Document:

EX-10.30

 Exhibit 10.30 

Execution Version 
 UMB Bank, N.A.,
not in its individual capacity but solely as Owner Trustee, 
 (Lessor) 

and 
 GLOBAL CROSSING AIRLINES, INC. 

(Lessee) 
 Operating Lease Agreement (MSN 1954) 

relating to one (1) Airbus model A320-214 aircraft bearing Manufacturer’s Serial Number 1954, as equipped
with two (2) CFM International, Inc. CFM56-5B4/P engines 
 Dated as of June 30, 2021 

THE RIGHTS, TITLE AND INTEREST OF LESSOR IN AND TO THIS AIRCRAFT OPERATING LEASE AGREEMENT HAVE BEEN ASSIGNED TO AND ARE SUBJECT TO A FIRST PRIORITY SECURITY
INTEREST IN FAVOR OF DEUTSCHE BANK TRUST COMPANY AMERICAS, AS SECURITY TRUSTEE (THE “SECURITY TRUSTEE”) UNDER A SECURITY TRUST AGREEMENT DATED AS OF DECEMBER 19, 2006 (AS AMENDED, SUPPLEMENTED, RESTATED OR OTHERWISE MODIFIED FROM TIME TO
TIME, THE “SECURITY TRUST AGREEMENT”) AMONG, INTER ALIOS, LESSOR, CERTAIN OTHER GRANTORS AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS THE SECURITY TRUSTEE AND THE OPERATING BANK. TO THE EXTENT, IF ANY, THAT THIS AIRCRAFT OPERATING LEASE
AGREEMENT CONSTITUTES TANGIBLE CHATTEL PAPER (AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS AIRCRAFT OPERATING LEASE AGREEMENT MAY BE CREATED OR PERFECTED THROUGH
THE TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER THAN THE ORIGINAL EXECUTED COUNTERPART, WHICH SHALL BE IDENTIFIED AS THE COUNTERPART CONTAINING THE RECEIPT THEREFOR EXECUTED BY THE SECURITY TRUSTEE. 

 Contents 
  

							
			
	 1
	  	Definitions and Interpretation	  	 	1	 
			
	 2
	  	Representations and Warranties	  	 	21	 
			
	 3
	  	Conditions Precedent	  	 	24	 
			
	 4
	  	Commencement	  	 	25	 
			
	 5
	  	Payments	  	 	26	 
			
	 6
	  	Manufacturer’s and Other Warranties	  	 	35	 
			
	 7
	  	Lessor’s Covenants and Disclaimers	  	 	36	 
			
	 8
	  	Lessee’s Covenants	  	 	47	 
			
	 9
	  	Insurance	  	 	66	 
			
	 10
	  	Indemnity	  	 	70	 
			
	 11
	  	Events of Loss	  	 	72	 
			
	 12
	  	Redelivery of Aircraft	  	 	75	 
			
	 13
	  	Events of Default	  	 	76	 
			
	 14
	  	Assignment, Transfer and Financing	  	 	82	 
			
	 15
	  	Governing Law and Jurisdiction	  	 	85	 
			
	 16
	  	Miscellaneous	  	 	87	 

  

			
	 Schedule 1
	  	Description of Leased Property
	 Schedule 2
	  	Delivery
	 Schedule 3
	  	Redelivery
	 Schedule 4
	  	Insurance Requirements
	 Schedule 5
	  	Schedule of Principal Economic Terms
	 Schedule 6
	  	[Reserved]
		
	 Exhibit A
	  	Form of Certificate of Acceptance
	 Exhibit B
	  	Form of Certificate of Delivery Condition
	 Exhibit C
	  	Form of Deregistration Powers of Attorney
	 Exhibit D
	  	[Reserved]
	 Exhibit E
	  	Form of Status Report
	 Exhibit F
	  	Form of Notice and Acknowledgment
	 Exhibit G
	  	Form of Redelivery Certificate

 This Operating Lease Agreement (MSN 1954) (this “Agreement”), dated as of June 30, 2021 is
between: 
  

	(1)	 UMB BANK, N.A., a national banking association, not in its individual capacity, except as expressly
provided herein, but solely as Owner Trustee (herein in such capacity, together with its successors and permitted assigns, “Lessor” or “Owner Trustee”); and 

 

	(2)	 GLOBAL CROSSING AIRLINES, INC., a company organized and existing under the laws of the State of Delaware
having its principal place of business at Building 5A, 4th Floor, Miami International Airport, 4200 NW 36th Street, Miami, Florida 33146 (the
“Lessee”). 

 WITNESSETH 

WHEREAS, Lessor wishes to lease the Aircraft to Lessee, and Lessee agrees to lease the Aircraft from Lessor, upon and subject to the terms and
conditions set out in this Agreement. 
 NOW THEREFOR, for and in consideration of the premises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee agree as follows: 
  

	1	 Definitions and Interpretation 

 

	1.1	 Definitions 

In this Agreement the following expressions shall, unless the context otherwise requires, have the following respective meanings: 

Actual Cost means, as it applies to any maintenance work or rectification of discrepancies on the Aircraft, the actual cost of
replacement parts, materials and/or the cost of labor associated with such work, rectification or replacement and shall in no event include late charges, mark-ups, freight charges, interest, handling fees, import fees, exchange fees or other similar
amounts. 
 Additional Rent means all amounts, liabilities and obligations (other than Basic Rent and Supplemental Rent) that Lessee
assumes or agrees to pay under this Agreement to Lessor or any other Person, including payment of deposits, indemnities and the Agreed Value. 

Affiliate means in relation to any Person, any other Person controlled directly or indirectly by that Person, any other Person that
controls directly or indirectly that Person or any other Person under common control with that Person. For this purpose, “control” of any Person means ownership of a majority of the voting power of such Person. 

Agreed Maintenance Performer means any Person which is approved in advance in writing by Lessor or Servicer, and which is duly and
validly licensed to perform maintenance on the Aircraft and which holds a current EASA or FAA Part 145 certificate. 
 Agreed Value
has the meaning set forth in Schedule 5. 
 Airbus means Airbus S.A.S. 

Aircraft means the Airframe, together with: (i) the two (2) Engines, whether or not installed on the Aircraft; (ii) all
Parts and all components thereof; (iii) all ancillary equipment or devices delivered or furnished with the Airframe under this Agreement; (iv) all Aircraft Documents; and (v) all substitutions, replacements, additions, modifications
or renewals of any of the foregoing. 

 Aircraft Documents means the maintenance and inspection records and all other current
and historical records and documentation pertaining to the Aircraft, in hard copy or electronic or digital formats, including without limitation: (i) all logs and manuals, and inspection, modification, maintenance and overhaul records, in each
case as amended to the most recent revision or version, and including any generated by Lessee, or by third parties at Lessee’s direction, during the Term; (ii) the documents, data and records identified in or pursuant to Part 2 of Schedule
1 hereof and in the Certificate of Delivery Condition; and (iii) all such documents and records as are required to be maintained under Applicable Law, including applicable FAA and EASA regulations, and all additions, renewals, revisions and
replacements from time to time made in furtherance of Lessee’s lease, use, operation and maintenance of the Aircraft under this Agreement. 

Airframe means the Aircraft, excluding the Engines and the Aircraft Documents. 

Airframe 6-Year Check means the accomplishment of all
6-year systems, zonal and structural check tasks (or equivalent as amended by future revisions and interval changes/extensions) and those tasks which are necessary pursuant to the AMM and / or MPD (including
all non-routine work generated as a result of performance of such tasks) including all tasks related to lower level checks, CPCP and powerplant programme, as well as typical component overhauls which occur at
the 6-year interval, and all repairs and overhauls and inspections normally included at the 6-year interval, all non-recurring
work, flight deck and cabin interior refurbishment and typical cleaning and cosmetic repairs, and all repair work required to be performed following such inspections. 

Airframe 6-Year Check Supplemental Rent has the meaning set forth in Section 5.4(a)(i)(A).

 Airframe 6-Year Check Supplemental Rent Rate has the meaning in Schedule 5. 

Airframe 6-Year Check Reimbursable Expenses: has the meaning set forth in
Section 7.2(a)(i). 
 Airframe 12-Year Check means the accomplishment of all 12-Year Systems, Zonal and Structural Check tasks (or equivalent as amended by future revisions and interval changes/extensions) and those tasks which are necessary pursuant to the AMM and / or MPD (including all non-routine work generated as a result of performance of such tasks) including all tasks related to lower level checks, CPCP and powerplant programme, as well as typical component overhauls which occur at the 12-year interval, and all repairs and overhauls and inspections normally included at the 12-year interval, all non-recurring work,
flight deck and cabin interior refurbishment and typical cleaning and cosmetic repairs, and all repair work required to be performed following such inspections. 

Airframe 12-Year Check Supplemental Rent has the meaning set forth in Section 5.4(a)(i)(B).

 Airframe 12-Year Check Supplemental Rent Rate has the meaning set forth in Schedule 5. 

Airframe 12-Year Check Reimbursable Expenses has the meaning set forth in
Section 7.2(a)(iv). 

  
 2 

 Airframe Manufacturer means Airbus. 

Airworthiness Directive or AD means any airworthiness directive issued by the State of Registration or EASA or FAA, as applicable. 

AMM means the Airframe Manufacturer’s aircraft maintenance manual, as updated and modified from time to time. 

Applicable Law means (i) any law, statute, decree, constitution, regulation, order, judgment, rule, license, permit, injunction or
other directive of any Government Entity (including, without limitation, EU ETS Legislation); (ii) any treaty, pact, compact or other agreement to which any Government Entity is a signatory or party (including the Convention for the International
Recognition of Rights in Aircraft, signed at Geneva, Switzerland, on June 18, 1948, and the Cape Town Convention); (iii) any judicial interpretation with binding characteristics or application of those described in (i) or (ii) above;
(iv) any administrative interpretation with binding characteristics or application of those described in (i) or (ii) above; and (v) any amendment or revision of any of those described in (i), (ii), (iii) or (iv) above, and in
each case, which is applicable to the Aircraft and its use and operation, Lessor, Lessee, any sublessee, or the transactions contemplated by this Agreement and the other Operative Agreements. 

Approved Maintenance Program means the maintenance program of Lessee approved by the Aviation Authority, provided by Lessee to Lessor
pursuant to Section 3.1(k) and accepted by Lessor in writing on or before the Delivery Date, which shall at all times be based upon and in compliance with the Airframe Manufacturer’s MPD, as the same may be updated, amended and otherwise
modified from time to time in accordance with this Agreement. 
 APU means (i) the auxiliary power unit listed in Part 1 of
Schedule 1; (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 Owner in accordance with the terms of Section 8.17 after removal
from such auxiliary power unit; and (iii) insofar as the same belong to Owner, 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 clause (ii) above,
as required or permitted under this Agreement. 
 APU Basic Shop Visit means an APU
off-fuselage repair resulting in the complete disassembly of the load compressor and power sections with the inspection of the life limited parts to zero-time criteria and remaining items to continued-time
criteria as defined by the APU manufacturer repair manuals provided the same is performed by an Agreed Maintenance Performer to restore full service release to the APU. 

APU Cycle means one complete continuous operation of the APU beginning at the moment the APU is started and continuing until it
subsequently shuts down. 
 APU LLP Supplemental Rent has the meaning set forth in Section 5.4(a). 

APU LLP Supplemental Rent Rate has the meaning set forth in Schedule 5. 

APU Supplemental Rent has the meaning set forth in Section 5.4(a). 

APU Supplemental Rent Rate has the meaning set forth in Schedule 5. 

  
 3 

 APU LLP Reimbursable Expenses has the meaning set forth in Section 7.2(f). 

APU Hour means each hour or part thereof (rounded up to one decimal place) that the APU is operated, whether for aircraft operations or
testing. 
 APU Reimbursable Expenses has the meaning set forth in Section 7.2(e)(i). 

ATC/Airport Authority means any air traffic control authority, including Eurocontrol, and any airport authority with jurisdiction over
any aircraft operated by Lessee. 
 Aviation Authority means the FAA, and any and all Government Entities that, under the laws of the
State of Registration, from time to time (i) have control or supervision of civil aviation; or (ii) have jurisdiction over the registration, airworthiness or operation of, or matters relating to, the Aircraft. 

Back-to-Birth Traceability means certified documentation
necessary to precisely identify where, when, and with which aircraft operator the consumed life and previous maintenance in relation to any Life Limited Part occurred since such Life Limited Part was new, and includes the following, as applicable:

  

	 	(a)	 operator or EASA approved continuing airworthiness management organization certified summary and supporting
records showing the accumulation of Flight Hours and Flight Cycles (as applicable) since new for each Engine Life Limited Part, APU Life Limited Part and Landing Gear Life Limited Part. The records for each Engine Life Limited Part (by part number
and serial number) will show the serial number of the engine into which the Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part was installed when new, the date, time since new and cycle since new of such engine at time
of installation of the Engine Life Limited Part and the date, time since new and cycle since new of such engine at time of removal of the Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part, APU Life Limited Part or
Landing Gear Life Limited Part. The records will subsequently show the serial number of each engine into which the Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part has been installed, the date, time since new and
cycle since new of each such engine at time of installation of the Life Limited Part and the date, time since new and cycle since new of each such engine, APU or landing gear at time of removal of the Engine Life Limited Part, APU Life Limited Part
or Landing Gear Life Limited Part. The records must also show the Flight Hours and Flight Cycles (as applicable) accumulated at different thrust ratings (if applicable). The records will show the date, time since new and cycle since new of the
relevant engine, APU or Landing Gear at start and finish of operation of the Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part with each operator. The records will show the accumulation of Flight Hours and Flight
Cycles (as applicable) for ferry/positioning flights during transition between operators; 

  

	 	(b)	 a Release to Service Certificate (FAA 8130-3 or EASA Form 1) or OEM
shipping docket (showing the Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part part number and serial number) from new must be provided, or, if the Engine Life Limited Part, APU Life Limited Part or Landing Gear Life
Limited Part was installed new in a new engine, APU or Landing Gear set, a copy of the Engine, APU or Landing Gear manufacturer’s fitted listing (e.g. CFMI - Engine Data Submittals, IAE – Vital Statistics Log) will suffice showing the part
number and serial number of the Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part installed new at manufacture of such engine, APU or Landing Gear set; 

  
 4 

	 	(c)	 a Release to Service Certificate (EASA Form 1/FAA 8130-3 dual release)
must also be provided for (i) the last maintenance activity accomplished on each Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part, (ii) the last accomplishment of an applicable airworthiness directive on
each Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part, and (iii) for each Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part where a change of part number is implemented after the
accomplishment of a service bulletin, AD or Manufacturer modification (the change of part number and reason for change must be clearly identified); 

  

	 	(d)	 a commercial trace for each Engine Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part,
consisting of bills of sale or other documentation evidencing all relevant title transfers from the OEM to Lessee; and 

  

	 	(e)	 an Incident/Accident Clearance Statement will be provided for each engine into which each Engine Life Limited
Part, commercial trace for each Life Limited Part, APU Life Limited Part or Landing Gear Life Limited Part has been installed for each operator of such engine, APU or landing gear during the time that such Engine Life Limited Part, APU Life Limited
Part or Landing Gear Life Limited Part was installed in such engine, APU or landing gear. 

 Basic Rent means all
amounts payable pursuant to Section 5.3. 
 Basic Rent Amount has the meaning set forth in Schedule 5. 

Beneficial Owner means Genesis Funding Limited, a company formed under the laws of Bermuda or such other person as Lessor may notify to
Lessee as the holder of the beneficial interest in the Trust Estate from time to time. 
 Business Day means a day (other than a
Saturday or Sunday) on which business of the nature required by this Agreement is carried out in New York, New York, and Dublin, Ireland. 

Cape Town Convention means the Convention on International Interests in Mobile Equipment and the Protocol to the Convention on
International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, both signed in Cape Town, South Africa, on 16 November 2001, together with any protocols, regulations, rules, orders, agreements, instruments, amendments,
supplements, revisions or otherwise that have or will be subsequently made in connection with the Cape Town Convention by the “Supervisory Authority” (as defined in the Cape Town Convention), the “International Registry” or
“Registrar” (as defined in the Cape Town Convention) or any other appropriate “registry authority” (as defined in the Cape Town Convention) or other international or national body or authority. 

C-Check means (i) in respect of work carried out prior to the Delivery Date, a maintenance
check on the Airframe under the Approved Maintenance Program which includes (a) all structural, zonal, corrosion and systems checks, out-of-sequence inspections,
all routine and resulting non-routine tasks and all other requirements prescribed in the MPD sufficient as of the Delivery Date to clear the Aircraft for 7,500 Flight Hours, 5,000 Flight Cycles, and through
June 30, 2023 of unrestricted operation, (b) all lower checks, and (c) correction of any 

  
 5 

 discrepancies in accordance with the recommendations of the Airframe Manufacturer and its
SRM; (ii) in respect of maintenance carried out during the Term, a maintenance check on the Airframe under the Approved Maintenance Program which includes (a) all structural, zonal, corrosion and systems checks, out-of-sequence inspections, all routine and resulting non-routine tasks and all other requirements prescribed in the MPD sufficient as
of the Delivery Date to clear the Aircraft for 7,500 Flight Hours, 5,000 Flight Cycles, and 24 months of unrestricted operation, (b) all lower checks, and (c) correction of any discrepancies in accordance with the recommendations of the
Airframe Manufacturer and its SRM. 
 Certificate of Acceptance means a certificate in the form attached as Exhibit A to be completed
and executed by Lessor and Lessee at the time of Delivery. 
 Certificate of Delivery Condition means a certificate in the form
attached as Exhibit B to be completed and executed by Lessor and Lessee on or prior to Delivery. 
 CFR means Title 14 of the Code of
Federal Regulations, as amended or supplemented from time to time. 
 CPCP means Lessee’s Corrosion Prevention and Control
Program that is a part of the Approved Maintenance Program. 
 Damage Notification Threshold has the meaning set forth in Schedule 5.

 Default means any event which would constitute an Event of Default but for the giving of notice or lapse of time. 

Delivery means the delivery of the Aircraft to Lessee and its acceptance by Lessee in accordance with the terms of this Agreement. 

Delivery Date means the date on which Delivery takes place which shall be the Scheduled Delivery Date or such other date notified by
Lessor to Lessee in accordance with the provisions of this Agreement. 
 Delivery Location means Kaunas, Lithuania or such other
location in Europe as designated by Lessor, in any case, in a jurisdiction in which the delivery and leasing of the Aircraft will not cause Owner, Lessor and/or Lessee to incur any Taxes in connection with such Delivery. 

Dollars and US$ means the lawful currency of the United States of America. 

EASA means the European Aviation Safety Agency of the European Union established by Regulation (EC) No. 1592/2002 of 15 July 2002,
or any successor Government Entity succeeding to the functions thereof. 
 Engine means, any Engine installed on or furnished with the
Aircraft on the Delivery Date, such Engines being identified as to manufacturer, type and manufacturer serial number in Schedule 1 or in the Certificate of Acceptance, and any Substitute Engine which may from time to time be substituted therefor
pursuant to and in accordance with Section 8.13(e); together in each case with any and all Parts, including quick engine change Parts, incorporated or installed in or attached thereto and any and all Parts, including quick engine change Parts,
removed therefrom so long as title thereto remains vested in Owner in accordance with the terms of Section 9 after removal from such Engine. 

  
 6 

 Engine Supplemental Rent has the meaning set forth Section 5.4(a)(ii). 

Engine Supplemental Rent Rate has the meaning set forth in Schedule 5. 

Engine LLP Supplemental Rent has the meaning set forth Section 5.4(a)(iii). 

Engine LLP Supplemental Rent Rate has the meaning set forth in Schedule 5. 

Engine LLP Reimbursable Expenses has the meaning set forth in Section 7.2(c)(i). 

Engine Loss means the occurrence, with respect to an Engine, of one of the events set forth in clauses (a) through (d) of the
definition of “Total Loss” as if references to the “Airframe” were to such “Engine”. 
 Engine Loss Date
means the relevant date determined in accordance with the definition of “Total Loss Date” as if that definition applied to an Engine Loss. 

Engine Manufacturer means CFM International, Inc. 

Engine Notice has the meaning set forth in Section 8.21. 

Engine Reimbursable Expenses has the meaning set forth in Section 7.2(b)(i). 

