Recommended Service Bulletins in other similar aircraft in its fleet, all such Recommended Service Bulletins. All Service Bulletins covered by this paragraph shall be incorporated in a timely and efficient manner and on a basis that the Aircraft is
not discriminated against in comparison with other similar aircraft operated by Lessee; 

  

	 	6.6.8	carry out, on the Aircraft, all Airworthiness Directives which may be issued from time to time during the Term and which have a compliance date falling within the Term;
and 

  

	 	6.6.9	maintain the original certificate of registration of the Aircraft on board the Aircraft, which certificate of registration shall reflect the rights of Lessor under the
Lease, the ownership of the Aircraft by Owner and, if applicable, the rights of any security interests in favour of any Financiers. 

  

	6.7	Insignia and Notices 

Lessor will affix and Lessee will maintain on the frame of the forward right door of the Aircraft an ownership data plate and in the
cockpit of the Aircraft adjacent to and not less prominent than the airworthiness certificate therein and on each Engine the lease data plates, all such plates bearing the inscriptions set out in Attachment A to Schedule 12 or such other
inscription as Lessor from time to time directs in order to show Lessor’s, Owner’s and any Financier’s interests in the Aircraft. Except as otherwise provided, Lessee will not allow the name of any person or entity to be placed on the
Airframe or any Engine or the APU as a designation that might be interpreted as a claim of ownership, except that Lessee may place its customary colours and insignia on the Airframe. 

 

	6.8	Maintenance Payment Amounts 

 Lessee shall pay Maintenance Payment Amounts at the time and in the amounts specified in Schedule 3 and shall perform the other obligations specified in Schedule 3 in relation thereto. The
Maintenance Payment Amounts shall, once received, be the property of Lessor and shall not be subject to reimbursement to Lessee, and Lessee hereby waives and relinquishes all rights in the Maintenance Payment Amounts in favour of Lessor and charges,
assigns, agrees to assign and transfers to the Lessor any and all of Lessee’s right, title and interest in the Maintenance Payment Amounts. This Clause 6.8 is without prejudice to Lessee’s rights pursuant to paragraph 5.3 of
Schedule 3. 

  
 - 17 -

	6.9	Storage 

 If at any time
Lessee is not using the Aircraft in regularly scheduled service for a period in excess of 45 days, Lessee shall store the Aircraft with the Authorised Maintenance Performer in accordance with the recommended storage procedures of the
Maintenance Manual and Lessee shall cause hangar keeper’s legal liability and all risks hull insurance to be maintained with respect to the Aircraft. Lessee shall notify Lessor at any time when the Aircraft is in storage and shall specify in
such notice to Lessor the location at which the Aircraft is being stored. Lessor or Lessor’s agent or representative shall be entitled to inspect the Aircraft and the Aircraft Records, at Lessor’s own cost and expense, at any time while
the Aircraft is being stored. 
  

	6.10	Benefit of Warranties 

Subject to Clause 6.11, as between Lessor and Lessee, Lessor will remain entitled to the benefit of each warranty or guarantee
(including any performance guarantee), express or implied, given by any Manufacturer or Supplier to Owner or Lessor in relation to the Aircraft, any Engine or Part (a “Supplier Warranty”). Lessee will procure that the benefit
of any unexpired Supplier Warranty given in relation to any Part or service supplied with respect to the Aircraft during the Term will vest in Owner or Lessor or any Financier, as Lessor shall require, when given or, if not reasonably practicable at
that time, will take all steps necessary to ensure that the benefit of any such Supplier Warranty vests in Owner or Lessor or any Financier, as Lessor shall require, upon termination or expiry of the Term. 

 

	6.11	Right to Enforce Warranties 

 For the duration of the Term (unless an Event of Default has occurred and is continuing) Lessor hereby authorises Lessee to take any action that Lessee reasonably thinks fit to enforce any rights, claims
and/or remedies under a Supplier Warranty and Lessor shall, at the cost and expense of Lessee, render all assistance as may be reasonably required by Lessee in connection therewith, provided that any such action will be taken at Lessee’s
expense and any sums paid by the relevant Supplier under the relevant Supplier Warranty shall be applied by Lessee to discharge the cost of rectifying the defect for which the relevant claim was made or in reimbursement of such cost, with any excess
to be retained by Lessee. 
  

	7.	INSPECTION 

 Lessee shall
furnish to Lessor such information concerning the location, condition, use and operation of the Aircraft as Lessor may reasonably request. Lessee shall permit any person or entity designated in writing as Lessor’s agent or representative by
Lessor to visit and inspect (at any reasonable time, provided that such inspection shall not materially interfere with Lessee’s operational commitments) the Aircraft, its condition, use and operation and the Aircraft Records and, at
Lessor’s expense (unless an Event of Default has occurred and is continuing), to make copies of such records as Lessor or Lessor’s agent or representative may reasonably designate. Lessor shall have no duty to make any such inspection and
shall not incur any liability or obligation by reason of not making any such inspection. The inspection rights set forth in this Clause 7 shall be limited to one visit in any twelve month period, provided that such restriction on the frequency
of inspections shall not apply in any of the following circumstances: (a) any inspection of the Post-Delivery Modifications pursuant to Clause 8.6; (b) if an Event of Default has occurred and is continuing (or to verify cure of any
such Event of Default); (c) in connection with any remarketing of the Aircraft by Owner or Lessor for sale or lease; (d) in connection with any scheduled major check or structural inspection of the Airframe or any shop visit of an Engine
or the APU; (e) in connection with any repair of damage to the Aircraft or any Engine for which the cost of repairs is expected to *****; or (f) in the event the Aircraft is in storage for a period of greater than 30 consecutive days.

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

  
 - 18 -

	8.	REPLACEMENT AND POOLING OF PARTS; ALTERATIONS, MODIFICATIONS AND ADDITIONS 

 

	8.1	Replacement of Parts 

Lessee, at its own cost and expense, shall, as soon as practicable but in any event within 60 days, replace all Parts which may from
time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary course of maintenance, service, repair, overhaul or
testing, Lessee may remove any Part, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided that Lessee shall promptly replace such Part. All replacement Parts
shall be free and clear of all Liens, be documented by EASA Form One or FAA Form 8130-3, and shall be in as good operating condition as, and shall have a value and utility at least equal to, the Parts replaced, assuming such replaced Parts were
in the condition and repair required to be maintained by the terms hereof and shall be owned by Lessee and capable of vesting in Owner free of all Liens. 
  

	8.2	Title to Replaced and Replacement Parts 

 All Parts removed from the Airframe and the Engines shall remain the property of Owner and subject to this Lease, any Superior Lease and any Mortgage, no matter where located, until such Parts are
replaced by Parts to which title shall have vested in Owner and which have been incorporated or installed in or attached to the Airframe or an Engine and which meet the requirements for replacement Parts specified above. Immediately upon any
replacement Part becoming incorporated, installed or attached as provided above, without further act, (a) title to the replaced Part shall thereupon vest in Lessee, free and clear of all Lessor Liens; (b) subject to the provisions of
Clause 8.5, such replaced Part shall no longer be deemed a Part hereunder; (c) title to the replacement Part shall thereupon vest in Owner; and (d) subject to the provisions of Clause 8.5, such replacement Part shall become
subject to this Lease, any Superior Lease and any Mortgage and be deemed to be a Part hereunder to the same extent as the Parts originally incorporated or installed in or attached to the Airframe and the Engines. 

 

	8.3	Pooling 

 Any Part removed
from the Airframe or from any Engine as provided in Clause 8.1 may be subjected by Lessee to a normal pooling arrangement that is customary in the airline industry entered into in the ordinary course of Lessee’s business with the
Authorised Maintenance Provider; provided that a part replacing such removed Part shall be incorporated or installed in or attached to such Airframe or Engine in accordance with Clauses 8.1 and 8.2 as promptly as possible after the removal of
such removed Part. Parts removed from the Airframe or Engine may also be incorporated or installed in or attached to an airframe or engine subject to any Other Lease provided that such Part is replaced in accordance with the provisions of this
Clause 8. The APU shall not be pooled or replaced (other than a temporary replacement during an APU shop visit) without Lessor’s prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned. 

Any replacement part when incorporated or installed in or attached to the Airframe or an Engine from time to time may be owned by another
air carrier, the Authorised Maintenance Performer or subject to a normal pooling arrangement; provided that Lessee, at its expense, as promptly thereafter as possible either (i) causes title to such replacement part to vest in Owner in
accordance with Clause 8.2 by Lessee acquiring title thereto for the benefit of Owner, free and clear of all Liens, or (ii) replaces such replacement part by incorporating or installing in or attaching to the Airframe or an Engine a
further replacement part owned by Lessee free and clear of all Liens which shall thereupon become subject to this Lease, any Superior Lease and any Mortgage and be deemed to be a “Part” hereunder. 

  
 - 19 -

	8.4	Alterations, Modifications and Additions 

 Except as provided in this Clause 8 and in Clause 6.6 or as otherwise required by applicable law, Lessee shall not make any alteration, modification or addition to the Airframe or any of the
Engines except such alterations, modifications or additions the cost (including labour costs of installation) of which is less than ***** and which can be removed from the Aircraft without diminishing or impairing the value of the Aircraft.

  

	8.5	Title to Parts 

 Subject
to the provisions hereof, title to all Parts incorporated or installed in or attached or added to the Aircraft or any part thereof as the result of any alteration, modification or addition shall, without further act, vest in Owner and become subject
to this Lease, any Superior Lease and any Mortgage; provided, however, that so long as no Default or Event of Default shall have occurred and be continuing, at any relevant time during the Term, Lessee may remove any Part from the Aircraft or any
part thereof, provided that (a) such Part is in addition to, and not in replacement of or in substitution for, any Part originally incorporated or installed in or attached to the Aircraft or any part thereof at the time of delivery thereof
hereunder or any Part in replacement of, or substitution for, any such original Part; (b) such Part is not required to be incorporated or installed in or attached or added to the Aircraft or any part thereof pursuant to the terms hereof; and
(c) such Part can be removed from the Aircraft or any part thereof without diminishing or impairing the value, utility or airworthiness which the Aircraft or any part thereof would have had at such time had such addition not occurred. Upon the
removal by Lessee of any such Part as above provided, title thereto shall, without further act, vest in Lessee free and clear of all Lessor Liens and such Part shall no longer be deemed a Part hereunder. Title to any Part not removed by Lessee as
above provided prior to the return of the Aircraft to Lessor hereunder shall remain with Owner and subject to this Lease, any Superior Lease and any Mortgage. 
  

	8.6	Post-Delivery Modifications; Change in State of Registration 

  

	 	8.6.1	Lessee agrees to complete the alterations, modifications and additions to the Aircraft outlined in Schedule 9 (collectively, the “Post-Delivery
Modifications”) promptly (and, in any event, within three (3) months) following the date on which Lessor provides Lessee with all necessary Service Bulletins and data plates to enable Lessee to do so. Lessor’s representatives
shall, subject to obtaining all necessary security clearances from the Authorised Maintenance Performer, be entitled to observe the Post-Delivery Modifications and inspect them upon completion. The date following the Delivery Date on which the
Post-Delivery Modifications are completed shall be the “Modification Completion Date”. 

  

	 	8.6.2	On the Modification Completion Date Lessee shall receive a credit against Basic Rent in an amount equal to *****, which shall be applied to the instalment of Basic Rent
due on the Basic Rent Payment Date immediately following the Modification Completion Date. 

  

	 	8.6.3	Lessor and Lessee shall cooperate with each other to ensure that, on the Modification Completion Date, the Aircraft is, at the cost of Lessor, de-registered from the
registry of Mexico and simultaneously re-registered in the registry of the United States of America (which, for the avoidance of doubt, shall then be deemed to become the “State of Registration” under this Lease). Lessee agrees to perform
and do all such acts and things and execute and deliver any and all such 

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

  
 - 20 -

	 	
instruments as Lessor may reasonably require to effect such de-registration and re-registration and to perfect or protect the interests of Lessor, Owner and any Financier in the registry of the
United States of America and the International Registry including, without limitation, the execution of an IDERA and a new Deregistration Power of Attorney if requested by Lessor (acting reasonably). Without limiting the generality of the foregoing,
in connection with such re-registration and to the extent required, Lessee shall facilitate inspection of the Aircraft (including the Aircraft Records) by an FAA Designated Airworthiness Representative and by applying for an FAA Standard Certificate
of Airworthiness for the Aircraft. 

  

	 	8.6.4	Following such re-registration, Lessor shall (or shall procure that Owner shall) file all renewal documentation required to be provided by the Lessor or Owner in order
to effect the Aircraft’s continued registration with the FAA throughout the remainder of the Term. 

  

	9.	TAXES 

  

	9.1	General 

 Lessee shall
pay, assume liability for and indemnify, protect, defend, save and hold each Tax Indemnitee, harmless from and against, all Taxes which are imposed by any government (or any political subdivision or fiscal or taxing authority thereof) and are
imposed on or with respect to, or are measured by, (a) this Lease or any other Relevant Document, (b) the Aircraft or any part thereof, (c) the acceptance, rejection, delivery, possession, use, presence, storage, registration,
deregistration, modification, maintenance, operation, sale in connection with the exercise of remedies under Clause 16, return, import, export, subleasing, repair, overhaul, transportation, landing, redelivery, leasing or other disposition of
the Aircraft or any part or portion thereof, or (d) the receipts, earnings, insurance proceeds or other amounts arising from the Aircraft or any Part, or the Relevant Documents, provided, however, the foregoing indemnity shall not apply to the
following Taxes (collectively, “Excluded Taxes”): (i) Taxes imposed on or levied or measured on the net income, profits, gains, capital, net worth, capital stock, franchise, business activity Taxes or other similar Taxes
imposed on the privilege of doing business or in the nature of an alternative minimum Tax, assessed on Lessor or any Tax Indemnitee by any Government Entity in the jurisdiction in which Lessor or a Tax Indemnitee is organized, based, maintains an
office or other fixed place of business, carries on business through a permanent establishment or is deemed to have its principal place of business unless such Taxes result from (x) the use or location of the Aircraft in such jurisdiction or
(y) Lessor or such Tax Indemnitee being deemed to be organized, based, maintain an office or other fixed place of business, or to carry on business through a permanent establishment, or is deemed to have its principal place of business, in any
such case, in such jurisdiction solely as a result of Lessor having entered into this Lease or any other Relevant Document; (ii) Taxes imposed with respect to any period prior to the Delivery Date or after return of the Aircraft pursuant to
Clause 14; (iii) Taxes imposed on or with respect to a voluntary or involuntary transfer, sale or other disposition by a Tax Indemnitee of all or any part of its right, title and interest in, to or under the Aircraft, the Airframe, any
Engine (or any Part thereof except the transfer of a Part pursuant to Clause 8 or the transfer of any Engine pursuant to Clause 10.2) or any of the Relevant Documents or any loan secured by the foregoing to any person or entity, unless any
such transfer occurs when an Event of Default has occurred and is continuing; (iv) Taxes which the relevant Tax Indemnitee is subject to as a result of business or transactions unrelated to the transactions contemplated by the Relevant
Documents; (v) Taxes caused by the gross negligence, wilful misconduct, or breach by a Tax Indemnitee of its representations or covenants under this Lease or the 

  
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Relevant Documents; (vi) any increase in Taxes imposed on a transferee Tax Indemnitee of any interest of a transferor Tax Indemnitee, or as a result of the change in jurisdiction of
incorporation of the relevant Tax Indemnitee, in any such case under the law in effect on the date of such transfer or change of jurisdiction, or enacted on the date of such transfer or change of jurisdiction and scheduled to come into effect after
the date of the relevant transfer; (vii) Taxes arising from the failure of a Tax Indemnitee to comply with any certification or other requirement of the jurisdiction imposing the Tax as a precondition to any exemption from or reduction of such
Tax to which such Tax Indemnitee may be entitled; provided such certification or other requirement or compliance therewith would not expose such Tax Indemnitee to any risk of adverse consequences and further provided that Lessee has notified such
Tax Indemnitee of the relevant Tax, such certification and other requirement (if any) within sufficient time so as to allow such Tax Indemnitee, acting with reasonable diligence, to consider the implications thereof and comply with the applicable
certification or other requirement; (viii) Taxes that would not have been imposed but for a Lessor Lien; (ix) Taxes that are being contested in accordance with the provisions of Section 9.6 hereof during the pendency of such contest,
except to the extent that the Lessee is required to pay such Tax pursuant to Section 9.6; (x) Taxes imposed as a result of any Tax Indemnitee’s or its affiliate’s, agent’s or advisor’s failure to comply with
sections 6111, 6112, 6707, 6707A or 6708 of the Code; (xi) Taxes related to any U.S. federal withholding Tax imposed under FATCA, unless attributable to the status or acts or omissions of Lessee; or (xii) Taxes imposed to the extent
such Tax would not have been imposed but for any amendment, supplement, modification, contest or waiver to this Lease or any other Relevant Agreements (but excluding any thereof (x) requested or consented to by Lessee or (y) entered into,
concluded, undertaken or given following the occurrence of a Default or Event of Default). 
  

	9.2	Withholding Taxes 

Notwithstanding anything to the contrary contained in this Clause 9, if Lessee is required by law to make any withholding from Rent
or any other amount payable by Lessee to an Indemnitee or Tax Indemnitee under any of the Relevant Documents, as soon as practicable after Lessee makes any withholding from any amount payable to an Indemnitee or Tax Indemnitee under any of the
Relevant Documents, Lessee shall pay the relevant Tax to the relevant governmental authority and deliver to such Indemnitee or Tax Indemnitee a receipt or other document, reasonably satisfactory to such Indemnitee or Tax Indemnitee and reasonably
obtainable by Lessee, evidencing such withholding and the payment of the amount withheld to the relevant governmental authority, for the purpose of enabling such Indemnitee or Tax Indemnitee to substantiate a claim for credit or deduction for income
tax purposes of the amounts so withheld. With the exception of Excluded Taxes, Lessee shall pay to such Tax Indemnitee such additional amount as may be necessary to enable such Tax Indemnitee to receive (after such withholding) and retain an amount
equal to the full amount then payable to such Tax Indemnitee absent such withholding. Each Indemnitee and each Tax Indemnitee shall cooperate with Lessee to recover or reclaim any Tax paid by Lessee hereunder and any amount recovered shall be repaid
to Lessee. Lessee shall be responsible for all costs and expenses incurred by any Indemnitee or Tax Indemnitee as a result of such cooperation. 
  

	9.3	Amount of Indemnity 

 Each
indemnity provided for in Clauses 9.1, 9.2 or Clause 12, shall be in an amount which, after taking into account all Taxes (other than Excluded Taxes), fees or other charges payable or imposed with respect thereto or as a result of the
receipt thereof by any Indemnitee or Tax Indemnitee in any jurisdiction (whether or not excepted above), shall be equal to the amount of such indemnity otherwise payable under this Lease, taking into account any deductions, credits or other Tax
benefits claimable by the Indemnitee or Tax 

  
 - 22 -

 
Indemnitee and the cash flow benefits, if any, of receipts and payments. Any payment required to be made by Lessee under Clause 9.1 shall be due and payable within 30 days following
Lessee’s receipt of Lessor’s written demand therefor (accompanied by an invoice or a written statement of the Indemnitee or Tax Indemnitee describing in reasonable detail the Taxes for which the relevant Indemnitee or Tax Indemnitee is
demanding an indemnity and the computation of the amount of the indemnity being demanded), subject to the provisions of Clause 9.4. 
  

	9.4	Tax Credit 

 If any
Indemnitee or Tax Indemnitee, in good faith, determines that it has realized and retained a Tax benefit (by way of deduction, credit or otherwise) as a result of any payment for which Lessee is liable under Section 9.1, or 9.2, the Indemnitee
or Tax Indemnitee shall, provided no Default or Event of Default shall have occurred which is continuing, pay to Lessee as soon as practicable after the Tax benefit has been realized (but not before Lessee has made all payments and indemnities to a
Tax Indemnitee required under this Section 9) an amount (including interest received and attributable thereto) which will ensure that (after taking account of the payment itself) the relevant Indemnitee or Tax Indemnitee is in no better and no
worse position than it would have been if the Tax benefit had not been realized. Nothing in this Section 9.4 shall: (i) interfere with the right of Indemnitee or Tax Indemnitee to arrange its Tax affairs in whatever manner it thinks fit;
(ii) oblige Indemnitee or Tax Indemnitee to disclose any information relating to its Tax affairs or any Tax computations, or (iii) make any payment if and to the extent that, as a result thereof, Lessor’s ability to retain such Tax
benefit will be prejudiced. 
  

	9.5	Lessee Indemnity 

 Lessor
or any Tax Indemnitee shall indemnify and hold harmless Lessee on demand from any Excluded Taxes relating to the Aircraft or any Relevant Document which Lessee is required to pay (other than Excluded Taxes payable by Lessee as a result of its gross
negligence, wilful misconduct, or breach of its representations or covenants under this Lease or the Relevant Documents) so that Lessee is left in exactly the same position as it would have been had such Excluded Taxes not been paid by it.

  

	9.6	Contest 

 Lessor will give
Lessee written notice if any claim is made against any Tax Indemnitee for any Tax that is subject to indemnification under Clause 9.1. If Lessee so requests in writing within 30 days after receipt of such notice, the relevant Tax
Indemnitee shall permit Lessee to contest the claim in the name of the Tax Indemnitee or in the name of Lessee, to the extent permitted by law. However, if such claim, whether alone or together with other claims which could be made with respect to
other transactions to which the Tax Indemnitee is then a party could (if sustained) have an adverse effect on the Tax Indemnitee’s business or financial affairs (a “Special Claim”), or if Lessee shall not be permitted by law to
contest a claim (other than a Special Claim) on behalf of the Tax Indemnitee, then the Tax Indemnitee shall contest such claim in good faith. Notwithstanding the foregoing, no claim shall be contested unless and until: (a) the Tax Indemnitee
shall have received (i) an indemnity reasonably satisfactory to it for all expenses reasonably expected to be paid in contesting the claim (including attorneys’ and accountants’ fees and disbursements) and (ii) written
acknowledgement by Lessee of its liability hereunder (if such contest is decided adversely) in respect of such Taxes; (b) the action to be taken will not involve any material risk of the sale, forfeiture, seizure or loss of, or the creation of
any Lien (except a Lien which Lessee shall have provided security in an amount and manner reasonably satisfactory to Lessor) on, the Aircraft or any part thereof or any interest therein; (c) if such contest shall be conducted in a manner
requiring the payment of the claim, Lessee shall have advanced the amount required on an interest-free 

  
 - 23 -

 
after-tax basis; (d) no Event of Default shall have occurred and be continuing and Lessor shall be receiving all amounts of Rent when due, without reduction by reason of any Taxes; and
(e) if such claim is a Special Claim, the relevant Tax Indemnitee shall have received a legal opinion (at the expense of Lessee) from counsel satisfactory to the Tax Indemnitee indicating that a reasonable basis for such contest exists. The
relevant Tax Indemnitee and Lessee shall in good faith consider the other party’s views regarding the conduct of the contest. The relevant Tax Indemnitee and Lessee shall provide to each other, upon request, such reasonably obtainable
information and such other reasonable assistance as may be necessary or advisable for the effective evaluation or conduct of such contest. Notwithstanding the foregoing provisions of this Clause 9.4, if at any time any Tax Indemnitee waives its
right of indemnification under this Clause 9 in respect of a claim, or if, after having received payment of indemnification from Lessee hereunder in respect to such claim, such Tax Indemnitee tenders such payment to Lessee, then Lessee shall
not be entitled to contest, or to continue to contest, any such claim. Each Tax Indemnitee shall (a) act in good faith when settling any claim for any Tax that is subject to indemnification under Clause 9.1, and (b) not settle any
such claim without first consulting with Lessee. 
  

	9.7	Tax Returns 

 Lessee will
provide such information as may be reasonably requested by any Tax Indemnitee and reasonably obtainable by Lessee to enable any Tax Indemnitee to fulfil its tax filing requirements with respect to the transactions contemplated by the Relevant
Documents. In the event that any return, statement or report is required to be made or filed by Lessee or, if Lessee has actual knowledge thereof, by any Tax Indemnitee with respect to any Tax required to be indemnified against by Lessee under this
Clause 9, Lessee shall notify Lessor or the relevant Tax Indemnitee of such filing requirement and (a) to the extent permitted by law and timely requested by the relevant Tax Indemnitee or required by law, make and file in its own name
such return, statement or report (together with any applicable Tax payment) in such manner as will show the ownership of the Aircraft in Owner and furnish Lessor with a copy of such return, statement or report or (b) where such return,
statement or report is required to be in the name of or filed by any Tax Indemnitee, prepare and furnish such return, statement or report for filing by the relevant Tax Indemnitee in such manner as shall be reasonably satisfactory to the relevant
Tax Indemnitee and send the same (together with any applicable Tax payment) to the relevant Tax Indemnitee for filing no later than 30 days prior to the due date. Where a Tax Indemnitee is required to make or file a return, statement or report
reflecting items other than or in addition to Taxes indemnified against by Lessee under this Clause 9, Lessee shall, upon Lessor’s timely and reasonable request, provide the relevant Tax Indemnitee with information readily available to
Lessee, within a reasonable time, sufficient to permit such return, statement or report to be properly made and timely filed. 

If Lessee timely satisfies the requirement set out herein and Lessor does not timely file the relevant report, return or statement
(together with any payment of Tax furnished by Lessee) that Lessor or the relevant Tax Indemnitee is required to file pursuant to the foregoing, and if such failure results in a Tax liability that is in excess of the Tax liability that Lessee would
be obligated to pay and indemnify Lessor or such Tax Indemnitee for, Lessor shall indemnify Lessee for any such excess. 
  

	9.8	Certificate of Tax Residence 

 Lessor shall provide or cause to be provided to Lessee, from time to time following Lessee’s request, letters from the Office of the Irish Revenue Commissioners (in such Office’s usual form)
confirming that each of Lessor and Owner Participant is resident in Ireland for Tax purposes. Lessee may not request such letters more frequently than once in each year unless it requires more recent letters than those most recently provided by
Lessor to satisfy a requirement of applicable law. 

  
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	10.	EVENTS OF LOSS 

  

	10.1	With Respect to the Aircraft 

 Upon the occurrence of an Event of Loss with respect to the Aircraft, Lessee shall forthwith (and in any event within three (3) Business Days after becoming aware of such occurrence) give Lessor
written notice of such Event of Loss, and Lessor and Lessee shall proceed diligently and cooperate fully with each other in the recovery of any and all proceeds of insurance applicable thereto. Basic Rent shall continue to accrue and be paid
hereunder until such time as Lessor has received the full amount due under this Clause 10.1. On the earlier of the date of receipt of the Event of Loss Proceeds or 60 days following the date of occurrence of such Event of Loss or, in the
case of a constructive, compromised or agreed Event of Loss, the date of declaration thereof (the “Event of Loss Payment Date”), Lessee shall pay or procure the payment to Lessor of an amount equal to the aggregate of: 

 

	 	10.1.1	all arrears of Rent and other amounts due from Lessee but unpaid under any Relevant Document together (in respect of amounts not paid when due) with interest thereon
from the due date thereof to the date of actual payment at the Incentive Rate; and 

  

	 	10.1.2	the Insured Value; and 

  

	 	10.1.3	without duplication of interest payable pursuant to Clause 10.1.1, if Lessee has not paid any of the amounts referred to in Clauses 10.1.1 or 10.1.2 on the
Event of Loss Payment Date, an amount equal to interest on such unpaid amount for each day on which any of such amounts remain unpaid at the Incentive Rate, 

 less an amount equal to (x) any Basic Rent already received by Lessor with respect to the period commencing on (but excluding) the Event of Loss Payment Date, and (y) any Event of Loss Proceeds
already received by Lessor, Owner or any Financier, as the case may be. 
 At such time as Lessor has received the entire amount
set forth above, Lessor, subject to the rights of the insurers, shall make a payment to Lessee in an amount equal to the aggregate of (a) the Security Deposit and (b) all Maintenance Payment Balances, and Lessor shall, subject to the
rights of the insurers, cause to be executed all necessary bills of sale and other documents required to transfer to Lessee, free and clear of all Lessor Liens, all Owner’s right, title, and interest, “as is, where is,” without
recourse or warranty, express or implied, in and to (a) the Aircraft, (b) all claims for damage to the Aircraft, if any, against third persons arising from the Event of Loss (unless any insurer requires that such claims be assigned to it),
and (c) all rights to any insurance claims and proceeds under all insurance, except liability insurance, maintained by Lessee hereunder, all without representation, recourse or warranty of any kind whatsoever. Lessee shall be entitled to
receive all insurance proceeds applicable to the Aircraft over and above the amount due to Lessor under the preceding paragraph, if any, as compensation for the loss of Lessee’s interest as Lessee in the Aircraft. 

 

	10.2	With Respect to an Engine or the APU 

 Upon the occurrence of an Event of Loss with respect to an Engine or the APU under circumstances in which there has not occurred an Event of Loss with respect to the Aircraft, Lessee shall forthwith (and
in any event within three (3) Business Days after such occurrence) give Lessor written notice thereof and Lessee shall replace such Engine or APU as soon as reasonably possible (and, in any event, within 90 days following such Event of
Loss) by duly conveying to Owner, free and clear of all Liens, title to another engine or, as appropriate, auxiliary power unit of the same or an improved model and (in the case of a replacement engine) suitable for installation and use on the
Airframe with the 

  
 - 25 -

 
remaining Engine, which engine or auxiliary power unit shall have a value and utility at least equal to, and be in as good operating condition as, the Engine or APU with respect to which such
Event of Loss shall have occurred, assuming such Engine or APU was of the value and utility and in the condition and repair as required by the terms hereof immediately prior to the occurrence of such Event of Loss. Such replacement engine or
auxiliary power unit shall be deemed an “Engine” or “APU”, as appropriate and as defined herein for all purposes hereunder. Lessee agrees promptly to notify Lessor of any such substitution, provide Lessor with an officer’s
certificate confirming compliance with this Clause 10.2 and to take such action and execute such documents, including a warranty bill of sale, as Lessor may reasonably request in order that title to any such replacement Engine or APU shall be
duly and properly vested in Owner, and to ensure that such replacement Engine or APU is covered by any Mortgage and that the rights of the Mortgagee in respect of such replacement Engine or APU are duly and properly perfected and protected, and that
any such replacement Engine or APU shall be duly and properly leased hereunder to the same extent as any Engine or APU replaced thereby. Lessor shall take such action, or shall cause such action to be taken, and shall execute, or shall cause to be
executed, such documents as are reasonably necessary to transfer to Lessee, free and clear of Lessor Liens but subject to the rights of the insurers, all Owner’s right, title and interest, “as is, where is”, without recourse or
warranty, express or implied in or to the Engine or APU replaced pursuant to the preceding sentence to Lessee or its designee. At the same time as title to the new Engine or APU is vested in Owner, the Maintenance Payment Balance attributable to
such new Engine or APU shall be adjusted (upwards or downwards) to reflect the status of such new Engine or APU. Any upwards adjustment will be paid by Lessee to Lessor within ten (10) Business Days of receipt of Lessor’s invoice.
Following any such downward adjustment, provided no Default or Event of Default has occurred which is continuing, Lessor will grant Lessee a credit against future Maintenance Payment Amounts due from Lessee in an amount equal to the amount of such
adjustment. 
  

	10.3	Application of Payments from Government Entities 

 Payments received by Lessor or Lessee from any Government Entity with respect to an Event of Loss resulting from the condemnation, confiscation or seizure of, or requisition of title to or use of the
Aircraft, the Airframe or any of the Engines, shall, as between Lessor and Lessee, be retained by Lessor, if received by Lessor, or promptly paid over to Lessor, if received by Lessee and shall be applied in satisfaction of Lessee’s payment
obligations under the Relevant Documents (including, without limitation, under Clause 10.1). If all amounts payable by Lessee to Lessor, any Indemnitee and/or any Tax Indemnitee pursuant to Clause 10.1 have been received by the relevant
person in full, Lessor shall promptly remit to Lessee any payments described at the beginning of this Clause 10.3 exceeding such amounts payable to Lessor, any Indemnitee and/or any Tax Indemnitee pursuant to Clause 10.1. Payments received
by Lessor or Lessee from any Government Entity with respect to a requisition of use not constituting an Event of Loss during the Term of the Aircraft, the Airframe or any of the Engines shall be paid to (or retained by) Lessee, and Lessee’s
obligation to make all payments of Rent shall continue undiminished. Payments received by Lessor or Lessee with respect to periods after the end of the Term shall be paid to (or retained by) Lessor; provided, however, that if an Event of Loss has
occurred with respect to the Aircraft and Lessor has received all amounts payable by Lessee under Clause 10.1, all such payments shall be retained by Lessee. 
  

	11.	INSURANCES 

  

	11.1	Obligation to Insure 

  

	 	11.1.1	Lessee will at all times during the Term at its own expense maintain in full force and effect insurances with respect to the Aircraft with insurers and through the
intermediary of the Broker and upon terms reasonably satisfactory to Lessor. 

  
 - 26 -

	 	11.1.2	The Insurances will be effected either: 

  

	 	(a)	on a direct basis with insurers of recognised standing who normally participate in aviation insurances in the leading international insurance markets and led by
reputable underwriter(s) reasonably satisfactory to Lessor; or 

  

	 	(b)	with a single insurer or group of insurers reasonably satisfactory to Lessor which does not retain the risk but which effects substantial reinsurance (the
“Reinsurances”) with reinsurers in the leading international insurance markets and through brokers of recognised standing and reasonably acceptable to Lessor for a percentage reasonably acceptable to Lessor of all risks insured.

  

	11.2	Requirements 

Lessor’s current requirements for the Insurances are as specified in this Clause 11 and in Schedule 5. Lessor may from time
to time following consultation with Lessee upon the occurrence of a material change in aviation insurance practice affecting airline carriers operating aircraft similar to the Aircraft on routes similar to those of Lessee stipulate other reasonable
requirements for the Insurances so that the scope and level of cover is maintained in line with best industry practice, as applied to airline carriers operating aircraft similar to the Aircraft on routes similar to those of Lessee, and so that the
interests of Lessor and the other Indemnitees are protected. 
  

	11.3	Changes 

 If at any time
following a material change in the financial condition of any insurer or reinsurer Lessor, acting reasonably, wishes to revoke its approval of such insurer or reinsurer, Lessor and/or its insurance adviser will consult with Lessee and the Broker as
to whether that approval should be revoked to protect the interests of the parties insured. If, following that consultation, Lessor reasonably considers that any change should be made, Lessee will promptly arrange or procure the arrangement of
alternative cover satisfactory to Lessor, acting reasonably and in accordance with insurance industry practice, as applied to airline carriers operating aircraft similar to the Aircraft on routes similar to those of Lessee. 

