Document:

Exhibit 4.32

 

EXHIBIT B 

MSN 6698

 

 

 

     

     

    

 

EXECUTION VERSION

 

 

 

 

 

  

 

Dated as of March 5, 2021

 

WILMINGTON TRUST COMPANY,

not in its individual capacity
but solely in its capacity as trustee of the MSN 6698 trust, 

as Lessor

 

and

 

LATAM AIRLINES GROUP S.A.,

as Lessee

 

 

 

 

 

LEASE AGREEMENT (MSN 6698)

 

One (1) Airbus A321-200 Aircraft
with manufacturer’s serial

number 6698, its associated Engines

and FAA Registration mark REDACTED*

 

 

 

 

 

This Lease Agreement has been executed
in multiple counterparts. To the extent, if any, that this Lease Agreement constitutes chattel paper (as defined in the Uniform Commercial
Code as in effect in any applicable jurisdiction), no security interest in Lessor’s right, title and interest in and to this Lease
Agreement may be perfected through the delivery or possession of any counterpart of this Lease Agreement other than the original executed
counterpart designated as the chattel paper original on the signature pages thereof

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

#4829-9504-8670

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Definitions and Construction	1
	Section 2.	Agreement to Lease	1
	Section 3.	Term and Rent	2
	Section 4.	Treatment of Manufacturer’s Warranties	3
	Section 5.	Return of Aircraft	3
	Section 6.	Liens	6
	Section 7.	Registration, Maintenance, Operation, Possession, Subleasing and Assignment	6
	Section 8.	Replacement; Temporary Installation; Pooling; Alterations, Modifications and Additions; Etc.	29
	Section 9.	Loss, Destruction, Requisition; Etc.	33
	Section 10.	Insurance	35
	Section 11.	Absolute Obligations	42
	Section 12.	General Indemnities	43
	Section 13.	Tax Indemnity	45
	Section 14.	Events of Default	
	Section 15.	Remedies	
	Section 16.	Further Assurances	56
	Section 17.	Quiet Enjoyment	56
	Section 18.	Notices	57
	Section 19.	Miscellaneous.	58
	Section 20.	Lessor’s Right to Perform for the Lessee	60
	Section 21.	English Language Prevails	60
	Section 22.	Complete Agreement	60
	Section 23.	No Merger of Title	60
	Section 24.	Variation	60
	Section 25.	Illegality	60
	Section 26.	Early Termination	62

 

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SCHEDULES

 

	Schedule 1	 	Conditions Precedent
	Schedule 2	 	Representations and Warranties 
	Schedule 3	 	Certain Economic Terms 
	Schedule 4	–	Delivery Procedure
	Schedule 5	–	Redelivery Maintenance Adjustment
	Schedule 6	– 	 Aircraft Documents
	Schedule 7	–	Redelivery Procedure and Return Conditions

 

EXHIBITS

 

	Exhibit I	–	Form of Lease Supplement (MSN 6698)
	Exhibit II	–	Form of Technical Acceptance Certificate
	Exhibit III	–	Form of Final Acceptance Certificate
	Exhibit IV	–	Form of Redelivery Technical Acceptance Certificate
	Exhibit V	–	Form of Final Certificate of Redelivery
	Exhibit VI	 	 Form of Monthly Utilization Report
	Exhibit VII	 	Form of PBH Report

 

ANNEX

 

	Annex A	–	 Definitions
	Annex B	–	List of Permitted Sublessees

 

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THIS LEASE AGREEMENT
(MSN 6698) dated as of March 5, 2021 (this “Lease”) is between WILMINGTON TRUST COMPANY, not in its individual capacity
but solely in its capacity as trustee of the MSN 6698 trust, as lessor (the “Lessor”), and LATAM AIRLINES GROUP S.A.,
a company organized under the laws of the Republic of Chile, as lessee (the “Lessee”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant
to the terms and conditions of this Lease, the Lessor has agreed to lease the Aircraft to the Lessee.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

Section 1. Definitions
and Construction. Unless the context otherwise requires, capitalized terms used herein and not otherwise defined herein shall have
the meanings set forth in Annex A hereto for all purposes of this Lease and this Lease shall be interpreted in accordance with the rules
of construction set forth in Part II of Annex A hereto.

 

Section 2. Agreement to Lease.

 

 (a) Conditions Precedent. The obligation of:

 

 (i) Lessor to deliver and lease the Aircraft to Lessee under this Lease is subject to the conditions precedent specified in paragraphs 1 and 2 of Schedule 1 (Conditions Precedent); and

 

 (ii) Lessee to accept delivery of the Aircraft under this Lease is subject to the conditions precedent specified in paragraph 3 of Schedule 1 (Conditions Precedent).

 

 (b) Waiver.

 

 (i) The conditions precedent specified in paragraphs 1 and 2 of Schedule 1 (Conditions Precedent) are for the sole benefit of Lessor and may be waived or deferred in whole or in part and with or without conditions by Lessor.

 

 (ii) The conditions precedent specified in paragraph 3 of Schedule 1 (Conditions Precedent) are for the sole benefit of Lessee and may be waived or deferred in whole or in part and with or without conditions by Lessee.

 

 (c) Representations and Warranties.

 

 (i) As of the Delivery Date, Lessee represents and warrants to Lessor the representations and warranties set out in paragraph 1 of Schedule 2 (Representations and Warranties).

 

 (ii) As of the Delivery Date, Lessor represents and warrants to Lessee the representations and warranties set out in paragraph 2 of Schedule 2 (Representations and Warranties).

 

     

     

    

 

 (d) Delivery. Lessor and Lessee will follow Delivery Procedure set out in Schedule 4 (Delivery Procedure).

 

 (e) Acceptance. After completion of the Delivery Procedure per Schedule 4 (Delivery Procedure), if the Aircraft meets the requirements as detailed in the Delivery Procedure, Lessee shall accept the Aircraft on lease and shall effect acceptance of the Aircraft by execution and delivery to Lessor in the Actual Location of the Technical Acceptance Certificate per Exhibit II and upon completion of the Delivery Ferry Flight shall complete on the Delivery Date at the Delivery Location the Final Acceptance Certificate per Exhibit III. Lessee’s acceptance shall be absolute, unconditional and irrevocable

 

Section 3. Term and Rent.

 

 (a) Term. The Lessee hereby agrees to lease from the Lessor the Aircraft for the Term as specified in Schedule 3 (Certain Economic Terms).

 

(b) Rent.
Lessee shall pay to the account of Lessor Rent as specified in Schedule 3 (Certain Economic Terms).

 

(c) Manner
of Payment. All Rent and other sums payable hereunder shall be paid on the date payment is due in Dollars and in immediately available
funds (or such other funds as are from time to time customary for the settlement of international banking transactions in Dollars or other
relevant currency in New York City or other relevant jurisdiction of such other currency). All payments of Rent to the Lessor and all
other amounts payable hereunder by the Lessee to the Lessor shall be paid to the account of the Lessor or as the Lessor may specify from
time to time in writing not less than twenty (20) Business Days prior to the date on which the relevant amount is payable.

 

(d) No
Security Deposit or Maintenance Reserves. No security deposit or maintenance reserves will be required under this Lease. A Redelivery
Maintenance Adjustment shall be made in respect of the Aircraft at the end of the Term. Such Redelivery Maintenance Adjustment shall be
calculated and paid in accordance with Schedule 5 (Redelivery Maintenance Adjustment) of this Lease.

 

(e) Absolute
Obligation. The obligation of the Lessee to pay Rent hereunder shall be absolute and unconditional as more fully set forth in Section
11.

 

(f) Tax
Withholding. Lessee will not make any deduction for Taxes from any Rent or other payments to be made under this Lease, except as required
by Applicable Law. If Lessee is required by Applicable Law to make a deduction for Taxes then it must notify Lessor and:

 

(i) pay
Lessor a net amount on the relevant payment date equal to the amount that Lessor would have received if no Taxes were required to be withheld;

 

 (ii) withhold and pay the Tax according to Applicable Law; and

 

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(iii) provide
a receipt from the relevant Government Body to Lessor (or other evidence of withholding and payment of the Tax reasonably acceptable to
Lessor).

 

If Lessee pays
an additional amount to Lessor pursuant to this Section 3(f) and Lessee is not responsible for the applicable Tax pursuant to Section
13, Lessor shall repay to Lessee within thirty (30) days after receipt of Lessee’s written request therefor (which shall include
a description of the Tax that is excluded pursuant to Section 13 and the calculation of the additional amount to be repaid), such amount
to the extent attributable to any Tax that is not Lessee’s responsibility under Section 13.

 

Section 4. Treatment
of Manufacturer’s Warranties. None of the provisions of this Section 4 or any other provision of this Lease shall be deemed
to amend, modify or otherwise affect the representations, warranties or other obligations (express or implied) of the Manufacturer or
the Engine Manufacturer or any subcontractor or supplier of the Manufacturer or the Engine Manufacturer with respect to the Aircraft,
the Airframe, any Engine or any Part, forming a part of or installed on or attached to the Aircraft, the Airframe or any Engine or to
release the Manufacturer or the Engine Manufacturer or any such subcontractor or supplier from any such representation, warranty or obligation.
So long as no Event of Default shall have occurred and be continuing, the Lessee shall have the benefit of and shall be entitled to enforce
(as it shall deem appropriate), either in its own name or in the name of the Lessor (at the cost of the Lessee and in respect of which
enforcement the Lessee hereby agrees to indemnify the Lessor) for the use and benefit of the Lessee during the Term by way of revocable
license (provided that the Lessor shall not revoke such license until an Event of Default occurs and shall reinstate such license
in the event such Event of Default is cured), any and all dealer’s, manufacturer’s or subcontractor’s credits, guarantees,
indemnities, warranties or other benefits, if any, available to the Lessor in respect of the Aircraft, the Airframe, any Engine or any
Part; provided, that the Lessee shall not be entitled to modify, amend or otherwise alter any of the foregoing without the
prior written consent of the Lessor except in circumstances where such modification, amendment or alteration could not reasonably be expected
to have a Material Adverse Effect in relation to the Lessor, and the Lessor agrees at the Lessee’s expense to do, execute and deliver
such further acts, deeds, matters or things as may be reasonably requested by the Lessee to enable the Lessee to obtain customary warranty
service furnished for the Aircraft, any Engine or any Part by such dealer, manufacturer or subcontractor or any supplier as aforesaid
or to exercise any other rights in relation to any of the foregoing benefits, and any moneys recovered from such enforcement shall be
promptly paid to, and retained by, the Lessee; provided further, that if a Default or Event of Default shall have occurred
and be continuing, any such moneys payable to the Lessee shall instead be paid to the Lessor as security for, and applied to, the obligations
of the Lessee under this Lease in such order as the Lessor shall elect and, at such time as no Default or Event of Default shall be continuing,
to the extent not so applied, promptly paid to the Lessee.

 

Section 5. Return of Aircraft.

 

(a) Return
of Aircraft; Condition Upon Return. On the Lease Expiry Date, Lessee shall (unless an Event of Loss has occurred) redeliver the
Aircraft and Aircraft Documents (which shall include each of the documents referred to in Schedule 6 (Aircraft Documents) and
which shall be updated and maintained by Lessee up to the date of Redelivery) to Lessor at Lessee’s expense at the Redelivery
Location in accordance with the procedures, and in compliance with the conditions set forth, in Schedule 7 (Redelivery Procedure
and Return Conditions), provided that if any discrepancy was noted at Delivery in the Technical Acceptance Certificate in
relation to the records, Lessee shall not redeliver that specific document. At the time of such redelivery the Aircraft shall be
free and clear of all security interests (other than Lessor Liens) and will have a valid Export Certificate of Airworthiness with no
exceptions issued by the relevant Aviation Authority allowing registration with the FAA.

 

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(b) Redelivery
Location and Acknowledgement. Redelivery Technical Acceptance will occur at an MRO in Chile, Brazil or elsewhere in North, Central
or South America (“Redelivery Location”) as advised by Lessee to Lessor no later than ninety (90) days prior to redelivery
(or if some other location, to be mutually agreed by Lessee and Lessor) for the redelivery check. After the Redelivery Technical Acceptance
Certificate per Exhibit IV is signed (the “Redelivery Date”). Lessee shall confirm that the Aircraft is free and clear
of all security interests (other than Lessor Liens) and will have a valid Export Certificate of Airworthiness with no exceptions issued
by the relevant Aviation Authority allowing registration with the FAA. Lessee, upon Lessor’s request and cost, will ferry the Aircraft
to another location designated by Lessor and agreed with Lessee (“Final Redelivery Location”). Final Redelivery Location
shall be confirmed by Lessor to Lessee no later than sixty (60) days prior to Redelivery Date. Upon arrival at such Final Redelivery Location
and without further inspection or requirements, Lessor shall execute a Final Redelivery Acceptance Certificate per Exhibit V as set forth
in this Lease (the “Redelivery”) and Lessee shall promptly commence the process of filing the requisite deregistration
paperwork with the relevant Aviation Authority. For the avoidance of doubt, Lessee is responsible for all customs and duty imposed by
the Government Body with jurisdiction over the country of departure and Lessor is responsible for any customs and charges imposed by the
Government Body with jurisdiction over the country of the Final Redelivery Location in connection with Redelivery, including ground handling
and parking at the Final Redelivery Location.

 

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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REDACTED*

 

 

 

(d) Export
Documents. Upon execution of the Final Redelivery Acceptance Certificate, Lessee shall provide to Lessor all documents necessary to
export the Aircraft from the Habitual Base (including, without limitation, a valid and subsisting export license and Export Certificate
of Airworthiness with no exceptions for the Aircraft, and any approvals required from the Brazilian Commission for Coordination of Civil
Air Transport or its Chilean equivalent (or other such equivalent where the Aircraft is operated by a Permitted Sublessee) and required
in relation to the deregistration of the Aircraft with the Aviation Authority.

 

(e) All
of the Foregoing. The Lessor and the Lessee agree that all of the foregoing provisions of this Section 5 are commercially reasonable.

 

Section 6. Liens.

 

(a) The
Lessee shall not directly or indirectly create, incur, assume or suffer to exist any Lien on or with respect to the Aircraft, the Airframe,
any Engine or any Part, title thereto or any interest therein or in or to this Lease or any of its rights hereunder or thereunder, other
than Permitted Liens. The Lessee shall promptly, at its own expense, take such action as may be necessary to duly discharge or satisfy
(by bonding or otherwise) any Lien that is not a Permitted Lien if the same shall arise at any time.

 

(b) The
Lessee will not (otherwise than as expressly required, permitted or otherwise contemplated by this Lease) do anything or take any action
or knowingly omit to take any action which has or could reasonably be expected to have the effect of prejudicing the first priority nature
of the Existing Lien.

 

Section 7. Registration, Maintenance,
Operation, Possession, Subleasing and Assignment.

 

(a) Registration.
The Lessee shall, at its sole cost and expense, cause at all times the Aircraft to be duly certified as to airworthiness in
accordance with the Applicable Laws of Chile or Brazil, and to be duly registered with the applicable Aviation Authority in the name
of LATAM Airlines Group S.A. or its Permitted Sublessee, as applicable, as operator and the Lessor, as owner of the Aircraft and
noting the Lien of the Local Mortgage in favor of the Loan Trustee, to the fullest extent permitted by Applicable Law, and, subject
to the Lessee’s rights under Section 7(b), shall at all times maintain or procure the maintenance of such registration. Unless
otherwise provided in this Lease, the Lessee shall not, at any time during the Term, take any action, or fail to take any action,
which action or failure might cause such airworthiness and registration to cease to be in full force and effect or to be revoked,
withdrawn or suspended. Without limiting the generality of the foregoing, the Lessee at all times during the Term shall ensure, at
the Lessee’s sole cost and expense, that prior to the expiration thereof, the Certificate of Airworthiness and Certificate of
Registration for the Aircraft is renewed or maintained by the Aviation Authority. Without limiting the generality of Section 11, the
Lessor shall take, and shall cooperate with the Lessee to take, at the Lessee’s sole cost and expense all actions necessary to
permit and maintain such registration and to permit the Lessee to receive copies of all correspondence and communications to and
from the Aviation Authority. Except as expressly permitted by this Lease, the Lessee shall not, during the Term, take any action
which may cause deregistration of the Aircraft with the Aviation Authority, or the Local Mortgage registered with the Aviation
Authority.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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 (b) Re-registration.

 

(i) At any
time after the Aircraft has been registered under the Applicable Laws of Chile or Brazil pursuant to the provisions of Section 7(a),
the Lessee or any Permitted Sublessee may, at its option and at its sole cost and expense, in connection with a sublease permitted
under Section 7(g) hereof (or following the termination of a sublease) cause the Aircraft to be duly re-registered in the name of
the Lessor or the Owner, or, if required by Applicable Laws, in the name of the Lessee or a Permitted Sublessee (as applicable,
expressly as operator, lessee or charterer) and noting the interest of the Lessor, the Owner or any Financier, and satisfaction of
any conditions imposed thereby and provided further, that, (a) under the Applicable Laws of the jurisdiction in which
the Aircraft is to be registered, there shall exist no rights in favor of any Permitted Sublessee or any other Person under the laws
of the jurisdiction of the re-registration that would, upon bankruptcy or other default by such Permitted Sublessee, prevent the
deregistration, re-export and return of the Aircraft to the Lessor in accordance with and as permitted by the terms of Section 5
upon the exercise by the Lessor of its remedies under Section 15, other than such rights as are no more disadvantageous to the
Lessor, the Owner or any Financier than the rights in favor of the Lessee or any Permitted Sublessee or any third party if such
bankruptcy or other default occurred while the Aircraft was registered under the law of Chile, Brazil or in the jurisdiction where
the Aircraft is operated by a Permitted Sublessee, as applicable, (b) the Lessor or Owner, as applicable, shall be recognized as the
owner of the Aircraft, (c) if the proposed jurisdiction of re-registration is other than Chile or Brazil, there shall be no
disability under the Applicable Laws of the jurisdiction of re-registration at the date of re-registration to the practical exercise
of the rights and remedies provided for in this Lease to which the Lessee or the relevant Permitted Sublessee is at the time of
re-registration a party in respect of the Aircraft and the practical realization by the Lessor, the Owner and any Financier of the
benefits of this Lease will be available under such Applicable Laws, (d) all filings, recordations, registrations and other actions
necessary under the Applicable Laws of the jurisdiction in which the Aircraft is to be registered, in order to establish, protect
and perfect the Lessor’s or Owner’s, as applicable, title to the Aircraft and its rights under this Lease shall have
been made, (e) under the Applicable Laws of the jurisdiction in which the Aircraft is to be registered, the rights of the Lessor,
the Owner and any Financier under this Lease shall be enforceable in the jurisdiction of re-registration, (f) in the opinion of the
Lessor (acting reasonably), the standards in respect of airworthiness and maintenance applied in the state where the Aircraft is to
be re-registered are no less stringent than those applied by the Aviation Authority of Chile or Brazil; (g) such re-registration
shall not result in any Tax for which the Lessee is not required to indemnify or does not otherwise agree to indemnify at such time,
(h) neither the Lessor, the Owner, nor any Financier shall be required to qualify to do business in such jurisdiction as a result of
such re-registration, (i) no Liens (other than Permitted Liens) shall arise as a result of such re-registration and (j) the
insurance required by Section 10 shall be in full force and effect subsequent to such re-registration. All reasonable costs,
expenses and fees of the Lessor, the Owner and any Financier and all other charges in connection with any such re-registration shall
be paid by the Lessee.

 

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(ii) Throughout
the Term, Lessee will, at the Lessor’s cost, (i) cooperate with the Lessor to file the Financiers’ security interests created from
time to time in the Aircraft on each relevant register of the Aviation Authority and, if applicable, the relevant register of the aviation
authority of the Habitual Base and (ii) make any changes to any registration or filing that may be necessary or advisable to take account
of any change in the ownership of the Aircraft and cooperate with the Lessor filing in relation to the interests of any Financier in the
Aircraft, save where such change in registration of filing is required as a result of a change of law in the State of Registration or
as a result of any subleasing or interchange of the Aircraft, in which case such change shall be made at the Lessee’s cost as provided
for in Section 7(b)(i) above.

 

 (c) Cape Town Convention.

 

(i) If
the state in which the Lessee and/or a Permitted Sublessee is situated, the location of the Lessee’s or any Permitted Sublessee’s
principal place of business or registered office, or the State of Registration has, or at any time brings into force, any legislative
or other provisions giving effect to the Cape Town Convention and/or the Protocol, the Lessee (a) shall consent to the registration of
any international interests or prospective international interests with the International Registry with respect to the Aircraft and/or
any Engine and constituted by this Lease and (b) shall (and shall procure that any Permitted Sublessee shall) from time to time, do or
cause to be done (and consents to the Lessor, the Owner or any Financier doing or causing to be done) any and all acts and things capable
of being done by the Lessee or any Permitted Sublessee which may be required (in the determination of the Lessor (acting reasonably))
to ensure that the Owner, the Lessor and any Financier has the full benefit of the Cape Town Convention and/or the Protocol in connection
with the Aircraft and any Engine, including:

 

(A) any
matters connected with registering, perfecting and/or preserving any international interest(s) vested in the name of the Owner, the Lessor
or any Financier with respect to the Aircraft and/or any Engine and constituted by this Lease and any interests arising out of any Permitted
Sublease, including any applicable certified designee letter and, if required and to the extent available, obtaining any authorising entry
point codes from the State of Registration necessary to effectuate the foregoing;

 

(B) constituting
any international interest(s) to be vested in the Security Trustee, the Owner or the Lessor with respect to the Aircraft and/or any Engine
in connection with this Lease and any interests arising out of any Permitted Sublease, including any applicable certified designee letter;

 

(C) entry
into agreements (subordination or otherwise) to protect the priority of any international interest(s) referred to in the foregoing paragraph;

 

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(D) agreeing
to consenting to and acknowledging any assignment the Lessor enters, or has entered, into with a Financier in connection with this Lease;

 

(E) excluding
in writing the application of any provisions of the Cape Town Convention and/or Protocol that the Lessor may deem desirable in connection
with the foregoing;

 

(F) granting
the right to discharge in respect of an international interest to the Lessor or, at the Lessor’s direction, to a Financier;

 

(G) executing
or procuring that the Permitted Sublessee executes an IDERA in favor of the Lessor, or if required by the Lessor, the Security Trustee,
and submitting the same to the Aviation Authority for recordation and providing the recorded IDERA to the Lessor, or if required by the
Lessor, the Owner or the Security Trustee;

 

(H) not
registering, or consenting to the registration of, any conflicting interests (whether or not taking priority over the Owner’s, the
Lessor’s or any Financier’s international interests) at the International Registry without the Lessor’s and the Security
Trustee’s prior written consent (it being understood that the Lessor shall be responsible for liaising with the Security Trustee
in relation to any requested consent); and

 

(I) not
executing or submitting or permitting a Permitted Sublessee to execute or submit an IDERA for recordation in favor of any creditor other
than the Lessor or the Security Trustee without the Lessor’s and the Security Trustee’s prior written consent (it being understood
that the Lessor shall be responsible for liaising with the Security Trustee in relation to any requested consent).

 

(ii) The
Lessee shall not permit any person to register a prospective international interest, international interest or national interest at the
International Registry without the prior written consent of the Lessor and the Security Trustee (it being understood that the Lessor shall
be responsible for liaising with the Security Trustee in relation to any requested consent) except for any such interests created where:

 

(A) the
Lessee is the debtor and one of the Lessor, the Owner or the Security Trustee is the creditor; or

 

(B) the
Lessor is the debtor and one of the Owner or the Security Trustee is the creditor; or

 

(C) the
Owner is the debtor and one of the Lessor, the Owner or the Security Trustee is the creditor.

 

(iii) The
Lessee will promptly notify the Lessor on becoming aware of the registration of any non-consensual right or interest at the International
Registry against the Airframe or any Engine and take all steps necessary to procure the discharge and de-registration of such interest.

 

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 (iv) In this Section 7(c):

 

(A) the
following expressions shall have the respective meanings given to them in Article 1 of the Cape Town Convention:

 

		(1)	airframe;

 

		(2)	creditor;

 

		(3)	debtor;

 

		(4)	international interest;

 

		(5)	International Registry;

 

		(6)	national interests;

 

		(7)	non-consensual right or interest;

 

		(8)	prospective international interest; and

 

		(9)	State of registry; and

 

(B) “state
in which the Lessee is situated” shall be construed in accordance with Article 4 of the Cape Town Convention.

 

(d) Maintenance.
The Lessee shall at all times during the Term, at the Lessee’s cost and expense:

 

(i) keep
the Aircraft airworthy in all respects and in good repair and condition as at the Delivery Date (ordinary wear and tear excepted) and
in compliance with all requirements of the Aviation Authority, except:

 

(A) where
the Aircraft is undergoing maintenance, modification or repair required or permitted by this Lease; or

 

(B) there
is an unscheduled event such as foreign object damage to the Aircraft, or any other incident affecting the operation or maintenance of
the Aircraft, which temporarily results in the Aircraft becoming unserviceable or not airworthy;

 

(ii) not
make any material changes to the maintenance program for Airbus A321-200 model aircraft and for engines of the same models as the Engines
(and Replacement Engines) approved by the Aviation Authority (collectively, the “Approved Maintenance Programme”) or
the schedule of the Approved Maintenance Programme without the prior written consent of Lessor (such consent not to be unreasonably withheld
or delayed), except as may be approved or required by the Aviation Authority or required by any Applicable Laws;

 

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(iii) upon
request, provide Lessor with a copy of all substantial changes to the Approved Maintenance Programme and, upon Lessor’s request
up to once per year, provide to Lessor a copy of the Approved Maintenance Programme. For the avoidance of doubt, the Approved Maintenance
Programme will be in English, provided that the introduction of the document and other specific tasks requested by the Aviation Authority
may be in a language other than English;

 

(iv) maintain
the Aircraft in accordance with the Approved Maintenance Programme which shall be in accordance with the maintenance program as specified
in the Manufacturer’s Maintenance Planning Document, as approved by the Aviation Authority and perform (at the respective intervals
provided in the Approved Maintenance Programme) all Major Checks in accordance with the EASA and Aviation Authority requirements;

 

(v) operate
the Aircraft in accordance with the Aviation Authority requirements and comply with any other rules and regulations of the Aviation Authority
which are applicable to A321 passenger category aircraft;

 

(vi) maintain
and service the Aircraft in at least the same manner and with at least the same care as is the case with respect to the same model of
aircraft owned, leased or otherwise operated by Lessee (taken as a whole) and as if Lessee were to retain and continue operating the Aircraft
in its fleet after the Lease Expiry Date, including, without limitation, maintenance scheduling, modification status and technical condition,
and all maintenance to the Airframe, any Engine or any Part required to maintain all warranties, performance guarantees or service life
policies in full force and effect;

 

(vii) comply
with all mandatory orders, mandatory Service Bulletins issued by the Manufacturer and the Engine Manufacturer, all other Service Bulletins
applicable to the Aircraft which Lessee adopts during the Lease Term for any aircraft of the same model in Lessee’s fleet, all Airworthiness
Directives and all airworthiness directives issued by the Aviation Authority EASA and the FAA applicable to the Aircraft, any Engine or
Part having a compliance date during the Term and, subject to and in accordance with the provisions of Paragraph l.1(e) of Schedule 7,
Part B, within ninety (90) days after the Lease Expiry Date;

 

(viii) maintain
in good standing a current certificate of airworthiness (in the appropriate category for the nature of the operations of the Aircraft)
for the Aircraft issued by the Aviation Authority, except where the Aviation Authority has withdrawn the same in respect of all A321 family
aircraft and Lessee has grounded the Aircraft during such period, and will from time to time provide to Lessor a copy of such certificate
of airworthiness within ten (10) days of Lessor’s request;

 

(ix) ensure
no Non-OEM approved DER repairs will be installed on the Engines or Airframe during the Term or at Redelivery; and

 

(x) ensure
no Non-OEM PMA parts will be installed on the Engines and Landing Gear during the Term or at Redelivery.

 

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(e) AD
Cost Sharing. Commencing on January 1, 2023 and subject to no Default or Event of Default having occurred that is continuing, if
the Lessee complies on a terminating action basis with an Airworthiness Directive at any time during the Term then if the total cost
to the Lessee of complying with such Airworthiness Directive exceeds REDACTED* (which shall be escalated at 3.5% per annum commencing
on January 1, 2024) (the “AD Threshold”), then within thirty (30) days of receipt of a satisfactory detailed
invoice specifying the direct invoiced costs (such as parts, labor, materials and taxes) incurred by the Lessee in incorporating
such Airworthiness Directive, the Lessor will promptly pay to the Lessee an amount calculated in accordance with the following
formula:

 

X = [(Z-Y) * (C-REDACTED*Z

 

Where:

 

“X” = the amount to be reimbursed to the Lessee;

 

“Z” = the number of months from January 1,
2023 to the end of the Term;

  

“Y” = the number of months between (i) the
earlier of the date of completion of the incorporation of the Airworthiness Directive, and (ii) the scheduled Lease Expiry Date.
Where the date specified in (b) above is after the scheduled Lease Expiry Date, “Y” shall equal 0; and

 

“C” = the actual
out-of-pocket cost of completing such modification at an Approved Maintenance Facility’s normal commercial labor charge rates plus
reasonable cost of materials, subtracting any subsidy, warranty payment or other benefit provided to the Lessee and excluding any loss
of expenses incurred because of the inability to operate the Aircraft.

 

Any amounts otherwise payable to
the Lessee pursuant to this Section 7(e) but for the occurrence of a Default or Event of Default shall be held by the Lessor as security
for the obligations of the Lessee hereunder and may, for the avoidance of doubt, be used by Lessor to set-off any amounts owed by Lessee
to Lessor pursuant to Section 15(c) of the Lease. When such Default or Event of Default no longer exists, such amounts (less any of the
aforementioned deductions in connection with Section 15(c) of the Lease) shall be paid to Lessee in accordance with the terms hereof.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -12-

     

    

 

(f) Operation.
Subject to Section 7(g), the Lessee agrees that the Aircraft will not be maintained, used, insured or operated (including by any
Permitted Sublessee) (i) in violation of the Certificate of Airworthiness or any license or registration relating to the Aircraft
of, or with, any Government Body having jurisdiction over the Lessee, any Permitted Sublessee or the Aircraft, (ii) for any primary
purpose other than the commercial transportation of passengers or cargo, provided that any cargo carried on the main
passenger deck is carried with the approval of the Aviation Authority, (iii) in violation of the Approved Maintenance Programme or
any warranty requirements pursuant to any other agreement setting forth any other material warranties with respect to the Aircraft,
the Airframe, the Engines or any Part, (iv) for any purpose or in any manner for which it is not designed or reasonably suited or
outside the tolerances and limitations for which the Aircraft, the Airframe or the Engines were designed, (v) otherwise than in
accordance with the Approved Maintenance Programme, Applicable Law and applicable material warranties, (vi) at any time while the
Insurances or Reinsurances required by Section 10 hereof are not in full force and effect, (vii) for any purpose or otherwise in a
manner inconsistent with the terms of, or not fully covered by, the Insurances and Reinsurances required by Section 10 hereof,
(viii) in any place excluded from coverage by, or not fully covered by, the Insurances and Reinsurances required by Section 10
hereof (or outside any geographical limit imposed by the Insurances or Reinsurances required by Section 10 hereof, including without
limitation, in or through any recognized or threatened area of hostilities unless fully covered by war risk and allied perils
Insurance in amounts and scope required by this Lease; provided that the Lessee may so operate or permit such operation of
the Aircraft if the Aircraft is under requisition by, or contract with, a Government Body in Chile or Brazil, so long as such
Government Body shall have furnished an indemnity or assumed liability for the risks and in the amounts required by Section 10 (in a
manner reasonably acceptable to the Lessor in form, scope and substance) and so long as no Event of Loss has occurred, (ix) for
commercial or training operations during the period from twenty (20) days in advance of the scheduled Redelivery Date up to and
including the scheduled Redelivery Date and (x) in violation of any Applicable Law of or by any Government Body having jurisdiction
over the Lessee, any Permitted Sublessee or the Aircraft or any mandatory requirement of the Manufacturer, Engine Manufacturer or
supplier, except for unintentional minor or nonrecurring violations which are cured promptly and which (A) do not involve any loss
or reduction of coverage under any of the Insurances or Reinsurances required by the terms of Section 10, (B) do not involve any
material risk of the sale, forfeiture or loss of or damage to the Aircraft or any interest therein, (C) do not involve any material
risk of the Lessor being subject to civil penalties, (D) do not involve any risk of criminal penalties being imposed against or upon
the Lessee or the Lessor, which in the case of the Lessee shall be a material risk, and (E) do not subject, or involve any material
risk of subjection to, the Lessor or the Lessee to any fine or penalty or enforcement action which, in the case of the Lessee, would
materially adversely affect the business or operations of the Lessee or the rights of the Lessee or the Lessor hereunder; provided
that the Lessee may in good faith diligently contest the validity or application of any such Applicable Law in any reasonable
manner which does not materially adversely affect the Lessor or have any material risk of the sale or forfeiture of the Aircraft, or
adversely affecting the rights of the Lessor hereunder or the obligations of the Lessee hereunder. If any Applicable Law requires
alteration of the Aircraft, the Lessee will conform thereto or obtain conformance therewith at no cost or expense to the Lessor and
will maintain the Aircraft in proper operating condition under such Applicable Law; provided that the Lessee may in good
faith diligently contest the validity or application of any such Applicable Law in any reasonable manner which does not materially
adversely affect the Lessor or have any material risk of the sale or forfeiture of the Aircraft, or adversely affecting the rights
of the Lessor or the obligations of the Lessee hereunder.

 

Further,
the Lessee agrees that it (i) shall duly and punctually pay and discharge all debts, costs, Losses, liabilities, premiums, calls,
contributions, penalties, landing fees, overflight and navigation charges, dues, tolls, charges, fines, recoveries or other expenses
which during the Term have given or may reasonably be expected to give rise to any Lien (other than a Permitted Lien) over, or
arrest of, the Aircraft; provided that the Lessee may in good faith diligently contest the validity or application of any of
the foregoing in any reasonable manner which does not materially adversely affect the Lessor or have any reasonable risk of the sale
or forfeiture of the Aircraft, or adversely affecting the rights of the Lessor or the obligations of the Lessee hereunder or any
risk of any criminal liability being imposed, and upon reasonable request by the Lessor, shall confirm to the Lessor’s
reasonable satisfaction that such action has been taken; (ii) shall not, unless required or permitted by this Lease, make any
alteration in or modification or addition to the Airframe, any Engines or any Part, remove any Engine or any Part, or install on or
attach to the Airframe, any Engine or any Part anything not being part of the Aircraft on the Delivery Date; (iii) shall not cause
or permit to be done regarding the Airframe, any Engine or any Part anything the effect of which may be reasonably expected to
result in the Airframe, any Engine or any Part being requisitioned for title or arrested or otherwise to jeopardize the title,
rights and interests of the Lessor in and to the Airframe, any Engine or any Part, the Insurances or any collateral relating hereto
or thereto.

 

    -13-

     

    

 

(g) Possession
and Subleasing. The Lessee shall not, without the prior written consent of the Lessor, sublease (whether directly, or under a Dry
Lease, Wet Lease or Charter), or otherwise in any manner deliver, transfer or relinquish possession of the Airframe, any Engine or any
Part to any Person or firm or install any Engine, or permit any Engine to be installed, on an airframe other than the Airframe (it being
agreed, for the avoidance of doubt, that charter operations of the Aircraft operated by the Lessee and which are not for the provision
of a charter by another air carrier shall not be restricted by the terms of this Section 7(g)); provided, however, that
the Lessee may, without the prior written consent of the Lessor:

 

(i) deliver
or permit the delivery of (including by any Permitted Sublessee) possession of the Airframe, any Engine or any Part to the manufacturer
thereof for testing or other similar purposes or to an Approved Maintenance Facility for service, repair, maintenance or overhaul work
on the Airframe, any Engine or any Part or any part thereof; or (by the Lessee alone) for alterations or modifications in or additions
to the Airframe, any Engine or any Part to the extent required or permitted by the terms of Section 8(d); in any event (in respect of
the Lessee and, as the case may be, a Permitted Sublessee) only in compliance with Section 7(g);

 

(ii) install
or permit the installation of an Engine for any reason on another airframe owned by the Lessee or any Permitted Sublessee free and
clear of all Liens, except (A) Permitted Liens, (B) those Liens that apply only to the engines (other than the Engines), appliances,
parts, instruments, appurtenances, accessories, furnishings and other equipment (other than Parts) installed on such airframe, and
(C) mortgage liens or other security interests, but only if such mortgage liens or other security interests expressly and
effectively provide that such Engine shall not become subject to the Lien of such mortgage or security interest, notwithstanding the
installation thereof on the airframe;

 

(iii) install
or permit the installation of an Engine for any reason on an airframe leased to the Lessee or any Permitted Sublessee, purchased by the
Lessee or any Permitted Sublessee or subject to a conditional sale or other security agreement; provided, however, that
in any such case (A) such Engine is removed from the airframe prior to the expiration of the Term, (B) such Engine shall remain the property
of the Lessor and (C) the terms of any lease, security agreement, mortgage, or other agreement covering such airframe do not entitle the
relevant lessor, owner, seller or the holder of any security interest under such lease, security agreement, mortgage, or other agreement,
nor their successors or assigns to acquire, as against the Lessor, any right, title or interest in an Engine as a result of such Engine
being installed on such airframe;

 

    -14-

     

    

 

(iv) to
the extent permitted by, and in accordance with, Section 8(c), subject, or permit any Permitted Sublessee to subject, any Parts owned
by the Lessor and removed from the Airframe or any Engine to any pooling or other similar arrangement referred to in Section 8(c);

 

(v) (x)
sublease (whether by Dry Lease, or any other agreement, however described or defined, providing for the transfer of possession of the
Aircraft, the Airframe or any Engine) or deliver possession of the Aircraft, the Airframe or any Engine to any Permitted Sublessee; or
(y) subject the Aircraft or Airframe to an interchange agreement with a Leasing Affiliate (or any other Person to whom the Lessor may
from time to time (in its sole discretion) consent to being a counterparty to an interchange agreement) (an “Interchange Counterparty”),
so long as such Interchange Counterparty remains a Leasing Affiliate and in any such case under subclause (x) relating to a Permitted
Sublessee which is not a Leasing Affiliate, for a term or terms (including any renewal or extension) not extending beyond (or capable
of being extended beyond) the date falling one month prior to the expiry of the Term; provided, that, in the case of each of
subclause (x) and (y):

 

(1) any
sublease or interchange agreement permitted pursuant to the terms hereof shall be made expressly subject and subordinate to all the terms
of this Lease and the rights of the Lessor to avoid such sublease or interchange agreement and to repossess the Aircraft, Airframe or
any Engine in connection with the exercise of any remedies upon the occurrence of any Event of Default,

 

(2) (i)
any sublease or interchange agreement with a Leasing Affiliate permitted pursuant to the terms hereof shall be made expressly terminable
at any time upon not more than thirty (30) days’ prior written notice from the Lessee to the applicable Leasing Affiliate or Interchange
Counterparty, and such Leasing Affiliate or Interchange Counterparty shall acknowledge and agree that such termination right is commercially
reasonable, and (ii) following such termination the Lessee may repossess the Aircraft, Airframe or any Engine in accordance with the terms
thereof,

 

(3) each
of the Lessor and the Lessee shall remain fully and primarily liable under this Lease for the performance and observance of all of the
terms hereunder to the same extent as if such sublease, interchange agreement or transfer had not occurred,

 

(4) the
Aircraft shall remain primarily based in Chile, Brazil or the jurisdiction of organization of such Permitted Sublessee or Interchange
Counterparty,

 

(5) prior to
the commencement of any such sublease or interchange agreement, the Lessee shall provide to the Lessor one or more insurance
certificates and broker’s undertakings from the Lessee’s (or the relevant Permitted Sublessee’s or Interchange
Counterparty’s, as applicable) insurance brokers or an authorized representative of the Lessee’s (or the relevant
Permitted Sublessee’s or Interchange Counterparty’s, as applicable) insurers reflecting that the insurance required to
be maintained pursuant to Section 10 will be in full force and effect during such sublease or interchange agreement,

 

    -15-

     

    

 

(6) all
terms and conditions of this Lease shall remain in full force and effect following execution and delivery of such sublease or interchange
agreement,

 

(7) such
sublease or interchange agreement shall (1) provide that the Aircraft, Airframe or Engine be maintained in accordance with a maintenance
program at least equivalent to the Approved Maintenance Programme, (2) be governed by the laws of England or the State of New York, U.S.A.
or any other jurisdiction reasonably acceptable to the Lessor,

 

(8) prior
to such sublease or interchange agreement taking effect if permitted by Applicable Law, and if applicable, the Lessee shall register on
the International Registry on, or promptly after the relevant Permitted Sublease becoming effective, the International Interest (and the
assignment of such International Interest to the Lessor) in respect of such Permitted Sublease with the Permitted Sublessee as the debtor
and the Lessee as the creditor for the applicable Aircraft or Engine, with any election as to the party with the right of discharge being
granted in favor of the Lessor,

 

(9) prior
to such sublease or interchange agreement taking effect, the Lessee shall deliver to the Lessor, in form and content reasonably acceptable
to the Lessor, a Subordination Agreement duly executed by the applicable Permitted Sublessee or Interchange Counterparty recognizing all
rights, title and interest of such Permitted Sublessee or Interchange Counterparty under such sublease or interchange agreement are subject
and subordinate in all respects to all rights, title and interest of the Lessor under this Lease, such acknowledgement to be in a form
and substance reasonably acceptable to the Lessor,

 

(10) prior
to such sublease or interchange agreement taking effect, the Lessee shall deliver to the Lessor, in form and content reasonably acceptable
to the Lessor a Deregistration Power of Attorney from the proposed Permitted Sublessee and, if the new State of Registration or the jurisdiction
of incorporation of the Permitted Sublessee is a Contracting State for the purposes of the Cape Town Convention or the Permitted Sublessee
is situated in a Contracting State for the purposes of Article 4 of the Cape Town Convention, an IDERA,

 

(11) prior
to such sublease or interchange agreement taking effect, the Lessee shall cause to be delivered to the Lessor a written opinion of counsel
reasonably acceptable to the Lessor in the country in which the Permitted Sublessee or each Interchange Counterparty is organized and
where the Aircraft will be based, in each case in form and substance and from counsel reasonably satisfactory to the Lessor and including,
without limitation, confirmation that:

 

    -16-

     

    

 

(A) all
steps necessary to protect the rights, title and interests of the Lessee and the Lessor have been taken or will be taken in a manner reasonably
satisfactory to the Lessor, including, without limitation, the filing and recording of the sublease or interchange agreement and such
other documents as may be reasonably required in order to perfect all of the Liens in the country or countries in which the applicable
Permitted Sublessee or Interchange Counterparty is organized and where the Aircraft will be based,

 

(B)
other than with respect to the chapter 11 proceeding under Title 11 of the United States Code (the “Bankruptcy
Code”), 11 U.S.C. §101 et. seq., filed by the Lessee and certain of its affiliates on 26 May 2020, July 7, 2020 and
July 9, 2020 (as applicable, the “Petition Date”) in the United States Bankruptcy Court for the Southern District
of New York (the “Bankruptcy Court”) or the related parallel and ancillary proceedings (the “Chapter 11
Cases”), no bankruptcy, Insolvency, moratorium, suspension of payments, reorganization or other like proceeding, initiated
by or affecting the Lessee or such Permitted Sublessee or any Interchange Counterparty will affect the rights of the Lessee, the
Lessor or any person claiming through the Lessor to repossess the Aircraft as a result thereof, upon termination of such sublease or
interchange agreement (as a result of any Event of Default or otherwise) or the Lease, and

 

(C) if
the new State of Registration or the jurisdiction of incorporation of the proposed Permitted Sublessee is a Contracting State for the
purposes of the Cape Town Convention or the Permitted Sublessee is situated in a Contracting State for the purposes of Article 4 of the
Cape Town Convention, addresses the effectiveness of any filings made under Section 7(g)(v)(10), the perfection and the absence of security
interests other than Lessor Liens and Permitted Liens recorded at the International Registry in respect of the Aircraft,

 

(12) the
Lessee shall, subject to the receipt of reasonable and proper documentation, promptly reimburse the Lessor for any reasonable out-of-pocket
costs, charges and expenses (including reasonable attorneys’ fees, disbursements and expenses) incurred by any of them in determining
the compliance with this Lease or otherwise in connection with any such sublease or interchange agreement,

 

(13) no
such sublease or interchange agreement shall require the registration of the Aircraft or any Engine, or the making of any filing, to be
made in any jurisdiction other than the Government of Registry (except in accordance with Section 7(b)),

 

(14) the
proposed subleasing or interchange arrangement will not render this Lease invalid, illegal or unenforceable,

 

    -17-

     

    

 

(15) the
rights granted to the Lessee in this Section 7(g)(v) to sublease or submit to an interchange arrangement the Aircraft to a Permitted
Sublessee or Interchange Counterparty shall not grant to such Permitted Sublessee or Interchange Counterparty any right to further
sublease or otherwise transfer possession of the Aircraft to any Person; provided, that, any Permitted Sublessee or
Interchange Counterparty that is a Leasing Affiliate, may subject the Aircraft to a sub-sublease or interchange agreement customary
in the airline industry and entered into by such Leasing Affiliate and another Leasing Affiliate or Lessee in the ordinary course of
their respective businesses, in each case so long as (A) such Leasing Affiliate or Leasing Affiliates, as the case may be, remains a
Leasing Affiliate, (B) the rights, title and interests of the Lessor will not be derogated in any manner as result thereof, (C) a
written record of the location of the Aircraft will be kept and made available to the Lessor at any time on request, (D) no transfer
of the registration of the Aircraft shall be effected in connection therewith (except in accordance with Section 7(b)), (E) no such
sublease or interchange agreement contemplates or requires the transfer of title to the Aircraft or any Engine, (F) if the
Lessor’s title to the Aircraft or any Engine shall be divested under any such sublease or interchange agreement, such
divestiture shall be deemed to be an Event of Loss with respect thereto, and the Lessee shall comply with Sections 9(a) and 9(b) in
respect thereof, (G) the term of any such sublease or interchange agreement (including all renewals) shall not extend beyond the
Term, and (H) the Lessee, at its sole cost and expense, shall procure that such Leasing Affiliate that is a part of the new sublease
or interchange arrangement shall meet all the requirements of this Section 7(g)(v),

 

(16) at
the time that the Lessee enters into such sublease or interchange agreement, such Permitted Sublessee or Interchange Counterparty shall
not be subject to any bankruptcy, Insolvency, moratorium, suspension of payments, reorganization or other like proceeding provided that
this provision shall not apply to the Chapter 11 Cases,

 

(17) such
sublease or interchange agreement shall include provisions for the maintenance, operation, possession and inspection of the Aircraft that
are the same in all material respects as the applicable provisions in this Lease,

 

(18) any
sublease or interchange agreement permitted pursuant to the terms hereof shall not grant such Permitted Sublessee or Interchange Counterparty
a purchase option or any other right to acquire title to, or which obliges such Permitted Sublessee or Interchange Counterparty to purchase
or otherwise acquire title to, the Aircraft, unless, solely in the case of a sublease or interchange agreement with a Leasing Affiliate,
if required by applicable law; and

 

(19) no
Default under Section 14(b) of the Lease or Event of Default shall have occurred at the time of entry into such sublease or interchange
agreement;

 

    -18-

     

    

 

(vi)
transfer possession of the Airframe or any Engine to Chile, Brazil, or to any Government Body, instrumentality or agency thereof
pursuant to a sublease or interchange agreement, a copy of which shall be furnished to the Lessor prior to the effectiveness
thereof; provided, that the term of such sublease or interchange agreement (including any option of the Permitted
Sublessee or Interchange Counterparty to renew or extend) or the term of possession under such contracts or other instrument shall
not continue beyond (or be capable of being continued beyond) the expiry of the Term and shall provide that such sublease or
interchange agreement is expressly subject and subordinate to all the terms of this Lease and shall provide for fair compensation in
an amount of (or freely convertible into) Dollars sufficient to enable the Lessee to make payments as and when due and payable from
time to time hereunder;

 

(vii) transfer
possession of any Engine to any Person for the purpose of shipment in the ordinary course of business) not otherwise permitted by the
terms of this Lease;

 

(viii) install
an Engine on an airframe owned by the Lessee, leased to the Lessee or purchased by the Lessee subject to a conditional sale or other security
agreement under circumstances where neither subparagraph (ii) nor subparagraph (iii) of this Section 7(g) is applicable, provided,
that such installation shall be deemed an Event of Loss with respect to such Engine and the Lessee shall comply with Section 9(b)
in respect thereof, the Lessor not intending hereby to waive any right or interest it may have to or in such Engine under Applicable Law
until compliance by the Lessee with such Section 9(b); and

 

(ix) Wet
Lease or Charter the Aircraft pursuant to a Wet Lease or a Charter to any airline or Person which is not (i) insolvent or otherwise unable
to pay its debts as they come due or (ii) located in a country subject to UN or EU sanctions; provided always that such arrangement is
expressly subordinated to the Lease and the rights of the Lessor;

 

provided, in each case, that the
rights of any transferee who receives possession by reason of a transfer permitted by this Section 7(g) (other than the transfer of
title to an Engine which is deemed an Event of Loss in relation to the affected Engine) SHALL BE SUBJECT AND SUBORDINATE TO, AND ANY
TRANSFER, SUBLEASE, WET LEASE, INTERCHANGE OR CHARTER PERMITTED BY THIS SECTION 7(g) SHALL BE MADE EXPRESSLY SUBJECT AND SUBORDINATE
TO, ALL THE TERMS OF THIS LEASE, including, without limitation, the Lessor’s rights to repossession pursuant to Section 15
hereof (or otherwise) and to terminate and avoid this Lease, any sublease, wet lease, interchange or charter upon such repossession
and to require the Lessee or other transferee to forthwith deliver the Airframe or any Engine subject to this Lease or other
transfer upon repossession, and the Lessee shall remain primarily liable hereunder for the performance of all of the terms of this
Lease to the same extent as if such sublease, wet lease, interchange or charter had not occurred and that any such sublease, wet
lease, interchange or charter shall include appropriate provisions for the maintenance and insurance of the Aircraft, Airframe or
Engines, as applicable, transferred thereby at least as beneficial to the Lessor as the provisions hereof, and each sublease shall
contain provisions comparable to those set forth in Sections 9 and 10 and the Lessor shall be provided with certificates by each
sublessee and confirmations in accordance with the terms hereof as it shall request. The Lessee shall take appropriate measures to
ensure that each such transferee is aware of, and does not cause any breach of, any obligation of the Lessee hereunder.

 

The Lessee
shall have the right, without the consent of the Lessor, to amend or modify the terms of any Permitted Sublease or interchange
agreement permitted pursuant to Section 7(g)(v) hereof, to the extent that the effectiveness of such amendment or modification would
not cause the Lessee to be in violation of this Section 7(g) or otherwise under any applicable provision of this Lease.

 

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No pooling agreement
or other relinquishment of possession of the Airframe, any Engine or any Part shall affect in any way the registration of the Aircraft
except as permitted by and provided for in Section 7(a) or discharge or diminish any of the Lessee’s obligations hereunder or constitute
a waiver of the Lessor’s rights or remedies.

 

The Lessor
agrees, for the benefit of the Lessee (and any Permitted Sublessee) and for the benefit of any mortgagee or other holder of a security
interest in any engine (other than an Engine) owned by or leased to the Lessee (or any Permitted Sublessee), any lessor of any engine
(other than an Engine) leased to the Lessee (or any Permitted Sublessee) and any conditional vendor of any engine (other than an Engine)
purchased or leased by the Lessee (or any Permitted Sublessee) subject to a conditional sale agreement or any other security agreement,
that no interest shall be created hereunder in any engine (other than an Engine) so owned, leased or purchased and that neither the Lessor
nor its successors or assigns will acquire or claim, as against the Lessee (or any Permitted Sublessee) or any such mortgagee, lessor
or conditional vendor or other holder of a security interest or any successor or assignee of any thereof, any right, title or interest
in such engine as the result of such engine being installed on the Airframe; provided, however, that such agreement
of the Lessor shall not be for the benefit of any lessor of or secured party in respect of any airframe (other than the Airframe) leased
to the Lessee (or any Permitted Sublessee) or purchased by the Lessee (or any Permitted Sublessee) subject to a conditional sale or other
security agreement or for the benefit of any mortgagee of or any other holder of a security interest in the airframe (other than the Airframe)
owned by the Lessee (or any Permitted Sublessee), unless such lessor, conditional vendor, other secured party or mortgagee has expressly
agreed (which agreement may be contained in such lease, conditional sale or other security agreement or mortgage) that neither it nor
its successors or assigns will acquire, as against the Lessor any right, title or interest in an Engine as a result of such Engine being
installed on such airframe.

 

(h) Special Operation and
Possession Covenants. In addition to the foregoing requirements, the Lessee covenants and agrees as follows:

 

(i) Restricted
Use of Aircraft. The Lessee shall not, without the prior written consent of the Lessor, cause or give permission (whether directly,
under a Dry Lease, Wet Lease or Charter, or under requisition by any Government Body) for the Aircraft, any Engine or any Part to be:

 

 (1) flown, operated or otherwise used for any military purpose;

 

(2) operated
or used for any purpose for which it is not designed or reasonably suited in accordance with the Approved Maintenance Programme, Applicable
Law and applicable material warranties or for any primary purpose other than the commercial transport of passengers and cargo;

 

(3) operated
or used at any time for any illegal purpose or in an illegal manner or in carrying illegal goods or goods prohibited by the terms of the
Insurances or by the laws of the country from which the goods are carried; or

 

(4) operated or used in a manner not fully covered by the Insurances.

 

(ii) Waiver
of Defenses to Repossession. Neither the Lessee, nor anyone claiming through or under it, shall set up, claim or seek to take advantage
of any Applicable Law now or hereafter in force in any jurisdiction in which the Aircraft or any portion thereof may be situated in order
to prevent, hinder or delay any effort in accordance with this Lease on the part of the Lessor to regain possession of the Aircraft or
re-export the Aircraft or any portion thereof from any jurisdiction in which the Aircraft or any portion thereof may be situated upon
the occurrence of an Event of Default and while the same shall be continuing, and the Lessee, for itself and all who may at any time claim
through or under it, hereby waives, to the full extent that it may be lawful so to do, the benefit of all such Applicable Laws (including,
without limitation, any rights it may have, if any, to avail itself of the protection provided by the Convention of 1933 on the Unification
of Certain Rules Relating to the Precautionary Arrest of Aircraft, or any other similar law, treaty or convention applicable to the Lessee
or the Aircraft) which would limit the ability of the Lessor to repossess or otherwise recover all or the Aircraft, any Engine or any
Part upon the occurrence and during the continuance of an Event of Default. Notwithstanding anything else herein, the parties acknowledge
that the Bankruptcy Code affords certain rights to the Lessee as a debtor and debtor-in-possession, including the automatic stay, and
that the Lessor may be required to seek relief from the Bankruptcy Court prior to taking any action for repossession or recovery of the
Aircraft, any Engine or any Part.

 

    -20-

     

    

 

(iii) Statement
of Account of Landing Fees or Navigation Charges. In the event that a Government Body of any country in which the Aircraft, the Lessee
or any Permitted Sublessee operates shall adopt or has adopted legislation which permits the detention or seizure of aircraft for unpaid
landing fees or navigation charges without formal legal proceedings, the Lessee shall promptly following demand, deliver to the Lessor
a letter, in form and substance reasonably acceptable to the Lessor, addressed to the airport or air navigation authority of such country
authorizing such authority to release to the Lessor from time to time a statement of account of all such fees and charges then due in
respect of all aircraft owned by or leased to the Lessee or such Permitted Sublessee, as the case may be. Any time during which an Event
of Default has occurred and is continuing, immediately upon request by the Lessor, the Lessee shall submit a report to the Lessor listing
all landing fees and navigation charges which are claimed to be owed in respect of the Aircraft by any Government Body of any country.

 

(iv) No
Operation by the Lessor. The Lessee shall in no event and at no time represent Lessor as carrying goods or passengers on the Aircraft
or as being in any way connected or associated with any operation or carriage which may be undertaken by the Lessee or any Permitted Sublessee
or as having any operational interest in the Aircraft.

 

(v) Seizure
of the Aircraft. The Lessee shall not do, and shall use its best efforts to prevent, any act which could reasonably be expected
to result in the Aircraft, the Airframe or any Engine being arrested, confiscated, seized, taken in execution, attached, impounded,
forfeited, detained in exercise or purported exercise of any registered or possessory Lien or other claim or otherwise taken from
the possession of the Lessee or any Permitted Sublessee, and if any such arrest, confiscation, seizure, execution, taking,
attachment, impoundment, forfeiture, detention or other loss of possession occurs, the Lessee shall give the Lessor immediate notice
thereof and shall forthwith procure the prompt release of the Aircraft, the Airframe or such Engine.

 

(vi) Notice
of Suspension. The Lessee shall give the Lessor immediate written notice of any action being taken by the management of the Lessee
relating to any general suspension of payment proceeding under any Applicable Law.

 

(vii) Notice
of War Risk Insurance Claim. The Lessee shall give the Lessor immediate written notice of the occurrence of any loss, damage or casualty
affecting the Aircraft, the Airframe, any Engine or any Part which is likely to result in a claim being made under the war risk insurance
required to be maintained under Section 10 and shall take immediate action to increase any fleet limitation (including automatic reinstatement)
applicable to such war risk coverage to the level (including automatic reinstatement) that existed immediately prior to such event of
loss, damage or casualty.

 

(i) Permitted
Sublessee’s Performance and Rights. Any obligation imposed on the Lessee in this Lease shall require only that the Lessee perform
or cause to be performed such obligation, even if stated herein as a direct obligation of the Lessee, and the full or partial performance
of any such obligation by any permitted assignee, Permitted Sublessee or permitted transferee under a Permitted Sublease, pooling or transfer
agreement then in effect shall be deemed to have been caused by the Lessee and shall pro tanto constitute performance by the Lessee
and discharge such obligation by the Lessee to the extent performed; provided, however, that where performance consists
of an agreement or undertaking for further action or performance or in the case of only partial performance, the Lessee shall remain liable
for discharge of its obligations until such further action or performance is completed. Except as otherwise expressly provided herein,
any right granted to the Lessee in this Lease shall grant the Lessee the right to exercise such right or permit such right to be exercised
by any such permitted assignee, Permitted Sublessee or permitted transferee. The inclusion of specific references to obligations or rights
of any such assignee, Permitted Sublessee or transferee in certain provisions of this Lease shall not in any way prevent or diminish the
application of the provisions of the two sentences immediately preceding with respect to obligations or rights in respect of which specific
reference to any assignee, Permitted Sublessee or transferee has not been made in this Lease.

 

 (j) Inspection.

 

		(i)	REDACTED*

 

Lessor and/or
its duly authorized representatives may (at its own cost, subject to Section 7(j)(3) below) at any time visit, inspect and survey
the Aircraft and the Aircraft Documents provided that, unless an Event of Default shall have occurred and be continuing or unless
necessary to verify the rectification of deficiencies shown to require repair on a previous inspection, Lessor shall not carry out
such an inspection more frequently than once a year during the Term (except as provided in Section 7(j)(vi) below) and provided
further that all such inspections shall be conducted during periods of scheduled maintenance, shall be conducted so as not to cause
unreasonable interference with or delay to Lessee’s normal operation, maintenance and use of the Aircraft, and shall be a
visual walk- around inspection (which may include going on board the Aircraft and opening any panels, bays or other access points
normally opened during line maintenance such as cowling, the electronic equipment access door and the auxiliary power unit door).
Upon request by Lessor, Lessee shall notify Lessor of the then next scheduled maintenance. All inspections shall take place at such
location where the Aircraft is available.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -21-

     

    

 

(ii) Lessor
will have no duty or liability to make, or arising out of any such visit, repeat visit, inspection, or survey.

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

(iv) If
following any such visit, repeat visit, inspection or survey, repairs are shown to be required, all such repairs shall be made at Lessee’s
expense and shall be affected as soon as practicable.

 

(v) Any
inspection of the Aircraft Documents shall occur during Lessee’s normal business hours and shall be conducted so as to not cause
unreasonable interference with or delay to Lessee’s normal operation or employees.

 

(vi) Notwithstanding
Section 7(j)(i) above, Lessee will co-operate with the reasonable requests of the Lessor in connection with its efforts to lease, sell
or finance the Aircraft including, subject to reasonable prior written notification, permitting the Financiers, potential lessees or purchasers
to inspect the Aircraft and the Aircraft Documents during normal business hours provided that the same shall not interfere with
the Lessee’s use, operation or maintenance of the Aircraft or require the Lessee to incur out-of-pocket expenses for which it is not reimbursed
by the Lessor).