Engine Performance Restoration Shop Visit means, with respect to any Engine maintained in accordance with the Approved Maintenance
Program, each major engine performance restoration shop visit performed by an Agreed Maintenance Performer acceptable to Lessor that requires the disassembly, repair and level 2 performance restoration or level 3 overhaul of the high pressure
compressor, high pressure turbine and combustor modules of an engine, and the inspection, teardown/disassembly and repair, level 2 performance restoration or level 3 overhaul as and if required (as dictated by inspection or engine trend monitoring
and the engine manufacturer’s shop manual limits) of each of the other modules of such engine, all in accordance with the Engine Manufacturer’s then current CFM56-5B Workscope Planning Guide
requirements and recommendations in each case which is designed to result in at least a further 8,000 Flight Cycles of on wing operation of the applicable Engine before the next anticipated removal for shop visit. 

Equipment Change means any modification, alteration, addition to or removal of any Part, Engine, Landing Gear or other component from
the Aircraft during the Term. 
 EU ETS Authority Letter means a letter signed by Lessee in the form agreed with Lessor. 

EU ETS Legislation means the EU Directive EC/2008/101 regarding the European Union Emissions Trading Scheme and its application to
aviation and all related implementation legislation. 
 Eurocontrol means the European Organization for the Safety of Air Navigation.

 Eurocontrol Letter means a letter signed by Lessee in the form agreed with Lessor. 

Event of Default means an event specified in Section 13.1. 

  
 7 

 Excluded Costs has the meaning set forth in Section 7.2(g)(i). 

Excusable Delay means with respect to delivery of the Aircraft, delay or non-performance due to
or arising out of (i) acts of God or public enemy, civil war, insurrection or riot, fire, flood, explosion, earthquake, serious accident, epidemic, quarantine restriction or import restriction, (ii) any act of government, governmental priority,
allocation, regulation or order affecting directly or indirectly, the Aircraft, any Manufacturer, Owner, Lessor or any materials or facilities, (iii) strike or labor dispute causing cessation, slowdown or interruption of work, (iv) inability
after due and timely diligence to procure equipment, data or materials from manufacturers, suppliers, any existing owner, seller or lessee in a timely manner, (v) damage, destruction or loss, or adverse weather conditions preventing any
services, inspections or flights of the Aircraft or (vi) any other cause to the extent that such cause is beyond the control of Owner or Lessor, whether above mentioned or not and whether or not similar to the foregoing. 

Expiry Date means the Scheduled Expiry Date, unless extended or accelerated as provided in this Agreement. 

FAA means the Federal Aviation Administration of the U.S. Department of Transportation, or any successor Government Entity succeeding to
the functions thereof. 
 Final Inspection means the inspection of the Aircraft by Lessor, or representatives appointed by Lessor,
pursuant to Schedule 3 or otherwise performed in connection with the Redelivery. 
 Final Maintenance Performer means an Agreed
Maintenance Performer approved by Lessor to perform the maintenance required by Schedule 3. 
 Financial Indebtedness means any
indebtedness in respect of: 
  

	 	(a)	 moneys borrowed; 

  

	 	(b)	 any liability under any debenture, bond, note, loan stock, acceptance credit, documentary credit or other
security; 

  

	 	(c)	 the acquisition cost of any asset to the extent not payable within ninety (90) days before or after the
time of acquisition or possession; 

  

	 	(d)	 the capitalized value (determined in accordance with accounting practices generally accepted in the United
States of America) of obligations under finance leases; or 

  

	 	(e)	 any guarantee, indemnity or similar assurance against financial loss of any Person in respect of the above.

 Financing Documents means any loan agreement, credit agreement or similar agreement between Lessor, Owner and/or
any Affiliate of Lessor or Owner and any Financing Party under which funds are advanced to Lessor or Owner or any of their Affiliates whereby the obligations of Lessor or Owner or any of their Affiliates to such Financing Parties relate to the
Leased Property or the Operative Documents. 
 Financing Parties means, collectively such Persons as Lessor may from time to time
notify to Lessee in writing (including, without limitation, those identified in the Notice and Acknowledgment). 

  
 8 

 Financing Security Document means any Financing Document whereby Lessor or Owner, or
any of their Affiliates, grants to a Financing Party a Security Interest in the Aircraft and/or in its right, title and interest in this Agreement, and any other Operative Documents. 

Flight Cycle means one take-off and landing of the Airframe or, in the case of an Engine, of the
airframe on which such Engine is installed. 
 Flight Cycle Charges means all flight charges, route navigation charges, navigation
service charges and all other fees, charges or Taxes payable for the use of or for services provided at any airport or otherwise payable to any airport, airport authority, navigation or flight authority or other similar entity or for any services
provided in connection with the operation, landing or navigation of aircraft. 
 Flight Hour means each hour or part thereof (rounded
up to one decimal place) elapsing from the moment the wheels of the Airframe leave the ground on take-off until the moment the wheels of the Airframe next touch the ground or, in the case of an Engine, of the
airframe on which such Engine is installed. 
 GAAP means generally accepted accounting principles as in effect from time to time in
the State of Organization and, subject to changes in such principles from time to time, consistently applied in accordance with the past practices of a Person. 

Government Entity means: 
  

	 	(a)	 the Aviation Authority; 

 

	 	(b)	 any national, state or local government, political subdivision thereof or local jurisdiction therein;

  

	 	(c)	 any board, commission, department, division, instrumentality, court, agency or political subdivision thereof;
and 

  

	 	(d)	 any association, organization or institution of which any of the above is a member or to whose jurisdiction any
thereof is subject or in whose activities any of the above is a participant, 

 to the extent that any entity described in
clauses (a) through (d) above has jurisdiction over this Agreement, the Operative Documents, the Aircraft and its operation, or any of the parties hereto or the other Operative Documents. 

Habitual Base means the State of Organization or, subject to the prior written consent of Lessor, any other state, province or country
in which the Aircraft is for the time being habitually based. 
 Hull Insurance Deductible has the meaning set forth in Schedule 5.

 IATA means the International Air Transport Association. 

ICAO means the International Civil Aviation Organization. 

IDERA means the irrevocable deregistration and export request authorisation executed and delivered by Lessee in the form agreed with
Lessor. 

  
 9 

 Incident/Accident Clearance Statement means a statement produced on Lessee’s or
prior operator’s letterhead confirming that the Airframe and Engines have not been involved in any abnormal or reportable operational or maintenance events that could have resulted in significant damage (incidents) or that did result in
significant damage (accidents) as required by (i) ICAO Annex 13 and ICAO Document 9156 (Accident/ Incident Reporting Manual) and (ii) such other regulations as may be in effect at the relevant time, in each case executed by Lessee’s
appropriately qualified quality assurance manager. 
 Indemnitees means each of Owner, Lessor, Beneficial Owner, Servicer, any
Financing Party, the respective successors and permitted assigns of such Persons and the shareholders, members, partners, Affiliates, directors, officers, employees, agents and servants of such Persons. 

Insurances has the meaning set forth in Section 9.1. 

International Registry means the international registration facilities established for the purpose of the Cape Town Convention. 

Landing Gear means the landing gear assemblies (nose, left main and right main, forestay and sidestay) of the Aircraft identified by the
respective serial numbers in Part 1 of Schedule 1 to this Agreement, and any landing gear assembly substituted therefor in accordance with this Agreement and title to which has passed to Owner in accordance with this Agreement. 

Landing Gear Supplemental Rent has the meaning set forth in Section 5.4(a)(iv). 

Landing Gear Supplemental Rent Rate has the meaning set forth in Schedule 5. 

Landing Gear Overhaul means (i) an overhaul of the Landing Gear (including, but not limited to, complete strut assembly of each
landing gear installed and the inner and outer cylinders of the main landing gear and the nose landing gear, including the axles of such landing gear and sidestay and drag braces) to full Manufacturer specification and operating condition (excluding
any rotable components such as wheels, tires, brakes and consumable items) or (ii) the replacement of the Landing Gear with a landing gear with zero time since its last overhaul, of equivalent or more advanced modification standard than the
replaced Landing Gear, having the same or more time remaining on LLPs and in compliance in full with Manufacturer specification and operating condition (excluding any rotable components such as wheels, tires, brakes and consumable items). 

Landing Gear Reimbursable Expenses has the meaning set forth in Section 7.2(d)(i). 

Leased Property means the Aircraft and the Aircraft Documents. 

Lessor Lien means: 
  

	 	(a)	 any Security Interest from time to time created by or arising through Beneficial Owner, Lessor, or any
Financing Party in connection with the financing or refinancing of the Aircraft; 

  

	 	(b)	 any other Security Interest in respect of the Aircraft that results from acts or omissions of, or claims
against, Beneficial Owner, Lessor or any Financing Party not related to the operation of the Aircraft or the transactions contemplated by or permitted under the Operative Documents to which Lessee is a party; and 

  
 10 

	 	(c)	 Security Interests in respect of the Aircraft for Non-Indemnified
Taxes. 

 Life Limited Parts or LLPs means those Parts, defined by the Manufacturer or by the Aviation
Authority or any other Government Entity as requiring retirement and subsequent replacement on a mandatory basis prior to, or upon the expiration of, the Manufacturer’s certified life, such life being expressed in terms of Flight Cycles, Flight
Hours, landings or calendar time, as applicable. 
 Mandatory Equipment Change means an Equipment Change that is required by or
performed to comply with an Airworthiness Directive or a Manufacturer’s alert or mandatory service bulletin. 
 Manufacturer
means, with respect to the Airframe, Engine or any Part of the Aircraft, the Airframe Manufacturer, Engine Manufacturer or manufacturer of such Part, respectively. 

Minimum Liability Coverage has the meaning set forth in Schedule 5. 

MPD means the latest revision of the Airbus Maintenance Planning Document, as updated, revised, supplemented and modified from time to
time. 
 Non-Indemnified Taxes means: 

 

	 	(a)	 Taxes imposed by a jurisdiction other than the jurisdiction of incorporation or principal place of business of
a Tax Indemnitee by reason of such Tax Indemnitee carrying on business in or being treated as carrying on business in, having a branch, agency or permanent establishment in, or being, or becoming or being treated as resident for Tax purposes in,
such jurisdiction except to the extent that such Tax arises as a result of the operation of the Aircraft as contemplated by the Operative Documents or the operation of any other aircraft which is the subject of any lease between Lessor and Lessee;
or 

  

	 	(b)	 Taxes imposed on the net income, profits or gains of Lessor or any other Tax Indemnitee by any Government
Entity except to the extent that the imposition arises as a result of the operation, subleasing or presence of the Aircraft in or to the jurisdiction imposing such Tax; or 

 

	 	(c)	 Taxes imposed with respect to any period commencing or event occurring before the date of this Agreement or
after the Expiry Date and unrelated to any Tax Indemnitee’s dealings with Lessee pursuant to the Operative Documents to which Lessee is a party or to the transactions contemplated by the Operative Documents to which Lessee is a party; or

  

	 	(d)	 Taxes imposed as a result of the sale, assignment or other disposition of all, or any part of, a Tax
Indemnitee’s interest in the Leased Property, including the Airframe, any Engine or any Part, this Agreement or any of the other Operative Documents unless such sale, assignment or disposition occurs as a consequence of an Event of Default or
any Applicable Circumstances; or 

  

	 	(e)	 Taxes to the extent caused by: 

 

	 	(i)	 the gross negligence or willful misconduct of any Tax Indemnitee; or 

  
 11 

	 	(ii)	 breach by a Tax Indemnitee of its obligations arising under any Operative Document or other related documents
and agreements delivered by such party to Lessee; or 

  

	 	(f)	 Taxes to the extent solely attributable to a Lessor Lien, to the extent that such Taxes would not have arisen
or been assessed but for the existence of such Lessor Lien. 

 Notice and Acknowledgment means a form of notice and
acknowledgment or consent in respect any Financing Security Document by and among Lessor, Lessee, and a Financing Party, substantially in the form attached as Exhibit F. 

OEM means the original equipment manufacturer of an Airframe, an Engine or a Part. 

Operative Documents means this Agreement, the Certificate of Acceptance, the Certificate of Delivery Condition, the IDERA, and any
Notice and Acknowledgment; and any prime or head lease, any trust agreement and each of the other documents and agreements (including any assignment agreement or novation agreement in respect of any thereof) executed and delivered by Lessor, Lessee
and any successor thereto, or any sublessee, or any Financing Party or any other Person in furtherance of the transactions contemplated hereby and thereby. 

Overdue Rate means a rate equal to the greater of (a) ten percent (10%) per annum; or (b) five percent (5%) above the prime or
base rate of interest charged by Citibank, N.A., in New York from time to time as its prime or base commercial lending rate. 
 Owner
means Lessor or such person as Lessor or Beneficial Owner shall notify Lessee in writing from time to time. 
 Part means whether
or not installed on the Aircraft: 
  

	 	(a)	 any appliance, part, component, module, navigation, avionic and communication equipment, computer, instrument,
appurtenance, accessory, furnishing and equipment of whatever nature (including the APU and Landing Gear but excluding a complete Engine) furnished with, installed on or appurtenant to the Airframe and Engines on Delivery, which may from time to
time be removed, incorporated or installed in or attached to the Airframe or any Engine; and 

  

	 	(b)	 any other appliance, part, component, module, navigation, avionic and communication equipment, computer,
instrument, appurtenance, accessory, furnishing or equipment of whatever nature (other than a complete Engine) title to which has, or should have, passed to Owner pursuant to this Agreement, 

but excludes any such items title to which has passed to Lessee pursuant to Section 8.17. 

Permitted Lien means: 
  

	 	(a)	 any Security Interest for Flight Cycle Charges or Taxes not assessed or, if assessed, not yet due and payable,
or being contested in good faith by appropriate proceedings; 

  

	 	(b)	 any Security Interest of a repairer, mechanic, carrier, hangar keeper, unpaid seller or other similar lien
arising in the ordinary course of business or by operation of law in respect of obligations which are not overdue in accordance with Applicable Law (or, if applicable, generally accepted accounting principles and practices in the relevant
jurisdiction) or are being contested in good faith by appropriate proceedings; and 

  
 12 

	 	(c)	 any Lessor Lien; 

but only if, in the case of (a) and (b), (i) adequate reserves have been provided by Lessee for the payment of the Flight Cycle Charges
and/or Taxes or obligations in accordance with GAAP; and (ii) such proceedings, or the continued existence of the Security Interest, do not give rise to any reasonable likelihood of the sale, forfeiture or other loss of the Aircraft or any
interest therein or of criminal liability on the part of Owner, Lessor or any Financing Party. 
 Person means any individual,
corporation, partnership, limited liability company, limited liability partnership, joint venture, association, joint stock company, trust, unincorporated organization or Government Entity. 

PMA Part means a non-type-certificated Part whose part number is not listed in the OEM’s
maintenance manuals or licenced by the OEM and whose design and/or manufacture has been accomplished by any entity other than the OEM and which has received parts manufacturer approval from an Aviation Authority. 

Qualifying Maintenance Event means each of the Airframe 6-Year Check, Airframe 12-Year Check, Engine Performance Restoration Shop Visit, Landing Gear Overhaul, and APU Basic Shop Visit. 

Redelivery Location means Lessee’s principal maintenance facility or at the facility of the Final Maintenance Performer or such
other location mutually agreeable to Lessor and Lessee in the continental United States of America. 
 Reimbursable Expenses means
collectively, Airframe 6-Year Check Reimbursable Expenses, Airframe 12-Year Check Reimbursable Expenses, APU Reimbursable Expenses, APU LLP Reimbursable Expenses, Engine
Reimbursable Expenses, Engine LLP Reimbursable Expenses, and Landing Gear Reimbursable Expenses. 
 Rent means collectively, Basic
Rent, Additional Rent and Supplemental Rent. 
 Rent Date has the meaning set forth in Schedule 5. 

Rental Period means each period ascertained in accordance with Section 5.2 and as further described in Schedule 5 in respect of the
determination and payment of the Basic Rent Rate. 
 Redelivery means the redelivery of the Aircraft by Lessee to Lessor at the
Redelivery Location in the condition and manner required by Section 12 and Schedule 3 and the other provisions of this Agreement, as evidenced by the execution by Lessor, and the delivery to Lessee, of a Redelivery Certificate. 

Redelivery Certificate means the redelivery certificate to be delivered by Lessor to Lessee pursuant to Schedule 3, substantially in the
form attached as Exhibit G. 
 Sanctioned Country means any state, country or jurisdiction to which the export and/or use of the
Aircraft is not permitted under any sanctions, orders or legislation from time to time promulgated by any of: 

  
 13 

	 	(a)	 the United Nations; 

  

	 	(b)	 the European Union; 

  

	 	(c)	 the United States (including OFAC); 

 

	 	(d)	 the United Kingdom, France, Germany or Lessor’s State of Organization; 

 

	 	(e)	 any country which is prohibited under Lessee’s insurance coverage from time to time in effect; or

  

	 	(f)	 any Government Entity of the State of Registration or any country having jurisdiction over Lessor, or, if
different than Lessor, Owner, or any Financing Party, the effect of which prohibits or restricts the location and/or consigning for use of the Aircraft in such state, country or jurisdiction, 

as any or all of the same are amended or supplemented from time to time and including any successor Applicable Laws as the same are enacted
from time to time. 
 Sanctioned Person means any Person: 
  

	 	(a)	 whose property or interests in property are blocked or subject to blocking pursuant to Section 1 of
Executive Order 13224 of September 24, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (including any updates to the list of prohibited persons
under such Executive Order) as the same is in effect during the Term); 

  

	 	(b)	 whose use of an Aircraft would be in violation of the United States Bank Secrecy Act, as amended, or any
applicable regulations thereunder; 

  

	 	(c)	 subject to sanctions programs administered by the United Nations, the European Union, Lessor’s place of
organization, the United Kingdom, France, Germany, the United States (including OFAC and the U.S. Department of Treasury); 

  

	 	(d)	 on the list of “Specially Designated Nationals” and “Blocked Persons” or subject to the
limitations or prohibitions under any OFAC regulation or executive order, as the same are amended from time to time; 

  

	 	(e)	 who is the subject of a United Nations sanction or whose assets have been frozen by enabling legislation of the
same in the State of Registration or Lessee’s State of Organization; or 

  

	 	(f)	 who is the subject of or which use is contrary to any Applicable Laws similar to or consistent with the
foregoing clauses (i) through (v) as the same are enacted in Lessee’s State of Organization or the State of Registration, 

as any or all of the same are applicable, and as are amended or supplemented from time to time and including any successor Laws as the same are
enacted from time to time. 
 Scheduled Delivery Date has the meaning set forth in Schedule 5. 

Scheduled Expiry Date has the meaning set forth in Schedule 5. 

  
 14 

 Security Interest means any security interest, mortgage, charge, pledge, lien,
encumbrance, claim, assignment, hypothecation, right of set-off or other agreement or arrangement having the effect of creating a security interest. 

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

Servicer means Genesis Aircraft Services Limited, or the person or persons acting as servicer of the business of Lessor as notified by
Lessor to Lessee from time to time. 
 SRM means the Airframe Manufacturer’s structural repair manual. 

State of Organization means the State of Delaware. 

State of Registration means the United States of America. 

Subsidiary means: 
  

	 	(a)	 in relation to any reference to accounts, any company wholly or partially owned by Lessee whose accounts are
consolidated with the accounts of Lessee in accordance with accounting principles generally accepted under accounting standards of the State of Organization; and 

 

	 	(b)	 for any other purpose, an entity from time to time: 

 

	 	(i)	 of which another has direct or indirect control or owns directly or indirectly more than 50% of the voting
share capital; or 

  

	 	(ii)	 which is a direct or indirect subsidiary of another under the laws of the jurisdiction of its incorporation.

 Substitute Engine has the meaning set forth in Section 8.13(e) hereof. 

Supplemental Rent means collectively, Airframe 12-Year Check Supplemental Rent, Airframe 6-Year Check Supplemental Rent, APU Supplemental Rent, Engine Supplemental Rent, Engine LLP Supplemental Rent, APU LLP Supplemental Rent, and Landing Gear Supplemental Rent. 

Tax Indemnitees means Lessor, Owner, Beneficial Owner, and any other Indemnitee and the respective successors and permitted assigns of
Lessor and each such Indemnitee (no such Person shall cease to be a Tax Indemnitee by reason of being a member of a group that files a consolidated tax return under the name of an affiliated Person). 