 

	11.4	Insurance Covenants 

Lessee will: 
  

	 	11.4.1	ensure that all legal requirements relating to the insurance of the Aircraft which may from time to time be imposed by the laws of the State of Registration or any
country to, from or within which the Aircraft may be operated are complied with and in particular comply with all requirements which are necessary to ensure that: 

 

	 	(a)	the Aircraft is not in danger of detention or forfeiture; 

  

	 	(b)	the Insurances remain valid and in full force and effect; and 

  

	 	(c)	the interests of the Indemnitees in the Insurances and the Aircraft are not prejudiced; 

 

	 	11.4.2	not permit the Aircraft to be used for any purpose or in any manner inconsistent with or not fully covered by the Insurances or outside any geographical limit imposed
by the Insurances; 

  

	 	11.4.3	comply with the terms and conditions of each policy of the Insurances and not do, consent or agree to any act or omission which: 

  
 - 27 -

	 	(a)	invalidates or may invalidate the Insurances; or 

  

	 	(b)	renders or may render void or voidable the whole or any part of any of the Insurances; or 

 

	 	(c)	brings any particular liability within the scope of an exclusion or exception to the Insurances; or 

 

	 	(d)	in any way results in discrimination between the insurance cover applicable to the Aircraft and the insurance cover applicable to other aircraft operated by Lessee;

  

	 	11.4.4	not take out any insurance or reinsurance in respect of the Aircraft other than that required under this Lease, provided, however, Lessee may, without prior written
approval of, or notification to, Lessor, procure additional insurance coverage, under the condition that no additional insurance procured by Lessee shall have the effect of suspending, impairing, defeating, invalidating or rendering unenforceable or
reducing, in whole or in part, the coverage of or the proceeds payable under any Insurance required to be provided and maintained by Lessee under this Lease; 

 

	 	11.4.5	commence renewal or replacement procedures on a timely basis prior to expiry of any of the Insurances and provide to Lessor: 

 

	 	(a)	if requested by Lessor, a status report of renewal or replacement negotiations fourteen (14) days prior to each such expiry date; and 

 

	 	(b)	certificates of insurance (or where appropriate certificates of reinsurance), and Broker’s (or any reinsurance brokers’) letters of undertaking each in form
and substance reasonably satisfactory to Lessor within seven (7) days after each renewal or replacement date; 

  

	 	11.4.6	on request made from time to time and in each case subject to the confidentiality provisions of Clause 17.6, procure that copies of the policies and endorsements
(excluding premium information) with respect to the Insurances required under this Clause 11 be made available to Lessor on reasonable notice for inspection by its representative during normal business hours at the principal place of business
of Lessee or the Broker; 

  

	 	11.4.7	promptly following Lessor’s request (such to be made not more often than once in each year unless an Event of Default has occurred which is continuing), provide to
Lessor confirmation that the Insurance premiums have been paid; 

  

	 	11.4.8	not make any material modification or alteration to the Insurances which is adverse to the interests of any of the Indemnitees; 

 

	 	11.4.9	be responsible for any deductible under the Insurances; 

  

	 	11.4.10	provide any other information or assistance in respect of the Insurances that Lessor may reasonably request in writing; 

 

	 	11.4.11	effect and maintain, to the fullest extent customarily available in the international aviation insurance markets at a reasonable cost to Lessee, in respect of the
Aircraft at all times cover in respect of risks associated with failure of any Computer System to be Year 2000 Compliant (so that if at any time “clause AVN2000A Date Recognition Clause” or any equivalent clause is endorsed on
the Insurances, Lessee will ensure that “Clause AVN2001A Date Recognition Limited Coverage Clause” and “Clause AVN2002A Date Recognition Limited Coverage Clause” or equivalent clauses are endorsed on the Insurances), where;

  
 - 28 -

	 	(a)	“Computer System” means any computer hardware and software or any equipment operated by electronic means; and 

 

	 	(b)	“Year 2000 Compliant” means, in relation to any Computer System, that any references to or use of a date before, on or after 31 December, 1999 in the
operation of the Computer System will not have an adverse effect on the use of that Computer System. 

  

	11.5	Failure to Insure 

 If
Lessee fails to maintain the Insurances in compliance with this Lease, Lessor may, but is not obliged to (without prior prejudice to any other rights of Lessor under this Lease): 

 

	 	11.5.1	effect and maintain Insurances satisfactory to it or otherwise remedy Lessee’s failure in such manner (including, without limitation to effect and maintain a
“Lessor’s interest” policy) as it reasonably considers appropriate. Any sums so expended by it will immediately become due and payable by Lessee to Lessor together with interest thereon at the Incentive Rate from the date of
expenditure by it up to the date of reimbursement by Lessee; and 

  

	 	11.5.2	at any time while such failure is continuing, require the Aircraft to remain at any airport or to proceed to and remain at any airport designated by Lessor until the
failure is remedied to its satisfaction. 

  

	11.6	Settlement of Claims 

Lessee will not settle any claims arising under any of the physical loss or damage Insurances in excess of the Claims Limit or an
equivalent amount in another currency without the prior written consent of Lessor, that consent not to be unreasonably withheld or delayed. 
  

	11.7	Loss Adjustment 

  

	 	11.7.1	In the event of damage to the Aircraft or any part thereof not amounting to an Event of Loss, and provided that no Default or Event of Default has occurred and is
continuing, Losses arising from the damage will be adjusted with Lessee and: 

  

	 	(a)	if the Loss does not exceed the Claims Limit or an equivalent amount in another currency, the loss proceeds of insurance will be paid directly to Lessee; and

  

	 	(b)	if the Loss exceeds the Claims Limit or an equivalent amount in another currency, the loss proceeds of insurance will be paid directly to the repairer or, with
Lessor’s express authorisation, to Lessee or as Lessee may direct. 

 provided always that (for the avoidance
of doubt) (i) if an Event of Loss occurs with respect to the Aircraft or any part thereof, the Losses, or (ii) if any Default or Event of Default has occurred and is continuing, all Losses, in each case arising in connection with the
applicable damage to the Aircraft or part thereof will be adjusted with Lessor and all loss proceeds of insurance payable in connection therewith will be paid to Lessor or as Lessor may direct (save that upon the cure of any Default or Event of
Default referred to in paragraph (ii) of this proviso, paragraph (ii) of this proviso shall no longer apply with respect to such Default or Event of Default). 

  
 - 29 -

	 	11.7.2	All insurance proceeds in respect of third party liability will, except to the extent paid by the Insurers to the relevant third party, be paid to Lessor to be paid
directly in satisfaction of the relevant liability or to Lessee in reimbursement of any payment so made. 

  

	11.8	Continuance of Liability Cover 

  

	 	11.8.1	From the date of expiration or termination of the Term, Lessee will continue to maintain the liability insurance referred to in Schedule 5 for the benefit of
Lessor and the other Indemnitees (“Tail Insurance”) until the earlier of (a) the next Six Year Check or Twelve Year Check and (b) the second anniversary of the date the Aircraft was returned to Lessor.

  

	 	11.8.2	Lessee’s obligation in Clause 11.8.1 to maintain Tail Insurance will not be affected by Lessee ceasing to be the lessee of the Aircraft and/or any of the
Indemnitees ceasing to have any interest in respect of the Aircraft. 

  

	11.9	Lessor’s Right to Insure 

 Lessee acknowledges that each of Lessor, Owner and each Financier has an insurable interest in the Aircraft. Lessor, Owner and each Financier shall have the right to obtain at its own expense insurance or
contingent insurance in its own name with respect to such insurable interest. Lessee will render to Lessor, Owner and each Financier reasonable assistance as from time to time requested by Lessor, Owner or any Financier, as the case may be, in order
that Lessor, Owner and each Financier may adequately protect such insurable interest. No insurance so obtained by Lessor, Owner or any Financier shall prejudice the insurance maintained by Lessee pursuant to this Lease or the right of Lessee, the
Additional Insureds or any loss payee’s rights of recovery thereunder. 
  

	12.	GENERAL INDEMNIFICATION 

  

	12.1	Scope 

 Lessee shall
indemnify each Indemnitee and hold each Indemnitee harmless from any and all Losses which may result from or arise out of (a) the condition, use or operation during the Term of the Aircraft or any part thereof either in the air or on the
ground, (b) any maintenance, service, repair, overhaul, possession, delivery, performance management, registration, control, return or testing of the Aircraft or any part thereof during the Term, whether or not the Aircraft or any part thereof
is at the time in the possession of Lessee, (c) any infringement or alleged infringement of any patent or other intellectual property rights as a result of any article, design or material in the Aircraft, (d) any redelivery flight,
demonstration flight or inspection of the Aircraft during the Term, or (e) Lessee’s failure to take delivery of or to return the Aircraft; provided, however, that Lessee shall not be required to indemnify any Indemnitee for any Loss,
(i) to the extent that such Loss is caused by acts or events which occur (X) prior to the Delivery Date or (Y) after expiration or earlier termination of the leasing of the Aircraft hereunder and return of the Aircraft to Lessor in
accordance with Clause 14, unless attributable to acts, omissions, circumstances or events occurring prior thereto, (ii) which is a Tax or a loss of Tax benefit (it being understood that Clause 9 provides for Lessee’s liability
with respect to Taxes), or (iii) to the extent that such Loss results from the gross negligence or wilful misconduct of such Indemnitee. Upon payment in full to any Indemnitee of any indemnities contained in this Clause 12 by Lessee,
Lessee, to the extent permissible under applicable law, and provided no Default or Event of Default has occurred which is continuing, shall be subrogated to all rights and remedies which such Indemnitee has or may have against any Manufacturer,
Supplier or other person. 

  
 - 30 -

	12.2	Lessee’s Release 

Lessee hereby waives and releases any claim now or hereafter existing against any Indemnitee on account of any and all claims, demands,
suits, causes of action and all legal proceedings, whether civil or criminal, damages, losses, liabilities (including, but not limited to, strict liability in tort), obligations, penalties, judgments or fines and other sanctions, and any costs and
expenses in connection therewith, including reasonable legal fees and expenses of whatever kind and nature, which may result from or arise out of injury to or death of personnel of Lessee or its agents or contractors or loss or damage to property of
Lessee or the loss of use of any property which may result from or arise out of (a) the condition, use or operation during the Term of the Aircraft or any part thereof, either in the air or on the ground, (b) any maintenance, service,
repair, overhaul, possession, delivery, performance management, registration, control, return or testing of the Aircraft or any part thereof during the Term, whether or not the Aircraft or any part thereof is at the time in the possession of Lessee,
or (c) any acceptance flight, demonstration flight or inspection of the Aircraft prior to the commencement of the Term. 
  

	12.3	Notice and Contest 

 An
Indemnitee shall promptly after obtaining actual knowledge thereof notify Lessee of any Loss as to which indemnification is sought pursuant to Clause 12.1; provided that a failure to so notify will not diminish or relieve Lessee of any
obligations thereunder except (other than in the case of any Loss suffered by a Financier or its shareholders, affiliates, directors, officers, agents, employees, successors and permitted assigns and transferees) to the extent Lessee’s
successful defense of any such claimed Loss is precluded thereby. Without prejudice to the obligation of Lessee to indemnify pursuant to Clause 12.1, Lessee shall have the right to investigate and, in its discretion, to defend or compromise
(other than with respect to a compromise of a non-monetary Loss, the compromise of which may adversely affect the Indemnitee), any Loss for which indemnification is sought under Clause 12.1, and each Indemnitee shall cooperate at Lessee’s
cost with all reasonable requests of Lessee in connection therewith; provided that such proceedings do not involve any risk of loss or forfeiture of title to the Aircraft (unless Lessee shall have posted a bond or other security satisfactory to
Lessor in all respects) or any risk of any civil or criminal penalty being assessed against any Indemnitee. Where Lessee or its insurers undertake the defence of an Indemnitee with respect to a Loss, no additional legal fees or expenses of such
Indemnitee in connection with such defence of such Loss shall be indemnified hereunder unless such fees or expenses were incurred at the request of Lessee or such insurers; provided, that if in the written opinion of counsel to such Indemnitee a
conflict of interest exists or reasonably likely to arise and, as a result, it is advisable for such Indemnitee to be represented by separate counsel, the reasonable fees and expenses of such separate counsel shall be borne by Lessee. Subject to the
requirements of any policy of insurance, any Indemnitee may participate at its own expense (or at the expense of Lessee in the event of a conflict of interest as described in the immediately preceding sentence) in any judicial proceeding controlled
by Lessee pursuant to the preceding provisions, and such participation shall not constitute a waiver of the indemnification provided in Clause 12.1. Nothing in Clause 12 shall be deemed to require an Indemnitee to contest any Loss or to
assume responsibility for or control of any judicial proceeding with respect thereto. 
  

	12.4	Repayment 

 If an
Indemnitee shall obtain a repayment of any Indemnified Amount paid by Lessee, such Indemnitee shall, so long as there exists no Default or Event of Default (or promptly following cure thereof), promptly pay to Lessee the amount of such repayment,
together with the amount of any interest received by such Indemnitee on account of such repayment. 

  
 - 31 -

	12.5	Payment 

 Subject to the
provisions of Clause 12.3, Lessee shall pay directly to the relevant Indemnitee all amounts due under this Clause 12 upon the earlier of (i) the date any such amount is stated to be due by and (ii) 60 days of the receipt of
notice that such payment is due. 
  

	13.	LIENS 

 Lessee shall not,
directly or indirectly, create, incur, assume or suffer to exist any Lien on or with respect to the Aircraft or any part thereof or any interest therein, except Permitted Liens. Lessee shall promptly, at its own expense, take such action as may be
necessary to duly discharge any such Lien not excepted above if the same shall arise at any time with respect to the Aircraft or any part thereof. Lessee acknowledges, and agrees to acknowledge before any judicial or administrative authority as may
be necessary the right of ownership of Lessor and/or Owner in respect of the Aircraft, and that the relationship between Lessor and Lessee is strictly of a commercial nature and limited to the transactions contemplated by this Lease, and that Lessee
does not otherwise have any right, title or interest in or to the Aircraft and the Aircraft does not constitute any part of its assets. 
  

	14.	RETURN OF AIRCRAFT 

 This
Clause 14 shall not limit any rights or remedies under Clause 16. Upon the expiration or earlier termination of this Lease, Lessee shall return the Aircraft to Lessor at the Redelivery Location in the condition and in all respects in
accordance with the provisions of Part B of Schedule 6, free and clear of all Liens (other than Lessor Liens). All references in this Lease or elsewhere to this Clause 14 shall be deemed to refer also to Part B of
Schedule 6. Following return of the Aircraft, Lessee shall, if Lessor shall so request (a) if upon return the Aircraft was registered with the DGAC, procure the de-registration of the Aircraft from the Aeronautics Authority, (b) if
upon return the Aircraft was registered with the FAA, de-register this Lease from the register maintained by the FAA, and (c) remove the Aircraft from its operating certificate. 

 

	15.	EVENTS OF DEFAULT 

 Each
of the following events shall constitute an Event of Default and shall be a material breach which Lessor is entitled to treat as a repudiation of this Lease by Lessee: 
  

	 	15.1.1	Lessee shall fail to make any payment of Basic Rent within three (3) Business Days of the date when the same is due and payable hereunder; or

  

	 	15.1.2	Lessee shall fail to procure and maintain all insurance required by Clause 11 or Lessee shall operate or permit the operation of the Aircraft at any time or in any
geographic area when the insurance required by Clause 11 shall not be fully in effect; or 

  

	 	15.1.3	Lessee shall fail to perform or observe any other of the covenants, conditions, or agreements to be performed or observed by it under the Relevant Documents and such
failure shall continue for a period in excess of 20 Business Days from the date written notice is given by Lessor requiring the same to be remedied; or 

  

	 	15.1.4	any representation or warranty made or deemed to be repeated by Lessee under any of the Relevant Documents or in any document or certificate furnished to Lessor in
connection therewith or pursuant thereto shall prove to have been incorrect in any material respect when made or deemed to be repeated and, if the event giving rise to such incorrect representation or warranty is curable, such event shall not have
been cured within fifteen (15) Business Days after the earlier of (a) receipt by Lessee of a written notice from Lessor advising Lessee of the existence of such misrepresentation or (b) actual knowledge of such misrepresentation by
Lessee; or 

  
 - 32 -

	 	15.1.5	Lessee disposes, or any Responsible Officer threatens that Lessee shall dispose, of all or a substantial or material part of its assets, rights or revenues; or

  

	 	15.1.6	either: 

  

	 	(a)	an encumbrancer takes possession of, or an administrative or other receiver or manager or trustee or similar officer is appointed in respect of the whole or any
substantial part of the assets, rights or revenues of Lessee or a liquidator or administrator is appointed in respect of Lessee; or 

  

	 	(b)	a distress, execution, attachment, sequestration or other process is levied or enforced upon or sued out against any of the assets, rights or revenues of Lessee and is
not discharged within 60 days; or 

  

	 	(c)	a voluntary petition or application is presented by Lessee or on behalf of Lessee for the appointment of an administrator, receiver or manager or trustee or liquidator
in respect of Lessee or all or any material part of its assets, rights or revenues; or 

  

	 	(d)	an involuntary petition or application is presented for the appointment of an administrator, receiver or manager or trustee or liquidator in respect of Lessee or all or
any material part of its assets, rights or revenues and such petition or application is not discharged within 60 days; 

  

	 	15.1.7	Lessee is or becomes insolvent (in accordance with the Law of Insolvency Proceedings) or is or becomes unable or any Responsible Officer admits Lessee’s inability
to pay its Indebtedness as it becomes due or suspends or ceases or threatens to suspend or cease to carry on all or a substantial part of its business; or 

  

	 	15.1.8	a resolution is passed or an order is made (and, except in the case of any such resolution or order passed or made at the request of Lessee, such resolution or order is
not dismissed within 60 days) for any assignment, arrangement, rehabilitation, administration, custodianship, liquidation, dissolution concurso mercantil or other insolvency proceeding in respect of Lessee, or Lessee becomes subject to
or enters into any of the foregoing; or 

 15.1.9 

 

	 	(a)	any voluntary step (including a petition, proposal or the convening of a meeting) is taken by Lessee or its holding company with a view to a composition, assignment or
arrangement with any creditors of, or the dissolution of, Lessee, or with a view to concurso mercantil or any other insolvency proceedings involving Lessee; or 

 

	 	(b)	any involuntary step (including a petition, proposal or the convening of a meeting) is taken with a view to a composition, assignment or arrangement with any creditors
of, or the dissolution of, Lessee, or with a view to concurso mercantil or any other insolvency proceedings involving Lessee and such proceedings are not discharged within 60 days; or 

  
 - 33 -

	 	15.1.10	Lessee suspends payment of all or any class of its Indebtedness, or any Responsible Officer announces Lessee’s intention to do so, or a moratorium is declared in
respect of any of its Indebtedness, or shall be adjudicated insolvent, or proceedings are commenced by Lessee under any law, regulation or procedure relating to reconstruction or readjustment of Indebtedness; or 

 

	 	15.1.11	any steps are taken to enforce any Lien over any material part of the assets of Lessee; or 

 

	 	15.1.12	in relation to Lessee, there occurs any event or any proceeding is taken, in any jurisdiction, which is analogous to or has an effect equivalent or similar to, any of
those mentioned in Clauses 15.1.6, 15.1.7, 15.1.8, 15.1.9, 15.1.9 and 15.1.10 and 15.1.11; or 

  

	 	15.1.13	the Aircraft or any part thereof shall be subleased or possession thereof transferred and such sublease or transfer does not comply with the provisions of
Clauses 6.1 or 6.2; or 

  

	 	15.1.14	any material adverse change occurs in the financial condition of Lessee which would materially and adversely affect Lessee’s ability to perform its obligations
under any of the Relevant Documents; or 

  

	 	15.1.15	SENEAM, ASA or any other relevant navigation, landing, fuel, airport, repair or similar fees or charges owed by Lessee shall not be fully paid when due or within any
applicable period of grace for payment; provided that no Event of Default shall arise under this Clause 15.1.15 for so long as such fees or charges are being contested in good faith and by appropriate proceedings, an adequate bond has been
provided, and there is no danger of detention, interference, sequestration, seizure or attachment with use or operation or sale, forfeiture or loss of the Aircraft; or 

 

	 	15.1.16	Lessee fails to accept delivery of the Aircraft when validly tendered to Lessee in conformity with the delivery conditions set forth in Part A of Schedule 6
(and assuming satisfaction or waiver of the conditions set forth in Clause 2.4); or 

  

	 	15.1.17	the existence, validity, enforceability in general or priority of the rights of Owner, as owner, or Lessor, as lessor, or the rights of any Financier in relation to the
Aircraft are challenged by Lessee or any other person claiming by or through Lessee; or 

  

	 	15.1.18	it becomes unlawful for Lessee to perform any of its obligations under any of the Relevant Documents or any of the Relevant Documents ceases to be in full force and
effect or becomes wholly or partly invalid or unenforceable or otherwise ceases to be the legal, valid and binding obligation of Lessee; provided that, without prejudice to Lessor’s rights pursuant to this Lease as a result of the occurrence of
such Event of Default, if Lessee shall so request in writing and no other Event of Default has then occurred which is continuing, Lessor and Lessee shall consult with each other in good faith for a period not to exceed 30 days following the
occurrence of such event to determine whether this Lease and the transactions contemplated hereby can be restructured in a manner that will avoid the effects of such event, but without any obligation of Lessor or Lessee to implement any such
restructuring; or 

  

	 	15.1.19	any Indebtedness of Lessee the outstanding balance of which is in excess of ***** (or the equivalent in local currency) is not paid when due or becomes due prior to the
date when it would otherwise have become due and has not been paid unless the validity of the obligation is being contested in good faith by appropriate proceedings; or 

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

  
 - 34 -

	 	15.1.20	any permits, licenses, consents, approvals and authorizations of or registrations with any Government Entity required by Lessee to authorize the execution, delivery,
validity or enforceability of any of the Relevant Documents or the performance by Lessee of its obligations thereunder is modified or is not granted or is revoked, suspended, withdrawn or not renewed and the effect thereof is materially and
adversely to affect the ability of Lessee to perform any of its obligations under any of the Relevant Documents; or 

  

	 	15.1.21	the Aircraft or any part thereof is taken in execution, impounded, attached, seized, sequestered, detained or otherwise taken from the possession of Lessee by reason of
any legal process (other than a requisition for use) or the Aircraft or any part thereof is attached, seized, sequestered, detained or otherwise taken from the possession of Lessee (other than a requisition for use) in the exercise of any Lien
(other than a Lessor Lien), and Lessee shall fail to provide or to procure the release of the Aircraft and each part thereof within a period of ten (10) Business Days; or 

 

	 	15.1.22	either: 

  

	 	(a)	any consent, authorization, license or approval necessary to enable Lessor or any Financier to repossess the Aircraft upon expiration or termination of the leasing
thereof hereunder and/or to de-register and export the Aircraft from the State of Registration thereupon, is modified or is not granted or is revoked, suspended, withdrawn, terminated or expires and is not renewed; or 

 

	 	(b)	the registration of the Aircraft with the Aeronautics Authority is cancelled except as a result of any act or omission of Lessor, Owner Participant or any person
lawfully claiming by or through either or as otherwise provided under this Lease; or 

  

	 	(c)	the Deregistration Power of Attorney is not in full force and effect and not replaced within five (5) Business Days of Lessor’s demand; or

  

	 	15.1.23	Lessee ceases to be licensed as a commercial air carrier by the DGAC and such cessation continues for a period in excess of 30 days; or 

 

	 	15.1.24	an Event of Default (as therein defined) shall occur under (a) any Other Lease, or (b) any other agreement between Lessor and Lessee or Lessee and any
affiliate of Lessor; or 

  

	 	15.1.25	Lessee shall fail to perform or observe any of the obligations to be performed or observed by it under the Cape Town Convention in relation to the Airframe, the Engines
or any of the Relevant Documents; or 

  

	 	15.1.26	any condition subsequent contained in paragraph 3 of Schedule 2 is not satisfied on or before the date and in the manner provided therein.

  

	16.	RIGHTS AND REMEDIES 

  

	16.1	Remedies 

  

	 	16.1.1	 At any time following the occurrence of any Event of Default so long as the same shall be continuing, Lessor may, at its option and without need of any
judicial 

  

- 35 - 

	 	resolution or declaration, declare this Lease to be in default and at any time thereafter (without needing to comply with any particular notice or grace period except
as expressly set forth herein), so long as Lessee shall not have remedied all outstanding Events of Default, Lessor may exercise one or more of the following remedies with respect to the Aircraft or any part thereof as Lessor, in its sole
discretion, shall elect, to the extent available and permitted by, and subject to compliance with any mandatory requirements of, applicable law then in effect (but, for the avoidance of doubt, without needing to give formal notice of default and
without need of judicial resolution or declaration): 

  

	 	(a)	pursuant to Clause 4.4, apply all or any portion of the Security Deposit to sums due and payable by Lessee under any of the Relevant Documents;

  

	 	(b)	by notice in writing to Lessee, without need of judicial resolution or declaration, terminate the leasing of the Aircraft hereunder and demand that Lessee return the
Aircraft, and Lessee shall upon written demand of Lessor and at Lessee’s expense, forthwith return the Aircraft to Lessor in the manner and condition required by, and otherwise in accordance with all of the provisions of, Clause 14 as if
the Aircraft were being returned at the end of the Term; or Lessor or Lessor’s agent or representative to the extent permitted by law may enter upon the premises where the Aircraft or any part thereof is located and take immediate possession of
and remove the same by summary proceedings or otherwise, all without liability for or by reason of such entry or taking of possession whether for the restoration of damage to property caused by such taking or otherwise; 

 

	 	(c)	proceed by appropriate court action or actions, either at law or in equity, to enforce performance by Lessee of the applicable covenants of this Lease and to recover
damages for the breach thereof; 

  

	 	(d)	in addition to all other legal and equitable rights of Lessor, upon notice to Lessee, following an Event of Default, Lessor may lease the repossessed Aircraft or any
part thereof to any third party upon such terms and conditions as Lessor may determine; 

  

	 	(e)	if the Aircraft is not accepted by Lessee upon valid tender by Lessor on the delivery date, in any such case solely by reason of the failure of Lessee to satisfy any
conditions to that delivery, Lessee will indemnify Lessor on demand against any Loss (including loss of profit), which Lessor may sustain or incur directly or indirectly as a result thereof including but not limited to: 

 

	 	(i)	any loss of profit certified by Lessor as having been suffered by Lessor because of Lessor’s inability to place or any delay in placing, the Aircraft on lease with
another lessee on terms as favourable to Lessor as this Lease or because whatever use, if any, to which Lessor is able to put the Aircraft upon its return to Lessor, or the funds arising upon a sale or other disposal of the Aircraft, is not as
profitable to Lessor as this Lease; 

  

	 	(ii)	any loss, premium, penalty or expense which Lessor certifies may be incurred in repaying funds raised to finance the Aircraft; and 

  

- 36 - 

	 	(iii)	without double-counting with paragraphs (i) or (ii), any amount of interest, fees or other sums whatsoever certified by Lessor as having been paid or payable on
account of funds borrowed in order to carry any unpaid amount. 

  

	 	16.1.2	Following the termination of the leasing of the Aircraft during the Term due to an Event of Default, Lessee will on written demand pay to Lessor as liquidated damages
or, as the case may be, a debt (in each case without duplication): 

  

	 	(a)	each instalment of Basic Rent that would have fallen due after the Termination Date but for such termination discounted at the Discount Rate over the period from but
excluding the Termination Date to and including the Basic Rent Payment Date on which such payment would, but for the occurrence of the Termination Date, have been due, together with interest thereon at the Incentive Rate from the Termination Date to
the date of receipt by Lessor; 

  

	 	(b)	all arrears of Rent and all other amounts (including Maintenance Payment Amounts) payable by Lessee to Lessor under this Lease or any other Relevant Documents to which
Lessee is a party but unpaid at the Termination Date, together with interest thereon at the Incentive Rate from the date on which such Rent or other sums fell due for payment to the date of their receipt by Lessor; 

 

	 	(c)	all Losses incurred by Lessor in connection with: 

  

	 	(i)	recovering or having possession of the Aircraft; 

  

	 	(ii)	recovering Rent or other amounts due hereunder; 

  

	 	(iii)	returning the Aircraft to the condition required hereunder and in accordance with the provisions of Part B of Schedule 6; and 

 

	 	(iv)	exercising or enforcing any of its rights under any Relevant Documents to which Lessee is party, 

together with interest thereon at the Incentive Rate from and including the date that Lessor incurred such Losses until, but not
including, the date of their recovery by Lessor; 
  

	 	(d)	any other properly evidenced Losses which Lessor may sustain or incur as a consequence of the occurrence of any Event of Default, including but not limited to:

  

	 	(i)	any amount of interest, fees or other sums whatsoever paid or payable on account of funds borrowed in order to carry any amount which Lessee has failed to pay under
this Lease or any other Relevant Document; and 

  

	 	(ii)	any loss, premium, penalty, fees, or expense which may reasonably be incurred by Lessor in unwinding any financing of the Aircraft undertaken in connection with the
leasing of the Aircraft to Lessee or unwinding any swap, forward interest rate agreement or other financial instrument relating in whole or in part to that financing, 

together with interest thereon at the Incentive Rate from and including the date that Lessor incurred such Losses until, but not
including, the date of their recovery by Lessor. 

  

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	 	16.1.3	Without prejudice to the foregoing provisions of this Clause 16.1: 

  

	 	(a)	the parties hereby agree that the occurrence of an Event of Default which is continuing shall constitute a “default” for the purposes of Article 11 of
the Convention, giving rise to the rights and remedies specified in Articles 8-10 and 12-13 of the Convention and Article IX of the Aircraft Protocol and any other rights and remedies specified herein or available under applicable law.
Lessee hereby acknowledges that Article 13(2) of the Cape Town Convention shall be disapplied if Lessor chooses to exercise its rights under Article 13(1) of the Cape Town Convention in accordance with this Lease. For the purposes of
Article 11, alternative B of the protocol to the Cape Town Convention, both parties hereby agree that the period required for the effects of Article 11, paragraph 2, shall be ten (10) days; and 

 

	 	(b)	Lessee hereby agrees that upon the occurrence of an Event of Default which is continuing, Lessor shall be entitled, pending final determination of its claim, and with
such prior notice to Lessee, if any, as may be required by applicable law, to obtain from a court speedy relief in the form of one or more of the following orders as Lessor requests: 

 

	 	(i)	preservation of the Aircraft and the Engines and their value; 

  

	 	(ii)	possession, control or custody of the Aircraft and the Engines; 

  

	 	(iii)	immobilisation of the Aircraft and the Engines; 

  

	 	(iv)	lease of the Aircraft and the Engines and the income therefrom; and 

  

	 	(v)	sale of the Aircraft and the Engines and application of the proceeds therefrom. 

 

	 	16.1.4	Lessee acknowledges that its obligation to pay the amounts (the “Termination Rental”) referred to in Clause 16.1.2 is by way of liquidated damages
and Lessor agrees that, in the event that it is able to place the Aircraft on lease (a “New Lease”) with another lessee (a “New Lessee”) for any part of the remainder of period prior to the originally scheduled
Expiry Date, Lessor will, subject to Clause 16.1.4, pay to Lessee once it has received the same, an amount equal to each instalment of rental (“New Rental”) that it receives from the New Lessee in relation to that part of such
period, after deducting from such amount any amount that may be necessary to compensate Lessor for: 

  

	 	(a)	Tax suffered by it on such New Rental (if any); and 

  

	 	(b)	any costs and expenses incurred by Lessor in entering into the New Lease. 

  

	 	16.1.5	Lessor shall only be obliged: 

  

	 	(a)	to pay any amount under Clause 16.1.4 if it has received all amounts that are due to it from Lessee under this Lease and the other Relevant Documents; or

  

	 	(b)	to pay any amount under Clause 16.1.4 to the extent that the aggregate of the amounts paid by it under Clause 16.1.4 would not exceed the aggregate of amounts
received by it under 16.1.2; or 

  

- 38 - 

	 	(c)	to solicit offers to lease the Aircraft to any potential New Lessee or to lease the Aircraft to any person if to do so would not conflict with interests of Lessor or of
any affiliate of Lessor; or 

  

	 	(d)	subject to Clause 16.1.5(c), to use its reasonable endeavours, in accordance with its standard business procedures, to place the Aircraft on a New Lease with a New
Lessee for the remainder of the period prior to the originally scheduled Expiry Date. 

  

	 	16.1.6	If Lessee fails to comply with any of its obligations under this Lease, Lessor shall be entitled to proceed by appropriate court action or actions to enforce
performance of the Lease or to recover damages, including consequential damages (daños y perjuicios), sustained by Lessor by reason of Lessee’s breach of this Lease, and all other amounts payable by Lessee to Lessor or to any Indemnitee
pursuant to the terms of this Lease or other Relevant Documents to which Lessee is a party. 

  

	 	16.2	Further Rights 

  

	 	16.2.1	Lessee shall be liable for all reasonable legal fees and other costs and expenses incurred by any Indemnitee by reason of the occurrence of any Event of Default or the
exercise of Lessor’s remedies with respect thereto, including all costs and expenses incurred in connection with the return of the Aircraft or any part thereof in accordance with the terms of Clause 14 or in placing the Aircraft or any
part thereof in the condition and with airworthiness certificates as required hereunder. Lessor and Lessee hereby agree and acknowledge that due to the inherent value of the Aircraft and the potential for significant losses related to its
non-operation or non-payment of Rent following an Event of Default and the exercise of Lessor’s rights pursuant to this Lease, Lessor shall be unrestricted in its efforts to take immediate possession of the Aircraft pursuant to the terms of
this Lease for the purpose of leasing the Aircraft to a new operator or delivering possession of the Aircraft to a purchaser thereof identified by Lessor, in either case, as Lessor may choose in its sole discretion. 

 

	 	16.2.2	Lessee acknowledges and agrees that, upon termination of the leasing of the Aircraft hereunder in accordance with the terms hereof, Lessor shall have an unrestricted
and unlimited right to deregister the Aircraft. In consideration of this, following termination of the leasing of the Aircraft hereunder in accordance with the terms hereof, Lessee will not oppose any attempts of Lessor to deregister the Aircraft
and, at Lessor’s request, will immediately take any and all steps reasonably necessary or desirable to effect deregistration of the Aircraft and its export from the country where the Aircraft is for the time being situated. Lessee is aware and
hereby acknowledges that, subject to the conditions set forth in this Lease, the right of Lessor to deregister may be exercised unilaterally, unconditionally and without restrictions and, in the event that such deregistration of the Aircraft shall
be applied for by Lessor, Lessee’s right to the registration of the Aircraft, if any, shall be considered waived and transferred to Lessor. 

  

	 	16.2.3	 Lessee shall provide Lessor with such instruments, authorizations and other documented approvals, including but not limited to an IDERA, that may be
reasonably necessary or required following termination of the leasing of the Aircraft hereunder in accordance with the terms hereof (a) to remove the Aircraft from the operating certificate of Lessee, (b) to conduct on behalf of Lessee or
to otherwise complete deregistration of the Aircraft, (c) to demonstrate termination of the Lease or to otherwise execute on behalf of Lessee any termination 

  

- 39 - 

 
agreement in respect of the Lease as may be required for deregistration purposes, (d) to demonstrate the consent of Lessee to deregister the Aircraft, and (e) to export the Aircraft
from the Habitual Base and the State of Registration (including, if required, a valid and subsisting export permit and certificate of airworthiness for the Aircraft) or anything otherwise required in relation to the deregistration of the Aircraft
with the Aeronautics Authority. In addition Lessee will take any other steps reasonably necessary to enable the Aircraft to be redelivered to Lessor in accordance with this Lease, including but not limited to discharge of any International Interests
if action by Lessee is required for such discharge. 
  

	16.3	Remedies Cumulative 

 The
rights of Lessor under this Lease are cumulative, may be exercised as often as Lessor considers appropriate and are in addition to its rights under any applicable law. The rights of Lessor against Lessee or in relation to the Aircraft shall not, as
against or in favour of Lessee, be capable of being waived or varied otherwise than by an express waiver or variation in writing; and in particular any failure to exercise or any delay in exercising any of such rights shall not operate as a waiver
or variation of that or any such other right; any defective or partial exercise of any of such rights shall not preclude any other or further exercise of that or any other such right; and no act or course of conduct or negotiation on its part or on
its behalf shall in any way preclude it from exercising any such other right or constitute a suspension or any variation of any such right. 
  