 

 (k) Information

 

(i) The
Lessee shall at its own cost and expense promptly provide the Lessor with such information (to the extent required by this Lease or maintained
by the Lessee or any Permitted Sublessee in accordance with its standard fleet procedures) regarding the registration, location, operation,
use, insurance, maintenance and condition of the Aircraft, any Engine, the APU and Landing Gear, as the Lessor may from time to time reasonably
require. Such request shall not be made more frequently than once in any six (6) month period unless an Event of Default has occurred.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -22-

     

    

 

(ii) During the Term, the Lessee will deliver to the Lessor:

 

(A) or
cause to be delivered to Lessor promptly after the same are available (and in any event within one hundred and twenty (120) days) after
the end of each of Lessee’s financial years ending after the date hereof, a copy of Lessee’s financial statements for such
financial year, which (i) shall be audited and prepared in accordance with IFRS by an independent, reputable firm of certified public
accountants, (ii) shall fairly and accurately present the financial position of Lessee as at the date as of which they were prepared and
the results of the operations of Lessee for the period to which they relate and (iii) shall, in accordance with such accounting principles
and practices, disclose all significant liabilities, actual or contingent, of Lessee; provided that Lessee will not be required
to provide any such information which is publicly available through the following website: www.latamairlinesgroup.net.

 

(B) or
cause to be delivered to Lessor promptly after the same are available (and in any event within sixty (60) days) after the end of each
of Lessee’s financial quarters ending after the date hereof, a copy of Lessee’s financial statements for such financial quarter,
which (i) shall be prepared in accordance with IFRS by an independent, reputable firm of certified public accountants, (ii) shall fairly
and accurately present the financial position of Lessee as at the date as of which they were prepared and the results of the operations
of Lessee for the period to which they relate and (iii) shall, in accordance with such accounting principles and practices, disclose all
significant liabilities, actual or contingent, of Lessee; provided that Lessee will not be required to provide any such information
which is publicly available through the following website: www.latamairlinesgroup.net;

 

(C) copies
of every report, notice or like document issued by the Lessee to its creditors generally, at the time that it is so issued, excluding,
for the avoidance of doubt, any report issued solely to the official committee of unsecured creditors in connection with the Chapter 11
Cases; provided that, Lessee will not be required to provide any such information which is publicly available through the following
website: www.latamairlinesgroup.net; and

 

(D) with
reasonable promptness, such other financial, operational and other information and data with respect to the Lessee as the Lessor may from
time to time reasonably request to the extent such information and data is relevant to the performance of the Lessee’s obligations
under this Lease and any Other Agreement and in any event subject to any confidentiality restrictions on the Lessee in respect thereof.

 

The Lessee’s
obligations pursuant to this Section 7(k)(ii) shall be deemed satisfied should the Lessee publish the equivalent of the information required
to be provided by the Lessee pursuant to Section 7(k)(ii), on its investor relations website (currently at www.latamairlines.group.net)
or such other websites as the Lessee may notify to the Lessor from time to time, provided access to such websites is free of charge and
generally available.

 

(iii) For
each calendar month (part or whole) during the Term, Lessee shall notify Lessor in writing by no later than the tenth (10th)
Business Day of the month with a report substantially in the form of Exhibit VI (Form of Monthly Utilization Report) to the
Lease detailing the usage of the Aircraft, each Engine, APU and each Landing Gear specified in the form (“Monthly
Utilization Report”) during the immediately preceding calendar month.

 

    -23-

     

    

 

(iv) For
each calendar month (part or whole) during the PBH Period (each, a “PBH Month”), Lessee shall notify Lessor in writing
by no later than the tenth (10th) Business Day of the month following such PBH Month with a report substantially in the form of Exhibit
VII (Form of PBH Report) to the Lease detailing the usage of the Aircraft and each Engine (“PBH Report”) during
the immediately preceding PBH Month. No later than twentieth (20) Business Day of the month in which the PBH Report is issued, the Lessor
shall deliver to the Lessee an invoice setting forth the PBH Rent, as applicable, in respect of the previous calendar month. The Lessee
shall pay such invoice within ten (10) Business Days after the receipt of the same. To the extent there exists any discrepancy between
the Monthly Utilization Report and PBH Report with respect to the usage of the Airframe or any Engine, the terms of the PBH Report shall
be controlling.

 

 (v) Throughout the Term, the Lessee shall:

 

(A) notify the
Lessor as soon as practicable of any loss, theft, damage or destruction to the Aircraft, any Engine or any Part if the REDACTED*

 

(B) notify
the Lessor of any Default promptly after the Lessee becomes aware of it; and

 

(C) provide
the Lessor, on request, evidence that all Taxes, fees, levies and charges incurred and payable by the Lessee in connection with this Lease
and in connection with the Aircraft and its operation, including, without limitation, those invoiced by airports and air traffic control
authorities have been paid in full. Such request shall not be made more frequently than once in any twelve (12) month period unless an
Event of Default has occurred and is continuing, where such limitation shall not apply.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -24-

     

    

 

(l) Substitution
of Engines. So long as no Default or Event of Default shall have occurred and be continuing, the Lessee may at any time upon
thirty (30) days’ prior written notice to the Lessor, duly convey or cause to be conveyed to the Lessor as a substitute for an
Engine title to a Replacement Engine having a value, remaining useful life and utility at least equal to, and be in as good
operating condition and state of maintenance as, the Engine to be replaced thereby, assuming such Engine was of the value and
utility and in the condition and repair as required by the terms hereof; provided that, all engines installed on any Airframe
shall be of the same manufacturer and the same or improved model to the Engines, free and clear of all Liens (other than Permitted
Liens). Prior to or at the time of any such conveyance, the Lessee, at its own expense, will (i) furnish or cause to be furnished to
the Lessor a bill of sale in favor of the Lessor (with full warranty of title), in form and substance reasonably satisfactory to the
Lessor with respect to such Replacement Engine, (ii) cause a Lease Supplement, in form and substance reasonably satisfactory to the
Lessor subjecting such Replacement Engine to this Lease to be duly executed by the Lessee and, to the extent necessary, recorded
pursuant to the Applicable Laws of the Government of Registry and pursuant to the Cape Town Convention, (iii) furnish the Lessor
with such evidence of compliance with the insurance provisions of Section 10 with respect to such Replacement Engine as any of them
may reasonably request and such other certifications and opinions of counsel as the Lessor may reasonably request, (iv) furnish the
Lessor with a certificate reasonably satisfactory to the Lessor certifying as to the value, utility and operating condition and
state of maintenance of such engine, (v) cause amendments to the Local Mortgage, in form and substance reasonably satisfactory to
the Lessor subjecting such Replacement Engine to the Local Mortgage to be duly executed by the Lessor and, to the extent necessary,
recorded pursuant to the Applicable Laws of the Government of Registry and the Cape Town Convention, (vi) furnish a legal opinion of
counsel reasonably acceptable to the Lessor regarding the perfection of the Existing Lien and the Lien of the Local Mortgage with
respect to such Replacement Engine, in form and substance reasonably satisfactory to the Lessor and (vii) affix a nameplate on such
Replacement Engine in accordance with Section 8(e). Upon full compliance by the Lessee with the terms of this Section 7(l), the
Lessor will transfer or cause to be transferred, at the Lessee’s sole cost and expense, to or upon the order of the Lessee on
an “as-is, where-is” basis without recourse or warranty (except the absence of the Lessor Liens attributable to it) all
of the Lessor’s right, title and interest, if any, in and to each replaced Engine with respect to which such substitution
occurred by an appropriate instrument, signed by the Lessor, releasing such Engine from any manufacturer’s or repairer’s
warranties relating thereto and will take such other action as may be necessary to effect such transfer. For all purposes hereof,
each such Replacement Engine shall, after such conveyance, be deemed part of the property leased hereunder, shall be deemed an
“Engine” as defined herein and shall be deemed part of the same Aircraft as was the Engine replaced thereby. No
substitution with respect to an Engine under the circumstances contemplated by the terms of this Section 7(l) shall result in any
reduction of Rent.

 

REDACTED*

 

 

 

 

 (m) [Intentionally Omitted].

 

(n) Assignment,
Novation or Transfer by Lessee. Lessee shall (subject to this Section 7(n)) have the right, at its own expense (and shall cover all
of the reasonable and documented costs and expenses of Lessor, including any costs and expenses required to ensure the perfection of the
Lessor’s interest in the State of Registration) upon thirty (30) days’ prior written notice to Lessor, transfer and/or assign,
novate, or otherwise dispose of, all or any part of its right, title and interest in and to this Lease and any other document in connection
therewith to a Leasing Affiliate and Lessee’s right to transfer, assign, and/or novate is conditioned upon:

 

(i) no
Default or Event of Default has occurred and is continuing under this Lease and entering into the novation, assignment or transfer agreement
will not cause a Default or Event of Default;

 

(ii) delivery
to Lessor of a legal opinion from Lessee’s in-house legal counsel confirming that Lessor’s interests are protected in the
State of Registration;

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -25-

     

    

 

 

(iii) as
of the date of the transfer, the novation, assignment or transfer would not cause an increase in or additional payment obligations or
reduced receipts of Lessor or any owner or lender thereto, including any withholding taxes that are not indemnified against by Lessee
under this Lease, except to the extent Lessee has agreed, or agrees at such time, to indemnify Lessor or such Lender for such amounts;

 

(iv) the
transfer will not violate any Applicable Laws (including in jurisdiction of the Lessor); and

 

(v) Lessee
or another subsidiary or affiliate of Lessee (acceptable to Lessor acting reasonably), shall provide Lessor a guarantee of new lessee’s
obligations under this Lease as novated, assigned or transferred.

 

 (o) Assignment, Novation or Transfer by Lessor.

 

(i) Lessor
shall be entitled to assign, novate or transfer its rights and obligations under this Lease (which for purposes hereof shall include any
transfer of the beneficial interest in Lessor, as to which the terms of this Section 7(o) shall be applicable) at any time during the
Term without requiring consent of the Lessee and at no cost or expense to the Lessee, provided that such assignment, novation or transfer
meets the below conditions:

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -26-

     

    

 

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -27-

     

    

 

REDACTED*

 

 

 

(p) Successors
and Assigns. The terms and provisions of this Lease shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Except as otherwise provided in this Section, neither party hereto shall, without the prior
written consent of the other and assign any of its rights or obligations hereunder.

 

 (q) Aircraft Documents.

 

(i) Lessee
shall procure that accurate, complete, and current records where applicable during operation as detailed in Schedule 6 (Aircraft Documents)
(which records shall form part of the Aircraft Documents):

 

(1) are
kept in such manner as the Aviation Authority may from time to time require and Lessee shall ensure that they comply with the recommendations
of the Manufacturer in respect of the Airframe and the Engines and the manufacturer of any Part;

 

(2) maintain
all structural checks and compliance with the corrosion protection and control program and evidence back to birth traceability of all
Life Limited Parts;

 

(ii) Lessee
shall maintain in English (with an appropriate revision service and manuals per Schedule 6 part A) and in accordance with EASA requirements
all Aircraft Documents, logs, and other materials required by Applicable Laws and best practice of major international air transport operators
in respect of the Aircraft; provided that any expired or superseded documents may be in such language as is available;

 

(iii) Lessee
shall retain such Aircraft Documents and other materials at Lessee’s principal place of business or an agreed storage location under the
Lessee’s control, and not permit any other person to have possession of or control over the same without Lessor’s prior written consent;
and

 

(iv) Lessee
shall subscribe to the Manufacturer’s on-line electronic information database and maintain on that facility an updated record of
the aircraft service bulletin and other configuration embodiment status and to the extent permissible as a result of future developments
by the Manufacturer, Airworthiness Directives, structural repairs and Manufacturer’s Maintenance Planning Data compliance status
and make available to Lessor Lessee’s access to the relevant parts of such on-line system.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -28-

     

    

 

Section 8. Replacement; Temporary Installation; Pooling; Alterations,
Modifications and Additions; Etc.

 

(a) Replacement
of Parts. The Lessee at its own cost and expense, will promptly replace or cause to be replaced all Parts that may from time to
time be incorporated or installed in or attached to the Airframe or any Engine and that may from time to time be defective and not
economically repairable, become time-expired or due for replacement or worn out, lost, stolen, destroyed, seized, confiscated,
damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, the Lessee (or any Permitted
Sublessee) may, at its own cost and expense, remove in the ordinary course of maintenance, service, repair, overhaul or testing, any
Part, whether or not time-expired, due for replacement, worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond
repair or permanently rendered unfit for use; provided, however, that the Lessee will, at its own cost and
expense, replace (or cause to be replaced) such Part as promptly as practicable. Each Replacement Part shall be free and clear of
all Liens (except Permitted Liens) and shall be in at least as good operating condition as, and shall have value, utility,
modification status and performance characteristics at least equal to, or, if applicable, comparable to, the Part replaced assuming
such replaced Part was in the condition and repair required to be maintained by the terms hereof. Each Part at any time removed from
the Airframe or each Part removed from any Engine shall remain the property of the Lessor, no matter where located, until such time
as such Part shall be replaced by a Part that has been incorporated or installed in or attached to the Airframe or, as the case may
be, the Engine from which such Part was removed and that meets the requirements for a Replacement Part specified above and shall be
subject to the Lien of the Local Mortgage. Immediately upon any Replacement Part becoming incorporated or installed in or attached
to the Airframe or, as the case may be, an Engine as above provided and title thereto being vested in the Lessor free and clear of
all Liens (except Permitted Liens), without further act (i) title to the replaced Part shall thereupon vest in the Lessee free and
clear of all rights of the Lessor and shall no longer be deemed a Part hereunder and (ii) such Replacement Part shall become subject
to this Lease and be deemed part of the Airframe or, as the case may be, such Engine for all purposes hereof to the same extent as
the Part originally incorporated or installed in or attached to the Airframe or, as the case may be, such Engine.

 

(b) Temporary
Installation of Parts. So long as the Lessor shall not have commenced exercising any of their rights pursuant to Section 15, the
Lessee (or any Permitted Sublessee) may install or permit the installation of any Part on the Airframe or any Engine by way of
substitution, replacement, renewal or mandatory modification notwithstanding that such installation is not in accordance with
Section 8(a) if (A) there shall not have been available to the Lessee, or, as the case may be, the relevant Permitted Sublessee at
the time and in the place that other part was required to be installed on the Airframe or, as the case may be, such Engine a
substitute or replacement part complying with the requirements of Section 8(a), and (B) it would have resulted in a disruption of
the operation of the Aircraft or the business of the Lessee or a Permitted Sublessee as an airline to have grounded the Aircraft to
have permitted such Part to continue to be unserviceable or unrepaired until such time as a part complying with the requirements of
Section 8(a) became available for installation on the Airframe or such Engine, and (C) as soon as practicable, but in any event
(subject to the availability of any relevant part from the manufacturer) within ninety (90) days, the Lessee shall cause any part
not complying with the requirements of Section 8(a) to be removed and replaced or substituted by a part complying with the
requirements of Section 8(a).

 

    -29-

     

    

 

(c) Pooling
of Parts. Any Part removed from the Airframe or any Engine may be subjected by the Lessee or any Permitted Sublessee to a normal
pooling arrangement on terms customary in the international airline industry entered into in the ordinary course of the
Lessee’s business with other air carriers; provided, that the title to any Engine removed from the Aircraft shall
remain vested in the Lessor at all times and such movement of engines shall not prejudice the rights of Lessor in the
originally-installed engines or lead any third party to believe that the Engine is the property of any person other than the Lessor; provided, that
the part replacing such removed Part shall be incorporated or installed in or attached to the Airframe or any Engine in accordance
with Section 8(a) as promptly as possible (but in any event not later than the next scheduled heavy maintenance check) after the
removal of such removed Part. In addition, any replacement Part when incorporated or installed in or attached to the Airframe or
such Engine in accordance with Section 8(a) may be owned by another air carrier subject to such a normal pooling arrangement; provided, that
the Lessee (or the Permitted Sublessee), at its own cost and expense, as soon as practicable and in any event not later than the
next scheduled heavy maintenance check; either (i) causes title to such replacement part to vest in the Lessor in accordance with
Section 8(a) by the Lessee acquiring title thereto for the benefit of the Lessor free and clear of all Liens (other than Permitted
Liens) and subjecting the same to the Local Mortgage or (ii) replaces such replacement Part by incorporating or installing in or
attaching to the Airframe or such Engine a further replacement part owned by the Lessee (or the Permitted Sublessee) free and clear
of all Liens (other than Permitted Liens) and by causing title to such further replacement Part to vest in the Lessor in accordance
with Section 8(a) and subjecting the same to the Local Mortgage.

 

(d) Alterations,
Modifications and Additions. The Lessee, at its own cost and expense, will promptly make (or cause to be made) such alterations
and modifications in and additions to the Airframe or any Engine as may be required from time to time to comply with the directives,
service bulletins and modifications published (and of a mandatory nature) by the Manufacturer, the Engine Manufacturer, the EASA or
the Aviation Authority, provided that the Lessee may in good faith diligently contest the validity or application of any such
Airworthiness Directive, Service Bulletin or modification in any reasonable manner which does not materially adversely affect the
Lessor or have any material risk of adversely affecting the Aircraft, the rights of the Lessor hereunder or the obligations of the
Lessee hereunder. In addition, the Lessee (or any Permitted Sublessee), at its own cost and expense, may from time to time make such
alterations and modifications in and additions to the Airframe or any Engine as the Lessee (or any Permitted Sublessee), including
for the avoidance of doubt such alterations and modifications pursuant to Section 12(f) hereof, may deem desirable in the proper
conduct of its business, including installation of additional buyer furnished equipment or removal of Parts that the Lessee (or any
Permitted Sublessee) determines to be obsolete or no longer suitable or appropriate for use on the Airframe or any Engine; provided, however, that no
such alteration, modification or addition shall materially diminish the value, utility, remaining useful life, performance or
operational characteristics of the Airframe or any Engine, or impair the condition or airworthiness thereof, below the value,
utility, remaining useful life, performance or operational characteristics, condition or airworthiness thereof immediately prior to
such alteration, modification or addition (assuming the Airframe or such Engine were then of the value, utility, remaining useful
life, performance or operational characteristics, condition or airworthiness required to be maintained by the terms of this Lease); provided,
further, that the Lessee shall consult with the Lessor prior to undertaking any material alteration or modification to the
Aircraft. Title to all Parts incorporated or installed in or attached or added to the Aircraft as the result of such alteration,
modification or addition, shall immediately vest in the Lessor free and clear of all Liens (except Permitted Liens) and become
subject to this Lease and the Local Mortgage, without the necessity for any further act of transfer, document or notice.
Notwithstanding Section 8(a) and the foregoing provisions of this Section 8(d) and provided that no Event of Default shall
have occurred and is continuing, the Lessor and Lessee agree that the Lessee (or any Permitted Sublessee) may (and, in connection
with the return of the Aircraft, Lessor may request Lessee to), at any time during the Term, remove or suffer to be removed any Part
(including buyer furnished equipment) that (i) is in addition to, and not in replacement of or substitution for, any Part originally
incorporated or installed in or attached to the Airframe or such Engine at the time of Delivery thereof hereunder or any Part in
replacement of or substitution for any such Part, (ii) is not required to be incorporated or installed in or attached or added to
the Airframe or such Engine pursuant to the terms of Section 7 or this Section 8 or in order to maintain insurance required by
Section 10 or (iii) can be removed from the Airframe or any Engine without causing damage to the Airframe or such Engine or
diminishing or impairing in any material respect the value, utility, remaining useful life, performance or operational
characteristics, condition or airworthiness that the Airframe or such Engine would have had at such time had such removal not
occurred (assuming the Airframe or such Engine were then of the value, utility, remaining useful life, performance or operational
characteristics, condition or airworthiness required to be maintained by the terms of this Lease). Upon the removal by the Lessee
(or any Permitted Sublessee) of any Part as provided in and permitted by this Section 8(d), title thereto shall, without further
act, vest in the Lessee (or any Permitted Sublessee), and such Part shall no longer be deemed part of the Airframe or any Engine
from which it was removed. Notwithstanding the foregoing, any Part not removed by the Lessee (or any Permitted Sublessee) as above
provided prior to the return of the Airframe or any Engine to the Lessor hereunder shall become the property of the Lessor at the
time of such return and become subject to the Local Mortgage. Lessor will bear no liability whatsoever for the cost of alterations,
modifications and additions whether in the event of grounding or suspensions of certification, or for any other cause.

 

    -30-

     

    

 

(e) Nameplate
and Other Markings. The Lessee shall affix and keep at all times, and ensure that the same shall not be painted over, a fireproof
metal nameplate having dimensions of not less than five inches by four inches, in the cockpit of the Airframe adjacent to the airworthiness
certificate therein and in a prominent position on each Engine bearing the inscription “THIS [AIRFRAME/ENGINE] IS OWNED BY WILMINGTON
TRUST COMPANY, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY IN ITS CAPACITY AS TRUSTEE OF THE MSN 6698 TRUST, AND LEASED TO LATAM AIRLINES
GROUP S.A.” or such other inscription as the Lessor from time to time may reasonably request (such nameplate to be affixed within
sixty (60) days after the Delivery Date). Except as provided above, the Lessee shall not allow the name or other indication of any other
Person to be placed on the Airframe or any Engine, if such name or other indication could be interpreted as a claim of ownership or other
interest therein; provided, that the Aircraft or any Engine may be marked with the customary name, colors or insignia of
the Lessee (or any Permitted Sublessee) or any manufacturer(s) of the Airframes, Engines and Parts.

 

 (f) Inflight Connectivity Systems.

 

(i) Lessee
is permitted to install an inflight connectivity system (“Connectivity Modification”), at Lessee’s sole cost
and expense, subject to the following terms and conditions:

 

(ii) the
Connectivity Modification shall be completed, in its entirety, in accordance with the available Supplemental Type Certificates
(“STC”) from Gogo and Lessee shall provide the preliminary workscope and technical document for installation of
the Connectivity Modification to Lessor for its records, on or before completion of such Connectivity Modification. For the
avoidance of doubt, Lessee is permitted to include changes to the preliminary workscope if they are required, and these changes
shall be included in the final technical documents the Lessee will provide to Lessor;

 

(iii) following
completion of the Connectivity Modification, the Lessee shall provide, to the Lessor (a) the final technical documents created or used
in connection with the completion of the Connectivity Modification, (b) the STC for removal of the Connectivity Modification; (c) approvals
for the installation and removal STC from the FAA and, when available, from EASA for the applicable aircraft type; and (d) a right to
use letter provided by the STC owner to the Lessor;

 

    -31-

     

    

 

(iv) the
Lessor shall have the option, by giving written notice thereof to the Lessee not later than one hundred and twenty (120) days before the
expiration of the Term, to have the Lessee remove the Connectivity Modification. If Lessor does not exercise this option, Lessee may decide
to remove such Connectivity Modification by giving Lessor one hundred (100) days’ notice before the expiration of the Term. Any
removal of the Connectivity Modification (at either Lessor’s or Lessee’s option) shall be (i) completed per the STC for removal;
(ii) at Lessee’s sole cost and risk; and (iii) shall result in the Aircraft being returned to the configuration prior to installation
of the Connectivity Modification, in accordance with the STC removal system instructions; and

 

(v) any
reduced inspection interval associated with the installation, removal and operation of the system is acceptable to Lessor, provided any
such repeat inspection interval in hours, cycles or days (as applicable) is no less than the C-check interval per the latest revision
of the Manufacturer’s Maintenance Planning Document at the expiration of the Term.

 

(g) Cabin
Modification. Lessee is permitted to perform a cabin retrofit to 18 PY and 206 Y with Spaceflex (“Cabin Retrofit”),
and Lessor hereby approves the change of slide raft to wide slide as may be necessary; provided that Lessee obtains the required
EASA and local approval to make such changes and the completed installation package after installation of such Cabin Retrofit. At Redelivery,
Lessee shall provide additional FAA approval for the Cabin Retrofit, if still installed at that time.

 

(h) APU Contribution.
                                                                           REDACTED*

 

 

(i) No
Third-Party Beneficiaries. It is expressly agreed that the Lessee’s obligations with respect to maintenance under Sections 7
and 8 are solely for the benefit of the Lessor and that the Lessee shall have no liability to any other Person with respect thereto and
the Lessee’s obligations under Sections 7 and 8 in shall terminate upon termination of this Lease in accordance with the terms hereof.

 

(j) No
Authorization to Contract for the Lessor. Nothing contained in this Lease shall constitute any consent or request by the Lessor express
or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Aircraft,
any Engine or any Part thereof, nor as giving the Lessee any right, power or authority to contract for or permit the performance of
any labor or services or the furnishing of any materials or other property, in such fashion as would permit the making of any claim against
the Lessor in respect thereof or any claim that any Lien (other than Permitted Liens) based on the performance of such labor or services
or the furnishing of any such materials or other property is prior to the interests of the Lessor or any other Person in the Aircraft,
Engines or Parts thereof.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -32-

     

    

 

(k) No
Rights of Retention. The Lessee hereby waives any and all rights of retention which it may have or which at any time hereafter may
be conferred upon it, by virtue of law or otherwise, related to any replacement of Parts, alterations, modifications or additions that
the Lessee may make to the Airframe or any Engine. The Lessee hereby expressly releases the Lessor from any and all obligations, whether
present or future, to indemnify or reimburse the Lessee for any of the aforementioned replacements, alterations, modifications, improvements
or additions.

 

Section 9. Loss, Destruction, Requisition; Etc.

 

(a) Event
of Loss with Respect to the Aircraft. Upon the occurrence of an Event of Loss with respect to the Aircraft, the Airframe or the Airframe
and one or more Engines or engines then installed thereon, the Lessee shall promptly (and in any event within five (5) Business Days in
the case of an event described in paragraphs (i) and (ii) of the definition of Event of Loss and within fifteen (15) days in any other
case) give the Lessor written notice of such Event of Loss (or cause such notice to be given), which notice shall specify the actions
the Lessee is taking (or causing to be taken) with respect to such Event of Loss. It is expressly agreed that if any Base Rent Payment
Date occurs on or after such Event of Loss, the Lessee shall pay to the Lessor on such date the amount equal to the Base Rent which would
have become due and payable on such date in accordance with the terms hereof had no Event of Loss so occurred. Following such an Event
of Loss, the Term shall end on the earlier of (i) the date the Lessee or Lessor receives the Insurance Proceeds with respect to such Event
of Loss and (ii) ninety (90) days after the occurrence of such Event of Loss, on which date the Lessee shall pay to the Lessor an amount
equal to the Agreed Value (as defined in Schedule 3 (Certain Economic Terms) hereto) as of such date of termination and all accrued
but unpaid PBH Rent and/or Base Rent to such date of termination. Upon full compliance by the Lessee with the terms of this paragraph
(a) the Lessor will (subject to insurer’s salvage rights, if any) transfer to, or upon the order of, the Lessee on an “as-is,
where- is” basis without recourse or warranty, all of the Lessor’s right, title and interest, if any, in and to the Aircraft
by an appropriate instrument, and any manufacturer’s or repairer’s warranties relating thereto and will take such other action,
at Lessee’s cost, as may be necessary to effect such transfer.

 

    -33-

     

    

 

(b) Event
of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with respect to an Engine under circumstances in
which there has not occurred an Event of Loss with respect to the Airframe, the Lessee shall give the Lessor prompt written notice
thereof (and in any event within fifteen (15) days after such occurrence) and shall, promptly and in any event within sixty (60)
days after the occurrence of such Event of Loss, duly convey or cause to be conveyed to the Lessor and duly subject to the Local
Mortgage, as replacement for the Engine with respect to which such Event of Loss occurred, title to a Replacement Engine
(provided that all engines installed on the Airframe shall be of the same manufacturer and the same or improved model), free
and clear of all Liens (other than Permitted Liens) and having a value at least equal to, and utility and remaining useful life at
least equal to, or, if applicable comparable to and being in as good operating condition and state of maintenance as, the Engine
with respect to which such Event of Loss occurred, assuming such Engine was of the value, utility and remaining useful life and in
the condition and repair as required by the terms hereof immediately prior to the occurrence of such Event of Loss. Prior to or at
the time of any such conveyance, the Lessee, at its own expense, will (i) furnish or cause to be furnished to the Lessor a bill of
sale (with full warranty of title) duly conveying to Lessor all right, title and interest in and to such Replacement Engine, in form
and substance reasonably satisfactory to the Lessor with respect to such Replacement Engine, (ii) cause a supplement hereto, in form
and substance reasonably satisfactory to the Lessor, subjecting such Replacement Engine to this Lease to be duly executed by the
Lessee and, to the extent necessary, recorded pursuant to the Applicable Laws of the Government of Registry, (iii) furnish the
Lessor with such evidence of compliance with the insurance provisions of Section 10 with respect to such Replacement Engine as any
of them may reasonably request and such other certifications and opinions of counsel as the Lessor may reasonably request, (iv)
furnish the Lessor with a certificate of the aircraft engineer (who may be an employee of the Lessee), at Lessee’s expense,
reasonably satisfactory to the Lessor certifying as to the value, utility, remaining useful life and operating condition and state
of maintenance of such Replacement Engine, (v) cause amendments to the Local Mortgage, in form and substance reasonably satisfactory
to the Lessor subjecting such Replacement Engine to the Local Mortgage to be duly executed by the Lessor and, to the extent
necessary, recorded pursuant to the Applicable Laws of the Government of Registry, (vi) furnish a legal opinion of counsel
reasonably acceptable to the Lessor regarding the perfection of the Existing Lien and the Lien of the Local Mortgage with respect to
such Replacement Engine and also to the effect that such fully warranty (as to title) bill of sale referred to in subclause (i)
above constitutes an effective instrument for the conveyance of title to the Replacement Engine and, to the extent requested by the
Lessor, an opinion of aviation law counsel addressed to the Lessor with respect to any registrations made under the Cape Town
Convention, each in form and substance reasonably acceptable to the Security Trustee, (vii) affix a nameplate on such Replacement
Engine in accordance with Section 8(e), and (viii) cause an Engine Warranty Agreement, in form and substance reasonably satisfactory
to the Lessor in respect of such Replacement Engine to be duly executed by the Lessor. Upon full compliance by the Lessee with the
terms of this Section 9(b) the Lessor will (so long as no Event of Default or any Default relating to payments or Insolvency of the
Lessee shall have occurred and be continuing and subject to insurer’s salvage rights, if any) transfer, or cause to be
transferred, to or upon the order of, the Lessee on an “as-is, where-is” basis without recourse or warranty, all of the
Lessor’s right, title and interest, if any, in and to each replaced Engine with respect to which such Event of Loss occurred
by an appropriate instrument, signed by the Lessor, releasing such Engine from any manufacturer’s or repairer’s
warranties relating thereto and will take such other action as may be necessary to effect such transfer. For all purposes hereof,
each such Replacement Engine shall, after such conveyance, be deemed part of the property leased hereunder and shall be deemed an
“Engine” as defined herein. No Event of Loss with respect to an Engine under the circumstances contemplated by the terms
of this Section 9(b) shall result in any reduction of Rent.

 

(c) Application
of Payments from Governmental Authorities or Others. Any payments (other than Insurance Proceeds from policies carried (or caused
to be carried) by the Lessee the application of which is provided for in Section 10 and other than proceeds of insurance policies carried
by the Lessor) received at any time by the Lessor or the Lessee from any Government Body or other Person with respect to an Event of Loss
of the Aircraft or any Engine shall be paid over to the Lessor.

 

    -34-

     

    

 

(d) Requisition
for Use of the Airframe. In the event of the requisition for use or hire by a Government Body not constituting an Event of Loss of
the Airframe or the Airframe and the Engines or engines installed on the Airframe, the Lessee shall promptly notify the Lessor of such
requisition, and all of the Lessee’s obligations under this Lease shall continue to the extent such obligations are not restricted
or curtailed by such requisition and to the same extent as if such requisition had not occurred (but the Lessee’s obligations to
pay Rent and its obligations under Section 10 shall not be reduced or excused by such requisition). All payments received by the Lessor
or the Lessee for the use of the Airframe and Engines or engines at any time shall be paid over to and retained by the Lessee; provided
that, if an Event of Default has occurred and is continuing, in such event such payments shall be paid over to the Lessor and applied
to the obligations of the Lessee hereunder. The Lessee shall as soon as practicable after the end of any requisition for use or hire,
and whether that requisition shall end during or after the expiry or termination of the Term, cause the Aircraft to be put into the condition
required by this Lease.

 

(e) Requisition
for Use of an Engine Not Installed on the Airframe. If an Engine not then installed on the Airframe is requisitioned for use or hire
by a Government Body, the Lessee shall replace such Engine or cause it to be replaced by complying with the terms of Section 9(b) hereof
to the same extent as if an Event of Loss had occurred with respect to such Engine, and (upon compliance by the Lessee as aforesaid) any
payments received by the Lessor or the Lessee with respect to such requisition shall, subject to Section 9(f), be paid over to and retained
by the Lessee; provided that, if an Event of Default or any Default relating to payments or Insolvency of the Lessee has occurred
and is continuing, in such event such payments shall be paid over to the Lessor.

 

(f) Payments
to the Lessee. Any amount referred to in this Section 9 which is payable or creditable to the Lessee shall not be paid or credited
to the Lessee or, if it has been previously paid to the Lessee, shall not be retained by the Lessee, if at the time of such payment or
credit a Default or an Event of Default shall have occurred and be continuing, but shall be paid to and held by the Lessor as security
for the obligations of the Lessee under this Lease and at such time as there shall not be continuing any Default or Event of Default such
amount, if then remaining, shall be paid to the Lessee.

 

Section 10. Insurance.

 

(a) The
Lessee shall, at its own expense, effect and maintain in full force (or cause to be effected and maintained in full force) during the
Term insurances in respect of the Aircraft in form and substance satisfactory to the Lessor in accordance with this Section 10 (such insurances
including any Reinsurances under Section 10(h) the “Insurances”). Unless otherwise stated in this Section 10, the Insurances
shall be effected through such brokers and with such insurers with insurance companies of recognized responsibility and standing in the
international aviation insurance industry through internationally recognized aviation insurance brokers which insurance companies and
insurance brokers shall be reasonably acceptable to the Lessor, and subject to such deductibles and subject to such exclusions, as may
(in each case) be approved by the Lessor (such approval not to be unreasonably withheld or delayed).

 

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(b) Aviation
Third Party Legal Liability Insurance. On or before the Delivery Date, throughout the Term and for a period of (i) two (2) years
or (ii) until the next major aircraft check (whichever is earlier) following the later of (x) the final Base Rent Payment Date and
(y) the date the Aircraft is returned to the Lessor, the Lessee will carry or cause to be carried at its own expense, airline
liability insurance in respect of the Aircraft, including war and allied perils, hi-jacking and other similar risks that are
excluded from the standard liability coverage to the extent that such insurance is (A) maintained by the Lessee with respect to
other aircraft owned or leased, and operated by the Lessee or (B) customarily obtained by air carriers with comparable route
structures flying similar aircraft or (C) generally required by financiers and lessors of similar aircraft being operated by air
carriers with comparable route structures, in amounts customary for similar aircraft in the Lessee’s fleet (but not less
            REDACTED*             ,
per aircraft and subject to customary sub-limits for non-aviation coverage) and on terms substantially similar to insurance carried
by the Lessee on similar aircraft in its fleet and of the type usually carried by corporations engaged in the same or a similar
business, similarly situated with the Lessee, and owning and operating similar aircraft and engines, and which covers risks of a
kind customarily insured against by such corporations which shall include general third party legal liability (including war and
allied perils), passenger liability, products liability, and property damage liability (including cargo, baggage and mail
liability). Any liability insurance carried in accordance with this paragraph (b) and any policies taken out in substitution or
replacement for any of such policies (i) shall be endorsed to name the Lessor and the Lessee (collectively the “Contract
Parties”) and the Lessor Parent, WTC, any lease servicer and any financing party and each of their respective successors,
assigns, officers, directors, affiliates, shareholders, members, agents, employees and servants as additional insureds (together
with the Contract Parties, the “Additional Insureds”), (ii) shall provide that in respect of the interests of the
Lessor or any other Additional Insured in such policies the insurance shall not be invalidated by any act or omission (including
misrepresentation and non- disclosure) of the Lessee or any other Person which results in a breach of any term, condition or
warranty of such policies (provided that the Additional Insured so protected has not directly caused, contributed to or
knowingly condoned the said act or omission), (iii) shall provide that (x) there shall be no recourse against the Lessor or any
other Additional Insured for the payment of premiums under such policies and that the insurers shall waive any right of subrogation
against the Additional Insureds and (y) the insurers shall not exercise any right of subrogation against any other Person without
the consent of the Lessor (such consent not to be unreasonably withheld or delayed), (iv) shall provide that, if such insurance is
canceled for any reason whatsoever, or if any material change is made in such insurance that adversely affects the interest of the
Lessor or any other Additional Insured, such cancellation or change shall not be effective as to the Lessor or any other Additional
Insured for thirty (30) days (seven (7) days, or such other period as is then customarily obtainable in the industry, in the case of
any war risk and allied perils coverage) after the giving of written notice from such insurers to the Lessee’s appointed
broker, (v) with respect to any aviation liability war risk coverages, shall conform to AVN52E or similar provisions or, if the
Aircraft is registered in Brazil, such coverage will be provided by the Government of Brazil as described below, (vi) shall be
primary without right of contribution from any other insurance that is carried by any other Person to the extent that such other
insurance provides it with contingent or excess liability insurance with respect to its interest as such in the Aircraft, (vii)
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, (viii) shall waive any right of the insurers to any setoff, counterclaim or
other deduction, whether by attachment or otherwise, in respect of any liability of the Lessee, the Lessor or any other Additional
Insured to the extent of any moneys due from such parties (except in respect of outstanding premium in respect of the Aircraft),
(ix) shall provide cover denominated in Dollars and (x) shall provide for worldwide coverage and it is noted and agreed that the
insurers may give notice effective on the expiry of seven (7) days (subject to exceptions uniformly provided in war risk and related
perils policies then available on commercially reasonable terms) from midnight G.M.T. on the day on which such notice is issued to
review the geographical limit. The Lessee hereby covenants to cause its appointed insurance broker and the appointed reinsurance
broker to give immediate notice of such cancellation or change by e-mail to the Lessor and request such broker or brokers also to
give such notice to each of the Additional Insured identified to the Lessee by the Lessor. If the Aircraft is registered in Brazil,
the War and Allied Perils legal liability insurance (AVN52E) and all other Aviation War Risk Liability amounts can be provided by
the Government of Brazil pursuant to Brazilian Law No. 10.744 dated October 9, 2003.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -36-

     

    

 

(c) Aircraft
Hull Insurance. On or prior to the Delivery Date and throughout the Term (and, in the case of the termination of this Lease pursuant
to Section 15 hereof and except to the extent otherwise provide in Section 10(a) or Section 10(b), at all times following such termination
until the sale or disposition of the Aircraft) the Lessee shall maintain or cause to be maintained in full force and effect, at its own
expense and on terms substantially similar to insurance carried by the Lessee on similar aircraft in its fleet, all-risk aircraft hull
insurance covering the Aircraft, while flying and on the ground, including coverage of the Engines and Parts while temporarily removed
from or not installed on the Aircraft and not replaced with similar components (with flight, taxiing and ingestion coverages), against
loss or damage, of the type (but not necessarily the amount) usually insured against by corporations engaged in the same or a similar
business, similarly situated with the Lessee, and owning or operating similar aircraft and engines on an agreed-value basis in an amount
not less than the Agreed Value (with respect to the initial insurance coverage to be effective on such date) or the applicable Base Rent
Payment Date immediately preceding the commencement of any year or other period in respect of which the relevant policy is to be in force
whether by renewal or otherwise from time to time, and all-risk insurance with respect to each Engine and Part while removed from the
Aircraft, and, as to each Engine or Part not installed on the Airframe, not less than the fair market value of such Engine or Part, at
the commencement of such year or other period.

 

The Lessee shall
maintain in full force and effect war-risk and related perils hull insurance (including the risks of hijacking and confiscation by any
government) in respect of the Aircraft on an agreed value basis in conformity with LSW555D throughout each policy year, for not less than
the amounts set forth in the preceding paragraph covering the perils that are (A) insured by the Lessee with respect to other aircraft
owned or leased, and operated by the Lessee and (B) customarily insured by air carriers with comparable route structures flying similar
aircraft to insure and (C) generally required to be insured by financiers and lessors of similar aircraft being operated by air carriers
with comparable route structures.

 

All policies
and subsequent policies taken out in accordance with this Section 10(c) will be issued by insurance companies of recognized standing in
the international aviation insurance industry through internationally recognized aviation insurance brokers, which insurance companies,
insurance brokers and the policy terms shall be reasonably acceptable to the Lessor. In addition, all such policies and subsequent policies:

 

(i) shall be on an agreed value basis without
the insurer’s right to replace; 

 

(ii) shall
name the Lessor (or, if requested by Lessor, any security trustee) as sole contract party and sole loss payee (or an equivalent designation
under AVN67B) in respect of hull claims that become payable on the basis of a total loss and provide that payment in respect of any total
loss claim shall be made to or to the order of the Lessor (or the equivalent under AVN67B) and in respect of all other hull claims the
loss will be settled with such party(ies) as may be necessary to repair the Airframe or any Engine;

 

(iii) shall
provide that in respect of the interests of each Additional Insured in such policies the insurance shall not be invalidated by any act
or omission (including misrepresentation and non-disclosure) of the Lessee or any other Person which results in a breach of any term,
condition or warranty of such policies (provided that such Additional Insured has not directly caused, contributed to or knowingly
condoned the said act or omission);

 

(iv) shall
provide that there shall be no recourse against the Lessor or any Additional Insured for the payment of premiums under such policies (but
reserve the right to pay the same should any of them elect to do so);

 

(v) shall
provide that, if such insurance is canceled for any reason whatsoever, or if any material change is made in such insurance which adversely
affects the interests of any Additional Insured, such cancellation or change shall not be effective as to Additional Insureds for thirty
(30) days (or seven (7) days, or such other period as is then customarily obtainable in the industry, in the case of any war risk and
allied perils coverage) after the giving of written notice from such insurers to the Contract Parties;

 

 (vi) provide cover denominated in Dollars; and

 

(vii) shall
be on terms customarily found in the international aviation insurance market.

 

The hull policy for the Aircraft:

 

(A) shall
waive any right of the insurers to any setoff, counterclaim or other deduction, whether by attachment or otherwise, in respect of any
liability of the Additional Insureds or any other Person to the extent of any moneys due from such parties (except in respect of outstanding
premium in respect of the Aircraft);

 

(B) if
separate hull “all risks” and “war risks” insurances are arranged, each shall contain a 50/50 claims funding clause
acceptable to the Lessor and in accordance with market practice in the event of a dispute as to which policy in respect of the hull insurances
set forth in this Section 10(c) shall pay in the event of a loss,

 

(C) shall
provide for worldwide coverage and it is noted and agreed that the insurers may give notice effective on the expiry of seven (7) days
(subject to exceptions uniformly provided in war risk policies then available on commercially reasonable terms) from midnight G.M.T. on
the day on which such notice is issued to review the geographical limit, and

 

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 (D)
shall have deductibles (not applicable in the case of

REDACTED*

in respect
of “spares risks” and (y) the lowest deductible which is then customary in the international aviation insurance market in
respect of Airbus A321-200 aircraft, and in any event such deductible shall not be greater than those which other international airlines
of comparable standing (in the reasonable judgment of the Lessor’s independent insurance advisor) to the Lessee operating comparable
aircraft are able to obtain in such market. “Fleet Aggregate” deductibles and sub-limits of liability which are not approved
in writing by the Lessor shall not be applicable in respect of the insurances required hereunder.

 

(E) shall
provide that in respect of the Engines, the minimum permitted agreed value amount of the “Hull War and Allied Perils”
shall increase to include the value of any engine attached to the Airframe which is not an Engine.

 

Notwithstanding
any provision in this Section 10(c), any amount referred to in this Section 10(c) which is payable to the Lessee shall not be paid to
the Lessee or, if it has been previously paid directly to the Lessee shall not be retained by the Lessee if at the time of such payment
a Default or an Event of Default shall have occurred and be continuing, but shall be paid to and held by the Lessor as security for the
obligations of the Lessee under this Lease and, during the continuance of such Default or Event of Default, shall be applied to the satisfaction
of the then due and payable obligations of the Lessee under this Lease, and, at such time as there shall not be continuing any such Default
or Event of Default, the remainder of such amount shall be paid to the Lessee.

 

(d) Default.
If the Lessee shall default in effecting or maintaining any insurance or provision thereof required hereunder or if any insurance shall
for any reason become void the Lessee shall provide immediate written notice of such to the Lessor and provide the Lessor with full details
of any steps the Lessee is taking, or proposes to take, in order to remedy such non- compliance, and the Lessor or any other Contract
Party may (but without any obligation to do so and without prejudice to the Lessor’s other rights and remedies hereunder) procure
and maintain new insurance satisfactory to it or pay the premia or other amounts due or otherwise effect and keep up insurance at the
sole cost of the Lessee, and the Lessee will forthwith and immediately upon demand repay to any such Person all premiums and other moneys
from time to time paid by such Person in respect of such insurance, together with interest thereon at the Past Due Rate for the period
from and including the date of such payment by such party to but excluding the date on which the same is paid in full by the Lessee. At
any time while such default shall be continuing, the Lessee shall immediately ground the Aircraft and shall keep or procure that the Aircraft
be kept grounded until such time as the Insurances shall again be in full force and effect and the Lessor shall be entitled to require
the Aircraft to remain at any airport or proceed to and remain at any airport designated by the Lessor.

 

(e) Certificates.
On or before the Delivery Date and promptly after the issuance or modification or renewal thereof (but in any event prior to the expiration
of any insurance then to be renewed) in form substantially similar to those given prior to or on the Delivery Date, the Lessee, at its
own cost and expense, will furnish to the Lessor (i) a certificate of its insurance and reinsurance broker addressed
to the Lessor (or as notified to the Lessee by the Lessor) describing in reasonable detail the Insurances and Reinsurances then
carried and maintained on the Aircraft via e-mail, (A) containing an endorsement of the Insurances and Reinsurances required
hereunder, (B) certifying the date and time of commencement and expiry of each insurance policy, and (C) specifying the deductible
amounts and levels of co-insurance, if any, for each type of loss and (ii) a letter of undertaking from the Lessee’s insurance
and reinsurance brokers with regard to the Insurances and Reinsurances required hereunder, which letters shall include the
undertaking described in the penultimate sentence of Section 10(b).

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -38-

     

    

 

(f) Notice
of Variations. If any adverse material variation is made to the terms of any of the Insurances or Reinsurances, the Lessee shall forthwith
give notice to the Lessor of such variation and shall provide such further details in relation thereto as any of them may reasonably require.

 

(g) Premiums.
The Lessee shall pay or cause to be paid the premiums and other charges (or installments thereof) as required by the terms of such policies.
In the case of renewals of such policies, the Lessee shall cause to be produced to the Lessor and the Lessor evidence of such renewal
as soon as practicable and in any event within seven (7) days after the date of renewal and shall give each of them notice of such intended
renewal no later than the day before such date and the Lessee shall pay the renewal and other premiums (and installments thereof) as required
by the terms of such policies.

 

(h) Reinsurance.
Notwithstanding Section 10(a), the Lessee shall procure that in respect of the Insurances maintained by the Lessee in accordance with
the provisions in this Section 10 which are not placed directly into the Lloyd’s of London or other internationally recognized aviation
insurance markets such Insurances shall be reinsured in Lloyd’s of London or other internationally recognized aviation insurance
markets with reinsurers of international standing and repute who normally participate in aircraft insurance programs, the insurers shall
maintain reinsurance in all respects reasonably satisfactory to the Lessor covering identical subject matter, terms and risk for an amount
equal to not less than 75% of the coverage amount (or such higher percentage as Lessee shall from time to time generally have agreed in
leasing or financing agreements relating to other aircraft of the same or comparable model within Lessee’s fleet) on terms reasonably
acceptable to the Lessor (the “Reinsurances”). Any Reinsurances shall contain a “cut-through” clause in
the form generally used from time to time in the London reinsurance market providing that, in the event of any claim arising under the
Reinsurances, the reinsurers thereunder shall, in lieu of payment to the original insurer or its successors in interest and assigns, pay
to or to the order of the Contract Parties as loss payees that portion of any loss due for which the reinsurers thereunder would but for
this cut-through clause be liable to pay the original insurer or its successors in interest and assigns, it being understood and agreed
(and Lessee agreeing to obtain the agreement of its original insurers for the benefit of the Additional Insureds and the reinsurers) that
any such payment by the reinsurers thereunder shall fully discharge and release the original insurers from any and all further liability
in connection therewith.

 

(i) Location.
Except as otherwise expressly permitted herein, the Lessee shall not at any time do or suffer to be done to the Aircraft, any Engine
or any Part thereof or the premises on which the same may be located, or bring or keep, or permit to be brought or kept, anything
therein or thereon or operate the Aircraft, any Engine or any Part thereof or take the same to or keep the same in, or permit the
same to be taken to or kept in, a place where or whereby any insurance required hereunder may be rendered void or voidable or no
longer in force or coverage thereunder shall be limited, without first arranging at its own expense such additional Insurance
coverage as shall be necessary to avoid such result, such additional insurance to be in form and substance satisfactory to the
Lessor. The Lessee will pay or cause to be paid all additional insurance premiums required on account of the additional risk caused
by the use to which the Aircraft is put as aforesaid.

 

    -39-

     

    

 

 (j) Certain Undertakings in Respect of the Insurances.

 

 (i) The Lessee shall:

 

(A) not
make or permit to be made any modification to the Insurances required hereunder which is materially adverse to the interest of any Contract
Party, including any Additional Insured;

 

(B) not
do, or omit to do, or permit to be done, or left undone anything whereby any required Insurance would or might reasonably be expected
to be rendered, in whole or in part, invalid or unenforceable and, without prejudice to the foregoing, not use or keep or permit the Aircraft
or any Part thereof, to be used or kept for any purpose, in any manner or in any place not covered by required Insurances and Reinsurances
(except as otherwise expressly permitted herein); and

 

(C) not
discriminate against the Aircraft relative to other aircraft of the same or comparable model within the Lessee’s fleet as to the
coverage of the Insurances and Reinsurances required under this Section 10.

 

(ii) The
Lessee shall, as soon as practicable, following receipt of any notice of cancellation of the war risks and related perils insurance due
to armed hostilities in the area where the Aircraft may then be located or scheduled to operate, remove the Aircraft or cause the Aircraft
to be removed to Chile, Brazil or the United States (or such other location at which the Aircraft shall remain covered by war risks and
related perils insurance) and shall cause the Aircraft to remain in such location until such Insurance is reinstated and compliance herewith
shall cure any Event of Default under Section 14(c); provided, however, that the Lessee need not comply with the
provisions of this subclause (ii) if to do so would cause the Lessee to breach any other obligation contained herein.

 

(iii) The
Lessee shall be responsible for any applicable deductibles or costs of any Insurances.

 

(k) Reimbursement.
The Lessee shall promptly reimburse the Lessor on demand for the amount of any premiums or premium installments which such party may pay
pursuant to this Section 10 together with interest thereon, for the period from and including the date of such payment by such party to
but excluding the date on which the same is paid in full by the Lessee at the Past Due Rate.

 

(l) Change
in Industry Practice. In the event that there is a material change in the generally accepted industry-wide practice with regard
to the insurance of aircraft (whether relating to all or any of the types of Insurances required to be effected under the foregoing
provisions of this Section 10) such that the Insurances required pursuant to the provisions of this Section 10 are insufficient to
protect the interests of the Lessor or any of the other Additional Insureds hereunder in accordance with such generally accepted
industry practice, the insurance requirements set forth in this Section 10 shall be varied at the request of the Lessor so as to
include such additional or varied requirements as may be reasonably necessary to ensure that the Insurances and Reinsurances as so
varied shall provide comparable protection to that of the generally accepted industry-wide practice.

 

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(m) Compliance
with Legal Requirements. In addition to the foregoing provisions of this Section 10, throughout the Term the Lessee shall comply with
all legal requirements as to the insurance of the Aircraft or Engines which may from time to time be imposed by the Applicable Laws of
the jurisdiction in which the Aircraft is registered or of any jurisdiction to or from or over which the Aircraft or Engine shall be flown
or in which the same shall be located or which the Lessee may be subject.

 

(n) Additional
Insurance. The Lessee shall have the right to carry insurance in excess of the amounts required hereunder and additional and separate
insurance for its own benefit at its own expense; provided that, no such insurance shall prejudice the effectiveness in any way
(whether or not material) of any Insurances required to be maintained pursuant to this Section 10 or the recovery of any proceeds thereunder,
or shall impair in any way (whether or not material) the rights of the Lessor or any other Additional Insured under this Lease. Proceeds
of such insurance shall be payable directly to the Lessee.

 

(o) Additional
Terms of Insurance. The Lessee agrees to ensure that the insurance policies in respect of all Insurances referred to in Section 10(b)
and (c) above shall at all times be underwritten in full and in the case of liability insurance under Section 10(b) contain a statement
that such Insurances are primary without right of contribution from any other liability insurance which is carried by the Lessor.

 

(p) Self
Insurance. Except for the deductibles permitted by Section 10(b) hereof, standard market deductibles in relation to third-party liability
insurance solely with respect to baggage or cargo or any self-insurance permitted or required pursuant to Section 10(k) hereof, the Lessee
shall not be permitted (and shall not permit any Permitted Sublessee) to self-insure against any of the risks required to be covered by
the insurance described in this Section 10.

 

(q) AVN67B.
Notwithstanding the provisions of this Lease, for so long as Airline Finance/Lease Contract Endorsement AVN67B is in effect and it remains
the general aviation insurance market practice to insure equipment financed or leased on the basis of such endorsement, the Lessee may
maintain insurances in respect of the Aircraft for the purposes of this Lease which incorporate the terms and conditions of AVN67B. To
the extent any provision of AVN67B conflicts or is otherwise inconsistent with the requirements of this Lease, then such AVN67B endorsement
will be deemed to satisfy the relevant requirements of this Lease. An insurance certificate in the form of AVN67B will be deemed to satisfy
the requirements of this Lease.

 

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

 

This Lease shall
not, except as expressly set forth herein, be cancelable by the Lessee and, except as expressly set forth elsewhere in this Lease, the
Lessee hereby waives any and all rights which it may now have or which at any time hereafter may be conferred upon it, by statute or otherwise,
to terminate, abate, cancel, quit, reduce, defer, suspend or surrender this Lease or the Aircraft or any obligation imposed upon the Lessee
hereunder (including, without limitation, payment of Rent), except in accordance with the terms hereof and thereof.

 

If for any reason
whatsoever this Lease shall be terminated in whole or in part by operation of Applicable Law, except as specifically provided herein,
the Lessee, if and to the extent that the Lessee retains the use and possession of the Aircraft, nonetheless agrees to pay to the Lessor
an amount equal to the Agreed Value.

 

Nothing contained
in this Lease shall be construed as a waiver of the Lessee’s right to seek any claim against the Lessor in a separate proceeding.

 

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Section 12. General Indemnities.

 

(a) General
Indemnities. Subject to the exclusions set out in Section 12(b) below, the Lessee shall immediately
upon demand, defend, indemnify and hold harmless each of the Indemnitees against any and all Losses (which an Indemnitee may suffer
or incur, whether directly or indirectly (and regardless of when the same are suffered or incurred) as a
result of or in connection with:

 

(i) the
ownership (but only to the extent relating to or attributable to or arising as a result of the possession, use, operation or maintenance
of the Aircraft by the Lessee or any Permitted Sublessee), service, maintenance, repair, overhaul, delivery, possession, transfer of title
or possession, import, export, storage, modification, leasing, inspection, refurbishment, transportation, storing, testing, design, sub
leasing, positioning, interchange, replacement, condition, environmental damage, use, operation, registration or redelivery of the Aircraft,
any Engine, any Part and/or which otherwise relate to the Aircraft whether or not such Losses may be attributable to any defect in the
Aircraft, any Engine or any Part or to its design, testing or use or otherwise, and regardless of when the same arises or whether it arises
out of or is attributable to any act or omission, negligent or otherwise, of any Indemnitee;

 

(ii) any
act or omission which invalidates or which renders voidable any of the Insurances;

 

(iii) preventing
or attempting to prevent the arrest, confiscation, seizure, taking in execution, impounding, forfeiture or detention of the Aircraft,
or in securing its release; or

 

(iv) any
design, article or material in the Aircraft, any Engine or any Part or its operation or use constituting an infringement of patent, copyright,
trademark, design or other proprietary right.

 

(b) Indemnity
Exclusions. The Lessee will not be required to indemnify any Indemnitee under Section 12(b) to the extent the Loss for which the indemnity
claim is made:

 

(i) is
caused by such Indemnitee’s fraud, wilful misconduct or Gross Negligence;

 

(ii) is
caused by a breach or default by Lessor of its express obligations under this Lease which does not result from any act or omission of
any person other than such Indemnitee;

 

(iii) is
caused by any express representation or warranty given by the Lessor or other Indemnitee under this Lease or in connection with the transactions
contemplated hereby not being true and correct at the date when, or when deemed to have been, given or made which does not result from
any act or omission of any person other than the Lessor or such Indemnitee;

 

(iv) arises
solely as a result of an event or occurrence occurring after the Lease Expiry Date and redelivery of the Aircraft to the Lessor in accordance
with this Lease and is not attributable to any act, omission, event or circumstance
occurring prior to such redelivery;

 

    -43-

     

    

 

 (v) is attributable to any event which occurs prior to Delivery;

 

(vi) is
covered pursuant to another indemnity provision of this Lease and payment to the Lessor or Indemnitees under such other indemnity has
actually been received by it;

 

(vii) is
an ordinary and usual overhead expense of such Indemnitee (but excluding any such Losses which are suffered or incurred as a result of
the occurrence of an Event of Default or when an Event of Default is continuing);

 

(viii) is
in respect of any decline in the residual value of the Aircraft at the end of the Term, without prejudice to the Lessee’s obligations
under this Lease (including without limitation, Section 11 of this Lease);

 

(ix) arises
solely as a result of events or circumstances occurring during any period during which the Lessee does not have possession of the Aircraft
as a result of a breach by the Lessor of its obligations pursuant to Section 17 of this Lease;

 

(x) arises
as a result of any voluntary sale, assignment, transfer or other disposition by such Indemnitee of the Aircraft or any interest therein
unless such sale, assignment, transfer or other disposition occurs following and as a result of an Event of Default which is continuing
or relates to the replacement of any Engine or Part as contemplated by this Lease;

 

(xi) is
expressly agreed to be borne by the Lessor pursuant to the terms of this Lease; or

 

 (xii) arises as a result of any Lessor Lien or is a Tax.

 

 (c) Withholdings.

 

(i) The
Lessee will not deduct any amount from any of its payments under this Lease, for or on account of any Taxes, unless the Lessee is obliged
to do so under any Applicable Law.

 

(ii) If
the Lessee legally has to make a deduction as described in Section 12(c)(i) above, the Lessee must:

 

(A) deduct
the minimum amount necessary to comply with its legal obligations;

 

(B) pay
the Tax to the relevant authority in accordance with all Applicable Law;

 

    -44-

     

    

 

(C) pay
to the Lessor an additional amount so that the Lessor receives a net amount on the relevant payment date, that is equal to the amount
that it would have received if the deduction had not been made; and

 

(D) obtain
a receipt or, if not legally possible, provide other evidence for the payment of such Tax from the relevant authority and give it to the
Lessor.

 

(d) Payment
of Taxes. Subject to the provisions of Section 13 of this Lease, the Lessee shall promptly pay all Taxes imposed on the Lessee
by any Government Body with respect to the Aircraft, including without limitation with respect to the ownership, delivery, leasing, sub-leasing,
possession, use, operation, importation, exportation, redelivery, sale or other disposition of the Aircraft.