Tax means all present and future taxes, levy, impost, duty or other charge of any nature whatsoever and wheresoever imposed, including
value added tax or any similar tax and any franchise, transfer, sales, use, business, occupation, excise, personal property, real property, stamp, gross income, personal property, fuel, leasing, occupational, turnover, excess profits, excise, gross
receipts, franchise, registration, licence, corporation, capital gains, export, import, customs income, levies, imposts, withholdings or other taxes or duties of any nature whatsoever (or any other amount corresponding to any of the foregoing) now
or hereafter imposed, levied, 

  
 15 

 collected, withheld or assessed by any national or regional taxing or fiscal authority or
agency or other Government Entity or withholding of a similar nature (including any penalty, additions to tax, fines or interest payable in connection with any failure to pay or any delay in paying of the same) and “Taxes” and
“Taxation” shall be construed accordingly. 
 Term means the period commencing on the Delivery Date and ending on the
Expiry Date or any later date pursuant to Part 4 of Schedule 3. 
 Third Party Engine means any engine, title to which is either held
by Lessee (which title may be subject to a Security Interest in favor of an unrelated third party) or held by an unrelated third party and such engine is leased or conditionally sold to Lessee. 

Total Loss means, with respect to the Airframe: 
  

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

 

	 	(b)	 the Airframe being destroyed, damaged beyond repair or permanently rendered unfit for normal use for any reason
whatsoever; 

  

	 	(c)	 the requisition of title, or other compulsory acquisition, capture, seizure, deprivation, confiscation or
detention for any reason of the Airframe by the government of the State of Registration (whether de jure or de facto), but excluding requisition for use or hire not involving requisition of title; 

 

	 	(d)	 the hi-jacking, theft, confiscation, seizure or requisition (excluding
requisition for use or hire) of the Airframe which deprives any Person permitted by this Agreement to have possession and/or use of the Airframe for more than thirty (30) consecutive days; or 

 

	 	(e)	 the requisition for use or hire of the Airframe which deprives any Person permitted by this Agreement to have
possession and/or use of the Airframe for more than thirty (30) consecutive days. 

 Total Loss Date means:

  

	 	(a)	 in the case of an actual total loss, the actual date on which the loss occurs or, if such date is unknown, the
day on which the Aircraft was last heard of; 

  

	 	(b)	 in the case of any of the events described in sub-paragraph (a) of
the definition of “Total Loss” (other than an actual total loss), the earlier of (i) thirty (30) days after the date on which notice claiming such total loss is given to the relevant insurers, and (ii) the date on which such loss
is admitted or compromised by the insurers; 

  

	 	(c)	 in the case of any of the events described in sub-paragraph (b) of
the definition of “Total Loss”, the date on which such destruction, damage or rendering unfit occurs; 

  

	 	(d)	 in the case of any of the events described in sub-paragraph (c) of
the definition of “Total Loss”, the date on which the relevant requisition of title or other compulsory acquisition, capture, seizure, deprivation, confiscation or detention occurs; and 

  
 16 

	 	(e)	 in the case of any of the events described in sub-paragraphs
(d) and (e) of the definition of “Total Loss”, the expiry of the period of thirty (30) days referred to in such sub-paragraph (d) or (e), as applicable, 

and, in each case, the Total Loss shall be deemed to have occurred at noon Greenwich Mean Time on such date. 

Transfer has the meaning set forth in Section 14.2. 

Trust Agreement means the Trust Agreement dated on or before the date of this Agreement and entered into between the Owner Trustee and
the Beneficial Owner relating to, inter alia, the Aircraft. 
 Trust Estate has the meaning given to such term in the Trust Agreement.

 Voluntary Equipment Change means an Equipment Change other than a Mandatory Equipment Change. 

 

	1.2	 Interpretation 

 

	 	(a)	 In this Agreement, unless the contrary intention is stated, a reference to: 

 

	 	(i)	 each of “Owner”, “Lessor”, “Lessee”, “Financing Party” or any other
Person includes without prejudice to the provisions of this Agreement any successor in title to it and any permitted assignee; 

  

	 	(ii)	 words importing the plural shall include the singular and vice versa; 

 

	 	(iii)	 the term “including”, when used in this Agreement, means “including without limitation” and
“including but not limited to”; 

  

	 	(iv)	 any document shall include that document as amended, novated or supplemented from time to time unless expressly
stated to the contrary; and 

  

	 	(v)	 a law (1) includes any statute, decree, constitution, regulation, order, judgment or directive of any
Government Entity; (2) includes any treaty, pact, compact or other agreement to which any Government Entity is a signatory or party; (3)includes any judicial or administrative interpretation or application thereof; and (4) is a reference
to that provision as amended, substituted or re-enacted. 

  

	 	(b)	 A “Section”, “Schedule” or “Exhibit” is a reference to a section of, a schedule
to or an exhibit to this Agreement. 

  

	 	(c)	 The headings in this Agreement are to be ignored in construing this Agreement. 

  
 17 

	2	 Representations and Warranties 

 

	2.1	 Lessee’s Representations and Warranties 

Lessee represents and warrants to Lessor as follows: 
  

	 	(a)	 Status: Lessee is duly formed and validly existing under the laws of the State of Organization, has the
corporate power to own its assets and carry on its business as it is being conducted and is (or will at the relevant time be) the holder of all necessary air transportation and air operator licenses and certificates required in connection therewith
and with the use and operation of the Aircraft. 

  

	 	(b)	 Power and Authority: Lessee has the power to enter into and perform, and has taken, or will take before
the Delivery Date, all necessary corporate action to authorize the entry into, performance and delivery of, each of the Operative Documents to which it is a party and the transactions contemplated by such Operative Documents. 

 

	 	(c)	 Execution and Delivery: Lessee has duly executed and delivered this Agreement, and on or before Delivery
shall have duly executed and delivered each of the Operative Documents to which Lessee is a party. 

  

	 	(d)	 Legal validity: Each of the Operative Documents to which Lessee is a party constitutes Lessee’s
legal, valid and binding agreement, enforceable against Lessee in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
creditors’ rights generally and as otherwise qualified in the opinion of independent counsel to Lessee to be provided pursuant to Section 3.1(d) of this Agreement. 

 

	 	(e)	 Non-conflict: The entry into and performance by Lessee of, and
the transactions contemplated by, the Operative Documents to which Lessee is a party do not and will not: 

  

	 	(i)	 conflict with any Applicable Laws binding on Lessee; 

 

	 	(ii)	 conflict with the constitutional documents of Lessee; 

 

	 	(iii)	 conflict with or result in default under any document which is binding upon Lessee or any of its assets, or
result in the creation of any Security Interest over any of its assets, other than Permitted Liens; or 

  

	 	(iv)	 cause any limitation on Lessee or its material assets or the powers of its directors or officers to be
exceeded, whether imposed by or contained in Lessee’s organizational documents or any Applicable Law, any document or corporate approval or otherwise. 

  

	 	(f)	 Authorization: All authorizations, consents and registrations required by, and all notifications to be
given by, Lessee in connection with the entry into, performance, validity and enforceability of, the Operative Documents to which Lessee is a party and the transactions contemplated by such Operative Documents 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 Immunity: 

  

	 	(i)	 Lessee is subject to civil and commercial law with respect to its obligations under the Operative Documents to
which Lessee is a party. 

  
 18 

	 	(ii)	 Neither Lessee nor any of its assets is entitled to any right of immunity and the entry into and Lessee’s
performance pursuant to the Operative Documents to which Lessee is a party constitute private and commercial acts. 

  

	 	(h)	 Financial Statements: The audited financial statements of Lessee most recently delivered to Lessor or
Security Trustee (if applicable): 

  

	 	(i)	 have been prepared in accordance with GAAP; and 

 

	 	(ii)	 fairly present the financial condition of Lessee as at the date to which they were drawn up and the
consolidated results of operations of Lessee for the periods covered by such statements. 

  

	 	(i)	 Restricted Countries: Lessee does not hold a contract or other obligation to, and does not, operate the
Aircraft to or from any Sanctioned Country or for the benefit of a Sanctioned Person. 

  

	 	(j)	 Pari Passu: The obligations of Lessee under the Operative Documents to which it is a party rank at least
pari passu with all other present and future unsecured and unsubordinated obligations (including contingent obligations) of Lessee, with the exception of such obligations as are mandatorily preferred by law and not by virtue of any contract.

  

	 	(k)	 Choice of Law: The choice by Lessee of the laws of the State of New York to govern this Agreement as set
out in Section 15.1 and the submission by Lessee to the non-exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan in the City of New York as set out in Section 15.2 are valid and binding.

  

	2.2	 Lessee’s Further Representations and Warranties 

Lessee further represents and warrants to Lessor that: 
  

	 	(a)	 No Default: 

  

	 	(i)	 No Default or Event of Default has occurred and is continuing or would reasonably be expected to result from
the entry into or performance of any of the Operative Documents to which it is a party. 

  

	 	(ii)	 No event has occurred and is continuing that constitutes, or with the giving of notice, lapse of time,
determination of materiality or fulfillment of any other applicable condition, or any combination of the foregoing, would constitute, a material default under any document that is binding on Lessee or any assets of Lessee and such material default
would have a material adverse effect on Lessee’s financial condition or business or its ability to comply with the terms of this Agreement and the Operative Documents to which Lessee is a party. 

  
 19 

	 	(b)	 Registration: Except for filings required to be made pursuant to the Cape Town Convention:

  

	 	(i)	 it is not necessary under the laws of the State of Organization, the State of Registration or the Habitual Base
in order to ensure the validity, effectiveness and enforceability of the Operative Documents to which Lessee is a party or to establish, perfect or protect the property rights of Owner and Lessor or any Financing Party in the Leased Property that
any instrument relating to this Agreement be filed, registered or recorded or that any other action be taken or, if any such filings, registrations, recordings or other actions are necessary, the same have been effected or will have been effected on
or before Delivery; and 

  

	 	(ii)	 under the Applicable Laws of the State of Organization and the Habitual Base, the ownership and leasehold
property rights of Owner and Lessor, and the Security Interest of any Financing Parties (notified to Lessee) in the Leased Property have been fully established, perfected and protected and the claims of such parties under this Agreement will have
priority in all respects over the claims of all creditors of Lessee, with the exception of such claims as are mandatorily preferred by law and not by virtue of any contract. 

 

	 	(c)	 Litigation: 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 Operative Documents to which it is a party.

  

	 	(d)	 Taxes: Lessee has delivered all necessary returns and payments due to all tax authorities having
jurisdiction over Lessee, including those in the State of Organization, the State of Registration and the Habitual Base which, if not delivered or made would have a material adverse effect on Lessee’s financial condition or business or its
ability to comply with the terms of this Agreement and the Operative Documents to which Lessee is a party. 

  

	 	(e)	 Material Adverse Change: No material adverse change in the financial condition of Lessee has occurred
since the date of the financial statements most recently provided to Lessor on or before the Delivery Date. 

  

	 	(f)	 Information: The financial and other information furnished by Lessee to Lessor in writing on or prior to
Delivery in connection with the Operative Documents does not contain any untrue statement of material fact or omit to state any fact the omission of which makes the statements therein, in light of the circumstances under which they were made,
materially misleading, and does not omit to disclose any material matter. 

  

	 	(g)	 Air Traffic Control: Lessee is not in default in the payment of any sums due by Lessee to any
ATC/Airport Authority in respect of any aircraft operated by Lessee, except for any ATC/Airport Authority payments or sums that are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been
provided by Lessee in accordance with GAAP for the payment of the obligations and such proceedings do not give rise to any reasonable likelihood of the imposition of any Security Interest on, or the sale, forfeiture or other loss of, the Aircraft or
any interest therein or of criminal liability on the part of Lessor or any other Indemnitee. 

  

	 	(h)	 Insurances: On the Delivery Date, the Insurances will not be subject to any Security Interest except as
may be created pursuant to the Operative Documents. 

  
 20 

	 	(i)	 Withholding Taxes: All payments to be made by Lessee to Lessor under this Agreement shall be made by
Lessee without deduction for any Taxes and no deductions or withholdings are required to be made therefrom. 

  

	2.3	 Repetition 

The representations and warranties in Section 2.1 and Section 2.2 will survive the execution of this Agreement. The representations
and warranties contained in Section 2.1 and Section 2.2 will be deemed to be repeated by Lessee on Delivery and on each Rent Date as if made with reference to the facts and circumstances then existing. 

 

	2.4	 Lessor’s Representations and Warranties 

Lessor represents and warrants to Lessee that: 
  

	 	(a)	 Status: Lessor is duly formed and validly existing under the laws of the place of its organization.
Lessor has the power to lease the Leased Property and carry on the business contemplated by Lessor under the Operative Documents. 

  

	 	(b)	 Power and Authority: Lessor has the power to enter into and perform, and has taken all necessary action
to authorize the entry into, performance and delivery of, the Operative Documents and the transactions contemplated by the Operative Documents. 

  

	 	(c)	 Execution and Delivery: Lessor has duly executed and delivered this Agreement, and on or before Delivery
shall have duly executed and delivered each of the Operative Documents to which Lessor is a party. 

  

	 	(d)	 Enforceability: Each of the Operative Documents constitutes Lessor’s legal, valid and binding
agreement, enforceable against Lessor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, examinership, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally and general principles of equity. 

  

	 	(e)	 Non-conflict: The entry into and performance by Lessor of, and
the transactions contemplated by, the Operative Documents do not and will not: 

  

	 	(i)	 conflict with any Applicable Laws binding on Lessor; 

 

	 	(ii)	 conflict with the organizational documents of Lessor or the Trust Agreement; or 

 

	 	(iii)	 conflict with or result in a default under any document that is binding upon Lessor or any of its assets.

  

	 	(f)	 Authorization: So far as concerns the obligations of Lessor, all authorizations, consents, registrations
and notifications required in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, the Operative Documents by Lessor have been (or will on or before Delivery have been) obtained or
effected (as appropriate) and are (or will on their being obtained or effected be) in full force and effect. 

  
 21 

	 	(g)	 No Immunity: 

  

	 	(i)	 Lessor is subject to civil and commercial law with respect to its obligations under the Operative Documents.

  

	 	(ii)	 Neither Lessor nor any of its assets is entitled to any right of immunity and the entry into and performance of
the Operative Documents by Lessor constitute private and commercial acts. 

  

	 	(h)	 Right to Lease: On the Delivery Date, Lessor shall have the right to lease the Aircraft to Lessee under
this Agreement. 

  

	 	(i)	 Financing Parties: The parties providing quiet enjoyment letters to Lessee on the Delivery Date are the
only parties having a Security Interest in the Aircraft that arises by or through Lessor and Owner. 

  

	2.5	 Repetition 

The representations and warranties in Section 2.4 will survive the execution of this Agreement. 

 

	3	 Conditions Precedent 

 

	3.1	 Lessor’s Documentary Conditions Precedent 

Lessor’s obligation to lease the Leased Property to Lessee under this Agreement is subject to the receipt of the following by Lessor from
Lessee no less than three (3) Business Days before Delivery in form and substance satisfactory to Lessor (acting reasonably): 
  

	 	(a)	 Constitutional Documents: a copy of the constitutional documents of Lessee; 

 

	 	(b)	 Resolutions: to the extent required by Applicable Law, a certified copy of a resolution of the relevant
corporate body of Lessee (general shareholder’s meeting or meeting of the board of directors) approving the terms of, and the transactions contemplated by, the Operative Documents to which Lessee is a party, resolving that it enter into the
Operative Documents to which it is a party, and authorizing a specified individual or individuals to execute the Operative Documents to which it is a party and accept delivery of the Leased Property on its behalf or such other written evidence of
appropriate corporate action, duly authorizing the leasing of the Aircraft hereunder and the execution, delivery and performance of the Operative Documents to which Lessee is a party; 

 

	 	(c)	 Operative Documents: a copy of each of the Operative Documents to which Lessee is a party, duly executed
by Lessee, including the chattel paper original counterpart of this Agreement; 

  

	 	(d)	 Opinion: (i) an opinion from independent counsel to Lessee, at Lessee’s cost, as to such State
of Organization law matters as are customarily opined in connection with transactions of the type contemplated by the Operative Documents to which Lessee is a party and (ii) an opinion from counsel to Lessor, at Lessor’s cost, as to such
matters as Lessor may reasonably request; 

  
 22 

	 	(e)	 Approvals: evidence of the issuance of each approval, license and consent which may be required in
relation to, or in connection with, the performance by Lessee of its obligations under the Operative Documents to which Lessee is a party or for the operation of the Aircraft, including, but not limited to, those relating to foreign exchange
controls; 

  

	 	(f)	 Filings and Registrations: evidence that the Aircraft has been or will be at Delivery validly registered
with the FAA (at its own cost, Lessor will have or will have at Delivery taken all actions that may only be taken by Lessor as owner of the Aircraft in connection with the initial registration of the Aircraft with the FAA) and that this Agreement
and all other requisite filings, registrations, recordings and other actions have been (or will be at Delivery) taken or made with the FAA, the International Registry, the State of Organization or the Habitual Base that are necessary or advisable to
ensure the validity, effectiveness and enforceability of the Operative Documents and to protect the property rights of Owner, Lessor and any Financing Party in the Leased Property; 

 

	 	(g)	 Licenses: copies of Lessee’s air transport licenses and air operator’s certificate and all
other licenses, certificates and permits required by Lessee in relation to, or in connection with, the operation of the Aircraft; 

  

	 	(h)	 Certificate: a certificate of a duly authorized officer of Lessee: 

 

	 	(i)	 setting out a specimen of each signature of an officer of Lessee referred to in Section 3.1(b); and

  

	 	(ii)	 certifying that each copy of a document specified in Sections 3.1(a) and (b) is correct, complete and in
full force and effect; 

  

	 	(i)	 Insurances: certificates of insurance, certificates of reinsurance, insurance brokers’
undertakings, reinsurance broker’s undertakings and other evidence satisfactory to Lessor that Lessee is and will be in compliance with the provisions of this Agreement as to insurances on and after Delivery; 

 

	 	(j)	 Authority Letters: (i) letters from Lessee addressed to any ATC/Airport Authority designated by
Lessor (including Eurocontrol if applicable) pursuant to which Lessee authorizes such authority to issue to Lessor, upon Lessor’s request from time to time, a statement of account of all sums due by Lessee to such authority in respect of all
aircraft (including the Aircraft) operated by Lessee and (ii) a letter from Lessee, in form and substance reasonably satisfactory to Lessor, addressed to any relevant Government Entity designated by Lessor in which Lessee authorises Lessor to
monitor Lessee’s performance of its obligations under Applicable Laws relating to emissions trading schemes; 

  

	 	(k)	 Maintenance Program: a certified copy of the Approved Maintenance Program; and 

 

	 	(l)	 General: such other documents as Lessor may reasonably request, provided that Lessor makes such request
sufficiently in advance of Delivery to allow Lessee to produce such documents. 

  
 23 

	3.2	 Lessor’s Other Conditions Precedent 

The obligation of Lessor to deliver and lease the Leased Property under this Agreement is also subject to the following additional conditions
precedent: 
  

	 	(a)	 Representations and Warranties: the representations and warranties of Lessee under Sections 2.1 and 2.2
are correct and would be correct if repeated on Delivery; and 

  

	 	(b)	 Payments: all payments due to Lessor under this Agreement on or before Delivery, including the Basic
Rent due on the Delivery Date and the Security Deposit shall have been received by Lessor. 

  

	3.3	 Lessor’s Waiver 

The conditions specified in Sections 3.1 and 3.2 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. If any of those conditions are not satisfied and Lessor (in its absolute discretion) nonetheless agrees to deliver the Leased Property to Lessee, then Lessee will ensure that those conditions are fulfilled within
fifteen (15) days after the Delivery Date and Lessor may treat as an Event of Default the failure of Lessee to do so. 
  