	16.4	Further Assurances and Undertaking 

 Lessee shall do all such acts and execute all such agreements, instruments and other documents as are necessary in order to give effect to the rights and remedies of Lessor. Lessee hereby undertakes that,
in the event Lessor exercises its rights and remedies under Clause 16.1.1(b), Lessee shall take all such actions as are required in order to effect the return of the Aircraft and/or allow Lessor to take possession of the Aircraft and shall
refrain from taking action that may in any way hinder, restrain or interfere with Lessor in so doing. Lessee expressly consents to the enforcement of the preceding undertakings, by injunctive or other similar relief, in ex parte proceedings or
otherwise, in respect of Lessee or any of its employees or agents, in any court with jurisdiction. 
  

	16.5	Set-Off 

 Lessor may, at
any time during the continuance of an Event of Default, set-off from any sum payable by it to Lessee under any of the Relevant Documents any sum due and unpaid by Lessee to Lessor under or in relation to any of the Relevant Documents or any other
document or agreement entered into pursuant to or in connection with any of the Relevant Documents. Notwithstanding the foregoing, Lessor shall have no obligation to make any payment to Lessee during the continuance of an Event of Default, provided,
however, that any such payment shall be made promptly following cure of any such Event of Default. 
  

	17.	MISCELLANEOUS 

  

	17.1	Severability, Amendment, Construction and Applicable Law 

  

	 	17.1.1	Any provision of this Lease which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. No term or provision of
this Lease may be changed, waived, discharged or terminated orally, but only by a written instrument signed by the party against which the enforcement of the change, waiver, discharge or termination is sought. 

  

- 40 - 

	 	17.1.2	PURSUANT TO AND IN ACCORDANCE WITH SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, LESSOR AND LESSEE AGREE THAT THIS LEASE, AND ANY NON-CONTRACTUAL
OBLIGATIONS ARISING FROM OR CONNECTED TO IT, SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BUT EXCLUDING CONFLICTS OF LAW
PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND WITHOUT REGARD TO THE CONFLICTS OF LAW RULES WHICH MIGHT RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION). 

 

	 	17.1.3	This Lease, together with all Schedules and attachments, is being executed by the parties in the presence of a notary public in Mexico, and such notary shall
certify this Lease as a public document which shall be attached with the capacity to be enforced through an executive commercial process as set forth in the Commercial Code. Section 17.1.2 is without prejudice to Lessor’s right to apply
the laws of the Federal District of Mexico to any repossession or other enforcement of rights under the Lease while the Aircraft is located in Mexico. 

  

	17.2	Notices 

 Each notice,
request, direction or other communication under this Lease shall: 
  

	 	17.2.1	be in writing delivered personally or by first-class prepaid letter (airmail if available) or facsimile; 

 

	 	17.2.2	be deemed to have been given: 

  

	 	(a)	in the case of a facsimile, on confirmation by the recipient of actual receipt or, if earlier, on actual or deemed receipt by the recipient of a confirmation letter;
and 

  

	 	(b)	in the case of a letter when delivered personally or 10 days after it has been put into the post; and 

 

	 	17.2.3	be sent: 

 to Lessor:

 MASL Ireland (22) Limited 
 Level One, South Bank House 
 Barrow Street 

Dublin 4 

Ireland 

Attention: Contracts Management Group 
 Tel: +353 1 238 3200Fax: +353 1 238 3299 
 With a copy in all cases to:

 Macquarie Aircraft Leasing Services (Ireland) Limited 

  
 - 41 -

 Level One, South Bank House 

Barrow Street 

Dublin 4, Ireland 
 Attn: Contracts Management Group 
 Tel: +353 1 238 3200 

Fax: +353 1 238 3299 
 and an additional copy in all cases to: 
 Macquarie Aircraft Leasing Services (US)
Inc. 
 Two Embarcadero Center, Suite 200 
 San Francisco, CA 94111 
 USA 

Attn: Contracts Management Group 
 Tel: +1 415-829-6600 
 Fax: +1 415 829-6699 

to Lessee: 

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

Av. Prolongación Paseo de la Reforma 490, Piso 1 
 Colonia Santa Fe Peña Blanca 
 Mexico, D.F., 

MEXICO 
 Attn:
Director Jurídico 
 Fax: +52 (55) 5211 9613 

or to such other address or facsimile number as is notified from time to time by one party hereto to the other party hereto. 

All communications, notices and documents must be in English. 

 

	17.3	Lessor’s Right to Perform 

 If Lessee fails to perform any of its obligations hereunder, Lessor may discharge such obligation and shall notify Lessee of the same, and the amount of the expenses of Lessor incurred in connection with
such discharge together with interest thereon at the Incentive Rate shall be deemed Supplemental Payments, payable by Lessee upon demand. 
  

	17.4	Counterparts 

 This Lease
shall be executed in at least four counterparts, each of which will be an original, but all of which will constitute but one and the same instrument. To the extent that this Lease constitutes chattel paper under the Uniform Commercial Code in effect
in any applicable jurisdiction, no security interest in this document may be created through the transfer of possession of any counterpart other than the “Original” counterpart as indicated by a receipt therefor executed by Lessor.

  

	17.5	Assignment, Transfer and Financing by Lessor 

  

	 	17.5.1	 Lessee acknowledges and agrees that Lessor, Owner and Beneficiary, as the case may be, shall be entitled at any time to assign, transfer or grant any
security interest over (i) any or all of its rights and obligations under this Lease and the other Relevant Documents (including, without limitation, its rights to receive the Security Deposit and any Rent) and/or (ii) its right, title and
interest in and to the Aircraft to any person (a “Transferee”) without the consent of Lessee; provided 

  
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that (i) at the time of transfer, no such transfer shall result in any increase of Lessee’s liabilities or obligations hereunder or under any other Relevant Document or create any
additional obligations on the part of Lessee hereunder or thereunder or adversely affect Lessee’s rights under this Lease or any other Relevant Document to which it is a party or its rights in respect of the Aircraft or any Part thereof, based
on current laws in effect at the time of such transfer or enacted prior to but scheduled to come into effect subsequent to the date of such transfer, than it would have had if such transfer had not taken place; (ii) in the case of a transfer by
Lessor, at the time of transfer the Transferee shall have a net worth of no less than *****, or its obligations shall have been guaranteed by a guarantor having a net worth of no less than *****, or Transferee shall have agreed to hold the Security
Deposit, Maintenance Payment Amounts and insurance proceeds in excess of the Insured Value in a segregated account; (iii) no Transferee shall be an air carrier (or an Affiliate of the same) that competes with Lessee; (iv) in the case of a
transfer by Lessor, the Transferee shall have agreed in writing for the benefit of Lessee to be bound by and perform all obligations of “Lessor” under this Lease and the other Relevant Documents; and (v) in the case of a transfer by
Owner or Beneficiary, Lessee shall receive from Transferee a covenant of quiet enjoyment in substantially the same terms as that contained in Clause 5.4.2. In the case of any such transfer, Lessee hereby agrees and undertakes that it will upon
the request of Lessor execute such further documents (including, without limitation, an assignment agreement) and give such notices and take such action as Lessor may reasonably require in order to effect such transfer provided that any reasonable
costs incurred by Lessee in connection therewith (including any reasonable legal expenses) shall be reimbursed by Lessor. For the purposes of Article 33 of the Convention, Lessee hereby consents to such assignment, transfer, grant or other
disposition. Lessor’s rights under this Lease are associated with the Aircraft and the Engines for the purposes of Article 32 of the Convention. 

  

	 	17.5.2	Lessee acknowledges and agrees that if Lessor should transfer to a third party all of Lessor’s obligations under this Lease, Lessor shall be relieved of all
obligations as of the effective date of such transfer and Lessee shall thereafter look only to Lessor’s transferee. No transfer permitted hereunder shall relieve the transferor for obligations hereunder which may have accrued prior to the
effective date of any such transfer. 

  

	 	17.5.3	Lessor and/or Owner may at any time enter into any financing arrangements in connection with the Aircraft and in connection therewith, inter alia, Owner and/or Lessor
may assign as security their respective rights under this Lease and the other Relevant Documents (or any of them) and/or execute a Mortgage over the Aircraft, in each case, for the benefit of the Financiers provided that: 

 

	 	(a)	Lessee shall receive from any Financier having a Mortgage a covenant of quiet enjoyment in substantially the same terms as that contained in Clause 5.4.2;

  

	 	(b)	Lessee is not in breach of any applicable law as a consequence of the entry into of such financing by Lessor and/or Owner; 

 

	 	(c)	except as provided in Clause 17.5.5, Lessee shall not, immediately following and as a consequence of such financing (A) incur any additional obligations or
costs under any Relevant Document including, without limitation, with respect to withholding Taxes (it being acknowledged that any increase in the number of Indemnitees and/or Tax Indemnitees shall not constitute such an increase) or (B) suffer
any diminution in its rights under any Relevant Document; and 

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

  
 - 43 -

	 	(d)	unless an Event of Default has occurred and is continuing, Lessee shall be reimbursed its reasonable costs and expenses (including reasonable legal expenses) incurred
in connection with the implementation of such financing; 

  

	 	(e)	any such Financier is not an air carrier (or an Affiliate of the same) that competes with Lessee; 

 

	 	(f)	any such Financier shall have agreed that (a) in exercising its rights under the Lease and/or other Relevant Documents, it shall do so in accordance with the terms
hereof and thereof and (b) to the extent it shall receive any amounts after its foreclosure on the Lease, whether of Security Deposit, Rent, Supplemental Payments or Insured Value, it shall receive, hold, apply, return, reimburse and pay, as
applicable, such amounts in accordance with the applicable provisions of this Lease. 

  

	 	17.5.4	Lessee agrees, at the reasonable cost of Lessor, that it shall do such things and execute such documents and make such filings and registrations in the State of
Registration (including the registration and filing of any Financing Document) as may be reasonably requested of it by Lessor in order to protect the interests of the Financiers under the Financing Documents (including, without limitation,
(i) entering into any direct acknowledgement of any security assignment with any Financier in substantially the form of Schedule 16 or otherwise in form and substance reasonably acceptable to Lessee and (ii) procuring that any
Security Letter of Credit delivered or deliverable hereunder is issued or reissued naming as beneficiary thereunder any Financier designated by Lessor). 

  

	 	17.5.5	If as a consequence of any financing arrangements Lessor (acting reasonably) requires Lessee to amend the Insurances (including, for the avoidance of doubt, providing
that the Mortgagee or any other Financier shall be named as loss payee), Lessee will make such amendments and, to the extent that those amendments result in an increase in the cost to Lessee of effecting the Insurances, Lessor will reimburse Lessee
an amount equal to the amount of that increased cost. 

  

	17.6	Submission to Jurisdiction; Waiver of Immunities; Service of Process 

 

	 	17.6.1	Each party hereto irrevocably agrees that any legal action or proceeding against it or any of its assets arising out of or relating to this Lease, which may arise in
connection with the legal relationships established by this Lease, including any claim under the Cape Town Convention, shall be brought in the courts of the State of New York in the County of New York, Borough of Manhattan, and the United States
District Court for the Southern District of New York are to have jurisdiction to settle any disputes (including claims for set-off and counterclaims) (and all related appellate courts). 

 

	 	17.6.2	Without prejudice to Clause 17.6.1, Lessee irrevocably agrees that Lessor may take any legal action or proceeding against it or any of its assets arising out of or
relating to this Lease, which may arise in connection with the legal relationships established by this Lease, including any claim under the Cape Town Convention, in the courts of the Federal District of Mexico or in the courts of any other
jurisdiction where the Aircraft may be located from time to time. As a form of alternative dispute resolution, Lessor may require that Lessee execute a transaction agreement before the Centre of Alternative Justice of the Superior Tribunal of
Justice of the Federal District of Mexico, upon terms that shall be satisfactory to Lessor. 

  
 - 44 -

	 	17.6.3	By execution and delivery of this Lease (a) each of the parties hereto hereby irrevocably submits to and accepts with regard to any action or proceeding, for
itself and in respect of its assets, generally and unconditionally, the jurisdiction of the courts referred to in Clause 17.6.1 and irrevocably agrees to be bound by any judgment rendered thereby, and (b) Lessee hereby irrevocably submits
to and accepts with regard to any action or proceeding, for itself and in respect of its assets, generally and unconditionally, the jurisdiction of the courts referred to in Clause 17.6.2 and irrevocably agrees to be bound by any judgment
rendered thereby. 

  

	 	17.6.4	Each of the parties hereto hereby irrevocably waives its rights to bring an action or commence a proceeding on this Lease in any other jurisdiction to which it may be
entitled by virtue solely of its present or future domicile. 

  

	 	17.6.5	Each of the parties waives to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Lease brought in any court in the courts of the state of New York and the Superior Court of the state of New York (and all related appellate courts) and hereby further irrevocably waives, to the fullest
extent permitted by law, any claim that any such suit, action or proceeding in the courts of the state of New York and the Superior Court of the state of New York (and all related appellate courts) has been brought in an inconvenient forum, that the
venue of such suit, action or other proceeding is improper, or that any of the Relevant Documents may not be enforced in or by such courts. Lessee waives to the fullest extent permitted by law, any objection which it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to this Lease brought in the Federal District of Mexico or in any other jurisdiction where the Aircraft may be located and hereby further irrevocably waives, to the fullest
extent permitted by law, any claim that any such suit, action or proceeding in the Federal District of Mexico or in any other jurisdiction where the Aircraft may be located has been brought in an inconvenient forum that the venue of such suit,
action or other proceeding is improper, or that any of the Relevant Documents may not be enforced in or by such courts. 

  

	 	17.6.6	Each party hereto irrevocably and unconditionally: 

  

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

  

	 	(b)	waives and agrees not to claim any immunity from suits and proceedings and from all forms of execution or attachment to which it or its property is now or may hereafter
become entitled under the laws of any jurisdiction and declares that such waiver shall be effective to the fullest extent permitted by such laws, and for the purposes of Article XXII(2) of the Aircraft Protocol the relevant aircraft objects are
the “Aircraft” and the “Engines” as defined in Schedule 1. 

  
 - 45 -

	 	    17.6.7	Lessee shall at all times during the period commencing on the date hereof and ending on the date falling 6 months after Lessee redelivers the Aircraft to Lessor
maintain an agent for service of process in New York. Lessor consents to service being made on Macquarie Aircraft Leasing Services (US), Inc. at its office at Two Embarcadero Center, Suite 200, San Francisco, CA 94111, USA. Lessee’s agent for
service of process in New York shall be Lessee’s Process Agent. Any claim form, judgment or other notice of legal process shall be sufficiently served on Lessor or, as the case may be, Lessee if delivered to its agent specified above at its
address for the time being. Each party undertakes not to revoke the authority of its agent specified above and if for any reason such agent no longer serves as its agent to receive service of process, that party shall promptly appoint another such
agent and advise the other party thereof. If Lessee fails to appoint another such agent after being required by Lessor so to do, Lessor is irrevocably authorised to appoint any person (including itself), on such person’s standard or usual terms
for acceptance of appointment (if any), as Lessee’s agent. 

  

	 	    17.6.8	In the event that Lessor brings any proceedings before the courts of the Home Jurisdiction of Lessee, Lessee hereby and irrevocably waives any right or claim that it
may have to defend, argue or protest those proceedings on the grounds that those proceedings, or any of Lessee’s obligations under the Relevant Documents, or any judgment which Lessor may have obtained against Lessee or the Aircraft in any
other jurisdiction, are contrary to the public policy of Lessee’s Home Jurisdiction. 

  

	17.7	Currency Indemnity 

 The
obligations of each party payable under this Lease in one currency (the “first currency”) may be discharged by an amount paid pursuant to any order or judgment of any court or other tribunal in another currency (a “second
currency”), but only to the extent that the amount so paid in a second currency on prompt conversion to the first currency under normal banking procedures yields the amount of the first currency due hereunder, and each party shall indemnify
the other party and any other person entitled to payments hereunder against any such shortfall and the cost of such conversion. In the event that any payment in a second currency by either party to any such person or entity, whether pursuant to a
judgment or otherwise, upon conversion and transfer to the designated place of payment therefore does not result in payment of such amount of the first currency, such person or entity shall have a separate cause of action against such party for the
additional amount necessary to yield the amount due and owing to such person. 
  

	17.8	Costs and Expenses 

  

	 	    17.8.1	Lessee and Lessor shall be responsible for their own internal and external costs and expenses (including legal fees) in connection with the documentation and
negotiation of the transaction contemplated by this Lease. Lessee shall be responsible for all reasonable costs and expenses of registering the Aircraft with the DGAC and of perfecting the interests of Lessor and Owner in the Aircraft and the
Relevant Documents in Mexico (but not including the fees and expenses of counsel for Lessor in Mexico in connection with such registration or perfection, which will be for Lessor’s account). Lessor shall be responsible for all reasonable costs
and expenses of registering the Aircraft with the FAA and of perfecting the interests of Lessor and Owner in the Aircraft and the Relevant Documents in the United States of America. The cost and expenses of documenting and registering any mortgage
on the Aircraft created by Owner will be for Lessor’s account. 

  
 - 46 -

	 	    17.8.2	Whether or not the Aircraft is delivered to Lessee under this Lease, Lessee will pay to Lessor on demand: 

 

	 	(a)	all reasonable costs and expenses (including reasonable legal expenses) incurred by Lessor or any Financier in connection with any amendment to, or the granting of any
waiver or consent or the preservation of any rights of Lessor under, any Relevant Document required in writing by Lessee; and 

  

	 	(b)	all costs and expenses (including legal, survey and other costs) incurred by Lessor or any Financier in respect of the breach by Lessee of any representation, warranty,
covenant, agreement, condition or stipulation contained in this Lease or in the other Relevant Documents, the occurrence of any Default or Event of Default, or otherwise in connection with the enforcement of any of the Relevant Documents or any
rights of Lessor or any Financier in the Aircraft or as a consequence of the commencement of the Term being delayed as a consequence of any of the conditions precedent set forth in paragraph 1 of Schedule 2 not being satisfied other than
as the direct result of any negligence or wilful default of or by Lessor or such Financier. 

  

	17.9	Survival 

 The
representations, warranties, covenants, agreements and indemnities of Lessee and Lessor set forth in this Lease, and their respective obligations hereunder, shall survive the expiration or other termination of this Lease to the extent required for
full performance and satisfaction thereof. 
  

	17.10	Further Assurances 

 Each
party hereto shall, at its respective expense, promptly and duly execute and deliver to the other party such further documents and promptly take such further action not inconsistent with the terms hereof as the other party may from time to time
reasonably request in order to more effectively carry out the intent and purpose of this Lease or to perfect and protect the rights and, with respect to Lessor, remedies created or intended to be created hereunder. 

 

	17.11	Successors and Assigns 

This Lease shall be binding on and shall inure to the benefit of Lessee and its successors and Lessor and its successors and permitted
assigns. 
  

	17.12	Actions by Servicer 

Unless and until Lessee has received prior written notice from Lessor to the contrary, Lessee shall be entitled to rely on notices given
or actions taken by the Servicer on behalf of Lessor as if Lessor had given such notices or taken such actions directly. 
  

	17.13	Language 

 While the
Relevant Documents may be translated into other languages, in the event of any conflict between the English language version and a version in another language, the English language version shall govern in all respects. 

 

	17.14	Performance of the Essence 

Lessee acknowledges and agrees that punctual payment of all amounts payable by Lessee under each of the Relevant Documents (whether such
amount relates to Rent or other amounts payable) and timely performance by Lessee of each of its obligations under each of the Relevant Documents shall, subject to applicable grace periods, be of the essence and shall be conditions of this Lease.

  
 - 47 -

	17.15	Cape Town Convention 

  

	 	    17.15.1	Inconsistency 

 To the extent of
any inconsistency between any provision of this Lease which relates to the Cape Town Convention and any other provision of this Lease, the provision of this Lease which relates to the Cape Town Convention shall prevail, except where the provision of
this Lease grants Lessor greater rights or imposes fewer restrictions than the conflicting provision relating to the Cape Town Convention, in which case, limited to the extent of such conflict, the applicable provision of this Lease shall prevail.

  

	 	    17.15.2	Separate Rights 

 Separate
rights attach to the Airframe and the Engines hereunder for the purposes of the Cape Town Convention. 
  

	 	    17.15.3	International Interest 

 The
parties acknowledge and agree that they intend that this Lease creates an international interest in the Airframe and the Engines in accordance with Article 2 of the Convention. 

 

	 	    17.15.4	Consents to Registrations 

 For
the purposes of Article 20(1) of the Convention, Lessee hereby consents (i) to any registrations to be effected by Lessor pursuant to this Lease if title to a replacement Engine is to be conveyed to Lessor pursuant to Clause 10.2 and
to the registration on the International Registry of the international interest in the Engine replaced by such replacement Engine constituted by the relevant contract of sale to Lessee of such replaced Engine contemplated by Clause 10.2. Lessee
shall promptly upon Lessor’s written request advise the International Registry of such consents in such form as Lessor may reasonably require. 
  

	 	    17.15.5	Discharge of Registrations 

Lessor may at any time following the expiration or earlier termination of the leasing of the Aircraft hereunder discharge or procure the
discharge of any registration at the International Registry of the international interests constituted by this Lease in relation to the Aircraft or the Engines. If Lessor transfers to Lessee pursuant to Clause 10.2 its right, title and interest
in and to any Engine Lessor will, promptly following such transfer, discharge or procure the discharge of any registration at the International Registry of the international interest constituted by this Lease in relation to such Engine. 

 

	17.16	Confidentiality 

 Each of
Lessee and Lessor acknowledges that the terms and conditions of this Lease and the other Relevant Documents and the commercial and financial arrangements evidenced hereby and thereby are considered by the other party as confidential information.
Accordingly, each of Lessee and Lessor agrees that it will treat that information as confidential and will not without the prior written consent of the other party disclose or, in the case of Lessor, permit Owner Participant or any Financier to
disclose that information to any person except to its professional advisers, as may be required by any applicable law; or in the case of disclosure by Lessor, to the Owner, any Servicer, any affiliate of Lessor or

  
 - 48 -

 
to any Financiers or investors in or purchasers of, or prospective Financiers or investors in or purchasers of, the Aircraft; provided, however, in connection with any such disclosure, Lessee or
Lessor, as applicable, will obtain, confidential treatment of that information by any such affiliate, Financier, prospective Financier, investor, prospective investor, purchaser or prospective purchaser. 

[signature page follows] 

  
 - 49 -

 IN WITNESS WHEREOF, Lessor and Lessee have each caused this Lease to be duly executed by their
authorized officers on the date first above written. 
 MASL IRELAND (22) LIMITED, 

as Lessor 
  

			
	By:	 	 /s/ Alejandra M. Llopis Loza

	Name:	 	Alejandra M. Llopis Loza
	Title:	 	Attorney in fact

 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V., 

as Lessee 
  

			
	By:	 	 /s/ Mario E. Geyne Pliego

	Name:	 	Mario E. Geyne Pliego
	Title:	 	Financial and Fleet Planning Director

  
 - 50 -

 Schedule 1 

Definitions and Construction 
  

	1.	Definitions 

 Unless the
context requires otherwise, the following terms have the following meanings for all purposes of the Lease and such meanings shall be equally applicable to both the singular and the plural forms of the terms defined: 

“Additional Insureds” means Owner, Beneficiary, Lessor, Servicer, any Financier, any Mortgagee and their respective
officers, directors, shareholders, servants, agents and employees and the successors and assigns of each of the foregoing. 

“Aeronautics Authority” means, as the context requires, the airworthiness authority in the State of Registration, or any
person, governmental department, bureau, commission or agency succeeding to the functions of the foregoing and, if different, the civil aviation authority of the State of Registration. 

“Airbus” means Airbus S.A.S., legal successor of Airbus S.N.C. formerly Airbus G.I.E. and Airbus Industrie G.I.E.

 “Aircraft” means (i) the Airframe, together with, as the context requires, (ii) the Engines whether
or not installed thereon, (iii) the APU whether or not installed thereon, (iv) all Parts whether or not installed thereon, and (v) the Aircraft Records. 
 “Aircraft Protocol” means the Protocol to the Convention on Matters Specific to Aircraft Equipment opened for signature on 16 November 2001 at Cape Town, South Africa. 

“Aircraft Records” means (i) the “Aircraft Records” as defined in the Certificate of Acceptance and
(ii) all records, logs and other materials referred to in Clause 6.6.2. 
 “Airframe” means that
certain Airbus A320-200 airframe bearing manufacturer’s serial number 2204 more particularly described in the Certificate of Acceptance (except for any engines or Engines installed thereon), and (except as otherwise provided in Clause 8.3)
any and all Parts incorporated or installed therein or attached thereto or removed therefrom, so long as title thereto remains vested in Owner in accordance with the terms of Clause 8. 

“Airworthiness Directive” or “AD” means any airworthiness directive or other mandatory comparable
regulation issued by the aeronautics authority of the country of manufacture or the Aeronautics Authority and applicable to aircraft, engines and parts of the same type as the Aircraft, the Engines and the Parts. 

“Alert Service Bulletin” whether or not capitalized, means a service bulletin identified as an “alert” by the
Manufacturer or any mandatory Service Bulletin of any other Supplier. 
 “Anticipated Delivery Date” is
specified in Schedule 12. The Anticipated Delivery Date is an estimate only and may be changed by notice from Lessor to Lessee, without prejudice to Clause 2.1. 
 “APU” means (a) the auxiliary power unit installed on the Aircraft and described in the Certificate of Acceptance, (b) any auxiliary power unit which may from time to time be
substituted or be a replacement for such auxiliary power unit pursuant to Clause 10.2; (c) any replacement auxiliary power unit installed on the Aircraft with Lessor’s prior written consent pursuant to Clause 8.3; or (d) any
replacement auxiliary power unit which is redelivered with the Aircraft pursuant to paragraph 3.2.2(i) of Part B of Schedule 6, in each case title to which is vested in Owner. 

“APU Hour” means, in relation to the APU, each hour or part of an hour during which the APU is operated. 

  
 - 51 -

 “APU Heavy Repair” means disassembly and rework of the power section, load
impeller and gearbox modules of the APU according to the APU manufacturer’s then current medium or heavy repair criteria in order to restore maximum service release life for all APU modules in accordance with industry norms. 

“APU Maintenance” means a complete load compressor and turbine disassembly of the APU where exposed detail parts are
inspected in accordance with the APU’s Inspection Repair Manual Requirements (provided always that APU Maintenance shall be deemed to have been accomplished on the APU if the APU manufacturer shall deem the APU (a) to have been freshly
“Overhauled” or fresh from “Heavy Repair” or (b) to be in “Zero-Time” condition). 

“APU Payment Rate” means the amount designated as such in paragraph 3.5 of Schedule 15 (as the same may be
increased from time to time pursuant to paragraph 4.2.1 of Schedule 3). 
 “Authorised Maintenance
Performer” means (i) Lessee (for so long as Lessee is approved as a maintenance provider by EASA under EASA Annex II - Part 145 or by the FAA under FAR Part 145), (ii) the Engine Manufacturer or IHI Corporation (with
respect to the Engines), (iii) Aeromantenimiento S.A. (Aeroman) or any successor organization (with respect to the Airframe) or (iv) such other maintenance provider or providers selected by Lessee and approved by EASA under EASA
Annex II - Part 145 or by the FAA under FAR Part 145. 
 “ASA” means Aeropuertos y
Servicios Auxiliares, a Government Entity in charge of the supply of aircraft fuel and airport services at various airports in Mexico. 
 “Basic Rent” means the monthly rent payable pursuant to Clause 4.1. 
 “Basic Rent Payment Date” means: 
  

	 	(a)	the Delivery Date; and 

  

	 	(b)	the day in the month after the month in which the Delivery Date falls which corresponds numerically to the Delivery Date and the same date in each month thereafter
provided that if the Delivery Date has no corresponding numerical day in any month, the Basic Rent Payment Date shall be the last Business Day in such month. 

 “Basic Rent Period” means a period from and including one Basic Rent Payment Date (or, in the case of the first Basic Rent Period, from and including the Delivery Date) to and including
the day immediately preceding the next succeeding Basic Rent Payment Date thereafter (or, in the case of the final Basic Rent Period, to and including the Expiry Date). 
 “Beneficiary” means Macquarie Aircraft Leasing Limited, a company incorporated under the laws of Ireland, with its registered office at Level 1, South Bank House, Barrow Street, Dublin 4,
Ireland. 
 “Broker” means AON or such other insurance broker in relation to the Insurances selected by Lessee
and reasonably satisfactory to Lessor from time to time. 
 “Business Day” means any day other than a Saturday,
Sunday or a day on which commercial banking institutions in the cities of New York, London, Dublin and Mexico City are authorised by law to be closed. 
 “Cape Town Convention” means, together, the Convention and the Aircraft Protocol. 
 “C Check” means (a) all inspections of the Aircraft (and all resulting repairs, if any) that, in accordance with the MPD, are recommended to be performed at an interval equal to the
C Check Interval, and (b) such additional tasks (and all resulting repairs, if any) that, in accordance with the MPD, have less than a C Check Interval remaining before the date on 

  
 - 52 -

 
which it is recommended they be accomplished (provided always that a C Check shall only be deemed to have been accomplished with respect to the Aircraft if (i) the Aircraft is cleared for
operation for a C Check Interval once all inspections, tasks and repairs have been performed, and (ii) (if the Current Revision has been superseded) the inspections, tasks and repairs to be performed in connection therewith are at least as
extensive as those that would have been recommended for such C Check in accordance with the Current Revision). 
 “C
Check Interval” means (a) prior to any revision of the MPD subsequent to the Current Revision and with respect to any task carrying (i) a Flight Hour interval or limit, 6,000 Flight Hours, (ii) a Cycle interval or limit,
4,500 Cycles, and (iii) a calendar interval or limit, 20 months, and (b) following each revision of the MPD subsequent to the Current Revision (i) such Flight Hour, Cycle and calendar intervals or limits (as appropriate) as Lessor and
Lessee agree (each acting reasonably) represent best industry practice relating to the delivery and redelivery of aircraft to commercial airlines under operating lease, or (ii) if Lessor and Lessee cannot agree such intervals or limits in a
timely manner from time to time, such Flight Hour, Cycle and calendar intervals or limits (as appropriate) as Lessor may designate from time to time (acting reasonably in light of such best industry practice). 

“Certificate of Acceptance” means an acceptance certificate in the form of Schedule 4 to be executed by Lessee and
Lessor on the Delivery Date to evidence the delivery and acceptance of the Aircraft. 
 “Claims Limit” is
specified in Schedule 12. 
 “Code” means the United States Internal Revenue Code of 1986, as amended.

 “Consolidated Text” means the combination of the Convention and the Aircraft Protocol that was authorized and
created pursuant to Resolution No. 1 adopted by the Cape Town Diplomatic Conference. 
 “Contracting State” is
defined in the Convention. 
 “Convention” means the Convention on International Interests in Mobile Equipment
and the Protocol thereto on Matters Specific to Aircraft Equipment opened for signature on 16 November 2001 at Cape Town, South Africa. 
 “Current Revision” means revision 34 of the MPD. 

“Cycle” means each combination of the take-off and landing of the Airframe, or in the case of an Engine or any Part, the
airframe on which such Engine or Part is then installed. 
 “Default” means any event or condition which, with
the lapse of time or the giving of notice or both, would constitute an Event of Default. 
 “Delivery Date”
means the date on which Lessee is obligated to accept delivery of the Aircraft pursuant to Clause 2 and is the date set forth in the Certificate of Acceptance. 
 “Delivery Location” is specified in Schedule 12. 

“Deregistration Power of Attorney” means a power of attorney issued, or as the context may require, to be issued by
Lessee substantially in the form set forth in Schedule 10. 
 “DGAC” means the Dirección General de
Aeronáutica Civil of Mexico. 
 “Discount Rate” means a rate of interest equal to six per cent
(6%) per annum. 
 “Dollars” and “$” means, whether capitalised or not, the lawful
currency of the United States of America. 

  
 - 53 -

 “EASA” means the European Aviation Safety Agency (as successor to the EASA)
or any person, governmental department, bureau, commission or agency succeeding to the functions of the foregoing. 

“Engine” means: (a) each of the two IAE V2527-A5 turbofan engines more particularly described in the Certificate of
Acceptance, whether or not from time to time installed on the Airframe (provided always that, with effect from completion of the Post Delivery Modification referred to in paragraph 1 of Schedule 9, the reference to “IAE V2527-A5
turbofan engines” in this paragraph (c) shall be deemed amended to read “IAE V2527E-A5 turbofan engines”); (b) any engine which may from time to time be substituted or be a replacement for any such engine pursuant to
Clause 10.2; and (c) except as otherwise provided in Clause 8.3, any and all Parts incorporated or installed in or attached thereto or removed therefrom, so long as title thereto shall remain vested in Owner in accordance with the
terms of Clause 8. 
 “Engine Agreed Value” is specified in Schedule 12. 

“Engine Hour” means, in relation to any Engine, the period measured by reference to each hour or part of an hour elapsing
from the moment the wheels of any airframe on which such Engine is installed leave the ground on take off until the wheels of such airframe next touch the ground on landing. 
 “Engine Payment Rate” means, with respect to an Engine and a month, the amount determined for such Engine and month pursuant to paragraph 3.2 of Schedule 15. 

“Event of Default” is, subject to the provisions of the Lease, defined in Clause 15. 

“Event of Loss” means, with respect to the Aircraft, the Airframe, any Engine or the APU, any of the following:
(a) the destruction, damage beyond repair or rendition of the same permanently unfit for normal use for any reason whatsoever; (b) any damage to the same which results in an insurance settlement with respect to the same on the basis of a
constructive, agreed or actual Event of Loss; (c) the condemnation, confiscation, requisition of title, sequestration, forfeiture or other loss of title to the same; (d) the confiscation, seizure, attachment, detention or sequestration
thereof which deprives Lessee of the use or possession of the Aircraft, or requisition of use of the Aircraft, for any reason for a period in excess of 60 consecutive days or, if shorter, beyond the last day of the Term; or (f) requisition of
title or other compulsory acquisition, confiscation, seizure, forfeiture, attachment, detention or other similar event, as may occur within any labour proceedings, including such cases where Lessee is appointed as depositary. An Event of Loss with
respect to an Aircraft shall be deemed to have occurred if an Event of Loss occurs with respect to the Airframe. 

“Event of Loss Payment Date” has the meaning ascribed to such term in Clause 10.1. 

“Event of Loss Proceeds” means the proceeds of any Insurances (other than amounts payable as a consequence of a claim
under the liability insurances) or any compensation or similar payment, arising in respect of an Event of Loss in respect of the Aircraft. 
 “Excluded Taxes” has the meaning ascribed to such term in Clause 9.1. 
 “Expiry Date” is specified in Schedule 12. 

“FAA” means, as context requires, the United States Federal Aviation Administration and/or the Administrator of the
United States Federal Aviation Administration, or any person, governmental department, bureau, commission or agency succeeding to the functions of either of the foregoing. 
 “FAR” means the Federal Aviation Regulations contained in Title 14 of the Code of Federal Regulations. 

  
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 “FATCA” shall mean Sections 1471 through 1474 of the Code and any
regulations or official interpretations thereof. 
 “Financiers” means together Owner, any Mortgagee and each of
the persons designated from time to time by Lessor by notice in writing to Lessee as being a person directly or indirectly providing or participating in financial support to Owner or Lessor in relation to the Aircraft and any owner or intermediary
person by, to whom or from whom the Aircraft is or is to be transferred, sold, leased or sub-leased in connection with the provision of such financial support. 
 “Financing Documents” means each of the agreements, deeds, instruments or other documents entered into by Lessor and/or any Financier in connection with the financing of the Aircraft (but
excluding the Relevant Documents). 
 “Flight Hour” means each hour or portion thereof during each period
commencing with the lift off from the runway of the wheels of the Airframe or an airframe to which an Engine is installed and concluding when the wheels of the Airframe or such other airframe touch down upon landing. 