 

Section 13. Tax Indemnity

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

Section 16.
Further Assurances. The Lessee and the Lessor shall from time to time, at the cost and expense of the Lessee, do and perform such
other and further acts and duly execute and deliver such further documents and assurances as may be required by Applicable Laws or as
reasonably requested by the one party to establish, maintain and protect the respective rights and remedies of the other party and to
carry out and effect the intent and purpose of this Lease including, if requested by the Lessor and at the expense of the Lessee, the
execution and delivery of supplements hereto, in recordable form, subjecting to this Lease, any replacement or substitute engine and the
recording or filing of counterparts hereto or thereto, in accordance with Applicable Laws as the Lessor may from time to time reasonably
deem necessary after prior consultation with the Lessee. The Lessee shall be solely responsible for obtaining all required consents and
approvals of, giving all required notices to, performing all required registrations and filings for recordation with, and taking all other
necessary actions in Chile, Brazil, the Government of Registry or the United States, including any governmental or political agency, subdivision
or instrumentality thereof. Without limiting the foregoing, the Lessee shall cause this Lease, and any and all additional instruments
which shall be executed pursuant to the terms hereof, to be kept, filed, deposited or recorded, at all times, in such places in Chile,
Brazil, the Government of Registry, the jurisdiction where Liens are perfected against the Lessor (if different), and such other jurisdictions
in which the Aircraft is based as the Lessor may reasonably request in order to perfect and preserve the rights of the Lessor hereunder,
and furnish to the Lessor an opinion or opinions of counsel or other evidence satisfactory to the Lessor of each such filing, deposit
or recordation and, without limitation of any of the foregoing, at the request of the Lessor, promptly correct any defect, error or omission
which may at any time hereafter be discovered in the contents of this Lease or in the execution, acknowledgment or delivery hereof and,
at the request and cost of the Lessee, the Lessor shall promptly correct any defect, error or omission which may at any time be discovered
in the contents of this Lease or in the execution, acknowledgment or delivery hereof. Without limiting any of the foregoing, the Lessee
will cooperate fully with the Lessor for obtaining the deregistration of the Aircraft and any required export licenses, when requested
by the Lessor upon any return of the Aircraft required hereunder.

 

Section 17.
Quiet Enjoyment. Notwithstanding anything contained herein to the contrary, the Lessor agrees and covenants that, unless an Event
of Default shall have occurred and be continuing, neither Lessor nor any person claiming lawfully by or through Lessor will interfere
with Lessee’s (or any Permitted Sublessee’s) quiet use, enjoyment and possession of the Aircraft during the applicable Term. The exercise by Lessor of
its respective rights under this Lease will not constitute such an interference.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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Section 18. Notices. All
notices, consents and other communications hereunder shall be provided to the following addresses:

 

	 	if to the Lessor to:
	 	 	 
	 	 	Wilmington Trust Company, not in its individual capacity but solely in its 

capacity as trustee of the MSN 6698 trust
	 	 	1100 North Market Street

 Wilmington, Delaware, 19890-1605
	 	 	Attention: Corporate Trust Administration

 Telephone: 302-636-6000
	 	 	Facsimile: 302-636-4141

 

	Copy to: 	SkyWorks Leasing (Ireland)
	 	 	The Merrion Buildings
	 	 	18-20 Merrion Street
	 	 	Dublin 2 

Ireland
	 	 	Attention: Contracts Administration

 E-Mail: contracts@skyworks.aero
	 	 	 
	 	 	with a copy to:
	 	 	 
	 	 	SkyWorks Holdings, LLC
	 	 	283 Greenwich Avenue; 4th Floor

 Greenwich, CT 06830
	 	 	United States of America
	 	 	Attn: Jeff Craine - jcraine@skyworks.aero

 Anders Hebrand - ahebrand@skyworks.aero

 

	 	if to the Lessee, to:
	 	 	 
	 	 	LATAM Airlines Group S.A.

 Avenida Américo Vespucio, 901

 Edificio Corporativo LATAM 1-A

 Renca
	 	 	Santiago

 Chile
	 	 	 
	 	 	Attention: SVP Fleet & Engines Contracts

    Email: operating.lease@latam.com

 

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Section 19. Miscellaneous.

 

(a) Governing
Law. THIS LEASE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK,
UNITED STATES OF AMERICA.

 

(b) Jurisdiction
and Service of Process. Any suit, action or proceeding against any of the parties hereto with respect to this Lease or any
judgment entered by any court in respect thereof during the pendency of the Chapter 11 Cases must be brought in the Bankruptcy Court
and each party hereto submits to the exclusive jurisdiction of such court for the purposes of any such suit, action or proceedings.
Otherwise, such any suit, action or proceeding may be brought in the Supreme Court of the State of New York, County of New York or
the United States District Court for the Southern District of New York, and each party hereto submits to the non-exclusive
jurisdiction of such courts for the purpose of any such suit, action or proceeding. The Lessee hereby agrees that service of all
writs, process and summonses in any such suit, action or proceeding brought in such courts may be made upon the Process Agent, and
the Lessee hereby irrevocably appoints the Process Agent as its true and lawful attorney-in-fact in its name, place and stead (as
well as that of its respective successors and assigns) to accept such service of any and all such writs, process and summonses, and
agrees that the failure of the Process Agent to give any notice of any such service of process to it shall not impair or affect the
validity of such service or of any judgment based thereon. Each of the Lessee and the Lessor further agrees (to the extent permitted
by Applicable Laws) that a final judgment against it in any such action or proceeding may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law, a certified or true copy of which final judgment shall be conclusive
evidence of the fact and of the amount of any indebtedness or liability of the Lessee or the Lessor, as the case may be, therein
described. The Lessee agrees that (x) the sole responsibilities of the Process Agent shall be (i) to receive such process, (ii) to
send a copy of any such process so received to the Lessee, as applicable by airmail, or overnight courier at its address set forth
in Section 18, or at the last address filed in writing by it with the Process Agent and (iii) to give prompt facsimile notice of
receipt thereof to the Lessee, at such address and (y) the Process Agent shall have no responsibility for the receipt or nonreceipt
by the Lessee of such process. The Lessee hereby agrees to pay to the Process Agent such compensation as shall be agreed upon from
time to time by it and the Process Agent for the Process Agents’ services hereunder. The Lessee hereby agrees that its
submission to jurisdiction and its designation of the Process Agent is made for the express benefit of the Lessor and its respective
successors, subrogees and assigns. The Lessee agrees that it will at all times continuously maintain a process agent to receive
service of process in the City, County and State of New York on behalf of itself and its properties with respect to this Lease and
shall give each party hereto written notice prior to any change of address for such agent, and in the event that, for any reason,
the process agent named pursuant to this Section 19(b) shall no longer serve as process agent to receive service of process on the
Lessee’s behalf, the Lessee shall promptly appoint a successor Process Agent. The Lessee hereby irrevocably further consents
to the service of process in any suit, action or proceeding in said courts by the mailing thereof by any party hereto by registered
or certified mail, postage prepaid, to it at its address specified in Section 18 hereto. Nothing in this Section 19(b) shall affect
the right of any party hereto to serve legal process in any other manner permitted by law or affect the right of such party or its
successors, subrogees or assigns to bring any action or proceeding against the Lessee or the Lessor or any of their respective
property in the courts of other jurisdictions. Each party hereto hereby irrevocably waives any objection that it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Lease brought in any of
the aforesaid courts in New York and hereby further irrevocably waives any claim that any such suit, action or proceeding has been
brought in an inconvenient forum.

 

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(c) Waiver
of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES AS AGAINST THE OTHER PARTIES HERETO KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY
ANY RIGHTS IT MAY HAVE TO A JURY TRIAL IN RESPECT OF ANY CIVIL ACTION BASED HEREON OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS
LEASE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OR OMISSIONS OF ANY
PARTY HERETO RELATING TO THIS LEASE.

 

(d) Severability.
Any provision of this Lease that is prohibited or unenforceable in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction, and shall not invalidate or render unenforceable the other provisions hereof in any jurisdiction.
To the extent permitted by Applicable Laws, the parties hereto waive any provision of law which renders any provision hereof prohibited
or unenforceable in any respect.

 

(e) Immunity.
Each party hereto acknowledges and agrees that the activities contemplated by the provisions of this Lease are commercial in nature rather
than governmental or public and therefore acknowledges and agrees that it is not entitled to any right of immunity on the grounds of sovereignty
or otherwise with respect to such activities or in any legal action or proceeding arising out of or relating to this Lease. Each such
party in respect of itself and its properties and revenues, expressly and irrevocably waives any such right of immunity (including, but
not limited to, any immunity from suit, from the jurisdiction of any court, from service of process, from set-off, from any execution,
or attachment in aid of execution prior to judgment or otherwise or from any other legal process) or claim thereto which may now or hereafter
exist (whether or not claimed) and irrevocably agrees not to assert any such right or claim in any such action or proceeding that may
at any time be commenced, whether in the United States of America or otherwise.

 

(f) Cape
Town Immunity. Each party hereto hereby waives any immunity from suit, from the jurisdiction of any court or from any legal or judicial
process or remedy and, without limiting the generality of the foregoing, each party hereto hereby waives in accordance with Article XXII
of the Cape Town Aircraft Protocol any sovereign immunity from jurisdiction of the courts specified in Section 19(b) or relating to the
enforcement of rights and interests relating to the Aircraft, the Airframe and/or any Engine. This Section 19(f) shall only be effective
if the Cape Town Convention comes into force in the State of Registration.

 

(g) Counterparts.
This Lease may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall, subject
to the legend on the cover of this instrument, be an original, but all such counterparts shall together constitute but one and the same
instrument.

 

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Section
20. Lessor’s Right to Perform for the Lessee. If the Lessee fails to make any payment of Rent required to be made by it
hereunder or fails to perform or comply with any of its agreements contained herein, the Lessor (so long as it is wholly-owned by
the Lessee or an Affiliate thereof) may (but shall be under no obligation to) itself make such payment or perform or comply with
such agreement, and the amount of such payment and the amount of the proper expenses of the Lessor incurred in connection with such
payment or the performance of or compliance with such agreement, as the case may be, shall be deemed Rent, payable by the Lessee
upon demand together with interest thereon at the Past Due Rate.

 

Section 21.
English Language Prevails. For the avoidance of doubt, the Lessor and the Lessee agree any translation of this Lease shall not
apply in construing this Lease and that the English version of this Lease shall govern for all purposes.

 

Section 22.
Complete Agreement. This Lease contains the entire agreement among the parties hereto with respect to the subject matter hereof
and supersedes all prior written or oral communications or agreements with respect thereto.

 

Section 23.
No Merger of Title. There shall be no merger of this Lease or of the leasehold estate created hereby by reason of the fact that
the same Person may acquire, own or hold, directly or indirectly, in whole or in part, (i) this Lease or the leasehold estate created
hereby or any interest in this Lease or such leasehold estate, (ii) the fee estate in the Aircraft, or (iii) a beneficial interest in
the Lessor.

 

Section 24.
Variation. This Lease shall not be varied otherwise than by an instrument in writing executed by or on behalf of the Lessor and
the Lessee.

 

Section 25. Illegality

 

(a) If
a Lessor Illegality Event or a Lessee Illegality Event occurs then, subject always to this Section 25(a), the Lessor may by notice in
writing to the Lessee terminate the leasing of the Aircraft under this Lease, such termination to take effect on the earlier of (x) the
latest date on which the Lessor or the Lessee, as the case may be, may continue such leasing and perform their respective obligations
hereunder without being in breach of Applicable Law and (y) the date on which the Lessor determines (acting reasonably) that it must give
notice in writing to the Lessee to terminate the leasing of the Aircraft under this Lease to ensure that its rights under this Lease and
in and to the Aircraft are not adversely affected as a result of the occurrence of the relevant Lessor Illegality Event or Lessee Illegality
Event, as the case may be (the “Effective Date”), and:

 

(i) in
case of a Lessee Illegality Event: the Lessee shall as soon as reasonably practicable and in any event within ten (10) Business Days
of the Effective Date (or such longer period as the Lessor may agree) redeliver the Aircraft to the Lessor in accordance with Section
5 (Return of the Aircraft), and the Lessee shall pay to the Lessor amounts equal to those specified in Section 15(c) (Payments).
The provisions of Section 15(d) (Sale or re-lease of the Aircraft) and Section 15(e) (Deregistration) shall apply in respect
of any such termination; or

 

(ii) in
case of a Lessor Illegality Event: the Lessee shall as soon as reasonably practicable and in any event within ten (10) Business
Days of the Effective Date (or such longer period as the Lessor may agree) redeliver the Aircraft to the Lessor in accordance with
Section 5 (Return of the Aircraft) but with the redelivery conditions set out in subclause (c) below (Return Condition
applicable to Lessor Illegality) applying instead of those return conditions set out in Schedule 7 (Redelivery Procedure and
Return Conditions). The provisions of Section 15(e) (Deregistration) shall apply in respect of any such termination.

 

    -60-

     

    

 

(b)
The Lessor and the Lessee shall consult in good faith for a period commencing on the date that the parties became aware of the
unlawfulness and ending on the earlier of (i) sixty (60) days thereafter and (ii) the Effective Date, as to any steps which may be
taken to restructure the transaction to avoid such unlawfulness and to enter into substitute arrangements which are valid, legal and
enforceable and which have the same commercial effect as this Lease.

 

 (c) Return Condition applicable to Lessor Illegality

 

(i) In
circumstances where the Lessee is obliged to redeliver the Aircraft pursuant to Section 25(a) following the occurrence of a Lessor Illegality
Event, the Lessee shall not be obliged to return the Aircraft in accordance with the return conditions set out in Schedule 7 (Redelivery
Procedure and Return Conditions) and shall only be obliged to return the Aircraft in accordance with the following conditions which
shall apply instead of those set out in Schedule 7 (Redelivery Procedure and Return Conditions):

 

(A) the
Aircraft shall be returned with a current Certificate of Airworthiness with no exceptions and, if applicable, the Lessee will assist the
Lessor in obtaining an Export Certificate of Airworthiness issued by the Aviation Authority to the next country of registry (such country
to be designated in writing by the Lessor to the Lessee in sufficient time to enable the Lessee to arrange for the issue of the same by
the Aviation Authority);

 

(B) the
Airframe shall have its next sequential “A” check or C Check completed (whichever is more limiting);

 

(C) the
Lessee will facilitate other reconfiguration work requested by the Lessor at the Lessor’s cost. Any such reconfiguration work will not
involve any major modifications or alterations to the Aircraft. The Lessee shall not pay Rent while the Aircraft undergoes any additional
work requested by the Lessor and the Lessee shall undertake such work if the Lessee is satisfied that it will not delay the process of
redelivering the Aircraft to the Lessor. The Lessee agrees to notify the Lessor if the work requested by the Lessor will affect the timing
of the redelivery of the Aircraft and provide the Lessor with a reasonable explanation as to why this is the case;

 

(1) the
Engines will be returned in serviceable condition with no abnormal deterioration in the performance of any Engine;

 

 (2) the APU will be serviceable;

 

(3) each
Engine and the APU shall pass a magnetic chip detection inspection in accordance with the Manufacturer’s Aircraft Maintenance Manual;

 

    -61-

     

    

 

(4) all
Parts, taken as a group shall have an average total Flight Hours and Cycles since new no more than 115% of the total Flight Hours and
Cycles since new accumulated on the Airframe or applicable Engine;

 

(5) there
shall be no temporary, time-limited or interim repairs on the Aircraft unless the Manufacturer specifically recommends such repair;

 

(6) the
Lessee shall pay the amounts specified in Schedule 5 (Redelivery Maintenance Payment Adjustments) in respect of the period up to
the date on which the Aircraft is redelivered to the Lessor pursuant to this Section 25(c)(i) and the Lessor shall promptly refund to
the Lessee an amount equal to the balance of the Security Deposit (to the extent received by the Lessor);

 

(7) all
Aircraft systems software shall be up-to-date as of the date on which the Lessee redelivers the Aircraft in accordance with this Section
25(c)(i); and

 

 (8) wheels, tires and brakes shall be serviceable.

 

(d) Provided
the Lessee has complied with its obligations under Section 25(c)(i) above, following the Aircraft being redelivered by the Lessee to the
Lessor in accordance with the conditions specified above, the Lessor will deliver to the Lessee written acknowledgement confirming that
the Lessee has redelivered the Aircraft to the Lessor in accordance with Section 25(c)(i) above.

 

Section 26. Early Termination

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -62-

     

    

 

 

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -63-

     

    

 

 

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -64-

     

    

 

REDACTED*

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    -65-

     

    

 

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

 

	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its capacity as trustee of the MSN 6797 trust

 

	 	By:	/s/ Lynette Hilgar
	 		Name:  	Lynette Hilgar
	 	 	Title:	Officer

 

    -Signature Page-

     

    

 

	 	LATAM AIRLINES GROUP S.A.
	 	 	 	 
	 	By: 	/s/ Andrés Del Valle
	 	 	Name:  	Andrés Del Valle
	 	 	Title:	Authorised Signatory
	 	 	 	 
	 	By: 	/s/ Sebastián Acuto
	 	 	Name: 	Sebastián Acuto
	 	 	Title:	Authorised Signatory

 

    -Signature Page-

     

    

 

SCHEDULE
1

 

CONDITIONS PRECEDENT

 

	1.	Lessor’s Conditions Precedent

 

Lessor’s obligation to lease
the Aircraft to Lessee under this Lease is subject to the receipt of the following by Lessor before the Scheduled Delivery Date (unless
otherwise specified) in form and substance satisfactory to Lessor:

 

	 	(A)	Constitutional Documents

 

A copy of the constitutional documents of Lessee.

 

	 	(B)	Resolutions

 

A certified true copy of all
necessary corporate authorisations of Lessee authorizing Lessee’s entry into this Lease.

 

	 	(C)	Certificate

 

A certificate of a duly authorised officer of Lessee:

 

		(1)	setting out a specimen of each signature of an officer of Lessee referred to in
paragraph 1(B) of this Schedule 1; and

 

		(2)	certifying that the Lessee’s air operator’s certificate and each copy
of a document specified in paragraphs 1(A) and 1(B) of this Schedule 1 are correct, complete and in full force and effect;

 

		(D)	Operative Documents

 

A copy of this Lease and Deregistration Power of Attorney,
duly executed.

 

		(E)	Legal Opinions

 

Chilean or Brazilian, as applicable,
local law legal opinions of Lessor’s counsel covering customary matters including the capacity and due execution by the Lessee of
the Lease (which, for the avoidance of doubt, is at Lessor’s cost).

 

		(F)	Representations and Warranties

 

The representations and warranties
of Lessee (pursuant to Schedule 2 hereto) are correct and would be correct if repeated on Delivery.

 

		(G)	Licenses

 

Copy of Lessee’s current air
operator’s certificate.

 

     

     

    

 

		(H)	Insurances

 

Certificates of insurance evidencing
the compliance by Lessee of the requirements of Section 10 together with a broker’s letter of undertaking.

 

		(I)	Financial Statements

 

The latest audited consolidated financial
statements of Lessee.

 

		(J)	Cape Town Registration

 

		(1)	Evidence that the Lessee has been registered as
a “transacting user entity” with the International Registry.

 

		(2)	Lessor shall be satisfied that Lessee has given its
consent to registration of Cape Town filings, at Lessor’s cost, in respect of this Lease and the Aircraft, which shall include,
for the avoidance of doubt, any Cape Town filings necessary to perfect the interests of the Lessor and to perfect the Existing Lien.

 

		(K)	Approved Maintenance Programme

 

A copy of the Aircraft’s
Approved Maintenance Programme in English, provided that the introduction of the document and other specific tasks requested by the Aviation
Authority may be in a language other than English.

 

	2.	Other Conditions Precedent

 

The obligation of Lessor to deliver and lease the
Aircraft under this Lease is also subject to the following additional conditions precedent:

 

		(A)	No Event of Loss

 

The Aircraft has not suffered
an Event of Loss (or any event which, with the lapse of time would constitute an Event of Loss) nor any unrepaired damage, the cost of
which to repair exceeds Damage Notification Threshold.

 

		(B)	Approval Order

 

The Bankruptcy Court shall have
entered an order approving this Lease in form and substance reasonably satisfactory to Lessor and Lessee (the “Approval Order”),
and such Approval Order shall not have been stayed, modified, or vacated on appeal.

 

    -69-

     

    

 

		(C)	Local Mortgage

 

A copy of the fully executed Local Mortgage.

 

	3.	Lessee’s Conditions Precedent

 

Lessee’s obligation to
accept Delivery of the Aircraft under this Lease is subject to the receipt of the following by Lessee from Lessor before the Scheduled
Delivery Date (unless otherwise specified) in form and substance satisfactory to Lessee:

 

		(A)	Constitutional Documents

 

A copy of the constitutional documents of Lessor.

 

		(B)	Resolutions

 

A certified true copy of all
necessary corporate authorisations and powers of attorney of Lessor approving the terms of the Lease, resolving that it enter into the
Lease and authorising a specified individual or individuals to execute the Lease and to accept delivery of the Aircraft on its behalf.

 

		(C)	Certificate

 

A certificate of a duly authorised
officer of Lessor setting out a specimen of each signature of an officer of Lessor referred to in paragraph 3(B) of this Schedule 1.

 

		(D)	Operative Documents

 

A copy of this Lease, duly executed
and, if necessary, notarised and apostilled by all parties other than the Lessee.

 

		(E)	Acceptance by Process Agent

 

A letter from the Process Agent
appointed by Lessee pursuant to Section 19(b) accepting its appointment.

 

		(F)	Approval Order

 

The Bankruptcy Court shall have
entered an order approving this Lease, in form and substance reasonably satisfactory to Lessor and Lessee (the “Approval Order”),
and such Approval Order shall not have been stayed, modified, or vacated on appeal.

 

		(G)	Quiet Enjoyment Undertaking

 

A quiet enjoyment undertaking from Lessor.

 

		(H)	Delivery Conditions

 

    -70-

     

    

 

		(1)	An Export Certificate of Airworthiness.

 

		(2)	A Ferry Flight permit.

 

		(3)	All conditions set forth in Schedule 4 (Delivery Procedure) shall
be satisfied.

 

		(I)	Engine Manufacturer Warranties

 

The Lessee shall have received
such assignments and consents, if any, as may be necessary for it to obtain the benefits of the warranties from the Manufacture and the
Engine Manufacture as contemplated by Section 4 of the Lease.

 

	4.	Conditions Subsequent

 

		(A)	Certificate of Registration

 

As soon as the documents are
issued by the Aviation Authority, and in any event no later than sixty (60) Business Days after the Delivery Date, a copy of the Certificate
of Registration of the Aircraft, specifying Lessor as owner of the Aircraft and the Lessee and/or Permitted Sublessee as operator of the
Aircraft, as applicable.

 

		(B)	Registration of the Lease with the Aviation Authority

 

(i) Within
sixty (60) Business Days after the Delivery Date, a certificate issued by the Aviation Authority evidencing registration of the Lease
and/or Permitted Sublease, as applicable.

 

(ii) Within
sixty (60) Business Days after the Delivery Date, a copy of Lessee’s current air operator’s certificate.

 

    -71-

     

    

 

SCHEDULE 2

 

REPRESENTATIONS
AND WARRANTIES

 

	1.	Lessee’s Representations and Warranties

 

Lessee represents and warrants to Lessor as follows:

 

		(A)	Status

 

The Lessee is a company duly
incorporated and validly existing under the laws of the State of its organization, has the corporate power to own its assets and carry
on its business as it is being conducted and is the holder of all necessary air transportation licences required in connection therewith
and with the use and operation of the Aircraft.

 

		(B)	Power and Authority

 

The Lessee has the power to
enter into and perform and has taken all necessary corporate action to authorise the entry into, performance and delivery of, this Lease.

 

		(C)	Execution and Delivery

 

The Lessee has duly executed and delivered
this Lease.

 

		(D)	Legal validity

 

This Lease constitutes a legal,
valid and binding agreement, enforceable against the Lessee in accordance with its terms.

 

		(E)	Non conflict

 

The entry into and performance by
Lessee of, the Lease do not and will not:

 

		1.	conflict with any Applicable Laws binding on it;

 

		2.	conflict with the constitutional documents of it; or

 

		3.	conflict with or result in default under any document which is binding upon it or any of its assets,
or result in the creation of any security interest over any of its assets, other than Permitted Liens.

 

		(F)	Authorization

 

All
authorizations, consents, licenses and registrations required by, and all notifications to be given by, Lessee in connection with
the entry into, performance, validity and enforceability of the Lease and the transactions contemplated by the Lease have been (or
will on or before Delivery have been) obtained, effected or given (as appropriate) and are (or will on their being obtained or
effected be) in full force and effect.

 

     

     

    

 

		(G)	Financial Statements

 

The audited, consolidated financial
statements of the Lessee most recently delivered to Lessor:

 

		1.	have been prepared in accordance with GAAP; and

 

		2.	fairly present the consolidated financial condition of the Lessee as at the date to which they were
drawn up.

 

		(H)	Sanctions, Anti-Money Laundering and Prohibited Countries

 

		(i)	No action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Lessee or any of its directors, with respect to UN or EU sanctions is pending.

 

		(ii)	Neither the Lessee is nor is any director:

 

		(a)	the target or subject of any UN or EU sanctions; or

 

		(b)	located, organized or resident in a country or territory
that is, or whose government is, the target or subject of UN or EU sanctions.

 

		(I)	Pari Passu

 

The obligations of Lessee under
the Lease rank at least pari passu with all other present and future unsecured and unsubordinated obligations (including contingent obligations)
of Lessee (as may be applicable), with the exception of such obligations as are mandatorily preferred by law and not by virtue of any
contract.

 

		(J)	Choice of Law

 

The choice by Lessee of New York
law to govern this Lease as set out in Section 19(a) and the submission by Lessee to the non-exclusive jurisdiction of the English courts
as set out in Section 19(b) are valid and binding.

 

		(K)	No Default

 

No Event of Default has occurred
and is continuing or might reasonably be expected to result from the entry into or performance of any of the Lease by Lessee provided
that the Chapter 11 Cases or any of the Lessee’s acts or omissions prior to the Petition Date shall not be considered an Event of
Default pursuant to this subsection.

 

		(L)	Registration

 

It is not necessary or advisable
under the laws of the State of Registration or the Habitual Base in order to ensure the validity, effectiveness and enforceability of
the Lease or to establish, perfect or protect the rights and interests of Lessor in the Aircraft or any Engine or Part that this Lease
be filed, registered or recorded or that any other action be taken, other than making the filing and registration of the Lease with the
Aviation Authority or with any other authorities where a Leasing Affiliate or Permitted Sublessee operates when such Leasing Affiliate
or Permitted Sublessee is operating the Aircraft.

 

    -73-

     

    

 

		(M)	Insurances

 

On the Delivery Date, the Insurances will not be subject
to any security interest.

 

		(N)	No litigation

 

Other than what has been publicly
disclosed or disclosed to the Lessor, there is no litigation, arbitration or administrative proceedings are pending or to Lessee’s
knowledge, threatened against Lessee that, if adversely determined, would have a material adverse effect upon its financial condition
or business or its ability to perform its obligations under the Lease.

 

		(O)	Air Traffic Control

 

Except as subject to the Chapter
11 Cases and any acts or omissions prior to the Petition Date, the Lessee is not in default in the payment of any sums due by Lessee to
any ATC in respect of the Aircraft.

 

		(P)	No Broker or Representative Agent

 

Lessee has not engaged
the services of a broker or similar representative agent for the purposes of this transaction.

 

 

	2.	Lessor’s Representations and Warranties

 

Lessor represents and warrants to Lessee as follows:

 

		(A)	Status

 

The Lessor is a trust.

 

		(B)	Power and Authority

 

The Lessor has the power to enter
into and perform and has taken all necessary corporate action to authorise the entry into, performance and delivery of, the Lease and
the transactions contemplated by the Lease.

 

    -74-

     

    

 

		(C)	Execution and Delivery

 

The Lessor has duly executed
and delivered this Lease, and on or before Delivery shall have duly executed and delivered the Lease.

 

		(D)	Legal validity

 

The Lease constitutes its legal,
valid and binding agreement, enforceable against it in accordance with its terms except insofar as enforceability may be limited by (i)
applicable bankruptcy and similar laws affecting creditors’ rights generally or (ii) general principles of equity.

 

		(E)	Non conflict

 

The entry into and performance
by Lessor of, and the transactions contemplated by, the Lease do not and will not:

 

		1.	conflict with any Applicable Laws binding on it;

 

		2.	conflict with the constitutional documents of it; or

 

		3.	conflict with or result in default under any document which is binding upon it or any of its assets.

 

		(F)	Authorization

 

All authorizations, consents
and registrations required by, and all notifications to be given by, Lessor in connection with the entry into, performance, validity and
enforceability of, the Lease and the transactions contemplated by the Lease have been (or will on or before Delivery have been) obtained,
effected or given (as appropriate) and are (or will on their being obtained or effected be) in full force and effect.

 

		(G)	No Litigation

 

No litigation, arbitration or
administrative proceedings are pending or, to Lessor’s knowledge, threatened against Lessor that, if adversely determined, would
have a material adverse effect upon its financial condition or business or its ability to perform its obligations under the Lease.

 

		(H)	Tax Residency

 

Lessor is tax resident in the Cayman
Islands.

 

		(I)	No Broker or Representative Agent

 

Lessor has not engaged the services
of a broker or similar representative agent for the purposes of this transaction other than SkyWorks Leasing (Ireland) Limited as Servicer.

 

    -75-

     

    

 

		(J)	Sanctions, Anti-Money Laundering and Prohibited Countries

 

		(i)	No action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Lessor or any of its directors, with respect to UN or EU sanctions is pending.

 

		(ii)	Neither the Lessor is nor is any director:

 

		(a)	the target or subject of any UN or EU sanctions; or

 

		(b)	located, organised or resident in a country or territory
that is, or whose government is, the target or subject of UN or EU sanctions.

 

    -76-

     

    

 

 

REDACTED*

 

 

 

 

 

 

 

 

The PBH Rent will be allocated as follows:

 

REDACTED*

 

 

PBH Period Extension
REDACTED*

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

     

     

    

 

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -78-

     

    

 

SCHEDULE 4

 

DELIVERY
PROCEDURE

 

	1.	Delivery Dates

 

	Airframe	Engines  	MSN  	Scheduled Delivery

Date (expressed in

days after the

Approval Order

is obtained)  	Date of

Manufacture
	A321-211	CFM 56-5B3/3  	REDACTED*  	REDACTED*  	REDACTED*  

 

Lessor and Lessee shall work together,
in good faith, to meet the above (the “Scheduled Delivery Date”) for the Aircraft. For avoidance of doubt, Lessee shall
be responsible for providing the necessary on-site staffing to ensure timely completion of the Aircraft and records inspection to enable
this delivery timing. The condition of the Records shall be noted in Attachment 3 of the Technical Acceptance Certificate and Attachment
3 of the Final Acceptance Certificate.

 

The actual Delivery Date shall
be the date of delivery, on or about the Scheduled Delivery Date, of the Aircraft from the Lessor to Lessee (the “Delivery Date”).
Notwithstanding, the Lessor and Lessee will each use their commercially reasonable endeavors to deliver and accept the Aircraft as early
as possible; provided that, until the Approval Order has been obtained, the Lessor shall not be obligated to deliver such Aircraft.

 

	2.	Delivery Condition

 

REDACTED*

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

     

     

    

 

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	5.	Indemnity

 

Lessee is responsible for and shall
indemnify and hold harmless the indemnitees from and against all Losses arising from death or injury to any observer representative or
any employee of Lessee in connection with any demonstration flight or inspection of the Aircraft by Lessee.

 

	6.	Technical Acceptance

REDACTED*

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -80-

     

    

 

 

REDACTED*

 

	MSN	
    Delivery Location

     

	6698	REDACTED*  

 

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -81-

     

    

 

SCHEDULE 5

 

REDELIVERY MAINTENANCE ADJUSTMENT

 

At
the end of the Term, there shall be a calculation of maintenance adjustment in respect of the relevant Qualifying Events for each
of: (i) Airframe 6-Year Check, (ii) Airframe 12-Year Check, (iii) Engine Performance Restoration, (iv) Engine Life Limited Parts,
(v) APU Power Section Refurbishment and (vi) Landing Gear Overhaul (the “Redelivery Maintenance Adjustment”).

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redelivery Maintenance Adjustment Calculation

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		(b)	The cost of each Qualifying Event shall then be divided by the following (each, a “Qualifying
Event Interval”) to produce the reserve amount;

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

     

     

    

 

		(i)	in respect of the Airframe 6 Year Check, 72 months (the “Airframe 6 Year
Reserve Amount”).

 

		(ii)	in respect of the Airframe 12 Year Check, 144 months (the “Airframe 12 Year
Reserve Amount”).

 

		(iii)	in respect of each engine performance restoration shop visit, the mean time between
engine performance restoration shop visits as experienced by the Lessees fleet during the preceding 8 years (the “Engine Performance
Restoration Reserve Amount”). Lessee shall provide Lessor any reasonable documentation requested to support such calculation.

 

		(iv)	in respect of the Landing Gear, 120 Months (the “Landing Gear Reserve
Amount”).

 

		(v)	in respect of the APU the mean time between APU power section refurbishment as
experienced by the Lessees fleet during the preceding 8 years (the “APU Reserve Amount”). Lessee shall provide Lessor
any reasonable documentation requested to support such calculation.

 

		(c)	The Redelivery Maintenance Adjustment shall then be calculated;

 

		(i)	in respect of the Airframe 6 Year Check, the product of (1) Airframe 6 Year Reserve
Amount multiplied by (2) the difference between (i) the number of calendar months since the last airframe 6 Year Check (or (if none) since
new) as of the date of the Technical Acceptance Certificate and (ii) the number of calendar months since the last airframe 6 Year Check
(or (if none) since new) as of the date of the Redelivery Technical Acceptance Certificate.

 

		(ii)	in respect of the Airframe 12 Year Check, the product of
(1) Airframe 12 Year Reserve Amount multiplied by (2) the difference between (i) the number of calendar months since the last airframe
12 Year Check (or (if none) since new) as of the date of the Technical Acceptance Certificate and (ii) the number of calendar months
since the last airframe 12 Year Check (or (if none) since new) as of the date of the Redelivery Technical Acceptance Certificate.

 

		(iii)	in respect of each Engine Performance Restoration shop visit, the product of (1)
Engine Performance Restoration Reserve Amount multiplied by (2) the difference between (i) the number of engine Flight Hours since the
last full performance restoration (or (if none) since new) as of the date of the Technical Acceptance Certificate and (ii) the number
of engine Flight Hours since the last full performance restoration (or (if none) since new) as of the date of the Redelivery Technical
Acceptance Certificate.

 

		(iv)	in respect of each Engine Life Limited Part, an amount equal to the product of

 

    -83-

     

    

 

		(1)	the latest manufacturer’s catalogue price (at the end of the Term) for each such Engine Life Limited
Part; divided by

 

		(2)	100% of the approved life limit (in cycles) of each such part; multiplied by

 

		(3)	the difference between:

 

		(i)	the number of cycles remaining on such Engine Life Limited Part as of the date
of the Redelivery Technical Acceptance Certificate; and

 

		(ii)	the number of cycles remaining on such Engine Life Limited
Part as of the date of the Delivery Technical Acceptance Certificate.

 

For avoidance of doubt, this shall be calculated as: [(1)/(2)]*(3).

 

		(v)	in respect of the Landing Gear, the product of (1) Landing Gear Reserve Amount
multiplied by (2) the difference between (i) the number of calendar months since the last Landing Gear Overhaul (or (if none) since new)
as of the date of the Technical Acceptance Certificate and (ii) the number of calendar months since the last Landing Gear Overhaul (or
(if none) since new) as of the date of the Redelivery Technical Acceptance Certificate.

 

		(vi)	in respect of the APU, the product of (1) APU Reserve Amount multiplied by (2)
the difference between (i) the number of APU hours since the last Basic Shop Visit of the APU (or (if none) since new) as of the date
of the Technical Acceptance Certificate and (ii) the number of APU hours since the last Basic Shop Visit of the APU (or (if none) since
new) as of the date of the Redelivery Technical Acceptance Certificate.

 

		(d)	Once the above calculation is complete if the sum of the above amounts is negative,
then Lessee shall pay the positive Dollar equivalent of such sum to Lessor promptly, but in no event more than five (5) Business Days
after the last day of the Term. If the sum of the above amounts is positive, then Lessor shall pay the Dollar equivalent of such sum to
Lessee promptly, but in no event more than five (5) Business Days after the date of the Redelivery Technical Acceptance Certificate.

 

    -84-

     

    

 

SCHEDULE 6

 

AIRCRAFT DOCUMENTS

 

Part A Manuals

 

		Basic: The below document shall be provided where not digitally accessible on the Airbus World
                                                 website

 

Airplane Flight Manual

 

Flight crew operating Manual

 

Trim
Sheet

 

Quick Reference Handbook

 

Weight and Balance Manual

 

Performance Engineer’s Programs

 

Performance Programs Manual

 

Aircraft Maintenance
Manual

 

Wiring Diagram Manual

 

Power Plant Build-up Manual

 

Engine Brochures

 

APU Logbook (with manufacturer delivery documents)

 

Illustrated
Parts Catalogue

 

Illustrated Parts catalogue (Airframe) Additional Cross
Reference Table.

 

Structural Repair Manual

 

Nacelle Structural Repair Manual

 

Engine Maintenance
Manual

 

Illustrated Parts catalogue(power-plant)

 

Master Minimum
Equipment List

 

Maintenance Planning Document

 

Component Maintenance Manuals (Vendor and Manufacturer)

 

    -85-

     

    

 

Engineering and Tooling Drawings

 

Maintenance Facility
Planning

 

Support Equipment Summary

 

Tool and Equipment bulletins

 

Tools and equipment Drawings

 

Tools and equipment index

 

Illustrated tools and Equipment
Manual

 

Technical Publications Combined Index

 

Trouble shooting Manual

 

Component Documentation Status

 

Component Evolution
List

 

Cable Fabrication Manual

 

Standards Manual

 

Parts usage

 

Scheduled (drawing Nomenclature)

 

Process and Materials Specification

 

Installation and Assembly Drawings

 

Airplane Characteristics for Airport Planning

 

ATA breakdown
index

 

CADETS (technical Publications Training)

 

Aircraft Recovery
Manual

 

Crash Crew Chart

 

Cargo Loading system Manual

 

List of applicable publications

 

List of radioactive and hazardous elements

 

    -86-

     

    

 

Livestock transportation Manual

 

Service Bulletins

 

Service information letters

 

Supplier Product Support Agreements

 

Transportability
Manual

 

Vendor Information Manual

 

Vendor Information Manual for Ground Support Equipment

 

Maintenance Review Board.

 

Non-Destructive Testing Manual

 

Power Plant Build up
Manual

 

Aircraft Schematics Manual

 

Aircraft Wiring Lists

 

Aircraft Wiring Manual

 

Component Location Manual

 

Consumable
Material List

 

Duct Repair Manual

 

Electrical Load Analysis including any applicable changes

 

Electrical Standards Practices Manual

 

Electrical Standards Practices Booklet

 

Fuel Pipe Repair
Manual

 

Maintenance Planning Task Cards

 

    -87-

     

    

 

Part B Technical Records

 

The Technical Records and Manuals shall be detailed as below

 

All documents shall be
presented in a good, legible condition and, if applicable, sorted and/or bound together in a manner appropriate to the document
type, loose page documents shall be grouped together in a secure manner and in the correct numerical or chronological order.
Distinct groups, packages or boxes of documents shall be numbered and labelled according to their content and a master index of all
packages or boxes shall be provided.

 

Lessee and Lessor shall be permitted to provide all physical
records in bulk where digital indexed documents are presented in a format that supersedes the requirements as detailed above;

 

	1.	CERTIFICATES

 

		A.	Certificate of Airworthiness (current).

 

		B.	Aircraft Registration Certificate (current).

 

		C.	Original Export Certificate of Airworthiness from State of Manufacture.

 

		D.	Current Export Certificate of Airworthiness from State of Registration.

 

		E.	Export Certificate of Airworthiness for fitted engines if not original to the Aircraft

 

		F.	Radio Station License (current).

 

		G.	Noise certificate (current).

 

		H.	Registration cancellation notice (if issued by State of Registration).

 

		I.	RVSM, B-RNAV, P-RNAV, ATC transponder, Altimeter, and pitot static check certification as applicable and
as required by the FAR part 43 and 91.

 

		J.	Certificate of most recent Release to Service.

 

		K.	Certificate of Sanitary Construction (Galleys) if applicable.

 

		L.	All Supplemental Type Certificates (STC) and associated data applied to the Aircraft.

 

	2.	AIRCRAFT STATUS SUMMARIES

 

All status summary document shall be signed and dated
on final page by the Lessee’s quality manager and all other pages initialed.

 

		(a)	Aircraft record of flight times and cycles (listing accumulated hours and cycles on specific dates)
and Check/Inspection History and Current Status

 

		(b)	Airworthiness Directive Applicability and Compliance status reports (Airframe, Engines and Appliances)
Format/content as follows:

 

		(i)	Airworthiness Directives listed in a chronological order.

 

		(ii)	All Airworthiness Directives applicable to the Aircraft, Engine, APU or Aircraft Appliance type listed
as follows:

 

    -88-

     

    

 

		A.	AD number

 

		B.	AD effective date

 

		C.	Title

 

		D.	Applicability status

 

		E.	Accomplishment status

 

		F.	Date or hours /cycles at last accomplishment

 

		G.	Date or hours /cycles of next action due (if applicable)

 

		H.	Original signed /certified “dirty fingerprint” records

 

		(c)	Manufacturer’s Airworthiness Directive Compliance Status at time of Manufacture.

 

		(d)	Manufacturer Service Bulletin Compliance Report for the Aircraft, Engine, APU and
the Aircraft Appliances. Format/content as follows:

 

		A.	SB number

 

		B.	SB effective date

 

		C.	Title

 

		D.	Applicability status

 

		E.	Accomplishment status

 

		F.	Date or hours /cycles at last accomplishment action

 

		G.	Date or hours /cycles of next action due (if applicable).

 

		H.	Original signed /certified “dirty fingerprint” records

 

		(e)	Corrosion Prevention and Control Programme Task Status (showing last accomplishment
and next due for each task) if applicable listing the Corrosion Prevention and Control Programme Tasks in a numerical order.

 

		(f)	Ageing Aircraft Inspection and Modification Programme tasks status (showing task
number, termination status as applicable, last accomplishment and next due for each item if open) if applicable. Manner of presentation
as follows:

 

		(g)	List of Operator implemented Modifications Incorporated (Engineering Orders applied
to Airframe, Engines and Appliances). Format/content as follows:

 

    -89-

     

    

 

		(i)	Operator Modifications listed in numerical order.

 

		(ii)	Cross reference document between Operators modification number and original engineering
source /vendor document provided.

 

		(iii)	Aviation Authority FAA/EASA/State of Manufacture type certificate data approval
for modification provided, as applicable.

 

		(h)	Structural Repair File with a detailed structural Map showing exact location of
all external repairs and damages indicating their status in accordance with the Manufacturer’s structural repair manual showing
general size and location of each external repair and basis for approval). Format/content as follows:

 

		(i)	Records of accomplishment or compliance of each indexed repair provided as follows:

 

		(A)	Original signed /certified “dirty fingerprint” records

 

		(B)	Presented in binder (or binders)

 

		(C)	Numbered and sorted by index number

 

		(ii)	Records for Major Repairs or repairs that do not conform
to the Manufacturer’s Structural Repair Manual accompanied by the appropriate Engineering Approval document issued by the State of Manufacture
(Airbus RDAS or equivalent).

 

		(i)	List of Major Alterations and Supplemental Type Certificate’s Incorporated (STC’s)
(with reference to approved documentation used to accomplish) and all associated data.

 

		(j)	List and Status of Airframe Life Limited Parts (if any) with full back to birth
traceability support documents. Format/content as follows:

 

		(i)	Each Life Limited Part fitted to the Airframe listed by part number and unique
serial number.

 

		(ii)	Detailed full back to birth traceability file supplied for each individual Life
Limited Part detailing on /off transaction history.

 

		(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new
(such as the manufacturer’s tag, certificate of conformity or readiness log document as appropriate) provided.

 

		(iv)	Full back to birth traceability file for each Life Limited Part provided, to include
the Airworthiness approval tag (EASA form 1 or FAA form 8 I 30- 3 or equivalent) pertaining to each subsequent (if any) on/off transaction
up to and including installation on the subject airframe.

    -90-

     

    

 

		(v)	Supplied tags and any other appropriate certified document or job-card indicating
hours /cycles or calendar time at each on/off demonstrating unbroken trace of the Hours /cycles or calendar time from birth up to current
time.

 

		(k)	List and Status of Landing Gear Life Limited Parts for each Landing Gear with full back to birth traceability
support documents Format/content as follows:

 

		(i)	Each Life Limited Part fitted to Landing Gear listed by part number and unique
serial number.

 

		(ii)	Detailed full back to birth traceability tile supplied for each individual Life
Limited Part detailing on /off transaction history.

 

		(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new
(such as the manufacturer’s tag, certificate of conformity or readiness log document as appropriate) provided.

 

		(iv)	Full back to birth traceability file for each Life Limited Part provided, to include
the Airworthiness approval tag (EASA form 1 or FAA form 8130- 3 or equivalent) pertaining to each subsequent (if any) on/off transaction
up to and including installation on the subject airframe.

 

		(v)	Supplied tags and any other appropriate certified document or job-card indicating
hours /cycles or calendar time at each on/off demonstrating unbroken trace of the Hours /cycles or calendar time from birth up to current
time.

 

		(l)	List and Status of Engine Life Limited Parts with full back to birth traceability support documents.
Format/content as follows:

 

		(i)	Each Life Limited Parts fitted to the engine identified by part number and unique
serial number.

 

		(ii)	Detailed full back to birth traceability file supplied for each individual Life
Limited Part detailing on /off transaction history.

 

		(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new
(such as the manufacturer’s tag, certificate of conformity or readiness log document as appropriate) provided.

 

		(iv)	Full back to birth traceability file for each Life Limited Part provided, to include
the Airworthiness approval tag (EASA form 1 or FAA form 8130- 3 or equivalent) pertaining to each subsequent (if any) on/off transaction
up to and including installation on the subject airframe.

 

		(v)	Supplied tags and any other appropriate certified document or job-card indicating
hours /cycles or calendar time at each on/off demonstrating unbroken trace of the Hours /cycles or calendar time
from birth up to current time.

 

    -91-

     

    

 

		(m)	List and Status of Auxiliary Power Unit (APU) Life Limited Parts (if any) with full back to birth traceability
support documents Format/content as follows:

 

		(i)	Life Limited Part fitted to the APU identified by part number and unique serial
number.

 

		(ii)	Detailed full back to birth traceability file supplied for each individual Life
Limited Part detailing on /off transaction history.

 

		(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new
(such as the manufacturer’s tag, certificate of conformity or readiness log document as appropriate) provided.

 

		(iv)	Full back to birth traceability file for each Life Limited Part provided, to include
the Airworthiness approval tag (EASA form 1 or FAA form 8130- 3 or equivalent) pertaining to each subsequent (if any) on/off transaction
up to and including installation on the subject airframe.

 

		(v)	Supplied tags and any other appropriate certified document or job-card indicating
hours /cycles or calendar time at each on/off demonstrating unbroken trace of the Hours /cycles or calendar time from birth up to current
time.

 

		(n)	List and Current Status of Time-Controlled Components Format/content as follows:

 

		(i)	Time-Controlled Components fitted to the Aircraft listed by part number and unique
serial number.

 

		(ii)	Airworthiness approval tag (EASA form 1 or FAA form 8130-3 or equivalent) provided
for Time-Controlled Components.

 

		(o)	Inventory of Installed Serialized On-Condition/Condition Monitored Components. Format/content as follows:

 

		(i)	Serialized Components fitted to the Aircraft listed by part number and unique serial
number.

 

		(ii)	Airworthiness approval tag (EASA form 1 or FAA form 8130-3 or equivalent) provided
for Serialized Components.

 

		(p)	List of Deferred Maintenance Items (if no Deferred Maintenance Items are “open” at transfer,
a signed statement to that effect is required.)

 

    -92-

     

    

 

List and Status of any Out-of-Phase
Checks, Special Inspection Requirements, Time Limited Repairs, etc. (If none exist or if requirements are incorporated into aircraft status
reports, then a signed statement to that effect is required.)

 

		(q)	Supplemental Structural Inspection (SSID) Status (if applicable) showing last accomplishment
and next due for each task. Format/content as follows:

 

		(i)	listing the Supplemental Structural Inspections in a numerical or chronological order as applicable.

 

		(r)	Ageing Aircraft Inspection and Modification Programme Status (showing termination
status as applicable, last accomplishment and next due for each item if open) if applicable and listing Ageing Aircraft Inspection and
Modification Programme Tasks in a numerical order.

 

	3.	AIRCRAFT MAINTENANCE RECORDS

 

		(a)	Aircraft Flight and Maintenance Log Sheets (minimum of operation back to previous
highest level Airframe Structural Check)

 

		(b)	Airframe inspection, maintenance, modification, and repair documents with maintenance
and/or inspection signatures (as required) and description of work done.

 

		(c)	All “A”, and all systems “C” Check and Airframe 6- and 12-Year
Structural Checks (or equiva1ents 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.)

 

		(d)	Airworthiness Directive, Service Bulletin and Modification compliance documents
including engineering orders, drawings, shop cards, etc., as necessary to establish method of compliance, quality control acceptance,
and approval authority.

 

		(e)	Corrosion Prevention and Control Programme compliance documents and inspection
findings as applicable including records of accomplishment or compliance provided (the original signed /certified “dirty fingerprint”
work cards).

 

		(f)	Documentation for Operator Modifications such as engineering orders, drawings,
FAA Form 8110-3 or the EASA equivalent, Supplemental Type Certificates, Master Change Notice, FAA or EASA type certificate conformity
approval from manufacturer (as applicable) or approved design organization etc., as necessary to define work done, certification basis,
and approval authority.

 

		(g)	Supporting Documentation for Operator Modifications such
as engineering orders, drawings, FAA F o r m 8110-3 or the EASA equivalent, Supplemental Type Certificates, Master Change Notice, FAA
or EASA type certificate conformity approval from manufacturer ( as applicable ) or approved design organization etc., as necessary
to define work done, certification basis, and approval authority.

 

    -93-

     

    

 

		(h)	Aircraft weight and balance records (including weight change ledger, most recent
weighing report and individual flight control weight and balance data)

 

		(i)	Test Flight Reports

 

		(j)	X-Ray Inspection findings (pictures/film) as applicable

 

	4.	AIRCRAFT HISTORY RECORDS

 

		(a)	Service Difficulty Reports, Lessee Fleet Reliability reports and equivalent

 

		(b)	Accident and Incident Reports and an Accident Incident Clearance Statement or if
none, then a signed “no Incident/Accident” statement from operator’s Quality Control Manager.

 

		(c)	Aircraft Logbook(s) and Aviation Authority Operation and Modification Log if applicable

 

	5.	ENGINE RECORDS (FOR EACH ENGINE)

 

Each status summary signed and dated on the final page
by the Lessee’s quality manager and all content pages initialed.

 

		(a)	Certified statement as to following:

 

		(i)	time and cycles since new

 

		(ii)	time and cycles since overhaul/performance restoration on each engine module

 

		(iii)	flying hours and cycles in lessee’s operation

 

		(b)	Engine Master Record (record of installation and removal and accumulated flight
time and cycles for Engine and each module installed at Redelivery Date)

 

		(c)	List of Operator Modifications Incorporated if any including supporting documentation
with Manufacturer approval

 

		(d)	List of all Major Repairs and Alterations if any

 

		(e)	Checks and l inspection Status

 

		(f)	Accessory Status sheet with certified TSO for each rotable item installed

 

		(g)	Last overhaul tags (or copies) for each of the accessory rotables

 

    -94-

     

    

 

		(h)	Engine Build Specifications

 

		(i)	Repair, overhaul and inspection documents such as EASA Form 1 or, FAA 8130- 3 and
FAA Form 337 (or equivalent) for each shop visit (minimum acceptable is shop visit history through last Engine Performance Restoration
shop visit and if different, last overhaul of each module

 

		(j)	List of current Line Replaceable Units (LRU)/QEC Items missing from engine (if
applicable for a spare Engine redelivery or off-wing Engine)

 

		(k)	Engine Condition Monitoring Report for the three (3) months prior to redelivery

 

		(l)	Last three (3) months of aircraft flight/technical logs to which engine was fitted

 

		(m)	Reason for last engine removal, engine change paperwork and date of engine removal

 

		(n)	Most recent certified engine borescope (Digital)

 

		(o)	Most recent fuel, oil sampling, magnetic chip detector and vibration survey results

 

		(p)	Most recent on-wing ground maximum performance run specifying engine OATL (outside
air temperature limit) at rated thrust

 

		(q)	Last certified Test Cell Run specifying engine OATL

 

		(r)	Engine Oil used statement

 

		(s)	Any incidents during operation since last performance restoration shop visit with
action taken i.e., IFSD/FOD/oil loss etc.

 

	6.	APU RECORDS

 

		(a)	Certified statement as to following:

 

		(i)	hours and cycles since new

 

		(ii)	hours and cycles since overhaul

 

		(iii)	hours and cycles since hot section inspection

 

		(iv)	lessee’s method for APU time accrual i.e., 1:1 with aircraft hours and cycles

 

		(b)	APU Master Record (record of installation and removal and accumulated time and
cycles)

 

		(c)	List of Operator Modifications Incorporated, if any including supporting documentation
with Manufacturer approval.

 

    -95-

     

    

 

 

		(d)	Accessory Status Sheet with certified time since overhaul for each rotable item
installed

 

		(e)	Last overhaul tags (or copies) for each of the accessory rotables

 

		(f)	Certified and Update d APU Logbook from new (with manufacturer delivery documents)

 

		(g)	Repair, overhaul, and inspection documents such as FAA Forms 337 (or equivalent,
minimum acceptable is shop visits through last APU Performance Restoration /Hot section inspection/overhaul)

 

		(h)	Documents demonstrating installation and full traceability back to birth (to new)
for each Life Limited Part.

 

		(i)	List of Line Replaceable Units (LRU)/QEC Rotable items missing from APU (if any
for any spare APU redelivery)

 

		(j)	Last three (3) months of aircraft flight/technical logs to which APU was fitted

 

		(k)	Reason for last APU removal, removal paperwork and date of APU removal

 

		(l)	Most recent certified APU borescope report if applicable (Digital)

 

		(m)	Most recent APU on-wing health check datasheets

 

		(n)	Last certified test cell run

 

	7.	MISCELLANEOUS TECHNICAL DOCUMENTS

 

		(a)	Maintenance Programme Specifications including a cross-reference to Manufacturer’s
maintenance planning document

 

		(b)	Reference material necessary for interpretation of status summaries, i.e., Operator
part numbers Cross Reference to Manufacturer’s part numbers

 

		(c)	interior configuration drawings as follows.

 

		(i)	L.O.P.A.

 

		(ii)	Emergency Equipment Locations

 

		(iii)	Galley Drawings

 

		(iv)	Cargo Loading System layout

 

		(d)	Aircraft Readiness Log (or parts configuration Status document)

 

		(e)	Loose Equipment Inventory

 

    -96-

     

    

 

		(f)	Seat, cushion, and fabric cover Material Burn Test documents for FAA 25.853 or the EASA equivalent

 

		(g)	Flight Data Recorder - Print I Copy of Last Read-Out with all exceedances (if any) identified
and parameter accuracy confirmed.

 

	8.	AIRCRAFT STATUS SUMMARIES

 

		(a)	Airworthiness Directive Applicability and Compliance status
at time of Manufacture.

 

		(b)	Manufacturer Service Bulletin Compliance Report for the Aircraft, Engine, APU and the Aircraft Appliances.

 

		(c)	Loose Equipment Inventory.

 

		(d)	Seat, cushion, and fabric cover Material Bum Test documents for JAR 25 (BFE).

 

    -97-

     

    

  

SCHEDULE 7

 

REDELIVERY PROCEDURE AND RETURN
CONDITIONS

 

Part A Redelivery Procedure

 

	1.	Final Inspection

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

  

    

     

    

  

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    

     

    

 

Part B Return Conditions
- REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    

     

    

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    

     

    

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    

     

    

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    

     

    

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    

     

    

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    

     

    

 

EXHIBIT I

 

FORM OF LEASE SUPPLEMENT NO.
1

 

. THIS LEASE
SUPPLEMENT HAS BEEN EXECUTED IN SEVERAL COUNTERPARTS. TO THE EXTENT, IF ANY, THAT THIS LEASE SUPPLEMENT CONSTITUTES TANGIBLE CHATTEL PAPER
(AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL CODE OR SIMILAR LEGISLATION AS IN EFFECT IN ANY APPLICABLE JURISDICTION), NO SECURITY
INTEREST IN THIS LEASE SUPPLEMENT MAY BE PERFECTED THROUGH THE TRANSFER OR POSSESSION OF ANY COUNTERPART HEREOF OTHER THAN THE ORIGINAL
COUNTERPART. THE COUNTERPART TO BE DEEMED THE ORIGINAL COUNTERPART SHALL BE THE COUNTERPART THAT CONTAINS THE RECEIPT THEREFOR EXECUTED
BY THE LESSOR.

 

LEASE SUPPLEMENT NO. 1

 

THIS LEASE SUPPLEMENT
No. 1 dated                  , 2021 (this “Lease Supplement”) is between WILMINGTON TRUST COMPANY, not in its individual
capacity but solely in its capacity as trustee of the MSN 6698 trust, as lessor (the “Lessor”), and LATAM AIRLINES
GROUP S.A., a company organized under the laws of the Republic of Chile, as lessee (the “Lessee”).

 

W I T N E S S E T H:

 

WHEREAS, the
Lessor and the Lessee have heretofore entered into that certain Lease Agreement (MSN 6698) dated as of                     , 2021 relating to one
(1) Airbus model A321-200 Aircraft (herein called the “Lease”; capitalized terms used herein and not otherwise defined
herein shall have the meanings set forth in the Lease); and

 

WHEREAS, the
Lease provides for the execution and delivery of a Lease Supplement, for the purpose of leasing the Aircraft under the Lease.

 

NOW, THEREFORE,
in consideration of the premises and other good and sufficient consideration, the relevance and adequacy of which are hereby acknowledged,
the Lessor and the Lessee hereby agree as follows:

 

		1.	On the Delivery Date, the Lessor will deliver and lease to
the Lessee under the Lease, and the Lessee will accept and lease from the Lessor under the Lease, the following described aircraft (the
“Aircraft”), which as of the Delivery Date will consist of the following components:

 

		(i)	one (1) Airbus model
A321-200 airframe bearing manufacturer’s serial number 6698 and [     ] registration mark [       ];

 

		(ii)	two (2) CFM56-5B3/3 engines bearing manufacturer’s serial
numbers [       ] and [       ], respectively;

 

    -1-

     

    

 

		(iii)	all the Parts from time to time installed on the Airframe; and

 

		(iv)	the Aircraft Documents .

 

		2.	The parties confirm that the Delivery Date for the Aircraft
is                  .

 

		3.	The parties confirm that
                                            the term for the Aircraft shall commence on the Delivery Date and end on                   
                                            , 20        , subject to extension to [          
                                            ] if the PBH Option is exercised.

 

		4.	All of the terms and provisions of the Lease are hereby incorporated
by reference in this Lease Supplement to the same extent as if fully set forth herein.

 

		5.	The Lessee confirms that the nameplates and other markings
required under Section 8(e) of the Lease have been affixed or will be affixed within ten (10) days of the Delivery Date on the Aircraft.

 

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

 

		7.	This Lease Supplement shall be governed by, and construed
in accordance with, the laws of the State of New York, United States of America.

 

    -2-

     

    

 

 

IN WITNESS WHEREOF,
the Lessor and the Lessee have caused this Lease Supplement to be duly executed by their respective representatives hereunto duly authorized,
as of the date and year first above written.

 

	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its
capacity as trustee of the MSN 6698 trust

	 	 
	 	By:	      
	 	 	Name:	           
	 	 	Title:	 

 

	 	LATAM AIRLINES GROUP S.A.
	 	 	 	 
	 	By:	 
	 	 	Name:	   
	 	 	Title:	 

 

    -3-

     

    

 

EXHIBIT II

 

FORM OF TECHNICAL ACCEPTANCE
CERTIFICATE

 

To:[    ]

 

Date:                  , 2021

 

Reference is made to Lease Agreement
(MSN 6698) dated as of                 , 2021 (as supplemented by the Lease Supplement No. 1 dated                     , 2021, the “Lease”)
between WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its capacity as trustee of the MSN 6698 trust (the “Lessor”)
and LATAM Airlines Group S.A. (the “Lessee”) relating to one Airbus A321-200 aircraft with manufacturer’s serial
number 6698 (as more fully described herein, the “Aircraft”) and [      ] Registration Mark [ ].

 

Terms used in this Certificate bear the
meanings given to such terms in the Lease.