	3.4	 Lessee’s Conditions Precedent 

Lessee’s obligation to accept the Leased Property on lease from Lessor under this Agreement is subject to the satisfaction by Lessor of
the following conditions precedent: 
  

	 	(a)	 Representations and Warranties: the representations and warranties of Lessor under Section 2.4 are
correct and would be correct if repeated on Delivery; 

  

	 	(b)	 Delivery Condition: Lessee having inspected the Aircraft and the Aircraft Documents and determining that
the Leased Property meets the condition set forth in Annex 1 to Schedule 2 (the “Delivery Condition”), except for (i) any discrepancies that may be noted in the Annex 2 to the Certificate of Delivery Condition provided that
Lessee is satisfied with plans for any proposed remedial action and (ii) any other discrepancies that may be noted in Annex 2 to the Certificate of Delivery Condition, in each case as more particularly addressed in clause 3 of Schedule 2; and

  

	 	(c)	 Operative Documents: Lessee shall have received a copy of each of the Operative Documents to which
Lessee is a party, duly executed by the parties thereto. 

  

	3.5	 Lessee’s Waiver 

The conditions specified in Section 3.4 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. 
  

	3.6	 Post-Closing Matters 

Lessee shall provide, at its sole cost and expense, promptly and in any case within ten (10) Business Days of the Delivery Date: 

  
 24 

	 	(a)	 evidence that the requisite filings, registrations, recordings and other actions referred to in
Section 3.1(f) have been made; 

  

	 	(b)	 a copy of the filing evidence of the Uniform Commercial Code UCC-1
financing statement to be filed with the Secretary of State of Lessee’s State of Incorporation; 

  

	 	(c)	 a copy of the certificate of airworthiness relating to the Aircraft issued by the Aviation Authority;

  

	 	(d)	 a certified copy of: 

 

	 	(i)	 Lessee’s Approved Maintenance Program referring to the Aircraft; 

 

	 	(ii)	 Lessee’s air operator’s certificate with the updated operation specifications including the Aircraft;
and 

  

	 	(iii)	 copies of all required communications licenses for the avionics and communications equipment installed on the
Aircraft (including a copy of the noise certificate) and any other licenses, certificates and permits required to be maintained by Lessee for the public transport of passengers and cargo by aircraft; and 

 

	 	(e)	 a copy of the permanent certificate of registration for the Aircraft showing due registration in the name of
Lessor. 

  

	4	 Commencement 

  

	4.1	 Agreement to Lease 

 

	 	(a)	 Lessor will lease the Leased Property to Lessee and Lessee will take possession and accept Delivery of the
Leased Property on lease at the Delivery Location on the Delivery Date in accordance with the Operative Documents to which Lessee is a party for the duration of the Term. 

 

	 	(b)	 Lessor and Lessee intend that this Agreement shall constitute a “true lease” and a lease for all
United States federal income tax purposes. 

  

	4.2	 Delivery 

Subject to the satisfaction, waiver or deferral of the conditions precedent set out in Sections 3.1, 3.2 and 3.4 in accordance with Sections
3.3 and 3.4 (as appropriate) hereof, Lessor shall tender the Leased Property for delivery to Lessee at the Delivery Location and Lessee shall accept the Leased Property “as is, where is” with all faults and subject to Lessee’s having
exercised its rights to inspect the Leased Property in accordance with the procedures described in Schedule 2. 
  

	4.3	 Delayed Delivery 

If, as a result of the occurrence of damage to the Aircraft not constituting a Total Loss, or any Excusable Delay, Lessor delays in the
delivery of, or fails to deliver, the Aircraft pursuant to the terms of this Agreement on the Scheduled Delivery Date, and so long as such failure does not result from the gross negligence or willful misconduct of Lessor, then in any such case: 

  
 25 

	 	(a)	 Lessor will not be responsible for any losses, including loss of profit, costs or expenses arising from or in
connection with the delay or failure suffered or incurred by Lessee; and 

  

	 	(b)	 if the Aircraft is not in the condition provided in Annex 1 to Schedule 2 on or prior to the date which is one
hundred and eighty (180) days following the Scheduled Delivery Date, subject to Clause 3.4 with respect to the Delivery Condition, Lessee may terminate this Agreement upon giving five (5) Business Days prior written notice to the other, in
which event neither Lessor nor Lessee shall have any further obligations under this Agreement except for Lessor’s obligation to return to Lessee an amount equal to the Security Deposit and any pre-paid
Basic Rent (in each case, to the extent received by Lessor), in accordance with Section 7.4. 

  

	4.4	 Acceptance and Risk 

 

	 	(a)	 The Leased Property will be delivered to, and will be accepted by, Lessee at the Delivery Location on the
Delivery Date immediately following satisfaction of the conditions precedent specified in Sections 3.1, 3.2 and 3.4 (or their waiver or deferral by the party entitled to grant such waiver or deferral). 

 

	 	(b)	 Immediately following satisfaction of the conditions precedent specified in Sections 3.1, 3.2 and 3.4 (or their
waiver or deferral by the party entitled to grant such waiver or deferral), Lessee and Lessor shall forthwith complete the annexes to the Certificate of Delivery Condition specifying, among other things, the maintenance status of the Airframe,
Engines, APU and Landing Gear, and Lessor and Lessee shall sign and deliver to each other the Certificate of Delivery Condition. Delivery of the signed Certificate of Acceptance and Certificate of Delivery Condition to Lessor shall constitute deemed
delivery of the Aircraft to Lessee. 

  

	 	(c)	 On and from Delivery, the Leased Property will be in every respect at the sole risk of Lessee, which will bear
all risk of loss, theft, damage or destruction to the Leased Property from any cause whatsoever. 

  

	 	(d)	 On or concurrent with Delivery, Lessee shall take all actions necessary to enable Lessor to cause the Aircraft
to be registered with the FAA and permit the operation of the Aircraft by Lessee in its normal passenger and/or cargo operations, including if required, causing this Agreement and any other required documentation to be registered with the Aviation
Authority. 

  

	5	 Payments 

  

	5.1	 Security Deposit 

Lessor hereby acknowledges receipt of a portion of the Security Deposit. The balance of the Security Deposit shall be paid in accordance with
Schedule 5 hereto. The Security Deposit shall be held by Lessor throughout the Term as security for the timely and faithful performance by Lessee of all of Lessee’s obligations under this Agreement. Lessor may use, apply or retain all or any
portion of the Security Deposit in partial payment for sums due to Lessor by Lessee, to 

  
 26 

 compensate Lessor for any sums it may in its discretion advance as a result of a Default by
Lessee, or to apply towards losses or expenses Lessor may suffer or incur as a result of Lessee’s Default hereunder. If Lessor uses or applies all or any portion of the Security Deposit, such application shall not be deemed a cure of any
Default, unless Lessee shall, within five (5) calendar days after written demand therefor, pay to Lessor in cash an amount sufficient to restore the Security Deposit to its full amount and the failure of Lessee to do so shall be a Default. The
Security Deposit shall irrevocably and unconditionally become the property of Lessor to be held, retained, applied in accordance with the Lease and Lessor may commingle with its other funds all funds paid by Lessee in respect of the Security Deposit
and shall not be required to segregate such funds. Lessee shall not be entitled to interest on the Security Deposit, and shall not assign, hypothecate or otherwise transfer its residual interest, if any, in such funds. Upon full performance by
Lessee of all its obligations hereunder, and provided no Default or Event of Default shall have occurred and be continuing, Lessor shall promptly return the Security Deposit to Lessee. 

 

	5.2	 Rental Periods 

Rental Periods will commence on the Delivery Date and shall run consecutively for the duration of the Term as set forth in Schedule 5. 

 

	5.3	 Basic Rent 

  

	 	(a)	 Time of Payment: For each Rental Period during the Term, Lessee shall pay to Lessor or its order Basic
Rent on each Rent Date. Lessee shall initiate payment adequately in advance of the Rent Date to ensure that Lessor receives the payment of Basic Rent on the Rent Date. 

 

	 	(b)	 Amount: The Basic Rent payable in respect of each Rental Period will be the Basic Rent Amount due for
that Rental Period. 

  

	5.4	 Supplemental Rent 

 

	 	(a)	 Amount: Lessee will pay to Lessor Supplemental Rent in relation to each calendar month (or portion
thereof) during the Term on the fifteenth (15th) day of each calendar month (but not later than the Expiry Date for the last full calendar month and the portion of the calendar month in which the
Expiry Date occurs) as follows: 

  

	 	(i)	 in respect of the Airframe, Lessee shall pay (A) the Airframe
6-Year Check Supplemental Rent Rate (the “Airframe 6-Year Check Supplemental Rent”) and (B) the Airframe
12-Year Check Supplemental Rent Rate (the “Airframe 12-Year Check Supplemental Rent”), in each case, for that calendar month; 

 

	 	(ii)	 in respect of each Engine, Lessee shall pay the Engine Supplemental Rent Rate for the Flight Hours operated in
the previous calendar month (the “Engine Supplemental Rent”); 

  

	 	(iii)	 in respect of each Engine, Lessee shall pay the Engine LLP Supplemental Rent Rate for the Flight Cycles
operated in the previous calendar month (the “Engine LLP Supplemental Rent”); 

  
 27 

	 	(iv)	 in respect of the Landing Gear, Lessee shall pay the Landing Gear Supplemental Rent Rate for that calendar
month (the “Landing Gear Supplemental Rent”); 

  

	 	(v)	 in respect of the APU, Lessee shall pay the APU Supplemental Rent Rate for the APU Hours operated in the
previous calendar month (the “APU Supplemental Rent”); and 

  

	 	(vi)	 in respect of the APU, Lessee shall pay the APU LLP Supplemental Rent Rate for the APU Cycles operated in the
previous calendar month (the “APU LLP Supplemental Rent”). 

  

	 	(b)	 Adjustment: The Supplemental Rent rates set forth in Section 5.4(a) shall be adjusted as follows:

  

	 	(i)	 the Airframe 6-Year Supplemental Rent Rate, the Airframe 12-Year Supplemental Rent Rate, the Engine Supplemental Rent Rate, the Landing Gear Supplemental Rent Rate and the APU Supplemental Rent Rate are based on January 2021 Dollars and each such rate, as otherwise
adjusted by this Section 5.4(b), shall be increased on the first calendar day of each January during the Term starting in January 2022 at an annual rate of 1.5%, and the adjusted amounts of such rates as of the Delivery Date shall be set forth
on the Certificate of Delivery Condition and, absent manifest error, shall be binding on Lessor and Lessee; 

  

	 	(ii)	 the Engine LLP Supplemental Rent Rate and the APU LLP Supplemental Rent Rate shall be increased on the first
calendar day of each January during the Term starting in January 2022 based on changes in the then current Engine Manufacturer’s and APU Manufacturer’s catalog list prices for Engine LLP’s and APU LLP’s, respectively, and the
adjusted Engine LLP Supplemental Rent Rate and the adjusted APU LLP Supplemental Rent Rate as of the Delivery Date shall be set forth on the Certificate of Delivery Condition and, absent manifest error, shall be binding on Lessor and Lessee; and

  

	 	(iii)	 the Engine Supplemental Rent Rate is based upon an assumed average Flight Hour-to-Flight Cycle ratio of 2.0 assuming a standard operating environment at 10% de-rate; if any Engine’s average Flight Hour-to-Flight Cycle ratio is less than or greater than the assumed average Flight Hours to Flight Cycle ratio in any 12-month period (or portion thereof) commencing on
the first day of the month in which the first anniversary of the Delivery Date occurs and thereafter on each anniversary of such date during the Term or the actual de-rate is less than or greater than the
assumed de-rate of 10%, then (A) the Engine Supplemental Rent Rate for the next 12-month period shall be the amount set forth below (as otherwise adjusted by this
Section 5.4(b)) per Flight Hour and (B) Lessee shall pay to Lessor the amount set forth below (as otherwise adjusted by this Section 5.4(b)) per Flight Hour for the previous 12-month period. Lessee
shall pay any additional amounts required hereunder within five (5) Business Days of receipt from Lessor of notice of such required payment. If the Engine Supplemental Rent Rate for the preceding 12 months is less than the amounts paid by Lessee
during such period, Lessor shall grant Lessee a credit for the amounts overpaid, which may be utilized by Lessee to offset future Engine Supplemental Rent payments. 

  
 28 

																					
	 	  	0% de-
rate	 	  	5% de-
rate	 	  	10% de-
rate	 	  	15% de-
rate	 	  	20% de-
rate	 
	 Flight Hour- to-Flight Cycle
Ratio
	  	Amount
per Flight
Hour
(US$)	 	  	Amount
per Flight
Hour
(US$)	 	  	Amount
per Flight
Hour
(US$)	 	  	Amount
per Flight
Hour
(US$)	 	  	Amount
per Flight
Hour
(US$)	 
	 1
	  	 	502	 	  	 	465	 	  	 	300	 	  	 	293	 	  	 	370	 
	 1.5
	  	 	323	 	  	 	291	 	  	 	210	 	  	 	245	 	  	 	221	 
	 2.0
	  	 	222	 	  	 	208	 	  	 	180	 	  	 	170	 	  	 	162	 
	 2.5
	  	 	188	 	  	 	168	 	  	 	155	 	  	 	143	 	  	 	138	 
	 3.0
	  	 	163	 	  	 	145	 	  	 	135	 	  	 	128	 	  			

 The relevant Engine Supplemental Rent Rates for intermediate Flight Hour to Flight Cycle ratios falling between
the values referenced above shall be determined by linear interpolation of the amounts set forth therein. 
 If during Lessee’s
operation of the Aircraft, more than 25% of flights (in a 12- month period as previously defined) are operated within OEM defined severe environment operator, Lessor and Lessee agree to enter into good faith negotiations to amend the above table in
accordance with OEM guidance for SEO operations. 
  

	5.5	 Charged Moneys 

 

	 	(a)	 Lessee acknowledges that the Supplemental Rent constitutes supplemental Rent payable for the use of the
Aircraft and shall irrevocably and unconditionally become the unencumbered property of Lessor upon payment thereof by Lessee, free of any claims or rights thereto by Lessee. 

 

	 	(b)	 Notwithstanding the intent of Lessor and Lessee stated in Sections 5.1 and 5.5(a), if and to the extent that
the Supplemental Rent, or any part thereof, under any Applicable Law or otherwise, is determined to constitute security deposits or otherwise the property of Lessee or a debt owed to Lessee, or that Lessee shall have any interest in the Supplemental
Rent, then Lessee and Lessor agree that Sections 5.5(b)(i) and (ii) below shall apply to the Supplemental Rent (as the case may be) (collectively, the “Charged Moneys”): 

 

	 	(i)	 to the fullest extent permitted by law and by way of continuing security, Lessee grants a Security Interest in
the Charged Moneys and all rights of Lessee to payment thereof, the debt represented thereby and all interest thereon and/or any and all interest of Lessee therein to Lessor by way of first priority Security Interest as security for Lessee’s
obligations and liability under the Operative Documents to which Lessee is a party (the “Secured Liabilities”). Except as expressly permitted under this Agreement, Lessee will not be entitled to payment of the Charged Moneys. Lessee
will not assign, transfer or otherwise dispose of all or part of its rights or interest in the Charged Moneys and Lessee agrees that it will enter into any additional documents and instruments necessary or reasonably requested by Lessor to evidence,
create or perfect Lessor’s rights to the Charged Moneys. 

  
 29 

	 	(ii)	 If any Event of Default has occurred and is continuing, Lessor may immediately or at any time thereafter (so
long as such Event of Default is continuing), without prior notice to Lessee, (1) offset all or any part of Secured Liabilities against the liabilities of Lessor in respect of the Charged Moneys, or (2) apply or appropriate the Charged
Moneys in or towards the payment or discharge of Secured Liabilities in such order as Lessor sees fit. Upon any offset or application of any portion of the Charged Moneys to the Secured Liabilities, Lessee shall immediately pay to Lessor an amount
equal to the amount of the Charged Moneys so offset or applied. 

  

	5.6	 Payments 

  

	 	(a)	 All payments of Rent by Lessee to Lessor under this Agreement will be made for value on the due date, for the
full amount due, in Dollars and in same day funds, settled through the New York Clearing House System or such other funds as may for the time being be customary for the settlement in New York City of payments in Dollars by telegraphic transfer to
the bank and account for Lessor identified in Schedule 5, or to such other account in North America or the European Union as Lessor may direct by at least five (5) Business Days prior written notice. 

 

	 	(b)	 If any Rent or other payment would otherwise become due on a day which is not a Business Day, it shall be due
on the immediately preceding Business Day. 

  

	 	(c)	 From time to time as requested by Lessor, Lessee will complete and fax or email to Lessor a wire transfer
disbursement report stating (i) the amount of the payment being made by Lessee, (ii) the allocation of such payment to the Security Deposit, Basic Rent, Supplemental Rent, interest at the Overdue Rate, indemnity payments and other charges,
and (iii) if any payment includes Supplemental Rent, the allocation of such payment of Supplemental Rent to the applicable Supplemental Rent categories. Notwithstanding the allocation set forth in Lessee’s report, during the continuance of
an Event of Default, Lessor will have complete discretion to allocate all payments by Lessee as Lessor determines. 

  

	 	(d)	 All payments to Lessee by Lessor under this Agreement will be made for value on the due date, for the full
amount due, in Dollars and in same day funds, by telegraphic transfer to such bank and account for Lessee as Lessee may direct by at least five (5) Business Days prior written notice to Lessor. 

 

	5.7	 Gross-up 

 

	 	(a)	 All payments by Lessee under or in connection with the Operative Documents will be made without offset or
counterclaim, free and clear of and without deduction or withholding for or on account of any Taxes. 

  

	 	(b)	 All Taxes (other than Non-Indemnified Taxes) in respect of payments
under the Operative Documents shall be for the account of Lessee. 

  
 30 

	 	(c)	 If Lessee is compelled by law to make payment to an Indemnitee under or in connection with the Operative
Documents subject to any Tax and such Indemnitee does not actually receive for its own benefit on the due date a net amount equal to the full amount provided for under the Operative Documents (other than
Non-Indemnified Taxes that Lessee is compelled by law to deduct or withhold), Lessee will pay all necessary additional amounts to ensure receipt by such Indemnitee of the full amount (other than Non-Indemnified Taxes that Lessee is compelled by law to deduct or withhold) provided for under the Operative Documents. 

  

	 	(d)	 As soon as practicable, but in any event within thirty (30) days after Lessee makes any withholding from
any amount payable to a Tax Indemnitee under any of the Operative Documents, Lessee shall deliver to such Tax Indemnitee a receipt or other document, reasonably satisfactory to such Indemnitee and reasonably obtainable by Lessee, evidencing such
withholding and the payment of the amount withheld to the relevant governmental authority, for the purpose of enabling such Tax Indemnitee to substantiate a claim for credit or deduction for income tax purposes of the amounts so withheld.

  

	5.8	 Taxation 

  

	 	(a)	 Lessee will immediately on demand pay and indemnify and hold harmless each Tax Indemnitee against all Taxes
(other than Non-Indemnified Taxes) levied or imposed against or upon such Tax Indemnitee and relating to or attributable to Lessee, the Operative Documents or the Leased Property directly or indirectly in
connection with the manufacture, possession, transfer of title, import, export, positioning, location, repossession, delivery, performance, management, registration (or non-registration), deregistration,
control, management, testing, storage, maintenance, condition, service, repair, inspection, transportation, modification, overhaul, refurbishment, replacement, removal (permanent or temporary), interchange, pooling, alteration, leasing, subleasing,
chartering, wet leasing, financing, refinancing, mortgaging, ownership, design, use, redelivery, environmental damage, operation or return of the Aircraft, any Engine or Part (either in the air or on the ground) or the Aircraft Documents or any
rent, receipts, insurance proceeds, income or other amounts arising therefrom whether or not the Claim may be attributable to any defect in the Aircraft, any Engine or any Part or to its design, testing, use or otherwise 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 arises or whether it arises out of or is attributable to any act or omission of any Tax Indemnitee.