“GAAP” means the generally accepted accounting principles (or financial information norms) imposed on companies such as
Lessee in Mexico. 
 “Government” means the government of the State of Registration or any instrumentality or
agency thereof (provided the credit of such instrumentality or agency is backed by the full faith and credit of the State of Registration). 
 “Government Entity” means and includes (i) any state or territory or political sub-division of either thereof; (ii) any governmental authority, board, commission, department,
division, organ, instrument, court, tribunal or agency of any of the persons specified in (i) above, however constituted and (iii) any association, organisation or institution of which any of the above persons is a member or to whose
jurisdiction any thereof is subject or in whose activities any such person is a participant. 
 “Habitual Base”
of the Aircraft shall be Aeropuerto International de Toluca, Estado de Mexico, Mexico. 
 “Hereby”,
“herein”, “hereof”, “hereunder”, and other like words shall refer to the Lease as originally executed or as amended, modified or supplemented pursuant to the applicable provisions hereof, including,
without limitation, as supplemented by the Certificate of Acceptance. 
 “Home Jurisdiction” is specified in
Schedule 12. 
 “IDERA” means an irrevocable, deregistration and export request authorization addressed by
Lessee to the FAA, substantially in the form attached hereto as Schedule 17. 
 “IFRS” means International
Financial Reporting Standards or the equivalent as developed by the International Accounting Standards Board (or any successor body) from time to time. 
 “Incentive Rate” means a rate of interest equal to LIBOR in respect of such periods as Lessor shall select from time to time, plus the Margin, but in no event greater than the maximum
rate permitted by applicable law. 
 “Indebtedness” of any person means, on any date, all indebtedness of such
person as of such date, and shall include the following: (i) all indebtedness of such person for monies borrowed or raised; (ii) all obligations of such person evidenced by bonds, debentures, notes or other similar instruments;
(iii) all obligations of such person to pay the deferred purchase price of property or services (other than trade liabilities due within 30 days); (iv) all obligations of such person under capital (finance) leases; (v) all
indebtedness secured by 

  
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a Lien on any asset of such person, whether or not such person has assumed or is otherwise liable for such indebtedness; (vi) all indebtedness of others guaranteed in any manner, directly or
indirectly, by such person (or in effect guaranteed indirectly, by such person through an agreement intended to have the effect of indebtedness or to assure the holder of indebtedness of such obligor against loss, whether through an obligation of
such person to purchase property or services or to maintain such obligor’s financial condition or otherwise); (vii) all reimbursement obligations of such person in respect of letters of credit, foreign currency sale agreements and
bankers’ acceptances, except such as are obtained by such person to secure performance of obligations (other than for monies borrowed or raised or similar obligations) incurred in the ordinary course of such person’s business; and
(viii) all obligations of such person under interest rate, currency, commodity or other swap or hedging transactions, marked to market as if termination had occurred. 
 “Indemnitee” means together Lessor, Beneficiary, Owner, each Financier and the Servicer and their respective shareholders, affiliates, directors, officers, agents, employees, successors
and permitted assigns and transferees. 
 “Insurances” means any and all contracts and policies of insurance
required to be effected and maintained by Lessee under the Lease. 
 “Insured Value” with respect to the
Aircraft means the amount specified in Schedule 12. 
 “Insurers” means the insurers under the Insurances.

 “International Registry” means the registry established pursuant to the Cape Town Convention. 

“JAA” means the European Joint Aviation Authorities. 

“Landing Gear” means the nose gear and both left hand and right hand main gear assemblies excluding the wheels, tyres and
brakes. 
 “Landing Gear Overhaul” means any overhaul/restoration to zero time of the Landing Gear assembly in
accordance with the manufacturer’s component manual at shop and does not include any replacement, repair or overhaul of any rotable components, any cleaning or replacement of seals, any repair of brakes, wheels or tyres, brake rods, struts or
braces, in each case, that occurs any more frequently than a full overhaul. 
 “Landing Gear Payment Rate” means
the amount designated as such in paragraph 3.4 of Schedule 15 (as the same may be increased from time to time pursuant to paragraph 4.2.1 of Schedule 3). 
 “Latest Delivery Date” is specified in Schedule 12. 

“Law of Insolvency Proceedings” means the Ley de Concursos Mercantiles dated 12 May 2000. 

“Lease” means this Aircraft Lease Agreement, as the same may be amended or supplemented from time to time, and, where
appropriate, the Certificate of Acceptance. 
 “Lessee” is defined in the initial paragraph of the Lease and
shall include its successors and permitted assigns. 
 “Lessee’s Process Agent” is specified in
Schedule 12. 
 “Lessor” is defined in the initial paragraph of the Lease and shall include its successors
and assigns and transferees. 
 “Lessor Lien” means any Lien with respect to the Aircraft or any part thereof
which results from (a) non-payment by Lessor or Owner of any Taxes imposed on Lessor, Servicer, Owner, Beneficiary, any Financier or any person lawfully claiming by or through any of them (except Taxes as to which Lessee is obliged to provide
indemnification 

  
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hereunder), (b) claims against Lessor, Owner, Owner Participant, Servicer, any Financier or any person lawfully claiming by or through any of them in relation to the financing of the
Aircraft, any Engine or Part or claims against any or all of them not related to the transactions described in the Lease or the leasing of the Aircraft, (c) an affirmative act, or failure to act (where action is required) of Lessor or Owner not
related to the transactions contemplated by the Lease or (d) any Mortgage. 
 “Lessor’s Bank Account”
is specified in Schedule 12. 
 “Letter of Quiet Enjoyment” means a written confirmation by each of Owner,
Servicer, Beneficiary, Superior Lessor, and any collateral agent or security trustee and their respective successors and permitted assigns, in form and substance reasonably satisfactory to Lessee, confirming such person’s covenant not to
interfere with Lessee’s quiet and peaceful use and enjoyment of the Aircraft in the absence of an Event of Default. 

“LIBOR” means in relation to any period (a “reference period”): 

 

	 	(a)	the British Bankers’ Association Interest Settlement Rate (as such rate appears on certain pages of the Reuters or Telerate screens or such other page or service
as may replace it for the purpose of displaying London inter-bank Dollar offered rates of leading reference banks) which is quoted as of 11 a.m. (London time) on the day which is two (2) London Business Days prior to the commencement of the
relevant reference period as being the interest rate offered in the inter-bank Market for Dollar deposits of a comparable amount to the amount in question for the same or as close as possible to the relevant reference period; or

  

	 	(b)	if Lessor notifies Lessee that, due to circumstances affecting the London inter-bank market generally, deposits in Dollars are not in the ordinary course of business
available in the London inter-bank market for a period similar to the reference period, Lessor will inform Lessee of the rate in place of LIBOR that Lessor is able to obtain in the international markets and which, in the reasonable opinion of
Lessor, most closely equates to LIBOR. While the circumstances affecting the London inter-bank market persist, that alternative rate will apply as LIBOR for all purposes of the Lease. 

“Lien” means any mortgage, pledge, lien, charge, encumbrance, lease, exercise of rights, right of detention or retention,
security interest or assignment by way of security. 
 “LLP” means a life limited part in an Engine. 

“LLP Payment Balance” means, in relation to any Engine and subject to Clause 10.2 and paragraph 5.5 of
Schedule 3, the aggregate of all Maintenance Payment Amounts received by Lessor with respect to such Engine pursuant to paragraph 4.1.1 of Schedule 3 less the aggregate of all amounts paid by Lessor with respect to such Engine
pursuant to paragraph 5.3 of Schedule 3. 
 “LLP Payment Rate” means the amount designated as such in
paragraph 3.1 of Schedule 15 (as the same may be increased from time to time pursuant to paragraph 4.2.1 of Schedule 3). 
 “London Business Day” means a day other than a Saturday, Sunday or a day on which commercial banking institutions in the city of London are authorised by law to be closed. 

“Losses” includes all losses (whether direct, indirect, special, incidental or consequential) including daños y
perjuicios, suits, damages, liabilities, claims, proceedings, actions, penalties, fines, duties, fees, rates, levies, charges, demands, royalties or other sanctions of a monetary nature, insurance premiums, calls, judgments, costs and expenses
(including any and all reasonable legal fees and expenses and the reasonable fees and expenses of other professional advisers), (other than (i) Taxes and (ii) any of the foregoing items arising from any breach by any party to the Relevant
Documents other than Lessee). 

  
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 “Maintenance Items” has the meaning given to it in paragraph 4.1 of
Schedule 3. 
 “Maintenance Manual” means, as the context requires, either the Aircraft Maintenance Manual
issued by the Airframe Manufacturer or the Engine Manual issued by the Engine Manufacturer or other maintenance manuals issued by Suppliers relating to Parts. 
 “Maintenance Payment Amounts” is defined in Schedule 3. 

“Maintenance Payment Balance” means, in relation to any Maintenance Item at any time and subject to Clause 10.2 and
paragraphs 5.4 and 5.5 of Schedule 3, the aggregate of all Maintenance Payment Amounts received by Lessor with respect to such Maintenance Item pursuant to paragraph 4.1 of Schedule 3 at such time less the aggregate of all
amounts paid by Lessor with respect to such Maintenance Item pursuant to paragraph 5.3 of Schedule 3 prior to such time. 
 “Maintenance Payment Year” means the period commencing on and including the Delivery Date and ending on and including the last day of the year in which the Delivery Date occurs and
thereafter each period commencing on and including the first day of the next year and ending on and including the last day of such year or, in the case of the final Maintenance Payment Year, ending on and including the last day of the Term.

 “Maintenance Program” means Lessee’s overhaul and maintenance program for aircraft of the same type as
the Aircraft, as approved by the Aeronautics Authority and accepted by Lessor (such acceptance not to be unreasonably withheld or delayed), which shall substantially conform to the MPD and the MRB Document then in effect, and which includes
(i) the inspection schedule for the Aircraft (structure, components, systems and Engines), and (ii) the list of controlled component items (Airframe and Engines). 

“Mandatory Service Bulletins”, whether capitalised or not, means all Service Bulletins identified as
“mandatory” by the issuing Manufacturer or Supplier. 
 “Manufacturer” means (a) as to the
Engines, International Aero Engines and (b) as to the Airframe, Airbus. 
 “Margin” is specified in
Schedule 12. 
 “Mexico” means the United Mexican States. 

“Module” means any of the six modules of an Engine, namely the high pressure compressor (“HPC”), high pressure
turbine (“HPT”), combustor, fan booster/low pressure compressor (“Fan Booster/LPC”), low pressure turbine (“LPT”), and gearbox. 
 “Mortgage” means any security interest in the Aircraft granted by Owner from time to time. 
 “Mortgagee” means any entity or entities to which Owner grants a security interest in the Aircraft and such entity’s or entities’ successors and assigns provided that Lessor or
Owner has given Lessee notice of any such assign. 
 “MPD” means the Manufacturer’s approved Maintenance
Planning Document for aircraft of the same type as the Aircraft which is in effect at the relevant time. 
 “MRB
Document” means the FAA Maintenance Review Board Document for aircraft of the same type as the Aircraft which is in effect at the relevant time. 
 “Other Leases” shall mean any other aircraft or engine lease agreement (excluding this Lease) from time to time entered into between Lessor or Owner or any person managed by the Servicer,
as lessor, and Lessee, as lessee. 

  
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 “Owner” means Wells Fargo Bank Northwest, National Association (not in its
individual capacity but solely as owner trustee under a trust agreement with Beneficiary), or any permitted assignee thereof notified by Lessor to Lessee as being the owner of the Aircraft. 

“Parts” means any and all appliances, parts, instruments, accessories, furnishings, seats and other equipment of whatever
nature (other than complete Engines or engines), which (a) are from time to time incorporated or installed in or attached to the Airframe or an Engine, or (b) having been so installed or attached, are later removed therefrom, so long as
title thereto remains vested in Owner in accordance with Clause 8. 
 “Performance Restoration” means, in
relation to an Engine, the accomplishment of (a) a Level 3 refurbishment workscope of the combustor, nozzle guide vane and high pressure turbine sub-modules in such Engine, and (b) such additional work to the sub-modules of such Engine
designed to result in an estimated target run time of at least 7,000 Cycles of on wing operation of such Engine before its next anticipated removal, in each case in accordance with the Engine Manufacturer’s then current V2500-A5 Maintenance
Management Plan. 
 “Permitted Liens” means, in connection with the Aircraft or any part thereof, (a) this
Lease and the other Relevant Documents and the rights of the parties hereunder or thereunder; (b) Liens for Taxes, assessments, other governmental charges or charges due to air traffic control authorities or airports, in each case either not
yet due (but excluding any such Lien for Taxes, assessments, other governmental charges or charges payable to air traffic control authorities or airports that would have been due but for a rescheduling of the due date thereof that has not been
consented to in writing by Lessor) or being contested in good faith (and for the payment of which adequate reserves in accordance with GAAP or IFRS have been provided) by appropriate proceedings so long as such proceedings do not involve any danger
of the sale, forfeiture, loss or loss of use of the Aircraft, the Airframe or any Engine or any interest therein; (c) materialmen’s, mechanics’, workers’, repairers’, employees’, or other like Liens arising in the
ordinary course of business for amounts the payment of which is either not yet due or is being contested in good faith (and for the payment of which adequate reserves in accordance with GAAP or IFRS have been provided) by appropriate proceedings so
long as such proceedings do not involve danger of the sale, forfeiture or loss of use of the Aircraft, the Airframe or any Engine or any interest therein; (d) any other Liens with respect to which Lessee shall have provided security in form and
amount reasonably acceptable to Lessor; (e) the Lien of any Mortgage or any other Lien created pursuant to the Financing Documents; and (f) Lessor Liens. 
 “PMA Part” means a replacement part which has not been manufactured by the original manufacturer of the Part to be replaced, but which meets the requirements of FAR 21.303. 

“Post-Delivery Modifications” has the meaning given to such expression in Clause 8.6. 

“Prohibited Country” means any state, country or jurisdiction which is subject from time to time to any United Nations
Sanctions Order, European Union imposed sanction, US Export Controls (taking into account the possibility of obtaining applicable consents or licences), the United Kingdom Export of Goods (Control) Order 1992, the Dual-Use and Related Goods (Export
Control) (Amendment) Regulations 1997 pursuant to the European Communities Act 1972 or any statutory modification or re-enactment thereof or successor or similar or corresponding legislation then in effect in the United Kingdom, France, Spain
or Germany, the effect of which taking into account the possibility of obtaining applicable consents or licences, prohibits the exporting of the Aircraft to and/or the operation of the Aircraft to, from or within such state, country or jurisdiction.

 “Recommended Service Bulletin” whether capitalised or not, means a Service Bulletin identified as
“recommended” by the issuing Manufacturer or Supplier. 

  
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 “Redelivery Certificate” means a certificate substantially in the form of
Schedule 13 to be executed by Lessee and Lessor to evidence the redelivery of the Aircraft to Lessor. 
 “Redelivery
Location” means the facility of the Authorised Maintenance Performer performing the inspections and repairs required under Schedule 6, Part B, or such other location as may be mutually agreed in writing between Lessor and Lessee.

 “Reference Banks” means the respective principal London offices of Citibank and JP Morgan Chase and/or such
other banks as may from time to time be designated by Lessor. 
 “Reinsurances” is defined in Clause 11.1.

 “Relevant Documents” means the Lease, the Certificate of Acceptance, the Deregistration Power of Attorney and
all other agreements, documents or instruments which may be entered into, executed and/or delivered in connection with or pursuant to any of the foregoing. 
 “Relevant Work” is defined in Schedule 3. 

“Rent” means Basic Rent and Supplemental Payments, collectively. 

“Responsible Officer” means the Chief Executive Officer, Chief Financial Officer, Chief Legal Officer and Fleet Planning
Director (or any person with an equivalent title to any of the foregoing) of Lessee. 
 “Security Deposit”
means, as the context shall require, the cash amounts to be paid by Lessee to Lessor, or each letter of credit delivered by Lessee to Lessor from time to time, in accordance with Clause 4.4. 

“Security Letter of Credit” means an irrevocable standby letter of credit issued by a Security Letter of Credit Issuer in
the Security Letter of Credit Face Amount in the form and substance of Schedule 7, or such other form as may be agreed to by Lessor (acting reasonably). 
 “Security Letter of Credit Face Amount” is specified in paragraph 2.2 of Schedule 15. 
 “Security Letter of Credit Issuer” shall mean a major bank rated AA or better by Moody’s Investor Services or Standard & Poor’s based in New York, London or Frankfurt
and otherwise reasonably acceptable to Lessor. 
 “SENEAM” means Servicios a la Navegación en el
Espacio Aereo Mexicano, a Government Entity in charge of providing air navigation services to all air carriers, in Mexico. 

“Service Bulletin” means a service bulletin which is issued by a Manufacturer or Supplier and is applicable to aircraft
of the same type as the Aircraft or engines of the same type as the Engines or items of equipment of the same type as the Parts. 

“Servicer” means (a) collectively Macquarie Aircraft Leasing Services (Ireland) Limited, Macquarie Aircraft Leasing
Services (UK) Limited, Macquarie Aircraft Leasing Services (US) Inc. and Macquarie Aircraft Leasing Services (Singapore) Pte. Limited in their capacities as servicers or sub-servicers of or with respect to Lessor, or (b) such other entity or
entities as Lessor may notify Lessee from time to time. 
 “Six Year Check” means (a) the intermediate
airframe structural and zonal inspection of the Aircraft (and all resulting repairs, if any) that, in accordance with the MPD, are recommended to be performed at six year intervals, and (b) such additional tasks (and all resulting repairs, if
any) that, in accordance with the MPD, have less than a C Check Interval remaining before the date on which it is recommended they be accomplished (provided always that a Six Year Check shall only be deemed to have been performed with respect to the
Aircraft if (i) the Aircraft is cleared for operation for a C Check Interval once all inspections, tasks and repairs have been performed, and (ii) (in the case that the Current Revision has been superseded) the inspections, tasks and
repairs to be performed in connection therewith are at least as extensive as those that would have been recommended for such Six Year Check in accordance with to the Current Revision). 

  
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 “Six Year Check Payment Rate” means the amount designated as such in
paragraph 3.3.1 of Schedule 15 (as the same may be increased from time to time pursuant to paragraph 4.2.1 of Schedule 3). 
 “State of Registration” is specified in Schedule 12. 

“Superior Lease” means that certain aircraft lease agreement of even date herewith between Owner and Lessor, and any
other lease, conditional sale, instalment sale, hire purchase or other similar document entered into between Owner and Lessor in connection with the Aircraft. 
 “Supplemental Payments” means all amounts, liabilities and obligations (other than Basic Rent) which Lessee assumes, agrees or is obligated to pay under the Lease or any other Relevant
Document. 
 “Supplier” means the manufacturer, vendor or supplier of any part of the Aircraft other than a
Manufacturer. 
 “Tax” includes any present or future tax, levy, impost, duty, charge, fee, deduction or
withholding of any nature and whatever called (including stamp, documentary, registration, value added tax or other like tax, duty or charge), together with any penalties, fines or interest imposed thereon, imposed, levied, collected, withheld or
assessed by any person in any jurisdiction. 
 “Tax Indemnitee” means each of Lessor, Beneficiary, Owner,
Servicer, any Mortgagee, any Financier and each person with whom any of the foregoing files a consolidated Tax return. 

“Twelve Year Check” means (a) a Six Year Check, and (b) the heavy airframe structural and zonal inspection of
the Aircraft (and resulting repairs, if any) that, in accordance with the MPD, are recommended to be performed at twelve year intervals (provided always that a Twelve Year Check shall only be deemed to have been performed with respect to the
Aircraft if (in the case that the Current Revision has been superseded) the inspections, tasks and repairs to be performed in connection therewith are at least as extensive as those that would have been recommended for such Twelve Year Check in
accordance with to the Current Revision. 
 “Twelve Year Check Payment Rate” means the amount designated as such
in paragraph 3.3.2 of Schedule 15 (as the same may be increased from time to time pursuant to paragraph 4.2.1 of Schedule 3). 
 “Term” means the period for which the Aircraft is leased under the Lease pursuant to Clause 3 of the Lease. If such period is shortened or extended, the word “Term” shall
be deemed to refer to such period as so shortened or extended, and all provisions of the Lease shall apply until the expiration date of such period, except as may be otherwise specifically provided herein. 

“Termination Date” means the date upon which Lessor terminates the leasing of the Aircraft under Clause 16 of the
Lease. 
  

	2.	Construction 

 Except to
the extent that the context requires otherwise, any reference in the Lease to: 

			
		
	2.1.1	  	a statutory or legislative provision, shall be construed, at any particular time, as including a reference to any modification, extension or re-enactment thereof then in force and
all instruments, orders and regulations then in force and made under or deriving validity from the relevant provision;

  
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	2.1.2	  	any other agreement or document shall be construed as a reference to such other agreement or document as the same may have been, or may from time to time be, amended, varied,
novated or supplemented;
		
	2.1.3	  	a “Clause” or “Schedule” is a reference to a Clause of, or Schedule to, the Lease;
		
	2.1.4	  	a person being an “affiliate” of another means that that person directly or indirectly controls, is controlled by, or is under common control with, that other
person;
		
	2.1.5	  	“consent” also includes an approval, authorisation, exemption, filing, licence, order, permission, recording or registration (and references to obtaining consents shall be
construed accordingly);
		
	2.1.6	  	one person being “controlled” by another means that that other (whether directly or indirectly and whether by the ownership of share capital, the possession of voting
power, contract or otherwise) has the power to appoint and/or remove all or the majority of the members of the board of directors or other governing body of that person or otherwise controls or has the power to control the affairs and policies of
that person;
		
	2.1.7	  	“law” includes common, customary or civil law and any constitution, decree, judgment, legislation, order, ordinance, regulation, statute, treaty or other legislative
measure in any jurisdiction or any present or future directive, regulation, request or requirement or any judicial or administrative decision, ruling, judgment, order (or interpretation or application of any of the same), whether or not having the
force of law, but if not having the force of law, only if compliance with that law is in accordance with the general practice of persons to whom it is intended to apply;
		
	2.1.8	  	a “month” is a reference to a period starting on one day in a month of the year and ending on the numerically corresponding day in the next succeeding month, except that
if there is no numerically corresponding day in the next month of the year, that period shall end on the last day of that next succeeding month;
		
	2.1.9	  	a “person” includes any individual, company, corporation, firm, partnership, joint venture, association, organisation, trust, state or agency of a state (in each case,
whether or not having separate legal personality) and any assignee or successor in title to that person;
		
	2.1.10	  	the “winding up” of a person also includes the amalgamation, reconstruction, reorganisation, administration, dissolution, liquidation, merger or consolidation of that
person, and any equivalent or analogous procedure under the law of any jurisdiction in which that person is incorporated, domiciled or resident or carries on business or has assets;
		
	2.1.11	  	the Table of Contents, the Lease Summary and Clause headings are for convenience only and are to be ignored in construing the Lease;
		
	2.1.12	  	where the context so admits, words importing the singular number only shall include the plural and vice versa;
		
	2.1.13	  	references to a provision of the Cape Town Convention will, unless it is specifically stated to be a reference to a provision of the Convention or, as the case may be, the Aircraft
Protocol, be a reference, whether stated or not, to the relevant provision of the Consolidated Text, and reference to any provision of the Consolidated Text shall include a reference to the provision(s) of the Convention and/or the Aircraft Protocol
from which such provision(s) is/are derived; and

  
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	2.1.14	  	unless the context requires otherwise, the terms “associated rights”, “Contracting State”, “creditor”, “debtor”, “de-registration of the
aircraft”, “international interest”, “International Registry” and “prospective international interest” shall have for all purposes of the Lease the respective meanings given to them in the Cape Town Convention and
such meanings shall be equally applicable to both the singular and the plural forms of such terms.

  
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 Schedule 2 

Conditions Precedent 
  

	1.	Conditions Precedent to Lessor’s obligation to lease the Aircraft to Lessee 

 

	1.1	On the date of execution of the Lease by Lessee, Lessor shall have received the following: 

 

	 	1.1.1	written evidence of appropriate corporate action, certified by a duly authorised representative of Lessee, duly authorising the lease of the Aircraft hereunder and the
execution, delivery and performance of the Relevant Documents to which Lessee is a party, together with appropriate evidence as to the authority of the person or persons executing and delivering the Relevant Documents on behalf of Lessee, all such
documents to be in form and substance satisfactory to Lessor; 

  

	 	1.1.2	a copy of the constitutional documents of Lessee, certified by a duly authorised representative of Lessee as a true and complete copy; and 

 

	 	1.1.3	the management prepared balance sheet of Lessee as at December 31, 2010, and the audited statement of income of Lessee for the year ended on December 31,
2009. 

  

	1.2	On or prior to the Anticipated Delivery Date, Lessor shall have received the following in form and substance satisfactory to Lessor: 

 

	 	1.2.1	a copy of the Maintenance Program in form and substance satisfactory to Lessor (acting reasonably), which Lessor hereby agrees shall be subject to the confidentiality
provisions of Clause 17.16; 

  

	 	1.2.2	satisfactory evidence that the Aeronautics Authority has approved the Maintenance Program; and 

 

	 	1.2.3	confirmation that Lessee has duly registered itself as a transaction user entity with the International Registry. 

 

	1.3	On or prior to the Anticipated Delivery Date, Lessor shall have received the remaining balance of the Security Deposit in the amount and manner provided for in
Clause 4.4, paragraph 2.1 of Schedule 3 and paragraph 2.1 of Schedule 15. 

  

	1.4	On or prior to the Delivery Date, Lessor shall have received the first payment of Basic Rent. 

 

	1.5	On or prior to the Delivery Date, Lessor shall have received the following, each in form and substance satisfactory to Lessor: 

 

	 	1.5.1	the Certificate of Acceptance, duly executed by Lessee, dated the Delivery Date; 

 

	 	1.5.2	copies of all licenses and permits required for the operation of the Aircraft in the State of Registration; 

 

	 	1.5.3	a certificate signed by a duly authorised officer of Lessee, dated the Delivery Date, to the effect that: 

 

	 	(a)	the representations and warranties made by Lessee in the Relevant Documents are true and correct on and as of the Delivery Date as though made on and as of such date,
except to the extent that such representations and warranties expressly relate to an earlier date, in which case the relevant representations and warranties shall be correct as of such earlier date; and 

 

	 	(b)	no Default or Event of Default has occurred and is continuing, or would result from the lease of the Aircraft hereunder; 

  
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	 	1.5.4	the favourable written opinion of in-house counsel to Lessee, addressed to Lessor and Financiers, in form and substance reasonably acceptable to such parties;

  

	 	1.5.5	except for the post-delivery authorizations or filings set forth as conditions subsequent under paragraph 3 of this Schedule 2, all authorizations and
approvals of, and notices to, and filings and recordings with, all regulatory bodies and authorities which are conditions to the validity and/or enforceability of the Lease or Lessee’s performance thereunder have been accomplished;

  

	 	1.5.6	insurance and reinsurance certificates and a letter of undertaking from independent aircraft insurance brokers evidencing Lessee’s compliance with the provisions
of Clause 11; 

  

	 	1.5.7	an acknowledgement of the security assignment of this Lease in favour of Citibank N.A., in the form of Schedule 16, executed on behalf of Lessee;

  

	 	1.5.8	a Deregistration Power of Attorney, duly executed by Lessee and notarized by a Mexican notary public; 

 

	 	1.5.9	satisfactory evidence that Lessee’s agent for service of process specified in Clause 17.6 has accepted such appointment; and 

 

	 	1.5.10	a Spanish translation of the Lease certified by a translator authorized by the Superior Tribunal of Justice of the Federal District of Mexico or by the Council of the
Federal Judiciary. 

  

	1.6	No Default or Event of Default shall have occurred and be continuing and no default or event of default shall have occurred and be continuing under any Other Lease.

 These conditions are included for the sole benefit of Lessor and may be waived or deferred in whole or in part by Lessor who
may attach to such waiver or deferral such further or other conditions as it reasonably thinks fit. 
  

	2.	Conditions Precedent to Lessee’s Obligation to Accept the Aircraft on Lease from Lessor 

 

	2.1	The Aircraft shall be in the condition and configuration specified in Part A of Schedule 6, subject only to minor deviations therefrom acceptable to Lessee
(acting reasonably); and 

  

	2.2	On or before the Delivery Date, Lessee shall have received: 

  

	 	2.2.1	a certificate signed by a duly authorised officer of the Servicer, to the effect that all appropriate action has been taken to authorise or ratify the lease by Lessor
of the Aircraft hereunder and the execution, delivery and performance by Lessor of the Lease, together with an incumbency certificate as to the person or entity or persons authorised to execute and deliver said certification and said documents on
behalf of Lessor; 

  

	 	2.2.2	a certificate signed by a duly authorised officer of the Servicer, dated the Delivery Date, to the effect that the representations and warranties contained in
Clause 5.1 are true and correct on and as of such date as though made on and as of such date in form and substance reasonably satisfactory to Lessee; and 

 

	 	2.2.3	duly signed Letters of Quiet Enjoyment from each of Owner, Beneficiary, Servicer and Citibank, N.A. as collateral agent. 

 

	3.	Conditions Subsequent 

  

	3.1	Lessee covenants and agrees to provide to Lessor each of the following items as promptly as practicable and in any event within ten (10) Business Days following
the Delivery Date: 

  
 - 65 -

	 	3.1.1	evidence satisfactory to the Lessor that all applicable required import licenses (pedimento de importación) have been obtained and customs duties, if any,
in respect of the Aircraft have been paid in full by Lessee (or, if the same are not yet payable, that arrangements satisfactory to the Lessor have been made for the payment thereof by Lessee when they become payable), it being acknowledged that the
document evidencing importation of the Aircraft will only be available upon Lessee’s import of the Aircraft into Mexico, and that it is expected that such import will be exempt from Taxes; 

 

	 	3.1.2	evidence satisfactory to Lessor that this Lease and, at Lessor’s cost, any Superior Lease, any Mortgage and any security assignment of this Lease shall, to the
extent possible and unless any failure results from an act or omission of Lessor or any person claiming by or through Lessor, have been duly filed with the Aeronautics Authority and any other appropriate Government Entities in the State of
Registration or elsewhere, together with file-stamped copies of each such document (if available); 

  

	 	3.1.3	a copy of the form containing the AEP Code required in respect to the Aircraft issued by the registry of the DGAC to enable the professional user entity designated by
Lessor to register the international interests (and assignments thereof) created pursuant to this Lease, any Superior Lease, any Mortgage and any security assignment of this Lease (the “Specified Interests”) at the International Registry,
and that Lessee has consented to such professional user entity acting as its professional user entity for dealings with the International Registry with respect to the Specified Interests; 

 

	 	3.1.4	evidence satisfactory to Lessor that the international interests created by this Lease and, at Lessor’s cost, the other Specified Interests have been filed with
the International Registry; 

  

	 	3.1.5	evidence that Lessee has been assigned by the registry of the Aeronautics Authority with provisional registration marks for the Aircraft by means of an Oficio de
Asignacion de Matricula Provisional and, on the basis of such provisional registration, obtained a Provisional Certificate of Airworthiness (Certificado Provisional de Aeronavegabilidad) issued by the Aeronautics Authority after
conducting the corresponding on-site technical inspection of the Aircraft; and 

  

	 	3.1.6	evidence that the details of the Aircraft have been added to the list of aircraft covered by the Maintenance Program. 

 

	3.2	Lessee covenants and agrees that as promptly as practicable and in any event within thirty (30) Business Days of the Delivery Date, Lessee shall provide Lessor
with evidence that Lessee has received authorization from the DGAC to incorporate the Aircraft into its fleet, which evidence shall include, but not be limited to, a copy of Lessee’s air operator’s certificate and/or operations
specifications, duly annotated to reflect the inclusion of the Aircraft, and a copy of the approval issued by the DGAC for the commencement of operations of the Aircraft. 

 

	3.3	Lessee covenants and agrees that as promptly as practicable following receipt thereof and in any event within sixty (60) Business Days of the Delivery Date, Lessee
shall provide Lessor with a copy of the permanent Certificate of Registration of the Aircraft issued by the registry of the DGAC and such permanent Certificate of Registration shall (a) note the name of the Owner, as owner of the Aircraft, and
(b) include the identifying details of the Lease (to the extent such details are customarily provided). 

  
 - 66 -

 Schedule 3 

Rent And Other Payments 
  

	1.	BASIC RENT 

  

	1.1	Payment of Basic Rent 

  

	 	1.1.1	Lessee will pay to Lessor Basic Rent each month throughout the Term. 

  

	 	1.1.2	The first instalment of Basic Rent will be due and payable on the first Basic Rent Payment Date. 

 

	 	1.1.3	Each subsequent instalment of Basic Rent will be due and payable on each subsequent Basic Rent Payment Date throughout the Term. 

 

	1.2	Basic Rent Amounts 

 The Basic
Rent in respect of each Basic Rent Period during the Term will be calculated in accordance with paragraph 1 of Schedule 15. 
  

	2.	SECURITY DEPOSIT 

 The
amount of the Security Deposit and the timing of the payments of the same to Lessor are set forth in Schedule 15. 
  

	3.	[INTENTIONALLY OMITTED] 

  

	4.	MAINTENANCE PAYMENT AMOUNTS 

  

	4.1	Payment of Maintenance Payment Amounts 

 In addition to the Basic Rent payable under paragraph 1 of this Schedule 3 and subject to the remaining provisions of this paragraph 4, Lessee will pay to Lessor on the fifteenth
(15th) day of each consecutive month during the Term, commencing on the fifteenth (15th) day of the month immediately following the month in which the Delivery Date occurs, and on the last day of the Term, the following amounts
(“Maintenance Payment Amounts”) in relation to the following parts, overhauls and inspections of the Aircraft (“Maintenance Items”): 
  

	 	4.1.1	in relation to the life limited parts (“LLPs”) in each Engine, an amount equal to the LLP Payment Rate multiplied by the number of Cycles
accumulated on each Engine during the immediately preceding month; 

  

	 	4.1.2	in relation to Engine Performance Restoration of an Engine, an amount equal to the Engine Payment Rate for such Engine and the immediately preceding month determined in
accordance with paragraph 3.2 of Schedule 15 multiplied by the number of Engine Hours accumulated on such Engine during the immediately preceding month. 

 

	 	4.1.3	in relation to the Airframe: 

  

	 	(a)	for the Six Year Check, an amount equal to the Six Year Check Payment Rate for each month or part thereof, and 

 

	 	(b)	for the Twelve Year Check, an amount equal to the Twelve Year Check Payment Rate for each month or part thereof; 

 

	 	4.1.4	in relation to overhaul of the Landing Gear, an amount equal to the Landing Gear Payment Rate per month or part thereof; and 

 

	 	4.1.5	in relation to APU Maintenance or APU Heavy Repair, an amount equal to the APU Payment Rate multiplied by the number of APU Hours accumulated on the APU during the
immediately preceding month. 

  
 - 67 -

	4.2	Assumptions and Adjustments 

  

	 	4.2.1	 The Maintenance Payment Rates and the amounts in the table set out in paragraph 3.2 of Schedule 15 (the “Engine Table
Amounts”) have been calculated on the basis of economic conditions prevailing in January 2011 and shall be adjusted by Lessor on or about the 1st day of January of each year after the Delivery Date, as follows: 

 

	 	(a)	in the case of the LLP Payment Rate, utilising the then current LLP catalogue prices and changes in LLP life limits (assuming a ten percent (10%) stub life); and

  

	 	(b)	in the case of all other Maintenance Payment Rates and the Engine Table Amounts, at a rate of 3.0% per annum. 

All new Maintenance Payment Rates and the Engine Table Amounts will be supplied promptly to Lessee, and Lessee will pay Maintenance
Payment Amounts in accordance with the adjusted Maintenance Payment Rates for that year. If the adjustment for any year takes place after February 1st in that year, it shall be retroactive to the first day of that year. 