 

		1.	The Lessee confirms that as at                    hours ([     ] time) on                , 2021
being the Delivery Date at [       ] the Lessor hereby delivers and leases to the Lessee under the Lease, and the Lessee hereby accepts and
leases from the Lessor under the Lease, the Aircraft, which as of the date hereof consists of the following components:

 

		i.	one (1) Airbus model A321-200 airframe bearing manufacturer’s serial number 6698 and [     ]
registration mark [     ];

 

		ii.	two (2) CFM56-5B3/3 engines bearing manufacturer’s serial numbers [    ] and [     ],
respectively;

 

		iii.	all the Parts from time to time installed on the Airframe; and

 

		iv.	the Aircraft Documents; and

 

		v.	the following Aircraft details:

 

		(a)	Airframe

 

	 	Aircraft Model:	Airbus A321-200
	 	 	 
	 	Manufacturer’s Serial 

Number:

	6698

	 	 	 
	 	Date of Manufacture
	 

 

	 	Certified Weights:	Max Take-off:	 	 
	 	 	Max Zero Fuel:	 	 
	 	 	Max Landing:	 	 
	 	 	 Max Taxi:	 	 
	 	 	Operating Empty:	 	 

 

    -1-

     

    

 

Airframe Maintenance Status:

 

Total Flight Hours:                      

Total Cycles:                    

 

Total Flight Hours Since Last Airframe 6 Year Check:
                      

Total Cycles Since Last Airframe 6 Year Check:                        

Date Last Airframe 6 Year Check Accomplished:                        

 

Total Flight Hours Since Last Airframe 12 Year Check:
                      

 

Total Cycles Since Last Airframe 12 Year Check:
                   

Date Last Airframe 12 Year 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:                   [CFM]

 

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 Performance Restoration:                      

Total Cycles Since Last Engine Performance Restoration:
                         

Date of Last Engine Performance Restoration:                           

 

    -2-

     

    

 

Position 2

 

ESN:                        

Total Flight Hours:                        

Total Cycles:                      

Total Flight Hours Since Last Engine Performance Restoration:
                      

Total Cycles Since Last Engine Performance Restoration:
                      

Date of Last Engine Performance Restoration:                       

 

		(c)	APU (Installed)

 

APU Manufacturer &                 

Model:                     

Manufacturer’s Serial                   

Number:                        

APU Maintenance Status:                       

 

Total APU Hours:                       

Total APU Cycles: 
                     

Total APU Hours Since Last APU Power Section Refurbishment:
                   

Total APU Cycles Since Last APU Power Section Refurbishment:
                  

Date of Last APU Power Section Refurbishment:                     

 

		(d)	Landing Gear (Installed)

 

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

 

Landing Gear Maintenance Status:

 

Left Main

 

Total Flight Hours:                     

Total Cycles:                   

Total Flight Hours Since Last Landing Gear Overhaul:                       

Total Cycles Since Last Landing Gear Overhaul:                     

Date of Last Landing Gear Overhaul:                       

 

    -3-

     

    

 

Right Main

 

Total Flight Hours:                        

Total Cycles:                       

Total Flight Hours Since Last Landing Gear Overhaul:
                           

Total Cycles Since Last Landing Gear Overhaul:                        

Date of Last Landing Gear Overhaul:                         

 

Nose

 

Total Flight Hours:                   

Total Cycles:                      

Total Flight Hours Since Last Landing Gear Overhaul:
                     

Total Cycles Since Last Landing
Gear Overhaul:                     

Date of Last Landing Gear Overhaul:                        

 

		(e)	Interior Configuration

 

	 	Seating	                                           
	 	 	 
	 	Lavatories	                                           
	 	 	 
	 	Galleys	                                           
	 	 	 
	 	Passenger Service Units	                                           
	 	 	 
	 	PSIU	                                           

 

		(f)	Aircraft Documents

 

As described in Attachment 1 to this Redelivery Acceptance
Certificate.

 

		(g)	Fuel On Board:                              
                                                                kgs.

 

		2.	The Lessee acknowledges and agrees that (A) the Aircraft is of a size, design,
capacity and manufacture selected by and acceptable to the Lessee and (B) the Lessee is satisfied that the Aircraft is suitable for its
purposes.

 

		3.	This Technical Acceptance Certificate 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.

 

		4.	This Technical Acceptance Certificate shall be governed
by, and construed in accordance with, the laws of the State of New York, United States of America.

 

    -4-

     

    

 

For and on behalf of

 

LATAM AIRLINES GROUP S.A.

 

	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    -5-

     

    

 

Attachment 1 – Discrepancies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -6-

     

    

 

Attachment 2 – Engine Life Limited Parts Discrepancies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -7-

     

    

  

Attachment 3 – Records Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -8-

     

    

 

ANNEX A

 

EXHIBIT III

 

FORM OF FINAL ACCEPTANCE CERTIFICATE

 

To:[      ]

  

Date:                         , 2021

 

Reference is made to Lease Agreement
(MSN 6698) dated as of                 , 2021 (as supplemented by the Lease Supplement No. 1 dated                  , 2021, the “Lease”)
between WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its capacity as trustee of the MSN 6698 trust (the “Lessor”)
and LATAM Airlines Group S.A. (the “Lessee”) relating to one Airbus A321-200 aircraft with manufacturer’s serial
number 6698 (as more fully described herein, the “Aircraft”) and [      ] Registration Mark [      ].

 

Terms used in this Certificate bear the
meanings given to such terms in the Lease.

 

		1.	The Lessee confirms that as at                hours ([ ] time) on                , 2021
being the Delivery Date at [         ] the Lessor hereby delivers and leases to the Lessee under the Lease, and the Lessee hereby accepts and
leases from the Lessor under the Lease, the Aircraft, which as of the date hereof consists of the following components:

 

		i.	one (1) Airbus model A321-200 airframe bearing manufacturer’s serial number 6698 and [    ]
registration mark [     ];

 

		ii.	two (2) CFM56-5B3/3 engines bearing manufacturer’s serial numbers [     ] and [     ],
respectively;

 

		iii.	all the Parts from time to time installed on the Airframe; and

 

		iv.	the Aircraft Documents; and

 

		v.	the following Aircraft details:

 

		(a)	Airframe

 

	 	Aircraft Model:	Airbus A321-200	 	 
	 	 	 	 	 
	 	Date of Manufacture	 	 	 
	 	 	 	 	 
	 	Manufacturer’s Serial
    Number:	6698	 	 
	 	Certified Weights:	Max Take-off:	                              	 
	 	 	Max Zero Fuel:	                              	 
	 	 	Max Landing:	                              	 
	 	 	Max Taxi:	                              	 
	 	 	Operating Empty:	                              	 

 

    -1-

     

    

 

Airframe Maintenance Status:

 

Total Flight Hours:                     

Total Cycles:                   

 

Total Flight Hours Since Last Airframe 6 Year Check:
                     

Total Cycles Since Last Airframe 6 Year Check:                    

Date Last Airframe 6 Year Check Accomplished:                    

 

Total Flight Hours Since Last Airframe 12 Year Check:
                     

Total Cycles Since Last Airframe 12 Year Check:
                  

Date Last Airframe 12 Year 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:	[CFM]	 
	 	 	 	 
	 	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 Performance Restoration:                      

Total Cycles Since Last Engine Performance Restoration:
                       

Date of Last Engine Performance Restoration:                       

 

    -2-

     

    

 

Position 2

 

ESN:                       

Total Flight Hours:                      

Total Cycles:                     

Total Flight Hours Since Last
Engine Performance Restoration:                     

Total Cycles Since Last Engine Performance Restoration:
                         

Date of Last Engine Performance Restoration:                        

 

		(c)	APU (Installed)

 

APU Manufacturer & Model:                   

Manufacturer’s Serial Number:                      

APU Maintenance Status:                     

 

Total APU Hours:                  

Total APU Cycles: 
                   

Total APU Hours Since Last APU Power Section Refurbishment:
                        

Total APU Cycles Since Last APU Power Section Refurbishment:                        

Date of Last APU Power Section Refurbishment:                         

 

		(d)	Landing Gear (Installed)

 

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

 

Landing Gear Maintenance Status:

 

Left Main

 

Total Flight Hours:                   

Total Cycles:                      

Total Flight Hours Since Last Landing Gear Overhaul:
                       

Total Cycles Since Last Landing Gear Overhaul:                     

Date of Last Landing Gear Overhaul:                         

 

    -3-

     

    

 

Right Main

 

Total Flight Hours:                    

Total Cycles:                

Total Flight Hours Since Last Landing Gear Overhaul:
                     

Total Cycles Since Last Landing Gear Overhaul:                       

Date of Last Landing Gear Overhaul:                         

 

Nose

 

Total Flight Hours:                      

Total Cycles:                      

Total Flight Hours Since Last Landing Gear Overhaul:
                    

Total Cycles Since Last Landing
Gear Overhaul:                       

Date of Last Landing Gear Overhaul:                      

 

		(e)	Interior Configuration

 

	 	Seating	                                              
	 	 	 
	 	Lavatories	                                              
	 	 	 
	 	Galleys	                                              
	 	 	 
	 	Passenger Service Units	                                              
	 	 	 
	 	PSIU	                                              

 

		(f)	Aircraft Documents

 

As described in Attachment 1 to this Redelivery Acceptance
Certificate.

 

		(g)	Fuel On Board:                            kgs.

 

		2.	The Lessee acknowledges and agrees that (A) the Aircraft is of a size, design,
capacity and manufacture selected by and acceptable to the Lessee and (B) the Lessee is satisfied that the Aircraft is suitable for its
purposes.

 

    -4-

     

    

 

		3.	This Acceptance Certificate 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.

 

		4.	This Acceptance Certificate shall be governed by, and
construed in accordance with, the laws of the State of New York, United States of America.

 

    -5-

     

    

 

For and on behalf of

 

LATAM AIRLINES GROUP S.A.

 

	By:	 	 
	Name:		 
	Title:	 	 

 

    -6-

     

    

  

Attachment 1 – Discrepancies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -7-

     

    

  

Attachment 2 – Engine Life Limited Parts Discrepancies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -8-

     

    

 

Attachment 3 – Records Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -9-

     

    

 

EXHIBIT IV

 

FORM OF REDELIVERY TECHNICAL
ACCEPTANCE CERTIFICATE

 

To:[      ]

 

Date:                            , 2021

 

Reference is made to Lease Agreement
(MSN 6698) dated as of                 , 2021 (as supplemented by the Lease Supplement No. 1 dated                   , 2021, the “Lease”)
between WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its capacity as trustee of the MSN 6698 trust (the “Lessor”)
and LATAM Airlines Group S.A. (the “Lessee”) relating to one Airbus A321-200 aircraft with manufacturer’s serial
number 6698 (as more fully described herein, the “Aircraft”) and [      ] Registration Mark [      ].

 

Terms used in this Certificate bear the
meanings given to such terms in the Lease.

 

		1.	The Lessor confirms that as at               hours ([       ] time) on                 , 2021
being the Delivery Date at [       ] the Lessee hereby redelivers to the Lessor under the Lease, and the Lessor hereby accepts from the Lessee
under the Lease, the Aircraft, which as of the date hereof consists of the following components:

 

		i.	one (1) Airbus model A321-200 airframe bearing manufacturer’s serial number 6698 and [    ]
registration mark [       ];

 

		ii.	two (2) CFM56-5B3/3 engines bearing manufacturer’s serial numbers [     ] and [      ],
respectively;

 

		iii.	all the Parts from time to time installed on the Airframe;

 

		iv.	the Aircraft Documents; and

 

		v.	the following Aircraft details:

 

		(a)	Airframe

 

	 	Aircraft Model:	Airbus A321-200	 	 
	 	 	 	 	 
	 	Date of Manufacture	 	 	 
	 	 	 	 	 
	 	Manufacturer’s Serial
    Number:	6698	 	 
	 	Certified Weights:	Max Take-off:	                              	 
	 	 	Max Zero Fuel:	                              	 
	 	 	Max Landing:	                              	 
	 	 	Max Taxi:	                              	 
	 	 	Operating Empty:	                              	 

 

    -1-

     

    

 

Airframe Maintenance Status:

 

Total Flight Hours:                     

Total Cycles:                   

 

Total Flight Hours Since Last Airframe 6 Year Check:
                     

Total Cycles Since Last Airframe 6 Year Check:                    

Date Last Airframe 6 Year Check Accomplished:                    

 

Total Flight Hours Since Last Airframe 12 Year Check:
                     

Total Cycles Since Last Airframe 12 Year Check:
                  

Date Last Airframe 12 Year 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:	[CFM]	 
	 	 	 	 
	 	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 Performance Restoration:                      

Total Cycles Since Last Engine Performance Restoration:
                       

Date of Last Engine Performance Restoration:                       

 

    -2-

     

    

 

Position 2

 

ESN:                       

Total Flight Hours:                      

Total Cycles:                     

Total Flight Hours Since Last
Engine Performance Restoration:                     

Total Cycles Since Last Engine Performance Restoration:
                         

Date of Last Engine Performance Restoration:                        

 

		(c)	APU (Installed)

 

APU Manufacturer & Model:                   

Manufacturer’s Serial Number:                      

APU Maintenance Status:                     

 

Total APU Hours:                  

Total APU Cycles: 
                   

Total APU Hours Since Last APU Power Section Refurbishment:
                        

Total APU Cycles Since Last APU Power Section Refurbishment:                        

Date of Last APU Power Section Refurbishment:                         

 

		(d)	Landing Gear (Installed)

 

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

 

Landing Gear Maintenance Status:

 

Left Main

 

Total Flight Hours:                   

Total Cycles:                      

Total Flight Hours Since Last Landing Gear Overhaul:
                       

Total Cycles Since Last Landing Gear Overhaul:                     

Date of Last Landing Gear Overhaul:                         

 

    -3-

     

    

  

Right Main

 

Total Flight Hours:                    

Total Cycles:                

Total Flight Hours Since Last Landing Gear Overhaul:
                     

Total Cycles Since Last Landing Gear Overhaul:                       

Date of Last Landing Gear Overhaul:                         

 

Nose

 

Total Flight Hours:                      

Total Cycles:                      

Total Flight Hours Since Last Landing Gear Overhaul:
                    

Total Cycles Since Last Landing
Gear Overhaul:                       

Date of Last Landing Gear Overhaul:                      

 

		(e)	Interior Configuration

 

	 	Seating	                                              
	 	 	 
	 	Lavatories	                                              
	 	 	 
	 	Galleys	                                              
	 	 	 
	 	Passenger Service Units	                                              
	 	 	 
	 	PSIU	                                              

 

		(f)	Aircraft Documents

 

As described in Attachment 1 to this Redelivery Acceptance
Certificate.

 

		(g)	Fuel On Board:                            kgs.

 

		2.	The Aircraft and Aircraft Documents are hereby accepted by the Lessor for redelivery
under the Lease subject to [(i)] the provisions of the Lease [, and (ii) the correction by the Lessee (or procurement by the Lessee at
the Lessee’s cost) within days following the date hereof of the discrepancies specified in Attachment 2 hereto].

 

    -4-

     

    

 

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

 

		4.	Lessee represents and warrants that during the Term all maintenance and repairs
to the Aircraft and each Part were performed in accordance with the requirements of the Lease. The Lessee further confirms that all of
its obligations, whether accruing prior to the date hereof or which survive the termination or expiration of the Lease by their terms
and accrue after the date hereof, will remain in full force and effect until all such obligations have been satisfied in full.

 

		5.	This Redelivery Technical Acceptance Certificate 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.

 

		6.	This Redelivery Technical Acceptance Certificate
shall be governed by, and construed in accordance with, the laws of the State of New York, United States of America.

 

IN WITNESS WHEREOF, the Lessor and
the Lessee have each caused this Redelivery Acceptance Certificate to be duly executed by their authorized representatives on the date
first above written.

 

	LATAM AIRLINES GROUP S.A.	 	WILMINGTON TRUST COMPANY,
	Lessee	 	not in its individual capacity but solely in its 

capacity as trustee of the MSN 6698 trust 

Lessor

	 	 	 	 	 
	By:	 	 	By:	 
	Name: 	      	 	Name: 	              
	Title: 	 	 	Title: 	 

 

    -5-

     

    

 

Attachment 1 – Aircraft Documents

[List of Aircraft Documents to be inserted]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -6-

     

    

 

Attachment 2 – Discrepancies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -7-

     

    

 

Attachment 3 – Engine Life Limited Parts Discrepancies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -8-

     

    

 

Attachment 4 – Records Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -9-

     

    

 

EXHIBIT V

 

FORM OF FINAL CERTIFICATE OF
REDELIVERY

 

To:[     ]

 

Date:                         , 2021

 

Reference is made to Lease Agreement
(MSN 6698) dated as of              , 2021 (as supplemented by the Lease Supplement No. 1 dated               , 2021, the “Lease”)
between WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its capacity as trustee of the MSN 6698 trust (the “Lessor”)
and LATAM Airlines Group S.A. (the “Lessee”) relating to one Airbus A321-200 aircraft with manufacturer’s serial
number 6698 (as more fully described herein, the “Aircraft”) and [      ] Registration Mark [       ].

 

To:[         
]

 

Date:                           , 2021

 

Reference is made to Lease Agreement
(MSN 6698) dated as of                 , 2021 (as supplemented by the Lease Supplement No. 1 dated                  , 2021, the “Lease”)
between WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its capacity as trustee of the MSN 6698 trust (the “Lessor”)
and LATAM Airlines Group S.A. (the “Lessee”) relating to one Airbus A321-200 aircraft with manufacturer’s serial
number 6698 (as more fully described herein, the “Aircraft”) and [       ] Registration Mark [       ].

 

Terms used in this Certificate bear the
meanings given to such terms in the Lease.

 

		1.	The Lessor confirms that as at                hours ([     ] time) on                  , 2021
being the Delivery Date at [      ] the Lessee hereby redelivers to the Lessor under the Lease, and the Lessor hereby accepts from the Lessee
under the Lease, the Aircraft, which as of the date hereof consists of the following components:

 

		i.	one (1) Airbus model A321-200 airframe bearing manufacturer’s serial number 6698 and [     ]
registration mark [    ];

 

		ii.	two (2) CFM56-5B3/3 engines bearing manufacturer’s serial numbers [     ] and [     ],
respectively;

 

		iii.	all the Parts from time to time installed on the Airframe;

 

		iv.	the Aircraft Documents; and

 

		v.	the following Aircraft details:

 

		(a)	Airframe

 

    -1-

     

    

 

	 	Aircraft Model:	Airbus A321-200	 	 
	 	 	 	 	 
	 	Manufacturer’s Serial
    Number:	6698	 	 
	 	 	 	 	 
	 	Date of Manufacture	 	 	 
	 	 	 	 	 
	 	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 Airframe 6 Year Check:
                     

Total Cycles Since Last Airframe 6 Year Check:                    

Date Last Airframe 6 Year Check Accomplished:                    

 

Total Flight Hours Since Last Airframe 12 Year Check:
                     

Total Cycles Since Last Airframe 12 Year Check:
                  

Date Last Airframe 12 Year 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:	[CFM]	 
	 	 	 	 
	 	Manufacturer’s Serial Numbers:	                               	 
	 	 	and	 
	 	 	                               	 
	 	 	 	 
	 	Maximum Takeoff Thrust Rating:	                         lbs.	 
	 	 	 	 
	 	Engines Maintenance Status:	 	 

 

    -2-

     

    

 

	 	Engines Maintenance Status:	 	 

  

Position 1

 

ESN:                  

Total Flight Hours:                    

Total Cycles:                      

Total Flight Hours Since Last
Engine Performance Restoration:                      

Total Cycles Since Last Engine Performance Restoration:
                       

Date of Last Engine Performance Restoration:                       
 

Position 2

 

ESN:                       

Total Flight Hours:                      

Total Cycles:                     

Total Flight Hours Since Last
Engine Performance Restoration:                     

Total Cycles Since Last Engine Performance Restoration:
                         

Date of Last Engine Performance Restoration:                        

 

		(c)	APU (Installed)

 

APU Manufacturer & Model:                   

Manufacturer’s Serial Number:                      

APU Maintenance Status:                     

 

Total APU Hours:                  

Total APU Cycles: 
                   

Total APU Hours Since Last APU Power Section Refurbishment:
                        

Total APU Cycles Since Last APU Power Section Refurbishment:                        

Date of Last APU Power Section Refurbishment:                         

 

		(d)	Landing Gear (Installed)

 

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

    -3-

     

    

 

Landing Gear Maintenance Status:

 

Left Main

 

Total Flight Hours:                   

Total Cycles:                      

Total Flight Hours Since Last Landing Gear Overhaul:
                       

Total Cycles Since Last Landing Gear Overhaul:                     

Date of Last Landing Gear Overhaul:                         

  

Right Main

 

Total Flight Hours:                    

Total Cycles:                

Total Flight Hours Since Last Landing Gear Overhaul:
                     

Total Cycles Since Last Landing Gear Overhaul:                       

Date of Last Landing Gear Overhaul:                         

 

Nose

 

Total Flight Hours:                      

Total Cycles:                      

Total Flight Hours Since Last Landing Gear Overhaul:
                    

Total Cycles Since Last Landing
Gear Overhaul:                       

Date of Last Landing Gear Overhaul:                      

 

		(e)	Interior Configuration

 

	 	Seating	                                              
	 	 	 
	 	Lavatories	                                              
	 	 	 
	 	Galleys	                                              
	 	 	 
	 	Passenger Service Units	                                              
	 	 	 
	 	PSIU	                                              

 

    -4-

     

    

 

		(f)	Aircraft Documents

 

As described in Attachment 1 to this Redelivery Acceptance
Certificate.

 

		(g)	Fuel On Board:                            kgs.

 

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

 

		3.	Lessee represents and warrants that during the Term all maintenance and repairs
to the Aircraft and each Part were performed in accordance with the requirements of the Lease. The Lessee further confirms that all of
its obligations, whether accruing prior to the date hereof or which survive the termination or expiration of the Lease by their terms
and accrue after the date hereof, will remain in full force and effect until all such obligations have been satisfied in full.

 

		4.	This Final Certificate of Redelivery 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.

 

		5.	This Final Certificate of Redelivery shall be governed
by, and construed in accordance with, the laws of the State of New York, United States of America.

 

IN WITNESS WHEREOF, the Lessor and
the Lessee have each caused this Redelivery Acceptance Certificate to be duly executed by their authorized representatives on the date
first above written.

 

	LATAM AIRLINES GROUP S.A.	 	WILMINGTON TRUST COMPANY,
	Lessee	 	not in its individual capacity but solely in its 

capacity as trustee of the MSN 6698 trusts 

Lessor

	 	 	 	 	 
	By:	 	 	By:	 
	Name: 	      	 	Name: 	              
	Title: 	 	 	Title: 	 

 

    -5-

     

    

 

Attachment 1 – Aircraft Documents

[List of Aircraft Documents to be inserted]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -6-

     

    

 

Attachment 2 – Discrepancies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -7-

     

    

 

Attachment 3 – Engine Life Limited Parts Discrepancies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -8-

     

    

 

Attachment 4 – Records Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    -9-

     

    

 

EXHIBIT VI

 

FORM OF MONTHLY UTILIZATION
REPORT

 

 

    -1-

     

    

 

EXHIBIT VII

 

FORM OF PBH REPORT

 

	Registry	 	Type	 	MSN	 	Engine 

1	 	Engine 

2	 	Lessor	 	Manager	 	Rate

 Airframe	 	Rate

 Airframe 1	 	Rate

 Airframe 2
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	FH

 Airframe	 	FH 

Engine 1	 	FH

 Engine 	 	Total
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    -1-

     

    

 

[Definitions and Construction]

 

    -2-

     

    

 

MSN 6698

ANNEX A to

Lease Agreement

 

DEFINITIONS

 

“Actual Location”
means Victorville, California, United States of America.

 

“Additional Insureds” has the meaning set forth in Section
10(b) of the Lease.

 

“Affiliate”
of any Person means (i) any other Person directly or indirectly controlling, directly or indirectly controlled by, or under direct or
indirect common control with, such Person; or if such Person is a partnership, any general partner of such Person or a Person controlling
such general partner and/or (ii) any other Person who would, under IFRS, be consolidated or required to be consolidated for accounting
purposes with such Person. For purposes of this definition, “control” (including “controlled by” and “under
common control with”) shall mean the power, directly or indirectly, to direct or cause the direction of the management and policies
of such Person whether through the ownership of voting securities or by contract or otherwise.

 

“Agent”
means the person or persons appointed as agent of the Financiers pursuant to the Financing Documents and any other person identified as
an “Agent” for the purposes of this Lease, as may be notified by the Lessor to the Lessee from time to time.

 

“Agreed Value”
has the meaning set forth in Schedule 3 (Certain Economic Terms) of the Lease.

 

“Aircraft”
means one (1) Airbus model A321-200 aircraft comprising the Airframe together with the two (2) CFM56-5B3/3 Engines described in the
Certificate of Acceptance (or any Replacement Engine that may from time to time be substituted for any of such Engines pursuant to
Section 7(l) or 9(b) of the Lease), whether or not any of such initial or substituted Engines may from time to time be installed on
such Airframe or installed on any other airframe or on any other aircraft.

 

“Aircraft
Documents” means, with respect to the Aircraft or any Engine, all logs, logbooks, manuals and data, and inspection, modification
and overhaul records (including all job cards), other records required to be maintained under applicable rules and regulations of the
Aviation Authority and if any of the same are not in the English language, certified English translations thereof and each of the documents
referred to in Schedule 6 (Aircraft Documents), provided that any expired or superseded documents may be in such language as is
available.

 

“Airframe”
means (a) the Airbus model A321-200 airframe further described in the Certificate of Acceptance (except the Engines or engines
from time to time installed thereon and any and all Parts related to such Engine or engines) and (b) and any and all Parts, whether
or not the same shall be incorporated or installed in or attached to the Airframe so long as title thereto shall remain vested in the
Owner in accordance with the terms of Section 8(a) of the Lease, together with the Aircraft Documents therefor.

 

    -3-

     

    

 

“Airframe
6-Year Check” means the airframe 6 year check which shall include the completion of the 6 year structural tasks, system and
zonal tasks and all lesser due tasks and checks in accordance with the then current revision of the Manufacturer’s Maintenance Planning
Document.

 

	 	“Airframe 6 Year
Reserve Amount”	REDACTED*

 

“Airframe
12-Year Check” means the airframe 12 year check which shall include the completion of the 12 year structural tasks, system and
zonal tasks and all lesser due tasks and checks in accordance with the then current revision of the Manufacturer’s Maintenance Planning
Document.

 

	 	“Airframe 12 Year Reserve Amount”	REDACTED*

 

“Airworthiness
Directive” or “AD” means any requirement for the inspection, repair or modification of the Aircraft, any
Engine or any Part as issued by the Aviation Authority, FAA or EASA.

 

“Applicable
Laws” means, with respect to any Person or property (including the Aircraft), all applicable laws, treaties, conventions, ordinances,
judgments, decrees, injunctions, writs, rules, regulations, orders, interpretations, licenses, permits and orders of any Government Body
in any relevant jurisdiction, in each case applicable to such Person or property (including the Aircraft).

 

“Approval Order”
has the meaning set forth in Schedule 1 (Conditions Precedent) of the Lease.

 

“Approved
Maintenance Facility” means a maintenance facility approved by EASA pursuant to EASA Part 145 regulations and the Aviation
Authority or such other maintenance facility as Lessor may approve in its sole discretion, for the accomplishment of the
maintenance, testing, inspection, repair, overhaul or modification that is intended to be accomplished with respect to the Airframe,
any Engine, any Landing Gear, the APU or any Part, as the case may be.

 

“Approved Maintenance
Programme” has the meaning set forth in Section 7(d)(i) of the Lease.

 

“APU” means (i) the auxiliary power
unit listed on Annex 1 to the Certificate of Acceptance at Delivery, (ii) any and all Parts, so long as such Parts are incorporated
in, installed on or attached to such auxiliary power unit or so long as title to such Parts is vested in Lessor in accordance with
the terms this Lease after removal from such auxiliary power unit, and (iii) all substitutions, replacements or renewals from time
to time made in or to such auxiliary power unit or to any of the Parts referred to in part (ii) above, in each case made in
accordance with this Lease and title to which has passed to Lessor in accordance with Section 8(h) of the Lease..

 

“APU Power
Section Refurbishment” means an off-fuselage heavy repair shop visit in respect of the APU at which a prescribed package
of inspection, checks, repair and replacement of Parts on the principal assemblies or modules is accomplished in accordance with the
then current APU manufacturer’s shop manual and the recommendations in the then current manufacturer’s workscope
planning guidance documents. Such package of work shall, as a minimum, be sufficient to achieve a full operating interval until the
next anticipated APU Power Section Refurbishment shop visit in line with industry achievements for APU’s of the same type as
such APU.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -4-

     

    

 

	 	“APU Reserve Amount”	REDACTED*

 

“Aviation
Authority” means (i) the Dirección General de Aeronáutica Civil of Chile and any successor organization and each
other Government Body or other Person who shall from time to time be vested with the control and supervision of, or have jurisdiction
over, the registration, airworthiness and operation of aircraft or other matters relating to civil aviation in Chile, (ii) the National
Civil Aviation Agency - Brazil and any successor organization and each other Government Body or other Person who shall from time to time
be vested with the control and supervision of, or have jurisdiction over, the registration, airworthiness and operation of aircraft or
other matters relating to civil aviation in Brazil or (iii) if the Aircraft is subleased to, or operated by, a Permitted Sublessee and
is re-registered in accordance with Section 7(b) of the Lease, such Government Body or other Person who shall from time to time be vested
with the control and supervision of, or have jurisdiction over, the registration, airworthiness and operation of aircraft or other matters
relating to civil aviation in the applicable Permitted Jurisdiction.

 

“Bankruptcy Code”
has the meaning set forth in Section 7(g)(v)(11)(B).

 

“Bankruptcy Court” has the meaning set forth in Section 7(g)(v)(11)(B).

 

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

 

“Base Rent”
has the meaning set forth in Schedule 3 (Certain Economic Terms) of the Lease.

 

“Base Rent Payment
Date” has the meaning set forth in Schedule 3 (Certain Economic Terms) of the Lease.

 

“Brazil” means the Federal Republic of
Brazil.

 

“Break
Costs” means any Loss, premium or penalty which the Lessor, the Owner or any Affiliate of the Lessor, the Owner or the Servicer
has to pay in connection with unwinding (or maintaining or continuing to make payments under) any swap, hedge, cap, forward interest agreement
or other financial instrument entered into in relation to the Rent payments expected to be received under this Lease.

 

“Business
Day” means any day other than a Saturday, Sunday or day on which commercial banks are required or authorized to close in New
York, New York, Santiago, Chile, or, if different from the foregoing, the city in which the Lessor maintains its corporate trust office
or receives and disburses funds.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -5-

     

    

 

“Cape
Town Convention” means the Convention on International Interests in Mobile Equipment and the Protocol thereto on Matters Specific
to Aircraft Equipment signed at Cape Town, South Africa on 16 November 2001. References to any Articles of the Cape Town Convention refer
to the English language version of the Consolidated Text of the Cape Town Convention and the Aircraft Protocol attached to Resolution
No. 1 of the Final Act of the Diplomatic Conference to adopt the Cape Town Convention and Aircraft Protocol.

 

“Certificate
of Airworthiness” means with respect to the Aircraft, the certificate of airworthiness issued by the Aviation Authority.

 

“Certificate
of Registration” means, with respect to the Aircraft, the certificate of aircraft registration issued by the Aviation Authority.

 

“Chapter 11 Cases” has the meaning set
forth in Section 7(g)(iv)(10)(B).

 

“Charter”
means any contractual agreement (other than a contractual agreement with respect to a regularly scheduled flight of the Lessee) entered
into by the Lessee with any Person other than an air carrier for the use (but not operation) of the Aircraft or any Part thereof.

 

“Chile” means the Republic of Chile.

 

“Code” means the United States Internal
Revenue Code of 1986, as amended.

 

“Connectivity Modification” has the meaning set forth in Section 8(f)(ii).

 

“Default” means
an Event of Default or an event or a condition that, with the giving of notice or lapse of time or both, would become an Event of Default.

 

	 	“Default Rate”	REDACTED*

 

“Delivery” means
the delivery of the Aircraft to Lessee in accordance with the terms of this Lease.

 

“Delivery Date”
has the meaning set forth in Schedule 4 (Delivery Procedure) of the Lease.

 

“Delivery Ferry Flight” has the
meaning set forth in Schedule 4 (Delivery Procedure) of the Lease.

 

“Deregistration
Power of Attorney” means a duly executed irrevocable deregistration power of attorney from the Lessee and, if applicable, any
Permitted Sublessee, in favor of the Lessor, in form and substance reasonably satisfactory to the Lessor.

 

“Dollars” “US Dollars”, “U.S.$”, “US$” and
“$”, mean immediately available and freely transferable lawful currency of the United States of America.

 

“Dry Lease” means any lease of the Aircraft
(other than a Wet Lease).

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -6-

     

    

 

“Engine”
means (a) each of the two CFM International, Inc. engines (generic manufacturer and model CFM56-5B3/3) listed by
manufacturer’s serial number and further described in each Acceptance Certificate, whether or not from time to time installed
on the Airframe or installed on any other airframe or on any other aircraft, and (b) any Replacement Engine; in each case
whether or not such engine or Replacement Engine at any time is installed on the Aircraft or is installed on any other aircraft or
airframe, so long as title thereto shall remain vested in the Lessor in accordance with the terms of Section 7(g) of the Lease,
together with the Aircraft Documents therefor; together in each case with any and all related Parts, but excluding items installed
or incorporated in or attached to any such engine from time to time that are excluded from the definition of Parts.

 

“Engine Life Limited Parts”
means such parts with an ultimate life limit as detailed in Chapter 5 airworthiness limitations section of the relevant manufacturers
engine shop manual.

 

“Engine Manufacturer” means CFM International,
Inc.

 

	 	“Engine Performance Restoration” means	REDACTED*

 

“Engine Performance Restoration
Reserve Amount” has the meaning set forth in Schedule 5 (Redelivery Maintenance Adjustment) of the Lease.

 

“Event of Default”
means any of the “Events of Default” as defined in Section 14 of this Lease.

 

“Event of
Loss” means, with respect to the Aircraft, the Airframe or any Engine, any of the following events:

REDACTED*

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -7-

     

    

 

An Event of Loss shall be deemed to have occurred:

 

		(a)	in the case of an actual total loss, at 12:00 midnight (New
York time) on the actual date the Aircraft was lost or, if such date is not known, 12:00 midnight (New York time) on the day on which
the Aircraft was last heard from;

 

		(b)	in the case of any of the events described in paragraph (i)
of the definition of Event of Loss above (other than an actual total loss), upon the date of occurrence of such destruction, damage or
rendering unfit;

 

		(c)	in the case of any of the events described in paragraph (ii)
of the definition of Event of Loss above (other than an actual total loss), the date and time at which either a total loss is subsequently
admitted by the insurers or a competent court or arbitration tribunal issues a judgment to the effect that a total loss has occurred;

 

		(d)	in the case of any of the events referred to in paragraph
(iii) of the definition of Event of Loss above, upon the occurrence thereof; and

 

		(e)	in the case of any of the events referred to in paragraphs
(iv), (v) and (vi) of the definition of Event of Loss above, upon the expiration of the period of time specified therein.

 

“Excluded Tax”
means Taxes in relation to the Lessor or the Owner to the extent such Taxes are:

 

		(a)	imposed as a direct result of activities of the Lessor or
the Owner in the jurisdiction imposing the liability unrelated to:

 

		(i)	the Lessor’s or the Owner’s dealings with the Lessee;

 

		(ii)	to the transactions contemplated by this Lease;

 

		(iii)	any Permitted Sublease or interchange agreement with an Interchange
Counterparty; and

 

		(iv)	the operation of the Aircraft by the Lessee or any Permitted Sublessee; or

 

		(b)	imposed on the net income, profits or gains of the Lessor
or the Owner by any Government Body in their respective state of incorporation and/or the jurisdiction in which they are resident for
tax purposes, other than:

 

		(i)	Taxes payable by the Lessor or the Owner as a direct result
of the Lessor or the Owner being required to include in its taxable income any amount attributable to any improvement, alteration, substitution
or addition to the Aircraft, except to the extent that any taxable profit realized by the Lessor or, as the case may be, the Owner is
directly attributable to any improvement, alteration, substitution or addition to the Aircraft effected by the Lessee pursuant to any
provision of this Lease;

 

    -8-

     

    

 

		(ii)	Taxes which are imposed on the Lessor or the Owner by reason
of the presence, location, maintenance, registration, use or operation of the Aircraft, any Engine, the Airframe or any Part in such
jurisdiction;

 

		(iii)	Taxes which are imposed on the Lessor or the Owner by reason
of or consequent upon any Default or any breach by the Lessee of, or any failure by the Lessee to perform any of its obligations under,
or any misrepresentation made by the Lessee in, this Lease; or

 

		(c)	Taxes which are imposed on the net income, profits or gains
of the Lessor or the Owner by any Government Body in any jurisdiction other than in their respective state of incorporation and/or the
jurisdiction in which they are resident for tax purposes, subject to the qualifications set out in sub-paragraphs (b)(i), (ii) and (iii)
above and subject to the additional qualification that this paragraph (c) shall not include any such Taxes to the extent they are imposed:

 

		(i)	as a result of the presence in the jurisdiction imposing
the Tax of the Lessee or any Permitted Sublessee; or

 

		(ii)	as a result of the payment by the Lessee from the jurisdiction
imposing the Tax of any amount due under this Lease;

 

		(d)	imposed solely as a result of an event occurring after the
Lease Expiry Date which is not related to the Lessor’s dealings with the Lessee or the transactions contemplated by this Lease
or the operation of the Aircraft by the Lessee;

 

		(e)	imposed with respect to any period commencing or event occurring
before Delivery;

 

		(f)	caused by the Lessor’s or the Owner’s fraud,
wilful misconduct or Gross Negligence;

 

		(g)	a Tax liability which would have arisen even if the Lease
had not been entered into and such Tax liability is unrelated to the transactions contemplated by the Lease;

 

		(h)	caused by a breach or default by the Lessor or the Owner
of its express obligations under this Lease which does not result from any act or omission of any person other than the Lessor or the
Owner;

 

		(i)	caused by a breach by the Lessor or the Owner of any express
representation or warranty made under this Lease which does not result from any act or omission of any person other than the Lessor or
the Owner; or

 

		(j)	Taxes which arise as a result of a reasonably avoidable delay
or failure by the Lessor or the Owner in filing any necessary tax returns required by law, in paying the relevant Taxes required by law
or, in completing any necessary tax returns required by law it is obliged by law to file (provided the Lessor or the Owner, as the case
may be, was aware of such obligation to file a tax return or make a payment of tax), unless such delay, failure or error is caused by
the breach or failure of the Lessee to provide any information
that is required for these purposes or that the Lessor may reasonably request; or

 

    -9-

     

    

 

		(k)	Taxes which arise solely as a result of events or circumstances
occurring during any period during which the Lessee does not have possession of the Aircraft as a result of a breach by the Lessor of
its obligations pursuant to Section 17 or any breach by the Lessor of its quiet enjoyment covenant; or

 

		(l)	Taxes which arise as a result of the acquisition of the Aircraft
(or Delivery), any voluntary sale, assignment, transfer or other disposition by the Lessor or the Owner of the Aircraft or any interest
therein unless such sale, assignment, transfer or other disposition occurs in connection with, or arises following a Default; or

 

		(m)	Taxes which arise with respect to any period or event occurring
after Redelivery in accordance with the conditions set out in this Lease (except to the extent any such Tax is attributable to such Redelivery)
and is unrelated to any event occurring prior to such Redelivery and unrelated to the Lessor’s dealings with the Lessee pursuant
to this Lease or the transactions contemplated by the this Lease; or

 

		(n)	Taxes which arise as a result of any financing arrangement
entered into by the Lessor or the Owner with respect to the Aircraft; or

 

		(o)	incurred by the Owner (if the Owner is not the Lessor) except
to the extent that such Tax is a tax imposed on the Owner in circumstances in which, but for the existence of the Owner and any head
lease, the Lessor would have incurred that liability and the Lessee would have been obliged to indemnify the Lessor against that liability.

 

“Existing
Lien” means any Lien created by that certain Indenture and Security Agreement (MSN 6698), dated as of July 29, 2015, between
the Owner and the Loan Trustee, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its
terms (the “Indenture”), including supplementation by an Indenture Supplement pursuant to the Indenture.

 

“Expenses”
means any and all liabilities, obligations, losses, damages, settlements, penalties, claims, actions, suits, reasonable costs, reasonable
expenses and disbursements (including, without limitation, reasonable fees and disbursements of legal counsel, accountants, appraisers,
inspectors or other professionals, and costs of investigation).

 

“Export
Certificate of Airworthiness” means with respect to the Aircraft, the certificate of airworthiness issued by the Aviation Authority.

 

“FAA”
means the Federal Aviation Administration of the United States of America and any successor Government Body or other Person who shall
from time to time be vested with the control and supervision of, or have jurisdiction over, the registration, airworthiness and operation
of aircraft or other matters relating to civil aviation in the United States of America.

 

“FATCA”
means (a) Sections 1471 through 1474 of the Code, or a successor version, and any current or future regulations or official
interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code, (b) any treaty, law, regulation
or other official guidance enacted in any other jurisdiction, or relating to any intergovernmental agreement (and related
legislation or official administrative guidance) between the United States and any other jurisdiction, which (in any such case)
facilitates the implementation of paragraph (a), or (c) any agreements pursuant to the implementation of paragraphs (a) or (b) with
the U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any jurisdiction.

 

    -10-

     

    

 

“Final
Acceptance Certificate” means the acceptance certificate to be entered into between the Lessee and the Lessor after the Delivery
Ferry Flight on the Delivery Date substantially in the form of Exhibit III to the Lease.

 

“Financier”
means any person or persons through which the Lessor or the Owner may from time to time finance or refinance its interest in the Aircraft
and/or for whose benefit security over, or rights relating to, the Aircraft and/or this Lease may be granted (including by way of a declaration
of trust) by the Lessor or the Owner or at its request, and includes the Security Trustee and the Agent as well as any underwriter, placement
agent or syndication agent, any export credit agency and any other person identified as a “Financier” for the purposes of
this Lease, as may be notified by the Lessor to the Lessee from time to time.

 

“Financing
Documents” means each present and/or future document which is from time to time related to any financing of the Aircraft (including
for such purpose each mortgage and any other security document providing for a security interest in the Aircraft or this Lease, or leasing
arrangements whether or not constituting a financing and any documents ancillary thereto).

 

“Government”
means the government of any of Canada, Cayman Islands, Chile, France, Germany, Japan, The Netherlands, Sweden, Switzerland, the United
Kingdom or the United States and any instrumentality or agency thereof.

 

“Government
Body” means (whether having a distinct legal personality or not) any nation or government, any state or other political subdivision
thereof or local jurisdiction therein, any agency, authority, instrumentality, board commission, department, division, organ, regulatory
body, court, central bank or other entity, however constituted, exercising executive, legislative, judicial, taxing, regulatory, supervisory
or administrative functions of or pertaining to government, any securities exchange and any self regulatory organization.

 

“Government
of Registry” means Chile, Brazil or jurisdiction in which the Aircraft is registered as permitted under Section 7(b) of the
Lease and any agency or instrumentality thereof.

 

“Gross
Negligence” means any intentional action or decision of a person which is taken or made by such person with reckless disregard
for the consequences of such action or decision.

 

“Habitual Base” means:

 

		(a)	Brazil or Chile; or

 

		(b)	in the context of a Permitted Sublease, such airport in the
State of Registration at which the Aircraft is habitually based.

 

    -11-

     

    

 

“IFRS” shall mean the International Financial
Reporting Standards.

 

“IDERA”
means an irrevocable deregistration and export request authorization suitable for filing with the relevant Aviation Authority, substantially
in the form referred to in the Cape Town Convention or otherwise in form and substance reasonably satisfactory to the Lessor.

 

	 	“Indemnitee”	REDACTED*

 

“Insolvency”
or “Liquidation Proceeding” means (i) a voluntary proceeding under any Bankruptcy Law with respect to the Owner
or the Lessee; (ii) a voluntary or involuntary appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for the Owner or the Lessee or for a substantial part of the property of the assets of the Owner or the Lessee; (iii) any
voluntary or involuntary winding up or liquidation of the Owner or the Lessee; or (iv) a general assignment for the benefit of
creditors of the Owner or the Lessee.

 

“Insurance Proceeds”
means any and all proceeds realized from the Insurances (other than third party liability insurances).

 

“Insurances” has the meaning given
to such term in Section 10(a) of this Lease.

 

“Interchange
Counterparty” has the meaning set forth in Section 7(g)(v) of the Lease.

 

“Landing Gear” means the
landing gear assemblies (nose, left main and right main) of the Aircraft (excluding brakes and wheels) and any landing gear assembly
substituted therefor in accordance with this Lease and title to which has passed to Lessor in accordance with this Lease.

 

“Landing
Gear Overhaul” means the off-the-wing restoration of the Landing Gear to satisfy the system and structural requirements of an
overhaul as per the then current revision of the Manufacturer’s Maintenance Planning Document.

 

	 	“Landing Gear Reserve Amount”	REDACTED*

 

“LATAM” has the meaning set forth in the
first paragraph hereof.

 

“Lease”
or “Lease Agreement” means the Lease Agreement (MSN 6698) dated as of the date hereof between the Owner, as lessor,
and LATAM, as lessee, substantially in the form of, as the same may be amended, supplemented or otherwise modified from time to time in
accordance with its terms, including as supplemented by the Lease Supplement.

 

“Lease Expiry Date” has the meaning
set forth in Schedule 3 (Certain Economic Terms) of the Lease.

 

“Lease
Supplement” means the Lease Supplement substantially in the form of Exhibit I to the Lease, which shall particularly describe
the Aircraft subject to the Lease.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -12-

     

    

 

“Leasing Affiliate”
means, in each case, so long as they are an Affiliate of Lessee at the time of the relevant event:

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

For the purposes
of this definition, Lessee shall be deemed to “control” another entity if: (1)  Lessee
possesses, directly or indirectly, the power to direct the management or policies of such other entity either through: (i) the
ownership of voting rights; (ii) control of the board (including control of its composition) of the other entity; or (iii) indirect
control of (i) and (ii); or (2) such other entity would, under relevant accounting principles, be consolidated or required to be
consolidated for accounting purposes with Lessee.

 

“Lessee” has the meaning
set forth in recitals hereto.

 

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

 

“Lessee
Illegality Event” means it is or will become unlawful for the Lessor or the Lessee to give effect to any of its obligations
expressed to be assumed by it in this Lease or to continue this Lease or the leasing of the Aircraft hereunder or for the Lessor to exercise
any of its rights or remedies under this Lease, or an event contemplated by Section 14(q) or (r) occurs other than as a result of the
act or omission of the Lessee or any Permitted Sublessee, and in each case such circumstances do not constitute a Lessor Illegality Event.

 

“Lessee
Power of Attorney” means each power of attorney executed by the Lessee in favor of the Lessor in connection with the repossession,
re-export and deregistration of the Aircraft in form and substance satisfactory to the Lessor.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -13-

     

    

 

“Lessor” means the Owner as lessor under
the Lease.

 

“Lessor
Illegality Event” means it is or will become unlawful for the Lessor to give effect to any of its obligations expressed to be
assumed by it in this Lease or to continue this Lease or the leasing of the Aircraft hereunder or to exercise any of its rights or remedies
under this Lease, and such circumstances apply solely in the Lessor’s jurisdiction of incorporation and do not apply to, or in respect
of, another jurisdiction.

 

“Lessor Parent” means the owner from time
to time.

 

“Lien”
means as applied to the property or assets (or the income or profits therefrom) of any Person (in each case, whether the same is consensual
or nonconsensual or arises by contract, operation of law, legal process or otherwise), any lien, mortgage, hypothec, encumbrance, pledge,
attachment, levy, charge, lease, encumbrance, right of seizure or detention, inscription on a public record, claim, prior claim, right
of others or security interest of any kind, including any thereof arising under any conditional sale or other title retention agreement
and any agreement to give any thereof in respect of any property or assets of such Person, or upon the income or profits therefrom.

 

“Life
Limited Parts” means any Part that has a pre-determined life limit as mandated by the Manufacturer, any other relevant manufacturer,
or the State of Design, which requires any such part to be discarded upon reaching such life limit.

 

“Loan Trustee” means Wilmington Trust Company
as loan trustee pursuant to the Indenture.

 

“Local
Mortgage” means (i) the Chilean law or Brazilian law, as applicable, aircraft mortgage dated on or about the date of the Delivery
granted by the Lessor in favor of the Loan Trustee or (ii) if the Aircraft is subleased to, or operated by, a Permitted Sublessee and
is registered in accordance with Section 7(b) of the Lease, an aircraft mortgage governed by the laws of the applicable jurisdiction granted
by the Lessor in favor of the Loan Trustee dated on or about the date of such sublease, in each case as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Loss”
or “Losses” means any cost, expense (including the reasonable fees and expenses of professional advisers provided that
such fees and expenses need not be reasonable if it is in connection with any Event of Default), financial liability, damage or financial
loss of any kind, whether direct or indirect, and regardless of whether they are susceptible to appeal or mitigation, in each case excluding
Taxes.

 

“Major
Checks” means in respect of the Aircraft, the Airframe 6-Year Structural Check and/or the Airframe 12-Year Structural Check.

 

“Manufacturer’s
Maintenance Planning Document” means the latest version of the maintenance planning document relating to recommended maintenance
of the Aircraft issued by Manufacturer to the extent approved by the Aviation Authority.

 

“Manufacturer”
means Airbus S.A.S., a société par actions simplifiée organized and existing under the laws of the Republic
of France.

 

    -14-

     

    

 

“Material
Adverse Effect” means, in relation to any Person, as the context may require, (a) a material adverse effect upon the business,
operations or condition (financial or otherwise) of such Person or upon the ability of such Person to perform its obligations under this
Lease, (b) a material adverse effect on the validity or enforceability of any of this Lease, (c) a material adverse effect on the rights
or remedies of the Owner under any manufacturer’s warranty with respect to the Aircraft or any Engine or (d) any event or circumstance
which adversely affects the Airframe or any Engine or such Person’s interest therein or involves any risk of the sale, seizure,
detention or forfeiture of the Airframe or any Engine or any other part of the Aircraft.

 

“Monthly
Utilization Report” has the meaning set forth in Schedule 3 (Certain Economic Terms) of the Lease.

 

“MRO”
means Manufacturers, and with maintenance and overhaul agencies, subcontractors, suppliers and vendors, that Lessee or Lessor contact
during the Term in respect of the Aircraft to maintain, provide and service the Airframe, Engines and Parts in accordance with this Lease.

 

“Notice
and Acknowledgement” means a notice and acknowledgement entered into, or to be entered into as the context may require, between
any of the Lessor, the Security Trustee and the Owner and the Lessee substantially in such form as may be reasonably required by the Lessor
or the Security Trustee.

 

“NY UCC” means UCC as in effect in the
State of New York.

 

“Other
Agreement” means each of the aircraft lease agreements between the Lessor (or an Affiliate of the Lessor) and the Lessee (or
an Affiliate of the Lessee) relating to the Other Aircraft.

 

	 	“Other Aircraft”	REDACTED*

 

“Owner”
means the Lessor or such other person as the Lessor may notify to the Lessee as the owner of the Aircraft from time to time.

 

“Parts”
means with respect to the Airframe or any Engine, all appliances, components, parts, instruments (including avionics), appurtenances,
accessories, furnishings and other equipment of whatever nature (other than complete Engines, or engines), that may from time to time
be incorporated or installed in or attached to the Airframe or any Engine or removed from the Airframe or such Engine so long as the Lessor’s
interest therein shall continue.

 

“PBH Option”
has the meaning set forth in Schedule 3 (Certain Economic Terms) of the Lease.

 

“PBH Period” has the meaning set forth
in Schedule 3 (Certain Economic Terms) of the Lease.

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    -15-

     

    

 

“PBH Rent” has the meaning set forth in
Schedule 3 (Certain Economic Terms) of the Lease.

 

“Permitted
Lien” means (i) the rights of the Lessee and other Persons under leases and other agreements and arrangements to the
extent permitted by the terms of Sections 7 and 8 of the Lease; (iii) Liens for fees or charges of any airport or air navigation
authority not yet due and payable by the Owner or the Lessee or which are being contested in good faith, on reasonable grounds and
by appropriate proceedings so long as such Liens do not involve any material risk of the sale, seizure, forfeiture, detention or
loss of the Aircraft, any Part thereof, title thereto, or any interest therein or the use thereof (any of which a “Lien
Loss”); (iv) Liens for Taxes payable by the Owner or the Lessee either not yet overdue or being contested in good faith by
appropriate proceedings that do not involve any material risk of Lien Loss and that do not involve any potential for criminal
liability, and in the case of such proceedings so long as adequate reserves are maintained in respect of such Taxes in accordance
with applicable accounting principles; (v) materialmen’s, mechanics’, workmen’s, repairmen’s,
employees’ or other like Liens on the Aircraft, the Airframe or any Engine arising in the ordinary course of business of the
Lessee for amounts the payment of which is either not yet due or which are being contested in good faith by appropriate proceedings
that do not involve any material likelihood of Lien Loss and in the case of such proceedings so long as adequate reserves are
maintained by the Lessee in respect of such amounts in accordance with applicable accounting principles; (vi) Liens arising out of
judgments or awards against the Owner or the Lessee with respect to which at the time an appeal or proceeding for review is being
prosecuted in good faith by appropriate proceedings that do not involve any material likelihood of Lien Loss and in the case of such
proceedings so long as an adequate bond to stay enforcement is in effect, (vii) salvage or similar rights of insurers under
insurance policies maintained pursuant to and in accordance with Section 10 of the Lease, (viii) the Existing Lien and (vix) any
Lien created in favor of a Financier pursuant to Section 7(o)(ii) of the Lease.

 

“Permitted
Sublease” means any sublease permitted by the terms of Section 7(g)(iv) of the Lease.

 

“Permitted
Sublessee” means (x) any Leasing Affiliate or (y) any of the air carriers listed in Annex B hereto or any foreign air
carrier consented to in writing by the Lessor; provided that, at the time such sublease is entered into, such sublessee shall not
have substantially all of its property in the possession of any liquidator, trustee, receiver or similar person.

 

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

 

“Petition Date” has the meaning set forth
in Section 7(g)(iv)(10)(B).

 

“Process
Agent” means Law Debenture Corporate Services Inc. 801 2nd Avenue, Suite 403 New York, NY 10017.

 

“Protocol”
means the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, concluded
in Cape Town South Africa, on 16 November 2001 (utilizing the English-language version thereof).

 

    -16-

     

    

 

“Qualifying
Event Interval” has the meaning set forth in Schedule 5 (Redelivery Maintenance Adjustment) of the Lease.

 

“Qualifying Events” means any of the:

 

		(a)	Airframe 6-Year Check

 

		(b)	Airframe 12-Year Check

 

		(c)	Engine Performance Restoration

 

		(d)	Replacement of one or more Engine Life Limited Parts

 

		(e)	APU Power Section Refurbishment; or

 

		(f)	Landing Gear Overhaul.

 

“Redelivery Location” has the meaning set
forth in Section 5(b).

 

“Redelivery
Maintenance Adjustment” has the meaning set forth in Schedule 5 (Redelivery Maintenance Adjustment) of the Lease.

 

“Redelivery
Technical Acceptance” means the technical acceptance of the Aircraft by the Lessor in a condition as described in Schedule 7
(Redelivery Procedure and Return Conditions) including all records per Schedule 5 (Aircraft Documents) without mutually
agreed discrepancies per Section ( c) as detailed in the Redelivery Technical Acceptance Certificate

 

“Redelivery
Technical Acceptance Certificate” means a certificate between Lessor and Lessee in the form provided in Exhibit IV hereto.

 

“Reinsurances”
shall mean any and all contracts or policies of reinsurance maintained by the Owner (or the Lessee) in respect of the Aircraft pursuant
to Section 10 of the Lease.

 

“Rent” shall mean Base Rent and PBH Rent.

 

“Replacement
Engine” means a CFM56-5B3/3 engine (or an engine of the same or another manufacturer of the same an improved model and suitable
for installation and use on the Airframe with the other Engine (or any other Replacement Engine being substituted simultaneously therewith))
that shall have been made pursuant the terms thereof and Section 7(l) or 9(b) of the Lease, together with all Parts relating to such engine,
but excluding items installed or incorporated in or attached to any such engine from time to time that are excluded from the definition
of Parts.

 

“Replacement
Part” means an appliance, part, accessory, furnishing, instrument, appurtenance or other item of equipment of whatever nature
(other than complete Engines or engines) which shall have been leased under the Lease and subjected to the Lien of the Lease and the Local
Mortgage.

 

“Scheduled
Delivery Date” has the meaning set forth in Schedule 4 (Delivery Procedure) of the Lease.

 

    -17-

     

    

 

“Security
Trustee” means the person or persons appointed as security trustee, collateral agent or similar representative for any of the
Financiers and any other person identified as a “Security Trustee” for the purposes of this Lease, as notified by the Lessor
to the Lessee from time to time.

 

“Service
Bulletin” means any document issued by the Manufacturer or the Engine Manufacturer recommending an improvement, inspection,
repair or modification to the Aircraft, Airframe, any Engine or any Part.

 

“Servicer” means SkyWorks
Leasing (Ireland) Limited.

 

“State of Registration”
means any country in which the Aircraft is registered from time to time in accordance with Section 7(a) or Section (b).

 

“Tax”
and “Taxes” mean all governmental fees (including, without limitation, license, filing and registration fees) and all
taxes (including, without limitation, franchise, excise, stamp, value added or VAT, income, gross receipts, sales, use and property taxes),
withholdings, assessments, levies, imposts, duties or charges, of any nature whatsoever, together with any related penalties, fines, additions
to tax or interest thereon imposed, withheld, levied or assessed by any Government Body.

 

“Technical Acceptance Certificate”
means the acceptance certificate to be entered into between the Lessee and the Lessor prior to the Delivery Ferry Flight substantially
in the form of Exhibit II of the Lease.

 

“Term” has the
meaning set forth in Schedule 3 (Certain Economic Terms), paragraph 1 of the Lease.

 

“UCC”
or “Uniform Commercial Code” means the Uniform Commercial Code as in effect in any applicable jurisdiction.

 

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

 

“Wet
Lease” means any arrangement whereby the Owner agrees to furnish the Airframe and the Engines or engines installed thereon to
an air carrier and pursuant to which the Airframe and the Engines or engines (i) shall be operated solely by cockpit crew provided by
the Owner possessing all current certificates and licenses required by Applicable Laws, (ii) shall be maintained by the Lessee in accordance
with the normal maintenance provisions of the Lease, (iii) shall continue to be insured by the Lessee in accordance with the terms of
the Lease, and (iv) shall not be subject to any change in its state of registration.

 

“WTC”
means Wilmington Trust Company, a Delaware trust company, in its individual capacity.

 

    -18-

     

    

 

ANNEX B 

 

LIST OF PERMITTED SUBLESSEES

 

	Air Canada

Air Europa, provided it is wholly-owned and controlled
by IAG Group

Air France

Azul Airlines

American Airlines

All Nippon Airlines

Austrian Airlines

British Airways

Cathay Pacific

Delta Airlines

Emirates

Aer Lingus

EVA Air

Finnair

Iberia

Japan Airlines

KLM

Korean Air

Level, provided it is wholly-owned and controlled
by IAG Group

Lufthansa

Qantas

Qatar Airways

SAS

Singapore Airlines Southwest
Airlines

Swiss

United Airlines

Vueling, provided it is wholly-owned
and controlled by IAG Group

 

	*	

 

 

19Exhibit 4.33

 

EXECUTION VERSION

 

AIRCRAFT LEASE AGREEMENT

 

Dated February 1 2021

 

between

 

VERMILLION AVIATION (NINE)
LIMITED

 

as Lessor

 

and

 

LATAM AIRLINES GROUP S.A.