  

	 	(b)	 If any Tax Indemnitee shall, based upon its own reasonable interpretation of any relevant laws or regulations,
realize any Tax savings (by way of refund, deduction, credit or otherwise) in respect of any amount with respect to which Lessee shall have made a payment (or increased payment) pursuant to Section 5.7, 5.9 or 5.11 or shall have indemnified
such Tax Indemnitee pursuant to Section 5.8(a), or in respect of the occurrence or transaction which gave rise to such payment or indemnification, and such Tax savings shall not have been taken into account previously in calculating any
indemnity payment made by Lessee, then such Tax Indemnitee shall, to the extent that it can do so without prejudice to the retention of the relevant savings and subject to Lessee’s obligations to repay such amount to such Tax Indemnitee if the
relevant savings are subsequently disallowed or cancelled, pay to Lessee such amount as such Tax Indemnitee shall in its reasonable opinion have concluded to be the amount of such Tax savings (together with, in the case of a refund, any interest
received thereon); 

  
 31 

	 	
provided, that such Tax Indemnitee shall not be obliged to make any payment to Lessee pursuant to this Section 5.8(b) to the extent that the amount of any Tax savings in respect of which
such payment is to be made would exceed the aggregate amount of all prior payments made by Lessee to, on behalf of or as indemnification of such Tax Indemnitee under this Agreement for Taxes less the amount of all prior payments made pursuant to
this Section 5.8(b) in respect of such Tax savings. Lessee acknowledges that nothing contained in this Section 5.8(b) shall interfere with the right of any Tax Indemnitee to arrange its tax affairs in whatsoever proper manner it thinks fit
(or give Lessee any right to investigate, or impose any obligation on any Tax Indemnitee to disclose, the same) and, in particular, no Tax Indemnitee shall be under any obligation to claim any Tax savings in priority to any other savings available
to it. 

  

	5.9	 Value Added Tax 

 

	 	(a)	 For purposes of this Section 5.9, “VAT” means value added tax and any goods and services, sales
or turnover tax, imposition or levy of a similar nature, penalties, fines, surcharges and interest thereon and additions thereto (but excluding, for the avoidance of doubt, Non-Indemnified Taxes) and
“supply” includes anything on or in respect of which VAT is chargeable. 

  

	 	(b)	 Lessee shall pay each Tax Indemnitee or the relevant taxing authority, as the case may be, the amount of any
VAT chargeable in respect of any supply for VAT purposes under the Operative Documents. 

  

	 	(c)	 Each amount stated as payable by Lessee under the Operative Documents is exclusive of VAT (if any), and if VAT
is payable in respect of any amount payable by Lessee under the Operative Documents, Lessee shall, pay all such VAT and shall indemnify each Tax Indemnitee against any claims for the same, and where appropriate Lessee shall increase the payments
that would otherwise be required to be made under the Operative Documents so that such Tax Indemnitee is left in the same position as it would have been had no VAT been payable. Lessee shall provide evidence to Lessor, if available, in respect of
payment of any VAT paid by Lessee with respect to the Operative Documents. 

  

	5.10	 Information 

If Lessee is required by any Applicable Law, or by any third party, to deliver any report or return in connection with any Taxes, then Lessee
will duly complete the same and, in particular, will not state therein that any Person other than Lessee is responsible for the use and operation of the Aircraft and for the Taxes (other than Non-Indemnified
Taxes) arising therefrom, and Lessee will, on request, supply a copy of the report or return to any Tax Indemnitee. If Lessee requires any information or cooperation from any Tax Indemnitee in order to satisfy its obligations as set forth above,
such Tax Indemnitee shall promptly furnish such information or cooperation as Lessee may reasonably request in writing. 
  

	5.11	 Taxation of Indemnity Payments 

 

	 	(a)	 If and to the extent that any sums payable to any Tax Indemnitee by Lessee under the Operative Documents by way
of indemnity are insufficient, by reason of any Taxes payable in respect of those sums, for such Tax Indemnitee to discharge the corresponding liability to the relevant third party (including any taxation authority), or

  
 32 

	 	
to reimburse such Tax Indemnitee for the cost incurred by it to a third party (including any taxation authority), Lessee will pay to such Tax Indemnitee such sum as will, after the tax liability
has been fully satisfied, leave such Tax Indemnitee with the same amount as it would have been entitled to receive in the absence of that liability, together with interest on the amount of the deficit at the Overdue Rate in respect of the period
commencing on the date on which the payment of taxation is finally due until payment by Lessee (both before and after judgment). 

  

	 	(b)	 If and to the extent that any sums constituting (directly or indirectly) an indemnity to any Tax Indemnitee but
paid by Lessee to any Person other than such Tax Indemnitee are treated as taxable in the hands of such Tax Indemnitee, then Lessee will pay to such Tax Indemnitee such sum as will, after the tax liability has been fully satisfied, indemnify such
Tax Indemnitee to the same extent as it would have been indemnified in the absence of such liability, together with interest on the amount payable by Lessee under this Section 5.11(b) at the Overdue Rate in respect of the period commencing on
the date on which the payment of taxation is finally due until payment by Lessee (both before and after judgment). 

  

	5.12	 Default Interest 

If Lessee fails to pay on the due date any amount payable under any of the Operative Documents to which it is a party, Lessee will pay on
demand from time to time to any Indemnitee interest (both before and after judgment) at the Overdue Rate on such amount from the due date to the day of payment in full by Lessee to such Indemnitee. All such interest shall be compounded monthly and
calculated on the basis of the actual number of days elapsed assuming a year of 360 days. 
  

	5.13	 Contest 

If a written claim is made against any Tax Indemnitee for or with respect to any Taxes (other than
Non-Indemnified Taxes), such Tax Indemnitee shall promptly notify Lessee. If reasonably requested by Lessee in writing within 30 days after such notification, but only so long as no Default has occurred and is
continuing, such Tax Indemnitee shall, upon receipt of indemnity satisfactory to such Tax Indemnitee and at the expense of Lessee (including all costs, expenses, losses, legal and accountants’ fees and disbursements, penalties and interest), in
good faith contest or to the extent permissible by Applicable Law allow Lessee to contest in Lessee’s or such Tax Indemnitee’s name, other than the Financing Parties, the validity, applicability or amount of such Taxes by either
(i) resisting payment thereof if practicable and permitted by Applicable Law or (ii) if payment is made, using reasonable efforts to obtain a refund thereof in appropriate administrative and judicial proceedings, and in the contest of any
such claim by any Tax Indemnitee, such Tax Indemnitee shall apprise Lessee of all material developments with respect to such contest, shall forward copies of all material submissions made in such contest and shall materially comply in good faith
with any reasonable request concerning the conduct of any such contest; provided, that no Tax Indemnitee shall be obliged to take any such action: 
  

	 	(a)	 that such Tax Indemnitee considers, in its reasonable discretion, may prejudice it; or 

 

	 	(b)	 that such Tax Indemnitee reasonably considers does not have a reasonable prospect of success; or

  
 33 

	 	(c)	 for which Lessee has not made adequate provision to the reasonable satisfaction of such Tax Indemnitee in
respect of the expense concerned; or 

  

	 	(d)	 that gives rise to any material risk of the Aircraft or any interest of any Tax Indemnitee in the Aircraft
being sold, forfeited or otherwise lost, or of criminal liability on the part of any Tax Indemnitee. 

 If any Tax
Indemnitee, in accordance with the foregoing, determines to pay such Taxes and seek a refund, Lessee shall either pay such Taxes on such Tax Indemnitee’s behalf and pay such Tax Indemnitee any amount due with respect to such payment or shall
promptly reimburse such Tax Indemnitee for such Taxes. If any Tax Indemnitee shall obtain a refund of all or any part of such Taxes paid by Lessee, such Tax Indemnitee shall pay Lessee the amount of such refund; provided, that such amount shall not
be payable before such time as Lessee shall have made all payments or indemnities to any Tax Indemnitee then due with respect to Taxes and so long as no Default has occurred and is continuing. If in addition to such refund any Tax Indemnitee shall
receive an amount representing interest, attorneys’ fees or any other amount with respect to such refund, Lessee shall be paid that proportion of such interest, attorneys’ fees or any other amount which is fairly attributable to the Taxes
paid by Lessee prior to the receipt of such refund. No Tax Indemnitee shall enter into a settlement or other compromise with respect to, or otherwise concede, any claim by a taxing authority on account of Taxes being contested by Lessee pursuant to
this Section 5.13 without the written consent of Lessee, which consent shall not be unreasonably withheld, unless either (x) a Default has occurred and is continuing or (y) such Tax Indemnitee waives its right to be indemnified by Lessee
with respect to such claim (but not with respect to any future claims). 
  

	5.14	 Absolute 

This Agreement is a net lease. Lessee’s obligation to pay all Rent under this Agreement are absolute and unconditional irrespective of any
contingency whatever including (but not limited to): 
  

	 	(a)	 any right of offset, counterclaim, recoupment, reduction, defense or other right which either party to this
Agreement may have against the other; 

  

	 	(b)	 any unavailability of the Aircraft for any reason, including a requisition of the Aircraft or any prohibition
or interruption of, interference with or other restriction against Lessee’s use, operation or possession of the Aircraft; 

  

	 	(c)	 any lack or invalidity of title or any other defect in title, airworthiness, merchantability, fitness for any
purpose, condition, design or operation of any kind or nature of the Aircraft for any particular use or trade, or for registration or documentation under the laws of any relevant jurisdiction, or any Total Loss in respect of or any damage to the
Aircraft; 

  

	 	(d)	 any insolvency, bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, liquidation or
similar proceedings by or against Lessor or Lessee; 

  

	 	(e)	 any invalidity, unenforceability or lack of due authorization of, or other defect in, this Agreement; or

  
 34 

	 	(f)	 any other cause which, but for this provision, would or might otherwise have the effect of terminating or in
any way affecting any obligation of Lessee under this Agreement; 

 provided always, however, that this Section 5.14
shall be without prejudice to Lessee’s right to claim damages and other relief and remedies from the courts against Lessor or any other Person. 
  

	6	 Manufacturer’s and Other Warranties 

 

	6.1	 Assignment 

Notwithstanding this Agreement, Lessor will remain entitled to the benefit of each warranty, express or implied, and any unexpired customer
and/or product support given or provided in respect of the Aircraft, any Engine or Part by any manufacturer, vendor, maintenance performer, subcontractor or supplier. Unless an Event of Default shall have occurred and be continuing, Lessor hereby
authorizes Lessee during the Term to pursue any claim thereunder in relation to defects affecting the Aircraft, any Engine or Part, and Lessee agrees to diligently pursue any such claim that arises at its own cost. Lessee will notify Lessor promptly
upon becoming aware of any such claim. Lessor will provide such assistance to Lessee in making a claim under any such warranties or customer and/or product support as Lessee may reasonably request, and, if requested by Lessee and at Lessee’s
expense, will pursue a claim in its own name where the relevant manufacturer, vendor, maintenance performer, subcontractor or supplier has refused to acknowledge Lessee’s right to pursue that claim, but subject to Lessee first ensuring that
Lessor is indemnified and secured to Lessor’s reasonable satisfaction against all losses, damages, costs, expenses and liabilities (including fees and disbursements) that Lessor may incur in the taking of any such actions. If it is otherwise
impossible to pursue any warranty claim, Lessor shall, if permitted by Applicable Law and provided no Event of Default has occurred and is continuing, assign the relevant warranties or similar rights to Lessee. Under such circumstances Lessor agrees
to execute such further documentation as Lessee may reasonably request in order to give full effect to the foregoing. 
  

	6.2	 Proceeds 

All proceeds of any such claim as is referred to in Section 6.1 and which exceed US$100,000.00 will be paid directly to Lessor at the
account referenced in Section 5.6(a) and set forth in Schedule 5, but if and to the extent that such claim relates: 
  

	 	(a)	 to defects affecting the Aircraft which Lessee has rectified; or 

 

	 	(b)	 to costs incurred by Lessee in pursuing such claim (whether or not proceeds of such claim are payable to
Lessee), 

 and provided no Default or Event of Default shall have occurred and be continuing, Lessor will promptly
reimburse Lessee for its relevant costs, but, in the case of (a), only on receipt of evidence reasonably satisfactory to Lessor that Lessee has rectified the relevant defect. 
  

	6.3	 Parts 

Except to the extent Lessor otherwise agrees in a particular case, Lessee will procure that all engines, components, furnishings or equipment
provided by the manufacturer, vendor, maintenance performer, subcontractor or supplier as a replacement for a defective Engine or Part pursuant to the terms of any warranty or customer and/or product support arrangement comply with
Section 8.13(a), are installed on the Aircraft promptly, and that title thereto vests in Owner in accordance with Section 8.17(b). On installation those items will be deemed to be an Engine or Part, as applicable. 

  
 35 

	6.4	 Lessee Agreements with Vendors 

To the extent any warranties or customer and/or product support relating to the Aircraft are made available under an agreement between any
Manufacturer, vendor, maintenance performer, subcontractor or supplier and Lessee, this Section 6 is subject to that agreement. However, Lessee will: 
  

	 	(a)	 pay the proceeds of any claim thereunder that exceed US$250,000 to Lessor at the account set forth in
Section 5.6(a) to be applied pursuant to Section 6.2 and, pending such payment, will hold the claim and the proceeds in trust for Lessor; and 

  

	 	(b)	 take all such steps as are necessary and requested by Lessor at the end of the Term to ensure the benefit of
any of those warranties or customer and/or product support which have not expired are vested in Lessor. 

  

	6.5	 Lessee Warranties 

Lessee acknowledges that during the Term it might contract with Manufacturers, maintenance and overhaul agencies, subcontractors, suppliers and
vendors (each an “MRO”) to maintain, provide and service the Airframe, Engines and Parts. At Redelivery, Lessee will irrevocably assign to Lessor all of Lessee’s rights regarding the Aircraft under any warranty (express or
implied), service policy, maintenance or product agreement provided by any MRO to the extent that such rights are assignable. After Redelivery, Lessee if requested by Lessor and at Lessor’s expense, (i) will provide such assistance to
Lessor in making a claim under any such warranties or customer and/or product support as Lessor may reasonably request and (ii) will on Lessor’s behalf pursue a claim in its own name where the relevant MRO has refused to acknowledge
Lessor’s right to pursue a claim on enforcement of all such rights that are not assignable. 
  

	6.6	 Final Maintenance Performer Warranties 

To the extent that Lessee uses a Final Maintenance Performer for the Redelivery, Lessee will cause its maintenance contracts with each Final
Maintenance Performer to contain a provision, satisfactory in form and substance to Lessor (acting reasonably), expressly stating that all warranties (express or implied) and product support is made for the benefit of Lessor and its assigns and may
be relied upon and enforced directly by Lessor and its assigns without the involvement of Lessee. 
  

	7	 Lessor’s Covenants and Disclaimers 

 

	7.1	 Quiet Enjoyment 

Provided that no Default or Event of Default shall have occurred and be continuing, none of Lessor, any Owner, any Financing Party or any other
Person claiming by, through or on account of any of such parties will interfere with the quiet use, possession and enjoyment of the Aircraft by Lessee. 

  
 36 

	7.2	 Lessor’s Maintenance Contribution 

Subject to the satisfaction of the conditions set forth in Section 7.2(g) hereof, Lessor agrees to contribute to the actual costs incurred
by Lessee, and shall reimburse Lessee for the following Reimbursable Expenses in respect of the following Qualifying Maintenance Events. 
  

	 	(a)	 Airframe Reimbursable Expenses: 

 

	 	(i)	 Lessee’s Actual Cost incurred in completing an Airframe 6-Year
Check, but not including any Excluded Costs, shall constitute “Airframe 6-Year Check Reimbursable Expenses”. 

 

	 	(ii)	 (1) At least 30 days prior to the scheduled induction date of the Aircraft for an Airframe 6-Year Check, Lessee shall present the workscope of such Airframe 6-Year Check and the estimated cost of the Airframe 6-Year Check
Reimbursable Expenses for approval by Lessor. 

 (2) Upon the completion of an Airframe
6-Year Check, Lessee shall present written evidence satisfactory to Lessor as to the completion of such Airframe 6-Year Check (in any case by no later than three
(3) months following the completion of such maintenance). Such evidence shall include a full hard copy or digital copy of the entire maintenance event and a list of all routine and non-routine work cards with corresponding references to the MPD
and an itemized labor and materials report. 
 (3) Upon receipt of the foregoing documentation, Lessee may request payment of, and Lessor
agrees to contribute an amount equal to the lesser of (i) the Airframe 6-Year Check Reimbursable Expenses, or (ii) an amount equal to (x) all Airframe 6-Year
Check Supplemental Rent previously paid by Lessee under this Agreement as of the date of completion of the Airframe 6-Year Check, minus (y) any previous payments by Lessor in respect of any Airframe 6-Year Check Reimbursable Expenses. 
  

	 	(iii)	 With respect to the first Airframe 6-Year Check accomplished during the
Term following the Delivery Date, in the event the Airframe 6-Year Check Reimbursable Expenses exceed the amount of Airframe 6-Year Check Supplemental Rent previously
paid by Lessee under this Agreement as of the date of completion of the Airframe 6-Year Check, Lessor shall contribute to the costs of the Airframe 6-Year Check and pay
an additional amount equal to the lesser of (A) the difference between the 6-Year Check Reimbursable Expenses and the amount to be paid by Lessor pursuant to Section 7.2(a)(ii)(3) above, and
(B) the product of: (x) the number of months utilized in respect of the Airframe between the date of the last Airframe 6-Year Check before the Delivery Date and the Delivery Date, multiplied by
(y) the Airframe 6-Year Check Supplemental Rent Rate as in effect on the Delivery Date. 

  

	 	(iv)	 Lessee’s Actual Costs incurred in completing an Airframe 12-Year
Check, but not including any Excluded Costs, shall constitute “Airframe 12-Year Check Reimbursable Expenses”. 

  
 37 

	 	(v)	 (1) At least 30 days prior to the scheduled induction date of an Aircraft for an Airframe 12-Year Check, Lessee shall present the workscope of such Airframe 12-Year Check and the estimated cost of the Airframe 12-Year Check
Reimbursable Expenses for approval by Lessor. 

 (2) Upon the completion of an Airframe
12-Year Check, Lessee shall present written evidence satisfactory to Lessor as to the completion of such Airframe 12-Year Check (in any case by no later than three
(3) months following completion of such maintenance). Such evidence shall include a full hard copy or digital copy of the entire maintenance event and a list of all routine and non-routine work cards with corresponding references to the MPD and
an itemized labor and materials report. 
 (3) Upon receipt of the foregoing documentation, Lessee may request payment of, and Lessor agrees
to contribute an amount equal to the lesser of (i) the Airframe 12-Year Check Reimbursable Expenses or (ii) an amount equal to: (x) all Airframe 12-Year Check
Supplemental Rent previously paid by Lessee under this Agreement as of the date of completion of the Airframe 12- Year Check, minus (y) any previous payments by Lessor in respect of any Airframe 12-Year
Check Reimbursable Expenses. 
  

	 	(vi)	 With respect to the first Airframe 12-Year Check accomplished following
the Delivery Date during the Term, in the event the Airframe 12-Year Check Reimbursable Expenses exceed the amount of Airframe 12-Year Check Supplemental Rent previously
paid by Lessee under this Agreement as of the date of completion of the Airframe 12-Year Check, Lessor shall contribute an additional amount to the costs of the Airframe
12-Year Check and pay an amount equal to the lesser of (A) the difference between the 12-Year Check Reimbursable Expenses and the amount to be paid by Lessor
pursuant to Section 7.2(a)(v)(3) above and the product of: (x) the number of months utilized in respect of the Airframe between the date of the last Airframe 12- Year Check before the Delivery Date and the Delivery Date, multiplied by
(y) the Airframe 12-Year Check Supplemental Rent Rate as in effect on the Delivery Date towards Lessee’s cost of the Airframe 12-Year Check in question.

  

	 	(b)	 Engine Reimbursable Expenses: 

 

	 	(i)	 Lessee’s Actual Costs incurred in completing an Engine Performance Restoration Shop Visit of an Engine
during the Term, but not including any Excluded Costs, shall constitute “Engine Reimbursable Expenses”. 

  

	 	(ii)	 (1) At least 90 days prior to the scheduled induction date of an Engine for an Engine Performance Restoration
Shop Visit, Lessee shall present the workscope of such Engine Performance Restoration Shop Visit and the estimated cost of the Engine Reimbursable Expenses for approval by Lessor. 