 

	 	4.2.2	The Engine Table Amounts have been calculated on the assumptions that each Engine will be operated solely within Mexico and between Mexico and the United States of
America (with at least one quarter of all departures being from the United States of America) at an average de-rate of 10%. If any or all of such assumptions proves to be incorrect for an Engine in any Maintenance Payment Year, Lessor (acting
reasonably) may, following consultation with Lessee, or shall at Lessee’s reasonable request, after the end of such Maintenance Payment Year (or, in the case of the final Maintenance Payment Year, on the last day of the Term) (1) amend the
Engine Table Amounts by reference to the changed assumptions, and (2) recalculate the Engine Maintenance Payment Amounts for such Maintenance Payment Year by reference to such amended Engine Table Amounts. If the effect of such recalculation is
that the aggregate amount paid by Lessee pursuant to paragraph 4.1.2 for the Maintenance Payment Year in question: 

  

	 	(a)	exceeds the amount which would have been paid by it had Lessee paid the recalculated amounts for the Maintenance Payment Year in question, Lessee shall be entitled to a
credit equal to the excess, such credit to be applied evenly against the payments of Maintenance Payment Amounts to be made by Lessee in respect of Engine Performance Restoration for the subsequent 12 months of operation. If any such credit is
remaining on the last day of the Term, Lessor shall off-set an amount equal to such remaining credit against any other amounts then due from Lessee under this Lease or any other Relevant Document and, provided no Event of Default shall have then
occurred which is continuing or following cure of the same and provided Lessee shall have returned the Aircraft to Lessor in compliance with the requirements of this Lease, Lessor shall promptly pay any balance thereof to Lessee; or

  

	 	(b)	is less than the amount which would have been paid by it had Lessee paid the recalculated amounts for the Maintenance Payment Year in question, Lessee shall pay to
Lessor an amount equal to the shortfall in 12 (twelve) equal monthly instalments over the subsequent 12 months of operation. If any amount of such shortfall is still owing by Lessee on the last day of the Term, such amount shall be paid in full by
Lessee on the last day of the Term. 

  
 - 68 -

 If Lessee fails to report the derate of an Engine in any month it shall be assumed to be
***** until the actual rate is reported provided the same is reported no later than 30 days following the end of the relevant maintenance year. 
  

	 	4.2.3	The Maintenance Payment Amounts for the Six Year Check and the Twelve Year Check include routine and non-routine labour and material for MPD structural and zonal tasks
and MPD systems tasks having an interval greater than a C Check Interval carried out concurrently with the Six Year Check or the Twelve Year Check. 

  

	4.3	Ownership of Maintenance Payment Amounts 

 All Maintenance Payment Amount payments paid by Lessee to Lessor become the property of Lessor upon receipt. This paragraph 4.3 is without prejudice to Lessee’s rights under paragraph 5.3
below. 
  

	5.	LESSOR’S BASIC CONTRIBUTION TO THE COST OF RELEVANT WORK 

  

	5.1	Payments by Lessor 

 Lessor will,
subject to no Default or Event of Default having occurred which is continuing (or promptly following cure thereof and to the extent such amounts are not used to effect such cure and are not reimbursed by Lessee), pay to Lessee the amounts referred
to in paragraph 5.3 by way of contribution to the cost incurred by Lessee in performing the tasks specified in paragraph 5.2 (the “Relevant Work”), in each case provided that: 

 

	 	5.1.1	Lessor has received Lessee’s claim (a “Basic Contribution Claim”) for payment together with (1) invoices from the Authorised Maintenance
Performer evidencing the costs involved which (x) confirm that the Relevant Work has been carried out and paid for and (y) give in reasonable detail a summary of the work that has been performed, and the time, parts and manpower used to
perform each separate task, and (2) responses to all reasonable requests from Lessor for clarifications or more information on any related issue have been complied with to the reasonable satisfaction of Lessor; 

 

	 	5.1.2	Lessee has provided Lessor with (i) a copy of the proposed workscope relating to the Relevant Work reasonably in advance of commencement of the Relevant Work in
order to allow Lessor a reasonable opportunity to review and approve the proposed workscope (such approval not to be unreasonably withheld, conditioned or delayed) and (ii) an estimate in reasonable detail of the cost of such Relevant Work
which has been accepted by Lessor prior to the commencement of the Relevant Work (such acceptance not to be unreasonably withheld or delayed). If requested by Lessor, Lessee or Lessee’s agents will give Lessor or Lessor’s representatives
reasonable access to observe the accomplishment of the Relevant Work and to inspect the completion of the Relevant Work (subject to obtaining all necessary security clearances from the Authorised Maintenance Performer); 

 

	 	5.1.3	the Relevant Work has been performed in accordance with the Maintenance Program and documented in accordance with the Lease, including full traceability of LLPs;

  

	 	5.1.4	the Relevant Work is not required as a result of any ingestion, foreign object damage (FOD), faulty maintenance or repair, improper operation, abuse, misuse, neglect or
accidental cause (“Excluded Circumstances”) provided that if as a result of any of the Excluded Circumstances a Performance Restoration is performed with Lessor’s prior written agreement (not to be unreasonably withheld,
conditioned or delayed), then, without prejudice to paragraphs 5.1.1 through 5.1.3 above and paragraphs 5.1.5 through 5.1.9 below, this paragraph 5.1.4 shall not operate to block Lessor’s obligation to make a payment to Lessee in
accordance with paragraph 5.3 for the costs of such Performance Restoration other than costs directly resulting from any of the Excluded Circumstances; 

  
 - 69 -

	 	5.1.5	the amount of any Lessor contribution shall be reduced by an amount equal to the amount of any proceeds of Insurances or any Manufacturer or Supplier warranty,
guarantee or concessionary adjustment available to Lessee by the insurers or any manufacturers in respect of the Relevant Work; 

  

	 	5.1.6	Lessor will make a contribution to the cost of labour and materials in performing the Relevant Work (excluding the cost of labour for removal or installation of an
Engine, Landing Gear or APU); 

  

	 	5.1.7	Lessor will not make a contribution to the cost of a modification upgrade of a Maintenance Item to the extent that the cost of upgrading that Maintenance Item is
greater than the cost of repairing or replacing the existing Maintenance Item; 

  

	 	5.1.8	Lessor will not make a contribution to the cost of work to components not installed in the Modules of each Engine or installed in the APU (including but not limited to
thrust reversers, nacelles, line replaceable units (LRUs), quick engine change parts (QECs) or accessories); and 

  

	 	5.1.9	Lessor will not make a contribution to the cost of transportation or the cost of obtaining customs clearance for importation of parts (including, but not limited
to, import/export duties, levies and other Taxes), nor will Lessor make a contribution to any handling fees, mark-ups or surcharges. 

 Lessor will use reasonable efforts to ensure that each payment due under this paragraph 5.3 is made within thirty (30) days of the receipt by Lessor of the relevant Basic Contribution Claim. No
Basic Contribution Claim may be submitted after the redelivery of the Aircraft except for any Basic Contribution Claim for which (i) an invoice remains outstanding for the Relevant Work at such time, and (ii) Lessee has notified Lessor in
writing prior to such redelivery of any such outstanding invoice, and (iii) Lessee has notified Lessor in writing prior the redelivery of the Aircraft of the nature and estimated cost or costs of the Relevant Work. 

 

	5.2	Scope of Relevant Work 

 The
following items shall be the “Relevant Work” for which a Basic Contribution Claim may be made: 
  

	 	5.2.1	completion of the Six Year Check and/or Twelve Year Check, as applicable; 

  

	 	5.2.2	Performance Restoration of an Engine; 

  

	 	5.2.3	replacement LLPs installed in an Engine; 

  

	 	5.2.4	APU Heavy Repair and/or APU Maintenance, as appropriate; and 

  

	 	5.2.5	Landing Gear Overhauls. 

  

	5.3	Amount of Lessor’s basic contribution to the cost of Relevant Work 

  

	 	5.3.1	Lessor will, subject to no Default or Event of Default having occurred which is continuing (or following cure thereof), pay to Lessee in relation to any Relevant Work,
an amount equal to the lesser of: 

  

	 	(a)	the cost of that Relevant Work less any additional amount contributed by Lessor to the cost of that Relevant Work as contemplated by paragraph 7 below; and

  
 - 70 -

	 	(b)	an amount equal to the Maintenance Payment Balance with respect to the particular Maintenance Item at the date (the “Commencement Date”) of the
commencement of (or removal of the particular item from the Airframe for) the Relevant Work. 

  

	 	5.3.2	For the avoidance of doubt, when considering its obligation to make a payment under this paragraph 5.3 in relation to Relevant Work on any Maintenance Item, Lessor
will not take into account any amounts paid by Lessee under paragraph 4.1 or 4.2 in relation to any other Maintenance Item. 

  

	 	5.3.3	Lessee undertakes to use reasonable efforts to (i) obtain a fair and reasonable price when negotiating and agreeing with third party Authorized Maintenance
Performers or any other repairer the cost of any Relevant Work (in the case of each third party Authorized Maintenance Performer, if the Relevant Work is covered by an agreement existing on the date hereof with such Authorized Maintenance Performer,
to the extent allowed by such agreement) and (ii) before the performance of any Relevant Work to provide Lessor with copies of relevant documents including but not limited to estimates of the cost of routine and non-routine labour and materials
in respect of any Relevant Work. 

  

	 	5.3.4	Lessee will be responsible for payment of all costs in relation to any Relevant Work in excess of the amounts paid under this paragraph 5.3 and paragraph 7 of
this Schedule 3. If at any time the Maintenance Payment Balance for the relevant Maintenance Item (at the Commencement Date for the Relevant Work) is insufficient to satisfy a claim for reimbursement, the shortfall may not be carried
forward or made the subject of any further claim under this paragraph 5.3. 

  

	 	5.3.5	Provided no Event of Default has occurred which is continuing or following cure thereof, and subject to the other conditions set out in this paragraph 5.3.5,
Lessee may request Lessor to pay (and Lessor shall promptly pay) to the Authorised Maintenance Performer, at the time of induction of a Maintenance Item for any Relevant Work, an amount equal to the lesser of: 

 

	 	(a)	50% of the estimated cost of such Relevant Work, based on an estimate in reasonable detail of the cost of such Relevant Work which has been accepted by Lessor (such
acceptance not to be unreasonably withheld or delayed); and 

  

	 	(b)	50% of the Maintenance Payment Balance with respect to the particular Maintenance Item at the Commencement Date for the Relevant Work, 

(such amount, an “Advance Payment”). 
 Any Advance Payment shall be subject to satisfaction of the conditions set forth in paragraphs 5.1.2, 5.1.4, 5.1.5, 5.1.6, 5.1.7, 5.1.8 and 5.1.9 above. Any Advance Payment shall be deemed to have
been paid to Lessee for all purposes of this Lease, and the Maintenance Payment Balance with respect to the particular Maintenance Item shall be reduced by an amount equal to such Advance Payment. Following completion of the Relevant Work to which
the Advance Payment relates, Lessee shall provide Lessor with (1) invoices from the Authorised Maintenance Performer evidencing the costs involved which (x) confirm that the Relevant Work has been carried out and paid for and (y) give
in reasonable detail a summary of the work that has been performed, and the time, parts and manpower used to perform each separate task, and (2) responses to all reasonable requests from Lessor for clarifications or more information regarding
the Relevant Work. 

  
 - 71 -

	5.4	Additional payments by Lessor in respect of Maintenance Payment Balances (other than the LLP Payment Balances) 

If, following any payment by Lessor under paragraph 5.3 in respect of any Relevant Work on a Maintenance Item (other than with
respect to the replacement of an LLP in an Engine), the Maintenance Payment Balance for such Maintenance Item as of the Commencement Date is greater than the amount of such reimbursement, then Lessor will (provided no Default or Event of Default has
occurred and is continuing) promptly pay to Lessee an amount equal to the difference between such amounts, and the Maintenance Payment Balance with respect to the Maintenance Item will be deemed to be reduced by the amount so paid by Lessor.

  

	5.5	Additional payment by Lessor in respect of the LLP Payment Balances 

  

	 	5.5.1	Following Lessor’s payment to Lessee pursuant to paragraph 5.3 above in respect of any replacement of an LLP or LLPs in an Engine (each a
“Replacement”), Lessor will make the following calculations: 

  

	 	(a)	With respect to each LLP installed in such Engine on the Completion Date next succeeding such Replacement, the amount that is “A”, where

  

	 	    	***** 

  

	 	(b)	With respect to such Engine, the aggregate of all amounts that are equal to “A” for all LLPs installed in such Engine on the Completion Date next succeeding
such Replacement (such aggregate amount being the “Completion Date Stack Value”); 

  

	 	(c)	The Maintenance Payment Balance for the LLPs in such Engine as of the Completion Date next succeeding such Replacement (for these purposes, determined on the assumption
that Lessor shall, prior to such date, have made the payment to Lessee pursuant to paragraph 5.3 required in respect of such Replacement) (such amount being the “Completion Date Maintenance Payment Balance”);

  

	 	(d)	With respect to each LLP installed in such Engine on the Delivery Date, the amount that is “E”, where *****: 

 

	 	    	***** 

  

	 	(e)	With respect to such Engine, the aggregate of all amounts that are equal to “E” for all LLPs installed in such Engine on the Delivery Date (such aggregate
amount being the “Delivery Date Stack Value”); 

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

  
 - 72 -

	 	(f)	The aggregate of (i) the amount contributed by Lessor, as contemplated by paragraph 7 below, to the cost of such Replacement (for these purposes, determined
on the assumption that Lessor shall have made such contribution prior to the Completion Date next succeeding such Replacement) and (ii) all amounts contributed by Lessor, as contemplated by paragraph 7 below, to the cost of replacement of
LLPs completed prior to the Replacement (such aggregate amount being the “Lessor Subsequent Contribution”); and 

  

	 	(g)	The amount that is I (which amount may be positive or negative), where *****, 

 in each case determined as of the Completion Date next succeeding such Replacement. 
  

	 	5.5.2	If the amount calculated by Lessor to be “I” with respect to any Replacement is a positive amount, Lessor will (provided no Default or Event of Default has
occurred which is continuing) promptly pay to Lessee an amount equal to the lesser of (a) such amount, and (b) the Completion Date Maintenance Payment Balance for such Replacement, and the LLP Payment Balance with respect to the relevant
Engine will be deemed to be reduced by the amount so paid by Lessor. 

  

	 	5.5.3	In this paragraph 5.5: 

“Completion Date” means, with respect to any Replacement, the date on which the applicable Engine departs the applicable
engine repair facility in serviceable condition following such Replacement; and 
 “Cost Per Cycle” means, in
respect of an LLP and a Replacement, the cost per Cycle of such LLP determined by dividing the catalog price of such LLP by 90% of the then-current life limit (in Cycles) of such LLP (in each case determined as of the Completion Date next succeeding
such Replacement). 
  

	6.	[INTENTIONALLY OMITTED] 

  

	7.	LESSOR’S ADDITIONAL COST SHARING 

 For as long as no Event of Default has occurred which is continuing (or promptly following cure thereof) and subject to the conditions specified in paragraph 5.1, Lessor shall make the further
contributions to the costs of maintaining the Aircraft during the Term in the manner and in the amounts set forth in paragraph 5 of Schedule 15. 
  

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

  
 - 73 -

 Schedule 4 

Form of Certificate of Acceptance 
 THIS CERTIFICATE OF ACCEPTANCE is dated [            ], 2011 (this “Certificate of Acceptance”), between MASL IRELAND
(22) LIMITED (“Lessor”) and CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (“Lessee”). 
 WITNESSETH: 
 WHEREAS, Lessor and Lessee have heretofore entered into that certain
Aircraft Lease Agreement dated as of April 7, 2011 (the “Lease”), which provides for the execution and delivery of a Certificate of Acceptance in substantially the form hereof for the purpose of leasing the Aircraft in
accordance with the terms thereof; 
 NOW, THEREFORE, in consideration of the premises, and pursuant to Clause 2 of the Lease,
Lessor and Lessee hereby agree as follows: 
  

	1.	Definitions 

 Unless
otherwise defined herein, all capitalized terms used herein shall have the respective meanings given them in the Lease. 
  

	2.	Delivery and Acceptance 

Lessor hereby delivers and leases to Lessee, and Lessee hereby accepts and leases from Lessor under the Lease, as hereby supplemented:

 Aircraft: One Airbus A320-200 aircraft consisting of the following: 

 

	 	2.1.	Airframe: 

  

			
	Registration Mark:	 	XA-VOU
	Manufacturer’s Serial No.	 	2204
	Total Flight Hours:	 	[            ]
	Total Cycles:	 	[            ]
	Date of last 6 Year Check:	 	[            ]

  

	 	2.2.	Engines: Two IAE V2527-A5 turbofan engines installed on said Airframe, bearing, respectively, Manufacturer’s Serial Nos.: 

 

									
	 Engine

Number
	  	 Manufacturer’s
 Serial Number
	  	 Total
 Hours
	  	Engine	  	 Total
 Cycles

	1.	  	V11674    	  		  		  	
	2.	  	V11672    	  		  		  	

 The status of the time controlled components, engine modules and life limited parts is set forth in
Appendix I hereto. 
  

	 	2.3.	Auxilary Power Unit 

  

																					
	Make and	  	Mfr’s Serial	 	  	Total APU	 	  	Hours Since	 	  	Total APU	 	  	Cycles Since	 
	 Model
	  	 	Number	  	  	 	Hours	  	  	 	Heavy Repair	  	  	 	Cycles	  	  	 	Heavy Repair	  

  
 - 74 -

	 	2.4.	Landing Gear 

  

					
	Position	  	Date of Last Overhaul	  	 Hours and Cycles Since

Overhaul

	Nose	  		  	
	Main – Left	  		  	
	Main – Right	  		  	

  

	 	2.5.	Brake Wear Pin Measurements 

  

							
	Position	  	Measurement	  	 	  	 

  

	 	2.6.	Lessor Furnished Equipment: The equipment furnished by Lessor and installed in the Aircraft (including avionics, safety equipment and galley equipment) is described in
Appendix II hereto. 

 Lessee confirms that the Aircraft has been examined by its duly appointed and authorized
representatives and such items conform to the information set forth above. 
  

	3.	Aircraft Records 

 Lessor
hereby delivers and Lessee hereby accepts the manuals, log books, records and other documents relating to the Aircraft described in Appendix III hereto. 
  

	4.	Delivery Date 

 The
Delivery Date of the Aircraft is the date first set forth above, and the Aircraft is hereby delivered and accepted on such date at             hours local time at Montpellier Airport,
France. 
  

	5.	Fuel 

 At the time of
delivery there were 3650 kg. of fuel in the Aircraft and each oil tank was full, each of which was paid for by Lessor. 
  

	6.	Condition of Aircraft 

The Aircraft is delivered in good working order and condition except for the open/miscellaneous items specified in Appendix IV hereto and
Lessee and Lessor agree to the payments and commitments specified therein. 
  

	7.	Governing Law 

 This
Certificate of Acceptance shall in all respects be governed by, and construed in accordance with, the laws of the State of New York. Subject to Clause 17.6 of the Lease, the parties hereto agree that the courts of New York are to have jurisdiction
to settle any disputes which may arise out of this Certificate of Acceptance. 
  

	8.	Technical Definition 

Lessee hereby confirms that the Aircraft complies with the requirements for delivery specified in Clause 2 of the Lease and Part A of
Schedule 6 thereto. 
  

	9.	Basic Rent 

 Lessee hereby
confirms that it has become obliged to pay to Lessor Basic Rent in accordance with the provisions of the Lease. 

  
 - 75 -

 IN WITNESS WHEREOF, Lessor and Lessee have each caused this Certificate of Acceptance to be duly
executed by their authorized officers on the date first above written. 
 MASL IRELAND (22) LIMITED 

 

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	Attorney In Fact

 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. 

 

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 - 76 -

 APPENDIX I 
 to Certificate of Acceptance 
 Airbus A320-200 MSN 2204 

STATUS OF TIME CONTROLLED COMPONENTS, ENGINE MODULES AND LLPS. 

 

	 	1.	See attached [    ] pages for status of time controlled components and LLPs 

 

	 	2.	Status of Engine Modules: 

  

	 	(a)	Engine Serial Number V11674 

  

			
	 Module
	  	Engine Hours since Performance Restoration
	 Fan/Booster – LPC
	  	[    ]
	 HPC
	  	[    ]
	 Combustor
	  	[    ]
	 HPT
	  	[    ]
	 LPT
	  	[    ]
	 Gearbox
	  	[    ]

  

	 	(b)	Engine Serial Number V11672 

  

			
	 Module
	  	Engine Hours since Performance Restoration
	 Fan/Booster – LPC
	  	[    ]
	 HPC
	  	[    ]
	 Combustor
	  	[    ]
	 HPT
	  	[    ]
	 LPT
	  	[    ]
	 Gearbox
	  	[    ]

 Note that “Performance Restoration” is a defined term in the Lease. 

  
 - 77 -

 APPENDIX II A 
 to Certificate of Acceptance 
 Airbus A320-200 MSN 2204 

LESSOR FURNISHED EQUIPMENT 
 See attached      pages 

  
 - 78 -

 APPENDIX II B 
 to Certificate of Acceptance 
 Aitbus A320-200 MSN 2204 

LAYOUT OF PASSENGER ACCOMMODATIONS (LOPA) 
 See attached      pages 

  
 - 79 -

 APPENDIX III 
 To Certificate of Acceptance 
 Airbus A320-200 MSN 2204 

AIRCRAFT RECORDS 
 See attached      pages 

  
 - 80 -

 APPENDIX IV 
 To Certificate of Acceptance 
 Airbus A320-200 MSN 2204 

OPEN/MISCELLANEOUS ITEMS 
 See attached      pages. 

  
 - 81 -

 Schedule 5 

Insurances 
  

	1.	Required Cover 

 Lessee is
required to maintain the following Insurances with respect to the Aircraft: 
  

	 	1.1.1	Hull All Risks of Loss or Damage whilst flying and on the ground with respect to the Aircraft on an “agreed value” basis for the Insured Value and with
a deductible not exceeding ***** or such other amount agreed by Lessor and Lessee from time to time, and to include deductible insurances, if necessary, to achieve that limit. 

 

	 	1.1.2	Hull War and Allied Perils, being such risks excluded from the Hull All Risks Policy including confiscation and requisition by the State of Registration (unless
the State of Registration is the United States of America) and, if different, the state of the Habitual Base for the Insured Value. 

  

	 	1.1.3	All Risks (Including War and Allied Risk) property insurance on all Engines and Parts when not installed on the Aircraft on an “agreed value” basis for
the Engine Agreed Value (in the case of any Engine) and including engine test and running risks. 

  

	 	1.1.4	Aircraft Third Party (Bodily Injury and Property Damage), Passenger, Baggage, Cargo and Mail and Airline General Third Party (including Products) Legal Liability
for a Combined Single Limit (Bodily Injury/Property Damage) of an amount not less than ***** any one occurrence (but in respect of products liability this limit may be an aggregate limit for any and all losses occurring during the currency of the
policy). War and Allied Risks are also to be covered under the Policy or a separate policy. 

  

	2.	Special Requirements for Hull and Spares Cover 

 The hull and spares insurance relating to the Aircraft referred to in paragraph 1 above will: 
  

	 	2.1.1	name Owner, Lessor and any Financier designated by Lessor as additional insured for its respective rights and interests; 

 

	 	2.1.2	provide that any loss will be payable in Dollars and will: 

  

	 	(a)	in respect of any claim that becomes payable on the basis of an Event of Loss or any claim that becomes payable while a Default or Event of Default has occurred and is
continuing, provide that settlement shall be made to or to the order of Lessor or any Financier nominated by Lessor, as the case may be for the Insured Value; 

 

	 	(b)	in respect of any other claim, provide that settlement (net of any policy deductible) shall be made with (i) such persons as may be necessary to repair the
Aircraft or (ii) if the repairer has been paid in full following such repair, Lessee in reimbursement of the cost thereof or payment of any excess proceeds payable in connection therewith, in each case unless otherwise agreed after consultation
between the Insurers, Lessee and Lessor; 

  

	 	(c)	if separate Hull “all risk” and “war risks” insurances are arranged, include a 50/50 provision in accordance with market practice (being AVS. 103 in
the current market language). 

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

  
 - 82 -

	3.	Special Requirements for Liability Cover 

 The liability insurances referred to in paragraph 1 above will: 
  

	 	3.1.1	include each of the Additional Insureds as additional insureds for their respective rights and interests (excluding any claims arising solely out of any capacity that
any other of the Additional Insureds may have as manufacturer of or performer of maintenance, repairs or other operational activities on the Aircraft, any Engine or any Part); 

 

	 	3.1.2	operate in all respects as if a separate policy had been issued covering each party insured, but shall not include any claim under the hull and spares insurances
referred to in paragraph 1 above, provided that the total liability of the Insurers shall not exceed the limits of liability stated in the relevant policy; and 

 

	 	3.1.3	contain a provision confirming that the relevant policy is primary without right of contribution from any other insurance available to any Additional Insureds.

  

	4.	Requirements for all Insurances 

 All Insurances will: 
  

	 	4.1.1	be in accordance with normal industry practice of persons operating aircraft similar to the Aircraft in similar circumstances; 

 

	 	4.1.2	provide cover denominated in Dollars or in relation to liability insurance in the relevant currency of claim; 

 

	 	4.1.3	operate on a world-wide basis subject to such limitations and exclusions as Lessor may agree (acting reasonably in light of aviation insurance industry practices as
applied to airline carriers operating aircraft similar to the Aircraft on routes similar to those of Lessee); 

  

	 	4.1.4	provide that, in relation to the interests of each of the additional insureds, the Insurances will not be invalidated by any act or omission (including
misrepresentation and non-disclosure) of any other person which results in a breach of any term, condition or warranty of the policy, provided that the additional insured so protected has not caused, contributed to or knowingly condoned the said act
or omission; 

  

	 	4.1.5	provide that upon payment of any loss or claim to or on behalf of any additional insured: 

 

	 	(a)	the Insurers shall to the extent and in respect of such payment be subrogated to all legal and equitable rights of that additional insured (other than its rights
against any of the other additional insureds); 

  

	 	(b)	the Insurers shall not exercise such rights without the consent of the relevant Indemnitee, such consent not to be unreasonably withheld; and 

 

	 	(c)	at the expense of the Insurers the relevant additional insureds shall do all things reasonably necessary to assist the Insurers to exercise the rights referred to in
this paragraph 4.1.6; 

  

	 	4.1.6	provide that the additional insureds will have no obligation or responsibility for the payment of any premiums due and that the Insurers will not exercise any right of
set-off or counter-claim in respect of any premium due against the respective interests of the additional insureds other than outstanding premiums relating to the Aircraft which is the subject of the relevant claim; and 

 

	 	4.1.7	provide that, except in respect of any provision for cancellation or automatic termination specified in the relevant policy or any endorsement thereof, cover provided
by the Insurances may only be cancelled or materially altered in a 

  
 - 83 -

	 	
manner adverse to the additional insureds by the giving of not less than thirty (30) days (or such lesser period as is customarily available in respect of war and allied risks) notice in
writing to the Broker. Notice will be deemed to commence from the date on which that notice is given by the Insurers. 

  

	5.	Reinsurance 

 Where
applicable, the Reinsurances will: 
  

	 	5.1.1	be on the same terms as the original Insurances and will include the provisions of this Schedule; 

 

	 	5.1.2	provide that, notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings in any relevant jurisdiction affecting the reinsured, the
reinsurers’ liability will be to make such payments as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation, dissolution or similar proceedings in any
relevant jurisdiction) discharged its obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and 

 

	 	5.1.3	contain a “cut-through” clause in substantially the following form (or otherwise, satisfactory to Lessor): 

 

	 	5.1.4	“The Reinsurers and the Reinsured hereby mutually agree that in the event of any claim arising under the reinsurances in respect of a total loss, such claim is to
be paid to the person named as loss payee under the primary insurances. The Reinsurers will in lieu of payment to the Reinsured, its successors in interest and assigns pay to the person named as loss payee under the primary insurances effected by
the Reinsured, that portion of any loss due for which the Reinsurers would otherwise be liable to pay the original Reinsured (subject to proof of loss), it being understood and agreed that any such payment by the Reinsurers will (to the extent of
such payment) fully discharge and release the Reinsurers from any and all further liability in connection therewith subject to such provisions not contravening any applicable law”. 

 

	6.	Insurance Endorsement 

Lessee shall maintain Insurances in respect of the Aircraft for the purposes of this Lease which incorporate the terms and conditions of
Airline Finance/Lease Contract Endorsement AVN67B or AVN67C (or such update of or replacement for Airline Finance/Lease Contract Endorsement AVN67B or AVN67C as may be introduced from time to time in the aviation insurance markets) (the
“Insurance Endorsement”). In that event, to the extent that any provision of the Insurance Endorsement conflicts or is otherwise inconsistent with the requirements of this Lease relating to Insurances, then (so long as it is general
practice to insure aircraft financed or leased on the basis of such endorsement) such conflicting or inconsistent provision of the Insurance Endorsement shall prevail and such endorsement shall be deemed to satisfy the requirements of this Lease. To
the extent the same shall be relevant from time to time for the purposes of the Insurance Endorsement, the “Designated Contract Party” shall be Lessor or any Financier notified by Lessor to Lessee. 

  
 - 84 -

 Schedule 6 

Delivery Condition and Redelivery Condition 
 PART A 
 Delivery Condition 

 

	1.	Location 

 On the Delivery
Date, the Aircraft shall be delivered to, and, subject to the Aircraft being in the condition set out in this Part A, technically accepted by Lessee at the Delivery Location. On the Delivery Date the parties shall prepare and execute a
Certificate of Acceptance in the form of Schedule 4 to the Lease. 
  

	2.	General 

  

	2.1	Condition: The Aircraft shall be in good working order, condition and appearance, with all pilot discrepancies and deferred maintenance items cleared, clean by
international commercial airline standards and ready for flight with all of the Aircraft equipment, components and systems operating within limits specified in the Maintenance Manual and functioning in accordance with their intended use.

  

	2.2	Regulatory Compliance: The Aircraft shall be (a) in full compliance with the rules and regulations of EASA and with applicable Type Certificate Data Sheets,
(b) delivered with a currently valid Export Certificate of Airworthiness issued by the aeronautics authority of France; (c) in such condition as to be immediately eligible for issuance of a Standard Certificate of Airworthiness from the
country of manufacture; (d) equipped for commercial passenger operations under FAR Part 129 and under current EU OPS 1; and (e) with the exception of the Post-Delivery Modifications, equipped for commercial passenger operations under
FAR Part 129. 

  

	2.3	Configuration: Lessor will deliver the Aircraft to Lessee with the equipment specified in Appendix II A to the Certificate of Acceptance and with the equipment and
capabilities listed in the Appendix to this Part A of Schedule 6. The Aircraft shall be delivered in an all-economy passenger seat interior, consisting of 180 seats as detailed in Appendix II B to the Certificate of Acceptance.

  

	2.4	Documentation: Lessor shall ensure the delivery of the Aircraft Records in up-to-date status, as amended and supplemented through the Delivery Date.

  

	2.5	Lessee’s Inspection: Lessor shall arrange for the Aircraft to be made available to Lessee and/or Lessee’s designated representative(s) during and after
completion of the Delivery Workscope (as defined in paragraph 3, below), for the purpose of conducting a detailed inspection in order to verify that the condition of the Aircraft complies with the requirements set forth herein (such inspection
being hereinafter referred to as “Lessee’s Inspection”). Lessee’s Inspection shall be scheduled at the Delivery Location. 

  

	2.6	Power Assurance Run and Acceptance Flight: Following completion of the Delivery Workscope and as part of Lessee’s Inspection, Lessor shall arrange for a maximum
power assurance run of each Engine to be carried out in accordance with the Maintenance Manual followed by a functional acceptance flight of the Aircraft. In each case, Lessee or Lessee’s representatives shall be entitled to observe. The EGT of
each Engine noted during the maximum power assurance run shall be recorded. The acceptance flight shall be based on a mutually agreed flight profile following the Manufacturer’s acceptance procedures for used aircraft and shall be for a
duration not to exceed (2) two hours, provided that such time may be extended if necessary to complete the agreed procedures and profile. Flight crews (excluding Lessee’s) and fuel shall be furnished at the expense of Lessor. Lessor shall
arrange for any deficiencies noted necessary for the delivery of the Aircraft in the condition required herein to be corrected and shall provide evidence satisfactory to Lessee of such correction. No components shall be changed following such flight
except as required by the Maintenance Manual to correct deficiencies or as may be mutually agreed. 

  

- 85 - 

	2.7	Borescope Inspection: After the acceptance flight referred to above and immediately prior to the delivery of the Aircraft, Lessor shall allow and support Lessee in an
inspection of each magnetic chip detector and in performing a full video borescope inspection of each Engine (including but not limited to the hot, cold and combustor sections) and the APU. Lessee’s and Lessor’s representatives shall be
entitled to observe. Such inspections shall be carried out by an agency accepted by and paid for by Lessee. Lessor shall arrange for any deficiencies noted by Lessee or such agency necessary for the delivery of the Aircraft in the condition required
herein and any other deficiency exceeding Manufacturer’s tolerances and guidelines to be corrected and shall provide evidence satisfactory to Lessee of such correction. 

 

	3.	Delivery Workscope and Specific Delivery Conditions 

  

	3.1	Delivery Workscope: Immediately prior to the delivery of the Aircraft to Lessee, at Lessor’s expense, the following work (the “Delivery
Workscope”) will be accomplished: 

  

	 	3.1.1	Inspections and checks which shall be at least equivalent in scope and content to a C Check and which shall encompass all systems, zonal and structural tasks listed in
the MPD having MPD intervals equal to or less than the then current C Check Interval. In addition, each system, zonal and structural task listed in the MPD and having an interval greater than the then current C Check Interval shall have at least one
C Check Interval remaining to next scheduled accomplishment. Lessor shall arrange for any deficiencies revealed during such checks and inspections to be corrected using Maintenance Manual limits. 

 

	 	3.1.2	The exterior of the fuselage, vertical stabilizer and nacelles shall be sanded or stripped and freshly painted in Lessee’s livery (including all required stencils)
in accordance with the Manufacturer’s then-applicable painting standards and procedures. Unless the same were sanded and freshly painted within a period equal to the then current C Check Interval, all other painted exterior surfaces will have
been sanded and freshly repainted in accordance with such standards and procedures. 

  

	 	3.1.3	The cabin interior shall be refurbished as follows: The passenger seats and seat cushions will be inspected in-situ cleaned, functionally checked, repaired or replaced,
as necessary (in accordance with the Component Maintenance Manual and the Aircraft Maintenance Manual). All seat covers shall be cleaned and in good condition. Carpets shall be in good condition and in as-new appearance. Overhead bins, sidewall
panels and ceiling panels will be free of defects (e.g., gouges, scratches, delamination or discoloration). The floor coverings in the galley area will be in good condition. The galleys and lavatories will be deep cleaned, inspected and repaired as
necessary. The in-flight entertainment system will be inspected, operationally and functionally tested and repaired as necessary. 

  

	 	3.1.4	The flight deck shall be refurbished as follows: The cockpit floor coverings will be replaced with new floor coverings, in good condition and as-new appearance. The
cockpit seats will be inspected in-situ, cleaned, functionally checked, repaired or replaced, as necessary (in accordance with the Component Maintenance Manual and the Aircraft Maintenance Manual). The cockpit seat covers will be in good condition
and as-new appearance. 