 

as Lessee

 

Lease of one Airbus A320-214
Aircraft

 

Manufacturer’s Serial No: 4860

 

Make and Model of Engines:
CFM International, Inc. Model CFM56-5B4/3 engines

 

Serial Numbers of Engines: 643566 and 643614

 

     

     

    

 

TABLE OF CONTENTS

 

		 	Page
	 	 	 
	CLAUSE 1	DEFINITIONS AND INTERPRETATION	1
	 	 	 
	1.1	Definitions	1
	1.2	Interpretation	16
	 	 	 
	CLAUSE 2	REPRESENTATIONS AND WARRANTIES	17
	 	 	 
	2.1	Lessee’s Representations and Warranties	17
	2.2	Lessor’s Representations and Warranties	19
	2.3	No Prejudice	21
	 	 	 
	CLAUSE 3	CONDITIONS PRECEDENT	21
	 	 	 
	3.1	Lessor’s Conditions Precedent	21
	3.2	Waiver	23
	3.3	Lessee’s Conditions Precedent	23
	3.4	Waiver	24
	3.5	Reasonable Efforts	24
	3.6	Post-Closing Matters	24
	3.7	Waiver	25
	3.8	Cape Town Convention	25
	3.9	Bankruptcy-Related Matters	26
	 	 	 
	CLAUSE 4	COMMENCEMENT	26
	 	 	 
	4.1	Term of Leasing	26
	4.2	Delivery	27
	4.3	Licenses	27
	4.4	Inspection	27
	4.5	Pre-Delivery Modifications	28
	4.6	Quiet Enjoyment; Lessor’s Obligations	29
	 	 	 
	CLAUSE 5	DISCLAIMERS	30
	 	 	 
	5.1	General Disclaimers	30
	5.2	Deficiencies and Delays	30
	5.3	Repairs and Replacement	30
	 	 	 
	CLAUSE 6	RENT AND OTHER PAYMENTS	31
	 	 	 
	6.1	Rent	31
	6.2	Intentionally Omitted	31
	6.3	Intentionally Omitted	31
	6.4	Payment Obligations Unconditional	32
	6.5	Currency of Payments	32
	6.6	Currency Indemnity	32
	6.7	Authorisations for Payments	33
	6.8	Set-off; Withholding of Payments	33
	6.9	Lessor’s Account; Receipt of Payment	33

 

    (i)

     

    

 

	CLAUSE 7	FEES AND EXPENSES	33
	 	 	 
	CLAUSE 8	GENERAL UNDERTAKINGS	33
	 	 	 
	8.1	Duration	33
	8.2	Notice of Default; Certificate	34
	8.3	Financial and Other Information	34
	8.4	Corporate Existence	34
	 	 	 
	CLAUSE 9	OPERATIONAL UNDERTAKINGS	35
	 	 	 
	9.1	Registration, Title and Nameplates	35
	9.2	Liens	37
	9.3	Possession of Aircraft	38
	9.4	Information	41
	9.5	Aircraft Documents	41
	9.6	Lawful and Safe Operation	43
	9.7	Right of Inspection	44
	9.8	Compliance with Export Controls and Sanctions Laws	45
	 	 	 
	CLAUSE 10  	MAINTENANCE AND REPAIR	45
	 	 	 
	10.1	General	45
	10.2	Airworthiness Directive and Mandatory Regulatory Requirements Cost Sharing	47
	10.3	Maintenance Program	47
	10.4	Specific Requirements	47
	10.5	Substitution of Parts	48
	10.6	Pooling of Parts	50
	10.7	Alterations and Modifications	50
	 	 	 
	CLAUSE 11  	ENGINES AND APU	52
	 	 	 
	11.1	General Principles	52
	11.2	Removal of Engines or APU	53
	11.3	Claims against Removed Engine and Removed APU	55
	 	 	 
	CLAUSE 12 	INTENTIONALLY OMITTED	56
	 	 	 
	CLAUSE 13  	MANUFACTURER’S WARRANTIES	56
	 	 	 
	13.1	Assignment of Warranties	56
	13.2	Proceeds of Warranty Claims	56
	 	 	 
	CLAUSE 14  	INSURANCES	57
	 	 	 
	14.1	Obligation to Insure	57
	14.2	Insurance with Respect to the Aircraft	57
	14.3	Terms Specific to Hull Insurance	57
	14.4	Liability Insurance with Respect to the Aircraft	58
	14.5	Provisions Relating to all Insurance	58
	14.6	Insurance Covenants	59

 

    (ii)

     

    

 

	14.7	Information	61
	14.8	Additional Insurance; No Lien	61
	14.9	Failure to Insure	61
	14.10	Settlement of Claims	62
	14.11	Assignment	62
	14.12	Post Termination	62
	14.13	Reinsurance	63
	 	 	 
	CLAUSE 15  	LOSS, DAMAGE AND REQUISITION	64
	 	 	 
	15.1	Total Loss of Aircraft or Airframe	64
	15.2	Total Loss of Engine(s)	64
	15.3	Total Loss of APU	65
	15.4	Other Loss or Damage; Diminution of Value	66
	15.5	Requisition	66
	 	 	 
	CLAUSE 16  	DEFAULT	66
	 	 	 
	16.1	Classes of Events	66
	16.2	Lessor’s Rights	
	 	 	 
	CLAUSE 17  	PAYMENTS ON EVENT OF DEFAULT	72
	 	 	 
	17.1	Payments	72
	17.2	Further Notices	72
	17.3	No Limitation	72
	17.4	Mitigation	72
	17.5	Lessee Illegality Event	73
	17.6	Lessor Illegality Event	73
	17.7	Lessor Illegality Event and Lessee Illegality Event	73
	 	 	 
	CLAUSE 18  	REDELIVERY	73
	 	 	 
	18.1	Redelivery	73
	18.2	Condition of Aircraft and the Aircraft Documents	73
	18.3	Inspection; Corrections	
	18.4	Compliance after Term	75
	18.5	Deregistration and Export	75
	18.6	Ferry Flight	76
	18.7	Utilisation Adjustment Payments	76
	 	 	 
	CLAUSE 19  	INDEMNITIES	77
	 	 	 
	19.1	General Indemnities	77
	19.2	General Tax Indemnity	79
	19.3	Value Added Tax	82
	19.4	Payments on After-Tax Basis	82
	19.5	No Deductions or Withholdings	83
	19.6	Tax Benefit	83
	19.7	Reports	83
	19.8	Continuation of Indemnities	84
	19.9	Forms	84
	19.10	Termination Due to Chapter 11 Cases	84

 

    (iii)

     

    

 

	CLAUSE 20  	FURTHER PROVISIONS	85
	 	 	 
	20.1	Nature of Lessee’s Obligations	85
	20.2	Benefit of Agreement	85
	20.3	Further Assurances	87
	20.4	Rights Cumulative; Waivers; Variation; Counterparts; Language; Delivery by Facsimile or E-mail	88
	20.5	Delegation	88
	20.6	Evidence of Indebtedness	89
	20.7	Applications of Moneys	89
	20.8	Notices	89
	20.9	Invalidity of any Provision	90
	20.10	Lessor’s Right to Remedy	90
	20.11	Entire Agreement	90
	20.12	Governing Law	90
	20.13	Submission to Jurisdiction	91
	20.14	Confidentiality	91
	20.15	Contracts (Rights of Third Parties) Act 1999	92

 

	SCHEDULE 1	AIRCRAFT DESCRIPTION
	 	 
	SCHEDULE 2	ACCEPTANCE CERTIFICATE
	 	 
	SCHEDULE 3	PART A- LEASING AFFILIATES
	 	 
	 	PART B - APPROVED THIRD PARTY OPERATOR
	 	 
	SCHEDULE 4	OFFICER’S CERTIFICATE
	 	 
	SCHEDULE 5	REDELIVERY CONDITION
	 	 
	SCHEDULE 6	MAINTENANCE STATUS REPORT
	 	 
	SCHEDULE 7	FORM OF DEREGISTRATION POWER OF ATTORNEY
	 	 
	SCHEDULE 8	DELIVERY CONDITION REQUIREMENTS
	 	 
	CHEDULE 9	BASIC RENT AND OTHER TERMS
	 	 
	SCHEDULE 10	END OF LEASE UTILISATION PAYMENTS
	 	 
	SCHEDULE 11	PRE-DELIVERY MODIFICATIONS
	 	 
	SCHEDULE 12	FORM OF QUIET ENJOYMENT LETTER
	 	 
	SCHEDULE 13	FORM OF IRREVOCABLE DE-REGISTRATION AND EXPORT REQUEST AUTHORISATION
	 	 
	SCHEDULE 14	FORM OF RETURN ACCEPTANCE CERTIFICATE
	 	 
	SCHEDULE 15	FORM OF SUBORDINATION ACKNOWLEDGMENT
	 	 
	SCHEDULE 16	FORM OF BANKRUPTCY COURT ORDER

 

    (iv)

     

    

 

This AIRCRAFT LEASE
AGREEMENT is made as a deed this 1 day of February 2021 BETWEEN:

 

		(1)	VERMILLION
                                            AVIATION (NINE) LIMITED, a company duly incorporated under the laws of Ireland and having
                                            its registered office and its principal place of business located at 28-29 Sir John Rogerson’s
                                            Quay, Dublin 2., Ireland (the “Lessor”); and

 

		(2)	LATAM
                                            AIRLINES GROUP S.A., a company organized
                                            under the laws of Chile whose registered office is at Edificio Huidobro, Avenida Presidente
                                            Riesco 5711, 19th Floor, Las Condes, Santiago, Chile (the “Lessee”).

 

IT
IS AGREED as follows:

 

CLAUSE
1 DEFINITIONS AND INI ERPRETATION. 

 

1.1
Definitions. In this Agreement the following words and expressions have, except where the context otherwise requires, the following
meanings:

 

“Acceptance
Certificate” means the certificate substantially in the form set out
in Schedule 2.

 

“Additional
Modification Cost” REDACTED*

 

“Affiliate”
means, in respect of any person, any person directly or indirectly controlling, controlled by, or under common control with such
first person and for this purpose “control” in relation to any body corporate means the power of a person to
ensure:

 

(a) by
means of the holding of shares or the possession of voting power in or in relation to that or any other body corporate: or

 

(b) by
virtue of any powers conferred by the articles of association or other document regulating that or any other body corporate,

 

that
the affairs of the first mentioned body corporate are conducted in accordance with the wishes of that person.

 

“After-Tax
Basis” means, if and to the extent that any
sum payable under this Agreement by way of indemnity or reimbursement to proves be insufficient by reason of any Tax suffered thereon
to provide the recipient with such sum (after taking into account such Tax), the amount of such sum (the “base
amount”) together with such additional amount (the “additional amount”)
such that the recipient of the payment receives (after taking into account any Tax paid on the base amount and the additional amount)
an amount equal to the base amount.

 

“Agreed
Maintenance Performer” means Lessee or any other reputable manufacturer,
airline or maintenance organisation that is (i) experienced in maintaining aircraft and/or engines, (ii) duly certified under CFR Part
145 and/or under EASA Part 145, (iii) duly certified by the Aviation Authority and (iv) for the purposes of any Engine Performance Restoration
Shop Visit, a person approved by the Engine Manufacturer. 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    1

     

    

 

“Agreed Value” means
the amount specified in Schedule 9.

 

“Agreement”
means this Aircraft Lease Agreement and the Schedules and the Annex hereto as the same may be from time to time amended, modified, supplemented
and/or novated in accordance with the terms hereof.

 

“Aircraft” means (a)
the aircraft described in Part A of Schedule 1, including the Airframe, the Engines, the APU, the Landing Gear, and all Parts installed
in or on the Airframe at Delivery; (b) all substituted and/or replacement Parts at any particular time installed in or on such aircraft
and (c) any Parts installed in or on the Airframe following Delivery which have become the property of Lessor pursuant to this Agreement
or a Lessee’s Document and (d) the Aircraft Documents; including, in the case of (a), (b) and (c), any Part which is for the time
being detached from such aircraft but remains the property of Lessor pursuant to this Agreement.

 

“Aircraft Documents”
means all of the documentation set forth or referred to in Part B of Schedule 1 and as may be supplemented on the Delivery Date in Annex
2 of Schedule 2, and all technical data, manuals supplied by the Manufacturer or any other manufacturer or supplier (including, but not
limited to, any updated or revised manuals but excluding any and all component maintenance manuals), logs, records (including all historical
records), computer data media and other materials and documents kept by Lessee or for the benefit of Lessee by any third party after
Delivery or required to be kept with respect to the Aircraft or any part thereof whether in compliance with any Applicable Law or this
Agreement or any requirement for the time being of the Aviation Authority or otherwise.

 

“Airframe Utilisation Payment Rate”
means the Aircraft 6Y Utilisation Payment Rate and the Aircraft 12Y Utilisation Payment Rate, as applicable.

 

“Airframe Utilisation Payments”
means the Utilisation Adjustment Payment for the Airframe.

 

“Aircraft
6Y Utilisation Payment Rate” means the amount specified in Schedule 9.

 

“Aircraft 12Y Utilisation Payment
Rate” means the amount specified in Schedule 9.

 

“Airframe” means the
Aircraft, excluding the Engines, the APU, the Landing Gear, and the Aircraft Documents.

 

“Airframe Warranties Agreement”
means the Airframe Warranties Agreement in respect of the Airframe, dated as of the Delivery Date, and executed by way of deed poll by
the Manufacturer.

 

“Airworthiness Directive”
means all airworthiness directives applicable to the Aircraft issued by either EASA or both of EASA and the Aviation Authority.

 

“AMM”
means the latest revision of the Manufacturer’s Aircraft Maintenance Manual.

 

“Annual Adjustment Date”
means each anniversary of the Delivery Date.

 

    2

     

    

 

“Applicable Law” means
any law, treaty, court order, regulation, official guideline, official directive or mandatory requirement imposed by any Government Entity
which takes effect in the relevant circumstances whether or not having the force of law and which is applicable to the Aircraft and its
use, maintenance and operation, Lessor, Lessee, any Permitted Sublessee, any other sublessee or any person in possession thereof or the
transactions contemplated by this Agreement, any Permitted Sublease and any other Lessee’s Document.

 

“Approved
Third Party Operator” means:

 

(a) any
of the carriers, in each case to the extent it is permitted to be a sublessee of the Aircraft (or, as the case may be, any Engine) from
the Lessee under Applicable Law and is duly authorised by the relevant Aviation Authority, to (i) operate aircraft of the same make and
model as the Aircraft for the public carriage of passengers and cargo, or cargo, for hire or reward or (ii) in the case of the separate
sublease of any Engine, to operate aircraft engines of the same model and type as the Engine, which are referred to in Schedule 3 Part
B provided that any such carrier:

 

(i) may
be removed by the Lessor from time to time by written notice to the Lessee in the event that the Lessor, in its reasonable opinion, determines
that the financial condition of such carrier has materially deteriorated to the point that there is a material risk of such carrier’s
insolvency; and

 

(ii) the
sub-leasing of the Aircraft or, as the case may be, the sub- leasing of any Engine, to such operator would not result in any breach of
clause 9.8; and

 

(b) any
other carrier permitted to be a sublessee of the Aircraft or any Engine from the Lessee under Applicable Law which is duly authorised
by the relevant Aviation Authority to operate aircraft of the same make and model as the Aircraft for the public carriage of passengers
and cargo, or cargo, for hire or reward or, in the case of any separate sublease of an Engine, to operate aircraft engines of the same
model and type as the Engine which the Lessor may from time to time, upon request from Lessee, consent to, acting reasonably, provided
that, if the only adverse effect to the Lessor is that the Lessor would be exposed to increased monetary costs as a consequence of the
Aircraft or any Engine being subleased to the proposed sublessee and the Lessee agrees to fully indemnify the Lessor for such increased
costs, the Lessor shall not be entitled to withhold its consent to the subleasing of the Aircraft or, as the case may be, the Engine
to the proposed sublessee.

 

“APU” means (a) the
auxiliary power unit specified in Part A of Schedule 1 and (b) any Replacement APU unit installed on the Aircraft in accordance with
Clause 15.3, including any such auxiliary power unit which, having been removed from the Aircraft, remains the property of Lessor pursuant
to this Agreement.

 

“APU Cycle” means
each cycle or part thereof elapsing from the moment at which the APU commences operating until the APU is shut down, whether for aircraft
operations or testing.

 

“APU Hour” means each
hour or part thereof elapsing from the moment at which the APU commences operating until the time the APU is shut down, whether for aircraft
operations or testing.

 

    3

     

    

 

“APU Restoration”
means the restoration of the power and load modules in accordance with the APU manufacturer manual inspection limits.

 

“APU Utilisation Payments”
means the Utilisation Adjustment Payment for the APU.

 

“APU Utilisation Payment
Rate” means the amount specified in Schedule 9.

 

“Assignment of Insurances” means the
Assignment of Insurances, dated as of the Delivery Date, between Lessor and the Initial Sublessee together with all notices and
acknowledgments be issued or given thereunder.

 

“Assignment of Reinsurances”
means, if required in connection with any subleasing of the Aircraft pursuant to clause 9.3(d), an Assignment of Reinsurances, dated
on or about the date of the proposed sublease, between Lessor and the relevant Permitted Sublessee’s insurer or insurance broker,
as the case may be, together with the Notice and Acknowledgment relating thereto and entered into among each of the foregoing persons
and acknowledged by the relevant Permitted Sublessee’s reinsurer or reinsurance broker, as the case may be.

 

“ATAN” means Assessoria
para Assuntos de Tarifas de Navegação Aérea (ATAN), a division of the Departamento de Controle do Espaço
Aéreo (DECEA) of Brazil, or its successor, any authority or Government Entity which, under the laws of the State of Registration,
from time to time, has control or supervision in that state of the air navigation charges.

 

“Aviation Authority”
has the meaning set forth in Schedule 9.

 

“Back
to Birth Traceability” means in respect of any LLP, original, or certified copy of documentary evidence specifying the
part number and the unique serial number of such LLP, and providing a detailed full operational history record acceptable to an EASA
or FAA regulatory standard but in any event having the following: (i) the Original Delivery Document where Original Delivery
Document means (x) for a part delivered new as a spare part, the manufacturer’s airworthiness document (FAA Form 8130-3 or EASA Form
1) showing the part number and serial number, (y) for a part delivered new installed on an assembly, the manufacturer’s assembly
bill of material listing showing part number, serial number, assembly serial number and where relevant the as-delivered model and
thrust rating; (ii) a certified removal/installation (‘on/off’) transaction history detailing an unbroken record of the
hours and cycles elapsed at each relevant thrust rating (for engine LLPs) from new up to current.

 

“Bankruptcy Court”
means the United States Bankruptcy Court for the Southern District of New York.

 

“Bankruptcy Court Order”
means the bankruptcy court order in the form of Schedule 16 hereto, as reasonably modified and agreed to by the parties prior to the
filing of a motion seeking approval of this Agreement with the U.S. Bankruptcy Court in connection with the Chapter 11 Cases.

 

“Basic
Rent” has the meaning set forth in Schedule 9.

 

    4

     

    

 

“Business Day” means
a day, other than a Saturday or Sunday, on which banks are open in London, England, Dublin, Ireland, São Paulo, Brazil, Santiago,
Chile and New York City, United States of America for the transaction of business of the nature required by this Agreement.

 

“CAMO”
means a continuing airworthiness management organisation.

 

“Cape Town Convention”
means, collectively, the official English language texts of the Convention on International Interests in Mobile Equipment (the “Convention”),
the Protocol to the Convention on Matters Specific to Aircraft Equipment (the “Protocol”) both signed in Cape Town,
South Africa on 16 November 2001 and the regulations and procedures enacted by the Supervisory Authority of the International Registry
thereunder.

 

“C-Check” means all
zonal, systems and structural inspection checks which will be sufficient to clear the Aircraft for the C-Check Interval and in no event
less than 7,500 Flight Hours, 5,000 Cycles and 24 months at Delivery and 7,500 Flight Hours, 5,000 Cycles and 24 months at redelivery,
in accordance with the Maintenance Program.

 

“C-Check Interval”
means the then current Manufacturer’s Maintenance Planning Document interval between C-Checks at the time of redelivery, as applicable,
but in no event less than 7,500 Flight Hours, 5,000 Cycles and 24 months at Delivery, and no less than 7,500 Flight Hours, 5,000 Cycles,
and 24 months at redelivery.

 

“Chapter 11 Cases”
mean those certain chapter 11 proceedings under Title 11 of the United States Code, 11 U.S.C. §101 et. Seq., of the Lessee and its
affiliated debtors and debtors-in-possession, filed on 26 May 2020, 7 July 2020, and 9 July 2020 in the Bankruptcy Court.

 

“Compliance Date”
means the date on which Lessee has both (i) redelivered to Lessor the Aircraft, including the Aircraft Documents, in accordance with
this Agreement (or in the case of a Total Loss of the Aircraft, has paid the Agreed Value in accordance with this Agreement) and (ii)
paid all amounts and satisfied all obligations then due hereunder and under the Lessee’s Documents (in the case of any termination
of the leasing of the Aircraft following the occurrence of a Lessee Termination Event, subject always to the provisions of clause 19.10
of this Agreement).

 

“Connectivity Modification”
has the meaning set forth in Clause 10.7(c).

 

“CPCP” means the Manufacturer’s Corrosion Prevention Control
Program.

 

“Current Engine Thrust” means 27,000 Lb.

 

“Cycle” means one
(1) take-off and landing of the Aircraft or, in respect of any Engine or Part temporarily installed on another aircraft, of that other
aircraft.

 

“Damage Notification Threshold”
means the amount specified in Schedule 9.

 

“Default” means any
event that, with the giving of notice and/or the passage of time, would constitute an Event of Default.

 

“Default
Rate” meansREDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    5

     

    

 

“Delivery” means delivery
of the Aircraft by Lessor to Lessee hereunder.

 

“Delivery Condition Requirements” means the requirements for
the condition of the Aircraft at Delivery as set forth in Schedule 8.

 

“Delivery Date” means
the date on which Delivery occurs, such date being a date that occurs following the approval of the Bankruptcy Court Order as contemplated
by Clause 3.9(b).

 

“Delivery Location”
means the location specified in Schedule 9.

 

“Deregistration Power of Attorney”
means a power of attorney substantially in the form set out in Schedule 7.

 

“DGAC Chile” means
the Dirección General de Aeronáutica Civil de Chile, or any Government Entity that is the successor thereto.

 

“DSG” has the meaning
set forth in the definition of “Expiry Date” in Schedule 9.

 

“EASA” means the
European Aviation Safety Agency established by the European Parliament and the Council of the European Union under Regulation (EC)
Number 1592/2002 and any successor that under the laws of the European Union shall have from time to time control or supervision of
civil aviation in the European Union or have jurisdiction over the registration, airworthiness or operation of all other matters
relating to the Aircraft.

 

“Engine” means (a)
each of the engines of the manufacture and model and having the respective manufacturer’s serial numbers specified in Schedule
1 and all Parts installed in or on such engines at Delivery; (b) any Replacement Engine acquired by Lessor and leased to Lessee hereunder
pursuant to Clause 15.2 and all Parts installed in or on such engine at the time of such acquisition and lease; and (c) all substituted
and replacement Parts at any particular time installed in or on any of the said engines in accordance with this Agreement; including,
in the case of (a) and (b) above, any such engine which, having been removed from the Aircraft, remains the property of Lessor pursuant
to this Agreement and, in the case of (a), (b) and (c) above, any Parts which, having been removed from any such engine, remain the property
of Lessor pursuant to this Agreement.

 

“Engine Manufacturer”
means CFM International, Inc.

 

“Engine Rate Adjustment Factor”
has the meaning set forth in Schedule 9.

 

“Engine
Performance Restoration Shop Visit”REDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    6

     

    

 

REDACTED*

 

“Engine Swap Aircraft”
means, for purposes of Clause 11.2(b), the Airbus A320-214 aircraft bearing manufacturer’s serial numbers 4827, 6689, 6712, 6871,
and 6876, in each case, subject to an aircraft operating lease agreement between Lessor, as lessor, and Lessee, as lessee.

 

“Engine Restoration Utilisation
Payment Rate” means the amount specified in Schedule 9.

 

“Engine Restoration Utilisation
Payments” means, in respect of an Engine, the Utilisation Adjustment Payment payable in respect of that Engine.

 

“Engine Thrust Rating” means 33,000 Lb.

 

“Engine Warranty Agreements”
means the Engine Warranty Agreements dated as of the Delivery Date in respect of each Engine, between Lessor and the Engine Manufacturer.

 

“Event of Default”
means any of the events referred to in Clause 16.1.

 

“Expiry Date” means the date specified in Schedule 9.

 

“FAA” means the Federal
Aviation Administration of the Department of Transportation of the United States of America and any successor that under the laws of
the United States of America shall from time to time have control or supervision of civil aviation in the United States of America or
have jurisdiction over the registration, airworthiness or operation of, or other matters relating to, the Aircraft.

 

“Federal Aviation Regulations”
or “FAR” means the regulations promulgated by the FAA pursuant to Title 49, Subtitle VII of the United States
Code, including, for the avoidance of doubt, Part 25, Part 91 (as applicable), Part 121 and Part 129 (as applicable).

 

“Final Delivery Date”
means REDACTED*

 

“Final
Order” means an order or judgment, the operation or effect of which has not been reversed, stayed, modified, or amended,
and as to which order or judgment (or any reversal, stay, modification, or amendment thereof) (a) the time to appeal, seek certiorari,
or request reargument or further review or rehearing has expired and no appeal, petition for certiorari, or request for reargument or
further review or rehearing has been timely filed, or (b) any appeal that has been or may be taken or any petition for certiorari or
request for reargument or further review or rehearing that has been or may be filed has been resolved by the highest court to which the
order or judgment was appealed, from which certiorari was sought, or to which the request was made, and no further appeal or petition
for certiorari or request for reargument or further review or rehearing has been or can be granted; provided, however,
with respect to either of the foregoing, no order or judgment shall fail to be a Final Order solely because of the possibility that a
motion pursuant to Rule 60 of the Federal Rules of Civil Procedure or Bankruptcy Rule 9024 may be filed with respect to such order or
judgment.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    7

     

    

 

“Financing Documents”
means all Loan Agreements, Security Documents, swaps and forward interest rate agreements entered into in connection with any Loan Agreement
and all other documents from time to time executed by Lessor by way of security for, or as a guarantee of the performance by, Lessor
of its obligations under any Loan Agreement (whether or not such document secures any other obligations as well) and notified in writing
to Lessee.

 

“Fixed Basic Rent”
means has the meaning set forth in Schedule 9.

 

“Fixed Basic Rent Payment Date”
means the first day of each Fixed Basic Rent Period, provided that if a Fixed Basic Rent Period does not constitute the duration of the
entire applicable month, the Fixed Basic Rent for such period shall be prorated on the basis of a 30 day month.

 

“Fixed Basic
Rent Period” means each of the consecutive monthly periods throughout the period commencing on and including REDACTED*
and ending on the Expiry Date.

 

“Flight Hour” means
each hour or part thereof elapsing from the moment at which the wheels of the Aircraft (or other aircraft in the case of Parts, the APU
or Engines temporarily installed on such other aircraft) leave the ground on the take-off of the Aircraft (or such other aircraft) until
the wheels of the Aircraft (or such other aircraft) touch the ground on the landing of the Aircraft (or such other aircraft) following
such take-off.

 

“Government
Entity”                REDACTED* 

 

“Habitual Base” means
the jurisdiction set forth in Schedule 9.

 

“I.A.T.A.” means the International Air Transport Association.

 

“ICAO”
means the International Civil Aviation Organization.

 

“IDERA” means an Irrevocable
De-Registration and Export Authorisation in a form acceptable for filing with the Aviation Authority, substantially in the form of Schedule
13.

 

“Incident
and Accident Statement”                REDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    8

     

    

 

“Indemnitee”
means REDACTED*

 

“Initial Notice (AWA)”
means a notice signed by the Initial Entitled Party and the Initial Controlling Party (as each is defined in the Airframe Warranties
Agreement) and dated as of the Delivery Date in the form of schedule 3 (Initial Notice) of the Airframe Warranties Agreement.

 

“Initial Notice (EWA)”
means the notices signed by the Lessor and Lessee, and acknowledged by the Engine Manufacturer related to the EWA and dated as of the
Delivery Date in respect of each Engine.

 

“Initial Sublease”
means the sublease of the Aircraft entered into on or prior to the Delivery Date between Lessee and Initial Sublessee.

 

“Initial Sublessee”
means TAM Linhas Aéreas S.A.

 

“Insolvency Default”
means any Default in respect of the matters specified in Clauses 16.1(i)-16.1(n).

 

“International Registry”
shall mean the electronic registry maintained pursuant to the Cape Town Convention.

 

“Landing Gear” means
the nose and each main landing gear specified in Schedule 1 and any replacement landing gear installed on the Aircraft in accordance
with the terms of this Agreement, title to which is vested in Lessor in accordance with this Agreement.

 

“Landing Gear Utilisation Payment
Rate” means the amount specified in Schedule 9.

 

“Landing Gear Utilisation Payments”
means the Utilisation Adjustment Payment in respect of the Landing Gear.

 

“Landing Gear Overhaul”
means all scheduled landing gear maintenance and repair of the nose or main Landing Gears in the nature of overhaul and requiring complete
disassembly.

 

“Leasing Affiliate”
means any of

 

REDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    9

     

    

 

REDACTED*

  

under relevant accounting principles, be consolidated
for accounting purposes with Lessee.

 

“Lender” means one
or more banks or financial institutions or other persons notified in writing to Lessee that may from time to time provide financing to
Lessor in relation to acquisition or continuing ownership of the Aircraft and shall include any person acting as agent or security agent
or trustee for one or more Lenders; provided that any requirement in this Agreement to give notices to or receive consents from the Lender
shall be disregarded until such time as the Lender has been granted a Lien over the Aircraft or this Agreement and Lessee is so notified
in writing.

 

“Lessee’s Documents”
means this Agreement, the Acceptance Certificate, the Deregistration Power of Attorney executed by Lessee (if applicable), the IDERA
executed by Lessee (if applicable), the Assignment of Insurances executed by Lessee (if applicable), the Initial Notice (AWA), each Initial
Notice (EWA), each Subordination Acknowledgment, any acknowledgment of the Security Documents executed by Lessee and all notices, consents,
certificates, confirmations and other documents from time to time issued or entered into by Lessee pursuant to or in connection with
any thereof.

 

“Lessee Illegality Event”
means an event or circumstance which makes it (or will make it) unlawful in any jurisdiction for Lessee to fulfil or perform any of the
covenants or obligations expressed to be assumed by it under this Agreement or any other Operative Document to which it is a party and
such event or circumstance does not constitute a Lessor Illegality.

 

“Lessor Guarantee”
means a Guarantee in form and substance reasonably satisfactory to Lessee from Lessor Guarantor in respect of Lessor’s obligations
under this Agreement.

 

“Lessor
Guarantor” means        REDACTED*

 

“Lessor Illegality
Event” means an event or circumstance which makes it (or will make it) unlawful for Lessor to give effect to any of
its obligations under this Agreement or any other Operative Document to which it is a party and such event or circumstance apply
solely in Lessor’s and/or Lessor Guarantor’s jurisdiction of incorporation and do not apply to, or in respect of,
another jurisdiction.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    10

     

    

 

“Lessor’s Lien” means
any Lien over or in respect of the Aircraft arising as a result of            REDACTED*

 

“Lien” means any mortgage,
charge, pledge, lien, right of detention, right of set-off (but excluding any right of set-off arising in favour of a banker by operation
of law), any “international interest” or “national interest” (each as defined in the Cape Town Convention) or
any encumbrance or security interest whatsoever, howsoever created or arising.

 

“LLP” means any Part
for which a mandatory or established replacement time limit or inspection interval is specified in the type design, instructions for
continued airworthiness or, in some cases, the maintenance manual.

 

“LLP Utilisation Payment Rate”
means the amount specified in Schedule 9.

 

“LLP Utilisation Payments”
means, in respect of the LLPs of an Engine, the Utilisation Adjustment Payment payable for such LLPs.

 

“LLP Replacement Event”
means, in respect of an Engine, the performance of scheduled replacement of LLP(s) for an Engine in accordance with the Maintenance Program.

 

“Loan Agreement” means
any agreement from time to time entered into between Lessor and/or any Affiliate thereof and one or more Lenders providing financing
to Lessor and/or any Affiliate thereof in relation to the acquisition or continuing ownership of the Aircraft.

 

“LOPA
Payment”          REDACTED*

 

“Maintenance Planning Document”
means the latest revision of the Manufacturer’s recommended maintenance program for the Aircraft (including in respect of the Engines,
the applicable Engine Manufacturer’s work scope planning guide, engine program and maintenance planning guide).

 

“Maintenance Program”
means at any time a continuous airworthiness maintenance and inspection program of Lessee or any Permitted Sublessee (as applicable)
that is authorised and approved by the Aviation Authority and based on Manufacturer or Engine Manufacturer recommendations and in compliance
with EASA guidelines, encompassing scheduled maintenance (including block maintenance), condition monitored maintenance, and/or on condition
maintenance of the Airframe, Engines and Parts and Lessor, upon request, has the right to receive a copy of the Maintenance Program and,
upon request, the right but not the obligation to receive any and all updates, revisions and modifications to the Maintenance Program.

 

“Maintenance Requirements”
has the meaning provided in Clause 10.1.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    11

     

    

 

“Mandatory Regulatory Requirement”
means the mandatory operation requirements and modifications issued by EASA and the Aviation Authority.

 

“Manufacturer” means
Airbus S.A.S., a société par actions simplifiée organised and existing under the laws of France.

 

“Maximum Change Amount”
means the amount specified in Schedule 9.

 

“Maximum Deductible Threshold”
means the amount specified in Schedule 9.

 

“Minimum Liability Coverage Amount”
means the amount specified in Schedule 9.

 

“OEM” means an original equipment manufacturer.

 

“Operative
Documents” means       REDACTED*

 

“Other Agreement”
mean the operating lease agreement between the Lessor (or an Affiliate of the Lessor) and the Lessee relating to the Other Aircraft.

 

“Other
Aircraft”         REDACTED* 

 

“Part” means each
part, component, appliance, accessory, instrument or other item of equipment (other than complete Engines or other engines or the APU
or other auxiliary power unit) for the time being installed or incorporated in or attached to the Airframe or an Engine or which, having
been removed therefrom, remains the property of Lessor pursuant to this Agreement, including, for the avoidance of doubt, all LLPs.

 

“PBH Commencement Date”
means the Delivery Date.

 

“PBH Expiry Date” means REDACTED*

 

“PBH Period” means
the period commencing on (and including) the PBH Commencement Date and ending on (and including) the PBH Expiry Date.

 

“PBH Rent”
has the meaning set forth in Schedule 9.

 

“PBH Rent Payment
Date” has the meaning set forth in Clause 6.1(a).

 

“PBH Rent Period” means, during the PBH Period:

 

(a) in
respect of the first PBH Rent Period, the period commencing on (and including) the PBH Commencement Date and ending on the last day of
that calendar month; and

 

(b)
each subsequent PBH Rent Period shall commence on the first day of the calendar month immediately following the previous PBH Rent
Period and shall be of one calendar month’s duration, provided that the last PBH Rent Period shall end on (and include) the
PBH Expiry Date.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    12

     

    

 

“Permitted Sublease”
means any aircraft lease agreement entered into between Lessee, as lessor, and a Permitted Sublessee, as lessee, concerning the Aircraft
or any Engine and satisfying the requirements of Clause 9.

 

“Permitted Sublessee”
has the meaning provided in Clause 9.3(d) and includes any Leasing Affiliate.

 

“Permitted
Lien”         REDACTED*

 

“PMA
Parts”                REDACTED*

  

“Pre-Delivery Modifications”
has the meaning set forth in Clause 4.5.

 

“Pre-Delivery
Modification Contribution”        REDACTED*

  

“Prime Rate” means,
on any date that the same is to be determined the US$ “prime rate” as published in the Wall Street Journal on such date .

 

“Prior Operator” means           REDACTED*

 

“RAB” means the Brazilian
Aeronautical Registry, or any Government Entity that is the successor thereto.

 

“Rent” means      REDACTED*

 

“Replacement APU”
has the meaning set forth in Clause 15.3(c).

 

“Replacement Engine” has the meaning set forth in Clause 15.2(b).

 

“Replacement Part” has the meaning set forth in Clause 10.5(f).

 

“Return Acceptance Certificate”
means the certificate substantially in the form set out in Schedule 14.

 

“Return Location”
has the meaning provided in Clause 18.1.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    13

     

    

 

“Scheduled Delivery Date”
means the date specified in Schedule 9.

 

“Security
Documents” means any and all assignments by way of security or mortgage entered into by Lessor of any or all of
Lessor’s right, title and interest in and to the Aircraft, this Agreement and/or the other Lessee’s Documents from time
to time granted by Lessor in favor of any Lender and notified in writing to Lessee.

 

“Servicer”
means        REDACTED*

 

“6Y Check” means the
structural inspection of the Aircraft as defined by the latest revisions of the Maintenance Planning Document which shall include but
will not be limited to (i) the 6 year or equivalent Zonal, Structural and Systems Inspection Program tasks, (ii) the relevant C-Check
and lower checks and (iii) any CPCP tasks falling due at that interval.

 

“SRM” means the latest
revision of the Manufacturer’s Structural Repair Manual.

 

“State of Incorporation”
means the jurisdiction set forth in Schedule 9.

 

“State of Registration”
means the jurisdiction set forth in Schedule 9.

 

“Subordination
Acknowledgment” means a subordination acknowledgment substantially in the form set forth in Schedule 15.

 

“Subsidiary”
means:            REDACTED*

 

“Supplemental
Rent”           REDACTED*

 

“Tax
Indemnitee” means     REDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    14

     

    

 

“Taxes” means all
present and future taxes, levies, imposts, duties, withholdings wheresoever imposed, including, without limitation, value added tax,
consumption tax or any other tax in respect of added value or any income (including, without limitation, gross income, minimum, alternative
minimum, capital gains income, gross receipts and net receipts), franchise, transfer, sales, use, business, occupation, excise, personal
property, real property, stamp, documentary or other tax imposed by a Government Entity together with any penalties, additions to tax,
fines or interest with respect to any of the foregoing; and “tax” and “taxation” shall be construed accordingly.

 

“Term” means the period
commencing on the Delivery Date and ending on the Termination Date.

 

“Termination Date”
means the Expiry Date, or, if the Term is extended pursuant to Clause 18.4, the last day of the period for which the Term is so extended,
or, if earlier, (i) the date when Lessor terminates the leasing of the Aircraft to Lessee pursuant to the terms hereof, or (ii) the date
when Lessor receives the Agreed Value together with any other amounts then due and unpaid under the Lessee’s Documents following
a Total Loss of the Aircraft.

 

“Third Party Beneficiary”
has the meaning set forth in Clause 11.3(d).

 

“Total
Loss”          REDACTED*

  

“Total Loss Payment Date”
means with respect to a Total Loss the earlier of:

 

REDACTED*

 

REDACTED*

 

“12Y Check” means
the structural inspection of the Aircraft as defined by the latest revisions of the Maintenance Planning Document which shall include
but will not be limited to (i) the 12 year or equivalent Zonal, Structural and Systems Inspection Program tasks, (ii) the relevant C-Check
and lower checks, (iii) any CPCP tasks falling due at that interval and (iv) all Structural Significant Items SSI due when the 12Y Check
is accomplished.

 

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

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    15

     

    

 

“Utilisation Adjustment Payments”
means the amounts to be paid by Lessee pursuant to Clause 18.7 and Schedule 10.

 

 1.2 Interpretation.

 

		(a)	References in this Agreement to:

 

(i) Clauses,
Schedules or Annexes are, unless otherwise specified, references to Clauses of, and Schedules and Annexes to, this Agreement;

 

(ii) any
statutory or other legislative provision shall be construed as including any statutory or legislative modification or re-enactment thereof,
or any provision enacted in substitution therefor;

 

(iii) the
“Aircraft” include any part of the Aircraft, and, where the context so admits, any of the Aircraft Documents, and references
to any part of the Aircraft include any part of any Engine;

 

(iv) the
word “person” or “persons” or to words importing persons include, without limitation, individuals, partnerships,
limited liability companies, corporations, Government Entities and other bodies, corporate or unincorporated, whether having distinct
legal personality or not;

 

(v) “Lessor”
or “Lessee” include any assignee or transferee of Lessor or Lessee, respectively permitted in accordance with Clause 20.2
and any successors of such persons and references to a Lender includes any assignee or successor of that Lender;

 

(vi) any
agreement shall include such agreement as it may from time to time be amended, modified, supplemented, novated or substituted;

 

(vii) an
“agreement” also includes a concession, contract, deed, instrument, franchise, license, treaty or undertaking (in each case,
whether oral or written);

 

(viii) the
“assets” of any person shall be construed as a reference to the whole or any part of its business, undertaking, property,
assets and revenues (including any right to receive revenues);

 

(ix) “indebtedness”
includes any obligation (whether incurred as principal or surety) for the payment or repayment of money, whether present or future, actual
or contingent;

 

(x) “law”
shall include common or customary law and any constitution, decree, judgment, legislation, order, ordinance, regulation, rule, statute,
treaty, convention or other legislative measure in any jurisdiction or any present or future directive, regulation, procedure, request
or requirement, or official or judicial interpretation of any of the foregoing, in each case having the force of law;

 

(xi) “calendar
month” or “year” are references to calendar months and years under the Gregorian calendar

 

    16

     

    

 

(xii) “month”
are references to a period starting on one day in a calendar month and ending on the day prior to the day numerically corresponding day
in the next calendar month (and references to “months” shall be construed accordingly) save that, where any such period would
otherwise end on a non- Business Day, it shall end on the preceding Business Day, and provided that if there is no numerically corresponding
day in the month in which that period ends, that period shall end on the last Business Day in such month;

 

(xiii) a
“guarantee” also includes any other obligation (whatever called) of any person to pay, purchase, provide funds (whether by
way of the advance of money, the purchase of or subscription for shares or other securities, the purchase of assets or services, or otherwise)
for the payment of, to indemnify against the consequences of default in the payment of, or otherwise to be responsible for, any indebtedness
of any other person; and

 

(xiv) “gross
negligence” means in relation to any person, an intentional or conscious act or decision of such person taken with reckless disregard
for the consequences of such act or decision.

 

 (b) Headings are for ease of reference only.

 

(c) Where
the context so admits, words importing the singular number shall include the plural and vice versa, and words importing neuter gender
shall include the masculine or feminine gender.

 

CLAUSE 2REPRESENTATIONS AND WARRANTIES. 

 

2.1 Lessee’s
Representations and Warranties. Lessee acknowledges that Lessor has entered into this Agreement and the other Operative Documents
in full reliance on the representations and warranties by Lessee in Clauses 2.1 and 2.3; and Lessee now represents and warrants to Lessor
that the following statements are on the date hereof, and on the Delivery Date will be, true and accurate:

 

(a) Lessee
is a sociedad anónima duly incorporated under the laws of the State of Incorporation and is validly existing and in good
standing, and has full corporate power and authority to conduct its business as presently conducted, to own or hold under lease its assets,
to enter into and perform its obligations under the Lessee’s Documents and to consummate the transactions contemplated hereby and
thereby;

 

(b) all
necessary authorisations, approvals, consents, licenses, permits and orders of and registrations with any Government Entity have been
(or will on or before the Delivery Date) obtained and are (or will be on their being obtained) in full force and effect that are required
to authorise, Lessee to sign and deliver, and perform its obligations under and the transactions contemplated by the Lessee’s Documents;

 

(c)
the Lessee’s Documents constitute, or when entered into will constitute, legal, valid and binding obligations of Lessee, enforceable
in accordance with their respective terms except as enforceability may be limited by bankruptcy, insolvency or other general principles
of equity affecting the enforcement of creditors’ rights, including the need to obtain Bankruptcy Court approval of the Documents;

 

    17

     

    

 

(d) neither
the execution and delivery of the Lessee’s Documents nor the performance of any of the transactions contemplated herein by Lessee
and therein will: (i) contravene or constitute a violation or breach of or a default under any existing law or agreement by which Lessee
or any of its assets is bound, any agreement to which it is a party or Lessee’s organisational documents; (ii) cause any limitation
on Lessee or its assets or the powers of its directors or officers, whether imposed by or contained in Lessee’s organisational
documents or any existing law, agreement or otherwise, to be exceeded; or (iii) result in the creation or imposition of, or oblige Lessee
to create, any Lien (other than a Permitted Lien) over its undertaking or any of its assets, rights or revenues;

 

(e) except
for (i) such filings, registrations and recordings as will have been made on the Delivery Date as specified in Clause 3.1 and (ii) the
matters referred to in Clause 3.7 (Post-Closing Matters), it is not necessary or advisable under the laws of the State of Registration,
the State of Incorporation or the Habitual Base in order to ensure the validity, effectiveness or enforceability of any Lessee’s
Document or to protect the rights of Lessor in the Aircraft or any part thereof that any Lessee’s Document or any other instrument
be filed, registered or recorded or that any registration or any other action be taken and under such laws, the rights of Lessor in the
Aircraft will have priority in all respects over the claims of all creditors of Lessee (other than in respect of obligations mandatorily
preferred by law and statutory priorities in case of insolvency);

 

(f) the
obligations of Lessee under the Lessee’s Documents are, or upon execution thereof by Lessee will be, direct, general and unconditional
obligations of Lessee and rank, or will rank, at least pari passu with all other present and future unsecured and unsubordinated obligations
(including contingent obligations) of Lessee save for obligations mandatorily preferred by law and not by reason of any Lien;

 

(g) other
than the Chapter 11 Cases and events, conditions or circumstances related to the Chapter 11 Cases and related parallel and ancillary
proceedings in Chile, Colombia, and the Cayman Islands, no event has occurred that constitutes a material default under, any agreement
by which Lessee or any of its assets is bound or affected, and that could reasonably be expected to have a material adverse effect on
the financial condition of Lessee or an adverse effect on its ability to observe or perform its material obligations under the Lessee’s
Documents;

 

(h) other
than the Chapter 11 Cases and events, conditions or circumstances related to the Chapter 11 Cases and related parallel and ancillary
proceedings in Chile, Colombia, and the Cayman Islands, no litigation, arbitration or administrative proceeding that if adversely determined
(by itself or together with any other such proceedings or claims) would have a material adverse effect on Lessee’s ability to perform
its obligations under the Lessee’s Documents or a material adverse effect upon its financial condition is presently in progress
or pending or threatened against Lessee or any of its assets;

 

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(i) the
audited, (consolidated) accounts of Lessee for the fiscal year ended December 31, 2020 (or if unavailable at the time of Delivery, the
latest audited quarterly accounts available) have been prepared in accordance with generally accepted accounting principles in the State
of Incorporation and give a true and fair view of the results of its operations for that period and its consolidated financial condition
at such year-end date and, in particular, to the extent required by generally accepted accounting principles in the State of Incorporation,
accurately disclose or reserve against all the liabilities (actual or contingent) of Lessee, and, other than events, conditions or circumstances
related to the Chapter 11 Cases and related parallel and ancillary proceedings in Chile, Colombia, and the Cayman Islands, there has
been no material adverse change in the consolidated financial condition of Lessee since such year-end date which would have a material
adverse effect on the financial condition of Lessee or materially adversely affect the ability of Lessee to perform its obligations under
the Lessee’s Documents;

 

(j) all
necessary returns have been delivered by Lessee to the applicable taxation authorities within applicable filing periods, Lessee is not
in default in the payment of any material Taxes, no claim is being asserted with respect to Taxes that is not disclosed in the audited
accounts referred to in clause (i) above that if paid, could reasonably be expected to have a material adverse effect on the financial
condition of Lessee or a material adverse effect on Lessee’s ability to observe or perform any of its obligations under the Lessee’s
Documents;

 

(k) Lessee,
under Applicable Law, is subject to private commercial law and suit, and neither Lessee nor its properties or assets have any right of
immunity from suit or execution on the grounds of sovereignty in the State of Incorporation or any other jurisdiction or on any other
grounds;

 

 (l) no Default or Event of Default has occurred and is continuing;

 

(m) Lessee
has not granted to any person other than Lessor an “international interest, “national interest,” “prospective
international interest” (as such terms are defined in the Cape Town Convention) or a de-registration and export request authorisation
with respect to the Airframe or any Engine; and

 

(n) the
registered office of Lessee is at Avenida Presidente Riesco 5711, 19th Floor, Santiago, Chile and Lessee is not situated for purposes
of the Cape Town Convention in any jurisdiction other than the State of Incorporation.

 

2.2 Lessor’s
Representations and Warranties. Lessor acknowledges that Lessee has entered into this Agreement and the other Lessee’s
Documents to which it is a party in full reliance on representations and warranties by Lessor in the following subclauses; and Lessor
now represents and warrants to Lessee that the following statements are, on the date hereof, and on the Delivery Date will be, true and
accurate:

 

(a) Lessor
is duly organised and validly existing under the laws of the jurisdiction of its organisation and has full corporate power and authority
to conduct its business as presently conducted, to enter into and perform its obligations under the Operative Documents to which it is
a party and to consummate the transactions contemplated hereby and thereby;

 

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(b) Lessor’s
organisational documents incorporate provisions that permit, and all necessary action has been taken to authorise, and all necessary
authorisations of any Government Entity have been duly and unconditionally obtained and are now in full force and effect that are required
to authorise, Lessor to sign and deliver, and to perform the transactions contemplated by, the Operative Documents to which Lessor is
a party;

 

(c) the
Operative Documents to which Lessor is a party constitute, or when entered into will constitute, legal, valid and binding obligations
of Lessor, enforceable in accordance with their respective terms;

 

(d) neither
the execution and delivery of the Operative Documents to which Lessor is a party nor the performance of any of the transactions contemplated
herein and therein will: (i) contravene or constitute a violation or breach of or a default under any existing law or agreement by which
Lessor or any of its assets is bound, any agreement to which Lessor is a party or Lessor’s organisational documents; (ii) cause
any limitation on Lessor, or the power of its directors and officers, whether imposed by or contained in Lessor’s organisational
documents or any existing law, agreement or otherwise, to be exceeded; or (iii) result in the creation or imposition of, or oblige Lessor
to create, any Lessor’s Lien (other than Liens of the type described in clause (c) of the definition thereof);

 

(e) Lessor,
under Applicable Law, is subject to private commercial law and suit, and neither Lessor nor its properties or assets have any right of
immunity from suit or execution on the grounds of sovereignty in its state of incorporation or any other jurisdiction or on any other
grounds;

 

(f) the
obligations of Lessor under the Operative Documents to which it is a party are, or upon execution thereof by Lessor will be, direct,
general and unconditional obligations of Lessor and rank, or will rank, at least pari passu with all other present and future unsecured
and unsubordinated obligations (including contingent obligations) of Lessor save for obligations mandatorily preferred by law and not
by reason of any Lessor’s Lien;

 

(g) no
event has occurred that constitutes a contravention of, or default under, any agreement by which Lessor or any of its assets is bound
or affected, and that could reasonably be expected to have a material adverse effect on the financial condition, business, assets, operations
or prospects of Lessor or an adverse effect on its ability to observe or perform its obligations under the Operative Documents to which
it is a party;

 

(h) no
litigation, arbitration or administrative proceeding that could reasonably be expected (by itself or together with any other such proceedings
or claims) to have an adverse effect on Lessor’s ability to observe or perform its obligations under the Operative Documents to
which it is a party or a material adverse effect upon its financial condition, business, assets, operations or prospects is presently
in progress or pending or threatened against Lessor or any of its assets; and

 

(i)
the Aircraft is free and clear of all Liens (including, to Lessor’s knowledge, having made due inquiry, any Liens arising by, through,
or under the Prior Operator that would interfere with the quiet enjoyment of the Lessee), other than Permitted Liens.

 

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2.3 No
Prejudice. The rights of either party hereto in relation to any misrepresentation or breach of warranty by the other party shall
not be prejudiced by any investigation by or on behalf of the first party into the affairs of the other party, by the performance of
this Agreement and the other Operative Documents to which it is a party or by any other act or thing done or omitted by the first party
that would, but for this Clause 2.3, prejudice such rights.

 

CLAUSE 3CONDITIONS PRECEDENT. 

 

3.1 Lessor’s
Conditions Precedent. Lessor’s obligation to deliver and commence the leasing of the Aircraft under this Agreement is
subject to fulfilment of each of the following conditions:

 

(a) Lessor
shall have received the following documents, each in form and substance reasonably acceptable to Lessor, on or prior to Delivery:

 

(i) an
opinion of in-house legal counsel to Lessee in the State of Incorporation addressed to Lessor in respect of the capacity and due execution
by Lessee of the Operative Documents to which it is a party;

 

(ii) at
the cost and expense of Lessor, an opinion of independent legal counsel to Lessor as to matters of Brazilian law addressed to Lessor;

 

(iii) a
certificate substantially in the form of Schedule 4 signed by a duly authorised officer or director of Lessee together with the documents
referred to in such certificate;

 

(iv) a
certificate substantially in the form of Schedule 4 signed by a duly authorised officer or director of Initial Sublessee together with
the documents referred to in such certificate;

 

(v) copies,
or evidence of the issue of all consents, licenses, authorisations and approvals of any Government Entity (if any), that are required
in connection with the execution, delivery and performance of this Agreement, the other Lessee’s Documents, and the Initial Sublease
(as applicable);

 

(vi) an
insurance brokers’ certificate of insurance evidencing to the reasonable satisfaction of Lessor that the insurances comply with
Clause 14, together with a broker’s letter of undertaking addressed to Lessor and the Lenders (if any);

 

(vii) copies
of the up to date Lessee’s and Initial Sublessee’s air transport license (if any), air operator’s certificates and
all other licenses, certificates and permits required to be maintained by Lessee and Initial Sublessee for the public transport of passengers
and cargo by aircraft;

 

 (viii) a copy of the Initial Sublessee’s Maintenance Program;

 

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(ix) a
letter from the process agent appointed by Lessee accepting the appointment as contemplated by Clause 20.13(b);

 

(x) a
letter from the process agent appointed by Initial Sublessee accepting the appointment as contemplated by the Initial Sublease;

 

(xi)
two original copies of the IDERA issued by the InitialS ublessee; Sublessee;

 

 (xii) the Deregistration Power of Attorney signed by the Initial

 

(xiii) a copy of a letter from Initial
Sublessee to ATAN and theS uperintendência de Infra-Estrutura Aeroportuária – SIE pursuant to which Initial
Sublessee authorises the addressee to issue to Lessor, upon request from time to time, a statement of account of all sums due by
Initial Sublessee to the authority in respect of the Aircraft; and

 

 (xiv) a copy of the Initial Sublease

 

(xv) if
the Aircraft is subject to the Initial Sublease as at the Delivery Date, evidence that each of Lessee and Initial Sublessee has appointed
lawyers from Basch & Rameh Advogados Associados as professional user entities to effect the registrations on the International Register
(as defined in the Cape Town Convention) as set forth in this Agreement;

 

(b) Lessor
shall have received counterparts duly executed by Lessee and each other party thereto (other than Lessor) of this Agreement, the Acceptance
Certificate and the other Lessee’s Documents;

 

(c) If
the Aircraft is subject to the Initial Sublease as at the Delivery Date, Lessor shall have received evidence that the “international
interests” (as defined in the Cape Town Convention) arising out of (i) this Agreement in relation to the Airframe and (ii) the
Initial Sublease in relation to the Airframe and each Engine shall have been registered by the Lessor with the International Registry
and the rights to discharge all such international interests shall have been transferred to the Lessor;

 

(d) Lessor
shall have been able to download a copy of Lessee’s consolidated audited financial statements for its financial year ended 31 December
2020 (or if unavailable at the time of Delivery, the latest audited quarterly accounts available) as published on Lessee’s investor
relations website (www.latamairlinesgroup.net);

 

(e) Lessor shall have received all Basic Rent
due on or before the Delivery Date;

 

(f) each of the representations and
warranties contained in Clause 2.1 and in each of the other Operative Documents to which Lessee is a party shall be true and
accurate on the Delivery Date as if made on the date thereof; and

 

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(g)
no change shall have occurred after the date of this Agreement in any Applicable Law or in the interpretation thereof that, in
Lessor’s opinion, would make it illegal for Lessor and/or Lessee to perform any of their respective obligations under this
Agreement or any of the other Lessee’s Document;

 

(h) if
the Aircraft is subject to the Initial Sublease as at the Delivery Date, Lessee shall have delivered to Lessor evidence in the form of
a filing receipt (protocolo do RAB) that Lessee (or Initial Sublessee) has filed the Initial Sublease with the Aviation Authority,
along with its certified sworn translation into Portuguese prepared by a public translator in Brazil, the Subordination Acknowledgment,
and any other appropriate authorities or Government Entities and take such further actions as required by the Aviation Authority or any
other appropriate authorities or Government Entities to perfect Lessor’s interest in the Aircraft and the Initial Sublease in the
State of Registration; and

 

(i) the
U.S Bankruptcy Court administering Lessee’s currently pending Chapter 11 Cases has entered an order approving this Agreement, and
such order is a Final Order.

 

3.2 Waiver. The
conditions precedent set forth in Clause 3.1 are for the sole benefit of Lessor and may be waived or deferred by Lessor in whole or in
part and with or without conditions. If any of such conditions precedent are not satisfied on the Delivery Date, Lessee shall ensure
that such conditions precedent are satisfied within ten (10) days of the Delivery Date (or such later date as may be agreed in writing
between Lessee and Lessor, each acting reasonably).

 

 3.3 Lessee’s Conditions Precedent.

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

3.4 Waiver. The
conditions precedent set forth in Clause 3.3 are for the sole benefit of Lessee and may be waived or deferred by Lessee in whole or in
part and with or without conditions. If any of such conditions precedent are not satisfied on the Delivery Date, Lessor shall ensure
that such conditions precedent are satisfied within ten (10) days of the Delivery Date (or such later date as may be agreed in writing
between Lessee and Lessor, each acting reasonably).

 

3.5 Reasonable
Efforts. Each of Lessor and Lessee shall use commercially reasonable efforts to satisfy the conditions precedent described in
this Clause 3 that are within its own control.

 

3.6 Post-Closing
Matters. Lessor shall receive each of the following, in form and substance reasonably satisfactory to Lessor:

 

(a) Certificate
of Registration (“Matrícula”) and Certificate of Airworthiness (“Aeronavegabilidade”):
as soon as the documents are issued by the Aviation Authority, and in any event no later than sixty (60) Business Days after the Delivery
Date, a copy of (i) the Certificate of Registration of the Aircraft (Matrícula), specifying Lessor as owner of the Aircraft
and the Initial Sublessee as operator of the Aircraft, and (iii) a copy of the certificate of airworthiness issued by the Aviation Authority.

 

(b) Other
Certificates and Licenses: within sixty (60) Business Days after the Delivery Date a copy of the Initial Sublessee’s radio
station license with respect to the Aircraft.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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(c) Customs
Forms: within thirty (30) Business Days after the Delivery Date, a copy of the customs clearance forms, including the delivery
of a Declaration of Importation (“DI”) and Proof of Importation (“CI”), and any other
documents issued by the Brazilian Federal Revenue Secretariat (the “SRF”) evidencing that the Aircraft was
legally admitted into Brazil under the “Temporary Admission Regime” of the SRF for the full Term. In the event that the
SRF does not grant such special regime of Temporary Admission, Lessee, at its own cost and expense, will either pay the taxes due
and transfer the Aircraft to a new import regime or take the necessary steps to re-export the Aircraft to the Return Location and
cancel Brazilian Registration Marks of the Aircraft. In the event that the SRF grants an approval under the “Temporary
Admission Regime” for a period of less than the full Term then Lessee shall be obligated to procure a renewal of such approval
not less than thirty (30) days prior to its expiration.

 

(d) Registration of Documents with the
Aviation Authority: within ten (10) Business Days after the Delivery Date evidence of the filing receipt of the acceptance
certificate under the Initial Sublease executed by the Initial Sublessee and its sworn translation into Portuguese and the IDERA
executed by the Initial Sublessee with the Aviation Authority and within sixty (60) Business Days after the Delivery Date a
certificate (Certidão de Inteiro Teor) issued by the Aviation Authority evidencing registration of the Initial
Sublease, the IDERA executed by the Initial Sublessee, and the acceptance certificate under the Initial Sublease executed by the
Initial Sublessee with the Aviation Authority.

 

(e) Opinion.
within five (5) Business Days of the Delivery Date, a legal opinion from Basch & Rameh Advogados Associados as to the registration
of the “international interests” (as defined in the Cape Town Convention) created by this Agreement and the Initial Sublease
with the International Registry (as defined in the Cape Town Convention).

 

3.7 Waiver. If
any of such conditions subsequent are not satisfied within the time period specified in Clause 3.7, Lessee shall ensure that such condition
subsequent is satisfied within ten (10) Business Days of the date for such unsatisfied condition subsequent (or such later date as may
be agreed in writing between Lessee and Lessor, each acting reasonably).

 

 3.8 Cape Town Convention.

 

(a) In
this Agreement, the Convention and the Protocol shall be read and interpreted together as a single instrument as required by Article
6(1) of the Convention (the “Consolidated Text”). In this Clause 3.9 the following expressions have the respective meanings
given to them in Article 1 of the Consolidated Text:

 

aircraft engines; aircraft object; airframe;
assignment; associated rights; creditor; international interest; leasing agreement; prospective international interest; security agreement.

 

 (b) Lessor and Lessee agree that:

 

(i)
the Airframe is an airframe and, accordingly, an aircraft object to which this Agreement relates for the purposes of the Cape Town
Convention and is an Airbus A320-214 aircraft with manufacturer’s serial number 4860 and the Engines are aircraft engines and,
accordingly, aircraft objects for the purposes of the Cape Town Convention and are CFM International, Inc. Model CFM56-5B4/3 engines
with Engine Manufacturer’s serial numbers 643566 and 643614;

 

    25

     

    

 

(ii) the
international interest of Lessor, as a creditor, in the Airframe, being the lessor under a leasing agreement of an aircraft object shall,
on or prior to Delivery, be registered with the consent of Lessor and Lessee, as an international interest under the Cape Town Convention
in the Airframe;

 

(iii) on
or prior to delivery of the Aircraft by Lessee to Initial Sublessee pursuant to the Initial Sublease, (x) the international interest
of Lessee as a creditor in the Airframe and each Engine (by Lessee being the lessor under a leasing agreement of aircraft objects pursuant
to the Initial Sublease) shall be registered with the International Registry, and Lessee shall procure the consent of the Initial Sublessee
for such registration, and (y) the rights to discharge all such international interests shall be transferred to the Lessor; and

 

(iv) each
of the Events of Default set out to in Clause 16.1 will be deemed to be events that constitute a “default” (as such term
is used in the Convention).