(2) Upon accomplishment of any Engine Performance Restoration Shop Visit for an Engine, Lessee, within six months of such accomplishment (but
in any case no later than six (6) months following the completion of such maintenance), shall present written evidence satisfactory to Lessor as to the 

  
 38 

	 	 	 completion of such Engine Performance Restoration Shop Visit and the amount of Engine Reimbursable Expenses for
approval by Lessor. Such evidence shall include a full hardcopy or digital copy of the entire maintenance event and a description of the reason for removal, a shop tear down report, a shop-findings report, a full description of the workscope of the
Engine Performance Restoration Shop Visit and complete disk records for such Engine both prior to and after the Engine Performance Restoration Shop Visit. Both the invoice supplied by the Engine repair facility and that submitted by Lessee to Lessor
with respect to such Engine will state whether or not credits were provided due to life remaining on any Parts removed from such Engine and the amount of any such credits will be itemized. 

 

	 	 	 (3) Upon receipt of the foregoing documentation, Lessee may request payment of, and Lessor agrees to contribute
an amount equal to the lesser of (i) the Engine Reimbursable Expenses with respect to such Engine or (ii) an amount equal to (x) all Engine Supplemental Rent previously paid by Lessee with respect to such Engine pursuant to this Agreement
as of the date of completion of the Engine Performance Restoration Shop Visit, minus (y) all previous payments by Lessor under this Section 7.2(b)(ii) with respect to such Engine. 

 

	 	(iii)	 With respect to the first such Engine Performance Restoration Shop Visit for an Engine to be accomplished
following the Delivery Date during the Term, in the event the Engine Reimbursable Expenses exceed the amount of Engine Supplemental Rent previously paid by Lessee under this Agreement as of the date of completion of the Engine Performance
Restoration Shop Visit, Lessor shall contribute an additional amount to the costs of the Engine Performance Restoration Shop Visit and pay an amount equal to the lesser of (A) the difference between the Engine Reimbursable Expenses and the
amount to be paid by Lessor pursuant to Section 7.2(b)(ii)(3) and (B) an amount equal to the product of (x) the Flight Hours accumulated since the most recent Engine Performance Restoration Shop Visit for the Engine on the Delivery
Date (for the avoidance of doubt such Flight Hours shall be taken from the Certificate of Delivery Condition) and (y) the Engine Supplemental Rent Rate as in effect on the Delivery Date. 

 

	 	(c)	 Engine LLP Reimbursable Expenses: 

 

	 	(i)	 During the performance of an Engine Performance Restoration Shop Visit for an Engine during the Term, in the
event Lessee is obligated to replace an Engine LLP (the “Replaced LLP”) in accordance with the Approved Maintenance Program, Lessee’s Actual Cost to purchase a replacement Engine LLP (the “Replacement LLP”),
but not including any Excluded Costs, shall constitute “Engine LLP Reimbursable Expenses”. 

  

	 	(ii)	 (1) At least sixty (60) days prior to the scheduled induction date of an Engine for an Engine Performance
Restoration Shop Visit, Lessee shall present the workscope of such Engine Performance Restoration Shop Visit and the estimated cost of the Engine Reimbursable LLP Expenses for approval by Lessor. 

  
 39 

	 	 	 (2) Within six months following the accomplishment of any Engine Performance Restoration Shop Visit for an
Engine (but in any case no later than six (6) months following completion of such maintenance), Lessee shall deliver written evidence satisfactory to Lessor as to the amount of Engine LLP Reimbursable Expenses for each Replacement LLP in
accordance with the preceding Section 7.2(c)(i). 

  

	 	 	 (3) Upon receipt of the foregoing documentation, Lessee may request payment of, and Lessor agrees to
contribute, an amount equal to the product of the following formula with respect to such Replacement LLP: 

 (A – B)
x D 
 C 
  

	 	 	 Where 

  

							
		 	“A”	 	–	 	is the number of remaining Flight Cycles on the Replacement LLP at installation;
				
		 	“B”	 	–	 	is the number of remaining Flight Cycles on the Replaced LLP at removal;
				
		 	“C”	 	–	 	is the published Flight Cycle life limit of the Replacement LLP;
				
		 	“D”	 	–	 	is the relevant Manufacturer’s catalog price for the Replacement LLP at the time of installation of the Replacement LLP or price paid;

  

	 	 	 Notwithstanding the foregoing formula, however, Lessor shall not be required to pay to Lessee pursuant to this
Section 7.2(c) more than the lesser of (A) the Engine LLP Reimbursable Expenses with respect to such Replacement LLP, and (B) all Engine LLP Supplemental Rent previously paid by Lessee with respect to such Engine as of the date of
completion of the Engine Performance Restoration Shop Visit minus all previous payments by Lessor under this Section 7.2(c)(ii)(3) with respect to such Engine. For the avoidance of doubt, title to the Replaced LLP’s will vest in Lessee at
such time (and as otherwise provided) in Section 8.17(c) of this Agreement. 

  

	 	(iii)	 With respect to the first such replacement of each Engine LLP during the performance of an Engine Performance
Restoration Shop Visit for an Engine during the Term, in the event the Engine LLP Reimbursable Expenses with respect to such Replacement LLP exceed the amount of Engine LLP Supplemental Rent previously paid by Lessee under Section 7.2(c)(ii)(3)
as of the date of completion of the Engine Performance Restoration Shop Visit, Lessor shall contribute to the costs of the Engine LLP replacement and pay an additional amount equal to the lesser of (A) the difference between the Engine LLP
Reimbursable Expenses with respect to such Replacement LLP and the amount to be paid by Lessor pursuant to Section 7.2(c)(ii)(3) and (B) an amount (“D”) determined by the formula set forth below: 

D = X×Y 

  
 40 

	 	 	 where 

  

							
		 	“Y”	 	–	 	is an amount equal to the Manufacturer’s catalog price of such Replaced LLP on the Delivery Date; and
				
		 	“X”	 	–	 	is a fraction, the numerator of which is the Flight Cycles consumed on such Replaced LLP on the Delivery Date and the denominator of which is the Flight Cycle life limit of such Replaced LLP.

  

	 	(d)	 Landing Gear Reimbursable Expenses: 

 

	 	(i)	 Upon the performance by Lessee of a Landing Gear Overhaul during the Term in accordance with the Approved
Maintenance Program, Lessee’s Actual Cost incurred in completing such Landing Gear Overhaul, but not including any Excluded Costs, shall constitute “Landing Gear Reimbursable Expenses”. 

 

	 	(ii)	 (1) At least thirty (30) days prior to the scheduled induction date of a Landing Gear Overhaul, Lessee
shall present the workscope of such Landing Gear Overhaul and the estimated cost of the Landing Gear Reimbursable Expenses for approval by Lessor. 

  

	 	 	 (2) Upon accomplishment of a Landing Gear Overhaul during the Term in accordance with the Approved Maintenance
Program, Lessee shall, within six months of such accomplishment (but in any case no later than six (6) months following completion of such maintenance), present written evidence satisfactory to Lessor as to the completion of such Landing Gear
Overhaul, including a full hardcopy or digital copy of the entire maintenance event, and the amount of Landing Gear Reimbursable Expenses for approval by Lessor. 

 

	 	 	 (3) Upon receipt of the foregoing documentation, Lessee may request payment of, and Lessor agrees to contribute
an amount equal to the lesser of (i) the Landing Gear Reimbursable Expenses or (ii) an amount equal to (x) all Landing Gear Supplemental Rent previously paid by Lessee pursuant to this Agreement as of the date of completion of the Landing
Gear Overhaul, minus (y) all previous payments by Lessor under this Section 7.2(d)(ii)(3). 

  

	 	(iii)	 With respect to the first such Landing Gear Overhaul to be accomplished following the Delivery Date during the
Term, in the event the Landing Gear Reimbursable Expenses exceed the amount specified in Section 7.2(d)(ii), Lessor shall contribute an additional amount equal to the lesser of (A) the difference between the Landing Gear Reimbursable
Expenses and the amount to be paid by Lessor pursuant to Section 7.2(d)(ii)(3) and (B) an amount equal to the product of (x) the calendar months accumulated since the prior Landing Gear Overhaul of the Landing Gear on the Delivery
Date and (y) the Landing Gear Supplemental Rent Rate as in effect on the Delivery Date. 

  

	 	(e)	 APU Reimbursable Expenses: 

 

	 	(i)	 Upon the accomplishment of any APU Basic Shop Visit of the APU during the Term in accordance with the Approved
Maintenance Program, Lessee’s Actual Cost incurred in completing such APU Basic Shop Visit, but not including any Excluded Costs, shall constitute “APU Reimbursable Expenses”. 

  
 41 

	 	(ii)	 (1) At least 30 days prior to the scheduled induction date of an APU for an APU Basic Shop Visit, Lessee shall
present the workscope of such APU Basic Shop Visit and the estimated cost of the APU Reimbursable Expenses for approval by Lessor. 

  

	 	 	 (2) Upon accomplishment of any APU Basic Shop Visit of the APU during the Term in accordance with the Approved
Maintenance Program, Lessee shall, within six (6) months of such accomplishment (but in any case no later than six (6) months following completion of such maintenance), present written evidence satisfactory to Lessor as to the completion of
such APU Basic Shop Visit, including a full hardcopy or digital copy of the entire maintenance event, and the amount of APU Reimbursable Expenses for approval by Lessor. 

 

	 	 	 (3) Upon receipt of the foregoing documentation, Lessee may request payment of, and Lessor agrees to
contribute, an amount equal to the lesser of (i) the APU Reimbursable Expenses or (ii) an amount equal to (x) all APU Supplemental Rent previously paid by Lessee for the APU pursuant to this Agreement as of the date of completion of the
APU Basic Shop Visit, minus (y) all previous payments by Lessor under this Section 7.2(e)(ii). 

  

	 	(iii)	 With respect to the first such APU Basic Shop Visit of the APU to be accomplished following the Delivery Date
during the Term, in the event the APU Reimbursable Expenses exceed the amount specified in Section 7.2(e)(ii), the Lessor agrees to contribute an additional amount equal to the lesser of (A) the difference between the APU Reimbursable Expenses
and the amount to be paid by Lessor pursuant to Section 7.2(e)(ii)(3) and (B) an amount equal to the product of (x) the APU Hours accumulated since the prior APU Basic Shop Visit on the Delivery Date and (y) the APU Supplemental
Rent Rate as in effect on the Delivery Date. 

  

	 	(f)	 APU LLP Reimbursable Expenses: 

In determining the APU LLP Reimbursable Expenses for APU LLP replacement accomplished during any APU Basic Shop Visit, the terms and conditions
of Section 7.2(c) pertaining to Engine LLP Reimbursable Expenses for Engine LLP replacement shall apply mutatis mutandis in respect of any APU LLP, whereby any references therein to an “Engine”, an “Engine LLP” and a
“Flight Cycle” shall be deemed references to the “APU”, an “APU LLP”, and an “APU Cycle”, respectively. 
  

	 	(g)	 Additional Provisions: 

 

	 	(i)	 Reimbursable Expenses shall only be paid by Lessor provided that: (i) no Default or Event of Default has
occurred and is continuing as at the date of the written request by Lessee; and (ii) Lessee first delivers written evidence satisfactory to Lessor as to the completion of the Qualifying Maintenance Event. Lessor may pay the Reimbursable
Expenses either to Lessee, upon confirmation by Lessor that Lessee had paid the independent repair facility that performed such work, or directly to the independent repair facility performing such work if so instructed in writing by Lessee. Flight
Hours and Flight Cycles since last maintenance events prior to Delivery shall be noted on the Certificate of Delivery Condition. 

  
 42 

	 	(ii)	 Lessor shall not reimburse Lessee for the cost of repairs caused by accident, premature or catastrophic
failure, foreign object damage, ingestion, faulty maintenance or installation, incident, improper operations, abuse, neglect or misuse, or costs covered by warranties, Manufacturer service bulletins or insurance (including deductibles), or the cost
of modifications, interior reconfigurations, overhaul of a QEC, the accomplishment of Airworthiness Directives, elective Part replacement, late charges, mark-ups, interest, freight charges, handling fees,
charges associated with the removal, installation, import or export of any Part (including an Engine), collectively Excluded Costs. 

  

	 	(iii)	 Notwithstanding anything to the contrary contained in this Section 7.2, any such maintenance and the
extent and nature of such maintenance to be performed shall be conducted by an Agreed Maintenance Performer. Lessor shall be entitled to have representatives present during the performance of such maintenance to oversee and approve all aspects of
such performance, including the workscope thereof. Lessor shall be notified by Lessee prior to the commencement of any maintenance work described in this Section 7.2, including as to the Agreed Maintenance Performer and for Lessor’s
approval of the workscope. If required by the Agreed Maintenance Performer, Lessee shall give written authorization to the Agreed Maintenance Performer granting Lessor and its representatives full access to the maintenance event and all documents
and correspondence generated during and as a result of such maintenance event. 

  

	 	(iv)	 Lessee acknowledges that Lessee is required to pay (A) the full cost of and to perform (or cause to be
performed) any check, shop visit, overhaul or other maintenance required by the Approved Maintenance Program, whether or not Lessor is required to make any payments pursuant to this Section 7.2, and any costs incurred by Lessee in performing
any such check, shop visit, overhaul or other maintenance required by the Approved Maintenance Program shall be for Lessee’s account solely, and (B) all relevant costs of all Qualifying Maintenance Events to the extent such costs are in
excess of the Reimbursable Expenses explicitly to be paid by Lessor pursuant to this Section 7.2. 

  

	 	(v)	 As soon as practicable but, in any case, within forty five (45) days after receipt of a claim for
reimbursement of Reimbursable Expenses, Lessor shall (i) notify Lessee in writing of any portion of such claim to which it reasonably objects or for which it reasonably requires additional supporting documentation, and (ii) pay all portions of
such claim to which it does not reasonably object or need additional documentation. Those portions of the claims for which Lessee has been requested to provide additional supporting documentation, shall be paid as soon as possible upon receipt by
Lessor of satisfactory supporting documentation, but in any case, within forty five (45) days thereafter. 

  
 43 

	 	(h)	 Lessor’s Right to Substitute. 

Notwithstanding Lessor’s agreements to contribute to the costs for Qualifying Maintenance Events under this Section 7.2, in the event
that a Qualifying Maintenance Event is due to be scheduled and accomplished by Lessee for which Lessee will seek Reimbursable Expenses, in lieu of paying or making any contribution towards any such Landing Gear Overhaul, or APU Basic Shop Visit,
Lessor shall have the option, in its sole discretion, to provide, as applicable, one or more substitute Landing Gears, or a substitute APU. In respect of any Engine Performance Restoration Shop Visit, or if Lessee issues an Engine Notice to Lessor,
Lessor shall have the option, in its sole discretion, to provide a Substitute Engine under Section 8.21 or exercise its other rights thereunder. 
  

	 	(i)	 AD Cost Sharing Contribution. 

The costs of complying with, or otherwise accomplishing, any Airworthiness Directive shall be paid by, and shall be the sole responsibility of,
Lessee. Notwithstanding the foregoing, provided that no Default or Event of Default has occurred and is continuing, if the costs of terminating an Airworthiness Directive exceeds US$250,000, Lessor shall contribute to the costs incurred by Lessee on
the following terms: 
  

	 	(i)	 first, Lessee shall pay all costs up to US$250,000; 

 

	 	(ii)	 thereafter, Lessor’s contribution shall be calculated as follows: 

X = C x (N - R) / N 

“X” means the amount of Lessor’s contribution 

“C” means the Actual Cost of complying with the AD in excess of US$250,000 (excluding the actual cost of materials 

“N” means the number of calendar months comprising the Term with reference to the Scheduled Expiry Date 

“R” means the number of calendar months between (1) the date of completion of the AD termination and (2) the Scheduled
Expiry Date; 
  

	 	(iii)	 Lessor’s total contribution in respect of Airworthiness Directives in accordance with this
Section 7.1(i) shall be capped at US$450,000; 

  

	 	(iv)	 Lessee shall have delivered to Lessor no later than four months (and in any event, no later than the Expiry
Date) of incurring such cost, all invoices and supporting documentation reasonably satisfactory to Lessor, evidencing the performance, accomplishment or implementation on a terminating basis of the relevant Airworthiness Directive; and

  

	 	(v)	 the US$250,000 threshold referred to in this Section 7.1(i) shall be escalated by 3% annually, beginning
on January 1, 2022 and thereafter on each anniversary of such date. 

  
 44 

	7.3	 Registration and Filings 

Lessor shall: 
  

	 	(a)	 at Lessor’s cost, deliver the Aircraft registered in the name of Lessor with the FAA; thereafter, Lessor
shall, at Lessee’s cost, take all actions reasonably requested by Lessee to enable Lessee to perform its obligations under Section 8.10 regarding the registration of the Aircraft with the Aviation Authority and shall maintain the
registration of the Aircraft with the Aviation Authority reflecting (so far as permitted by Applicable Law) the interests of Owner, Lessor and Financing Parties and not do or suffer to be done anything which might reasonably be expected to adversely
affect that registration (for the avoidance of doubt, following Delivery, Lessee is responsible for preserving the registration of the Aircraft in accordance with Section 8.10); and 

 

	 	(b)	 at Lessor’s cost, unless as a consequence of an Event of Default which has occurred and is continuing in
which case it shall be at Lessee’s cost, do all acts and things (including making any filing or registration with the Aviation Authority or any other Government Entity) as may be required in respect of maintaining the Aircraft’s
registration following any change in the ownership of or security given in respect of the Aircraft. 

  

	7.4	 Lessor’s Obligations Following Termination 

So long as no Default or Event of Default has occurred and is continuing, within ten (10) Business Days of: 

 

	 	(a)	 termination of this Agreement before Delivery pursuant to Sections 4.3(b) or 11.1; or 

 

	 	(b)	 redelivery of the Aircraft to Lessor in accordance with and in the condition required by this Agreement under
Section 12; or 

  

	 	(c)	 receipt by Lessor of the Agreed Value following a Total Loss and all other amounts due under Section 11.2;

 or in any such case at such later time as Lessee has irrevocably paid to Lessor all amounts that are then outstanding
under this Agreement, Lessor shall: 
  

	 	(i)	 pay to Lessee an amount equal to that portion of the Security Deposit that has not been applied or retained as
provided for in any Operative Document to which Lessee is a party; and 

  

	 	(ii)	 pay to Lessee an amount equal to any pre-paid Basic Rent received by
Lessor for a period following the termination of this Agreement and before Delivery, 

 in both cases, without interest.

  

	7.5	 Agreed Maintenance Performers 

In respect of any maintenance provider proposed by Lessee to be an Agreed Maintenance Performer for any maintenance event, Lessor may, acting
reasonably and in good faith, object to and may exclude any maintenance organization being included as an “Agreed Maintenance Performer” or “Final Maintenance Performer” for a valid business reason. If Lessor wishes to

  
 45 

 
exclude a maintenance organization from being an Agreed Maintenance Performer or Final Maintenance Performer, Lessor shall deliver written notice to such effect to Lessee with identification of
the reason of such exclusion pursuant to the preceding sentence, which exclusion may be amended by Lessor from time to time. 
  

	7.6	 Exclusion 

UPON EXECUTION OF THE CERTIFICATE OF ACCEPTANCE AND THE CERTIFICATE OF DELIVERY CONDITION BY LESSEE, THE AIRCRAFT IS ACCEPTED BY LESSEE
“AS IS, WHERE IS, WITH ALL FAULTS” AND LESSEE AGREES AND ACKNOWLEDGES THAT LESSOR WILL HAVE NO LIABILITY IN RELATION TO, AND LESSOR HAS NOT AND WILL NOT BE DEEMED TO HAVE MADE OR GIVEN, ANY WARRANTIES OR REPRESENTATIONS, EXPRESS OR
IMPLIED, WITH RESPECT TO THE AIRCRAFT, INCLUDING: 
  

	 	(a)	 THE DESCRIPTION, AIRWORTHINESS, MERCHANTABILITY, FITNESS FOR ANY USE OR PURPOSE, VALUE, CONDITION, OR DESIGN,
OF THE AIRCRAFT OR ANY PART OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP, THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE; OR 

  

	 	(b)	 ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM LESSOR’S
NEGLIGENCE, ACTUAL OR IMPUTED; OR 

  

	 	(c)	 ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF OR DAMAGE TO THE AIRCRAFT, FOR ANY LIABILITY OF
LESSEE TO ANY THIRD PARTY, OR FOR ANY OTHER DIRECT, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES. 