  

	 	3.1.5	 Each Airworthiness Directive issued by the country of manufacture and effective on or before the Delivery Date shall have at least one hundred and
eighty (180) days remaining to the next required action. If the interval for any such AD is less 

  

- 86 - 

	 	
than one hundred and eighty (180) days, the AD shall be freshly accomplished. If a kit required for accomplishment of any such AD is not yet available from the Manufacturer or supplier, it
shall be supplied to Lessee without charge when it is received and Lessor will pay Lessee an agreed amount to accomplish the AD. 

  

	 	3.1.6	The Engine intakes, cowls and thrust reversers shall be in good condition without debonding or delamination of material or corrosion and with all actuating systems in
good operating condition. Any adverse findings will be corrected. 

  

	 	3.1.7	Each brake shall have at least 50% time remaining to replacement or overhaul based upon brake wear pin measurement. Each tire shall be serviceable in accordance with
the Aircraft Maintenance Manual. 

  

	 	3.1.8	Such additional work as required to place the Aircraft in the condition set forth in this Schedule 6, Part A. 

 

	3.2	Specific Conditions: On the Delivery Date, in addition to the requirements of Clause 3.1, the Aircraft shall meet or exceed the conditions stated below:

  

	 	3.2.1	Minimum conditions: 

  

	 	(a)	Each Engine will be delivered with at least 2,000 Cycles remaining before the next anticipated removal for Performance Restoration or any repair, the foregoing to be
based on the most current Engine disk sheets, the last ninety (90) (or, if available, one hundred and eighty (180)) days of engine trend monitoring, video borescope results, a maximum power assurance run and current takeoff EGT margin. If
Lessor and Lessee do not agree upon the condition of an Engine, IAE will be used to analyse the foregoing data and determine the anticipated engine time remaining on wing. 

 

	 	(b)	Each LLP in each Engine shall have at least 4,500 Cycles remaining until the next scheduled removal. 

 

	 	(c)	Each time-controlled components (as listed in the MPD but excluding any LLP, the APU and the Landing Gear) installed on the Aircraft will have not less than 3,500
Flight Hours (with respect to any such component carrying a MPD designated time-control specified in Flight Hours), 1,500 Cycles (with respect to any such component carrying a MPD designated time-control specified Cycles) and 15 months (with respect
to any such component carrying a MPD designated time-control specified calendar time) remaining to the next scheduled removal, bench check or overhaul (as applicable). Each time controlled component that has an MPD interval less than the previously
stated minimums will have its full replacement interval remaining to its next scheduled removal, bench check or overhaul (as applicable). 

  

	 	(d)	Each Landing Gear assembly shall have not less than 7,000 Cycles and 36 months remaining to the next overhaul. Each life limited part within the Landing Gear shall have
not less than 7,000 Cycles remaining to replacement. The Landing Gear and each life limited part within the Landing Gear shall have accumulated no more calendar time and Cycles than the Airframe. 

 

	 	3.2.2	Aircraft 

  

	 	(a)	 Lessor will have arranged for all impact damage to the Aircraft (regardless of cause) which exceeds the relevant Maintenance Manual limits to be
permanently repaired in accordance with the Manufacturer’s 

  

- 87 - 

	 	
Structural Repair Manual. There shall be no temporary repairs, time-limited repairs, or repairs requiring repetitive inspections (unless such inspection is part of the normal repair assessment
program and is required no more frequently than each Six Year Check or Twelve Year Check). Structural repairs not described in the Manufacturer’s Structural Repair Manual will have been completed in accordance with the Manufacturer’s
approved repair scheme and the approved repair scheme of either EASA or the FAA. Any external doubler repairs (“scab” patches) on the Aircraft shall be recorded in the Certificate of Acceptance. The records of all repairs carried out on
the Aircraft shall be specified in a single document certified by an FAA Part 145 or EASA Part 145 repair agency. 

  

	 	(b)	There will be no “on watch” conditions, special callouts, special repetitive inspections, waivers or exemptions in effect on the Aircraft.

  

	 	(c)	The Aircraft shall have been inspected for corrosion in accordance with the Manufacturer’s recommendations or the MRB Document then in effect; all mild and
moderate corrosion found shall be cleaned and treated and all severe or exfoliated corrosion shall be repaired in accordance with the Manufacturer’s Structural Repair Manual. 

 

	 	(d)	The installed APU shall be serviceable with all air and temperature outputs in the normal range. 

 

	 	(e)	The Aircraft will be free of fuel, oil, hydraulic and pneumatic leaks. Any temporary repairs of leaks will have been replaced by permanent repairs.

  

	 	(f)	All signs, placards and decals shall be clean, secure and legible. 

  

	 	(g)	The Aircraft shall be in compliance with all MPD tasks as a single aircraft without reliance upon compliance status of other aircraft in Lessee’s fleet or
structural sampling of other aircraft. 

  

	 	3.2.3	Engines 

  

	 	(a)	If engine trend monitoring over the previous ninety (90) days of operation shows an accelerated rate in performance deterioration of any Engine, which is higher
than normal based on the maintenance experience of the Engine Manufacturer or the experience of Lessor with the same type of engines, under similar conditions, Lessor shall, prior to delivery, cause to be corrected such conditions which are
determined to have exceeded tolerances defined for such engines in the Maintenance Manual or are otherwise determined to be causing such performance deterioration. 

 

	 	(b)	Each Engine shall be to the IAE V2527-A5 standard with 27,000 pounds thrust and in the then current modification standard. There will be no “on watch”
conditions, special callouts, special repetitive inspections, waivers or exemptions on either Engine. 

  

	 	3.2.4	Fuselage, windows and doors 

  

	 	(a)	With the exception of those items noted in the Certificate of Acceptance at delivery of the Aircraft, the fuselage will be free of minor, abrasions and external doubler
repairs; 

  

	 	(b)	There shall be no loose, pulled or missing rivets; 

  

- 88 - 

	 	(c)	With the exception of those items noted in the Certificate of Acceptance at delivery of the Aircraft, the windows will be free from delamination, blemishes, crazing and
will be properly sealed; 

  

	 	(d)	The doors will be free moving, correctly rigged and be fitted with serviceable seals. 

 

	 	3.2.5	Wings 

  

	 	(a)	The leading edges will be free from damage, numerous dings and dents (e.g. no significant hail or other foreign object damage); 

 

	 	(b)	The wings will be free of fuel leaks as demonstrated by the Manufacturer’s relevant testing guidelines. 

 

	 	3.2.6	Horizontal and vertical stabilizers 

  

	 	(a)	The leading edges will be free from damage, numerous dings and dents (e.g. no significant hail or other foreign object damage). 

 

	 	3.2.7	Galleys, lavatories and passenger cabin interior 

  

	 	(a)	The galleys, lavatories and passenger cabin interior shall be clean by international airline standards and in a condition consistent with an Aircraft fresh from C
Check. 

  

	 	3.2.8	Cockpit 

  

	 	(a)	The flight deck shall be clean. Fairing panels will be free of stains and cracks. All systems shall function properly. All placards and decals shall be clean, secure
and legible. 

  

	 	3.2.9	Cargo compartments 

  

	 	(a)	With the exception of those items noted in the Certificate of Acceptance at delivery of the Aircraft, all cargo compartment floor, sidewall and ceiling panels will be
in good condition, free of holes, cracks, temporary repairs and significant dents in accordance with applicable Structural Repair Manual (SRM) limits of the Airframe Manufacturer; 

 

	 	(b)	The cargo nets will be in good condition with no tears or frayed areas. 

  

	 	3.2.10	Landing Gear 

  

	 	(a)	The Landing Gear and wheel wells will be clean, free of leaks, stains and repaired as necessary. 

 

	4.	Service Bulletins 

 All
vendor and manufacturer’s no-charge SB kits ordered and received by Lessor for the Aircraft but not installed therein shall be delivered with the Aircraft as part of the Aircraft at time of delivery, and shall be loaded on board the Aircraft as
cargo. Lessee shall have the option to purchase at Lessor’s cost any vendor and manufacturer’s SB kits for which there has been material ordered and received by Lessor for the Aircraft but not installed therein. 

 

	5.	Fuel 

 Upon delivery of
the Aircraft, the amount of fuel in the fuel tank shall be recorded. Each oil tank shall be full. 

  

- 89 - 

 APPENDIX 
 to Part A of Schedule 6 
  

	1.	The Aircraft shall be capable: 

  

	 	(a)	of operating to and from airports at altitudes of up to nine thousand two hundred (9,200) feet; 

 

	 	(b)	of operating to and from airports at OAT equal to ISA+40°C; 

  

	 	(c)	of performing autoland at airport altitudes of up to nine thousand two hundred (9,200) feet; 

 

	 	(d)	for RVSM operations; 

  

	 	(e)	of CAT II/ CAT III Operations; and 

  

	 	(f)	of operating to and from runways narrower than forty-five (45) meters. 

 

	2.	The Aircraft shall possess both fuel and weight quantity indicators indicating kilograms. 

 

	3.	The Aircraft shall incorporate the following: 

  

	 	(a)	Noise Level Stage 3; 

  

	 	(b)	a GPS Navigation System capable for RNP Operations; 

  

	 	(c)	a SELCAL decoder; 

  

	 	(d)	an approved cockpit voice recorder that meets the standards of TSO–C123a, or later revision. Such cockpit voice recorder must record the information that would be
required to be recorded if the aircraft were operated under FAR Part 121 (as required by FAR Part 129); 

  

	 	(e)	a fixed 406 Mhz ELT and a portable 406 Mhz ELT; and 

  

	 	(f)	VHF 8.33 KHz Spacing. 

  

	4.	The Aircraft shall possess a reinforced cockpit door. 

  

	5.	The Aircraft shall be equipped with both interior and exterior placards in the English language. 

 

	6.	The Aircraft shall be equipped with at least 50% of the aisle seats having movable aisle armrests. 

  
 - 90 -

 PART B 
 Redelivery Condition 
  

	1.	Location 

 On the
expiration or earlier termination of the leasing of the Aircraft hereunder, the Aircraft shall be redelivered to, and, subject to the Aircraft being in the condition set out in this Part B, technically accepted by Lessor at, the Redelivery
Location. At the time of redelivery, the parties shall prepare and execute a Redelivery Certificate in the form of Schedule 13 to the Lease. 
  

	2.	General 

  

	2.1	Condition: The Aircraft shall be in good working order, condition and appearance, with all pilot discrepancies and deferred maintenance items cleared, clean by
international commercial airline standards and ready for flight with all of the Aircraft equipment, components and systems operating within limits specified in the Maintenance Manual and functioning in accordance with their intended use.

  

	2.2	Regulatory Compliance: The Aircraft shall be (i) in full compliance with the rules and regulations of the Aeronautics Authority and with applicable Type
Certificate Data Sheets, (ii) redelivered with an Export Certificate of Airworthiness issued by the Aeronautics Authority which is valid at the date of return and for at least sixty (60) days thereafter; (iii) in such condition as to
be immediately eligible for issuance of a Standard Certificate of Airworthiness from the country of manufacture; and (iv) equipped for commercial passenger operations under FAR Part 129 and, to the extent the Aircraft was so equipped at
delivery, EU OPS 1. 

  

	2.3	Configuration: Lessee will return the Aircraft to Lessor with the same equipment (including the loose equipment) as at the commencement of the Term, subject only to
those replacements, additions and modifications which may have been made and properly documented pursuant to the Lease or as otherwise specifically approved in writing by Lessor. Lessee shall, at least ninety (90) days prior to return of the
Aircraft, furnish Lessor with a listing of all such replacements, additions or modifications made during the Term and shall deliver to Lessor a detailed technical report regarding the Flight Hours and Cycles on the Aircraft and the components and
the maintenance status of each. The interior configuration shall be an all economy class 174 seat configuration or, if requested in writing by Lessor, a standard high density all economy class 180 seat configuration provided that such
request shall be made on the earlier of (i) that date which is five (5) Business Days following execution by Lessor of a lease with a new operator which requires a 180 seat configuration and (ii) that date which is three (3)
months prior to the end of the Term. 

  

	2.4	Documentation 

  

	 	2.4.1	Nine (9) calendar months prior to the end of the Term, Lessee shall confirm to Lessor in writing the manufacturer’s serial number and location of each Engine.

  

	 	2.4.2	Not less than one hundred and eighty (180) days (nor more than three hundred and sixty (360) days) prior to the end of the Term, Lessee shall specify to
Lessor in writing those provisions in the Maintenance Program which have changed from that version of the Maintenance Program delivered to Lessor at or about the Delivery Date and which may have an impact on the return conditions. Immediately
thereafter Lessor and Lessee shall negotiate in good faith with a view towards reaching agreement on which changes to the Maintenance Program are adverse to Lessor and the adjustments to the return conditions necessitated thereby.

  
 - 91 -

	 	2.4.3	At least thirty (30) days prior to the end of the Term, Lessee shall provide Lessor access to, in up-to-date status and in English, at least one complete set of
the Aircraft Records. 

  

	 	2.4.4	Lessee shall ensure the return of the Aircraft Records in accordance with Schedule 8 as amended and supplemented through the date of return. Records shall be in an
up-to-date status and shall include a certified true, current and complete copy of the Maintenance Program, which Lessor hereby agrees shall be subject to the confidentiality provisions of Clause 17.16. 

 

	2.5	Lessor’s Inspection 

  

	 	2.5.1	Lessor may, from time to time during the one hundred and eighty (180) days prior to the return of the Aircraft, make the Aircraft and its records available for
inspection to the designated representatives or technical teams evaluating the Aircraft for use after the end of the Term. Lessor agrees to give Lessee not less than five (5) days’ advance notice of such inspection and Lessee agrees to
co-operate fully with Lessor’s requests in making the Aircraft and records available to such authorized technical teams. Lessor agrees that such requests will be reasonable and will be co-ordinated with Lessee so as to cause minimal disturbance
to Lessee’s operation or its personnel. 

  

	 	2.5.2	Lessee shall make the Aircraft available to Lessor and Lessor’s representatives during and after completion of the Redelivery Workscope (as defined in
paragraph 3, below), for the purpose of conducting a detailed inspection in order to verify that the condition of the Aircraft complies with the requirements set forth herein (such inspection being hereinafter referred to as the
“Lessor’s Inspection”). Lessor’s Inspection shall be scheduled at the Redelivery Location. 

  

	2.6	Engine Runs and Acceptance Flight: Following completion of the Redelivery Workscope and as part of Lessor’s Inspection, Lessee shall carry out a maximum power
assurance run of each Engine in accordance with the Maintenance Manual followed by a functional acceptance flight of the Aircraft. In each case, Lessor’s representatives and the next operator’s designated representatives shall be entitled
to observe. The EGT of each Engine noted during the maximum power assurance run shall be recorded. The acceptance flight shall be based on a mutually agreed flight profile following the Manufacturer’s acceptance procedures for used aircraft and
shall be for a duration not to exceed (2) two hours, provided that such time may be extended if necessary to complete the agreed procedures and profile. Flight crews (excluding Lessor’s) and fuel shall be furnished by and at the expense of
Lessee. Lessee shall correct any deficiencies noted necessary for the redelivery of the Aircraft in the condition required herein and shall provide evidence satisfactory to Lessor of such correction. No components shall be changed following such
flight except as required by the Maintenance Manual to correct deficiencies or as may be mutually agreed. 

  

	2.7	Borescope Inspection: After the acceptance flight referred to above and immediately prior to the redelivery of the Aircraft, Lessee will allow and support Lessor in an
inspection of each magnetic chip detector and in performing a full video borescope inspection of each Engine (including, but not limited to, the hot, cold and combustor sections) and the APU. Such inspections shall be carried out by an agency
accepted by and paid for by Lessor. Lessee’s and Lessor’s representatives shall be entitled to observe. Lessee shall correct any deficiencies noted by Lessor or such agency necessary for the return of the Aircraft in the condition required
herein and any other deficiency exceeding Manufacturer’s tolerances and guidelines and shall provide evidence satisfactory to Lessor of such correction. 

  
 - 92 -

	3.	Redelivery Workscope and Specific Redelivery Conditions 

  

	3.1	Redelivery Workscope: Immediately prior to the return of the Aircraft to Lessor, at Lessee’s expense, the following work (the “Redelivery
Workscope”) will be accomplished: 

  

	 	3.1.1	Inspections and checks in accordance with the Maintenance Program which shall be at least equivalent in scope and content to a C Check and which shall encompass all
systems, zonal and structural tasks listed in the MPD having MPD intervals equal to or less than the then current C Check Interval. In addition, each system, zonal and structural task listed in the MPD and having an interval greater than the then
current C Check Interval shall have at least one C Check Interval remaining to next scheduled accomplishment. Lessee shall arrange for any deficiencies revealed during such checks and inspections to be corrected using Maintenance Manual limits.
Lessee agrees to perform or cause to be performed, during such check, providing such work does not cause the planned grounding of the Aircraft or the redelivery date to be extended, any other work reasonably required by Lessor to enable the Aircraft
to be placed on another maintenance schedule and Lessor shall pay the cost of such other work required by Lessor at Lessee’s best rate to third parties or the actual rate available to Lessee, as applicable. 

 

	 	3.1.2	The exterior of the fuselage, vertical stabilizer and nacelles shall be sanded or stripped and freshly painted white in accordance with the Manufacturer’s
then-applicable painting standards and procedures. Unless the same were sanded and freshly painted within a period equal to the then current C Check Interval, all other painted exterior surfaces will have been sanded and freshly repainted in
accordance with such standards and procedures. If Lessor supplies Lessee with livery drawings and all necessary details (including stencils) not later than forty five (45) days prior to the Expiry Date, Lessee shall apply such livery provided
that if it is more costly to apply than Lessee’s livery, Lessor shall reimburse Lessee such additional cost. 

  

	 	3.1.3	The cabin interior shall be refurbished as follows: The passenger seats and seat cushions will be inspected in-situ, cleaned, functionally checked, repaired or
replaced, as necessary (in accordance with the Component Maintenance Manual and the Aircraft Maintenance Manual). All seat covers shall be cleaned and in good condition. Carpets shall be in good condition and in as-new appearance. Overhead bins,
sidewall panels and ceiling panels will be free of defects (e.g., gouges, scratches, delamination or discoloration). The floor coverings in the galley area will be in good condition. The galleys and lavatories will be deep cleaned, inspected and
repaired as necessary. The in-flight entertainment system will be inspected, operationally and functionally tested and repaired as necessary. 

  

	 	3.1.4	The flight deck shall be refurbished as follows: The cockpit floor coverings will be replaced with new floor coverings, in good condition and as-new appearance. The
cockpit seats will be inspected in-situ, cleaned, functionally checked, repaired or replaced, as necessary (in accordance with the Component Maintenance Manual and the Aircraft Maintenance Manual). The seat covers will be in good condition and in
as-new appearance. 

  

	 	3.1.5	Each Airworthiness Directive issued by the country of manufacture and effective on or before the date of return of the Aircraft shall have at least one hundred and
eighty (180) days remaining to the next required action. If the interval for any such AD is less than one hundred and eighty (180) days, the AD shall be freshly accomplished. If a kit required for accomplishment of any such AD is not yet
available from the Manufacturer or supplier, it shall be supplied to Lessor without charge when it is received and Lessee will pay Lessor an agreed amount to accomplish the AD. 

  
 - 93 -

	 	3.1.6	The Engine intakes, cowls and thrust reversers shall be in good condition without debonding or delamination of material or corrosion and with all actuating systems in
good operating condition. Any adverse findings will be corrected. 

  

	 	3.1.7	Each brake shall have at least 50% time remaining to replacement or overhaul based upon brake wear pin measurement. Each tire shall be serviceable in accordance with
the Aircraft Maintenance Manual. 

  

	 	3.1.8	Such additional work as required to place the Aircraft in the condition set forth in this Schedule 6, Part B. 

 

	3.2	Specific Conditions: Upon redelivery of the Aircraft to Lessor, the Aircraft shall meet or exceed the conditions stated below: 

 

	 	3.2.1	Minimums: 

  

	 	(a)	Each Engine shall have at least 2,000 Cycles remaining before the next anticipated removal for Performance Restoration or any repair, the foregoing to be based on the
most current disk sheets, the last ninety (90) (or, if available, one hundred and eighty (180)) days of engine trend monitoring, video borescope results, a maximum power assurance run and current take off EGT margin. If Lessor and Lessee
do not agree upon the condition of an Engine, IAE will be used to analyse the foregoing data and determine the anticipated engine time remaining on wing. 

  

	 	(b)	Each LLP in each Engine shall have at least 4,500 Cycles remaining until the next scheduled removal. 

 

	 	(c)	Each time-controlled components (as listed in the MPD but excluding any LLP, the APU and the Landing Gear) installed on the Aircraft will have not less than 3,500
Flight Hours (with respect to any such component carrying a MPD designated time-control specified in Flight Hours), 1,500 Cycles (with respect to any such component carrying a MPD designated time-control specified Cycles) and ***** (with respect to
any such component carrying a MPD designated time-control specified calendar time) remaining to the next scheduled removal, bench check or overhaul (as applicable). Each time controlled component that has an MPD interval less than the previously
stated minimums will have its full replacement interval remaining to its next scheduled removal, bench check or overhaul (as applicable). 

  

	 	(d)	Each Landing Gear assembly shall have not less than 7,000 Cycles and ***** remaining to the next overhaul. Each life limited part within the Landing Gear shall have not
less than 7,000 Cycles remaining to replacement. The Landing Gear and each life limited part within the Landing Gear shall have accumulated no more calendar time and Cycles than the Airframe. 

 

	 	(e)	Each Part shall be of the same or improved modification standard and same or later vintage as the Part installed at the Delivery Date. 

 

	 	3.2.2	Aircraft 

  

	 	(a)	Lessee will have arranged for all impact damage to the Aircraft (regardless of cause) which exceeds the relevant Maintenance Manual limits to be permanently repaired in
accordance with the Manufacturer’s Structural Repair Manual. There shall be no temporary repairs, time-limited repairs, or repairs requiring repetitive inspections (unless such 

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

  
 - 94 -

	 	
inspection is part of the normal repair assessment program and is required no more frequently than each Six Year Check or Twelve Year Check). Structural repairs not described in the
Manufacturer’s Structural Repair Manual will have been completed in accordance with the Manufacturer’s approved repair scheme and the approved repair scheme of EASA or the FAA. There will be no external doubler repairs (“scab”
patches) on the Aircraft other than those existing on the Delivery Date and noted in the Certificate of Acceptance unless the Manufacturer specifically recommends such repair exclusive of other options. The records of all repairs carried out on the
Aircraft shall be specified in a single document certified by the Authorized Maintenance Performer. 

  

	 	(b)	There will be no “on watch” conditions, special callouts, special repetitive inspections, waivers or exemptions in effect on the Aircraft.

  

	 	(c)	The Aircraft shall have been inspected for corrosion in accordance with the Manufacturer’s recommendations or the MRB Document then in effect. All mild and
moderate corrosion found shall be cleaned and treated and all severe or exfoliated corrosion shall be repaired in accordance with the Manufacturer’s Structural Repair Manual. 

 

	 	(d)	The installed APU shall be serviceable with all air and temperature outputs in the normal range. 

 

	 	(e)	The Aircraft will be free of fuel, oil, hydraulic and pneumatic leaks. Any temporary repairs of leaks will have been replaced by permanent repairs.

  

	 	(f)	All signs, placards and decals shall be clean, secure and legible. 

  

	 	(g)	The Aircraft shall be in compliance with all MPD tasks as a single aircraft without reliance upon compliance status of other aircraft in Lessee’s fleet or
structural sampling of other aircraft. 

  

	 	(h)	The APU shall be the same serial number APU as described on the Certificate Acceptance provided that, if the amount of APU Hours calculated as “A” pursuant to
paragraph 7.3 below exceeds the amount of APU Hours calculated as “C” pursuant to paragraph 7.3 below by an amount greater than 50%, Lessee may return the Aircraft with a replacement auxiliary power unit (which shall become an
“APU” hereunder) provided all the following conditions are fulfilled to the reasonable satisfaction of the Lessor: 

  

	 	(i)	such replacement auxiliary power unit shall be free and clear of all Liens; 

 

	 	(ii)	such replacement auxiliary power unit shall be of the same or an improved model, shall have a value and utility at least equal to, shall not be older than the Airframe,
and be in as good operating condition as, the APU that it is replacing, assuming such APU was of the value and utility and in the condition and repair required by the terms of this Lease; and 

 

	 	(iii)	Lessee shall take such action and execute such documents, including a warranty bill of sale, as Lessor may reasonably request in order that title to any such
replacement auxiliary power unit shall be duly and properly vested in Owner. 

  
 - 95 -

	 	3.2.3	Engines 

  

	 	(a)	If engine trend monitoring over the previous ninety (90) days of operation shows an accelerated rate in performance deterioration of any Engine, which is higher
than normal based on the maintenance experience of the Engine Manufacturer or the experience of Lessee in operating the same type of engines, under similar conditions, Lessee shall, prior to return, cause to be corrected such conditions which are
determined to have exceeded tolerances defined for such engines in the Maintenance Manual or are otherwise determined to be causing such performance deterioration. 

 

	 	(b)	Each Engine shall be to the IAE V2527E-A5 standard with 27,000 pounds thrust rating (provided that Lessor shall have provided the Service Bulletins necessary to change
the variant of each engine from V2527-A5 to V2527E-A5) and in the then current modification standard. There will be no “on watch” conditions, special callouts, special repetitive inspections, waivers or exemptions on either Engine.

  

	 	3.2.4	Fuselage, windows and doors 

  

	 	(a)	With the exception of those items noted in the Certificate of Acceptance, the fuselage will be free of dents, abrasions and external doubler repairs;

  

	 	(b)	There shall be no loose, pulled or missing rivets; 

  

	 	(c)	With the exception of those items noted in the Certificate of Acceptance, the windows will be free from delamination, blemishes, crazing and will be properly sealed;

  

	 	(d)	The doors will be free moving, correctly rigged and be fitted with serviceable seals. 

 

	 	3.2.5	Wings 

  

	 	(a)	The leading edges will be free from damage, numerous dings and dents (e.g. no significant hail or other foreign object damage). 

 

	 	(b)	The wings will be free of fuel leaks as demonstrated by the Manufacturer’s relevant testing guidelines. 

 

	 	3.2.6	Horizontal and vertical stabilizers 

 The leading edges will be free from damage, numerous dings and dents (e.g. no significant hail or other foreign object damage). 

 

	 	3.2.7	Galleys, lavatories and passenger cabin interior 

 The galleys, lavatories and passenger cabin interior shall be clean by international airline standards and in a condition consistent with an Aircraft fresh from C Check. 

 

	 	3.2.8	Cockpit 

 The flight deck shall
be clean. Fairing panels shall be free of stains and cracks. All systems shall function properly. All placards and decals shall be clean, secure and legible. 
  

	 	3.2.9	Cargo compartments 

  

	 	(a)	With the exception of those items noted in the Certificate of Acceptance at delivery of the Aircraft, all cargo compartment floor, sidewall and ceiling panels will be
in good condition, free of holes, cracks, temporary repairs and significant dents in accordance with applicable Structural Repair Manual (SRM) limits of the Airframe Manufacturer. 

  
 - 96 -

	 	(b)	The cargo nets will be in good condition with no tears or frayed areas. 

  

	 	3.2.10	Landing Gear 

  The Landing Gear and wheel wells will be clean, free of leaks, stains and repaired as necessary. 

 

	4.	Return of Essence 

 Return
of the Aircraft in the condition set out in this Part B at the Redelivery Location is of the essence of the Lease and if the Aircraft is not returned as provided herein, Lessor may obtain a court order requiring Lessee to return the Aircraft in
accordance with the provisions hereof. In addition, and without waiving or limiting Lessor’s right to obtain such court order, if Lessee does not return the Aircraft to Lessor for any cause on the date of the expiration or termination of the
Term, or does not return the Aircraft to Lessor in the condition set out in this Part B, then the obligations of Lessee under this Lease shall continue and such continued use shall not be considered a renewal of the terms of this Lease or a
waiver of any right of Lessor hereunder and Lessor may terminate Lessee’s right to possess the Aircraft immediately on written notice to Lessee; and Lessee shall fully indemnify Lessor on demand against all losses, liabilities, actions,
proceedings, costs and expenses thereby suffered or incurred by Lessor. During such continued use, Basic Rent shall continue to be paid by Lessee to Lessor on demand made by Lessor from time to time as follows: (a) during the period from and
including the expiration of the Term to and including the day that is fifteen (15) days after the expiration of the Term, an amount equal to ***** for each day of such continued use, (b) during the period from and including the day that is
sixteen (16) days after the expiration of the Term to and including the day that is thirty (30) days after the expiration of the Term, an amount equal to ***** for each day of such continued use, and (c) thereafter an amount equal to
***** for each day of such continued use, and all other terms and conditions of the Lease shall remain in full force and effect, provided that the payment by Lessee of such amounts will not constitute a renewal of the terms of the Lease or of the
Term or a waiver of any of Lessor’s rights under the Lease and will not give Lessee any rights whatsoever in respect of the Aircraft or any part thereof other than as may be required to enable Lessee to comply with its obligations under
Clause 14. 
  

	5.	Service Bulletins 

 All
vendor and manufacturer’s no-charge SB kits ordered and received by Lessee for the Aircraft but not installed therein shall be returned with the Aircraft and shall be loaded by Lessee on board the Aircraft as cargo. Lessor shall have the option
to purchase from Lessee, at the price paid by Lessee plus a reasonable mark-up to be agreed, any vendor and manufacturer’s SB kits for which there has been material ordered and received by Lessee for the Aircraft but not installed therein.

  

	6.	Fuel 

 Upon return of the
Aircraft, the fuel tank shall contain the same amount of fuel as was present on Delivery and paid for by Lessor and each oil tank shall be full. 
  

	7.	End of Term Adjustment Payments – Time Controlled Components and APU 

 At the end of the Term, Lessee shall pay to Lessor, or Lessor shall pay to Lessee, as the case may be, an amount determined in accordance with paragraph 6 of Schedule 15, which payment shall
reflect the difference in the maintenance condition of the Time Controlled Components and APU as of the Determination Date (as defined in Schedule 15) as compared with their maintenance condition as of the Delivery Date. 

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

  
 - 97 -

 Schedule 7 

Form of Security Letter of Credit 
 [to be typed on the relevant LC Bank’s headed notepaper] 
 IRREVOCABLE STANDBY CREDIT NO:
[insert number] 
  

			
	 Issued by:
	  	[insert name of LC Bank]
		
	 Beneficiary:
	  	MASL IRELAND (22) LIMITED
		
	 Applicant’s Name:
	  	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V.

 Ladies and Gentlemen: 
  

	1.	In accordance with instructions received from Concesionaria Vuela Compañía de Aviación, S.A. P.I. de C.V., we, [insert name of LC Bank], hereby
issue in favour of MASL Ireland (22) Limited (the “Beneficiary”) this Irrevocable Standby Letter of Credit No. [insert number] (this “Letter of Credit”) for [insert figure in words] US DOLLARS (US$[insert figure in
numbers]) (the “Stated Amount”) which is available to the Beneficiary against one or more sight drafts (each a “Draft”) drawn on [insert name of Bank] and presented at [insert address of branch that draw documents
are to be presented at] accompanied by a written certificate in the form of Appendix A attached hereto (each a “Draw Certificate”) signed by a person purporting to be an authorised signatory of Macquarie Aircraft Leasing Services
(Ireland) Limited (the “Servicer”), as servicer of the Beneficiary, together with an incumbency certificate in the form of Appendix B attached hereto (each an “Incumbency Certificate”). Together the Drafts, Draw
Certificates and Incumbency Certificates may be referred to as the “Draw Documents”. Drafts drawn hereunder must be marked “Drawn under [insert bank name]—Letter of Credit No. [insert number]”. 

 

	2.	We undertake that Drafts and Draw Certificates drawn under and in strict conformity with the terms of this Letter of Credit will be honoured upon presentation. If a
drawing made by the Beneficiary hereunder does not, in any respect, conform to the terms and conditions of this Letter of Credit, we shall give the Beneficiary prompt notice that the purported drawing was not effected in accordance with the terms
and conditions of this Letter of Credit, stating the reasons therefor, and that we are holding any documents presented in connection therewith at the Beneficiary’s disposal or are returning the same to the Beneficiary, as we may elect.

  

	3.	Drawing in respect of payments hereunder honoured by us shall not, in the aggregate, exceed the Stated Amount, as from time to time in effect. For the avoidance of
doubt, it is hereby declared that multiple drawings are permitted under this Letter of Credit. Each drawing honoured by us hereunder shall pro tanto reduce the Stated Amount. 

 

	4.	Subject to paragraphs 5 and 6 below, the expiration of this Letter of Credit is [insert date]. 

 

	5.	 It is a condition of this Letter of Credit that the expiration date will be automatically extended without amendment or other action for an additional
year from the expiration date set forth in paragraph 4 above and for an additional year from each subsequent anniversary of the expiration date thereafter unless at least thirty (30) days prior to the then existing expiration date the
Beneficiary shall have received a written notice from us that we elect not to renew this Letter of Credit for any such additional year. In the event the Beneficiary shall have received such notice, we will (on the terms and conditions set out in

  
 - 98 -

	 	
this Letter of Credit (other than the requirement for a statement concerning default) honour any Draft and Draw Certificate signed by an authorised signatory of Servicer which Draw Certificate
incorporates a statement that “the Beneficiary has received written notice that [insert issuing bank’s name] has elected not to renew Letter of Credit No. [insert number] and the Beneficiary has not received an acceptable replacement
Letter of Credit”. 

  

	6.	In any event this Letter of Credit shall have no force and effect at any time after [insert the date which is thirty (30) days after the Expiry/Termination
Date—as defined in the Lease Agreement]. 

  

	7.	The Beneficiary may assign this Letter of Credit to any person to whom it assigns its rights under the Aircraft Lease Agreement dated as of [ ] between the Beneficiary
as lessor and Concesionaria Vuela Compañía de Aviación, S.A. P.I. de C.V. as lessee (the “Lease”) in accordance with Clause 17.5 of the Lease, but not otherwise. 

 

	8.	Except as expressly provided herein, this Letter of Credit is subject to the Uniform Customs and Practices for Documentary Credits (2007 revision), International
Chamber of Commerce, Publication No. 600) (the “Uniform Customs”). This Letter of Credit shall be deemed to be made under the laws of the State of New York and shall, as to matters not governed by the Uniform Customs, be governed by and
construed in accordance with the laws of the State of New York. 

 Yours faithfully 

 

			
	Signed (Signature No. [    ])	 	Co-signed (Signature No. [    ])

 each for and on behalf of 
 [insert name of LC Bank] 

  
 - 99 -

 Appendix A to Letter of Credit no: [insert number] 

[to be typed on the Servicer’s Letterhead] 
 DRAW CERTIFICATE FOR [INSERT LC BANK’S NAME]’S 
 LETTER OF CREDIT NO. [INSERT NUMBER]

 The undersigned, a duly authorised signatory of Macquarie Aircraft Leasing Services (Ireland) Limited (the “Servicer”), as
servicer for and on behalf of MASL Ireland (22) Limited (the “Beneficiary”), hereby certifies to [insert the name of the LC Bank] (the “Bank”) with reference to Irrevocable Standby Letter of Credit No. [insert
number] issued by the Bank in favour of the Beneficiary (the “Letter of Credit”) (any capitalised term used herein and not defined shall have its respective meaning as set forth in the Letter of Credit) that: 

 

	1.	Demand is hereby made under the Letter of Credit for payment of the amount equal to US$[insert the relevant amount]. 

 

	[2.	An “Event of Default” (as defined in that certain Aircraft Lease Agreement dated as of April 7, 2011 between the Beneficiary as lessor and Concesionaria
Vuela Compañía de Aviación, S.A. P.I. de C.V. as lessee) has occurred and is continuing.] 