 

 3.9 Bankruptcy-Related Matters.

 

(a) Lessee
shall file a motion with the U.S. Bankruptcy Court in connection with the Chapter 11 Case within five (5) Business Days of the date of
this Agreement seeking approval of the Bankruptcy Court Order; and

 

(b) Lessee
shall seek approval of the U.S. Bankruptcy Court of the Bankruptcy Court Order within forty five (45) days of the date of this Agreement,
authorizing Lessee to enter into this Agreement and the Operative Documents with respect to the Aircraft and to consummate the transactions
contemplated hereby and thereby, which order shall have become a Final Order.

 

(c)
It is agreed that the obligations of Lessor and Lessee hereto to participate in the transaction contemplated hereby are subject to the
approval of the U.S. Bankruptcy Court and entry of the Bankruptcy Court Order by the U.S. Bankruptcy Court.

 

CLAUSE 4COMMENCEMENT. 

 

 4.1 Term of Leasing.

 

(a) General.
Lessor will lease the Aircraft to Lessee and Lessee will take delivery of the Aircraft on lease in accordance with this Agreement for
the duration of the Term. Subject to Clause 4.2, Lessor will deliver and Lessee will accept the Aircraft on the Scheduled Delivery Date
at which time the leasing of the Aircraft pursuant to the terms of this Agreement shall commence. The date set forth on the Acceptance
Certificate confirming the “Delivery Date” shall be the Delivery Date for all purposes under this Agreement.

 

    26

     

    

 

 (b) Termination Prior to Delivery.

  

(i) If
Delivery does not occur on or before the Final Delivery Date for any reason other than Lessee being unwilling or unable to accept delivery
of the Aircraft on the date the Aircraft is validly tendered for Delivery to Lessee pursuant to this Clause 4, then either party may
by written notice to the other party terminate this Agreement and upon any such termination neither party will have any further obligation
to the other party under this Agreement.

 

(ii) Lessor
shall use its commercially reasonable efforts to deliver the Aircraft to Lessee as soon as possible following the date of this Agreement.
Lessor shall not be responsible for any damages suffered by Lessee arising from any delay in the delivery of, or failure to deliver,
the Aircraft to Lessee under this Agreement unless such delay or failure arises as a consequence of the gross negligence or wilful misconduct
of Lessor. Under no circumstances shall Lessor be liable for any consequential, exemplary, or punitive damages or any damages related
to loss of revenue.

 

(c) Risk
of Loss. Upon Delivery, the Aircraft, the Engines, the APU and every Part will be in every respect at the sole risk of Lessee, who
will bear all risk of loss, theft, damage or destruction to the Aircraft, any Engine or any Part from any cause whatsoever.

 

4.2 Delivery. Subject
to satisfaction (or waiver) of the conditions precedent set forth in Clause 3.1, Lessor will deliver the Aircraft to Lessee and, subject
to the satisfaction (or waiver) of the conditions precedent set forth in Clause 3.3, and the Aircraft meeting the Delivery Condition
Requirements as set out in this Agreement, Lessee will accept the Aircraft at the Delivery Location. Without prejudice to Clauses 3.1
and 4.1, Lessee will effect acceptance of the Aircraft by execution and delivery to Lessor of the Acceptance Certificate. Lessee’s
acceptance of the Aircraft shall be regarded for all purposes as absolute, unconditional and irrevocable.

 

4.3 Licenses. Lessee
will be responsible for obtaining (or procuring that Initial Sublessee obtains) at its expense all licenses, permits and approvals which
may be necessary to transport the Aircraft from the Delivery Location to the State of Registration and/or the Habitual Base. Lessor will
furnish such data and information as Lessor may have in its possession and as may be reasonably requested by Lessee in connection with
obtaining any such license, permit or approval.

 

4.4 Inspection. Prior
to the Scheduled Delivery Date, Lessor will make the Aircraft and the Aircraft Documents available to Lessee at the Delivery Location
(or at another location agreed to by Lessor and Lessee) in order for Lessee to verify that the Aircraft satisfies the Delivery Condition
Requirements. Such inspection will include and be for a mutually agreed sufficient duration to permit Lessee to:

 

 (a) inspect the Aircraft Documents;

 

 (b) inspect the Aircraft and any uninstalled Parts;

 

(c)
observe a demonstration flight (of approximately two (2) hours duration) based on the Manufacturer’s used aircraft flight
procedure, including take- off performance test and engine ground runs, per the Task 71-00-00-710-008-B Power Assurance Check to
demonstrate that each Engine performance, including EGT margin, is consistent with the Engine Flight Hours and Cycles operated since
the previous Engine Performance Restoration Shop Visit. If any dispute arises between Lessor and Lessee with respect to the EGT
takeoff margin, the parties shall seek the determination of the Engine Manufacturer for final resolution;

 

    27

     

    

 

(d) inspect
the Engines, including a full digitally recorded borescope of combustor and low and high pressure compressor and turbine areas, as well
as an engine max power assurance run per the Engine Manufacturer’s criteria; and

 

(e) inspect
the APU, including a full digitally recorded borescope inspection, and chip detector inspection, in accordance with the AMM and a line
maintenance inspection or health check.

 

Lessor shall be responsible for all costs associated
with the foregoing inspections; provided, however, that Lessor shall not be responsible for any costs associated with Lessee’s
personnel, including travel, meals, lodging and any costs and expenses ancillary thereto.

 

Lessee
may accept the Aircraft subject to the correction of any defect or non- conformity with the Delivery Condition Requirements observed
during the inspection or demonstration flight in which case Lessee shall notify Lessor promptly upon the discovery of any such defect
or non-conformity. Lessor may correct or procure the correction, at no cost to Lessee, of the defect or non-conformity as promptly as
practicable, and Lessor may postpone the Delivery Date to the date on which Lessor notifies Lessee that the defect or non- conformity
has been rectified; provided, however that Lessor and Lessee agree that in the case of any defects or non-conformities not affecting
the airworthiness of the Aircraft or of the ability of the Aircraft to be immediately placed into commercial service by Lessee (for which
the combined cost of rectifications would not exceed REDACTED*), Lessor may deliver the Aircraft to Lessee and, at
Lessor’s option after consultation with Lessee, (i) pay to Lessee an amount equal to the estimated cost of rectification of such
defects or non-conformities as agreed between Lessor and Lessee (including the reasonable out-of-pocket costs incurred by Lessee to correct
such defects and non-conformities), (ii) procure the correction of such defects or non-conformities at Lessor’s cost following
Delivery at a time agreed upon with Lessee or (iii) permit the Aircraft to be redelivered to Lessor at the end of the Term with such
defects or non-conformities in the same condition of deviation from the required redelivery condition as at Delivery, and in the case
of (i), (ii) and (iii), Lessee shall not be entitled to rely on the failure of those defects or non-conformities to meet the Delivery
Condition Requirements as the basis upon which it does not accept the valid tender of the Aircraft for Delivery pursuant to the terms
hereof. Lessor or Lessee will be entitled to terminate this Agreement if Lessor notifies Lessee that Lessor does not intend to correct
the defect or non- conformity. If this Agreement is not terminated and Lessor corrects or procures the correction of any such defect
or non-conformity, Lessor shall make the Aircraft available for reinspection by Lessee. Upon completion of such inspection or reinspection,
and provided that the Delivery Condition Requirements are then satisfied, Lessee shall effect acceptance of the Aircraft in the manner
and with the effect specified in Clause 4.2.

 

 4.5 Pre-Delivery Modifications.

 

REDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 4.6 Quiet Enjoyment; Lessor’s Obligations.

 

(a) Quiet
Enjoyment. So long as no Event of Default has occurred and is continuing, neither Lessor nor any person lawfully claiming by or through
it will disturb the quiet use, possession and enjoyment of the Aircraft by Lessee during the Term. Lessor will procure that the Lender
(or, in the case of multiple Lenders, the agent on behalf of the Lenders) and any other assignee or transferee of Lessor pursuant to
Clause 20.2 will give a direct covenant to Lessee on the same terms to those set out in this subclause (a).

 

(b) Lessor
Obligations Following Termination Date. Within five (5) Business Days after (i) redelivery of the Aircraft to Lessor in accordance
with and in the condition required by this Agreement, or (ii) payment to Lessor of the Agreed Value following a Total Loss and all other
amount due hereunder, Lessor will pay to Lessee the amount of any Basic Rent received in respect of any period falling after the date
of redelivery of the Aircraft or payment of the Agreed Value, as the case may be.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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CLAUSE 5DISCLAIMERS. 

 

 5.1 General Disclaimers.

 

(a) LESSEE
ACKNOWLEDGES AND AGREES THAT LESSEE ALONE HAS SELECTED THE AIRCRAFT FOR LEASING BY LESSOR TO LESSEE.

 

(b) LESSEE
UNCONDITIONALLY AGREES THAT THE AIRCRAFT AND EACH PART THEREOF IS TO BE LEASED IN AN “AS IS, WHERE IS” CONDITION AS AT THE
DELIVERY DATE AND THROUGHOUT THE TERM, AND NO TERM, CONDITION, WARRANTY, REPRESENTATION OR COVENANT OF ANY KIND HAS BEEN MADE OR IS GIVEN
BY LESSOR OR ITS SERVANTS OR AGENTS IN RESPECT OF THE AIRWORTHINESS, VALUE, QUALITY, DURABILITY, CONDITION, DESIGN, OPERATION, DESCRIPTION,
MERCHANTABILITY, SATISFACTORY QUALITY OR FITNESS FOR USE OR PURPOSE OF THE AIRCRAFT OR ANY PART THEREOF, AS TO THE ABSENCE OF LATENT,
INHERENT OR OTHER DEFECTS (WHETHER OR NOT DISCOVERABLE), OR AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, COPYRIGHT, DESIGN, OR
OTHER PROPRIETARY RIGHT; AND ALL CONDITIONS, WARRANTIES AND REPRESENTATIONS (OR OBLIGATION OR LIABILITY, IN CONTRACT OR IN TORT) IN RELATION
TO ANY OF THOSE MATTERS, EXPRESSED OR IMPLIED, STATUTORY OR OTHERWISE, ARE EXPRESSLY EXCLUDED.

 

(c) DELIVERY
OF THE ACCEPTANCE CERTIFICATE BY LESSEE TO LESSOR SHALL BE CONCLUSIVE PROOF AS BETWEEN LESSOR ON THE ONE HAND AND LESSEE ON THE OTHER
HAND THAT LESSEE’S TECHNICAL EXPERTS HAVE EXAMINED AND INVESTIGATED THE AIRCRAFT AND EACH PART THEREOF AND THAT THE AIRCRAFT AND
EACH PART THEREOF IS AIRWORTHY AND IN GOOD WORKING ORDER AND REPAIR, WITHOUT DEFECT (WHETHER OR NOT DISCOVERABLE AT THE DELIVERY DATE),
AND (EXCEPT AS OTHERWISE STATED THEREIN) IN EVERY WAY SATISFACTORY TO LESSEE.

 

5.2 Deficiencies
and Delays. Lessee agrees that neither Lessor nor Servicer shall be liable for any liability, claim, proceeding, loss, damage,
fee, cost or expense of any kind caused directly or indirectly by, or associated with, the Aircraft or any part thereof, any inadequacy
of the Aircraft for any purpose or any deficiency or defect therein, the use or performance of the Aircraft, any maintenance, repairs,
replacement or modification to the Aircraft, any interruption or loss of service or use of the Aircraft (except if such interruption
of service is caused directly by a breach of Clause 4.5(a) by Lessor or any other party) or other than with respect to any claim of Lessee
relating to a breach by Lessor of Clause 4.5(a), any loss of business or other consequential damage or any damage whatsoever relating
to any of the above matters.

 

5.3 Repairs
and Replacement. If the Aircraft or any part thereof is lost, confiscated, damaged, destroyed or otherwise rendered unfit or
unavailable for use after Delivery, Lessor shall not be liable to repair the same or to supply any equipment in substitution therefor.

 

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CLAUSE 6RENT AND OTHER PAYMENTS. 

 

 6.1 Rent.

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 6.2 Intentionally Omitted.

 

 6.3 Intentionally Omitted.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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6.4 Payment
Obligations Unconditional. Lessee’s obligation to pay Rent in accordance with this Agreement shall be absolute and
unconditional irrespective of any contingency whatsoever, including, without limitation, (i) any right of set-off, counterclaim,
recoupment, defence, withholding or other right Lessee may have against Lessor or any other person, (ii) any unavailability of the
Aircraft for any reason, (including, without limitation, a requisition thereof not constituting a Total Loss of the Aircraft
including all Engines) or any prohibition or interruption of or other restriction against Lessee’s use, operation or
possession of the Aircraft, any interference with such use, operation or possession or any lack or invalidity of title or any other
defect in the 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 the Total Loss of, or any damage (not constituting a Total Loss) to, the Aircraft, (iii)
any insolvency, bankruptcy, reorganisation, arrangement, readjustment of debt, dissolution, liquidation or similar proceedings by or
against Lessor or Lessee, (iv) any invalidity or unenforceability or lack of due authorisation of, or other defect in, this
Agreement or any of the other Lessee’s Documents, (v) any failure or delay on the part of any party hereto or of Lessor to
duly to perform or comply with its obligations under this Agreement or any Operative Document, and (vi) any other cause that, but
for this provision, would or might have the effect of terminating, discharging or in any way affecting any obligation of Lessee
hereunder. Nothing in this Clause 6.3 shall be construed to limit Lessee’s rights and remedies in the event of Lessor’s
breach of its covenant of quiet enjoyment set forth in Clause 4.5, or to take separate legal proceedings to recover damages from
Lessor or to limit Lessee’s rights and remedies to pursue in a court of law any claim it may have against any other
person.

 

6.5 Currency
of Payments. Except as set forth in the proviso below, all payments hereunder shall be made in US Dollars in immediately available
funds on the due date for payment; provided that any amount Lessee is obligated to pay hereunder as an indemnity or reimbursement shall
be paid in the currency specified by the recipient thereof.

 

6.6 Currency
Indemnity. If, under any Applicable Law, whether as a result of judgment against Lessee or the liquidation of Lessee or for
any other reason, any payment under or in connection with this Agreement is made or is recovered in a currency (the “other currency”)
other than the currency (the “currency of obligation”) in which it is payable pursuant to this Agreement then:

 

(i) to
the extent that the payment (when converted into the currency of obligation at the rate of exchange on the date of payment or, in the
case of a liquidation, the latest date for the determination of liabilities permitted by the Applicable Law) falls short of the amount
unpaid under this Agreement, Lessee shall, as a separate and independent obligation, fully indemnify Lessor and any other person entitled
to such payment against the amount of the shortfall;

 

(ii) Lessee
shall indemnify Lessor and any other person entitled to such payment as an independent obligation against any loss or liability arising
out of or as a result of the conversion; and

 

(iii) Lessee
shall pay on an After-Tax Basis to Lessor any exchange costs and Taxes payable in connection with such conversion.

 

For the purposes of this clause “rate
of exchange” means the rate at which Lessor is able on the relevant date to purchase the currency of obligation in New York
(or at its option, London) with the other currency.

 

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6.7 Authorisations
for Payments. Lessee shall obtain or procure that there are obtained all certificates, licenses, permits and other
authorisations that are from time to time required for the making of the payments required by this Agreement on the date and in the
amounts and currency that are stipulated herein and therein, and shall maintain the same or procure that the same are maintained in
full force and effect for so long as the same shall be required.

 

6.8 Set-off;
Withholding of Payments. At any time after the occurrence of an Event of Default and as long as the same is continuing, Lessor
may set off any matured obligation owed by Lessee under this Agreement or the other Lessee’s Documents against any matured obligation
owed by Lessor to Lessee, regardless of the place of payment or currency. If the obligations are in different currencies, Lessor may
convert either obligation at the market rate of exchange available in New York (or at its option, London) for the purpose of the set-off.
If an obligation is unascertained or unliquidated, Lessor may in good faith estimate that obligation and set off in respect of the estimated
amount, in which case when the obligation is ascertained or liquidated Lessor or Lessee may make a payment to the other (as appropriate)
in respect of any amount by which the ascertained or liquidated amount differs from the estimated amount. Lessor will not be obliged
to pay any amounts to Lessee under this Agreement so long as any sums which are then due from Lessee to Lessor under this Agreement remain
unpaid or any Event of Default is continuing, and any such amounts which would otherwise be due will fall due only if and when Lessee
has paid all such sums and cured to Lessor’s satisfaction all such Events of Default.

 

6.9 Lessor’s
Account; Receipt of Payment. All payments by Lessee under this Agreement shall be made to such bank and/or account as Lessor
may from time to time notify in writing to Lessee no less than five Business Days prior to the due date of any such payment. All payments
must be received at such account on the due date therefor. If any date on which a payment would be due is not a Business Day, such payment
shall be on the succeeding Business Day.

 

CLAUSE 7FEES AND EXPENSES. 

 

Each party to this Agreement shall pay its own
expenses (including, without limitation, legal and other out-of-pocket expenses) incurred in connection with the negotiation, preparation
and completion of this Agreement and the other Lessee’s Documents except Lessee shall pay or reimburse Lessor, as applicable, for
(i) all legal fees and expenses of its counsel incurred in providing the opinions required under Clause 9.1(c)(iv), and (ii) all fees,
costs and expenses associated with (a) perfecting this Agreement or any other Lessee’s Document in the State of Registration, the
State of Incorporation and/or the Habitual Base, including, but not limited to, all filings and recordings and the provision of translations,
registrations, notarisations and/or legalisations, if required, and (b) any fees incurred by Lessor with respect to any registrations
on or searches of the International Registry in connection with the Delivery of the Airframe and Engines or the commencement or termination
of this Agreement and any legal opinion in connection therewith and (ii) the registration of the Aircraft with the Aviation Authority.

 

CLAUSE 8GENERAL UNDERTAKINGS. 

 

8.1 Duration.
Lessee shall at all times during the Term perform and comply with all of its undertakings, covenants and agreements in this
Agreement and shall procure that no person (other than Lessor, Lessor Guarantor and any Lender) will act in any manner inconsistent
with Lessee’s obligations hereunder from the date of this Agreement. All such undertakings, covenants and agreements shall be
performed at Lessee’s expense except where this Agreement expressly provides otherwise.

 

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 8.2 Notice of Default; Certificate.

 

(a) Lessee
shall notify Lessor if Lessee becomes aware of the occurrence of an Event of Default.

 

(b) If
the Aircraft or, as the case may be, any Engine is subleased to a Permitted Sublessee, Lessee shall promptly notify Lessor if that sublease
is terminated or terminates (other than as a result of the normal expiration thereof).

 

(c) Lessee,
upon written request by Lessor, provide to Lessor a confirmation as to whether, to Lessee’s knowledge, a Default or such other
event or circumstance as if referred to in paragraph (a) above has then occurred or is then subsisting.

 

 8.3 Financial and Other Information.

 

(a) Upon
request, Lessee shall deliver or cause to be delivered to Lessor promptly after the same are available (and in any event within one hundred
and twenty (120) days) after the end of each of Lessee’s financial years ending after the date hereof, a copy of Lessee’s
financial statements for such financial year, which (i) shall be audited by independent, certified public accountants in accordance with
generally accepted accounting principles and practices in the State of Incorporation consistently applied, (ii) shall fairly and accurately
present the financial position of Lessee as at the date as of which they were prepared and the results of the operations of Lessee for
the period to which they relate and (iii) shall, in accordance with such accounting principles and practices, disclose all significant
liabilities, actual or contingent, of Lessee. Provided however that Lessee will not be required to provide any such information which
is publicly available through the following website: www.latamairlinesgroup.net.

 

(b) Upon
request and with reasonable promptness, Lessee shall provide Lessor with such other financial, operational and other information concerning
Lessee as Lessor may from time to time reasonably request to the extent such information is relevant to the performance of Lessee’s
obligations under this Agreement, the Lessee’s Documents and in any event subject to any confidentiality restrictions on Lessee
in respect thereof.

 

8.4 Corporate
Existence. Lessee will preserve its corporate existence in the State of Incorporation (other than as may be required in connection
with any solvent re- organisation of Lessee’s business including any solvent re-organisation of airline operations between Lessee
and its Leasing Affiliates).

 

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CLAUSE 9OPERATIONAL UNDERTAKINGS. 

 

 9.1 Registration, Title and Nameplates.

 

(a) Registration.
At its own cost and expense, Lessee shall ensure that upon Delivery and at all times during the Term, the Aircraft is registered
with the Aviation Authority in the name of Lessor with its interests in the Aircraft noted in the register in accordance with
Applicable Laws of the State of Registration or, in the event that such registration is not possible, in the name of Lessee or
Permitted Sublessee with Lessor’s interest in the Aircraft noted in the register (if possible). Lessor agrees to cooperate
with Lessee, at the expense of Lessee, to the extent necessary to maintain such registration.

 

(b) Lessee
shall co-operate with Lessor, at no expense to Lessee, to register a mortgage for the benefit of any Lender with the Aviation Authority
or such other Government Entity which is the proper place for such registration. Notwithstanding the foregoing sentence, if permitted
under Applicable Law Lessee is the only party with the legal standing to register such mortgage, Lessee agrees, at Lessor’s costs,
to make such registration.

 

(c) Solely
in connection with the subleasing of the Aircraft, the Aircraft may be re-registered (1) with DGAC Chile, (2) the RAB, (3) the Aviation
Authority of the country of any Leasing Affiliate, or (4) subject to the prior written consent of Lessor, the Aviation Authority of any
country in which any other Permitted Sublessee (other than a Leasing Affiliate) is organised and the Habitual Base may be a location
in that country, provided that, in each case:

 

(i) no
Insolvency Default has occurred and is continuing, provided that for these purposes, Clauses 16.1(i)-(n) shall not apply during the pendency
of the Chapter 11 Cases and related parallel and ancillary proceedings in Chile, Colombia, and the Cayman Islands;

 

(ii) Lessee,
at its expense, provides assurances reasonably satisfactory to Lessor (A) to the effect that the insurance provisions of this Agreement
have been or will be complied with after giving effect to the change in registry and/or Habitual Base, (B) of the payment of all costs
and expenses of Lessor and each Lender (including reasonable legal fees and expenses) reasonably incurred in connection with the change
in registry and/or Habitual Base, (C) as to the continuation of this Agreement and the perfection of Lessor’s right in and title
to the Aircraft and the enforceability of any security interest over the Aircraft granted by Lessor to Lender as a first priority perfected
Lien on the Aircraft, (D) only with respect to Clauses 9.1(c)(3) and 9.1(c)(4) above and in the case of 9.1(c)(2) if the Aircraft is
deregistered and reregistered with the RAB and, in the period between such deregistration and re-registration, there has been a relevant
change of law or any other event that would materially affect Lessor’s ability to deregister or repossess the Aircraft in Brazil,
that the country in which the Aircraft will be registered and/or based provides substantially equivalent or better protection for the
rights of lessors, owners and lenders that are similarly situated to Lessor and Lenders in similar transactions under the laws of the
then current State of Registration and imposes aircraft maintenance standards not, taken as a whole, less stringent than those of the
then current State of Registration (in the case of clause 9.1(c)(2) by reference to the position accepted by the Lessor at the time of
the Aircraft’s original registration in Brazil, subject to the qualifications set forth in this subclause(c)(ii)) and (E) that
such change in registry and/or Habitual Base will not result in the imposition of, or increase in the amount of, any Tax, fees or expenses
for which Lessee is not required to indemnify, or is not then willing to enter into a binding agreement to indemnify each Indemnitee
for;

 

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(iii) Lessee
pays all costs and expenses of Lessor and each Lender (including legal fees and expenses) and all Taxes incurred or payable in connection
with the change in registry and/or Habitual Base; and

 

(iv) Lessee
provides opinions of counsel (in form and substance reasonably satisfactory to Lessor) with respect to a Leasing Affiliate, from independent
counsel in the jurisdiction of Leasing Affiliate (reasonably satisfactory to Lessor) addressed to Lessor and each Lender with respect
to the matters described in (ii) above and as to such other matters concerning the laws of the new State of Registration and/or Habitual
Base and as to matters of due authorization and execution by that Leasing Affiliate as Lessor may reasonably request (it being acknowledged
that the due authorization and execution by Lessee of any documents to which it is party in connection with such arrangements can be
the subject of a legal opinion from in-house counsel to Lessee in substantially the same form as that provided to Lessor on Delivery).

 

Upon the termination of any sublease permitted
hereunder, (i) the Aircraft shall be registered with (w) the State of Incorporation, (x) the FAA in the United States of America; (y)
the state of incorporation of the Leasing Affiliate operating the Aircraft at the relevant time, or (z) another country in which the
Aircraft may be permissibly registered from time to time pursuant to the preceding provisions of Clauses 9.1(a) to 9.1(c) and (ii) the
provisions of Clauses 9.1(c)(ii)(B) through 9.1(c)(ii)(D), (iii) and (iv) shall apply to such registration, and, provided further, that
prior to such registration, Lessee shall procure a deregistration power of attorney in form and substance substantially similar to the
Deregistration Power of Attorney and, if the Aircraft is to be registered in any jurisdiction that has enacted the Cape Town Convention,
an IDERA in form acceptable to the new Aviation Authority.

 

(d) Lessee
shall obtain (and at all times thereafter maintain in effect) with respect to the Aircraft a full certificate of airworthiness in accordance
with all Applicable Laws, rules and regulations of the State of Registration and provide Lessor (if requested by Lessor) with a copy
of the same, and Lessee shall comply with any special conditions attaching thereto within any time limits imposed for compliance by the
Aviation Authority. Lessee shall, if requested by Lessor, produce to Lessor true copies of each certificate of airworthiness for the
Aircraft, and each certificate of registration issued to the Aircraft.

 

(e) Preservation
of Rights. Lessee shall not do or knowingly permit to be done anything that would jeopardise the rights of Lessor as owner of,
or any Lender in the Aircraft and shall cause to be taken all actions necessary or reasonably requested by Lessor (at the cost of
Lessor to the extent relating to a Lender) to prevent the rights of Lessor as owner of, and Lender in the Aircraft from being
jeopardised. At the reasonable request of Lessor, Lessee will do all acts and things (including making any filing, registration or
recording with the Aviation Authority or any other Government Entity or as required to comply with any Applicable Law) and execute,
notarise, file, register and record all documents as may be required by Lessor to establish, maintain, perfect, protect and preserve
the rights and interests of Lessor hereunder in the Aircraft and, to the extent permitted under Applicable Law Lessee is the only
party with the legal standing, the rights and interests of any Lender under the Security Documents (at the cost and expense of
Lessor). At the reasonable request of Lessor (at the cost and expense of Lessor), Lessee shall cooperate with Lessor to furnish to
Lessor evidence satisfactory to Lessor of each such filing, recordation and act.

 

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Notwithstanding the Clause 9.1(e), if permitted
under Applicable Law Lessee is the only party with the legal standing to register or file such mortgage, Lessee agrees, at Lessor’s
costs, to make such registration.

 

(f) Fireproof
Plates. Lessee shall affix, within ninety (90) days of the Delivery Date, a fireproof plate in accordance with the Manufacturer’s
guidelines or, if no such guidelines have been provided, then having dimensions of not less than 10 cm x 7 cm. Such plate shall be located
in a prominent position in the entry door of the Aircraft and on each Engine stating:

 

“THIS [AIRCRAFT/ENGINE] IS OWNED BY VERMILLION
AVIATION (NINE) LIMITED AND IS LEASED TO LATAM AIRLINES GROUP S.A., AND IS OPERATED BY LATAM AIRLINES GROUP S.A. OR ONE OF ITS PERMITTED
SUBLESSEES AND MAY NOT BE OPERATED BY ANY OTHER PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF VERMILLION AVIATION (NINE) LIMITED.”

 

(g) Lessee
shall maintain and shall not cover up (or permit to be covered up) such name plates and shall replace such name plates, if requested,
reflecting the name of any successor Lessor or Lender. Any change of fireproof plates requested by Lessor shall be at Lessor’s
cost.

 

(h) Except
as above provided or as required by Applicable Law, Lessee will not allow the name of any person to be placed on the Airframe or on any
Engine as a designation that might be interpreted as a claim of ownership or any Lien; provided that nothing herein contained shall prohibit
Lessee or any Permitted Sublessee from placing its customary colours and insignia on the Airframe or any Engine.

 

(i) Title
to Aircraft; Lessor Operation. Lessee shall not hold itself out to any third party as owner of the Aircraft or any part of it, and
when any third party inquires as to the ownership of the Aircraft or any part thereof, Lessee will make clear to such third party that
title to the same is held by Lessor and that the Aircraft is mortgaged to the Lender(s), if any. Lessee shall not at any time represent
or hold out Lessor or any Lender as carrying goods or passengers on the Aircraft or as being in any way connected or associated with
any operation of carriage (whether for hire or reward, or gratuitously) that may be undertaken by Lessee.

 

(j) Lessor
Credit. Lessee has no authority to pledge, and shall not pledge, the credit of Lessor or any Lender for any fees, costs or expenses
connected with any maintenance, overhaul, repairs, replacements, or modifications to the Aircraft or any part thereof or otherwise connected
with the use or operation of the Aircraft or any part thereof.

 

9.2 Liens. Lessee shall not create or
permit to create or exist any Lien (other than Permitted Liens) over the Aircraft or any part thereof, shall not register or permit any
person claiming through Lessee to register on the International Registry any interest in the Airframe, any Engine or this Agreement,
and shall not attempt or hold itself out as having any power to sell, charge, lease or otherwise dispose of or encumber the Aircraft
or any Engine or any Part other than as permitted under this Agreement.

 

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9.3 Possession
of Aircraft. Lessee shall not sublease, charter, pool, interchange or otherwise part with possession of the Aircraft or any
Engine or Part except as set forth in this Clause 9.3.

 

(a) Maintenance.
Lessee may part with possession of the Aircraft or any Engine or Part for testing, service, overhaul work, maintenance, repair, alterations,
modifications or additions in accordance with this Agreement.

 

(b) Wet
Leasing. Subject to no Insolvency Default or Event of Default having occurred and be continuing, provided that, for these
purposes, Clauses 16.1(i)-(n) shall not apply during the pendency of the Chapter 11 Cases and related parallel and ancillary
proceedings in Chile, Colombia, and the Cayman Islands, Lessee or a Permitted Sublessee (as the case may be) may lease the Aircraft
on terms whereby the Aircraft shall at all times be in the possession and operational control of Lessee or a Permitted Sublessee (as
the case may be) and operated by Lessee’s or a Permitted Sublessee’s (as the case may be) flight crew; provided always
that the Aircraft shall continue to be registered in accordance with the terms of this Agreement, the term of such wet lease,
charter or other agreement shall not extend beyond the lesser of (i) six (6) months (or such longer period as Lessor and Lessee may
agree, each acting reasonably) or (ii) the end of the Term and the rights of the Lessee’s or a Permitted Sublessee’s (as
the case may be) counter-party thereto are expressly subordinated to this Agreement and the rights of Lessor hereunder.

 

(c) Initial
Sublease. Lessor and Lessee agree that Lessee has entered (or will enter) into the Initial Sublease with Initial Sublessee on or
shortly after the date of this Agreement and Lessor acknowledges that as the operator of the Aircraft, Initial Sublessee will be responsible
for providing such conditions precedent set forth in Clause 3.1 that are designated as for Initial Sublessee. Lessor agrees that performance
by any Permitted Sublessee of any of Lessee’s obligations under this Agreement shall, pro tanto, constitute performance by Lessee
of such obligations.

 

(d) Subleasing.
Subject to no Insolvency Default or Event of Default having occurred and be continuing, provided that, for these purposes, Clauses
16.1(i)-(n) shall not apply during the pendency of the Chapter 11 Cases and related parallel proceedings in Chile, Colombia, and the
Cayman Islands, REDACTED*                                                         or an interchange agreement) without the consent of the Lessor
to (i) any Leasing Affiliate or (ii) to an Approved Third Party Operator (each a “Permitted Sublessee”);
provided, however, that in each case, such Permitted Sublessee is solvent at the time such sublease is entered into; provided
further that, in each case:

 

(i) such
sublease (or interchange agreement) shall be on such terms as shall ensure that the sublessee shall not, in complying with such terms,
cause Lessee to be in breach of any of, or cause an Event of Default under, the provisions of this Agreement;

 

(ii) the
term of such sublease (or interchange agreement) shall not extend or be capable of extension beyond the Termination Date;

 

 

 

	 	*	All text marked “*REDACTED” is Redacted Per Amended Standing Order Regarding Redactions Dated February 2, 2021.

 

    38

     

    

 

(iii)
such sublease (or interchange agreement) shall provide that the sublessee shall not enter into, or agree to enter into, any sub-sublease
(other than to a Leasing Affiliate)                             REDACTED*

 

the Leasing Affiliate, as applicable, shall be permitted to enter into
further subleasing, interchange, sublease per hours, wet lease or charter arrangements on the same terms and subject to the same conditions
as required pursuant to this Clause 9.3(d);

  

(iv)          
REDACTED*

 

(v) any
such sublease (or interchange agreement) shall not create in the sublessee rights in and to the Aircraft or Engine greater than the rights
of Lessee under this Agreement and shall state that it is subject to and subordinate to this Agreement;

 

(vi) Lessee
shall remain primarily liable hereunder for the performance of all of the terms of this Agreement to the same extent as if there were
no sublease (or interchange agreement) in existence, provided always that if any obligation which is required to be performed by Lessee
pursuant to this Agreement is performed by a sublessee (or interchangee) then performance by such sublessee (or interchangee) shall for
the purposes of this Agreement constitute performance by Lessee;

 

(vii) Lessee
shall pay all costs and expenses associated with entering into any sublease (or interchange agreement) and the reasonable costs and expenses
(including reasonable legal fees and expenses) of Lessor and Lender to the extent incurred in connection therewith;

 

(viii) Lessee
shall procure that the Permitted Sublessee shall, at Lessee’s cost, comply with Cape Town Convention (if applicable to the Permitted
Sublessee) and shall undertake such things, including making such filings (including an IDERA, if the Aircraft is registered with an
Aviation Authority in a jurisdiction where the Cape Town Convention is Applicable Law), as may be reasonably requested to protect and
perfect the interest of Lessor and Lender in respect of the Airframe and each Engine, this Agreement and such sublease (or interchange
agreement); and

 

(ix) prior
to the commencement of the leasing of the Aircraft or Engine under such sublease (or interchange agreement), Lessee shall have delivered
to Lessor each of the following:

 

(A) a
copy of such sublease (or interchange agreement) and, if applicable, a copy of the acceptance certificate thereto;

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    39

     

    

 

(B)
a Subordination Acknowledgment confirming that such sublease (or interchange agreement) is subject to and subordinate to this
Agreement and acknowledging that such sublease (or interchange agreement) will terminate on or before the Termination Date and that,
on the occurrence of an Event of Default hereunder, the Lessor will be entitled to repossess the Aircraft or Engine notwithstanding
that such sublessee may be current in the compliance of its obligations under the relevant sublease, and, if requested by Lessor, an
acknowledgment of an assignment of such Subordination Acknowledgment in favor of a Lender. For the avoidance of doubt, there shall
be no assignment of Lessee’s rights under any sublease (or interchange agreement);

 

(C) in
the case of such sublease only, the Permitted Sublessee shall provide Lessor with a letter (in a form which will be accepted by the Aviation
Authority) from the Permitted Sublessee pursuant to which the Permitted Sublessee authorises Lessor, to obtain from the Aviation Authority
a general statement of account in relation to charges incurred by the Permitted Sublessee in respect of all aircraft (including the Aircraft)
operated by the Permitted Sublessee under a lease agreement with Lessor, and

 

(D) in
the case of such sublease only, such other conditions precedent equivalent to the conditions precedent required to be provided by Initial
Sublessee pursuant to Clause 3.1(a), and (c) such additional conditions precedent (if any) that are necessary or advisable in the opinion
of Lessor’s counsel.

 

(x) Lessee
shall, at its sole cost and expense, promptly after the date on which the Aircraft or Engine is delivered to the relevant sublessee (and
in any event within sixty (60) Business Days of such date unless otherwise set forth herein or unless the Lessor and Lessee agree otherwise),
provide to Lessor to the extent applicable:

 

(A) if
applicable, a copy of the Certificate of Registration with respect to the Aircraft;

 

(B) a
copy of the Certificate of Airworthiness with respect to the Aircraft;

 

(C) within
one hundred and eighty (180) Business Days, a copy of the Permitted Sublessee’s radio station license with respect to the Aircraft;

 

(D) to
the extent that the Lessee is able to disclose the same under Applicable Law, a copy of the evidence of importation of, and payment of
all customs duties with respect to, the Aircraft or Engine into such Permitted Sublessee’s State of Registration; and

 

(E) such
other conditions subsequent that are customary for the State of Registration for the Aircraft or Engine, and are necessary or advisable
by Lessor’s counsel.

 

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 9.4 Information. Lessee shall:

 

(a) promptly
furnish to Lessor all information Lessor from time to time reasonably request regarding the Aircraft, any Engine or any part thereof,
its use, registration, location and condition including, without limitation, the hours available on the Aircraft and any Engine until
the next scheduled check, inspection, overhaul or shop visit, as the case may be;

 

(b) as
soon as possible, but in any event, no later than on the tenth (10th) day of each calendar month after the Delivery Date and
on the Termination Date, furnish to Lessor a maintenance status report substantially in the form of Schedule 6; and

 

(c) Loss
or Damage. Lessee shall promptly on becoming aware of the same notify Lessor of:

 

(i) any Total Loss with respect to the Aircraft, the Airframe or any Engine;

 

(ii) any loss, theft, damage or destruction to the Aircraft, any Engine or any part thereof, or any
modification to the Aircraft which is not contemplated by the terms of this Agreement, or is otherwise required to be notified
pursuant to this Agreement, if (A) the potential cost of repairs or replacement may exceed the Damage Notification Threshold or its
equivalent in any other currency, or (B) Lessee is required to report the same to the Aviation Authority;

 

(iii) any
loss, arrest, hijacking, confiscation, seizure, requisition, impound, taking in execution, detention or forfeiture of the Aircraft or
any part thereof; and

 

(iv) any
event, accident or incident in respect of the Aircraft that might reasonably be expected to involve Lessor or Lessee in loss or liability
in excess of the Damage Notification Threshold or its equivalent in any other currency, or which is required to be reported to the Aviation
Authority).

 

 9.5 Aircraft Documents.

 

 (a) Lessee shall keep, or procure that there are kept;

 

(i) the
Aircraft Documents and shall keep or cause to be kept as part thereof accurate, complete and current records of all flights made by the
Aircraft, of all Flight Hours and Cycles of the Airframe, each Engine (including each Module), the APU, each Landing Gear and the time
or cycle limited Parts, and of all maintenance and repairs carried out on the Aircraft and each Engine (including each Module), APU and
the Landing Gear;

 

(ii) historical
records for condition monitored, hard time Parts and LLPs (including tags from the manufacturer of such Part or a repair facility which
evidence that such Part is new or overhauled and establish authenticity, total time in service and time since overhaul for such Part);
and

 

(iii) any
updates or additions to any of the foregoing and renewals, revisions and replacements of any of the foregoing from time to time created
or obtained in accordance with this Agreement, Applicable Law or otherwise.

 

    41

     

    

 

Except as required by Applicable Law, the Aircraft
Documents referred to in subclause (a) shall be the property of Lessor.

 

 (b) Such Aircraft Documents referred to in subclause (a) shall be:

 

(i) kept
and maintained in English, other than with respect to maintenance log books, which shall be translated into the English language prior
to redelivery in order to comply with EASA requirements;

 

(ii) the
latest revision and in an up-to-date status (through subscription to the relevant manufacturer’s update service or otherwise) in
accordance and in such manner, form and location as the Aviation Authority, EASA and any Applicable Law may from time to time require;

 

(iii) in conformity with the normal practices of commercial air carriers;

 

(iv) shall accurately disclose the location of each Engine (including each Module), APU, Landing Gear and
serialised rotable component Parts not installed on the Aircraft; and

 

(v) contain
accurate back-to-birth records of each LLP and of each Flight Hour, Cycle or calendar controlled components.

 

(c) Following
any repair which is carried out other than in accordance with instructions contained in the Manufacturer’s repair manual, Lessee
shall ensure that there is obtained and kept with the Aircraft Documents appropriate manufacturer repair scheme data and a Manufacturer’s
approval issued in accordance with the requirements of EASA.

 

(d)
                                    REDACTED*

 

 

 

 

(e)
If Lessee fails to comply with the provisions of Clause 18.2(d) as of the Termination Date, then in lieu of such compliance, at
Lessor’s sole discretion, Lessor may (without obligation) accept Lessee compensating Lessor (a) for overhaul costs and/or LLP
replacement cost incurred in respect of the Aircraft resultant upon the maintenance of inadequate Aircraft Documents by Lessee
during the Term; and (b) for all rectification costs incurred in respect of any Part resultant upon the failure by Lessee to
maintain an EASA Form 1 or FAA Form 8130-3 tag in respect of each Part, APU and Engine which is installed on the Aircraft at the
time the Aircraft is redelivered to Lessor.

 

(f) Within
ninety (90) days of any request being made by Lessor, Lessee shall provide Lessor with copies of such Aircraft Documents as Lessor deems
necessary in connection with any scheduled C-Check of the Aircraft.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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(g) Lessee
shall permit or procure free and full access by Lessor to all relevant Aircraft Documents; provided that such access shall not be more
frequent than once a year (unless an Event of Default has occurred and is continuing) and shall not interfere with Lessee’s normal
commercial operations of the Aircraft.

 

(h) Upon
reasonable request from Lessor, Lessee will provide or procure that there is provided free and full access by Lessor to Aircraft data,
including Aircraft and Engine health monitoring data produced by Lessee and/or Lessee’s third- party provider.

 

(i) Lessee,
at its own cost and expense, shall be responsible for subscribing to Manufacturer’s on-line data services.

 

 9.6 Lawful and Safe Operation.

 

(a) Compliance
with Laws: Lessee shall comply and procure compliance with all laws for the time being in force in any country or jurisdiction and
any carriage regulations or restrictions from time to time issued by I.A.T.A. which may then be applicable to the leasing of the Aircraft
under this Agreement and the transactions contemplated hereby including, but not limited to, those concerning the use, maintenance and
operation of the Aircraft or an operator thereof, and will procure that the Aircraft is not knowingly used for any illegal purpose or
in any illegal manner. Lessee shall obtain and maintain in full force all certificates, licenses, permits and authorisations from time
to time required for the use and operation of the Aircraft and for the making of payments required by and the performance of its obligations
under this Agreement and the other Lessee’s Documents.

 

(b) Manufacturer
Recommendations. Lessee shall not use or permit the use of the Aircraft in any manner contrary to any recommendation of the Manufacturer,
the Engine Manufacturer or any regulation of the Aviation Authority or for any purpose for which the Aircraft is not designed.

 

(c) Commercial
Flights. Lessee shall ensure the Aircraft is used, subject to maintenance requirements, only in commercial passenger operations.
Lessee shall not permit the Aircraft to be used for the carriage of any goods, materials, livestock or items of cargo which could reasonably
be expected to cause damage to the Aircraft or which would not be adequately covered by the insurances required hereby. Lessee shall
not use or permit the use of the Aircraft for purposes of training, qualifying or reconfirming 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 aircraft of the same type operated by Lessee (or any Leasing Affiliate).

 

(d) Prohibition
Order: Lessee shall not cause or permit the Aircraft to proceed to, or remain at, any location which is for the time being the subject
of a prohibition order (or any similar order or directive) by:

 

 (i) any Government Entity of the State of Registration; or

 

 (ii) the United Nations or the European Union.

 

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(e) Insurance:
Lessee shall not use, operate, or locate the Aircraft or suffer or permit the Aircraft to be used, operated or located during the Term
in any manner not covered by the insurances required hereby or in any area excluded from coverage by such insurances or in any manner
which would prejudice the interests of the Indemnitees in such insurances, the Aircraft, any Engine or any Part.

 

 9.7 Right of Inspection.

 

(a) Lessor
(or the authorised representative, which authorised representative may include a potential transferee under Clause 20.2(a) of this Agreement)
shall have the right upon its request (at Lessor’s expense, unless an Insolvency Default or an Event of Default has occurred and
is continuing, in which case at Lessee’s expense) to inspect, once annually during each year of the Term, or upon the reasonable
request of Lessor, or during any Insolvency Default or Event of Default which has occurred and is continuing or (subject to mutual agreement
between Lessor and Lessee as to the timing) in connection with a transfer of the Aircraft or assignment of rights hereunder as permitted
by Clause 20.2, the Aircraft and Aircraft Documents during normal business hours and on reasonable notice to Lessee or an applicable
Permitted Sublessee provided that the same shall not interfere with Lessee’s or any Permitted Sublessee’s use, business,
operation or maintenance of the Aircraft or require the Lessee or any Permitted Sublessee to incur out-of-pocket expenses for which it
is not reimbursed by Lessor. Lessor shall have no duty to inspect and shall not incur any liability or obligation by reason of not making
any such inspection. So long as no Insolvency Default or Event of Default has occurred and is continuing provided that, for these purposes,
Clauses 16.1(i)-(n) shall not apply during the pendency of the Chapter 11 Cases and related parallel and ancillary proceedings in Chile,
Colombia, and the Cayman Islands, any such inspection shall be limited to a visual, walk-around inspection which may include going on
board the Aircraft, but may not include any opening of any panels, bays or disassembly of any components, etc. (unless such inspection
is during an overhaul of the Aircraft and such panels or bays are then opened or components then disassembled in the ordinary course
of such maintenance) provided that the same shall not interfere with Lessee’s or any Permitted Sublessee’s use, business,
operation or maintenance of the Aircraft or require the Lessee or any Permitted Sublessee to incur out-of-pocket expenses for which it
is not reimbursed by Lessor. Lessee will obtain to the extent reasonably practicable to do so, at Lessor’s cost (unless during
the continuance of an Insolvency Default or an Event of Default in which case at Lessee’s cost) all necessary security clearance
to permit Lessor or its authorised representative access to the Aircraft to permit such inspections. In the event Lessor determines during
any such inspection that the condition of the Aircraft or any logs, flight manuals, maintenance records or other books and records related
to the Aircraft is at a level below that required to be maintained by Lessee hereunder, Lessee shall, at the reasonable request of Lessor,
correct such discrepancy and thereafter provide documentation to Lessor confirming that such correction has been accomplished.

 

(b) Any
inspection of the Aircraft (including the Aircraft Documents) shall be solely for Lessor’s or prospective operator’s information
and failure to notify Lessee of any discrepancies thereafter shall not imply that Lessee is in compliance with this Agreement, its maintenance
provisions or Applicable Law.

 

9.8 Compliance with Export Controls and Sanctions Laws. REDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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CLAUSE 10 MAINTENANCE AND REPAIR. 

 

10.1 General. At
all times during the Term, Lessee shall, at its own cost and expense:

 

(a) keep
the Aircraft or procure that the Aircraft is kept airworthy in all respects and in good repair and operating condition with all of its
equipment, components and systems functioning in accordance with their intended use pursuant to Manufacturers approved data, subject
to fair ordinary wear and tear of a kind consistent with similar aircraft operated by Lessee or Permitted Sublessee;

 

(b) maintain
the Aircraft or procure that the Aircraft is maintained in accordance with:

 

(i) the Maintenance Program through the Agreed Maintenance Performer;

 

(ii) the Aviation Authority requirements as implemented in the State of Registration and the Habitual Base;

 

(iii) all inspection, repair and overhaul manual instructions; and

 

(iv) when
Lessee or Permitted Sublesseee has decided to implemement on its A320 fleet, service bulletins in connection with the warranties on the
Aircraft, Engines, APU and Parts published by the Manufacturer, the Engine Manufacturer or the manufacturers of equipment, installed
on the Aircraft, including; Airworthiness Directives having a compliance date during the Term and the period from the end of the Term
until the date falling due within three (3) months and the equivalent Flight Hours and Flight Cycles, of the Termination Date pursuant
to Clause 18 and Schedule 5;

 

(v) the
regulations and Mandatory Regulatory Requirements of the Aviation Authority which are imposed and which relate to the maintenance, condition,
use or operation of the Aircraft or require any modification or alteration to the Aircraft, any Engine, the APU or Part (for the avoidance
of doubt, notwithstanding the foregoing,
at redelivery, the Aircraft shall meet all applicable requirements set forth in Schedule 4 which require compliance in accordance with
EASA regulations); and

 

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(vi) all
applicable laws of other countries and regulations of other aviation authorities with jurisdiction over Lessee or any Permitted Sublessee
(if the Aircraft is then subject to a sublease (or interchange agreement)), the Aircraft, any Engine, the APU or Part regardless of upon
whom such requirements are imposed and which relate to the maintenance, condition, use or operation of the Aircraft or require any modification
or alteration to the Aircraft, any Engine, the APU or Part (collectively, the “Maintenance Requirements”);

 

(c) perform
or procure performance of (at the respective intervals provided in the Maintenance Program on a one hundred percent (100%) basis with
no fleet sampling program permitted) all C-Checks, 6Y-Checks, 12Y-Checks, Engine Performance Restoration Shop Visits, LLP Replacement
Events, APU Restorations and Landing Gear Overhauls;

 

(d) maintain
or procure maintenance of a current certificate of airworthiness (in the appropriate category for the nature of the operations of the
Aircraft) for the Aircraft issued by the Aviation Authority except where the Aircraft is undergoing maintenance, modification or repair
required or permitted by this Agreement, and will from time to time provide to Lessor a copy on request;

 

(e) if
required by the Aviation Authority, maintain or procure maintenance of a current certification as to maintenance issued by or on behalf
of the Aviation Authority in respect of the Aircraft and will from time to time provide to Lessor a copy on request;

 

(f) procure
promptly the replacement of any Part which has become time, cycle or calendar expired, lost, stolen, seized, confiscated, destroyed,
damaged beyond repair, unserviceable or permanently rendered unfit for use, with a part complying with the conditions set out in Clause
10.4;

 

(g) not
adversely discriminate against the Aircraft, Engines or APU in any use, maintenance, operation or modification level, including the incorporation
of service bulletins, of the Aircraft as compared to other aircraft owned or operated by Lessee or a Permitted Sublessee, if applicable,
and Lessee shall service, repair, maintain and overhaul the Aircraft so as to keep the Aircraft maintained in the same manner and with
the same care as used by Lessee with similar aircraft owned or operated by Lessee (and for the avoidance of doubt, all maintenance, inspections
modifications and overhauls shall be carried out as if the Aircraft was to remain in Lessee’s or Permitted Sublessee’s fleet
notwithstanding any impending termination of the leasing of the Aircraft under this Agreement);

 

(h) keep
the Aircraft equipped with the Engines and Parts installed at the Delivery Date or with substitutes or replacements made in accordance
with this Agreement; and

 

(i) keep
the Aircraft clean by international passenger airline standards and in good appearance.

 

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10.2 Airworthiness
Directive and Mandatory Regulatory Requirements Cost Sharing

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

10.3 Maintenance
Program. Lessee shall procure that the Maintenance Program shall, at all times, be based on the latest revision of any Manufacturer
Maintenance Planning Document and, in respect of the Engines, the applicable Engine Manufacturer’s work scope, planning guide,
engine program and maintenance planning guide.

 

10.4 Specific
Requirements. Without limiting the maintenance and repair obligations specified in Clause 10.1, Lessee:

 

(a) without
the prior written consent of Lessor, shall not amend or modify, or permit to be amended or modified, the scheduled inspection program
or the corrosion prevention and control program set forth in the Maintenance Program (except that Lessee may make any such amendment
or modification if mandated by the Aviation Authority, the Manufacturer and/or the Engine Manufacturer;

 

(b) shall
continue to use the Aircraft in its regular commercial passenger operations until delivery to the Return Location immediately prior to
the Final Inspection;

 

(c) shall
ensure that normal progressive maintenance will continue to be performed on the Aircraft throughout the Term, and that no unusual maintenance
procedures or cessation of maintenance shall occur during the one (1) year period prior to the Expiry Date;

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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(d) shall
have a fuel treatment program in effect and shall conduct a microbiological fuel sampling on the Aircraft in accordance with the recommendations
set forth in the Maintenance Planning Document;

 

(e) shall
(i) notify the Manufacturer or OEM (as the case may be) upon accomplishment of each service bulletin in order for the Manufacturer or
OEM (as the case may be) to update the applicable operations and maintenance manuals and (ii) include such updates in the Aircraft Documents;

 

(f) with
the exception of non-critical cabin and interior Parts, shall procure only OEM Parts and OEM approved repairs are used in connection
with the maintenance or repairs for the Aircraft, unless otherwise approved in writing by Lessor prior to such installation or repair;
and

 

REDACTED*

 

 10.5 Substitution of Parts.

 

(a) Lessee,
at its own cost and expense, will promptly replace all Parts that may from time to time be incorporated or installed in or attached to
the Airframe or any Engine and that may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond
repair or permanently rendered unfit for use for any reason whatsoever, except as otherwise provided in Clause 10.5. In addition, Lessee
may, at its own cost and expense, remove or permit the removal in the ordinary course of maintenance, service, repair, overhaul or testing,
any Parts, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit
for use; provided that, except as otherwise provided in Clause 10.6, at no cost or expense to Lessor, all such Parts are replaced
as soon as reasonably practicable. Except as permitted by Clause 10.4(e), each part installed on the Aircraft in replacement of any Part
or part shall be a Replacement Part. All replacement Parts shall be in as good operating condition as the Parts replaced assuming such
replaced Parts were in the condition and repair required to be maintained by the terms hereof, shall be of the same make and model or
an improved or advanced version thereof approved for installation on the Aircraft, shall have valid FAA certification (with 8130 tag)
or EASA certification (EASA Form 1) or origin traceability in the event the Part has not been replaced during the Term, and shall not
impair the airworthiness or diminish the overall value of the Aircraft.

 

(b) Except
as permitted by Clause 10.4(e), Lessee shall procure that any substituted or replacement Part shall be, or upon installation become,
the property of Lessor subject to this Agreement and the Security Documents and be free and clear of any Lien other than Permitted Liens.

 

(c) Any
part installed on the Aircraft by way of replacement that is a Replacement Part will on installation, without further act, vest in Lessor
subject to the terms of any relevant Financing Document free and clear of all Liens (other than Permitted Liens) as if it were attached
to the Aircraft on the Delivery Date. Lessee will at its own expense and at the request of Lessor take all such steps and execute, and
procure the execution of, all such instruments as are necessary to ensure that title so passes to Lessor according to all Applicable
Laws.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    48

     

    

 

(d) Any
Part at any time removed from the Airframe or any Engine shall remain the property of Lessor, no matter where located, until such time
as such Part shall be replaced by a Replacement Part that has been incorporated or installed in or attached to such Airframe or Engine
and until title to such Replacement Part shall have passed to Lessor, according to Applicable Law (whereupon title to the replaced Part
shall vest in Lessee free and clear of all Lessor’s Liens).

 

(e) Lessee
shall, if no Event of Default has occurred which is continuing, be entitled to replace or permit the replacement of any Part with a part
that is not a Replacement Part notwithstanding Clause 10.4(a) if:

 

(i) there
is not available to the Lessee or Permitted Sublessee, as applicable, at the time and in the place that such replacement part is required
to be installed on the Aircraft a Replacement Part;

 

(ii) it
would result in an unreasonable disruption of the operation of the Aircraft and/or the business of the Lessee or Permitted Sublessee,
as applicable, to ground the Aircraft until a Replacement Part becomes available for installation on the Aircraft;

 

(iii) the
installation of such replacement part on the Aircraft will not contravene any other provision of this Agreement or Applicable Law;

 

(iv) as
soon as practicable after installation of such replacement part on the Aircraft (but in any event on or before the expiration or termination
of the Term), the Lessee or Permitted Sublessee (if applicable) removes such part and replaces it with a Replacement Part; and

 

(v) title
to the Part which has been replaced, substituted or renewed shall remain with Lessor free from all Liens (other than Permitted Liens)
until the Replacement Part which replaces it becomes the property of Lessor.

 

(f) Without
Lessor’s prior written consent, Lessee may not replace any LLP installed in the Aircraft or the Engine with any used LLP, unless
such used LLP complies with the requirements of a Replacement Part, as set forth in subclause 10.4(g) below.

 

(g) A
“Replacement Part” means a part, component, furnishing, appliance, module, accessory, instrument or other item
of equipment:

 

(i) that
is in the same operating condition as, and has a utility at least equal to, the replaced Part (assuming that that replaced Part was in
the condition and repair in which it is required to be maintained under this Agreement);

 

(ii) that
is of the same make and model or an equivalent or an improved or advanced version of the replaced part, component, furnishing, appliance,
module, accessory, instrument or other item of equipment, as the case may be; provided that any such part must be approved by the FAA,
EASA and/or the Aviation Authority as a replacement for the replaced Part;

 

(iii)
that has a valid FAA certification (with 8130-3 tag) or EASA certification (Form 1 tag) and, only in the case of LLP components,
origin traceability (Back to Birth Traceability in the case of LLPs and, to the extent required by the Maintenance Program, back to
the last overhaul or bench check, as applicable, in the case of all other Parts);

 

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 (iv) has not been involved in an accident or incident; and

 

(v) which
does not impair the airworthiness or diminish the overall value of the Aircraft.

 

10.6 Pooling
of Parts. Lessee shall not permit any Part to become subject to pooling or interchange arrangements, or allow any Part to go out
of its possession pursuant to any such arrangement, except pursuant to an arrangement whereby Lessee may subject any Part to pooling
arrangements or interchange agreements entered into by Lessee, on terms that are customary in the airline industry (in each case, a Permitted
Interchange Agreement”), provided always that:

 

(a) a
record of the location of any Part will be kept and made available to Lessor at any time on request;

 

(b) title
to the Part which has been replaced shall (if previously vested in Lessor) remain with Lessor until the Part which replaced it becomes
the property of Lessor or is replaced by a Part which thereupon becomes the property of Lessor; and

 

(c) any
part which replaces a Part pursuant to such interchange agreement shall, at a minimum, meet the requirements of a Replacement Part.

 

Lessee agrees that, unless otherwise agreed
to in writing by Lessor, Lessee shall limit the time during which any Part which is not the property of Lessor remains on the Aircraft
and will as soon as practicable replace the same with a Part which either is the property of Lessor, or will, upon fitting, become the
property of Lessor.

 

10.7 Alterations and Modifications.

 

(a) Provided
that no Event of Default has occurred and is continuing, Lessee shall be entitled to make or permit any modifications or additions to
the Aircraft (each a “Change”) provided that such modification shall not:

 

(i) effect
or alter the character, performance, specifications, substance or configuration of the Aircraft or the Aircraft structure or electrical
systems; or

 

(ii) diminish
the marketability, value, utility, condition or airworthiness of the Aircraft; or

 

(iii) result
in any change in the category or status of the Aircraft for purposes of any rules or regulations of the State of Registration, or of
the Aviation Authority; or

 

(iv) be
in an amount in excess of Maximum Change Amount without Lessor’s prior written approval, unless expressly authorised or required
by this Agreement.

 

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For the avoidance of doubt, (x) compliance with
Airworthiness Directives, Mandatory Regulatory Requirements, changes required by the Aviation Authority and OEM service bulletins shall
not be construed as Changes and shall be complied with in accordance with Clause 10.1 and (y) Maximum Change Amount shall be based on
the actual cost of the incorporation of such Change to the Aircraft, assuming the cost of such Change was obtained, contracted or performed
on an arm’s length basis with no favourable treatment or discount applied.

 

(b) So
long as no Event of Default has occurred and is continuing, Lessee may remove or permit the removal of any Change if it can be removed
from the Aircraft without diminishing or impairing the marketability, value, utility, condition or airworthiness of the Aircraft and
the Parts comprising the Change are not required to be installed on or attached to the Aircraft in order to comply with any other provision
of this Agreement.

 

(c) Title
to such Change shall be vested in and remain with Lessor unless and until such Change is removed from the Aircraft in accordance with
subclause (b) above. Lessee will take such actions and execute such documents as may be necessary to ensure such title has properly vested
with Lessor.

 

(d) Inflight
Connectivity System. Notwithstanding the foregoing, Lessee shall be permitted to install, at its sole cost and expense, an inflight connectivity
system (the “Connectivity Modification”) subject to the following terms and conditions:

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

CLAUSE 11 ENGINES AND APU. 

 

 11.1 General Principles.

 

(a) In
this Clause 11, “Removed Engine” means an Engine that is for the time being detached from the Airframe and “Removed
APU” means the APU that is for the time being detached from the Airframe.