  

	7.7	 Lessee’s Waiver 

LESSEE HEREBY WAIVES, AS BETWEEN ITSELF AND LESSOR, ALL ITS RIGHTS IN RESPECT OF ANY WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, ON THE
PART OF LESSOR AND ALL CLAIMS AGAINST LESSOR HOWSOEVER AND WHENEVER ARISING AT ANY TIME IN RESPECT OF OR OUT OF THE CONDITION, OPERATION OR PERFORMANCE OF THE AIRCRAFT OR THIS AGREEMENT SAVE AS EXPRESSLY STATED IN ANNEX 2 TO THE CERTIFICATE OF
DELIVERY CONDITION. 
  

	7.8	 Lessee’s Confirmation 

LESSEE CONFIRMS THAT IT IS FULLY AWARE OF THE PROVISIONS OF SECTIONS 7.6 AND 7.7 AND ACKNOWLEDGES THAT BASIC RENT, SUPPLEMENTAL RENT AND ALL
OTHER AMOUNTS PAYABLE BY LESSEE UNDER THIS AGREEMENT HAVE BEEN CALCULATED NOTWITHSTANDING ITS PROVISIONS. 

  
 46 

	7.9	 Conclusive Proof 

DELIVERY BY LESSEE TO LESSOR OF THE CERTIFICATE OF ACCEPTANCE AND THE CERTIFICATE OF DELIVERY CONDITION WILL BE CONCLUSIVE PROOF AS BETWEEN
LESSOR AND LESSEE THAT LESSEE HAS EXAMINED, INSPECTED, AND INVESTIGATED THE AIRCRAFT, THAT THE AIRCRAFT AND THE AIRCRAFT DOCUMENTS ARE SATISFACTORY TO LESSEE, AND ARE IN COMPLIANCE WITH THE CONDITIONS SET FORTH ON ANNEX 1 TO SCHEDULE 2, AND THAT
LESSEE HAS IRREVOCABLY AND UNCONDITIONALLY ACCEPTED THE AIRCRAFT FOR LEASE HEREUNDER WITHOUT ANY RESERVATIONS WHATSOEVER. 
  

	8	 Lessee’s Covenants 

In addition to and not in limitation of Lessee’s other representations, warranties, covenants, and agreements set forth elsewhere in this
Agreement, Lessee covenants and agrees that: 
  

	8.1	 Duration 

The undertakings in Sections 8, 12 and Schedule 3 will: 
  

	 	(a)	 except as otherwise stated, be performed at the expense of Lessee; and 

 

	 	(b)	 remain in force until redelivery of the Aircraft to Lessor in accordance with this Agreement and thereafter to
the extent of any accrued rights of Lessor in relation to those undertakings. 

  

	8.2	 Information 

Lessee shall: 
  

	 	(a)	 furnish to Lessor, with a copy to the Security Trustee (if applicable): 

 

	 	(i)	 within thirty (30) days after the last day of the first three fiscal quarters of each fiscal year of
Lessee, unaudited quarterly financial statements of Lessee prepared for such quarter, including a balance sheet of Lessee as of the last day of such quarter and statements of income and retained earnings for such fiscal quarter and for the year to
date and, on a comparative basis, figures for the corresponding periods of the immediately preceding fiscal year, all in reasonable detail, each such statement to be certified in a certificate of Lessee’s chief financial officer or chief
accounting officer as fairly presenting the financial position and the results of operations of Lessee as at its date and for such quarter (subject to year-end audit adjustments) and as having been prepared in
accordance with GAAP; 

  

	 	(ii)	 as soon as available but in any event no later than sixty (60) days after the last day of each fiscal year
of Lessee, financial statements of Lessee prepared for such year, including a balance sheet of Lessee and its Subsidiaries as of the last day of such year, statements of income and retained earnings of Lessee for such fiscal year, a balance sheet of
Lessee as of the last day of such year and statements of income and retained earnings of Lessee for such fiscal year and in all cases on a comparative basis figures for the immediately preceding fiscal year, all in reasonable detail, each prepared
in accordance with GAAP; 

  
 47 

	 	(iii)	 as soon as available but not in any event later than ninety (90) days after the last day of each fiscal
year of Lessee, audited financial statements of Lessee prepared for such year, including a balance sheet of Lessee as of the last day of such year, statements of income and retained earnings of Lessee for such fiscal year, a balance sheet of Lessee
as of the last day of such year and statements of income and retained earnings of Lessee for such fiscal year and in all cases on a comparative basis figures for the immediately preceding fiscal year, all in reasonable detail, each prepared in
accordance with GAAP; 

  

	 	(iv)	 in lieu of delivering to Lessor and the Security Trustee (if applicable) the financial statements referred to
in Sections 8.2(a)(i), (ii) and (iii) above, Lessee may cause such financial statements to be publicly available on the internet within the time periods set forth in Sections 8.2(a)(i), (ii) and (iii) above at a location identified in
writing to Lessor and the Security Trustee (if applicable); 

  

	 	(v)	 concurrently with the financial statements furnished pursuant to Sections 8.2(a)(i), (ii) and (iii) above,
an officer’s certificate signed by the chief financial officer or chief accounting officer of Lessee certifying to the best knowledge after due inquiry of such officer that no Default occurred during the period covered by such financial
statements and no Default exists on the date of such officer’s certificate or, if a Default occurred or exists, stating that fact and specifying the nature and period of existence of such Default and the actions Lessee took or proposes to take
with respect to such Default; 

  

	 	(vi)	 at the same time as it is issued to the creditors of Lessee generally, a copy of each notice or circular issued
to Lessee’s creditors generally; and 

  

	 	(vii)	 on request from time to time such other information available to Lessee regarding Lessee and its business and
affairs as Lessor and the Security Trustee (if applicable) may reasonably request, including copies of all statements of account of any Government Entity or other Person in respect of any Flight Cycle Charges; 

 

	 	(b)	 on request, inform Lessor as to the current location of the Airframe and Engines, the serial number and owner
of any engine installed on the Airframe and the serial number, registration mark and owner of any airframe on which an Engine is installed; 

  

	 	(c)	 promptly furnish to Lessor all information that Lessor from time to time reasonably requests regarding the
Aircraft, any Engine or any Part and its use, location and condition, including the hours available on the Aircraft and any Engine until the next scheduled check, inspection, overhaul or shop visit, as the case may be; 

 

	 	(d)	 on request, furnish to Lessor evidence reasonably satisfactory to Lessor that all Taxes and charges incurred by
Lessee with respect to the Aircraft have been paid and discharged in full; 

  

	 	(e)	 provide to Lessor, within five (5) days following the end of each calendar month during the Term, a
monthly report on the Aircraft in the form set out in Exhibit E or such other form as Lessor may select providing substantially the same information; 

  
 48 

	 	(f)	 promptly notify Lessor and the Security Trustee (if applicable) of: 

 

	 	(i)	 any Total Loss, any Engine Loss, any theft of the Airframe or any Engine, any damage to the Aircraft if the
potential cost of repair may reasonably be expected to exceed the Damage Notification Threshold or any modification to the Aircraft if the potential cost may reasonably be expected to exceed the Damage Notification Threshold; 

 

	 	(ii)	 any claim or other occurrence likely to give rise to a claim under the Insurances (but, in the case of hull
claims only, in excess of the Damage Notification Threshold) and details of any negotiations with the insurance brokers over any such claim; and 

  

	 	(iii)	 any litigation, arbitration or administrative proceedings that are pending or, to Lessee’s knowledge,
threatened against Lessee which, if adversely determined, would have a material adverse effect upon its financial condition or business or its ability to perform its obligations under the Operative Documents to which Lessee is a party; and

  

	 	(iv)	 as soon as any officer of Lessee obtains knowledge thereof, any Default or Event of Default or any Applicable
Circumstance. 

  

	8.3	 Operation of the Aircraft 

Lessee shall: 
  

	 	(a)	 comply with all Applicable Laws for the time being in force in any country or jurisdiction in which the
Aircraft is being operated which is applicable to the Aircraft or the use and operation of the Aircraft; 

  

	 	(b)	 not use the Aircraft in any manner contrary to any recommendation with which Lessee is required to comply of
the Aviation Authority or any applicable Manufacturer, contrary to any rule or regulation of the Aviation Authority or for any purpose for which the Aircraft is not designed or reasonably suitable; 

 

	 	(c)	 ensure that the crew and engineers employed by it in connection with the operation and maintenance of the
Aircraft have the qualifications and hold the licenses required by the Aviation Authority and Applicable Law; 

  

	 	(d)	 use the Aircraft solely in commercial or other operations for which Lessee is duly authorized by the Aviation
Authority and Applicable Law; 

  

	 	(e)	 not knowingly use the Aircraft (or use it when Lessee ought reasonably to have known that it was being so used)
for the carriage of: 

  

	 	(i)	 whole animals, living or dead, except in the cargo compartments according to IATA regulations, and except
domestic pet animals carried in a suitable container to prevent the escape of any liquid and to ensure the welfare of the animal; 

  

	 	(ii)	 acids, toxic chemicals, mercury, other corrosive materials, explosives, nuclear fuels, nuclear wastes or any
nuclear assemblies or components, except as permitted for cargo aircraft under the “Restriction of Goods” schedule issued by IATA from time to time and provided that all the requirements for packaging or otherwise contained therein are
fulfilled; 

  
 49 

	 	(iii)	 any other goods, materials or items of cargo which could reasonably be expected to cause damage to the Aircraft
and which would not be adequately covered by the Insurances; or 

  

	 	(iv)	 any illegal item or substance; 

 

	 	(f)	 not utilize the Aircraft for purposes of training, qualifying or
re-confirming the status of cockpit personnel except for the benefit of Lessee’s cockpit personnel, and then only if the use of the Aircraft for such purpose is not disproportionate to the use for such
purpose of other aircraft of the same type operated by Lessee; 

  

	 	(g)	 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 relating to operation of aircraft to, from or within the territory which is subject to such prohibition order (or any similar order or directive) by: 

 

	 	(i)	 any Government Entity of the State of Registration, the State of Organization or the Habitual Base; or

  

	 	(ii)	 any Government Entity of the country in which such location is situated; or 

 

	 	(iii)	 any Government Entity having jurisdiction over Owner, Lessor, any Financing Party or the Aircraft;

  

	 	(h)	 to the extent the Aircraft is operated within the European Union: 

 

	 	(i)	 comply with any obligations applicable to it in respect of the EU ETS Legislation and shall ensure that it (and
not Lessor, the Owner or any Financing Party) is notified to the relevant authorities as being the operator of the Aircraft whenever applicable in connection with the EU ETS Legislation; and 

 

	 	(ii)	 upon the reasonable request of Lessor, but not more frequently than on a yearly basis for so long as the
Aircraft continues to be operated within the European Union, certify to Lessor that Lessee are complying with the EU ETS Legislation to the extent that such EU ETS Legislation applies to Lessee; 

 

	 	(i)	 obtain and maintain in full force all certificates, licenses, permits and authorizations required for the use
and operation of the Aircraft for the time being, and for the making of payments required by, and the compliance by Lessee with its other obligations under, this Agreement; 

 

	 	(j)	 not change the location of the Habitual Base of the Aircraft without the prior written consent of Lessor;

  

	 	(k)	 not operate the Aircraft to, from or in any country that is a Sanctioned Country; and 

 

	 	(l)	 not use or permit the use of the Aircraft with, for or on behalf of any Sanctioned Person.

  
 50 

	8.4	 Taxes and Other Charges 

As between Lessor and Lessee and on the basis that this Section shall not apply to any fees, expenses, charges or other costs or Taxes that are
the subject of another specific provision of the Operative Documents, Lessee shall be responsible for all fees, expenses, charges and other costs related to the use, operation and maintenance of the Leased Property, and shall promptly pay: 

 

	 	(a)	 all license and registration fees (save for, for the avoidance of doubt, any fees relating to the initial
registration of the Aircraft with the FAA at Delivery), Taxes (other than Non-Indemnified Taxes), Flight Cycle Charges and other amounts of any nature imposed by any Government Entity that are imposed on
Lessee or for which Lessee is responsible under the Operative Documents with respect to the Aircraft, including the purchase, ownership, delivery, leasing, possession, use, operation, return, sale or other disposition of the Aircraft;

  

	 	(b)	 all rent, fees, charges, Taxes (other than Non-Indemnified Taxes)
imposed on Lessee and other amounts in respect of any premises where the Aircraft or any Part thereof is located from time to time during the Term; and 

  

	 	(c)	 all sums due by Lessee to any relevant ATC/Airport Authority in respect of all aircraft (including the
Aircraft) operated by Lessee before such sums become overdue and in default. 

  

	8.5	 Subleasing 

Lessee will not sublease or otherwise part with possession of the Aircraft, the Engines or any Part, except that Lessee may part with
possession: 
  

	 	(a)	 with respect to the Aircraft, the Engines or any Part, to the relevant manufacturers for testing or similar
purposes, or to an Agreed Maintenance Performer or Final Maintenance Performer for service, repair, maintenance or overhaul work or for alterations, modifications or additions to the extent required or permitted by this Agreement;

  

	 	(b)	 with respect to an Engine or Part, as expressly permitted by this Agreement; and 

 

	 	(c)	 provided that no Event of Default shall have occurred and be continuing, with respect to the Aircraft or an
Engine, pursuant to a “wet” lease or charter of the Aircraft in which operational control of the Aircraft remains with Lessee at all times (each a “Wet Lease”), provided (i) the term of such Wet Lease, including
extensions, is less than six (6) months and does not extend, nor is capable of being extended, beyond the Scheduled Expiry Date, (ii) the Aircraft remains registered with the Aviation Authority, (iii) the Aircraft shall be maintained,
insured and otherwise operated in accordance with the provisions of this Agreement, (iv) Lessee has given written notice to Lessor of such Wet Lease at least thirty (30) days prior to the date on which it is proposed that such Wet Lease
begin, (v) prior to the start of the Wet Lease, Lessee delivers to Lessor an original executed counterpart of the agreement documenting the Wet Lease and (vi) prior to the start of such Wet Lease, the party contracting with Lessee for such
service shall deliver to Lessor a written confirmation, in form and substance satisfactory to Lessor, that it will recognize the respective rights, title and interest of Lessor and any Financing Party in the Aircraft, that it will not seek to
exercise any rights whatsoever in relation thereto and that it agrees that any right between it and Lessee is subject and subordinate to this Agreement. 

  
 51 

 For the avoidance of doubt, Lessee shall remain primarily and fully responsible and liable
for the performance of its obligations under, and the observance of the terms of, this Agreement and the Operative Documents to which it is a party, notwithstanding any Wet Lease, as if such Wet Lease had not occurred. 

 

	8.6	 Inspection 

  

	 	(a)	 Lessor and any Person designated by Lessor as its representative may at any time visit, inspect and survey the
Aircraft, any Engine or any Part (including the Aircraft Documents and any updated suite of records and status reports) and for such purpose may, subject to any applicable Aviation Authority regulation, travel on the flight deck as an observer and
shall not be restricted during such inspection, provided such inspection is made at the time of any maintenance event or operation, from opening any panels, bays or doors on the Aircraft or from inspecting any part of the Aircraft that have already
been opened in the course of such maintenance event or operation. 

  

	 	(b)	 Lessee shall have no responsibility for the costs and expenses of Lessor or any other such Person in connection
with any such visit, inspection or survey unless an Event of Default has occurred and is continuing or the visit, inspection or survey discloses that Lessee is in breach of its material obligations under this Agreement, in which case such costs and
expenses, as well as any additional expenses incurred by Lessor in connection with verifying the rectification of any such breach, shall be paid by Lessee within five (5) Business Days of demand. 

 

	 	(c)	 Lessor shall: 

  

	 	(i)	 have no duty to make, or liability arising out of, any such visit, inspection or survey; and

  

	 	(ii)	 so long as no Event of Default has occurred and is continuing, not exercise such right for inspection pursuant
to this Section 8.6 other than on reasonable notice and so as not to disrupt unreasonably the normal maintenance or operation of the Aircraft. 

  

	8.7	 Protection of Title 

Lessee acknowledges that title to the Aircraft shall at all times be and remain solely and exclusively vested in Owner and that the Operative
Documents constitute for all purposes, including tax purposes, an agreement by Lessor to lease the Aircraft to Lessee and, accordingly, Lessee shall: 
  

	 	(a)	 not do or knowingly permit to be done or omit or knowingly permit to be omitted to be done any act or thing
which might reasonably be expected to jeopardize the respective rights, title and interest of any Financing Party as mortgagee of the Aircraft and assignee of this Agreement, Owner, as owner of the Aircraft or Lessor, as lessor of the Aircraft, or
the validity, enforceability or priority of any Financing Security Document or which would be likely to expose Owner, Lessor or any Financing Party to any criminal or civil liability; 

  
 52 

	 	(b)	 on all occasions when the ownership of the Aircraft, any Engine or any Part is relevant, make clear to third
parties that title is held by Owner, the Aircraft is leased to Lessee and is subject to any Financing Security Document; 

  

	 	(c)	 not at any time: 

  

	 	(i)	 represent or hold out Owner, Lessor or any Financing Party as carrying goods or passengers on the Aircraft or
as being in any way connected or associated with any operation or carriage (whether for hire or reward or gratuitously) which may be undertaken by Lessee; or 

  

	 	(ii)	 pledge the credit of Owner, Lessor or any Financing Party; 

 

	 	(d)	 ensure that there is always affixed, and not removed or in any way obscured, a fireproof plate (having
dimensions of not less than 6 in. x 4 in.) in a reasonably prominent position on the Aircraft stating: 

 “This
Aircraft is owned by UMB Bank, N.A., as Owner Trustee, and is leased to GLOBAL CROSSING AIRLINES, INC. and is subject to a security interest in favor of Deutsche Bank Trust Company Americas, as Security Trustee”; 

 

	 	(e)	 ensure that there is always affixed, and not removed or in any way obscured, a fireproof plate (having
dimensions of not less than 6 in. x 4 in.) in a reasonably prominent position on each Engine stating: 

 “This Engine
is owned by UMB Bank, N.A., as Owner Trustee and leased to GLOBAL CROSSING AIRLINES, INC. and subject to a security interest in favor of Deutsche Bank Trust Company Americas, as Security Trustee”; 

 

	 	(f)	 not create or permit to exist any Security Interest upon the Aircraft, any Engine or any Part, except Permitted
Liens and will promptly take, or cause to be taken, such actions as may be necessary to discharge any such Security Interest (other than Permitted Liens) that may at any time arise, exist or be levied upon the Aircraft, any Engine or Part;

  

	 	(g)	 not do or permit to be done anything which may reasonably be expected to expose the Aircraft, any Engine or any
Part to penalty, forfeiture, impounding, detention, appropriation, damage or destruction and, without prejudice to the foregoing, if any such penalty, forfeiture, impounding, detention, appropriation, damage or destruction occurs, give Lessor notice
and use its best efforts to procure the immediate release of the Aircraft, such Engine or such Part, as the case may be; 

  

	 	(h)	 not abandon the Aircraft, any Engine or any Part; 

 

	 	(i)	 pay and discharge or cause to be paid and discharged when due and payable or make adequate provision by way of
security or otherwise for all debts, damages, claims and liabilities which have given or might reasonably be expected to give rise to a Security Interest (other than a Lessor Lien) over or affecting the Aircraft, any Engine or any Part; and

  
 53 

	 	(j)	 not attempt, or hold itself out as having any power, to sell, lease or otherwise dispose of the Aircraft, any
Engine or any Part other than as expressly permitted by this Agreement. 

  

	8.8	 General 

Lessee will: 
  

	 	(a)	 not make any substantial change in the nature of the business in which it is engaged if such change, in the
reasonable opinion of Lessor, would have a material adverse effect on Lessee’s performance of its obligations under the Operative Documents; and 

  

	 	(b)	 preserve its corporate existence, and will not merge or consolidate with any Person, or sell all or
substantially all of its assets to any Person. 