  

	[2.	The Beneficiary has received written notice that [insert issuing bank’s name (or **insert confirming bank’s name)] has elected not to renew [**the
confirmation of**] Letter of Credit No. [insert number] and the Beneficiary has not received an acceptable replacement [**confirmation of the**] Letter of Credit.] 

 In Witness Whereof the Beneficiary has executed and delivered this Certificate as of the [    ] day of [    ], 20[    ] 

Macquarie Aircraft Leasing Services (Ireland) Limited, 
 As Servicer of MASL Ireland (22) Limited, 
  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 - 100 -

 Appendix B to Letter of Credit no: [insert number] 

[to be typed on the Servicer’s Letterhead] 
 INCUMBENCY CERTIFICATE 
 I, [insert name], Director of Macquarie Aircraft Leasing Services
(Ireland) Limited (the “Servicer”), do hereby certify that each person whose name and signature appears below is authorised by the Servicer to sign drafts, statements and other memoranda pursuant to or in connection with that
Standby Letter of Credit No. [insert number] dated [insert date] issued by [insert name of LC Bank]). 
  

			
		  	  Name
                                         
                           Signature
		
		  	  [insert name]
		
		  	  [insert name]
		
	By:	  	
		
	Name:	  	
		
	Title:	  	  Director
		  	  duly authorised for and on behalf of
		  	  Macquarie Aircraft Leasing Services (Ireland) Limited

  
 - 101 -

 Schedule 8 

Aircraft Records Standard 
  

	1.	Language 

 Records shall
be maintained in the English language. 
  

	2.	Minimum Standard 

 At a
minimum, Lessee shall maintain Aircraft Records in accordance with the requirements of the Aeronautics Authority in addition to the requirements contained in this Lease. 

 

	3.	Delivered Aircraft Records 

Lessee shall maintain all Aircraft Records delivered with the Aircraft without interruption. The Aircraft Records shall be located at all
times at Lessee’s principal maintenance base at Toluca or such other location reasonably acceptable to Lessor. Lessee shall be responsible for return of all documents delivered with the Aircraft at termination of the Lease. 

 

	4.	Manufacturer and Vendor Manuals 

 During the Term, Lessee shall maintain at its own cost revision service for all required Manufacturer and Supplier manuals which shall at all times contain the latest issued revisions and reflect current
configuration and status of Aircraft, Airframe, Engines and Parts. 
  

	5.	Automated Aircraft Records 

Automated Aircraft Records produced by electronic data processing, or other means of automation, are acceptable under one of the two
following conditions: 
  

	 	5.1.1	As summary documents accompanied by original, or manual, Aircraft Records. 

 

	 	5.1.2	In automated format containing all pertinent data contained in original, or manual, Aircraft Records. In such case, each page of automated Aircraft Records shall be
signed, initialled, or stamped in a manner to verify and authenticate its origin and content. 

 Upon return, each
page of all acceptable automated Aircraft Records shall be verified and authenticated with a signature or stamp representing Lessee Quality Assurance organization or other agreed to agent of Lessee, and dated. A letter identifying Lessee’s
signatory agent shall accompany the Aircraft Records. Lessee shall provide upon Aircraft return a complete and current copy of Lessee’s automated Aircraft Records system procedures and security control approved by the Aeronautic Authority.

  

	6.	Routine Maintenance 

 All
unsuperseded scheduled and routine maintenance checks and inspections accomplished during the Term shall be fully documented and identified to originating requirement in accordance with applicable regulations of the aviation authority. Aircraft
Records resulting from such inspections shall be maintained until returned with the Aircraft. 
  

	7.	Non-Routine Tasks 

Non-routine tasks accomplished in conjunction with, or resulting from, routine maintenance tasks shall be fully documented as to
engineering disposition and corrective action in accordance with applicable regulations of the aviation authority. Such documentation shall be maintained with the Aircraft Records until superseded. In the case of repairs and alterations, data shall
be maintained until returned with the Aircraft. 

  
 - 102 -

	8.	Repairs 

 Lessee shall
construct and maintain a detailed and accurate summary list, complete with dates, references to pertinent documentation, affected assembly or part numbers and method of acceptance, of all repairs performed upon the Aircraft during the Term. All
technical and engineering data, calculations, drawings covering these repairs shall become a permanent part of the Aircraft Records and shall be delivered to Lessor at redelivery of the Aircraft. 

 

	9.	Alterations and Modifications 

 Lessee shall construct and maintain a detailed and accurate summary list complete with dates, references to pertinent documentation, affected assembly or part numbers, method of acceptance of all
alterations, both major and minor, performed upon the Aircraft during the Term. All technical and engineering data, calculations and drawings covering those alterations that remain incorporated, in whole or in part, on the Aircraft at the end of the
Term shall become a permanent part of Aircraft Records and shall be delivered to Lessor at redelivery of the Aircraft. 
  

	10.	Replacement Parts 

Serialized Aircraft Records detailing shop action of all replacement items, appliances, assemblies and component parts thereof which are
installed on the Aircraft during the Term of the Lease shall be maintained until returned with the Aircraft. 
  

	11.	Life Limited Parts 

 Life
Limited Parts (LLPs) as specified by Aircraft, Airframe, Engine, and Appliance Type Data Sheets and Time Controlled Components identified by MPD shall possess all historic Aircraft Records necessary to establish origin, date, hours and cycles
at each installation and removal, last shop visit findings and Return to Service where applicable, in addition to total service and authenticity. 
  

	12.	Flight Time and Cycles 

Lessee shall maintain accurate, complete, and current Aircraft Records of all flights and cycles made by, and all maintenance and
inspection performed on the Aircraft Airframe, Engines, Appliances or component parts thereof. 
  

	13.	Airworthiness Directives 

All documentation necessary to assure and demonstrate method of compliance with ADs (and any mandatory program which comes into effect
during the Term) shall become a permanent part of the Aircraft Records and shall be returned with the Aircraft. 
  

	14.	ADs and Service Bulletins 

Listings provided by Lessee, which summarize compliance with Service Bulletins and ADs, shall be returned with the Aircraft and verified
in writing by Lessee’s quality assurance organization to be authentic and complete. In the event that a particular Service Bulletin was accomplished only in part, or in variance from Manufacturer’s specific instructions, such deviation
will be plainly noted. In the event that a particular AD was accomplished in accordance with an approved alternate means of compliance, it will be plainly noted. 
  

	15.	Records List at Aircraft Redelivery 

 The content of the Aircraft Records at redelivery will be as provided in Attachment 1 to this Schedule 8. 

  
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 Attachment 1 
 to Schedule 8 
 RECORDS LIST FOR AIRCRAFT REDELIVERY 

 

	1.	CONFIGURATION 

  

	1.1	Aircraft Description (technical description of aircraft, engines, configuration, weights, etc.) 

 

	1.2	Manufacturer’s Detail/Customized Specification 

  

	1.3	Interior Configuration Drawing aka “LOPA” (approved by applicable regulatory authority) 

 

	1.4	Emergency and Survival Equipment Installation Drawings (description, part number, quantity and location) 

 

	1.5	Avionics Installation List (description, manufacturer, model number, part number and quantity) 

 

	1.6	List of Supplemental Type Certificates (STC), or equivalent, issued against the aircraft by any Aviation Authority 

 

	1.7	Manufacturer’s Delivery Inventory (i.e. Airbus List of Equipment) 

  

	2.	CERTIFICATES 

  

	2.1	Original Export Certificate of Airworthiness for Aircraft and Engines 

  

	2.2	Current Export Certificate of Airworthiness (as applicable) for Aircraft and Engines 

 

	2.3	Current Certificate of Airworthiness (photocopy; original shall be on board aircraft) 

 

	2.4	Current Aircraft Registration Certificate (photocopy; original shall be on board aircraft) 

 

	2.5	De-Registration (as applicable) 

  

	2.6	Noise Certificate 

  

	3.	SUMMARY RECORDS 

  

	3.1	Lessee shall assure that each of the following documents are complete including any update required to reflect work performed in preparation for return to Lessor. Each
summary report shall be certified by signature of Lessee’s Director of Quality Assurance or Director of Quality Control as being a complete and accurate description of aircraft status at return to Lessor. 

 

	3.2	Aircraft record of flight time and cycles (listing of accumulated hours and cycles as of specific dates) 

 

	3.3	Airworthiness Directive (AD) Applicability and Compliance Status – Lessee will supply a separate listing for Airframe, Appliances, APU and each Engine. Listings
will include all ADs issued by the Aviation Authority of country of manufacture against the model and series of equipment leased and will clearly identify any exemptions, waivers, or alternate means of compliance granted by the regulatory authority
to the operator. In addition to other pertinent data, the documents shall include manufacturer’s Service Bulletin(s) reference, AD and SB revision numbers, method of compliance, date and time (hours and cycles) of accomplishment, status
(terminated, repetitive, open), and next due. 

  

	3.4	Manufacturer Service Bulletin (SB) Compliance Summary – Lessee will supply a separate listing from Airframe, Appliances, APU and each Engine. Summary will clearly
identify whether an SB was completed in full, in part or in variance to manufacturer data and shall detail which portions were accomplished or the nature of any variance. 

  
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	3.5	List of Operator Modifications Incorporated (EOs, EAs, FCDs etc.) In addition to other pertinent data, this document shall include operator document reference,
description, date and time of accomplishment. 

  

	3.6	List of Structural Repairs – In addition to other pertinent data, this document shall include specific location, size, date repair made, specific authority for
repair (i.e. SRM reference, Aviation Authority approval, manufacturer telex, etc.), and whether repair was classed as major or minor. 

  

	3.7	List of Major Alterations – In addition to other pertinent data, this document shall include description, STC number, and date incorporated.

  

	3.8	Life Limited Parts (LLP) Status Reports (Airframe, Landing Gear, Engines, APU) (In addition to other pertinent information, this document shall include
description, location, manufacturer part number, manufacturer serial number, total time (hours and cycles), life limit and time remaining.) 

  

	3.9	Check/Inspection History (record of scheduled checks accomplished during lease term including date and time accomplished) 

 

	3.10	Complete Status Summary for each special maintenance, modification or inspection program (Corrosion Prevention and Control, Supplemental Inspection, Aging Aircraft,
etc.) in affect at time of return. 

  

	3.11	Time-Controlled Components (TCC) Status Report (Shall address status of each TCC identified in the manufacturer’s MPD as well as each TCC listed in Lessee
Maintenance Program. In addition to other pertinent information, this document shall include description, location, manufacturer part number, manufacturer serial number, date and aircraft time at installation, current time since overhaul (hours and
cycles), limit, and time remaining.) 

  

	3.12	List of Currently Installed Components and Equipment (In addition to other pertinent information, this document shall include description, location, manufacturer part
number, manufacturer serial number, date installed and aircraft time at installation.) 

  

	3.13	Emergency and Survival Equipment Inspection Status (In addition to other pertinent information, this document shall include description, location, manufacturer part
number, manufacturer serial number, date of last inspection and when next due.) 

  

	3.14	List of Deferred Maintenance Items (If no DMI, MEL or CDL items are “open” at transfer, a signed statement to that effect is required.)

  

	3.15	List and Status of any out-of-phase checks, special inspection requirements, time limited repairs, “watch” items, etc. (If none exist, then a signed statement
to that effect is required.) 

  

	4.	MAINTENANCE AND CHECK ACCOMPLISHMENT RECORDS 

  

	4.1	Aircraft Flight and Maintenance Log Sheets 

  

	4.2	Complete accomplishment records (task card summaries, work instruction cards, non-routines, etc.) for each unsuperseded scheduled check (i.e. “A”,
“B”, “C” (Zonal/Systems) and “Structural” Checks / Inspections). In the event that a check is performed in phases, all phases necessary to constitute a complete block check are required. In the event that check content
varies by multiples of the check, all multiples necessary to constitute a complete cycle are required. 

  

	4.3	Accomplishment records for each special maintenance, modification or inspection programs (Corrosion Prevention and Control, Supplemental Inspection, Aging Aircraft,
etc.) in affect at time of return. 

  

	4.4	Aircraft weight records (including weight change ledger) 

  
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	5.	AIRWORTHINESS DIRECTIVES, SERVICE BULLETINS AND MODIFICATIONS 

  

	5.1	Airworthiness Directive Accomplishment Records for all Airworthiness Directives accomplished including task cards, engineering orders, drawings, shop cards, etc., as
necessary to establish method of compliance, quality control acceptance, and approval authority. (Records shall be returned in dedicated AD files segregated by Airframe, Engine, APU and Appliances and shall be in AD number order. Records for ADs
requiring repetitive accomplishment of identical action may be restricted to initial and most recent accomplishment.) 

  

	5.2	Service Bulletin Accomplishment Records for all Service Bulletins accomplished on the Aircraft, Engines, APU and Appliances including task cards, engineering orders,
drawings, shop cards, etc., as necessary to establish method of compliance, quality control acceptance, and approval authority. (Records shall be returned in dedicated SB files segregated by Airframe, Engine, APU and Appliances and shall be in SB
number order. Records for SBs requiring repetitive accomplishment of identical action may be restricted to initial and most recent accomplishment. SBs carried out to satisfy AD requirements shall be returned with AD records and need not be
duplicated in SB files.) 

  

	5.3	Modification Accomplishment Records for all Modifications accomplished on the Aircraft, Engines, APU and Appliances including task cards, engineering orders, drawings,
shop cards, etc., as necessary to establish method of compliance, quality control acceptance, and approval authority. (Records shall be returned in dedicated Modification files segregated by Airframe, Engine, APU and Appliances and shall be
organized in a fashion that allows documents for a particular modification to be located quickly and efficiently. Modifications carried out to satisfy AD requirements shall be returned with AD records and need not be duplicated in Modification
files.) 

  

	6.	REPAIRS AND ALTERATIONS 

  

	6.1	Structural Repair Documents including task cards, engineering orders, drawings, manufacturer telexes, manufacturer approval, Aviation Authority approval, Supplemental
Type Certificates, Master Change Notice, FAA Form 8130-3 or EASA Form 1, etc., as necessary to document work done, certification basis, and approval authority. (Records shall be returned in dedicated repair files and shall be organized in
a fashion that allows documents for a particular repair to be located quickly and efficiently.) 

  

	6.2	Diagram (aka “map”) showing general size and location of all external structural repairs 

 

	6.3	Alteration Documents including task cards, engineering orders, drawings, manufacturer telexes, manufacturer approval, Aviation Authority approval, Supplemental Type
Certificates, Master Change Notice, FAA Form 8130-3 or EASA Form 1, etc., as necessary to document work done, certification basis, and approval authority. (Records shall be returned in dedicated alteration files and shall be organized in a
fashion that allows documents for a particular alteration to be located quickly and efficiently.) 

  

	7.	ENGINE RECORDS 

  

	7.1	Certified statement as to time and cycles since overhaul on each engine module 

 

	7.2	Engine Log Book (as applicable to Lessee’s records keeping system) 

  

	7.3	Engine Master Record (record of installation and removal and accumulated flight time and cycles) 

 

	7.4	Accessory Status (including description, part number, serial number, date and time installed, and current time since overhaul) 

  
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	7.5	Record of last overhaul (FAA Form 8130-3 or EASA Form One) for each of the accessory rotables requiring overhaul on a time specified basis

  

	7.6	Repair, overhaul and inspection records for each shop visit since and including the last overhaul of each module 

 

	7.7	Documents demonstrating installation and full traceability to new for each life limited part 

 

	7.8	Engine Condition Monitoring Report 

  

	7.9	Most recent engine borescope (including copy of DVD or video tape) 

  

	7.10	Most recent fuel, oil sampling, magnetic chip detector and vibration survey results (as available) 

 

	7.11	Most recent on-wing ground performance run 

  

	7.12	Last certified Test Cell Run specifying engine OATL (outside air temperature limit) at rated thrust 

 

	7.13	Manufacturer delivery documents i.e. PWA Industry Item List , IAE Data Submittal, etc. 

 

	7.14	Engine Oil used 

  

	7.15	Any incidents during operation since last shop visit with action taken i.e. IFSD/FOD/oil loss etc. 

 

	8.	APU RECORDS 

  

	8.1	Certified statement as to hours and cycles since overhaul, hours and cycles since hot section inspection and operator’s method for APU time accrual

  

	8.2	APU Log Book (shall at a minimum contain a record of each installation and removal with accumulated time and cycles, complete and accurate Life Limited Parts History
cards, maintenance release and FAA Form 337 for each shop visit) 

  

	8.3	Accessory Status (including description, part number, serial number, date and time installed, and current time since overhaul) 

 

	8.4	Record of last overhaul (FAA Form 8130-3 or EASA Form One) for each of the accessory rotables requiring overhaul on a time specified basis

  

	8.5	Repair, overhaul and inspection records for each shop visit since and including the last overhaul 

 

	8.6	Documents demonstrating installation and full traceability to new for each life limited part 

 

	8.7	Most recent certified APU borescope report 

  

	8.8	Most recent APU on-wing health check datasheets 

  

	8.9	Last certified test cell run 

  

	9.	COMPONENT RECORDS 

  

	9.1	Documents demonstrating installation and full traceability to new for each life limited part 

 

	9.2	Time Controlled Component (TCC) Installation records and certified records of last overhaul (FAA Form 8130-3 or EASA Form One) for each TCC listed in the
manufacturer’s MPD and/or Lessee’s approved program 

  

	9.3	Installation records and serviceable tags (FAA Form 8130-3 or EASA Form One) for Components and Equipment 

 

	9.4	Compass Swing (last recorded) 

  

	9.5	VOR Equipment Check (last recorded) 

  
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	9.6	Altimeter and Altitude Reporting Equipment Test and Inspection (last recorded) 

 

	9.7	ATC Transponder Inspection (last recorded) 

  

	9.8	Emergency Locator Battery Status (battery life, replacement times, etc.) 

  

	9.9	Control Surface Balance (last recorded) 

  

	9.10	Flight and Cockpit Voice Recorders (last bench test and inspection) 

  

	10.	MISCELLANEOUS 

  

	10.1	Aircraft Log Book (as applicable to Lessee’s records keeping system) 

  

	10.2	Lessee’s Minimum Equipment List (MEL) 

  

	10.3	Lessee’s Maintenance Program and copy of aviation authority approval of same (Maintenance Program documentation shall include a complete cross reference between
Manufacturer’s Maintenance Planning Document task numbers and Lessee task numbers) 

  

	10.4	Operator vs. Manufacturer Part Number Cross-Reference and any other reference material necessary for interpretation of status summaries 

 

	10.5	List of Oils and Fluids used throughout the aircraft 

  

	10.6	Galley Drawings 

  

	10.7	Certificate of Conformity for all interior fabrics, carpets, wall and ceiling panels, cargo tape and seat covers/cushions indicating compliance with the relevant FAA
Flammability requirements, including FAR 121.312 

  

	10.8	Certification records of galleys and seats 

  

	11.	QUALITY ASSURANCE STATEMENTS 

  

	11.1	Statement of total hours and total cycles on the airframe, engines, APU and landing gear at aircraft transfer 

 

	11.2	Automated Record System procedures and Security Control (as applicable to Lessee’s records keeping system) 

 

	11.3	List of Repair Stations used by Lessee including Part 145 Certification and Letter to Repair Stations authorizing release of records to Lessor upon request

  

	11.4	Report detailing Incidents or Accidents (if none, signed statement to that effect) 

 

	11.5	List of All Records and Documentation Transferred with Aircraft (inventory of boxes and content) 

  
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 Schedule 9 

Post-Delivery Modifications 
  

	1.	Engine Thrust Upgrade 

Lessor shall cause to be delivered to Lessee, the IAE and Airbus Service Bulletins and data-plate necessary to change the variant of each
Engine from V2527-A5 to V2527E-A5. Lessee shall cause the Service Bulletins to be incorporated in each Engine and the Aircraft promptly following its receipt of such Service Bulletins (and in any event within 3 months of such receipt). 

 

	2.	FAR Part 129 Equipment 

 Lessor shall cause to be delivered to Lessee the Airbus Service Bulletin necessary to make the Flight Data Recorder compliant with FAR Part 121.344. Lessee shall cause such Service Bulletin to be
incorporated on the Aircraft promptly following its receipt of such Service Bulletin (and in any event within 3 months of such receipt). 
  

	3.	Cabin Reconfiguration 

Lessor shall cause to be delivered to Lessee the Service Bulletin(s) necessary for reconfiguration of the passenger seating arrangement
from 180 all economy class to 174 all economy class in accordance with the layout of passenger accommodation (LOPA) set out in the Appendix to this Schedule 9. Lessee shall cause such Service Bulletin(s) to be incorporated in the Aircraft
promptly following its receipt of such Service Bulletin(s) (and in any event within 3 months of such receipt). Lessor shall reimburse Lessee for the reasonable labour and materials to accomplish such reconfiguration promptly following receipt by
Lessor of authentic, legible invoices evidencing the costs involved which (x) confirm that the work has been carried out and paid for and (y) give in reasonable detail a summary of the work that has been performed, and the time, parts and
manpower used to perform each separate task. 

  
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 APPENDIX 
 to Schedule 9 
 LOPA 

 
 

 

  

- 110 - 

 Schedule 10 

Form of Deregistration Power of Attorney 
  

			
	Form of Irrevocable Power of Attorney	  	Formato de Poder Irrevocable
		
	[THIS FORM OF POA MUST BE GRANTED BY LESSEE IN A PUBLIC DEED PREPARED BY AMEXICAN NOTARY PUBLIC]	  	[ESTE FORMATO DE PODER DEBE DE SER OTORGADO POR LA ARRENDATARIA EN UN ESCRITURA PÚBLICA ANTE UN NOTARIO PÚBLICO MEXICANO]
		
	The undersigned, [            ] in its capacity as
[            ] of CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (the “Company” / “Lessee”) in connection with the Aircraft Lease
Agreement dated             , 2011 (the “Lease”) between MASL IRELAND (22) LIMITED (the “Lessor”) and the Company with respect to one Airbus A320-200 bearing
manufacturer’s serial number 2204 y dos motores modelo IAE V2527E-A5 (the “Aircraft”), grants on behalf of the Company, this power of attorney.	  	El suscrito, en su carácter de [            ] de CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN,
S.A.P.I. DE C.V. (la “Sociedad” / “Arrendataria”) en relación con el Contrato de Arrendamiento de Aeronave de fecha             , 2011 (el
“Arrendamiento”) celebrado entre MASL IRELAND (22) LIMITED (la “Arrendadora”) y la Sociedad respecto a una Aeronave modelo Airbus A320-200 con número de serie del fabricante 2204 y dos motores modelo IAE V2527E-A5 (la
“Aeronave”), otorga en nombre y representación de la Sociedad, el presente poder.
		
	 FIRST.- The Company, in accordance with the Company’s obligations under the Lease, hereby grants an IRREVOCABLE SPECIAL
POWER OF ATTORNEY FOR ADMINISTRATION ACTS, AND FOR PLEADINGS AND COLLECTIONS, to MASL IRELAND (22) LIMITED and MACQUARIE AIRCRAFT LEASING SERVICES (IRELAND) LIMITED (each an “Attorney” and together the
“Attorneys”),
 with all the special faculties that require a special clause, in accordance to the terms established in the first two
paragraphs of article 2554 (two thousand five hundred and fifty four of the Civil Code For the Federal District of the United Mexican States and its concordant articles of the several Codes ruling in the states of the Mexican Republic, to be
exercised jointly or individually in the United Mexican States, in the United States of America, or in any other jurisdiction where the Aircraft may be located, as required, to execute and perform on behalf of CONCESIONARIA VUELA
COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. all actions and to sign all documents necessary or appropriate to carry out and fulfill the terms provided in the Lease, including without limiting:

 
 (i) request and obtain the de-registration of the Aircraft and the cancellation of
the registration marks from the Mexican Aviation Registry (“RAM”), or any other corresponding registry, or its equivalent in the United States of America; (ii) to request from the General Directorate of Civil Aviation
(“DGAC”) or its equivalent in the United States of America to communicate such deregistration to any authority domestic or foreign; (iii) to request and obtain the removal of the Aircraft from the operation permits of Lessee before
the DGAC; (iv) to request and obtain from the DGAC or any other relevant authority the authorizations needed to complete the ferry flight of the Aircraft out of Mexico or from any other jurisdiction where the Aircraft may be located;
(v) to perform all necessary and required filings to export the Aircraft from Mexico or from any other jurisdiction where the Aircraft may be located; (vi) to notify the termination of the Lease to the RAM or any other relevant authority;
(vii) to perform any acts and execute any documentsrequired for the purposes aforementioned, including without limitation, the execution or ratification of a termination agreement of the Lease, in the required form; (viii) in case of an
event of total loss of the Aircraft and/or the Engines, to act on behalf of the Lessee and to perform all kind of acknowledgements and actions, to execute any kind of documents necessary or required by Lessee to collect the corresponding insurance
proceeds (hull, war and perils insurance, etc.) related to the
	  	PRIMERA.- La Sociedad, en cumplimiento de lo establecido en el Arrendamiento, en este acto otorga un PODER ESPECIAL IRREVOCABLE PARA ACTOS DE ADMINISTRACION, Y PLEITOS Y
COBRANZAS, a favor de MASL IRELAND (22) LIMITED y MACQUARIE AIRCRAFT LEASING SERVICES (IRELAND) LIMITED (cada uno, referidos en el presente como “Apoderado” y en conjunto los “Apoderados”) con todas las facultades especiales que
requieren clausula especial de conformidad con los términos establecidos en los dos primeros párrafos del artículo 2554 (dos mil quinientos cincuenta y cuatro) del Código Civil para el Distrito Federal de los Estados
Unidos Mexicanos y sus artículos concordantes de los diversos Códigos que rigen en los Estados de la República Mexicana, para ser ejercitado conjunta o separadamente dentro de los Estados Unidos Mexicanos, en los Estados Unidos
de América, o cualquier otra jurisdicción donde la Aeronave se encuentre, según se requiera, a efecto de que los Apoderados actúen en nombre y representación de CONCESIONARIA VUELA COMPAÑÍA DE
AVIACIÓN, S.A.P.I. DE C.V. y realicen todas las acciones y suscriba todos aquellos documentos que sean necesarios o convenientes para llevar a cabo y cumplir con los términos previstos en el Arrendamiento, incluyendo sin
limitar:
	  	(i) solicitar y obtener la baja del registro y marcas de nacionalidad y matrícula (cancelación de registro) de la Aeronave del registro Aeronáutico Mexicano
(“RAM”) o de cualquier otro registro que corresponda, o de su equivalente en los Estados Unidos de América; (ii) solicitar de la Dirección General de Aeronáutica Civil (“DGAC”) o de su equivalente en los
Estados Unidos de América, comuniquen la cancelación de la matrícula a cualquier autoridad nacional o extrajera; (iii) solicitar y obtener la baja de la Aeronave de los permisos de operación de la Arrendataria ante
la DGAC; (iv) solicitar y obtener de la DGAC o de cualquier otra autoridad relevante las autorizaciones necesarias para realizar el vuelo de traslado de la Aeronave al extranjero o desde cualquier jurisdicción en donde la Aeronave se
encuentre; (v) realizar todos los trámites necesarios y conducentes a la exportación de la Aeronave y a la transportación de la misma fuera del territorio mexicano o desde cualquier otra jurisdicción donde se pudiera
encontrar localizada la Aeronave; (vi) notificar la terminación del Arrendamiento al RAM o cualquier otra autoridad para los fines conducentes; (vii) realizar cualquier acto y suscribir cualquier documento para la consecución
de los fines anteriormente mencionados, incluyendo sin limitar, la ejecución o ratificación del convenio de terminación del Arrendamiento, en la forma que se requiera; (viii) en un caso de que ocurra un evento de
pérdida total de la Aeronave y/o los Motores, para actuar en representación de la Arrendataria y para llevar a cabo todo tipo de reconocimientos y

  

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	 Aircraft and Engines, including without limitation the execution of releases; (ix) to request any information from the Air
Navigation Service in Mexican Air Space (“SENEAM”) or from Airport and Auxiliary Services (“ASA”) in connection with any amounts owed by Lessee; and (x) to delegate in whole or in part the powers that have been granted
herein, always retaining the power to execute them by themselves.
  

Likewise, the Attorneys will have, including without limitation, all the necessary faculties to make any filings and initiate any proceedings related to
the Aircraft and, particularly, to interpose and abandon any action or proceeding, including the “amparo”; to act as coadjutor of the office of the Public Prosecutor, to articulate and release positions, and grant pardon, desists
from initiated proceedings and celebrate transactions.
  
 Exclusively for
the purpose for which this power of attorney is granted, jointly or separately, the Attorneys will, without limitation, have the necessary capacity to represent the Company before any and all authorities, either judicial or administrative, federal,
state or municipal, of Mexico, particularly before the Labor Conciliation and Arbitration Board, and/or of the United States of America, or any other jurisdiction where the Aircraft may be located, including without limitation, the DGAC, the RAM,
the General Customs Direction of the Ministry of Treasure of México (“SHCP”), the Customs Department of the United States of America, the Federal Aviation Administration, the Department of Transportation of the United States of
America, and/or any and all other authorities that in the future shall have the capacities mentioned above (indistinctly the “Authorities”).
  

For purposes of this power of attorney, the term Aircraft includes: (a) any and all engines installed on the Aircraft or that in the future
substitute said engines according to the terms of the Lease (in the understanding that Lessor shall not assert a right over those engines not property of Lessor); (b) any and all machinery, parts, equipment, accessories, components, records and
documents installed on the Aircraft or that in the future might be installed substituting the first ones installed according to the terms of the Lease or that are part of the Aircraft.

 
 SECOND.- This Power of Attorney is granted to be exercised within the Mexican
Republic and/or the United States of America according to the Inter-American Convention on the legal regime of Powers of Attorney to be used abroad and the Washington Protocol on Uniformity of Powers of Attorney. Finally, the Company agrees not to
grant, a third party different from the Attorneys, a power with similar faculties and with similar purposes to those established herein with respect to the Aircraft.
  

THIRD. This Power of Attorney is irrevocably granted for being a mean to fulfill an obligation agreed and acquired previously in terms of
Article 2596 of the Federal Civil Code provided it has been agreed as a condition under the Lease.
  
 FOURTH. Each Attorney, indistinctly, may perform all the necessary acts or transactions; may sign as many public and/or private documents to fulfill its/their obligations according to the nature
and
	  	acciones, y para firmar cualquier y todo tipo de documentos necesarios o requeridos por parte de la Arrendataria para el cobro de los recursos provenientes de cualquier tipo de
seguro (de casco de la Aeronave, de riesgo y guerra, etc.) inherente a la Aeronave y sus Motores, incluyendo sin limitación la firma de formatos de finiquito y liberación; (ix) solicitar cualquier información a Servicios a la
Navegación en el Espacio Aéreo Mexicano (“SENEAM”) o a Aeropuertos y Servicios Auxiliares (“ASA”) en relación con cualquier cantidad adeudada por la Arrendataria; y (x) delegar en todo o en parte las
facultades que les han sido otorgadas en este instrumento, conservando en todo momento la facultad de ejercerlas por su cuenta.
	  	  
 De igual forma, enunciativa mas no limitativa, los Apoderados
queda especialmente facultado para llevar a cabo cualquier presentación de documentos, trámites y procedimientos en relación con cualquier transacción relacionada con la Aeronave y, en ese particular, para interponer y
abandonar cualquier acción o procedimiento incluidos el “amparo”; para actuar como coadyuvante de la oficina del Ministerio Público, para articular y liberar posiciones, otorgar el perdón, celebrar transacciones y
desistirse de cualquier procedimiento iniciado.

	  	  
 Única y exclusivamente para los fines para los que es
otorgado el presente poder especial, conjunta o separadamente, de manera enunciativa mas no limitativa, los Apoderados tendrán todas las facultades necesarias para representar a la Sociedad ante todas y cualesquier autoridades ya sean
judiciales o administrativas, federal, estatal o municipal de México, especialmente ante las Juntas de Conciliación y Arbitraje, y/o de los Estados Unidos de América, o cualquier otra jurisdicción donde pudiera
localizarse la Aeronave, incluyendo enunciativa mas no limitativamente, la DGAC, el RAM, la Secretaría de Hacienda y Crédito Público (“SHCP”), el Departamento de Aduanas de los Estados Unidos de América, la
Administración de Aviación Federal de los Estados Unidos de América y el Departamento de Transporte de los Estados Unidos de América, y/o cualesquiera otras entidades, agencias o autoridades que en el futuro asuman las
funciones de las anteriormente citadas (indistintamente las “Autoridades”).

	  	  
 Para todos los efectos previstos en este poder, el
término Aeronave incluye: (a) cualesquiera motores instalados en la Aeronave o los que en el futuro sustituyan a los anteriormente citados de conformidad con los términos del Arrendamiento (en el entendido de que la Arrendadora no
reclamará tener ningún derecho sobre aquellos motores que no sean de su propiedad); y (b) cualesquier maquinaria, partes, equipo, accesorios, componentes, registros y documentación instalados en la Aeronave o que el un
futuro puedan ser instalados en sustitución de los mismos conforme al Arrendamiento o bien que sean pertenecientes a la Aeronave.

	  	  
 SEGUNDA.- Este poder se otorga para ser ejercitado dentro de la
República Mexicana y/o los Estados Unidos de América de conformidad con la Convención Interamericana del régimen legal de Poderes con uso amplio y el Protocolo de Washington de Uniformidad y Poderes. Finalmente,
Arrendataria conviene además en no otorgar ningún otro poder similar al contenido en el presente instrumento para la realización de los actos previstos en el mismo con respecto a la Aeronave, en favor de persona alguna distinta
a los Apoderados mencionados en el presente.

	  	  
 TERCERA. Este poder se confiere con carácter de
irrevocable por ser un medio para cumplir con una obligación contraída con anterioridad en términos del artículo 2596 del Código Civil Federal en virtud de que su otorgamiento ha sido acordado como una
condición dentro del Arrendamiento.

	  	  
 CUARTA. Cada Apoderado, indistintamente, podrá llevar a
cabo todos los actos u operaciones que hagan necesaria la naturaleza y objeto del presente poder, pudiendo firmar cuantos documentos públicos o privados sean menester para su cabal cumplimiento. Adicionalmente, cada Apoderado estará
autorizado para registrar, cancelar el registro y autorizar el registro o cancelación del registro de

  

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	purpose of this power. Additionally, each Attorney will be authorized to register, deregister or authorize the registration or deregistration of any right derived from the Aircraft
in the International Registry according to the Convention on International Interests in Mobile Equipment signed on November 16, 2001 at Cape Town, and it’s Protocol of same date specifically related to aircraft equipment.	  	 cualquier derecho derivado de la Aeronave en el Registro Internacional de conformidad con la Convención Internacional
de Intereses en Equipo Móvil ejecutado el 16 de noviembre de 2001 en la Ciudad del Cabo, y su Protocolo de la misma fecha, específicamente relacionado con equipos aeronáuticos.

 
 QUINTA. La Arrendataria en este acto expresamente ratifica todos los actos
realizados por los Apoderados y los libera de toda responsabilidad que pueda derivar del ejercicio de su autoridad y expresamente acuerda indemnizar y mantenerlos en paz y a salvo de cualquier responsabilidad derivada del ejercicio de su
autoridad.

	  
 FIFTH.- The Company herein expressly ratify the acts performed by
the Attorneys and release them from any liability they may incur in by virtue of the exercise of their capacities and expressly agree to indemnify and hold them harmless from any liability derived therefrom.
	  