 

(b) Lessee shall not at any time during the
Term remove or permit the removal of an Engine or the APU from the Airframe or install or permit to be installed an engine or
auxiliary power unit other than an Engine or the APU on the Airframe except (i) for the purposes of any separate sublease of an
Engine pursuant to clause 9.3(d) (ii) for the purpose of testing, service, overhaul work, maintenance or repair or alterations,
modifications or additions permitted or required by this Agreement, or (iii) as expressly permitted by this Clause 11.

 

(c) If
an Engine or the APU is at any time removed from the Airframe for the purpose of maintenance or repairs, Lessee shall procure that the
same are completed promptly, and that, subject to the provisions of Clause 11.2, the Removed Engine and the Removed APU is re-installed
on the Airframe or an airframe owned or operated by Lessee as soon as reasonably practicable after removal.

 

(d) If
an Engine or the APU is at any time removed from the Airframe for the purpose of maintenance or repairs, Lessee shall procure only OEM
approved Parts and OEM approved repairs are used in connection with such installation, maintenance or repairs and are only performed
by an OEM authorised maintenance performer, unless otherwise approved in writing by Lessor prior to such installation or repair.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    52

     

    

 

(e) If an Engine or the APU is at any time removed
from the Airframe for any reason whatsoever, title to the Removed Engine and the Removed APU shall remain vested in Lessor at all times
and the Removed Engine or the Removed APU, as the case may be, shall remain subject to this Agreement and the Security Documents, and
Lessee shall not take any steps or permit any steps to be taken that could be reasonably expected to jeopardise the interests of Lessor
and any Lender therein or that could be reasonably expected to lead any third party to believe that the Removed Engine or the Removed
APU is the property of any person other than Lessor

 

(f) If
an Engine is at any time removed from the Airframe for the replacement of LLPs, Lessee shall procure that only LLPs which are new or
have a cyclic life remaining that is greater than the cyclic life on the LLP being replaced are installed in the Engine.

 

(g) If
an Engine or the APU is at any time removed from the Airframe as a result of its becoming unserviceable, then without delay, Lessee shall
place or procure the placement of such Engine or the APU with an Agreed Maintenance Performer for repair, maintenance and/or refurbishment
pursuant to the Maintenance Program; and

 

(h) Except
as set forth in subclause 11.2(a)(ii) below, Lessee shall not operate or permit the operation of the Engine in excess of the Engine Thrust
Rating without Lessor prior written consent, such consent not to be unreasonably withheld, which shall include an increase in the Engine
Restoration Utilisation Payment Rate to be paid in accordance with Clause 18.7 and Schedule 10 using such increased rate.

 

 11.2 Removal of Engines or APU.

 

(a) Lessee
shall be entitled, so long as no Event of Default has occurred and is continuing, to remove or permit the removal of an Engine or the
APU from the Airframe and to install on the Airframe an engine other than an Engine or an auxiliary power unit other than the APU, as
the case may be; provided that:

 

(i) such
engine or auxiliary power unit is leased to or is owned by Lessee or Permitted Sublessee, as applicable;

 

(ii) subject
always to the right of the Lessee to sublease any Removed Engine pursuant to clause 9.3(d), the Removed Engine or the Removed APU is,
during the period of substitution, either being safely housed and sheltered or repaired or maintained in accordance with this Agreement,
or is installed on another aircraft operated by Lessee or Lessee’s Affiliate, as applicable (and the provisions of Clause 11.1(e)
concerning preservation of title shall apply to the Removed Engine or the Removed APU, as the case may be). For the avoidance of doubt,
Lessee shall be permitted to operate any Engine on any A320CEO family aircraft operated by or owned by Lessee or any Leasing Affiliate
during the Term at an engine thrust rating that differs from the Current Engine Thrust (which shall not exceed the Engine Thrust Rating)
without Lessor’s prior written consent, provided that there shall be an applicable adjustment to the Engine Restoration Utilisation
Payments to be paid by Lessee in accordance with Clause 18.7 and Schedule 10;

 

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(iii)
each lease or other agreement pursuant to which Lessee or Permitted Sublessee, as applicable, from time to time operates or finances
any aircraft on which any Removed Engine or Removed APU is installed contains provisions that are consistent with the maintenance at
all times of the interests of Lessor and any Lender in the Removed Engine and the Removed APU while such Removed Engine or Removed
APU is installed on such aircraft, and that in particular do not state or require that any Removed Engine or Removed APU that is
installed on such aircraft shall become the property of the lessor or owner of, or person having a lien on, such aircraft; and

 

(iv) subject
always to the provisions of Clause 9.3(d)(iv) in the case of any Removed Engine which is subleased pursuant to a Permitted Sublease,
as soon as reasonably practicable and in any event on or before expiration or termination of the Term such engine or auxiliary power
unit is removed from the Airframe and the Removed Engine or Removed APU, as the case may be, is reinstalled on the Airframe.

 

Provided that Lessee maintains or causes to
be maintained separate insurance in accordance with Clause 14 in respect of the Removed Engine or Removed APU at all times while it is
removed from the Airframe (and, if required by Lessor, Lessee shall furnish or cause to be furnished to Lessor waivers or acknowledgments
by the insurers of the aircraft on which the Removed Engine or Removed APU is installed) and the installation of an engine or auxiliary
power unit on the Airframe does not have an adverse effect on the insurance for the Aircraft.

 

(b) Engine
Swapping. Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, at the end of the Term, Lessee
may redeliver the Aircraft with one or both engines from any other Engine Swap Aircraft (each a “Swap Engine” and
together, the “Swap Engines”) in lieu of one or both of the Engines, in which case there shall be a permanent exchange
of such engines, provided that:

 

(i) Lessee
shall be responsible for any Taxes imposed by any jurisdiction as a result of the title transfer (if any is required) for a Swap Engine;

 

(ii) Lessee
shall provide irrevocable written notice to Lessor by no later than twelve (12) months prior to the Expiry Date (provided that, such
notice may be revocable after good faith discussion between Lessor and Lessee, each acting reasonably), setting forth which Engines or
Swap Engines shall be returned with the Aircraft;

 

(iii) any
Swap Engine shall meet the return conditions specified in Clause 18 hereof; and

 

(iv)
Lessee may permanently exchange one or both Engines with any Swap Engine only if the Aircraft and the applicable Engine Swap Aircraft
are owned and leased by Lessor or one of Lessor’s Affiliates to Lessee. If the Aircraft and any other Engine Swap Aircraft are
sold to the same buyer (each a “Sold Aircraft” and together, the “Sold Aircraft”), then the provisions
of this Clause 11.2(b) shall continue to apply to the Sold Aircraft, such that any of the engines belonging to one Sold Aircraft may
be permanently exchanged with any other engine belonging the other Sold Aircraft at redelivery of the Aircraft.

 

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 11.3 Claims against Removed Engine and Removed APU.

 

(a) Lessee
shall notify Lessor in the monthly status reports whenever any Removed Engine or Removed APU is removed from the Airframe or installed
on another aircraft operated by Lessee, and from time to time, on request, shall procure that any person to whom possession of the Removed
Engine or Removed APU is given and any lessor of, or person having a Lien on, an aircraft on which the Removed Engine or Removed APU
is installed acknowledges in writing for the benefit of Lessor and any Lenders, that it will respect the interests of Lessor and any
Lender(s) in the Removed Engine or Removed APU, as the case may be, and that neither it nor its successors or assigns will acquire, as
against Lessor or any Lender, any right, title or interest in a Removed Engine or Removed APU as a result of such Removed Engine or Removed
APU being installed on their airframe for so long as it remains owned by Lessor; provided that such acknowledgment may take the form
of an acknowledgment contained within the lease or financing document in respect of the airframe on which the Removed Engine or the Removed
APU is installed, so long as such acknowledgment is expressly stated to be for the benefit of third party lessors and lenders in the
same position as Lessor and such Lender.

 

(b) If
such acknowledgment is unenforceable by Lessor or Lender or despite the apparent enforceability of such acknowledgment, another lessor
or lender fails to remove a Removed Engine or Removed APU from their airframe either upon the request for removal by Lessee or prior
to such lessor’s or lender’s departure with that airframe from the Habitual Base (such refusal or departure constituting
a “confiscation”) and Lessor or Lender thereby loses its right, title or interest in or to any Removed Engine or Removed
APU, then Lessee shall use its best efforts to recover the Removed Engine or Removed APU, as follows:

 

(i) If
a Removed Engine or a Removed APU has been installed on an airframe operated by Lessee that has been or is in the process of being returned
to or repossessed by that airframe’s owner or lender, as the case may be, but has not yet been removed from the Habitual Base,
Lessee will take all such efforts to take possession of such Removed Engine or Removed APU prior to the removal of that airframe, have
such Engine or APU uninstalled from such airframe and reinstalled on the Aircraft or on another airframe owned or leased by Lessee as
soon as reasonably practicable but in any case not to exceed one hundred eighty (180) days from such Removed Engine or Removed APU’s
removal from the departing airframe; or

 

(ii) If
a Removed Engine or a Removed APU has been installed on an airframe operated by Lessee that has already been returned to or repossessed
by that airframe’s owner or lender, as the case may be, and such airframe has been removed from the Habitual Base, Lessee will
take all such efforts to take possession of such Removed Engine or Removed APU from its location in what other jurisdiction it may then
be located and return such Removed Engine or Removed APU (within forty five (45) days of such Removed Engine’s or Removed APU’s
confiscation) so that it may be reinstalled on the Aircraft or, if no Event of Default is then continuing, on another airframe owned
or leased by Lessee as soon as reasonably practicable but in any case not to exceed one hundred eighty (180) days from the date of recovery
of such Engine or APU.

 

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(c)
If Lessee is unable to retake possession of the Removed Engine within the time permitted by subclause (b)(ii) above, then the same
shall be treated as a Total Loss per Clause 15 of this Agreement except that (i) Lessee shall post a bond or provide a letter of
credit or other security reasonably acceptable to Lessor in an amount equal to one hundred ten percent (110%) of the desktop
appraised value of such Removed Engine, and (ii) upon Lessee providing a Replacement Engine as required under Clause 15.2 or
recovering possession of such Removed Engine (and restoring it to the condition required by this Agreement if it is not then in such
condition), Lessor will return such bond, letter of credit or other security to Lessee. The replacement of a Removed APU that is not
returned to the control of Lessee within the time permitted under Clause 11.3(b)(ii) will be handled pursuant to the terms of Clause
15.3 provided that such Removed APU will be replaced no later than sixty (60) days after such confiscation.

 

(d) For
the benefit of each lessor of an airframe, auxiliary power unit or engine leased to Lessee and each holder of a security interest in
an airframe, auxiliary power unit or engine owned by Lessee under a security agreement (each such holder, a “Third Party Beneficiary”),
Lessor shall not acquire or claim, as against such lessor or security interest holder, any right, title or interest in any engine or
auxiliary power unit (other than an Engine or the APU) covered by any such lease or security agreement as a consequence of such engine
or auxiliary power unit being attached to the Airframe.

 

CLAUSE 12 INTENTIONALLY OMITTED.

 

CLAUSE 13 MANUFACTURER’S WARRANTIES.

 

13.1 Assignment
of Warranties. Provided no Event of Default has occurred and is continuing hereunder, Lessor agrees to assign or otherwise make
available to Lessee (or at the direction of Lessee, the Permitted Sublessee) at the expense of Lessee such rights as Lessor may have
under any warranty, express or implied, with respect to the Aircraft made by the Manufacturer, any subcontractor or supplier thereof,
or any other seller thereof or the Engine Manufacturer, any manufacturer of any Part, or any person undertaking maintenance, repairs
or modifications in respect of the Aircraft, to the extent that the same may be assigned or otherwise made available to Lessee or Permitted
Sublessee, as applicable, and without warranty by Lessor as to the enforceability of any of the rights so assigned. To the extent that
the same may not be assigned or otherwise made available to Lessee or Permitted Sublessee, as applicable, Lessor agrees, provided that
no Event of Default has occurred and is continuing, and at Lessee’s request and expense, to enforce such rights as Lessor may have
with respect thereto for the benefit of Lessee or Permitted Sublessee, as applicable. During the continuation of any Event of Default
and upon any termination of the leasing of the Aircraft hereunder, all such rights shall immediately revert to Lessor including all claims
thereunder whether or not perfected and Lessee shall assign to Lessor rights Lessee may have under any other transferable and unexpired
warranty, express or implied relating to the Aircraft or any Engine or Part.

 

13.2 Proceeds
of Warranty Claims. Any cash payments to Lessee in respect of warranty claims under any of the warranties which are made available
by Lessor to Lessee pursuant to the terms of Clause 13.1, which are not or will not be applied to the repair or remedy of defects in
the Aircraft and which are not in respect of compensation for loss of use of the Aircraft, an Engine or Part during the Term due to a
defect covered by such warranty, shall be for Lessor’s account and shall to the extent received by Lessee be promptly paid by Lessee
to Lessor.

 

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CLAUSE 14 INSURANCES. 

 

14.1 Obligation
to Insure. From the Delivery Date until expiration or earlier termination of the Term and redelivery of the Aircraft to Lessor,
Lessee shall, at its own expense, effect and maintain or cause to be effected and maintained in full force and effect insurances on and
with respect to the Aircraft that comply with the provisions of this Clause 14. Lessee agrees that insurances shall be maintained through
underwriters and brokers who normally participate in aviation insurances of recognised standing in the leading primary international
insurance markets; and (ii) in an amount and on terms and conditions at least similar to the ones maintained on aircraft of a similar
type to the Aircraft in the Lessee’s fleet and which are customary in international lease transactions involving commercial passenger
aircraft of a similar type to the Aircraft.

 

14.2 Insurance
with Respect to the Aircraft. Lessee shall obtain and maintain, or cause to be obtained and maintained with respect to the Aircraft
the following insurances:

 

(a) “Hull
All-Risks” of loss or damage while flying and on the ground with respect to the Aircraft on an “agreed value” basis
for the Agreed Value;

 

(b) “All-Risks”
(including “War and Allied Risk” except when on the ground or in transit other than by air) property insurance on all Engines
and Parts when not installed on the Aircraft on an “agreed value” basis for their full replacement value and including engine
test and running risks; and

 

(c) “Hull
War and Allied Perils” based on the coverage afforded by LSW 555D or market equivalent available from the leading international
insurance markets, or from government indemnity policies as per and as wide as LSW 555D, including confiscation and requisition by the
State of Registration on an “agreed value” basis for the Agreed Value.

 

14.3 Terms
Specific to Hull Insurance. The insurances required under Clause 14.3 shall be provided on an agreed value basis and the policies
shall comply with the conditions of AVN 67B and:

 

(a) include
Lessor and each Lender as additional insureds for its rights and interests;

 

(b) include
a loss payable clause that provides that all insurance proceeds in respect of a Total Loss shall be payable in accordance with the terms
and conditions of AVN 67B to Lessor or at the direction of Lessor, any Lender or its assignee and that all other insurance proceeds shall
be paid in accordance with the terms of this Agreement and the Security Documents to such parties as may be necessary to repair the Aircraft;

 

(c)
include a loss payable clause that provides that all insurance proceeds shall be payable in accordance with the terms and conditions
of AVN 67B to Lessor or its assignee and that all other insurance proceeds shall be paid in accordance with the terms of this Agreement
and the Security Documents to such parties as may be necessary to repair the Aircraft;

 

(d) be
subject to such exclusions and deductibles as Lessor may reasonably approve, provided that in no event shall the deductible under the
Hull All- Risks and the Hull War-Risks insurance exceed the Maximum Deductible Threshold; and

 

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 (e) provide that all insurance proceeds shall be payable in US Dollars.

 

In the event separate insurances are arranged
to cover the “Hull All-Risks” insurance and the “Hull War-Risks” and related insurances, the underwriters subscribing
to such insurance agree that in the event of any dispute as to whether a claim is covered by the “Hull All-Risks” or “Hull
War-Risks” policies, such claim be settled on a 50/50 claim funding basis in accordance with AVS103 (or similar).

 

 14.4 Liability Insurance with Respect to the Aircraft.

 

(a) Lessee
shall obtain and maintain a policy or policies of Aircraft Third Party, Bodily Injury/Property Damage, Passenger, Baggage, Cargo and
Mail and Airline General Third Party (including Products) Legal Liability insurance for a combined single limit of not less than the
Minimum Liability Coverage Amount or the equivalent thereof in any other currency approved by Lessor, for any one accident, such policy
or policies to cover war risks and allied perils, under AVN52E endorsement. The insurance referred to in this paragraph (a) may, to the
extent the Aircraft is leased to TAM Linhas Aéreas S.A. pursuant to a Permitted Sublease, be provided by the government of Brazil
in a manner and in form and substance reasonably satisfactory to the Lessor.

 

(b) The
policies evidencing the insurance required under Clause 14.5(a) shall comply at a minimum with the conditions of AVN 67B, and:

 

(i) include
each Indemnitee as additional insureds (each, an “Additional Insured”) for their respective rights and interests;

 

(ii) provide
that all the provisions thereof, except the limits of liability, shall operate to give each Additional Insured the same protection as
if there were a separate policy covering each named insured; and

 

(iii) be
primary and without right of contribution from any other insurance that may be available to any other Additional Insured.

 

14.5 Provisions
Relating to all Insurance. The policies evidencing the insurances with respect to the Aircraft required under this Clause 14
shall comply at a minimum with the conditions of AVN 67B and:

 

(a) provide
that the insurance shall not be invalidated, so far as concerns any Additional Insured, by any action or inaction or omission (including
misrepresentation and nondisclosure) of any person or party that results in a breach of any term, condition or warranty of such policy;
provided that the Additional Insured so protected has not caused, contributed to or knowingly condoned the action, inaction or omission,
as the case may be;

 

 (b) specifically reference this Agreement;

 

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(c) provide
for worldwide coverage (subject only to such exceptions as are customary in insurance coverages carried by major international air carriers
operating aircraft of the same type as the Aircraft);

 

(d) provide
that upon payment of any loss or claim to or on behalf of any Additional Insured, the respective insurer shall to the extent and in respect
of such payment be thereupon subrogated to all legal and equitable rights of the Additional Insured indemnified hereby (but not against
any other Additional Insured); provided that such insurer shall not exercise such rights without the consent of the indemnified Additional
Insured, such consent not to be unreasonably withheld. At the expense of such insurer, such Additional Insured shall do all things reasonably
necessary to assist the insurer to exercise said rights;

 

(e) provide
that none of Lessor nor any Lender shall be liable for any premiums in respect thereof and that the insurers shall waive any right of
set-off or counterclaim against Lessor or any Lender except in respect of unpaid premiums in respect of the Aircraft;

 

(f) provide
that the insurers shall promptly notify Lessor in the event of cancellation of, or any material adverse change in, the insurances or
any act or omission or any event that might invalidate or render unenforceable the insurances or in the event that any premium or instalment
of premium shall not have been paid when due and that the insurances shall continue unaltered for the benefit of each Indemnitee for
at least thirty (30) days from receipt of written notice of such cancellation, change, event or non-payment of premium or instalment
thereof shall have been received by Lessor or the relevant broker except in the case of War Risks for which seven (7) days’ notice
(or such period as may be customarily available in respect of War Risks or Allied Perils) will be given; and

 

(g) provide
coverage with respect to losses and claims in connection with any change of year, date or time to the fullest extent as customary in
the worldwide aviation insurance market, including date recognition limited coverage clauses AVN 2001A and AVN 2002A.

 

 14.6 Insurance Covenants. Lessee shall:

 

(a) ensure
or procure 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 over which the Aircraft may be flown are complied with and in particular those requirements
compliance with which is necessary to ensure that:

 

 (i) the Aircraft is not in danger of detention or forfeiture;

 

 (ii) the insurances remain valid and in full force and effect; and

 

(iii) the
interests of the Indemnitees in the insurances and the Aircraft are not prejudiced;

 

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(b) 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;

 

(c) comply
with the terms and conditions of each policy of the insurances and not do, consent, agree or permit to occur any act or omission which:

 

 (i) invalidates or may invalidate the insurances; or

 

(ii) renders
or may render void or voidable the whole or any part of any of the insurances; or

 

(iii) brings
any particular liability within the scope of an exclusion or exception to the insurances;

 

(d) commence
renewal procedures at least thirty (30) days prior to expiry of any of the insurances and provide to Lessor:

 

(i) if
requested by Lessor, a written status report of renewal negotiations fourteen (14) days prior to each such expiry date;

 

(ii) on
or prior to each renewal date (subject to such Insurance Broker customarily providing such at that time) confirmation from the relevant
Insurance Broker that the insurance coverage required to be effected in accordance with this Agreement has been renewed prior to the
expiry of the current policy;

 

(iii) a
certificate of insurance (and where applicable a certificate of reinsurance), and, where reasonably requested by Lessor, a broker’s
(and where applicable a reinsurance broker’s) letter of undertaking detailing the coverage and confirming the insurers’ (and
any reinsurers’) agreement to the specified insurance requirements of this Agreement as soon as it is available and in any event
no later than five (5) Business Days after the expiration of the current insurance period;

 

(e) on
request, provide to Lessor copies of the certificates of insurance and reinsurance evidencing the insurances;

 

(f) on
request, provide to Lessor evidence that the insurance premiums have been paid;

 

(g) not
make any material modification or alteration to the insurances which is adverse to the interests of any of the Indemnitees;

 

 (h) be responsible for any deductible under the insurances;

 

(i) provide
any other insurance and reinsurance related information or assistance in respect of the insurances that Lessor may reasonably require;
and

 

(j) in
the event that such insurances required under Clause 14.2 are subject to any aggregate limit, from time to time purchase additional coverage
such that the balance of coverage available under any such aggregate limit shall at all times be equal to at least the greater of (i)
the insured aggregate at the inception of the current policy and (ii) the minimum requirements of this Agreement.

 

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 14.7 Information.

 

(a) On
or before the Delivery Date as soon as it is available and in any event no later than five (5) days after each renewal of the then-current
insurance programme, Lessee shall provide Lessor with certificates of insurance and a broker’s letter of undertaking that (i) evidence
to the satisfaction of Lessor that the insurances are and will continue in full force after the Delivery Date or the renewal date (as
the case may be) for such period as shall then be stipulated and (ii) contain such other certifications and undertakings as are customarily
provided to lessors by insurance brokers acting for major international air carriers.

 

 14.8 Additional Insurance; No Lien.

 

(a) Lessee
shall not, without the prior written consent of Lessor, maintain insurances with respect to the Aircraft or any Engine, other than as
required under this Agreement; provided that Lessee may self-insure the risks covered by the hull insurance maintained in compliance
with this Clause 14 by way of deductible, but in no event in an amount greater than the Maximum Deductible Threshold.

 

(b) Lessor
may, having regard to insurances coverage from time to time carried by major commercial air carriers operating aircraft of the same type
as the Aircraft and to practices current from time to time in the aviation insurance market and to the requirements of lessors of aircraft,
from time to time require Lessee at no cost to Lessor, to effect such other insurances, or such variations to the terms of the existing
insurances, as Lessor may by notice to Lessee reasonably require in order fully to protect the interests of the Indemnitees.

 

(c) If
at any time Lessor reasonably determines that the insurances effected or procured by Lessee hereunder do not provide Lessor or the Lender(s)
a satisfactory breach of warranty endorsement (in the case of Hull All-Risks and Hull War-Risks policies) and a satisfactory breach of
warranty endorsement and cross liability and/or severability of interests clause (in the case of liability policies), then Lessee shall,
at the request of Lessor and at its own expense, effect and maintain, a policy in respect of the interests of Lessor and the Lender(s),
in such form as Lessor reasonably consider(s) appropriate.

 

(d) Lessee
shall not create or permit to exist any Lien over the insurances required by this Agreement, or its interest therein, save as constituted
by this Agreement and the Operative Documents.

 

14.9 Failure
to Insure. If at any time Lessee fails to maintain in full force and effect insurances in compliance with any provision of this
Clause 14, Lessor shall be entitled but not bound (without prejudice to any other rights that it may have or acquire under this Agreement
by reason of such failure):

 

(a) to
pay the premiums due or effect and maintain insurances satisfactory to it or otherwise remedy Lessee’s failure in such manner (including
to effect and maintain an “owner’s interest” policy) as it considers appropriate and any sums so expended by it will
become immediately due and payable by Lessee to Lessor, together with interest thereon from the date of expenditure by it up to the date
of reimbursement by Lessee; and

 

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(b) 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 it until the failure is remedied to its satisfaction.

 

 14.10 Settlement of Claims.

 

(a) Lessee
shall not settle or permit settlement of any claim arising under any of the hull and spare insurances in respect of any loss or damage
in excess of the Damage Notification Threshold or make any payment in connection therewith without the prior written consent of Lessor
(such consent not to be unreasonably withheld or delayed), and will not settle or permit settlement of any claims under such insurances
without such consent if an Event of Default has occurred and is continuing. The proceeds of hull insurances in respect of a Total Loss
shall be paid to Lessor or its assignee in an amount equal to the Agreed Value. The proceeds of hull and spare insurances in respect
of any loss other than a Total Loss shall be paid (i) to Lessee if such loss is less than the Damage Notification Threshold, or (ii)
to such parties as may be necessary to repair the Aircraft (or to Lessee in reimbursement for paying for such repairs) if such loss is
equal to or greater than the Damage Notification Threshold provided that if an Event of Default has occurred and is continuing, all such
proceeds which would otherwise be paid to Lessee shall be paid to Lessor or its assignee.

 

(b) Upon
completion of the repairs of any loss on which the insurers have paid insurance proceeds to Lessee, Lessee shall deliver to Lessor an
officer’s certificate certifying that such repairs to the Aircraft have been completed in accordance with the Manufacturer’s
recommended procedures.

 

14.11 Assignment. If
Lessor transfers the Aircraft or assigns its rights hereunder as permitted by Clause 20.2 of this Agreement, Lessee will, upon request,
procure that the transferee or assignee (including any Lender) shall be named as a ‘Contract Party’ to any of the insurances
referred to in this Clause 14 so as to enjoy the same rights and protection as Lessor may have from time to time under such insurances.

 

 14.12 Post Termination.

 

(a) Lessee
shall effect and maintain (at no cost to Lessor) insurance in an amount not less than the Minimum Liability Coverage in the annual aggregate
after the Termination Date with respect to its liability under the indemnities in Clause 19 for such period as Lessor may reasonably
require, but in any event for not more than the earlier of two (2) years or the completion of the next 6Y-Check which provides for each
Indemnitee to be named as an additional insured. Lessee’s obligation in this Clause 14.13(a) shall 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.

 

(b) In
addition, if Lessor transfers the Aircraft or such rights and thereafter ceases to be Lessor of the Aircraft (a “Transferor”),
Lessee shall, at the request of such Transferor and at Lessee’s expense, effect and maintain for the benefit of such Transferor
the liability insurances otherwise required under this Agreement for such period (not exceeding the lesser of the time until the next
6Y-Check or two (2) years and not, in any event, to exceed the end of the coverage period provided for in Clause 14.13(a)) as the Transferor may request and
shall ensure that the Transferor shall be named as an additional insured thereunder.

 

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14.13 Reinsurance. Any
reinsurance will be maintained with reinsurers of recognised standing who normally participate in aviation insurances and brokers in
the London or New York or such other leading international insurance markets approved by Lessor. Any reinsurance in respect of the Insurances
under Clause 14 of this Agreement must:

 

 (a) be on the same terms as the original insurance;

 

(b) be
for not less than (i) ninety eight percent (98%) or (ii) for so long as the Aircraft is registered in Brazil, eighty-four point forty-five
percent (84.45%) or any other higher reinsurance percentage then permitted under Applicable Law of Brazil, and shall be effected in the
insurance markets in Lloyd’s of London, or other internationally recognised aviation insurance markets with reinsurers of international
standing and repute who normally participate in aircraft insurance programs acceptable to Lessor;

 

(c) provide
that notwithstanding the bankruptcy, insolvency, liquidation, or similar proceedings affecting the reinsured party, the reinsurers will
be liable to make payment under the relevant policy of reinsurance as if the reinsured party had (immediately before such proceedings)
discharged its obligations in full under the original insurance policy;

 

(d) be
with insurers of recognised responsibility with limits in line with those of standard airline practice; and

 

(e) contain
a “cut through” clause in the following terms or otherwise satisfactory to Lessor:

 

“The reinsurers hereby agree that in the
event of any claim arising under the reinsurances in respect of a Total Loss or other claim where, as provided by the Lease, such claim
is to be paid to the person named as sole loss payee under the primary insurances, the reinsurers shall in lieu of payment to the reinsured,
its successors in interest and assigns, pay to the person named as sole loss payee under the primary insurances effected by the Insured
that portion of any loss due for which the reinsurers would otherwise be liable to pay the reassured (subject to proof of loss), it being
understood and agreed that any such payment by the reinsurers shall (to the extent of such payment) fully discharge and release the reinsurers
from any and all further liability in connection therewith. Any payment due under this clause shall not contravene any law, statute or
decree of [insert country of primary insurer].”

 

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CLAUSE 15 LOSS, DAMAGE AND REQUISITION. 

 

 15.1 Total Loss of Aircraft or Airframe.

 

(a)
If a Total Loss of the Airframe or the Aircraft occurs prior to Delivery, this Agreement will immediately terminate and except as
expressly stated in this Agreement neither party will have any further obligation or liability under this Agreement other than
pursuant to Clause 19.8.

 

(b) If
a Total Loss of the Airframe or the Aircraft occurs after Delivery, Lessee will pay the Agreed Value to Lessor on or prior to the earlier
of (i) ninety (90) days after such Total Loss Payment Date and (ii) the date of receipt of insurance proceeds in respect of such Total
Loss.

 

(c) Subject
to the rights of any insurers and reinsurers or other person, upon irrevocable payment in full to Lessor of the Agreed Value and all
other amounts which may be or become payable to Lessor under this Agreement, Lessor will procure at Lessee’s expense that there
is transferred to Lessee without recourse or warranty (except as to freedom from Lessor’s Liens) all of Lessor’s right, title
and interest in and to the Aircraft, on an “as-is where-is” basis, and will procure such bills of sale and other documents
and instruments as Lessee may reasonably request to evidence (on the public record or otherwise) such transfer.

 

 15.2 Total Loss of Engine(s).

 

(a) Upon
a Total Loss of any Engine not installed on the Aircraft, or a Total Loss of an Engine installed on the Airframe not involving a Total
Loss of the Airframe (in either case, a “destroyed Engine”), Lessee shall promptly, after becoming aware of the same,
give written notice thereof to Lessor and Lessee shall replace the destroyed Engine as soon as reasonably possible and in any event within
the earlier of (i) ninety (90) days after the Total Loss and (ii) the date of receipt of insurance proceeds in respect of such Total
Loss by procuring that Lessor acquires (at no expense to Lessor) title to a Replacement Engine that shall be subject to this Agreement
and any Security Documents executed by Lessor and free of all Liens other than Permitted Liens. Contemporaneously with the transfer of
such Replacement Engine to Lessor, Lessor shall pay to Lessee or its designee the net amount of any insurance proceeds received by Lessor
in respect of the destroyed Engine under the insurances required to be maintained in respect of such destroyed Engine by Lessee under
this Agreement. Such Replacement Engine shall, upon acquisition by Lessor, be an Engine as defined herein.

 

(b) The
parties hereto agree to take such action as either of them may reasonably request in order that any such Replacement Engine shall be
or immediately become the property of Lessor and become subject to this Agreement and any Security Documents executed by Lessor, and
leased hereunder on the same terms as the destroyed Engine. Upon compliance with the foregoing, the leasing of the destroyed Engine shall
cease and Lessor will, subject to the rights of any insurers and reinsurers or other third party, procure at Lessee’s request and
expense that there is transferred to Lessee without recourse or warranty (except as to freedom from Lessor’s Liens) all of Lessor’s
rights, title and interest in and to the destroyed Engine, on an “as-is where-is” basis, and will procure such bills of sale
and other documents and instruments as Lessee may reasonably request to evidence (on the public record or otherwise) such transfer, free
and clear of all rights of Lessor and Lessor’s Liens.

 

(c) A “Replacement
Engine” means a CFM56-5B4/3 engine (or an engine of an improved model suitable for installation and use on the Airframe)
(i) in the same operating condition as, and having a value, utility and remaining useful life at least equal to, the replaced Engine
(assuming that the replaced Engine was in the condition and repair in which it is required to be maintained under this Agreement);
and (ii) that has no fewer Flight Hours or Cycles than the replaced Engine remaining to the next expected life restoring shop visit
and to the next removal for replacement of life- limited parts, and the LLPs in the Replacement Engine shall have on average Cycles
of life remaining not fewer than those in the replaced Engine.

 

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15.3 Total Loss of APU.

 

(a) Upon a Total Loss of an APU not
installed on the Aircraft, or a Total Loss of an APU installed on the Airframe not involving a Total Loss of the Airframe (in either
case, a “destroyed APU”), Lessee shall promptly, after becoming aware of the same, give written notice thereof to
Lessor and Lessee shall replace the destroyed APU as soon as reasonably possible and in any event within the earlier of (i) ninety
(90) days after the Total Loss and (ii) the date of receipt of insurance proceeds in respect of such Total Loss by procuring that
Lessor acquires (at no expense to Lessor) title to a Replacement APU that shall be subject to this Agreement and any Security
Documents executed by Lessor and free of all Liens other than Permitted Liens. Contemporaneously with the transfer of such
Replacement APU to Lessor, Lessor shall pay to Lessee or its designee the net amount of any insurance proceeds received by Lessor in
respect of the destroyed APU under the insurances required to be maintained in respect of such destroyed APU by Lessee under this
Agreement. Such Replacement APU shall, upon acquisition by Lessor, be the APU as defined herein.

 

(b) The
parties hereto agree to take such action as either of them may reasonably request in order that any such Replacement APU shall be or
immediately become the property of Lessor and become subject to this Agreement and any Security Documents executed by Lessor, and leased
hereunder on the same terms as the destroyed APU. Lessee’s obligation to pay Rent shall continue in full force and effect and shall
not be affected by such replacement. Upon compliance with the foregoing, the leasing of the destroyed APU shall cease and Lessor will,
subject to the rights of any insurers and reinsurers or other third party, procure at Lessee’s request and expense that there is
transferred to Lessee without recourse or warranty (except as to good title and freedom from Lessor’s Liens) all of Lessor’s
rights, title and interest in and to the destroyed APU, on an “as-is where-is” basis, and will procure such bills of sale
and other documents and instruments as Lessee may reasonably request to evidence (on the public record or otherwise) such transfer, free
and clear of all rights of Lessor and Lessor’s Liens. If the destroyed APU or any part thereof is salvaged and returned to service,
Lessee shall indemnify Lessor under Clause 19 against any future use of such destroyed APU to the same extent as if it were the APU and
will include Lessor as an additional insured on its insurance policy with respect to the destroyed APU for so long as the destroyed APU
is operated by Lessee.

 

(c) A “Replacement APU”
means an auxiliary power unit in accordance with this Agreement (or an auxiliary power unit of an improved model suitable for
installation and use on the Airframe) (i) in the same operating condition as, and having a value, utility and remaining useful life
at least equal to, the replaced APU (assuming that the replaced APU was in the condition and repair in which it is required to be
maintained under this Agreement); (ii) has no fewer Flight Hours or Cycles then the replaced APU remaining to the next expected life
restoring shop visit and to the next removal for replacement of life limited parts; (iii) the LLPs in the Replacement APU shall have
on average Cycles of life remaining not fewer than those in the replaced APU; and (iv) appropriate certification which shall be
either EASA Form 1 or FAA 8130 Tag.

 

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15.4
Other Loss or Damage; Diminution of Value. If the Aircraft or any part thereof suffers loss or damage not constituting a Total
Loss of the Aircraft or the Airframe, all the obligations of Lessee under this Agreement shall continue in full force, and Lessee shall,
at Lessee’s expense, promptly procure the repair or replacement of all damaged or lost Parts in accordance with this Agreement.

 

 15.5 Requisition.

 

(a) If
there is a requisition for use or hire of the Aircraft or any part thereof by a Government Entity, then, unless and until the Aircraft
becomes a Total Loss and Lessee shall have paid all sums due pursuant to Clause 15.1, the leasing of the Aircraft to Lessee under this
Agreement shall continue in full force and effect, and Lessee shall remain fully responsible for performance and observance of all its
obligations under this Agreement, other than obligations (which shall not include reporting requirements and payment of Rent) with which
Lessee is unable to comply solely by virtue of such requisition.

 

(b) Lessee
shall, as soon as practicable after the end of any requisition for use or hire, cause the Aircraft to be put into the condition required
by this Agreement.

 

(c) Lessor
shall apply any requisition payments or other compensation received by it, directly or indirectly, as a result of the requisition for
use of the Aircraft in or towards discharge of Rent and other amounts due from Lessee hereunder (including such amounts as may be required
to restore the Aircraft to the condition required by this Agreement after the end of such requisition) and shall (provided no Event of
Default shall have occurred and be continuing) release to Lessee any surplus remaining after such application.

 

CLAUSE 16 DEFAULT. 

 

16.1 Classes of Events. 

 

REDACTED*

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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CLAUSE 17 PAYMENTS ON EVENT OF DEFAULT. 

 

 17.1 Payments.

 

(a) Upon the occurrence of any Event of
Default, and at any time thereafter (provided such Event of Default is then continuing), provided that the Chapter 11 Cases and
related parallel and ancillary proceedings in Chile, Colombia, and the Cayman Islands shall not apply for purposes of this clause,
whether or not Lessor shall have exercised, or shall thereafter exercise, any of its rights under Clause 16.2, Lessee shall upon
receipt of notice from Lessor:

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17.2 Further
Notices. Lessor shall be entitled, following the issuance of a notice under Clause 17.1, to issue further notices thereafter
in respect of any amounts referred to in Clause 17.1 that shall not have been incurred and/or quantified at the date of any previous
notice.

 

17.3 No
Limitation. Lessor’s rights to payments under this Clause are not intended to be exclusive, but are in addition to any
other remedy available to Lessor under Applicable Law.

 

 17.4 Mitigation. Lessor will use reasonable endeavours to mitigate such Losses.

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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17.5 Lessee
Illegality Event. Subject always to Clause 17.7, if a Lessee Illegality Event occurs, Lessee shall promptly notify Lessor of
such Lessee Illegality Event. Lessee and Lessor shall consult in good faith as soon as reasonably practicable after receipt of
Lessee’s written notice in order to restructure the transactions (at no cost to Lessor) contemplated by this Agreement and the
other Lessee’s Documents in order to avoid such Lessee Illegality Event. If, following sixty (60) days after Lessee’s
written notice (or, if earlier, the last day before such Lessee Illegality Event takes effect) the transactions contemplated by this
Agreement and the other Lessee’s Documents have not been restructured in order to avoid such Lessee Illegality Event, Lessor
may, at its option (and without prejudice to any of its other rights under this Agreement (including its rights under Clause 16.2))
at any time thereafter, by notice to Lessee but with immediate effect, terminate the leasing of the Aircraft (but without prejudice
to the continuing obligations of Lessee under this Agreement), whereupon all rights of Lessee under this Agreement shall cease and
Lessee shall reasonably promptly comply with Clause 18 of this Agreement shall apply as if each reference therein to an Event of
Default were a reference to the occurrence of such Lessee Illegality Event and to such termination.

 

17.6 Lessor
Illegality Event. Subject always to Clause 17.7, if a Lessor Illegality Event occurs, Lessor shall notify Lessee of such Lessor
Illegality Event. Lessee and Lessor shall consult in good faith as soon as reasonably practicable after receipt of Lessor’s written
notice in order to restructure the transactions (at no cost to Lessee) contemplated by this Agreement and the Lessee’s Documents
in order to avoid such Lessor Illegality Event. If, following sixty (60) days after Lessor’s written notice (or, if earlier, the
last day before such Lessor Illegality Event takes effect) the transactions contemplated by this Agreement and the other Lessee’s
Documents have not been restructured in order to avoid such Lessor Illegality Event, Lessee may, by notice in writing to Lessor terminate
the leasing of the Aircraft under this Agreement, such termination to take effect on the latest date on which Lessor may continue the
leasing of the Aircraft hereunder without being in breach of Applicable Laws or regulations and Lessee will forthwith redeliver the Aircraft
to Lessor in an “as-is” condition

 

17.7 Lessor Illegality Event and Lessee
Illegality Event. If a Lessor Illegality Event and a Lessee Illegality Event occur so that it is illegal for both Lessee and
Lessor to continue leasing the Aircraft as contemplated by this Agreement, Lessor and Lessee shall consult with each other for a period
of ninety (90) days and use best efforts to restructure this Agreement in order to avoid such illegality. If Lessor and Lessee are unable
to reach an agreement at the end of such ninety (90) day period (or such other date as Lessor or Lessee may agree), Lessee shall be entitled
to return the Aircraft to Lessor in an “as is, where is” condition.

 

CLAUSE 18 REDELIVERY. 

 

18.1 Redelivery. On
the Termination Date (other than following a Total Loss) Lessee shall, at its own expense, redeliver the Aircraft and the Aircraft Documents
to Lessor at an EASA- or FAA - certified MRO, to be advised by Lessee to Lessor at least ninety (90) days prior to the redelivery date
or to such other location as Lessor and Lessee may agree prior to such date (the “Return Location”).

 

18.2
Condition Aircraft and the Aircraft Documents.

 

REDACTED*

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d) inspect the Engines, including a full digitally
recorded borescope of combustor and low and high pressure compressor and turbine areas, as well as an engine max power assurance run
per the AMM’s criteria;

 

(e) inspect
the APU, including a full digitally recorded borescope inspection, and chip detector inspection, in accordance with the AMM and a line
maintenance inspection or health check.

 

All
of the foregoing inspections shall be at the cost of Lessee; provided, however, that Lessee shall not be responsible for any costs associated
with Lessor’s personnel, including travel, meals, lodging and any costs and expenses ancillary thereto.

 

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Lessor
may accept the Aircraft subject to the correction of any defect or nonconformity with the Redelivery Condition Requirements observed
during the inspection or demonstration flight in which case Lessor shall notify Lessee promptly upon the discovery of any such
defect or non-conformity. Lessee will, at Lessee’s expense, correct all discrepancies found during any such inspection or
flight determined not to have been in compliance with the Maintenance Program, the guidelines of the relevant manufacturer or the
requirements of this Agreement and provide to Lessor satisfactory evidence of such corrections, provided, however that Lessor and
Lessee agree that in the case of any defects or non-conformities not affecting the airworthiness of the Aircraft or of the ability
of the Aircraft to be immediately placed into commercial service by Lessor (for which the combined cost of rectification would not
exceed REDACTED*), Lessee may deliver the Aircraft to Lessor and, at Lessee’s
option in consultation with Lessor, (i) pay to Lessor an amount equal to the estimated cost of rectification of such defects or
non-conformities as agreed between Lessor and Lessee (including the reasonable out-of-pocket costs incurred by Lessor to correct
such defects and non-conformities), (ii) procure the correction of such defects or non-conformities at Lessee’s cost following
redelivery at a time agreed upon with Lessor, and in the case of (i) and (ii), Lessor shall not be entitled to rely on the failure
of those defects or non-conformities to meet the Redelivery Condition Requirements as the basis upon which it does not accept the
valid tender of the Aircraft for redelivery pursuant to the terms hereof. Upon completion of the inspection and correction of all
the discrepancies, Lessee will make the Aircraft available to Lessor for reinspection, which may include an additional demonstration
flight (if required per the applicable Manufacturers manuals) to demonstrate that a discrepancy has been rectified. Upon
confirmation of the correction of all discrepancies discovered during the inspections and flights, Lessee and Lessor will execute
the Return Acceptance Certificate at which time the leasing of the Aircraft pursuant to the terms of this Agreement shall
terminate.

 

18.4 Compliance
after Term. If the time required by Lessee to complete compliance with any of the provisions of this Clause 18 (including Schedule
5 hereto) shall extend beyond the Expiry Date, the provisions of this Agreement shall, at the option of Lessor, continue on a daily basis
until full compliance by Lessee with all of such provisions. Notwithstanding any continuation of Lessee’s obligations under this
Agreement, Lessee shall only be entitled to possession of the Aircraft after the date Lessee is required to redeliver the same pursuant
to this Agreement (a) if Lessor so elects and (b) for the sole purpose of promptly carrying out the works necessary to ensure redelivery
in accordance with the provisions hereof.

 

18.5 Deregistration
and Export. At such time as Lessee is obligated to redeliver the Aircraft to Lessor pursuant to this Agreement, Lessee shall
upon the request of Lessor:

 

(a) promptly
take all such steps (not including procuring the discharge of any Lessor’s Liens) as may be necessary to cancel the existing registration
of the Aircraft (subject to Lessor giving, or procuring that any mortgagee of the Aircraft gives, such notices and/or required consents
to the cancellation of such registration) and obtain and deliver to Lessor all certificates relating to the Aircraft required by Applicable
Law on any transfer of or alteration to the registration thereof (including without limitation either a certificate of airworthiness
or an export certificate of airworthiness for the Aircraft);

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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(b)
provide to Lessor all assistance as Lessor may reasonably request so as to enable Lessor to obtain any documents (including, without
limitation, any export certificate of airworthiness) required by Applicable Law in relation to the export of the Aircraft from the
State of Registration, the Habitual Base or such other country in which the Aircraft is for the time being located and shall
re-assign or otherwise confirm to Lessor the benefit of any indemnities or warranties available to Lessee from the Manufacturer or
any other supplier or manufacturer of the Engines, the APU or any Part or any repair or overhaul facility;

 

(c) provide
to Lessor, at Lessor’s expense, such assistance with respect to information and documentation as Lessor may reasonably require
so as to enable the Aircraft to be registered and certified as to airworthiness under any Applicable Laws and/or regulations of any country
other than the State of Registration; and

 

(d) if
the Return Location is different from the jurisdiction of the Habitual Base, Lessee shall obtain all necessary permits and licences and
pay for all the costs and expenses associated with such export.

 

18.6 Ferry
Flight. Following redelivery of the Aircraft, Lessee will (or shall procure that Permitted Sublessee will), upon the written
request of Lessor, fly the Aircraft from the Return Location to such location as Lessor may designate, subject to Lessee’s consent,
not to be unreasonably withheld or delayed (the “Ferry Flight”). Except as may be set forth in the Acceptance Certificate,
Lessee will pay all costs and expenses of the Ferry Flight and, provided Lessee has an insurable interest in the Aircraft, will provide
insurance coverage for the duration thereof equivalent to that provided by the policies required under Clause 14. Lessor will reimburse
Lessee for its costs incurred in performing the Ferry Flight within five (5) Business Days upon receipt of an invoice and other supporting
documents reasonably acceptable to Lessor and Lessee. In addition, Lessor shall be responsible for costs relating to customs at the Return
Location in relation to the redelivery of the Aircraft, and shall comply with all such customs and charges imposed by the Government
Entity of the Return Location (including ground handling and parking). Additionally, Lessee shall be responsible for the costs of de-registering
the Aircraft and complying with requirements related to the export of the Aircraft from the State of Registration to the Return Location.
Lessor shall cooperate with Lessee in connection with the deregistration and export of the Aircraft (including, for example, executing
any consent to the deregistration of the Aircraft from the State of Registration which may be required by the applicable Aviation Authority).

 

18.7 Utilisation
Adjustment Payments. Prior to accepting redelivery of the Aircraft to Lessor, Lessee will pay to Lessor, or Lessor will pay
to Lessee, as the case may be, the amounts calculated pursuant to Schedule 10.

 

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CLAUSE 19 INDEMNITIES. 

 

 19.1 General Indemnities.

 

(a)
Lessee hereby agrees at all times to indemnify, protect, defend and hold harmless each Indemnitee from and against all and any liabilities,
losses, claims, proceedings, damages, penalties, fines, fees, costs and expenses whatsoever (any of the foregoing being referred to as
a “Claim”) that any of them at any time suffers or incurs:

 

(i) arising
directly or indirectly out of, or in any way connected with, the, manufacture, ownership, possession, registration, performance, transportation,
management, control, use or operation, design, condition, testing, delivery, leasing, subleasing, maintenance, repair, service, modification,
overhaul, replacement, removal or redelivery of the Aircraft (either in the air or on the ground) or any part of the Aircraft or Aircraft
Documents, whether or not such Claims may be attributable to any defect in the Aircraft or any part thereof or the Aircraft Documents
or to the design, testing or use thereof or to any maintenance, service, repair, overhaul, or to any other reason whatsoever (whether
similar to any of the foregoing or not), and regardless of when the same shall arise (whether during, or after termination of, the leasing
of the Aircraft under this Agreement); or

 

(ii) arising
as a result of any design, article or material in the Aircraft or any part thereof or the operation or use thereof constituting or being
alleged to constitute an infringement of any patent, copyright, design or other proprietary right;

 

(iii) in
relation to preventing or attempting to prevent the arrest, confiscation, seizure, taking in execution, impounding, forfeiture or detention
of the Aircraft, or in securing the release of the Aircraft other than from any Lessor’s Lien; or

 

(iv) arising,
directly or indirectly out of or in any way connected with Lessor’s payment for or performance of, or procuring performance of,
any of Lessee’s obligations hereunder on behalf of Lessee in accordance with Clause 20.10.

 

(b) The
following are excluded from Lessee’s agreement to indemnify any particular Indemnitee under Clause 19.1(a):

 

(i) any
Claim judicially determined to be attributable to an act, matter, circumstance or thing done, arising or occurring after the Compliance
Date, but only to the extent not attributable or related, in whole or in part, to acts or omissions of Lessee or to circumstances, acts,
omissions, incidents or events occurring on or before the Compliance Date;

 

(ii) any
Claim which is the result of any failure on the part of Lessor or any other Indemnitee to comply with the express terms of this Agreement
or any other Operative Document or any representation or any warranty given by Lessor in this Agreement not being true and correct at
the date when, or when deemed to have been, given or made;

 

(iii) any
Claim caused by the wilful misconduct or recklessness of such Indemnitee, its successors, servants or agents;

 

(iv) any
Claim which is a Tax imposed or a loss of a Tax benefit, which Claim shall instead be subject to Clauses 19.2, 19.3, 19.4 and 19.5;

 

(v) any
Claim for currency indemnification, which shall be governed by Clause 6.6;

 

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(vi) any Claims which are the ordinary and usual
operating or overhead expense of Lessor or Lessor Guarantor except to the extent that the same arise on the occurrence of an Event of
Default;

 

(vii) any
Claim relating solely to the prior operation of the Aircraft by the Prior Operator;

 

(viii) any
Claim which represents or results from a decline in the market value of the Aircraft (unless such decline arises out of any Event of
Default in respect of operation, maintenance or repair of the Aircraft);

 

(ix) any
Claim which is expressly required to be borne by Lessor in accordance with any other provision of this Agreement or the other Operative
Documents;

 

(x) any
Claim which is caused by or attributable to the existence, creation or imposition of a Lessor’s Lien, provided such Claim does
not result directly from an Event of Default or a Lessee Illegality Event;

 

(xi) any
Claim caused solely as a result of any sale, assignment, transfer or other disposition by such Indemnitee of the Aircraft or Engine or
any interest therein (including creation of a Lessor’s Lien) that is not a replacement thereof under this Agreement or is otherwise
not contemplated under this Agreement, and unless such sale, transfer or other disposition has resulted from or occurred (a) following
an Event of Default which is continuing, or (b) as a consequence of a Total Loss;

 

(xii) any
Claim to the extent settled or reimbursed from any proceeds of insurances paid to that Indemnitee;

 

(xiii) any
Claim which arises as a result of any financing arrangement entered into by Lessor with respect to the Aircraft, including without limitation,
break costs and any other amounts payable under any financing documents, except to the extent that the same arise on the occurrence of
an Event of Default;

 

(xiv) any
Claim which arises out of any legal liability of an Indemnitee as a manufacturer that manufactured, or a maintenance repair organization
that performed maintenance on, the Aircraft or any Part thereof; and

 

(xv) any
Claim caused solely by an event that occurs after the redelivery of the Aircraft to Lessor in compliance with this Agreement (or, as
the case may be, a termination of the leasing of the Aircraft following a Total Loss) and is not attributable to any act, omission, event
or circumstance occurring prior to such redelivery.

 

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(c)
An Indemnitee shall promptly after obtaining actual knowledge thereof notify Lessee of any Claim as to which indemnification is
sought. Without prejudice to the obligation of Lessee to indemnify pursuant to this Clause 19.1 and provided that no Event of
Default has occurred and is continuing, 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 Claim, the compromise of which may adversely affect the Indemnitee), any
Claim for which indemnification is sought under this Clause 19.1 and each Indemnitee shall cooperate at Lessee’s cost with all
reasonable requests of Lessee in connection therewith; provided that (i) such proceedings do not involve any material risk of loss
or forfeiture of title to the Aircraft (unless Lessee shall have posted a bond or other security satisfactory to Lessor in respect
of such risk) or any material risk of any civil or criminal penalty being assessed against any Indemnitee and (ii) Lessee shall have
agreed to indemnify, and shall indemnify on demand, such Indemnitee in a manner satisfactory to it for all costs and expenses which
it may incur in connection with such Claim and shall deliver to such Indemnitee a written undertaking to indemnify it whether or not
any contest of such Claim is successful. Where Lessee or its insurers undertake the defence of an Indemnitee with respect to a
Claim, no additional legal fees or expenses of such Indemnitee in connection with such defence of such Claim 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 an actual or potential material conflict of interest exists where 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 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 this Clause 19.1. Nothing in this Clause 19.1 shall be deemed to require an Indemnitee to contest any
Claim or to assume responsibility for or control of any judicial proceeding with respect thereto.

 

19.2General
Tax Indemnity. Lessee shall pay and discharge or cause to be paid or discharged, within the period
for payment permitted by law     REDACTED*

 

 

 

 

 

 

REDACTED*

 

 

  

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19.2B
Mitigation. If Lessee is obligated to make any payment in respect of Tax under this Agreement (including under Clause 19), then
each of Lessor and Lessee shall (and Lessor shall use reasonable efforts to procure that each Tax Indemnitee shall) consults in good
faith and use all reasonable endeavours and diligently co-operate with the other to mitigate or reduce the need for the Lessee to make
such payment or to reduce the amount of such payment by Lessee, which mitigation efforts shall be at the cost of Lessee. Each of Lessor
and Lessee shall (and Lessor shall use reasonable efforts to procure that each Tax Indemnitee shall) provide any available forms or information
in respect of Tax reasonably requested by the other party from time to time. Lessor shall not be liable for any of its failures to perform
any of the foregoing and Lessor’s obligations under this Clause 19.2B shall not limit, reduce or qualify its rights to be indemnified
or to receive additional amounts in respect of Tax under this Agreement (including Clause 19). Notwithstanding the foregoing, Lessor
shall not be under any obligation to take or continue any action which in its absolute and sole discretion it considers to have an adverse
effect on its business or financial condition or its reputation.

 

19.3
Value Added Tax.

 

 (a) For purposes of this clause:

 

(i) “VAT”
means value added tax and any sales or turnover tax, imposition or levy of a like nature wherever imposed; and

 

 (ii) “supply” includes anything on which VAT is chargeable.

 

(b) Lessee
will pay to Lessor the amount of any VAT chargeable in respect of any supply for VAT purposes under this Agreement.

 

(c) Each
amount stated as payable under this Agreement is exclusive of VAT (if any) and is accordingly to be construed as a reference to that
amount plus any VAT in respect of it.

 

19.4
Payments on After-Tax Basis. Each payment and indemnity made by Lessee under this Clause 19 shall be made on an After-Tax Basis.

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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19.5
No Deductions or Withholdings.

 

(a)
Lessee shall ensure that all payments to be made under this Agreement (whether made by Lessee or any third party on Lessee’s
behalf), whether in respect of Basic Rent, Utilisation Adjustment Payments, Agreed Value, interest, fees, indemnities or any other
item, shall be made in full without any deduction or withholding (whether in respect of set-off, counterclaim, duties, Taxes,
charges or otherwise) unless such deduction or withholding is required by law, in which event Lessee shall:

 

(i) ensure
that any deduction or withholding by it does not exceed the minimum amount legally required;

 

(ii) on
the due date for such payment pay to the payee such additional amount as shall result in the net amount received by such payee being
equal on an After-Tax Basis to that amount which would have been received by such payee had no such deduction or withholding been made;

 

(iii) pay
to the applicable taxation or other authorities within the period for payment permitted by law the full amount of the deduction or withholding
legally required to be paid by it (including, but without prejudice to the generality of the foregoing, the full amount of any deduction
or withholding from any additional amount paid pursuant to this sub-clause); and

 

(iv) furnish
to such payee, within thirty (30) days of payment of such Taxes by it either (x) an official receipt of the applicable taxation or other
authorities for all amounts deducted or withheld as aforesaid or (y) if such receipts are not issued by the taxation or other authorities
concerned on payment to them of amounts so deducted or withheld, a certificate of deduction or equivalent evidence of the relevant deduction
or withholding reasonably satisfactory to Lessor.

 

19.6
Tax Benefit.                    REDACTED*

 

19.7 Reports.
Lessee will provide to each Tax Indemnitee such information as may reasonably be requested by such Tax Indemnitee to enable it to
fulfil its Tax filing or other information reporting requirements with respect to the transactions contemplated by Lessee’s
Documents. If any report, return or statement is required to be filed with respect to any Tax which is subject to indemnification
under this Clause 19, to the extent legally permitted to do so Lessee shall timely file or cause to be filed the same (except for
any such report, return or statement which such Tax Indemnitee has notified Lessee that it intends to file, or for income tax
returns or any other return, report or statement which Lessor is required by law to file in its own name).

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

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19.8
Continuation of Indemnities. The rights of each Indemnitee and Tax Indemnitee in respect of the indemnities contained in this
Agreement, including in this Clause 19, shall continue in full force and effect in favour of each such Indemnitee notwithstanding the
termination of this Agreement, the other Lessee’s Documents and/or the leasing of the Aircraft hereunder for any reason whatsoever,
and notwithstanding cessation of business of such Indemnitee or Tax Indemnitee, dissolution of such Indemnitee, Tax Indemnitee or Lessee,
any change in the constitution of such Indemnitee, Tax Indemnitee or Lessee, any transfer or assignment by an Indemnitee or Tax Indemnitee
of its rights in the Aircraft or its interest hereunder subject to the terms of Clause 20.2, or any other fact, event or circumstance
of any kind whatsoever, whether similar to any of the foregoing or not.

 

19.9
Forms. Without prejudice to Clause 19.5, each Indemnitee agrees to furnish from time to time to Lessee or to such other person
as Lessee may designate, at Lessee’s request and expense, such duly executed and properly completed forms as such Indemnitee may
be permitted and legally able to deliver and as may be necessary or appropriate in order to claim any reduction of, or exemption from
any Tax which Lessee may be required to indemnify against hereunder, unless such Indemnitee determines that furnishing such forms may
have an adverse effect on the business or operations of such Indemnitee.

 

19.10
Termination Due to Chapter 11 Cases.

 

REDACTED*

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    84

     

    

 

REDACTED*

 

 

 

CLAUSE 20 FURTHER PROVISIONS.

 

20.1
Nature of Lessee’s Obligations. All obligations of Lessee under this Agreement shall constitute conditions, and the time
for the performance of such conditions shall be of the essence (without prejudice to the grace periods granted hereunder).

 

20.2
Benefit of Agreement.

 

 (a) Lessor Transfer. Lessor shall have the right     REDACTED*

 

 

 

 

REDACTED*

 

 

 

  

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    85

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    86

     

    

 

Redacted per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20.3 Further
Assurances. Lessee agrees from time to time to promptly do and perform such other and further acts and promptly execute and
deliver and, if applicable, consent electronically to, any and all such other instruments and registration as may be required by law
or reasonably requested by Lessor to establish, maintain and protect the rights and remedies of Lessor and the Lender(s) under the Operative
Documents and to carry out and effect the intent and purpose of the Operative Documents, including, if requested by Lessor and at Lessee’s
expense, the execution and delivery of supplements or amendments hereto subjecting to this Agreement any Replacement Engine in accordance
with the laws of any appropriate jurisdiction.

 

    87

     

    

 

20.4 Rights
Cumulative; Waivers; Variation; Counterparts; Language; Delivery by Facsimile or E-mail.  

 

(a) The
rights of both parties under this Agreement are cumulative, may be exercised as often as the relevant party considers appropriate and
are in addition to its rights under the general law. The rights of both parties against the other or in relation to the Aircraft (whether
arising under this Agreement or the general law) shall not 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 such rights shall not operate as a waiver
or variation of that or any other such 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 the part of such party or on its
behalf shall in any way preclude it from exercising any such right or constitute a suspension or any variation of any such right.

 

(b) The
provisions of this Agreement shall not be varied otherwise than by an instrument in writing executed by or on behalf of Lessor and Lessee.

 

(c) This
Agreement may be executed in counterparts each of which will constitute one and the same document.

 

(d) All
documents delivered to Lessor or required to be delivered pursuant to this Agreement shall be in English, or if not in English, will
be accompanied by a certified English translation. If there is any inconsistency between the English version of this Agreement or any
document delivered hereunder and any other version in any other language, the English version will prevail.

 

(e) This
Agreement and the other Operative Documents (and the counterparts thereof) may be delivered by a party thereto by way of facsimile or
e- mail transmission to the other party and delivery shall be deemed completed for all purposes upon the completion of such facsimile
or e-mail transmission. A party that so delivers this Agreement or any of the other Operative Documents (and the counterparts thereof)
by way of facsimile or e-mail transmission agrees to promptly thereafter deliver to the other parties thereto an original signed counterpart.
The facsimile or e-mail signature of any party shall be considered for these purposes as an original document, and any facsimile or e-mail
document shall be considered to have the same binding legal effect as an originally executed document. In consideration of the mutual
covenants herein contained, the parties agree that neither of them shall raise the use of a facsimile machine or e-mail as a defence
to this Agreement or any of the other Operative Documents and forever waive any such defence.

 

20.5 Delegation.
Lessor may delegate to any person or persons, and does hereby delegate to Servicer, all or any of the rights, powers or discretions
vested in it by this Agreement and any such delegation may be made upon such terms and conditions as Lessor in its absolute
discretion thinks fit. Furthermore, Lessor hereby designates Servicer as its fully authorised representative to deal directly with
Lessee with respect to all legal, financial, insurance and technical matters with respect to this Agreement and the transactions
contemplated hereby with the same effect as if Lessee was dealing directly with Lessor. Accordingly, Lessor agrees that Lessee
shall, without enquiry, be entitled to rely upon any notice or communication received from the Servicer as if it had been received
from Lessor and any such notice or communication shall be treated as a notice or communication from Lessor for all purposes of this
Agreement. For the avoidance of doubt, to the extent that Lessee performs its obligations under this Agreement in favour of the
Servicer such performance shall discharge pro tanto Lessee’s obligations to Lessor under this Agreement. However, except as
provided in this Agreement, the Servicer’s appointment to act as lease manager shall not in any way diminish any of
Lessee’s rights under this Agreement or render its obligations or liabilities under this Agreement more onerous.

 

    88

     

    

 

20.6 Evidence
of Indebtedness. Save where expressly otherwise provided in this Agreement, any certificate or determination by Lessor as to
any rate of interest or as to any amount payable under this Agreement shall contain reasonable details of the calculation of such rate
or, as the case may be, amount and, if appropriate, the circumstances giving rise thereto and shall, in the absence of manifest error,
be conclusive and binding on Lessee.

 

20.7 Applications
of Moneys. If any sum paid or recovered in respect of the liabilities of Lessee under this Agreement is less than the amount
then due, Lessor may apply such sum to Rent, interest, fees or any other amount due under this Agreement in such proportions and order
and generally in such manner as Lessor shall determine.

 

20.8 Notices. Any
notice or communication under or in connection with this Agreement shall be in English and in writing and shall be delivered personally
or sent by e-mail transmission (confirmed, orally or in writing, as received by the recipient) or sent by certified, registered or express
mail, postage prepaid to the respective addresses given below or such other address or e-mail as the recipient may have notified to the
sender in writing. Notices or communications shall be deemed received:

 

(a) in
the case of an e-mail on the Business Day immediately following the date of dispatch; or

 

(b) in
the case of certified, registered or express mail, on the date received:

 

to Lessor at:

 

Vermillion Aviation (Nine) Limited

28-29 Sir
John Rogerson’s Quay

Dublin 2

Ireland

		E-mail:	notices@vermillion-aviation.aero

		Attention:	The Directors

 

with a copy to:

 

AMCK Aviation Holdings Ireland Limited

28-29 Sir John Rogerson’s
Quay

Dublin 2

Ireland

		E-mail:	notices@vermillion-aviation.aeros

		Attention:	The Directors

 

    89

     

    

 

to Lessee at:

 

LATAM Airlines Group S.A.

Avenida Américo
Vespucio, 901

Edificio Corporativo LATAM 1-A

Renca

Santiago

Chile

 

		Attention:	SVP Fleet & Engines Contracts

		Email:	audy.schenkl@latam.com

with a copy to

Natalia.nobrega@latam.com

 

20.9 Invalidity
of any Provision. If any of the provisions of this Agreement becomes invalid, illegal or unenforceable in any respect under
any law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

 

20.10 Lessor’s
Right to Remedy. If Lessee fails to make any payment of Rent, or fails to perform or comply with any of its obligations hereunder,
Lessor will have the right, but not the obligation, at its election and without waiver of any of its rights or remedies against Lessee,
upon notice to Lessee, to perform or comply with obligation and/or to pay such amount, and the amount of such payment and any reasonable
and documented out-of-pocket expenses incurred by Lessor in connection with such payment or the performance of such obligation together
with interest at the Default Rate, will be payable by Lessee to Lessor upon demand. The taking of any action by Lessor pursuant to this
Clause 20.10 will not constitute a waiver or release of any obligation of Lessee under any this Agreement nor a waiver of any Default
which may arise out of Lessee’s non- performance of such obligation, nor an election or waiver by Lessor of any right or remedy
available to Lessor under or in relation to this Agreement.

 

 20.11 Entire Agreement.

 

(a) Lessee’s
Documents constitute the entire agreement between the parties hereto in relation to the leasing of the Aircraft by Lessor to Lessee,
and supersede all previous proposals, agreements and other written and oral communications in relation thereto.

 

20.12 Governing
Law. This Agreement and all matters, including non- contractual obligations arising out of or in connection with it are to be
governed by and construed in accordance with the laws of England.

 

    90

     

    

 

 20.13 Submission to Jurisdiction.

 

(a)
The courts of England shall have jurisdiction to settle any disputes that may arise in connection with the legal relationships
established by this Agreement (including claims for set-off or counterclaim) and any other Lessee’s Document or otherwise
arising in connection with the Aircraft, this Agreement and any other Lessee’s Document (“Disputes”) which
jurisdiction shall, with respect to any actions to be brought against Lessor, be exclusive, except that during the pendency of the
Chapter 11 Cases, the Bankruptcy Court shall have exclusive jurisdiction over any disputes. Each party hereby irrevocably and
unconditionally submits to the jurisdiction of the courts of England in respect of any Disputes and each party irrevocably waives
any objections to the courts of England on the ground of venue or forum non conveniens or any similar grounds. Nothing herein shall
limit the rights of Lessor to take proceedings against Lessee or any other person in any other court of competent jurisdiction, nor
shall the taking of proceedings by Lessor in any one or more jurisdictions preclude the taking of proceedings in any other
jurisdiction, whether concurrently or not.

 

(b) Lessee
hereby irrevocably designates, appoints, and empowers the London office of LATAM Airlines Group S.A., Room 2038, Second Floor D’Albiac
House, Cromer Road, Heathrow Airport, London, TW6 1SD to receive and acknowledge for it and on its behalf any writ, summons, order, judgment
or other notice of legal process issued out of the courts of England, the courts of any other jurisdiction in any legal action or proceeding
arising out of or in connection with this Agreement or any other Lessee’s Document and in the event of the termination of such
appointment Lessee undertakes to appoint another agent for service of process reasonably satisfactory to Lessor as aforesaid.

 

(c) Lessor
hereby irrevocably designates, appoints and empowers Law Debenture Corporate Services Limited, Fifth Floor, 100 Wood Street, London EC2V
7EX, England to receive and acknowledge for it and on its behalf any writ, summons, order, judgment or other notice of legal process
issued out of the courts of England or the courts of any other jurisdiction in any legal action or proceeding arising out of or in connection
with this Agreement or any other Operative Document, and in the event of the termination of such appointment Lessor undertakes to appoint
another agent for service of process reasonably satisfactory to Lessee as aforesaid. Lessor irrevocably consents to service of process
by mail or in any other manner permitted by the relevant law.

 

(d) Each
party hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
proceeding concerning the Aircraft or any Operative Document to which it is a party, the defense of sovereign immunity, any claim that
it is not personally subject to the jurisdiction of any of the courts referenced in Clause 20.12(a), by reason of sovereign immunity
or otherwise or that it is immune from any legal process (whether thorough service of notice, attachment prior to judgment, attachment
in aid of execution, execution or otherwise) with respect to itself or its property.

 

20.14 Confidentiality. Each
of Lessor and Lessee shall keep confidential any confidential information furnished or made available to them hereunder by the other
party hereto, except:

 

(a) each
of Lessor and Lessee may make disclosure to the extent necessary to comply with Applicable Law, the valid order of a court of competent
jurisdiction or the request of a regulatory or Tax authority;

 

(b)
each of Lessor and Lessee may make disclosure as part of its normal reporting or review procedure to its parent company, its
auditors, its attorneys and its regulators, provided however that such parent company, auditors and attorneys will be bound by the
provisions of this Clause;

 

    91

     

    

 

(c) each
of Lessor and Lessee may make disclosure to enforce its rights and remedies under this Agreement;

 

(d) Lessor
may make disclosures to any Lender, contractors and agents, or any potential Lender and to potential assignees and transferees, so long
as Lessor obtains an undertaking of confidentiality from such persons in the same terms mutatis mutandis of this Clause; or

 

(e) each
of Lessor and Lessee may disclose such information as is in the public domain; or

 

(f) Lessee’s
confidentiality obligations shall be subject to Lessee’s obligations as a Chapter 11 debtor.

 

 20.15 Contracts (Rights of Third Parties) Act 1999

 

(a) Each
Indemnitee may enforce the rights expressed to be conferred on it under this Agreement as the case may be, together with any ancillary
rights against Lessor or, as the case may be, Lessee.

 

(b) The
consent of the Indemnitees (other than Lessor or Lessee) is not necessary for any variation (including any release or compromise in whole
or in part of any liability) or termination of any provision under this Agreement.

 

Except as expressly stated in this Clause 20.14,
the terms of this Agreement may be enforced only by the parties hereto and their successors and permitted transferees and assigns.

 

    92

     

    

  

IN WITNESS WHEREOF’, the parties hereto have
caused their duly authorised officers to execute this Agreement as a deed and deliver it on the date first above written.

 

EXECUTED as a Deed

for and on behalf of VERMILLION AVIATION
(NINE) LIMITED

by its lawfully appointed attorney

 

	in the presence of	 	/s/ Paul Shierdan	Paul Shierdan
	 	 	Attorney	 
	 	 	 	 
	 	 	/s/ Mitsuhiro Umino	Mitsuhiro Umino
	 	 	Attorney	 

 

	 	 
		 
	Signature of Witness	 
	 	 
	AVP. Legal	 
	Occupation of Witness	 
	 	 
	28-29 Sir John Rogerson’s Quay,

Dublin 2, Ireland	 
	Address of Witness	 

  

Signature Page

Aircraft Lease Agreement

MSN 4860

 

     

     

    

 

EXECUTED as a Deed

for and on behalf of LATAM AIRLINES GROUP S.A.

a company organised and existing under

the laws of Chile

by its lawfully appointed attorney

 

	 	/s/ ANDRES DEL VALLE
	in the presence of:	ANDRES DEL VALLE
	 	Attorney
	 	 
	 	/s/ SEBASTIAN ACUTO
	 	SEBASTIAN ACUTO
	 	Attorney

 

	/s/ EDUARDO DAMIAN	 
	EDUARDO DAMIAN	 
	Signature of Witness	 
	 	 
	Attorney-in-fact	 
	Occupation of Witness	 
	 	 
	Avenida Presidente Riesco 5711, Piso

19, Las Condes, Santiago, Chile	 
	Address of Witness	 

 

Signature Page

Aircraft Lease Agreement

MSN
4860

 

     

     

    

 

SCHEDULE 1

 

AIRCRAFT DESCRIPTION

 

Part A – Aircraft Description

 

Aircraft Manufacturer, Model and Series: Airbus
Model A320-214

 

Manufacturer’s Serial Number: 4860

 

Engine Manufacturer and Model: CFM International,
Inc. Model CFM56-5B4/3

 

Engine Serial Numbers: 643566 and 643614

 

Auxiliary Power Unit: Model Honeywell Model
131-9A.

 

	Landing Gear:	Nose:	Messier Dowty SAS
	 	 	 
	 	Right Main:	 Messier Bugatti Dowty SAS
	 	 	 
	 	Left Main:	Messier Bugatti Dowty SAS

 

 

Date of Manufacture: October 2011

 

Cabin Configuration:
162Y

 

	Maximum Takeoff Weight:	78,000 Kg.
	Maximum Landing Weight:	66,000 Kg.
	Maximum Zero Fuel Weight:	62,500 Kg.
	Maximum Engine Thrust:	27,000 Lb.

 

Part B – Aircraft Documents

 

		A.	Certificates

 

		A001	Certificate of Airworthiness (copy) 
		A002	Current Aircraft
Registration (copy)

		A003	C of A for Export (original) / EASA Form 52 
		A004	 Noise Certificate (copy)

		A005	Radio Station License (copy)

		A007	Aircraft deregistration confirmation

		A008	Burn Certificates – Cabin Interiors – as follows:

Certification of compliance with the fire blocking
requirements as outlined in EASA Part 25 including:

		-	Seat cushions*

		-	Back rest cushions*

		-	Dress covers*

		-	Carpets

		-	Curtains

		-	Interior Surfaces (if refurbished)

		*	Including “in combination” burn certification (copies),
if changes to the original design has been made

		A009	Current Airworthiness Review Certificate (a copy thereof, or,
in case of a transfer of the Aircraft to another EASA member State, the original certificate), as applicable

 

    Schedule 1-1

     

    

 

		B.	Aircraft Maintenance Status Summaries

 

		B001	Certified current Time in Service (Hours & Cycles) and maintenance
status

		B002	Certified status of Airworthiness Directives including method
of compliance

		B003	Certified status of Service Bulletin Status

		B004	Blank

		B005	Blank

		B006	Certified inventory of Hard Time Components (Fitted listing)

		B007	Certified inventory of OC/CM Components (Fitted listing)

		B008	Certified Status of all STC, Non –SB and Major Modification
including acceptable State of Manufacture Certification

		B009	Certified status of Check/Inspection History & Current
Status of Checks (same as B001)

		B010	List of Deferred Maintenance Items

		B011	List of Out of Phase checks, Special Requirements, Time Limited
Repairs (if any)

		B012	Certified Incident and Accident
                                            Statement with respect to the Aircraft (if applicable)

		B013	Structural repairs and damage (including Dent & Buckle
Chart). B014Certified Life Limited Parts Status, Airframe Parts (if applicable)

 

		C.	Aircraft Maintenance Records

 

		C001	Technical Logs

		C002	A Checks - Complete cycle of A Checks (or equivalent)

		C003	C Checks - Complete cycle of C Checks (or equivalent)

		C004	All Major Checks

		C005	CPCP Tasks (if applicable)

		C006	Periodic Tasks (if any)

		C007	Dirty Finger Print Certification – AD’s

		C008	Dirty Finger Print Certification – SB’s

		C009	Dirty Finger Print Certification – All other modifications
and STC plus data packages

		C010	Last Weight Report including Schedule

		C011	Compass Swing Report (if applicable)

		C012	Last Test Flight Report

		C013	Blank

		C014	Copy of last demonstration flight report (if applicable) .

		C015	Dirty Finger Print certification - All Structural repairs/structural
damage (or copies)

		C016	Aircraft Log Book(s) if applicable

		C017	Fuel microbiology laboratory analysis reports 
		C018	Hydraulic
Fuel sample report

		C019	Free of charge kit report

		C020	Flight hours utilization report

 

    Schedule 1-2

     

    

 

		D.	Configuration Status

 

		D001	Approved and certified LOPA

		D002	Galley Drawings/Component OHM

		D003	Emergency Equipment Drawing/Listing

		D004	Loose Equipment Inventory

		D005	Inventory listing of Avionics units installed (E & E bays)

 

		E.	Aircraft Historical
                                            Records

 

		E001	Documents provided at delivery from Manufacturer as per ‘LIST
OF TECHNICAL DOCUMENTS FOR DELIVERY OF AIRCRAFT’

		E002	Last Flight Data Recorder Read-Out & Corrections (to be
performed during redelivery check)

		E003	Weighing report

 

		F.	Engine Records (for Each installed Engine)

 

		F001	Certified Statement of Status of Each Engine

		F002	AD Compliance Report and Compliance Documents

		F003	Manufacturer’s Modifications & SB Status

		F004	In-house Modifications (if applicable)

		F005	Certified LLP Listing

		F006	Certified listing of installed units

		F007	Manufacturer Delivery Document (Engine Data Submittal)

		F008	Complete copies of all historical engine/module Shop Visit
Reports

		F009	State of Manufacture LLP Traceability

		F010	Conditioning / Trend Monitoring Reports

		F011	Engine Log Book/Master Records of Installation/Removals

		F012	Last Borescope Report, including video if available

		F013	Test Cell Run Report

		F014	Last On-Wing Ground Run

		F015	Certified Incident and Accident Statement with respect to
the Engines (if applicable)

		F016	Approved Release to Service Certification for installed rotables
(part of AC release)

  

		G.	APU

 

		G001	Certified Statement on Status of APU (if applicable)

		G002	Certified SB Compliance Report/AD Status Report

		G003	Approved Release to Service Certification for installed units

		G004	APU Log Book/Master Record of Installation/Removals

		G005	Complete copies of all APU Shop Visit Reports & Reason
for Removal

		G006	Statement of APU Hours to Aircraft Flying Hours

		G007	LLP Status and Full Traceability to birth

		G008	APU Borescope Report

		G009	Last On-Wing/Health Check Data sheets (if applicable)

		G010	Last Test Cell Run

		G011	Blank

		G012	Certified Incident and Accident Statement with respect to
the APU

 

    Schedule 1-3

     

    

 

		H.	Component Records

 

		H001	Approved Release to Service Certification for Hard Time Components

		H002	Approved Release to Service Certification for OC/CM Components

 

		I.	Landing Gears

 

		I001	Approved Release to Service Certification for major assemblies
on each Gear

		I002	Approved LLP Listings for each Gear (with FULL Traceability
to Birth)

		I003	Last Shop Visit Overhaul Report

		I004	Incident and Accident Statement with respect to the Landing
Gear

 

		J.	Manuals

 

All Manufacturer’s Manuals delivered with
the Aircraft updated to the latest revision standard.

 

		J001	WDM (CD-ROM) original OEM copy in the format as provided
by OEM (if applicable)

		J002	IPC (CD-ROM) original OEM copy in the format as provided
by OEM (if applicable)

		J003	Maintenance Manual (CD-ROM) original OEM copy in the format
as provided by OEM (if applicable)

		J004	Schematics (CD-ROM) original OEM copy in the format as provided
by OEM (if applicable)

		J005	Hook Up Listing (if available) original OEM copy in the format
as provided by OEM (if applicable)

		J006	SRM (CD-ROM) original OEM copy in the format as provided
by OEM (if applicable)

		J007	Component Maintenance Manual for: (CD-ROM) original OEM copy
in the format as provided by OEM

Galleys

Seats

Ovens

		J008	Electrical Load Analysis

		J009	Details Specification

		J010	Interior Finish Specification

		J011	Airplane Flight Manual

		J012	Aircraft Operating Manuals including QRH

		J013	Weight and Balance Manual

 

K. Miscellaneous

 

		K001	Maintenance Programme (including cross reference to MPD if
required)

		K002	Reference Material for Interpretation of Status Summaries,
or cross-reference for Part Numbers (if applicable)

		K003	Certified Statement of Oil and Fluids used to include Airframe,
Engines and APU.

 

    Schedule 1-4

     

    

 

SCHEDULE 2

 

ACCEPTANCE CERTIFICATE

 

To:Vermillion Aviation (Nine) Limited

 

DATE: ________________ 2021

 

Aircraft Lease Agreement dated
________________ 2021 (the “Lease”) between Vermillion Aviation (Nine) Limited and LATAM Airlines Group S.A.
relating to one Airbus A320-214 aircraft, bearing manufacturer’s serial number 4860 (the “Aircraft”)

 

Terms used in this Certificate bear the meanings
given to such terms in the Lease.

 

Lessee confirms that as at [ ] ____.m. [____]
time on [ ] [_________] being the Delivery Date, while the Aircraft was located at [____________]:

 

		(i)	the Aircraft and the Aircraft Documents were examined and
duly accepted by Lessee in an “as is, where is” condition in accordance with the provisions of the Lease;

 

		(ii)	the execution and delivery of this
                                            Certificate by Lessee further confirms the acceptance of the Aircraft and the Aircraft Documents
                                            to it and that Lessor has satisfied its obligations with respect to the condition of the
                                            Aircraft under the Lease;

 

		(iii)	the manufacturer’s serial
                                            numbers of the installed Engines are 643566 and 643614;

 

		(iv)	the Airframe, Engines, APU and Landing
                                            Gear had the Flight Hours/Cycles at Delivery set forth in Annex 1 hereto;

 

		(v)	attached hereto as Annex 2
                                            is a schedule of all Aircraft Documents delivered with the Aircraft;

 

		(vi)	attached hereto as Annex 3
                                            is a schedule of Loose Equipment listing items of loose equipment delivered to Lessee with
                                            the Aircraft on the date hereof;

 

		(vii)	attached hereto as Annex 4
                                            is a Dent and Buckle Chart on the date hereof;

 

		(viii)	attached hereto as Annex 5 is the Aircraft LOPA at delivery;

 

		(ix)	attached hereto as Annex 6 is the Engine LLP Disk Sheets;

 

		(x)	the Lease is in full force and effect,
                                            Lessor has fully, duly and timely performed all of its obligations of every kind or nature
                                            thereunder; and

 

		(xi)	the Aircraft is insured in accordance with the Lease.

 

    Schedule 2-1

     

    

 

This Acceptance Certificate, and any non-contractual
obligations connected with it, are governed by English law.

 

	 	LATAM AIRLINES GROUP S.A.

 

	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    Schedule 2-2

     

    

 

ANNEX 1 TO ACCEPTANCE CERTIFICATE

 

AIRCRAFT
FLIGHT HOURS/CYCLES AT DELIVERY

 

		(a)	Airframe Serial No: 4860:

 

Total Flight Hours Since New:

 

Total Cycles Since New:

 

		(b)	Engine Type: CFM International, Inc. Model CFM56-5B4/3:

 

	Position:	1	2
	Serial No:	 	 
	Total Engine Flight Hours:	 	 
	Total Cycles:	 	 
	Cycles remaining to next	 	 
	LLP Replacement:	 	 

 

		(c)	APU Model: Honeywell Model 131-9A.

 

Serial No:

 

Total APU Hours:

 

Total Cycles Hours:

 

		(d)	Landing Gear:

 

	Position:	LH Main	Nose	RH Main 
	Inst. Serial No.:	 	 	 
	Inst. Part No.:	 	 	 
	Hours since last Landing Gear Overhaul:	 	 	 
	Cycles since last Landing Gear Overhaul:	 	 	 
	Months since last Landing Gear Overhaul:	 	 	 

 

		(e)	Fuel on board the Aircraft at Delivery: ____________

 

		(f)	All of the foregoing have been delivered and accepted on
the date set forth above to Lessee’s full satisfaction and pursuant to the terms and provisions of the Lease.

 

    Schedule 2-3

     

    

 

SCHEDULE 3

 

PART A

 

LEASING AFFILIATES

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    Schedule 3-1

     

    

 

PART B

 

APPROVED THIRD PARTY OPERATOR

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

    Schedule 3-2

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 3-3

     

    

 

SCHEDULE 4

 

OFFICER’S CERTIFICATE

 

I, the undersigned, ________1 of [LESSEE
NAME] (the “Company”), a company organised and existing under the laws of [STATE OF INCORPORATION] DO HEREBY CERTIFY
that:

 

		1.	This Certificate is furnished in accordance with the Aircraft
Lease Agreement dated [as of] [AGREEMENT DATE] (the “Agreement”) between [LESSOR NAME] and Lessee, relating to that certain
[AIRCRAFT TYPE] Aircraft, manufacturer’s serial number [MSN] (the “Aircraft”). Unless otherwise defined herein, capitalised
terms used in this Certificate shall have the meanings assigned to them in the Agreement.

 

		2.	The persons named below have been duly elected and/or appointed,
have duly qualified as, and at all times since [    ] (to and including the date hereof) have been elected and/or appointed, officers
of the Company and/or attorneys-in-fact, holding the respective offices or positions below set opposite their names and the signatures
set opposite their names are their genuine signatures.

 

	 	 	Name	 	Office	 	Signature
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  

		3.	Attached hereto as Exhibit A is a
                                            copy of the Estatutos of the Company together with all amendments thereto adopted
                                            through the date hereof.

 

		4.	Attached hereto as Exhibit B is a true,
                                            complete, correct and up to date copy of the Power of Attorney of the Company dated [    ]
                                            (the “Power of Attorney”) authorizing the persons specified therein to sign or
                                            execute the Operative Documents and the doing of any other acts and things that may be necessary
                                            or desirable in connection with the transaction contemplated by the Operative Documents and
                                            the Power of Attorney has not been amended, modified or revoked and is in full force and
                                            effect.

 

		5.	The representations and warranties
                                            of the Company under Lessee’s Documents are true and correct in all material respects
                                            on and as of this date with the same force and effect as though made on and as of this date.

 

IN WITNESS WHEREOF, I have hereunto set my hand
this [_____] day of [____________].

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

 

 

		1	Insert title of signatory

 

    Schedule 4-1

     

    

 

SCHEDULE 5

 

REDELIVERY CONDITION

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 5-1

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 5-2

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 5-3

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 5-4

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 5-5

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 5-6

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 5-7

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 5-8

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 6-1

     

    

 

SCHEDULE 7

 

FORM OF DEREGISTRATION
POWER OF ATTORNEY2

 

		1	TAM LINHAS AÉREAS
S.A. (the Lessee) hereby irrevocably appoints VERMILLION AVIATION (NINE) LIMITED (the Owner) (the Owner shall be referred
to herein as an Attorney) as the Lessee’s true and lawful attorney so that the Attorney may take any of the following actions
in the name of and for the Lessee with respect to the Airbus model A320-214 aircraft with Brazilian nationality and registration mark
[    ] and manufacturer’s serial number 4860, including two (2) CFM International, Inc., model CFM56-5B4/3
engines (the Aircraft) leased by LATAM AIRLINES GROUP S.A. (the Lessor) to the Lessee pursuant to the Aircraft Lease Agreement
dated [    ], 2021 (the Lease):

 

		(a)	In the exercise of the rights of the Attorney under the Head
Lease to recover the Aircraft from the Lessee after termination of the Head Lease due to an Event of Default (as defined in the Head
Lease) under the Head Lease, the Attorney may take all action otherwise required to be performed by the Lessee before the authorities
and courts in Brazil in order to cause the Aircraft to be repossessed by the Attorney and deregistered from the Brazilian aircraft registry
maintained by the Agência Nacional de Aviação Civil - ANAC, Federative Republic of Brazil (or by any successor
of such organization), and the Aircraft exported from Brazil.

 

		(b)	In the exercise
                                            of the rights mentioned in paragraph 1(a), the Attorney may make any declarations or statements
                                            and sign any public or private documents which may be considered necessary or appropriate.

 

		(c)	The Attorney
                                            may delegate the powers conferred hereby, in whole or in part, to any individual(s), including
                                            but not limited to employees of Attorney or legal counsel in Brazil.

 

		2	The Lessee hereby
                                            undertakes from time to time and at all times to indemnify the Attorney against all costs,
                                            claims, expenses, and liabilities howsoever incurred by the Attorney in connection
herewith and further undertakes to ratify and confirm all acts and things in all documents, deeds, instruments and communications whatsoever
which the Attorney shall lawfully do or cause to be done in or by virtue of this Power of Attorney.

 

 

 

		2	To be revised for each applicable jurisdiction.

 

    Schedule 7-1

     

    

 

		3	This Power of
                                            Attorney shall be governed by the laws of Brazil and shall be absolutely and unconditionally
                                            irrevocable and irreversible as established by Article 684 of the Brazilian Civil Code.

 

		4	Capitalized terms
                                            not defined herein shall have the same meaning ascribed to such terms in the Lease.

 

IN WITNESS WHEREOF, the Lessee has duly executed
and delivered this Power of Attorney on this __________ day of ________________ 2021 in _____________.

 

TAM LINHAS AÉREAS S.A.

 

	 	By
	 	 
	 	 
	 	Name
	 	 
	 	Title
	 	 
	 	By
	 	 
	 	 
	 	Name
	 	 
	 	Title
	 	 
	Witnesses	 
	 	 
	 	No. 1
	 	 
	 	 
	 	Name/ID
	 	 
	 	No. 2
	 	 
	 	 
	 	Name/ID

 

    Schedule 7-2

     

    

 

SCHEDULE 8

 

DELIVERY CONDITION REQUIREMENTS

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 8-1

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 8-2

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 8-3

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 8-4

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 8-5

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 8-6

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 8-7

     

    

 

SCHEDULE 9

 

BASIC RENT AND OTHER TERMS

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 9-1

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 9-2

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 9-3

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 9-4

     

    

 

REDACTED*

 

 

 

 

 

 

 

(x1 -
y1)(z1)

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

( y1 -
x1)(z1)

 

REDACTED*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		*	All text marked “*REDACTED” is Redacted Per Amended
Standing Order Regarding Redactions Dated February 2, 2021.

 

     

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 10-1

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 10-2

     

    

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 10-3

     

    

 

SCHEDULE 11

 

Redacted per Amended Standing Order Regarding
Redactions Dated February 2, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Schedule 11-1

     

    

 

SCHEDULE 12

 

FORM OF QUIET ENJOYMENT LETTER

 

[on _________
letterhead]

 

____________,

 

[_____]

[_____]

[_____]

 

Attention:[_____]

 

		Re:	Covenant of Quiet Enjoyment Letter

 

Gentlemen:

 

Reference is hereby made to that certain
Aircraft Lease Agreement dated [_____] (as amended and supplemented from time to time, the “Lease”)
between LATAM Airlines Group S.A. (“Lessee”) and Vermillion Aviation (Nine) Limited
(“VA2L”), pursuant to which VA2L is leasing to Lessee one (1) Airbus A320-214 aircraft bearing
manufacturer’s serial number 4860 together with two (2) CFM56-5B4/3 engines (collectively, the
“Aircraft”). This letter is being provided to Lessee by ______________ (“_____”)
pursuant to Clause 20.2(a) of the Lease. All initially capitalised terms used herein shall have the meanings ascribed thereto in the
Lease, unless specifically defined herein.

 

So long as no Event of Default has occurred
and is continuing under the Lease, _________________ covenants that neither ___________________ nor any person claiming by or through
it will disturb the quiet use, possession and enjoyment of the Aircraft by Lessee during the Term.

 

	 	Very truly yours,

 

    Schedule 12-1

     

    

 

SCHEDULE 13

 

FORM OF IRREVOCABLE DE-REGISTRATION
AND EXPORT REQUEST AUTHORISATION

  

	IDERA

IRREVOCABLE

DE-REGISTRATION AND EXPORT

REQUEST AUTHORISATION	 	IDERA

AUTORIZAÇÃO IRREVOGÁVEL DE

CANCELAMENTO DE MATRÍCULA E

DE SOLICITAÇÃO DE EXPORTAÇÃO
	 	 	 
	__________________, 2021	 	_________________ de 2021
	 	 	 
	 	 	 
	To: Agência Nacional de Aviação Civil – ANAC	 	Para: Agência Nacional de Aviação Civil – ANAC
	 	 	 
	c/o Registro Aeronáutico Brasileiro – RAB	 	c/o Registro Aeronáutico Brasileiro – RAB
	 	 	 
	Re: Irrevocable De-Registration and Export Request Authorization	 	Assunto: Autorização Irrevogável de Cancelamento da Matrícula e de Solicitação de Exportação
	 	 	 
	The undersigned is the registered operator of one (1) Airbus A320-214 aircraft bearing manufacturer’s serial number 4860 and Brazilian Registration Mark [__________] (together with all installed, incorporated or attached accessories, parts and equipment, the “Aircraft”).	 	O abaixo assinado é o operador registrado da aeronave Airbus A320-214 no qual figura o número de série do fabricante 4860 e a matrícula [_____] (junto com todos os acessórios, peças e equipamentos instalados, incorporados ou acoplados, a “Aeronave”).
	 	 	 
	This instrument is an irrevocable de- registration and export request authorization issued by the undersigned in favor of Vermillion Aviation (Nine) 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 and in accordance with the Declaration of the Federative Republic of Brazil, the undersigned hereby requests:	 	O presente instrumento é uma autorização irrevogável de cancelamento da matrícula e de solicitação de exportação emitido pelo abaixo assinado em favor de Vermillion Aviation (Nine) Limited (“a “Parte Autorizada”) de acordo com os termos do Artigo XIII do Protocolo à Convenção sobre Garantias Internacionais Incidentes sobre Equipamentos Móveis Relativo a Questões Específicas ao Equipamento Aeronáutico. De acordo com esse Artigo e nos termos da Declaração da República Federativa do Brasil, o infra-assinado vem requerer o quanto segue:

 

	(i) recognition that the Authorized Party or the person it certifies as its designee is the sole person entitled to:	 	(i) o
    reconhecimento de que a Parte Autorizada ou a pessoa que ela certificar como seu representante é a única pessoa
    habilitada para:
	 	 	 
	(a) procure the de-registration of the Aircraft from the Brazilian Aeronautical Register maintained by the Agência Nacional de Aviação Civil – ANAC for the purposes of Chapter III of the Convention on International Civil Aviation, signed at Chicago, on 7 December 1944, and	 	(a) fazer cancelar a matrícula da Aeronave no Registro Aeronáutico Brasileiro mantido pela Agência Nacional de Aviação Civil - ANAC para os fins do Capítulo III da Convenção de Aviação Civil Internacional, assinada em Chicago, em 7 de dezembro de 1944, e

 

    Schedule 13-1

     

    

 

	(b) procure the export and physical transfer of the Aircraft from the Federative Republic of Brazil; and	 	(b) fazer exportar e transferir fisicamente a Aeronave da República Federativa do Brasil; e
	 	 	 
	(ii) 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 authorities in Brazil shall co-operate with the Authorized Party with a view to the speedy completion of such action.	 	(ii) confirmação de que a Parte Autorizada ou a pessoa certificada como seu representante pode tomar a medida especificada no parágrafo (i) acima mediante solicitação escrita sem o consentimento do abaixo assinado e que, mediante essa solicitação, as autoridades no Brasil deverão cooperar com a Parte Autorizada com vistas à pronta efetivação das medidas em questão.
	 	 	 
	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.	 	Os direitos em favor da Parte Autorizada estabelecida no presente instrumento
não poderão ser revogados pelo abaixo assinado, sem o consentimento por escrito da Parte Autorizada.

 

	[_________]	 	[_________]

 

	By:	 	 	Por:	 
	Name:	 	 	Nome:	 
	Title:	 	 	Cargo:	 

 

	By:	 	 	Por:	 
	Name:	 	 	Nome:	 
	Title:	 	 	Cargo	 

 

	Witness	 	Testemunha	 

	1:	 	 	1:	 
	Name:	 	 	Nome:	 
	ID:	 	 	RG/CPF:	 

 

	Witness	 	Testemunha	 

	2:	 	 	2:	 
	Name:	 	 	Nome:	 
	ID:	 	 	RG/CPF:	 

 

    Schedule 13-2

     

    

 

SCHEDULE 14

 

FORM OF RETURN ACCEPTANCE
CERTIFICATE

 

DATE: [_______________]

 

Aircraft Lease Agreement dated [____________]
between Vermillion Aviation (Nine) Limited (“Lessor”) and LATAM Airlines Group S.A. (“Lessee”)
(as amended, modified and supplemented from time to time, the “Lease”) relating to one Airbus A320-214 aircraft, bearing
manufacturer’s serial number 4860 (the “Aircraft”)

 

Terms used in this Certificate bear the meanings
given to such terms in the Lease.

 

Lessor confirms that as at ____________
hours _______________ time on __________ [_________] at [insert return location]:

 

		(i)	the Aircraft and the Aircraft Documents were examined and accepted
by Lessor in accordance with and subject to the provisions of the Lease;

 

		(ii)	the execution and delivery of this
                                            Certificate by Lessor further confirms that the Aircraft and the Aircraft Documents are acceptable
                                            to it and that Lessee has satisfied its obligations with respect to the condition of the
                                            Aircraft under the Lease other than as set forth herein;

 

		(iii)	the execution
                                            and delivery of this Certificate by Lessee confirms that the Aircraft Documents being returned
                                            with the Aircraft are true and complete;

 

		(iv)	the manufacturer’s serial
                                            numbers of the installed Engines are [_____________] and [_____________];

 

		(v)	the Airframe, Engines, APU and Landing
                                            Gear had the following Flight Hours/Cycles on the date the Aircraft was redelivered to Lessor
                                            set forth in Annex 1 hereto;

 

		(vi)	attached hereto as Annex 2
                                            is a schedule of all Aircraft Documents redelivered with the Aircraft;

 

		(vii)	attached hereto as Annex 3
                                            is a schedule of Loose Equipment listing items of loose equipment redelivered to Lessor with
                                            the Aircraft on the date hereof;

 

		(viii)	attached hereto as Annex 4
                                            is a Dent and Buckle Chart on the date hereof;

 

		(ix)	attached hereto as Annex 5 is the Aircraft LOPA at redelivery;
                                            and

 

		(x)	attached hereto as Annex 6 is the Engine LLP Disk Sheets.

 

This Certificate, and any non-contractual obligations
connected with it, are governed by English law.

 

    Schedule 14-1

     

    

  

	 	VERMILLION AVIATION (NINE) LIMITED

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	LATAM AIRLINES GROUP S.A.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

  

    Schedule 14-2

     

    

 

ANNEX 1 TO RETURN ACCEPTANCE CERTIFICATE

 

AIRCRAFT FLIGHT HOURS/CYCLES AT RETURN OF THE AIRCRAFT

 

		(a)	Airframe Serial No: 4860

 

Total Flight Hours Since New:

 

Total Cycles Since New:

 

Days Since Last 6Y-Check:

 

Days Since Last 12Y-Check:

 

		(b)	Engine Type: CFM56-5B4/3:

 

	 	Position:	1	2

 

	 	Serial No:
	 	 
	 	Total Engine Flight Hours:
	 	 
	 	Total Cycles:
	 	 
	 	Flight Hours since last

Engine Performance

Restoration:
	 	 
	 	Cycles since last Engine

Performance Restoration:
	 	 
	 	Cycles remaining to next

LLP Replacement:

 

		(c)	APU Model: Honeywell Model 131-9A. 

 

Serial No:

 

Total APU Hours:

 

Total APU Cycles:

 

APU Hours since last
APU shop visit: 

APU Cycles since last APU shop visit:

 

    Schedule 14-3

     

    

 

		(d)	Landing Gear:

 

	 	Position:	LH Main	Nose	RH Main
	 	Inst. Part No.:	 	 	 

 

Inst. Serial No.:

 

Hours since last Landing

Gear Overhaul:

 

Cycles since last Landing

Gear Overhaul:

 

Months since last

Landing Gear Overhaul:

 

		(e)	Fuel on Board at the return of the Aircraft: ___________________

 

		(f)	All of the foregoing have been delivered and accepted on the
date set forth above to Lessor’s full satisfaction and pursuant to the terms and provisions of the Lease.

 

    Schedule 14-4

     

    

 

SCHEDULE 15

 

FORM OF SUBORDINATION
ACKNOWLEDGMENT3

 

		To:	Vermillion Aviation (Nine) Limited (the Lessor)

 

Date: _______________, 2021

 

Dear Sirs,

 

One (1) Airbus A320-214
Aircraft MSN 4860 with Brazilian Registration Mark [________________] (the Aircraft).

 

Reference is made to
the operating lease agreement in relation to the Aircraft dated _______________ 2021 and made between (1) the Lessor, as lessor, and
(2) LATAM Airlines Group S.A., as lessee (the Lessee), (the Lease Agreement).

 

Pursuant to a sublease
agreement dated _______________ 2021 between (1) the Lessee, as sublessor, and (2) TAM Linhas Aéreas S.A., as sublessee, (the Sublessee),
the Lessee has agreed to sublease the Aircraft to the Sublessee (the Sublease Agreement).

 

In this Agreement, terms
defined (expressly or by reference) in the Lease Agreement shall have the same meanings in this Agreement, unless otherwise defined herein.

 

In consideration of the
Lessor granting its consent to the subleasing of the Aircraft by the Lessee to the Sublessee and for other valuable consideration the
sufficiency of which is hereby acknowledged, each of the Lessee and the Sublessee undertakes for the benefit of the Lessor that it will
duly perform its obligations under the Sublease Agreement and agrees as follows:

 

		1	Subordination

 

		1.1	The
                                            Lessee and the Sublessee acknowledge and confirm to the Lessor that the Sublease Agreement
                                            and their rights and interests therein as sublessor and sublessee respectively in and to
                                            the Aircraft shall be, in all respects and at all times, fully subject and subordinate to
                                            the Lessor’s rights, title and interests in and to the Aircraft and under the Lease
                                            Agreement.

 

		1.2	Any
                                            claims which the Sublessee may have or acquire as a result of any breach, non- performance
                                            or repudiation of the Sublease Agreement shall be exclusively against the Lessee, and the
                                            Sublessee shall not be entitled to withhold or delay performance of any of its undertakings
                                            herein to the Lessor on the grounds of such breach, non-performance or repudiation.

 

		1.3	Any
                                            claims which the Lessee may have or acquire as a result of any breach, non- performance or
                                            repudiation of the Sublease Agreement by the Sublessee shall be exclusively against the Sublessee,
                                            and the Lessee shall not be entitled to withhold or delay performance of any
of the undertakings in this Agreement on the grounds of such breach, non-performance or repudiation.

 

 

 

		3	To be updated depending on the jurisdiction of the Permitted
Sublessee.

 

    Schedule 15-1

     

    

 

		1.4	Except in accordance with the terms permitted by the Lease Agreement
and/or the Sublease Agreement, the Sublessee shall not, without the prior written consent of the Lessee and the Lessor sublease (whether
directly, under a dry lease, wet lease or charter) or otherwise in any manner deliver, transfer or relinquish possession of the Airframe
or any Engine or any Part to any person or firm or install any Engine, or permit any Engine to be installed, on any airframe other than
the Airframe.

 

		1.5	The Sublessee acknowledges receipt of a copy of the Lease Agreement.

 

		1.6	The Lessee
                                            and the Sublessee confirm that the Sublessee shall not be permitted to take any action under
                                            the Sublease Agreement not permitted to be taken by the Lessee under the Lease Agreement.

 

		2	Termination

 

The Lessee and the Sublessee
agree that if at any time the Lessor terminates the leasing of the Aircraft to the Lessee under the Lease Agreement following the occurrence
of an Event of Default that has occurred and is continuing:

 

		2.1	the leasing
                                            of the Aircraft pursuant to the Sublease Agreement and the Sublessee’s right to possession
                                            of the Aircraft under the Sublease Agreement will terminate simultaneously and automatically
                                            and that upon such termination, without prejudice to the Lessee’s obligations under
                                            the Lease Agreement which shall be unaffected thereby, the Lessee and the Sublessee shall
                                            if requested, by the Lessor (if the Lessor has terminated the Sublease Agreement), promptly
                                            redeliver the Aircraft to the Lessor to such location as directed by the Lessor, free and
                                            clear of all Liens and in a condition complying in all respects with the requirements of
                                            the Lease Agreement. Such redelivery shall be carried out at the Lessee’s expense;
                                            and

 

		2.2	if the Lessee
                                            and/or the Sublessee fail to comply with their respective obligations set out in Clause 2.1,
                                            the Lessor may, without further notice or demand, retake possession of the Aircraft.

 

		3.	Lease Agreement

 

Notwithstanding the Sublease
Agreement, the Lessee will remain fully liable to perform its obligations under the Lease Agreement and the other Lessee’s Documents
to which it is a party but to the extent the Sublessee properly performs an obligation under the Sublease Agreement, the Lessor agrees
that such performance shall be regarded as discharging (to such extent) any corresponding obligations of the Lessee under the Lessee’s
Documents to which it is a party.

 

    Schedule 15-2

     

    

 

		4.	Certain remedies under [Brazilian]4 law

 

		4.1	The Lessee and the Lessor acknowledge and agree that:

 

		(i)	the Lessor shall have the right to exercise any and all remedies
under, and in accordance with the terms of, the Lease Agreement including repossession rights, regardless of any request by the Sublessee
for judicial or out of court reorganisation and/or the approval by Brazilian courts of any reorganisation plan and/or the declaration
of the Sublessee’s bankruptcy pursuant to Article 199, First and Second Paragraphs of Brazilian Law No. 11.101 of February 9, 2005, as
amended; and

 

		(ii)	any and all
                                            credits or amounts payable by the Lessee under the Lease Agreement or any restructuring of
                                            the Lease Agreement shall not be subject to or impacted by any reorganisation applied for
                                            by Sublessee pursuant to Articles 199, Second Paragraph, and 49, Third Paragraph of Brazilian
                                            Law No. 11.101 of February 9, 2005, as amended.

 

		4.2	Without prejudice
                                            to the Lessor’s other remedies under the Lease Agreement, at law, or otherwise, the Lessee
                                            and the Sublessee agree and acknowledge that upon the termination of the leasing of the Aircraft
                                            following the occurrence of an Event of Default which is continuing and not cured under the
                                            terms and conditions of the Lease Agreement, the Lessor shall have the right following written
                                            notice to the Lessee and the Sublessee (which may be given by electronic email) to unilaterally
                                            terminate the Sublease Agreement (de pleno juri) without any requirement for any further
                                            judicial or extra judicial notice or interpellation sent to Sublessee. It is the express
                                            intent of the Lessor and the Sublessee that this paragraph will constitute and will be interpreted
                                            as an express resolutory clause (clausula resolutoria expressa), as that term is commonly
                                            known and understood under the laws of Brazil.

 

		4.3	If upon the
                                            termination of the leasing of the Aircraft following the occurrence of an Event of Default
                                            which is continuing and not cured under the terms and conditions of the Lease Agreement,
                                            the Lessor may take and is for such purpose hereby expressly authorised and empowered by
                                            the Lessee and the Sublessee to take all steps necessary to deregister the Aircraft from
                                            the Brazilian Aeronautical Registry pursuant to Articles 112, I and 75, First Paragraph and
                                            75 of the Brazilian Aeronautical Code and export the Aircraft from Brazil.

 

		5.	Sublease
                                            Agreement

 

		5.1	The Lessee
                                            and the Sublessee hereby agree to cooperate with the Lessor and do all things reasonably
                                            requested by the Lessor (at no cost to the Lessor) in connection with the execution and filing
                                            of any documents reasonably required by the Lessor to be executed and filed from time to
                                            time in Brazil and/or Chile in connection with this Agreement and to ensure the validity,
                                            enforcement and priority hereof.

 

		5.2	Other than as
                                            permitted under the Sublease Agreement, the Lessee and the Sublessee shall not assign or
                                            transfer all or any of its rights or obligations in respect of the Sublease Agreement without
                                            the prior written consent of the Lessor.

 

 

 

		4	To be updated depending on jurisdiction of Permitted Sublessee.

 

    Schedule 15-3

     

    

 

		6.	Representations and Warranties of the Sublessee

 

For the benefit of the Lessor, the Sublessee
hereby represents and warrants as of the date hereof that:

 

		6.1	it has been
                                            and is properly formed and existing under the laws of Brazil and has been and is maintained
                                            according to all laws and regulations applicable to it;

 

		6.2	in entering
                                            into this Agreement and carrying out its obligations hereunder, it does not contravene or
                                            breach any law or regulation or document applicable to or binding upon it;

 

		6.3	it has the authorizations
                                            it needs to enter into this Agreement and to carry out its obligations, and it has the power
                                            to enter into this Agreement;

 

		6.4	it has taken
                                            all necessary legal action to authorize the person or persons who execute and deliver this
                                            Agreement and thereby bind it to all the terms and conditions hereof and to act for and on
                                            behalf of it as contemplated hereby;

 

		6.5	no liquidator,
                                            receiver, manager or similar officer has been appointed in respect of all or any part of
                                            its assets nor has any application been made to a court which is still pending for an order
                                            for, or any act, matter or thing been done which with the giving of notice, lapse of time
                                            or satisfaction of some other condition (or any combination thereof) will lead to, the appointment
                                            of any such officer or equivalent in any jurisdiction;

 

		6.6	its obligations
                                            under this Agreement are legal, valid and binding and enforceable against it, except as may
                                            be limited by any of Sublessee’s bankruptcy or insolvency proceedings and subject to
                                            any required court approval in such proceedings;

 

		6.7	the Sublease
                                            Agreement constitutes the whole agreement between the Lessee and the Sublessee relating to
                                            the Aircraft, and there have been no amendments, supplements, novations, written consents,
                                            approvals, waivers or other modifications relating to the Sublease Agreement and there are
                                            no oral waivers currently in effect that would modify or amend the terms thereof;

 

		6.8	its entry into
                                            the Sublease Agreement and its performance of its obligations and rights thereunder do not
                                            and will not contravene or breach any law or regulation or document applicable to or binding
                                            upon it; and

 

		6.9	its main activity is the transport of passengers and/or goods
                                            for consideration.

 

		7.	Law and Jurisdiction

 

		7.1	This Agreement
                                            and any non-contractual obligations connected with it shall be governed by, and construed
                                            in accordance with, English law and the English courts shall have exclusive jurisdiction
                                            to resolve any issues or disputes arising out of this Agreement, except that during the pendency
                                            of the Chapter 11 Cases, the Bankruptcy Court shall have exclusive jurisdiction over any
                                            disputes.

 

		7.2	Without prejudice
                                            to any other mode of service, proceedings will be duly served upon the Lessee or the Sublessee
                                            by sending a copy to LATAM Airlines Group S.A. of Unit 20.2 The Coda Centre, 189 Munster Road, London,
SW6 6AW, England as its process agent.

 

    Schedule 15-4

     

    

 

		7.3	Each of the Lessee and the Sublessee irrevocably and unconditionally
agrees that, if the Lessor brings legal proceedings against it or its assets in relation to this Agreement, no immunity from such legal
proceedings (which will be deemed to include without limitation, suit, attachment prior to judgment, other attachment, the obtaining
of judgment, execution or other enforcement) will be claimed by or on behalf of itself or with respect to its assets and waives any such
right of immunity which it or its assets now has or may in the future acquire and consents generally in respect of any such proceedings
to the giving of any relief or the issue of any process in connection with such proceedings including, without limitation, the making,
enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may
be made or given in such proceedings.

 

		8.	Miscellaneous

 

		8.1	To the extent
                                            that there is any inconsistency at all between any provision of any kind whatsoever of this
                                            Agreement and the Sublease Agreement, the provisions of this Agreement shall at all times
                                            prevail.

 

		8.2	This Agreement
                                            may be executed in counterparts each of which will constitute one and the same document.

 

		8.3	This Agreement
                                            shall not be construed as a waiver or variation of the Lessor’s rights and remedies
                                            under the Lease Agreement and the other Lessee’s Documents and is without prejudice
                                            to: (i) such rights and remedies of the Lessor; and (ii) the obligations of the Lessee under
                                            the Lease Agreement and the other Lessee’s Documents which shall remain in full force
                                            and effect.

 

		8.4	This Agreement
                                            is designated as a “Lessee’s Document” under and for all purposes of the
                                            Lease Agreement and the other Lessee’s Documents.

 

		8.5	Each of the
                                            Lessee and the Sublessee covenants with the Lessor that it shall from time to time and at
                                            all times, at the request of the Lessor but at no cost to the Lessor, take such actions and
                                            execute such additional documents, instruments, agreements, certificates, consents and assurances
                                            as may be reasonably necessary or desirable or as the Lessor may reasonably request from
                                            time to time to give full effect to this Agreement.

 

IN WITNESS WHEREOF this
Agreement has been duly executed as a deed by the Lessee and the Sublessee and has been signed by the Lessor and is intended to be and
is hereby delivered on the date first above written.

 

    Schedule 15-5

     

    

 

EXECUTION PAGE

Subordination Agreement
MSN 4860

 

	 	EXECUTED as a DEED by
	 	LATAM AIRLINES GROUP S.A.
	 	and signed by:
	 	 
	 	______________its
	 	_____________ being a person who in accordance with
    the laws of Chile is acting under the authority of the company
	 	 
	 	in the presence of:

 

	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	EXECUTED as a DEED by
	 	[_________________]and signed by:
	 	 
	 	______________its
	 	______________being a person who in accordance with the laws of Brazil is acting under the authority of the company
	 	 
	 	in the presence of:

 

	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    Schedule 15-6

     

    

 

	 	and signed by:
	 	 
	 	______________its
	 	______________being a person who in accordance with the laws
of Brazil is acting under the authority of the company
	 	 
	 	in the presence of:

 

	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    Schedule 15-7

     

    

 

	 	Acknowledged by:
	 	 
	 	 
	 	VERMILLION AVIATION (NINE) LIMITED
	 	(as Lessor)

 

	 	By:	 
	 	 	 
	 	Title:	 

 

    Schedule 15-8

     

    

 

SCHEDULE 16

FORM OF BANKRUPTCY COURT
ORDER

 

Richard J. Cooper

Lisa M. Schweitzer

Luke A.
Barefoot

Thomas S. Kessler

CLEARY GOTTLIEB STEEN & HAMILTON LLP

One Liberty Plaza

New York, New York 10006

Telephone: (212) 225-2000

Facsimile: (212) 225-3999

 

Counsel to the Debtors and

Debtors-in-Possession

 

UNITED STATES BANKRUPTCY COURT

SOUTHERN
DISTRICT OF NEW YORK

 

	
    In re

     

    LATAM Airlines Group S.A., et al.,

     

    Debtors.5
	Chapter 11
	 
	Case No.: 20-11254 (JLG)
	 
	Jointly Administered
	 
	Related
    Docket No. _______

 

ORDER AUTHORIZING THE
DEBTORS TO IMPLEMENT

CERTAIN TRANSACTIONS, INCLUDING ENTRY INTO LEASE

AGREEMENTS WITH VERMILLION AVIATION (NINE) LIMITED

 

 

 

		5	The Debtors in these Chapter 11 Cases, along with the last four
digits of each Debtor’s tax identification number (as applicable), are: LATAM Airlines Group S.A. (59-2605885); Lan Cargo S.A.
(98-0058786); Transporte Aéreo S.A. (96-9512807); Inversiones Lan S.A. (96-5758100); Technical Training LATAM S.A. (96-847880K);
LATAM Travel Chile II S.A. (76-2628945); Lan Pax Group S.A. (96-9696800); Fast Air Almacenes de Carga S.A. (96-6315202); Línea
Aérea Carguera de Colombia S.A. (26-4065780); Aerovías de Integración Regional S.A. (98-0640393); LATAM Finance
Ltd. (N/A); LATAM-Airlines Ecuador S.A. (98- 0383677); Professional Airline Cargo Services, LLC (35-2639894); Cargo Handling Airport
Services LLC (30- 1133972); Maintenance Service Experts LLC (30-1130248); Lan Cargo Repair Station LLC (83-0460010); Prime Airport Services,
Inc. (59-1934486); Professional Airline Maintenance Services LLC (37-1910216); Connecta Corporation (20-5157324); Peuco Finance Ltd.
(N/A); Latam Airlines Perú S.A. (52-2195500); Inversiones Aéreas S.A. (N/A); Holdco Colombia II SpA (76-9310053); Holdco
Colombia I SpA (76-9336885); Holdco Ecuador S.A. (76-3884082); Lan Cargo Inversiones S.A. (96-9696908); Lan Cargo Overseas Ltd. (85-
7752959); Mas Investment Ltd. (85-7753009); Professional Airlines Services Inc. (65-0623014); Piquero Leasing Limited (N/A); TAM S.A.
(N/A); TAM Linhas Aéreas S.A. (65-0773334); Aerolinhas Brasileiras S.A. (98-0177579); Prismah Fidelidade Ltda. (N/A); Fidelidade
Viagens e Turismo S.A. (27-2563952); TP Franchising Ltda. (N/A); Holdco I S.A. (76-1530348) and Multiplus Corretora de Seguros Ltda.
(N/A). For the purpose of these Chapter 11 Cases, the service address for the Debtors is: 6500 NW 22nd Street Miami, FL 33131.

 

    Schedule 16-1

     

    

 

Upon
the Motion6 of LATAM Airlines Group S.A. (“LATAM Parent”), and its affiliated debtors and debtors-in-possession
in the above-captioned cases (collectively, the “Debtors”), for entry of an order (the “Order”)
Authorizing the Debtors to Implement Certain Transactions, Including Entry into Lease Agreements with Authorizing the Debtors to Implement
Certain Transactions, Including Entry Into Lease Agreement With Vermillion Aviation (Nine) Limited and upon the Declaration of
Ramiro Alfonsín Balza in Support of First Day Motions and Applications in Compliance with Local Rule 1007-2 (ECF No. 3), and
the Second Declaration of Ramiro Alfonsín Balza in Support of the Subsequent Chapter 11 Cases (ECF No. 483); and the Court
having jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334; and the Amended Standing Order of Reference
from the United States District Court for the Southern District of New York dated January 31, 2012 (Preska, C.J.); and the Court having
found that this is a core proceeding pursuant to 28 U.S.C. § 157(b)(2), and that the Court may enter a final order consistent with
Article III of the United States Constitution; and the Court having found that venue of this proceeding and the Motion in this district
is proper pursuant to 28 U.S.C. §§ 1408 and 1409; and the Court having found that the relief requested in the Motion is in
the best interests of the Debtors, their estates, their creditors and other parties in interest; and the Court having found that the
Debtors’ notice of the Motion and opportunity for a hearing on the Motion was appropriate and no other notice need be provided;
and the Court having reviewed the Motion and having heard the statements in support of the relief requested therein at a hearing before
the Court (the “Hearing”); and the Court having determined that the legal and factual bases set forth in the Motion
and on the record of the Hearing establish just cause for the relief granted herein; and all objections to the Motion (if any) having
been withdrawn or overruled; and upon all of the proceedings had before the Court; and after due deliberation and sufficient cause appearing
therefor;

 

 

 

		6	All capitalized terms used and not defined herein shall have
the meanings ascribed to them in the Motion.

 

    Schedule 16-2

     

    

 

IT IS HEREBY ORDERED THAT:

 

The Motion is GRANTED to the extent set forth
herein.

 

1. Pursuant
to section 363(b) of the Bankruptcy Code, (i) the New Lease Agreements are hereby approved and (ii) LATAM Parent, as lessee, is authorized
to enter into and perform all obligations under the New Lease Agreements, including leasing and operating the Aircraft, which is in the
best interest of the Debtors and their estates.

 

2. The
automatic stay arising pursuant to section 362(a) of the Bankruptcy Code is vacated and modified to the extent necessary to implement
the terms and conditions set forth in the New Lease Agreements. Subject to the terms and requirements in the New Lease Agreements, upon
the occurrence of an event of default under the New Lease Agreements, the automatic stay is deemed lifted and the Lessor may undertake
any remedies and enforcement actions provided for under the New Lease Agreements without need for any authorization from the Bankruptcy
Court or further notice (other than as expressly provided for under the New Lease Agreements). The Debtors retain the right to contest
the occurrence of any event of default under the New Lease Agreements.

 

3. The
Order shall be binding in all respects upon, and shall inure to the benefit of, the Debtors, their estates and their creditors; the Lessor
and either of their respective affiliates, successors, and assigns; and any affected third parties, including, but not limited to, all
persons asserting interests in the Aircraft, notwithstanding any subsequent appointment of any trustee(s) under any chapter of the Bankruptcy
Code, as to which trustee(s) such terms and provisions likewise shall be binding.

 

    Schedule 16-3

     

    

 

4. The
terms and provisions of the Order shall be immediately effective and enforceable upon its entry. The effectiveness of the Order shall
not be stayed pursuant to Rule 6004(h) of the Federal Rules of Bankruptcy Procedure or otherwise.

 

5. The
Lessor is entitled to all of the protections afforded by section 363(m) of the Bankruptcy Code and any reversal or modification on appeal
of the authorization provided herein to consummate the lease of the Aircraft shall not affect the validity of the leasing of the Aircraft
from the Lessor, as lessor, to LATAM Parent, as lessee.

 

6. Except
as otherwise provided in the New Lease Agreements and related Transaction Documents, the Lessee’s contractual obligations under
the New Lease Agreements or any other Transaction Documents, shall be administrative expenses pursuant to Sections 503(b)(1) and 507(a)(2)
of the Bankruptcy Code, provided that nothing herein waives the Debtors’ right to contest any claims that are subject to bona fide
dispute or any available defenses.

 

7. This
Court shall retain jurisdiction with respect to any matters, claims, rights or disputes arising from or related to the Motion or the
Order.

 

	Dated: _____________________, 2021	 
	New York, New York	 

 

	 	 
	 	HONORABLE JAMES L. GARRITY, JR.
	 	UNITED STATES BANKRUPTCY JUDGE

 

 

Schedule 16-4

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