  

- 113 - 

 Schedule 11 

[Intentionally Omitted] 

  
 - 114 -

 Schedule 12 

Lease Information 
  

			
	Aircraft:	 	 
		
	Manufacturer:	 	Airbus
		
	Type and Model:	 	A320-200
		
	Serial Number:	 	2204
		
	Engines:	 	
		
	Manufacturer:	 	International Aero Engines
		
	Type and Model:	 	IAE V2527-A5
		
	Anticipated Delivery Date:	 	April 6, 2011
		
	Claims Limit:	 	The amount of the first deductible under the hull cover
		
	Delivery Location:	 	A maintenance facility in Portugal, Mexico, England, Germany or France to be designated in writing by Lessor
		
	Expiry Date:	 	May 22, 2015 or, if such date is not a Business Day, the next succeeding Business Day
		
	Lessee’s Process Agent:	 	Corporation Service Company of 1180 Avenue of the Americas, Suite 210, New York, New York 10036
		
	Lessor’s Bank Account:	 	See Schedule 15
		
	Margin:	 	See Schedule 15
		
	Latest Delivery Date:	 	The date which is 30 days after the Anticipated Delivery Date
		
	Home Jurisdiction:	 	Lessor: Ireland
		
		 	Lessee: Mexico
		
	State of Registration:	 	Subject to Clause 8.6, Mexico
		
	Text of Fireproof Plate:	 	See Attachment A hereto
		
	Insured Value:	 	See Schedule 15
		
	Engine Agreed Value:	 	See Schedule 15

  
 - 115 -

 ATTACHMENT A 
 to SCHEDULE 12 
 DATA PLATES 

MSN 2204 
  

	1.	Lease Data Plates 

FLIGHT DECK 
 This Airbus
A320-200 Aircraft, Manufacturer’s Serial No. 2204, is (1) owned by Wells Fargo Bank Northwest, N.A., as owner trustee, (2) leased to MASL Ireland (22) Limited and (3) sub-leased to Concesionaria Vuela Compañía
de Aviación, S.A. P.I. de C.V. 
 EACH ENGINE 
 This IAE V2527-A5 Engine, Manufacturer’s Serial No. [insert serial number], is (1) owned by Wells Fargo Bank Northwest, N.A., as owner trustee, (2) leased to MASL Ireland (22) Limited
and (3) sub-leased to Concesionaria Vuela Compañía de Aviación, S.A. P.I. de C.V. 
  

	2.	Ownership Data Plate 

 To be affixed to
the forward right doorframe: 
  

			
	AIRBUS	 	A320-200
		
	Serial No.	 	2204
		
	REGISTRATION	 	XA-[VOU]
		
	OWNER	 	 WELLS FARGO BANK NORTHWEST, N.A.,
 not individually but solely as owner trustee

		
	ADDRESS	 	 299 SOUTH MAIN STREET
 12TH
FLOOR
 SALT LAKE CITY
 UTAH
84111
 UNITED STATES OF AMERICA

  
 - 116 -

 Schedule 13 

Form of Monthly Operating Report 
  

	To:	                Macquarie Aircraft Leasing Services (Ireland) Limited

  

	Attention:        Technical	Department 

 Date: [•]

 Aircraft Lease Agreement (the “Lease Agreement”) dated as of April 7, 2011 between MASL Ireland (22) Limited, as
lessor, and Concesionaria Vuela Compañía de Aviación, S.A. P.I. de C.V., as lessee relating to one Airbus A320-200 Aircraft, MSN 2204 (the “Aircraft”) 
 Terms used in this Report have the meanings given to them in the Lease Agreement. 
 We confirm
that during the period from • to • (the “Period”) or, as the context may require, as of the last day of the Period the following information was true with respect to the Aircraft: 

 

	1.	Engines 

  

	1.1	Engine s/n             : 

 

	 	1.1.1	If removed from Airframe during Period: 

  

	 	(a)	Date [•] 

  

	 	(b)	Reason [•] 

  

	 	1.1.2	Location (i.e. aircraft on which installed if not the Aircraft): [•] 

  

	 	1.1.3	Hours since New: [•] 

  

	 	1.1.4	Cycles since New: [•] 

  

	 	1.1.5	Engine Hours accumulated during Period: [•] 

  

	 	1.1.6	Cycles accumulated during Period: [•] 

  

	 	1.1.7	Module changes: [•] 

  

	 	1.1.8	Average derate during Period: [•] 

  

	1.2	Engine s/n             : 

 

	 	1.2.1	If removed from Airframe during Period: 

  

	 	(a)	Date [•] 

  

	 	(b)	Reason [•] 

  

	 	1.2.2	Location (i.e. aircraft on which installed if not the Aircraft): [•] 

  

	 	1.2.3	Hours since New: [•] 

  

	 	1.2.4	Cycles since New: [•] 

  

	 	1.2.5	Engine Hours accumulated during Period: [•] 

  

	 	1.2.6	Cycles accumulated during Period: [•] 

  

	 	1.2.7	Module changes: [•] 

  

	 	1.2.8	Average derate during Period: [•] 

  

	1.3	APU s/n             : 

 

	 	1.3.1	Total APU Hours since new: [•] 

  
 - 117 -

	 	1.3.2	APU Hours accumulated during Period: 

  

	 	1.3.3	Location (if removed from Aircraft): 

 (if installed on another airframe, please specify by MSN and registration mark) 
  

	 	(a)	Date of removal: 

  

	 	(b)	Reason for removal: 

  

	2.	Landing Gear 

  

	2.1	Flight Hours completed during Period: [—] 

 

	2.2	Block Hours completed during Period: [—] 

 

	2.3	Cycles completed during Period: [—] 

 

	3.	Airframe 

  

	3.1	Hours since New: [—] 

  

	3.2	Cycles since New: [—] 

  

	3.3	Block Hours completed during Period: [—] 

 

	3.4	Flight Hours completed during Period: [—] 

 

	3.5	Cycles completed during Period: [—] 

 

	3.6	Anticipated date of next C Check: [—] 

 

	3.7	Anticipated date of next major structural check: [—] 

 

	3.8	Average daily utilisation (in Hours) during Period: [—] 

 

	3.9	Any specific information re: restriction of operating location. 

  

	4.	Miscellaneous 

  

	4.1	Any changes to Insurances over Period: [—] 

 

	4.2	Airworthiness Directives or Mandatory Service Bulletins accomplished during Period: [—] 

 

	4.3	Departure locations during period: [—] 

 Authorised Signatory 
 for and on behalf of 

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

 

					
		  	cc:	  	        Macquarie Aircraft Leasing Services (US) Inc.
		  	Two Embarcadero Center, Suite 200
		  	San Francisco, California 94111
		  	USA

  

							
		 	Attention:	 		 	Contracts Administration
		 	Telephone:	 		 	+1 415 829 6600
		 	Fax:	 		 	+1 415 829 6689

  
 - 118 -

 Schedule 14 

Form of Redelivery Certificate 
 THIS REDELIVERY CERTIFICATE is dated [            ], 20[    ], (this “Redelivery Certificate”),
between MASL IRELAND (22) LIMITED (“Lessor”) and CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. P.I. DE C.V. (“Lessee”). 
 WITNESSETH: 
 WHEREAS, Lessor and Lessee have heretofore entered into that certain
Aircraft Lease Agreement dated as of April 7, 2011 (the “Lease”), which provides for the execution and delivery of a Redelivery Certificate in substantially the form hereof for the purpose of acknowledging the return of the
Aircraft in accordance with the terms of the Lease; 
 NOW, THEREFORE, in consideration of the premises, and pursuant to Clause 14
of the Lease, Lessor and Lessee hereby agree as follows: 
  

	1.	Definitions 

 Unless
otherwise defined herein, all capitalized terms used herein shall have the respective meanings given them in the Lease. 
  

	2.	Redelivery and Acceptance 

Lessee hereby delivers and returns to Lessor, and Lessor hereby accepts from Lessee under the provisions of the Lease: 

Aircraft: One Airbus A320-200 aircraft consisting of the following: 

 

	 	2.1.1	Airframe: Registration Mark: [    ] 

  

			
		  	Manufacturer’s Serial No. 2204
		  	Total Flight Hours: [    ]
		  	Total Cycles: [    ]
		  	Date of last Six Year Check: [    ]
		  	Date of last Twelve Year Check: [    ]

  

	 	2.1.2	Engines: Two IAE V2527E-A5 turbofan engines installed on said Airframe, bearing, respectively, Manufacturer’s Serial Nos.: 

 

									
	 Engine Number
	  	Manufacturer’s Serial Number	  	Engine	  	Total Hours	  	Total Cycles
	 1.
	  		  		  		  	
	 2.
	  		  		  		  	

  The status of the time controlled components, engine modules and life limited parts
is set forth in Appendix I hereto. 
  

	 	2.1.3	Auxiliary Power Unit: 

  

											
	 Make And
	 	Manufacturer’s	  	Total APU	 	APU Hours since	  	Total	  	Cycles since
	 Model
	 	Serial Numbers	  	Hours	 	APU Heavy Repair	  	Cycles	  	APU Heavy Repair

  
 - 119 -

	 	2.1.4	Landing Gear 

  

					
	Position	  	Date of Last Overhaul	  	Hours and Cycles Since Overhaul
	 Nose
	  		  	
	 Main – Left
	  		  	
	 Main – Right
	  		  	

  

	 	2.1.5	Brake Wear Pin Measurements 

  

			
	Position	  	Measurement

  

	 	2.1.6	Lessor Furnished Equipment: The equipment installed in the Aircraft (including avionics, safety equipment and galley equipment) and being returned to Lessor is
described in Appendix II hereto. 

 Lessor confirms that the Aircraft has been examined by its duly appointed and
authorized representatives and such items conform to the information set forth above. 
  

	3.	Aircraft Records 

 Lessee
hereby redelivers and Lessor hereby accepts the manuals, log books, records and other documents relating to the Aircraft described in Appendix III hereto. 
  

	4.	Redelivery Date 

 The
redelivery date of the Aircraft is the date first set forth above, and the Aircraft is hereby redelivered and accepted on such date at             , hours local time at [location of
redelivery]. 
  

	5.	Fuel 

 At the time of
redelivery there were      kg. of fuel in the Aircraft and each oil tank was full. 
  

	6.	Condition of Aircraft 

The Aircraft is redelivered in good working order and condition except for the exceptions specified in Appendix IV hereto and Lessee and
Lessor agree to the payments and commitments specified therein. 
  

	7.	Maintenance Payment Amounts 

 Upon redelivery of the Aircraft, Lessee waives all rights, interests and claims to (i) any Maintenance Payment Amounts and (ii) make any claim for Lessor cost sharing under paragraph 4 of
Schedule 15. 
  

	8.	Governing Law 

 This
Redelivery Certificate shall in all respects be governed by, and construed in accordance with, the laws of the State of New York. Subject to Clause 17.6 of the Lease, the parties hereto agree that the courts of New York are to have jurisdiction
to settle any disputes which may arise out of this Redelivery Certificate. 

  
 - 120 -

 IN WITNESS WHEREOF, Lessor and Lessee have each caused this Redelivery Certificate to be duly
executed by their authorized officers on the date first above written. 
 MASL IRELAND (22) LIMITED 

 

			
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. 

 

			
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

  
 - 121 -

 APPENDIX I 
 to Redelivery Certificate 
 Airbus A320-200 MSN 2204 

STATUS OF TIME CONTROLLED COMPONENTS, ENGINES MODULES AND LLPS 

See attached      pages. 

  
 - 122 -

 This Appendix will be completed once the Certificate of Acceptance is executed and
delivered, 
 pending return of the aircraft. 

  
 - 123 -

 APPENDIX II 
 to Redelivery Certificate 
 Airbus A320-200 MSN 2204 

LESSOR FURNISHED EQUIPMENT 
 See attached      pages. 

  
 - 124 -

 This Appendix will be completed once the Certificate of Acceptance is executed and
delivered, 
 pending return of the aircraft. 

  
 - 125 -

 APPENDIX III 
 to Redelivery Certificate 
 Airbus A320-200 MSN 2204 

AIRCRAFT RECORDS 
 See attached      pages. 

  
 - 126 -

 This Appendix will be completed once the Certificate of Acceptance is executed and
delivered, 
 pending return of the aircraft. 

  
 - 127 -

 APPENDIX IV 
 to Redelivery Certificate 
 Airbus A320-200 MSN 2204 

OPEN/MISCELLANEOUS ITEMS 
 See attached      pages. 

  
 - 128 -

 This Appendix will be completed once the Certificate of Acceptance is executed and

 delivered, pending return of the aircraft. 

  
 - 129 -

 Schedule 15 

Financial and Other Confidential Information 
 [all information below to be removed from FAA Filing Copy] 
  

	1.	Basic Rent Amounts 

  

	1.1	The Basic Rent in respect of each Basic Rent Period during the Term will, subject to paragraph 1.2 below, be in the amount of *****. 

 

	1.2	Where any Basic Rent Period is more or less than a full month, the Basic Rent for such period payable on the Basic Rent Payment Date which is the first day of such
Basic Rent Period shall be prorated based on the actual number of days in such Basic Rent Period and a month of thirty (30) days. 

  

	2.	Security Deposit 

  

	2.1	*****. 

  

	2.2	Security Letter of Credit Face Amount: *****. 

  

	3.	Maintenance Payment Amounts 

  

	3.1	LLP Payment Rate: *****. This rate assumes a 10% stub-life and is subject to adjustment in accordance with paragraph 4.2 of Schedule 3.

  

	3.2	Engine Payment Rates: 

 The
Engine Payment Rate for an Engine and a month shall be equal to the amount determined by reference to the table below and the average Engine Hour/Cycle ratio for such Engine during such month. If the average Engine Hour/Cycle ratio for an Engine
during any month (rounded to the nearest one decimal place) falls between the ratios shown in the table below, the Engine Payment Rate for such Engine shall be calculated by linear interpolation: 

 

															
	Engine Hour
/Cycle Ratio	  	1.0	 	1.5	 	2.0	 	2.5	 	3.0	 	3.5	 	4.0
	Amount per
Engine Hour	  	*****	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****

 This numbers in the above table are subject to adjustment in accordance with paragraph 4.2 of
Schedule 3. 
  

	3.3	Airframe Payment Rates: 

  

	 	3.3.1	Six Year Check Payment Rate: *****. 

  

	 	3.3.2	Twelve Year Check Payment Rate: *****. 

 These rates are subject to adjustment in accordance with paragraph 4.2 of Schedule 3. 
  

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

  
 - 130 -

	3.4	Landing Gear Payment Rate: *****. This rate is subject to adjustment in accordance with paragraph 4.2 of Schedule 3 

 

	3.5	APU Payment Rate: *****. This rate is subject to adjustment in accordance with paragraph 4.2 of Schedule 3. 

 

	4.	Additional Lessor Cost Sharing 

  

	4.1	Additional Cost Sharing of the First Performance Restoration of an Engine 

 In addition to Lessor’s obligations under paragraph 5 of Schedule 3, Lessor will share with Lessee the reasonable cost of the first Performance Restoration of each Engine that occurs during
the Term (“First Lessee Restoration”). Lessor’s share for the First Lessee Restoration of an Engine shall be: 
  

	 	4.1.1	in the case of the Engine with serial number *****, an amount equal to the lesser of (i) ***** and (ii) the actual cost of the First Lessee Restoration of
such Engine; and 

  

	 	4.1.2	in the case of the Engine with serial number *****, an amount equal to the lesser of (i) ***** and (ii) the actual cost of the First Lessee Restoration of
such Engine. 

 The requirements of the proviso to paragraph 5.1 (other than the proviso to
paragraph 5.1.4) of Schedule 3 shall apply to the First Lessee Restoration of each Engine as if each such First Lessee Restoration were “Relevant Work” and any claim by Lessee under this paragraph 4.1 were a “Relevant
Claim”, and Lessor shall not be required to share in the cost of any such First Lessee Restoration unless such requirements are satisfied (or in respect of any matter excluded thereunder). 

 

	4.2	Cost Sharing of First Replacements of an LLP in an Engine 

 In addition to Lessor’s obligations under paragraph 5 of Schedule 3, Lessor will share with Lessee the reasonable cost of the first scheduled replacement of each LLP in an Engine that
occurs during the Term (each a “First Lessee LLP Replacement”). Lessor’s share for the First Lessee LLP Replacement in respect of an LLP shall be A, where: 

***** 
 The
requirements of the proviso to paragraph 5.1 of Schedule 3 shall apply to each First Lessee LLP Replacement as if such First Lessee LLP Replacement were “Relevant Work” and any claim by Lessee under this paragraph 4.2 were a
“Relevant Claim”, and Lessor shall not be required to share in the cost of any First Lessee LLP Replacement unless such requirements are satisfied (or in respect of any matter excluded thereunder). 

 

	4.3	Cost Sharing of First Scheduled Landing Gear Overhaul 

 In addition to Lessor’s obligations under paragraph 5 of Schedule 3, Lessor will share with Lessee the reasonable cost of the first scheduled Landing Gear Overhaul that occurs during the
Term (“First Landing Gear Overhaul”). Lessor’s share for the First Landing Gear Overhaul shall be A, where: 
 *****, 
  
 *****
Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 - 131 -

 provided that Lessor’s share of the First Landing Gear Overhaul shall not exceed an
amount equal to the product of Lessor’s Gear Usage and ***** 
 The requirements of the proviso to paragraph 5.1 of
Schedule 3 shall apply to the First Landing Gear Overhaul as if the First Landing Gear Overhaul were “Relevant Work” and any claim by Lessee under this paragraph 4.3 were a “Relevant Claim”, and Lessor shall not be
required to share in the cost of the First Landing Gear Overhaul unless such requirements are satisfied (or in respect of any matter excluded thereunder). 
  

	4.4	Cost Sharing of the next Scheduled Six Year Check 

 In addition to Lessor’s obligations under paragraph 5 of Schedule 3, Lessor will share with Lessee the reasonable cost of the first scheduled Six Year Check that occurs during the Term
(“First Lessee Six Year Check”). Lessor’s share for the First Lessee Six Year Check shall be A, where: 

*****, 
 provided
that Lessor’s share of the First Lessee Six Year Check shall not exceed an amount equal to the product of Lessor’s 6Y Usage and *****. 
 The requirements of the proviso to paragraph 5.1 of Schedule 3 shall apply to the First Lessee Six Year Check as if the First Lessee Six Year Check were “Relevant Work” and any claim
by Lessee under this paragraph 4.4 were a “Relevant Claim”, and Lessor shall not be required to share in the cost of the First Lessee Six Year Check unless such requirements are satisfied (or in respect of any matter excluded
thereunder). 
  

	4.5	Cost Sharing of the next Scheduled Twelve Year Check 

 In addition to Lessor’s obligations under paragraph 5 of Schedule 3, Lessor will share with Lessee the reasonable cost of the first scheduled Twelve Year Check that occurs during the Term
(“First Lessee Twelve Year Check”). Lessor’s share for the First Lessee Twelve Year Check shall be A, where: 
 ***** 
  
 *****
Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 - 132 -

 *****, 
 provided that Lessor’s share of the First Lessee Twelve Year Check shall not exceed an amount equal to the product of Lessor’s 12Y Usage and *****. 

The requirements of the proviso to paragraph 5.1 of Schedule 3 shall apply to the First Lessee Twelve Year Check as if the First
Lessee Twelve Year Check were “Relevant Work” and any claim by Lessee under this paragraph 4.5 were a “Relevant Claim”, and Lessor shall not be required to share in the cost of the First Lessee Twelve Year Check unless such
requirements are satisfied (or in respect of any matter excluded thereunder). 
  

	4.6	Cost Sharing of Airworthiness Directives 

 In addition to Lessor’s obligations under paragraph 5.3 of Schedule 3, Lessor shall, subject to the remaining provisions of this paragraph 4.6, share in the reasonable cost of any
modification or repair required as a result of any Airworthiness Directive issued by the country of manufacture of the Aircraft where such modification or repair is a terminating action for the Airworthiness Directive and where such cost is in
excess of ***** for that Airworthiness Directive. Lessor’s share for any such Airworthiness Directive shall be an amount equal to 50% of such excess over *****. 
 The requirements of the proviso to paragraph 5.1 of Schedule 3 shall apply to any modification or repair referred to in this paragraph 4.6 as if such modification or repair were
“Relevant Work” and any claim by Lessee under this paragraph 4.6 were a “Relevant Claim”, and Lessor shall not be required to share in the cost of any such modification or repair unless such requirements are satisfied (or in
respect of any matter excluded thereunder). 
  

	5.	Schedule 12 Information 

  

	5.1	Lessor’s Bank Account: 

Bank: Citigroup Europe plc 
 Branch: 1 North Wall Quay, Dublin 1, Ireland 
 ***** 

 

	5.2	Margin: ***** 

  

	5.3	Insured Value: *****, reducing by ***** on each anniversary of the Delivery Date 

 

	5.4	Engine Agreed Value: ***** (each Engine), for off-wing coverage 

  

	6.	End of Term Adjustment Payments – Time Controlled Components and APU 

 

	6.1	Introduction 

 The
payments required by paragraph 6 of Part B of Schedule 6 shall reflect the difference in the maintenance condition of the Time Controlled Components and APU as of the Determination Date as compared with their maintenance condition as
of the Delivery Date. Paragraphs 6.2 and 6.3 below describe various calculations that must be made before the payment pursuant to paragraph 6.4 below can be determined. Paragraph 6.5 below sets forth various terms defined for the
purposes of this paragraph 6. 
  
 ***** Confidential portions of
the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 - 133 -

	6.2	Time Controlled Component Amounts 

 On or promptly after the Determination Date Lessor will calculate the amount for each Time Controlled Component in the Aircraft that is equal to ***** (each a “Component Amount”), each of
which may be a positive or a negative amount, where: 
 ***** 

 

	6.3	APU Amount 

 On or
promptly after the Determination Date Lessor will calculate the amount for the APU that is equal to ***** (the “APU Amount”), which may be a positive or a negative amount, where: 

***** 
  

	6.4	Calculation and Payment of Settlement Amount 

 Promptly after Lessor has made the calculations referred to in paragraphs 6.2 and 6.3 above, Lessor shall calculate and give Lessee notice of the amount (the “Settlement 

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

  
 - 134 -

 
Amount”) which is the aggregate of the APU Amount and all of the Time Controlled Component Amounts. Lessor and Lessee acknowledge that the Settlement Amount may be a positive or a
negative amount, and if the Settlement Amount is (a) a positive amount, it shall represent a debt owed by Lessee to Lessor, and Lessee shall pay the amount thereof to Lessor promptly following Lessor’s first written demand, and (b) a
negative amount, it shall represent a debt owed by Lessor to Lessee, and Lessor shall off-set the Settlement Amount (in whole or in part) against the other amounts (if any) then due from Lessee under the Lease or any other Relevant Document and,
provided no Event of Default shall have then occurred which is continuing and Lessee shall have returned the Aircraft to Lessor in compliance with the requirements of this Lease, Lessor shall pay the balance thereof to Lessee promptly following
Lessee’s first written demand. 
  

	6.5	Certain Defined Terms 

 In
this paragraph 6: 
 “Check” means, as the context may require, an APU Heavy Repair or an overhaul or
replacement of a Time Controlled Component, in each case performed in accordance with the Maintenance Program and documented in accordance with the terms of the Lease; 
 “Determination Date” means the day on which the leasing of the Aircraft under this Lease expires or early terminates; 

“Item” means, as the context may require, the APU or any Time Controlled Component; 

“Month” signifies whole months with any part of a month expressed as a fraction of a month; 

“Qualified Facility” means, with respect to a particular Check, a maintenance facility (a) holding FAA Part 145
and EASA Part 145 repair station certificates of approval to perform such Check and (b) not affiliated with Lessee or Lessor; 
 “Reference Date” means, with respect to any Item: 
  

	 	(a)	the most recent date on which a Check was performed on such Item; or 

  

	 	(b)	if no Check has been performed on such Item, the date on which such Item was delivered new; 

“Time Controlled Component” means a component or part forming part of the Aircraft requiring overhaul or replacement on a
time specified basis per the MPD (but solely with respect to the calculation of the Time Controlled Component Amounts, excluding (a) such components or parts forming part of the Landing Gear, (b) LLPs, and (c) life limited parts
forming part of the APU). 

  
 - 135 -

 Schedule 16 

Form of Lessee Acknowledgement 
  

	From:	MASL Ireland (22) Limited (the “Lessor”) 

 Citibank N.A., as collateral agent (the “Collateral Agent”) 
  

	To:	Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. (the “Lessee”) 

             2011 
 Dear Sirs: 
 We refer to the aircraft lease agreement described on the attached Schedule I
(as supplemented and amended from time to time, the “Lease Agreement”) relating to one Airbus A320-200 with manufacturer’s serial number 2204 (together with the engines described in the Lease Agreement, the
“Aircraft”) together with all related agreements (including, without limitation, any supplements or amendments) entered into in connection with, or relating to, the lease of the Aircraft or letter of credit (together with the Lease
Agreement, the “Lease Documents”). All terms defined in the Lease Agreement (including terms expressly defined therein or by reference to another document or otherwise), unless the context otherwise requires, have the same meanings
in this Lessee Acknowledgement (this “Acknowledgement”). 
 We hereby notify you, and for good and valuable consideration, the receipt
of which is hereby acknowledged, you acknowledge and agree to the following: 
 1. By the Operating Lease Security Assignment made
            , 2011 (the “Security Assignment”) between the Lessor (as assignor) and the Collateral Agent and the Security Agreement made 30 November 2006 (the
“Security Agreement”) between, inter alios, the Lessor (as assignor) and the Collateral Agent, the Lessor has assigned and encumbered to the Collateral Agent, as security, all of its right, title and interest in and to all of its
rights, title and interests, present and future, actual or contingent, in and to, inter alia (i) the Lease Documents (other than in relation to the Excluded Property) and all other rights and benefits whatsoever accruing to it under the Lease
Documents including, without limitation, (a) the right to receive all amounts of rental and any other amounts due (other than in relation to the Excluded Property) under or in connection with the Lease Documents; (b) the right to compel
performance by you of your obligations under the Lease Documents (other than in relation to the Excluded Property); (c) all claims for damages in respect of any breach by you of the Lease Documents (other than in relation to the Excluded
Property); (d) all rights to receive payment of insurance proceeds payable with respect to the Aircraft or other property which is the subject of the Lease in accordance with the terms thereof; and (e) the right to give consents and grant
waivers in respect of the Lease Documents (other than in relation to the Excluded Property); (ii) the Related Collateral; and (iii) any and all proceeds of the foregoing paragraphs (i) and (ii) (collectively, the
“Security Assignment Documents”). By execution of the acknowledgement to this Acknowledgement you hereby consent, effective as of the date hereof, to the security assignment in favour of the Collateral Agent described in the
preceding sentence. In this Acknowledgement, “Excluded Property” means all right, title and interest, present or future (actual or contingent) of the Lessor in and to the operational indemnities contained in the Lease Documents, to
the extent such indemnities are given expressly for the benefit of the Lessor or any of its directors, officers, employees, servants or agents only. 
 2. From and after the date of this Acknowledgement and, unless and until the Collateral Agent otherwise directs in writing, you agree that all monies (other than in relation to the Excluded Property) that
are payable by you under, or in respect of, any of the Security Assignment Documents shall be paid to the following account: 

***** 

  
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 3. Save as provided in paragraph 2 above, until the Collateral Agent serves a Relevant Notice (as
defined below) on you, you shall continue to deal directly with the Lessor in respect of the Lease Documents and the other Security Assignment Documents to which you are party. 
 4. From and after the date of this Acknowledgement, if the Collateral Agent delivers to you a written notice that it has exercised its rights under the Security Assignment and/or the Security Agreement (a
“Relevant Notice”), then you shall thereafter perform, observe and comply with all terms of the Lease Documents and the other Security Assignment Documents to which you are party for the benefit of the Collateral Agent as if the
Collateral Agent were named in place of the Lessor as a party to the Security Assignment Documents. After the Collateral Agent delivers any Relevant Notice, you shall not recognize the exercise by the Lessor of any of its rights and powers under the
Security Assignment Documents unless and until requested to do so by the Collateral Agent. 
 5. As from the date hereof it is irrevocably and
unconditionally agreed that until such time as you have been otherwise notified by the Collateral Agent, the Collateral Agent is the sole person to whom the proceeds payable under the hull insurances in relation to the Aircraft in respect of a total
loss shall be payable. In furtherance of the foregoing, please cause the hull and liability insurance required to be maintained under the Lease Agreement to be endorsed as specified in the attached Schedule II and to obtain from your
insurance/reinsurance brokers, and send to the Lessor and the Collateral Agent as promptly as possible, revised certificates of insurance and broker’s letter of undertaking to evidence such endorsements. 

6. Save as expressly provided herein, we hereby confirm that none of your rights and obligations under the Lease Documents will be affected (including,
without limitation, any obligations in respect of the payment of Rent, Maintenance Payment Amounts, Taxes or other amounts due and payable under the Lease) as a result of (a) the giving of this Acknowledgement or any Relevant Notice;
(b) the execution of the Security Assignment or (c) the exercise of our rights under the Security Assignment Documents as set forth in this Acknowledgement. 
 This Acknowledgement and the authorizations and instructions contained in this Acknowledgement are irrevocable unless and until you receive written notice to the contrary from the Collateral Agent. This
Acknowledgement is for the benefit of the Lessee, the Collateral Agent and the Lessor. This Acknowledgement and the instructions contained herein cannot be amended or modified without the written consent of Lessee, the Collateral Agent and the
Lessor. The Collateral Agent shall in exercising any right, privilege or remedy under or in respect of the Lease and the other Lease Documents be bound by and exercise the same in accordance with the terms of such documents and, to the extent it
receives any sums after its foreclosure on the Lease, whether of Rent, proceeds of Insurances, Maintenance Payment Amounts or otherwise, it shall hold, invest, apply, retain and reimburse such sums as provided in the Lease Documents but otherwise
shall have no liability for the performance of, any other of the Lessor’s obligations under the Security Assignment Documents unless expressly agreed to in writing by the Collateral Agent. The Collateral Agent hereby acknowledges receipt by it
of copies of the Lease Documents. 

  
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 Yours faithfully, 
 For and on behalf of 
 MASL IRELAND (22) LIMITED 

 

			
	By:	 	
		
	Name:	 	
		
	Title:	 	

 For and on behalf of 
 CITIBANK, N.A., acting in its capacity as Collateral Agent under the Security Agreement 
  

			
	By:	 	
		
	Name:	 	
		
	Title:	 	

 ACKNOWLEDGED AND AGREED this      day of April, 2011 

CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. de C.V. 

 

			
	By:	 	
		
	Name:	 	
		
	Title:	 	

  
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 SCHEDULE I 
 LEASE AGREEMENT, RELATED COLLATERAL AND AIRCRAFT 
 LEASE AGREEMENT: 

Aircraft Lease Agreement dated as of April 7, 2011 between MASL Ireland (22) Limited, as Lessor and Concesionaria Vuela Compañía
de Aviación, S.A.P.I. de C.V., as Lessee. 
 AIRCRAFT: 
 One Airbus model A320-200 aircraft bearing manufacturer’s serial number *****. 
  

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

  
 - 139 -

 SCHEDULE II 
 INSURANCE 
 Without limiting the requirements of the Lease Agreement, all required hull,
spares and hull war risk insurance shall name the Lessor and the Collateral Agent as additional insureds and (ii) if possible, designate the Collateral Agent as the sole loss payee in relation to any total loss. All required liability
(including war risk liability) insurance shall include (i) each of the Contract Parties mentioned below and (ii) the respective shareholders, subsidiaries, directors, members, officers, agents, employees and indemnitees of such persons, as
additional insureds. 
 For insurance coverage that includes AVN67B (or the substantive equivalent) the following should be identified in the
insurance/reinsurance certificates. 
 Contract Parties: 
 MASL Ireland (22) Limited (the “Lessor”), 
 Macquarie Aircraft Leasing
Services (Ireland) Limited, 
 Citibank, N.A., as Collateral Agent, 
 Citicorp North America, Inc., as Administrative Agent, 
 Each of the persons from time to time
being Lenders under the Credit Agreements identified as a Contract below, 
 in each case, with their successor and assigns. 

Contracts: 
 Lease Agreement dated as of
April 7, 2011 between the Lessor, as lessor and the Lessee, as lessee in respect of one Airbus model A320-200 aircraft bearing manufacturer’s serial number 2204 (as amended, modified or supplemented from time to time, the “Lease
Agreement”), 
 First-Priority Credit Agreement dated as of November 30, 2006 (as amended, modified or supplemented from time to
time) among Macquarie Aircraft Leasing Finance S.A., Macquarie Aircraft Leasing Limited, Macquarie Aircraft Leasing Holdings (2) Limited, the First-Priority Lenders party thereto, Citicorp North America, Inc., as administrative agent for the
First-Priority Lenders and the Collateral Agent, 
 Second-Priority Credit Agreement dated as of November 30, 2006 (as amended, modified or
supplemented from time to time) among Macquarie Aircraft Leasing Finance S.A., Macquarie Aircraft Leasing Limited, Macquarie Aircraft Leasing Holdings (2) Limited, the Second-Priority Lenders party thereto, Citicorp North America, Inc., as
administrative agent for the Second-Priority Lenders and the Collateral Agent, 
 Security Agreement dated as of November 30, 2006 (as
amended, modified or supplemented from time to time) among Macquarie Aircraft Leasing Finance S.A., Macquarie Aircraft Leasing Limited, Macquarie Aircraft Leasing Holdings (2) Limited, the Lessor, certain other entities as more particularly
described therein and the Collateral Agent, 
 Operating Lease Security Assignment dated as of
            , 2011 (as amended, modified or supplemented from time to time) between the Lessor and the Collateral Agent, 
 Servicing Agreement dated as of November 30, 2006 (as amended, modified or supplemented from time to time) among Macquarie Aircraft Leasing Limited, Macquarie Aircraft Leasing Services (Ireland)
Limited and certain other entities as more particularly described therein. 

  
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 Schedule 17 

Form of Irrevocable De-Registration and Export Request Authorisation (IDERA) 

 

			
	 Date:
	  	[            ]
		
	 To:
	  	The Federal Aviation Administration
		
	 Re:
	  	 IrrevocableDe-Registration and Export Request Authorisation

 The undersigned, Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V., is the operator of:

  

	1.	the Airbus A320-200 aircraft 

  

	2.	bearing manufacturers serial number 2204 

  

	3.	and registration mark [            ] 

 (together with all installed, incorporated or attached accessories, parts and equipment, the “Aircraft”). 
 This instrument is an irrevocable de-registration and export request authorization issued by the undersigned in favour of MASL Ireland (22) Limited (the “Authorized Party”) under the
authority of Article XIII of the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment. In accordance with that Article, the undersigned hereby requests: 

 

					
	(a)	 	recognition that the Authorized Party or the person it certifies as its designee is the sole person entitled to:
			
		 	(i)	 	procure the de-registration of the aircraft from the Federal Aviation Administration for the purposes of Chapter III of the Convention on International Civil Aviation, signed at
Chicago, on 7 December 1944; and
			
		 	(ii)	 	procure the export and physical transfer of the aircraft from the United States of America or any other jurisdiction where the Aircraft may be located.
		
	(b)	 	confirmation that the Authorized Party or the person it certifies as its designee may take the action specified in clause (i) above on written demand
without the consent of the undersigned and that, upon such demand, the Federal Aviation Administration shall co-operate with the Authorized party with a view to speedy completion of such action.

 The rights in favour of the Authorized Party established by this instrument may not be revoked by the undersigned without
the written consent of the Authorized Party. 
 Please acknowledge your agreement to this request and its terms by appropriate notation in the
space provided below and lodging this instrument in the Federal Aviation Administration. 
 CONCESIONARIA VUELA COMPAÑÍA DE
AVIACIÓN, S.A.P.I. DE C.V. 
  

			
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

  
 - 141 -

 Agreed to and lodged this [     ] day of [    ] 

 

			
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

  
 - 142 -

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