  

	8.9	 Aircraft Documents 

 

	 	(a)	 Lessee shall procure that accurate, complete and current records of all flights made by Lessee during the Term,
and all maintenance, repairs, replacements, removals, modifications, alterations and additions carried out on or made to, the Aircraft (including, in relation to each Engine or Part subsequently installed, before its installation) during the Term,
are kept in English, and shall keep such records in such manner as the Aviation Authority and EASA or the FAA, as applicable, may from time to time require. In addition, all Airframe and Engine LLPs installed or replaced during the Term shall have
documentation substantiating Back-to-Birth Traceability to confirm current accumulated Flight Hours and Flight Cycles and any repairs performed on the Aircraft during
the Term shall have documentation substantiating the processes and all materials used in performing the repairs and such documentation shall include material certification. The records will form part of the Aircraft Documents; 

 

	 	(b)	 Lessee shall not maintain Aircraft Documents produced by electronic data processing, or other means of
automation, except under one of the following conditions: 

  

	 	(i)	 As summary documents accompanied by original, or manual, Aircraft Documents. 

 

	 	(ii)	 In automated format containing all pertinent data contained in original, or manual, Aircraft Documents. In such
case, each page of automated Aircraft Documents shall be signed, initialled, or stamped in a manner to verify and authenticate its origin and content. 

  

	 	(iii)	 Lessee shall provide a complete and current copy of Lessee’s automated Aircraft Documents system
procedures and security control approved by the Aeronautic Authority and provide access to its storage system to Lessor. 

  

	 	(iv)	 Upon return, each page of all acceptable automated Aircraft Documents shall be verified and authenticated with
a signature or stamp representing a Lessee Quality Assurance organization or other agreed to agent of Lessee, and dated as of the date of such verification and authentication. A letter identifying Lessee’s signatory agent shall accompany the
Aircraft Documents. 

  
 54 

	8.10	 Registration and Filings 

 

	 	(a)	 Lessee shall, at its cost, maintain the registration of the Aircraft with the Aviation Authority reflecting (so
far as permitted by Applicable Law) the interests of Owner, Beneficial Owner, Lessor and the Financing Parties and not do or suffer to be done anything which might reasonably be expected to adversely affect that registration, and take all actions
reasonably requested by Lessor to enable Lessor to perform its obligations under Section 7.3 regarding the registration of the Aircraft with the Aviation Authority; 

 

	 	(b)	 Lessee shall, at its cost, do all acts and things (including making any filing or registration with the
Aviation Authority, the International Registry or any other Government Entity) and execute and deliver all documents (including any amendment of this Agreement) as may be required by Lessor: 

 

	 	(i)	 following any change or proposed change in the ownership or financing of the Aircraft or in the manner of
securing the Owner’s or Lessor’s obligations to the Financing Parties (provided that the cost of such actions shall be for Lessor’s account, unless the change is a consequence of an Event of Default which has occurred and is
continuing, in which case, such costs shall be for Lessee’s account); 

  

	 	(ii)	 following any modification of the Aircraft, any Engine or any Part or the permanent replacement of any Engine
or Part in accordance with this Agreement, so as to ensure that the respective rights of Owner, Lessor and any Financing Party under this Agreement apply with the same effect as before; or 

 

	 	(iii)	 to establish, maintain, preserve, perfect and protect the rights of Lessor under this Agreement, of Owner,
Lessor or any Financing Party under any of the other Operative Documents and in and to the Aircraft (provided that the cost of such actions for the Owner, Lessor or any Financing Parties in the State of Organization and Habitual Base shall be for
Lessor’s account and the cost of such actions of the Owner, Lessor or any Financing Parties in the State of Registration shall be for Lessor’s account, unless the Aircraft is registered or based in a jurisdiction other than the USA, or if
an Event of Default shall have occurred and be continuing, in which case, such costs shall be for Lessee’s account); and 

  

	 	(c)	 without limitation to the generality of Section 8.10(b) above, do and join with Lessor in doing all such
acts as may be necessary to perfect recognition of Owner’s title and interest in, and the interest of Lessor, Owner, Beneficial Owner, and the Financing Parties in the Aircraft in accordance with the Cape Town Convention. Lessee hereby
irrevocably consents to Lessor’s registering the international interest constituted by this Agreement in the Airframe and each Engine under the Cape Town Convention as well as any Financing Security Document. Lessee hereby agrees to
(i) register as a “transaction user entity” with the International Registry and (ii) execute, deliver and file with the appropriate Government Entity in the State of Organization an irrevocable de-registration and export
authorization request if at any time the State of Organization makes a declaration under Article XIII of the Aircraft Equipment Protocol to the Cape Town Convention. Each of Lessor and Lessee shall each bear their respective expenses (including
legal, professional and out-of-pocket expenses) incurred or payable in connection with any such registration; 

  
 55 

	 	(d)	 procure that the Aircraft is included in Lessee’s air operator’s certificate (or any other similar
document as may be required by Applicable Law) and from time to time shall provide to Lessor a copy of its air operator’s certificate upon request; 

  

	 	(e)	 prior to or immediately on termination, revocation or cancellation for whatever reason of any Deregistration
Power of Attorney and/or IDERA (if applicable), Lessee shall provide Lessor with replacement Deregistration Powers of Attorney and/or IDERA (if applicable) in form and substance satisfactory to Lessor. 

 

	8.11	 Maintenance and Repair 

Lessee shall: 
  

	 	(a)	 keep the Aircraft airworthy in all respects and in good repair and condition, and all maintenance will be
carried out to the standards of major international air carriers; 

  

	 	(b)	 incorporate in the Approved Maintenance Program (i) a CPCP as recommended by the Airframe Manufacturer,
(ii) any aging aircraft program as recommended by the Airframe Manufacturer, (iii) any SSID/SID program approved by the Airframe Manufacturer, and (iv) an anti-fungus and anti-biological growth and contamination prevention, control
and treatment program for all fuel tanks in accordance with the Airframe Manufacturer’s approved procedures; 

  

	 	(c)	 maintain the Aircraft in accordance with CFR Part 121and all rules and regulations of the Aviation Authority as
are applicable to passenger aircraft of the same type as the Aircraft, and maintain the Aircraft to as to comply at all times with the type certificate specification and data sheets for the Aircraft; 

 

	 	(d)	 maintain the Aircraft in accordance with the Approved Maintenance Program through Agreed Maintenance Performers
and perform (at the respective intervals provided in the Approved Maintenance Program) all Qualifying Maintenance Events and lesser checks, and (i) Lessor shall be notified by Lessee prior to the commencement of any Qualifying Maintenance
Events, including as to the Agreed Maintenance Performer and for Lessor’s reasonable approval of the workscope, (ii) Lessor shall be entitled to have representatives present during the performance of all Qualifying Maintenance Events to
oversee and approve all aspects of such performance, including the workscope thereof and (iii) if required by the Agreed Maintenance Performer, Lessee shall give written authorization to the Agreed Maintenance Performer granting Lessor and its
representatives full access to the Qualifying Maintenance Event and all documents and correspondence generated during and as a result of such maintenance event; 

 

	 	(e)	 advise Lessor in writing of all material changes to the Approved Maintenance Program, and shall not
(i) change the intervals between Qualifying Maintenance Events under the Approved Maintenance Program without the written consent of Lessor which consent not to be unreasonably withheld, or (ii) change the Approved Maintenance Program in
any other material respect without the written consent of Lessor unless recommended by the applicable Manufacturer or mandated by the Aviation Authority; 

  
 56 

	 	(f)	 comply with all mandatory inspection and modification requirements, Airworthiness Directives, and similar
requirements applicable to the Aircraft, any Engine or Part having a compliance date on or before the Expiry Date and that are required by any of EASA, the FAA or the Aviation Authority; 

 

	 	(g)	 comply with all alert service bulletins issued by any manufacturer of the Aircraft, Engines or Parts, and
comply (including scheduling compliance work and then performing such work on schedule) with all other service bulletins issued by any such manufacturer; 

  

	 	(h)	 comply with all Applicable Laws and the regulations of the Aviation Authority and any other aviation
authorities with jurisdiction over Lessee or the Aircraft, any Engine or Part that relate to the maintenance, condition, use or operation of the Aircraft or require any modification or alteration to the Aircraft, any Engine or Part;

  

	 	(i)	 maintain in good standing a certificate of airworthiness for the Aircraft in the appropriate category for the
nature of the operations of the Aircraft issued by the Aviation Authority except when the Aircraft is undergoing maintenance, modification or repair required or permitted by this Agreement, and from time to time Lessee shall provide to Lessor a copy
on request; 

  

	 	(j)	 if required by the Aviation Authority, maintain a current certification as to maintenance issued by or on
behalf of the Aviation Authority in respect of the Aircraft and shall from time to time provide to Lessor a copy on request; 

  

	 	(k)	 maintain the Engines with respect to overhaul build standards and disc replacements at a level which is
consistent with the definition of Engine Performance Restoration Shop Visit; 

  

	 	(l)	 maintain the Engines and the APU in an “on condition” program as set forth in the relevant
Manufacturer’s maintenance manual; 

  

	 	(m)	 not enter into any engine maintenance cost per flight hour, power-by-the-hour or similar agreement with the Engine manufacturer or any other engine maintenance facility or organization that includes any Engine without
Lessor’s prior written consent, such consent to be based, at a minimum, on the following criteria; (a) Lessor shall be notified by Lessee prior to the commencement of any maintenance work described in Section 7.2(b), for Lessor’s
prior written approval of the workscope, (b) such agreement with the third party provider shall not relieve Lessee of any of its obligations under this Agreement, including without limitation its obligation to pay Supplemental Rent to Lessor
and to comply with the return conditions in Section 12 and Schedule 3 of this Agreement, (c) Lessor reaches agreement with the third party maintenance provider prior to the commencement of any maintenance work described in
Section 7.2(b) to release the amounts that Lessor is obligated to pay under Section 7.2(b) upon successful completion of the maintenance work and (d) such third party maintenance provider agrees with Lessor that all moneys paid by
Lessor shall be applied solely to the cost of Lessor approved workscope for the applicable Engine; 

  

	 	(n)	 subject to Section 11.3, procure promptly the replacement of any Engine or Part which has become time,
flight cycle or calendar expired, lost, stolen, seized, confiscated, destroyed, damaged beyond repair, unserviceable or permanently rendered unfit for use, with an engine or part complying with the conditions set out in Section 8.13(a);

  
 57 

	 	(o)	 accomplish all repairs, modifications and alterations in accordance with the SRM or, if the repair,
modification or alteration is outside the scope of the SRM, as recommended in writing by the applicable manufacturer and approved by the Aviation Authority and shall incorporate into the Approved Maintenance Program any applicable Manufacturer
instruction for continued airworthiness following such repair, modification or alteration; 

  

	 	(p)	 provide Lessor with a written summary of all sampling programs involving or affecting the Aircraft;

  

	 	(q)	 ensure that overhauls are accomplished following the relevant Manufacturer’s recommendation and using
maintenance and quality control procedures approved by the Aviation Authority, and that each Agreed Maintenance Performer provides a complete record of all work performed during the course of such overhaul was accomplished in accordance with
Aviation Authority and EASA and FAA requirements; 

  

	 	(r)	 comply with the provisions of Section 11.4 in connection with any accident or incident involving the
Aircraft; 

  

	 	(s)	 cooperate with Lessor (both parties acting reasonably and in good faith) to avoid, or otherwise minimize the
cost of, Engine Performance Restoration Shop Visits and Engine LLP Replacements, and work with Lessor to agree the most economic management of the Engines; and Lessee agrees that it shall not perform an Engine Performance Restoration without
Lessor’s prior written consent;; and 

  

	 	(t)	 upon completion of any C Check during the Term, provide Lessor with an Aircraft Evaluation Report in the Form
of Exhibit H. 

  

	8.12	 Removal of Engines and Parts 

Lessee will ensure that no Engine or Part installed on the Aircraft is at any time removed from the Aircraft other than: 

 

	 	(a)	 if replaced as expressly permitted by this Agreement; or 

 

	 	(b)	 if the removal is of an obsolete item and is in accordance with the Approved Maintenance Program; or

  

	 	(c)	 pursuant to, and in accordance with, Section 8.15; or 

 

	 	(d)	 during the course of maintaining, servicing, repairing, overhauling or testing that Engine or the Aircraft, as
the case may be; or 

  

	 	(e)	 for the purpose of making such modifications to the Engine or the Aircraft, as the case may be, as are
permitted under this Agreement, 

  
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 and then in each case only if: 

 

	 	(i)	 any such Engine or Part is promptly replaced pursuant to Section 8.13; 

 

	 	(ii)	 Lessee commences repair and overhaul of such Engine as promptly as possible and in any event within ninety
(90) days of removal; 

  

	 	(iii)	 Lessee ensures that such Engine is fully repaired and/or overhauled as promptly as possible and in any event
within one-hundred eighty (180) days of removal; 

  

	 	(iv)	 such Engine is reinstalled on the Airframe or another airframe as promptly as possible following such repair
and/or overhaul; and 

  

	 	(v)	 such Engine is reinstalled on the Airframe as promptly as possible and in any event no later than ninety
(90) days prior to the Expiry Date. 

  

	8.13	 Installation of Engines and Parts 

 

	 	(a)	 Lessee will ensure that, except as permitted by this Agreement, and (in the case of an Engine) subject to
Section 8.13(d), no engine or part is installed on the Aircraft unless: 

  

	 	(i)	 in the case of an engine, it is an engine of the same model as, or an improved or advanced version of the
Engine it replaces (provided, in the case of an improved or advanced version, it can be installed and operated on the Airframe without modification of the Airframe or the engine, whether or not the other installed Engine is also such an improved or
advanced version); 

  

	 	(ii)	 in the case of a part, it (1) is in as good operating condition, (2) has no less hours available
until the next scheduled checks, inspections, overhauls and shop visits, is of the same or a more advanced make and model, and is of the same interchangeable modification status as the replaced Part, (3) has attached to it a current EASA Form
1/FAA Form 8130-3 dual release issued by the manufacturer or Approved Maintenance Provider indicating that the part is new, serviceable or overhauled (and Lessee shall retain all such tags), and (4) shall
be accompanied by documentation establishing Back-to-Birth Traceability for all installed LLPs; 

 

	 	(iii)	 in the case of a part that is replacing a Part in an Engine, Landing Gear or APU, the part is an OEM Part and
must not be a PMA Part and has not been repaired except pursuant to an OEM-approved repair; 

  

	 	(iv)	 in the case of a part, it has become and remains the property of Owner free from Security Interests and on
installation on the Aircraft will, without further act, be subject to this Agreement, in which case title to the removed part shall automatically become vested in Lessee without further action or warranty on the part of Owner or Lessor except that
such Part shall be free of Lessor Liens; and 

  

	 	(v)	 in each case, Lessee has full details as to its source and maintenance records. 

  
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	 	(b)	 If no Event of Default has occurred and is continuing, Lessee will be entitled to install any engine or part on
the Aircraft by way of replacement notwithstanding Section 8.13(a), but (in the case of an engine) subject to Section 8.13(d), if: 

  

	 	(i)	 there is no engine or part available to Lessee at the time and in the place that engine or part is required to
be installed on the Aircraft a replacement engine or part complying with the requirements of Section 8.13(a); 

  

	 	(ii)	 it would result in an unreasonable disruption of the operation of the Aircraft or the business of Lessee to
ground the Aircraft until an engine or part complying with Section 8.13(a) becomes available for installation on the Aircraft; and 

  

	 	(iii)	 as soon as practicable after installation of the same on the Aircraft but, in any event, no later than the
earlier of ninety (90) days after such installation or such longer period, provided Lessee is diligently seeking a replacement in compliance with Section 8.13 (a) and where the Engine is in good faith and in due course being actively
repaired by or on behalf of Lessee) and (2) the Expiry Date, Lessee removes any such engine or part and replaces it with the Engine or Part replaced by it or by an engine or part complying with Section 8.13(a). 

 

	 	(c)	 If no Event of Default has occurred which is continuing, Lessee will be entitled to install Third Party Engines
on the Airframe by way of replacement notwithstanding Section 8.13(a)(i) and (ii), respectively, so long as: 

  

	 	(i)	 the terms of any lease, conditional sale agreement or security agreement, as the case may be, covering such
Third Party Engine will not have the effect of prejudicing the title and interest of Owner, Beneficial Owner, Lessor or any Financing Party in and to the Aircraft (including its Engines and Parts); 

 

	 	(ii)	 the secured party, lessor or conditional vendor, as the case may be, of such Third Party Engine has confirmed
and acknowledged in writing (which confirmation and acknowledgment may be contained in the lease, conditional sale agreement or security agreement covering such Third Party Engine to Lessor that it will recognize the respective rights, title and
interest of Owner, Lessor and any Financing Party in and to the Aircraft (including its Engines and Parts) and that it will not seek to exercise any rights whatever in relation thereto, and Lessee so agrees to the extent that title is held by it;

  

	 	(iii)	 Lessee shall have delivered to Lessor evidence reasonably satisfactory to Lessor of the matters set forth in
clauses (i) and (ii) above, which may be by written confirmation, in form and substance reasonably satisfactory to Lessor, from the applicable lessor, seller or secured party, or by Lessee providing a copy (certified as being true, correct and
complete by Lessee) of the applicable provisions of the applicable lease, conditional sale agreement or security agreement; and 

  

	 	(iv)	 before the Expiry Date (1) Lessee removes any such Third Party Engine and replaces it with the Engine
replaced by it complying with Section 8.13(a). 

  
 60 

	 	(d)	 Lessor agrees, for the benefit of any mortgagee, conditional vendor or holder of any other Security Interest in
any Third Party Engine installed on the Airframe that Lessor shall not claim any title to or interest in any such Third Party Engine as the result of such Third Party Engine being installed on the Airframe; provided, that the agreement by Lessor set
forth in this Section 8.13(d) is subject to Lessor’s rights to take possession of the Aircraft under Section 13.2(c)(i) and/or to require Lessee to redeliver the Aircraft under Section 13.2(c)(ii) with such Third Party Engine
installed. Lessee shall have full authority at all relevant times to comply with the provisions of this Section 8.13(d) in respect of any engine installed by it on the Aircraft pursuant to Section 8.13(a) or 8.13(c). 

 

	 	(e)	 If any Engine requires an Engine Performance Restoration Shop Visit during the Term, then Lessee agrees to
promptly notify Lessor of such event and instead of contributing to the cost of that work, Lessor may opt to provide Lessee with a substitute engine in accordance with Section 8.21 hereof. 

 

	8.14	 Non-Installed Engines and Parts 

 

	 	(a)	 Lessee shall ensure that any Engine or Part that is not installed on the Airframe (or any other airframe as
permitted by this Agreement) is, except as expressly permitted by this Agreement, maintained, properly and safely stored and kept free from Security Interests (other than Permitted Liens), with insurance thereon complying with the requirements of
this Agreement. 

  

	 	(b)	 Lessee shall notify Lessor whenever an Engine is removed from the Aircraft (such notice to be provided at least
ninety (90) days in advance of any planned removal) and, from time to time, upon request procure that any Person to whom possession of an Engine is given acknowledges in writing to Lessor, in form and substance satisfactory to Lessor, that such
Person will respect the interests of Owner, Lessor and any Financing Party in such Engine and will not seek to exercise any rights whatsoever in relation to such Engine. 

 

	 	(c)	 Notwithstanding Section 8.14(a), Lessee shall be permitted, if no Event of Default has occurred and is
continuing, to install any Engine on an airframe and any Part on an airframe or engine: 

  

	 	(i)	 owned and operated by Lessee free from Security Interests, other than Permitted Liens; 

 

	 	(ii)	 leased or hired to Lessee pursuant to a lease or conditional sale agreement on a long-term basis and on terms
whereby Lessee has full operational control of that aircraft or engine; or 

  

	 	(iii)	 acquired or financed by Lessee and operated by Lessee on terms that ownership of that aircraft or engine, as
the case may be, pursuant to a lease, conditional sale agreement or Security Interest is vested in or held by any other Person; 

provided that in the case of (ii) and (iii): 
  

	 	(1)	 the terms of any such lease, conditional sale agreement or Security Interest will not have the effect of
prejudicing the title and interest of Owner or Lessor in and to that Engine or Part or the interest of any Financing Party in respect thereof under any Financing Security Document; and 

  
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	 	(2)	 the lessor under such lease, the seller under such conditional sale agreement or the secured party of such
Security Interest, as the case may be, has confirmed and acknowledged in writing (which confirmation and acknowledgment may be contained in the lease, conditional sale agreement or document creating the Security Interest covering that airframe or
engine) to Lessor, in form and substance satisfactory to Lessor, that it will recognize the respective rights, title and interest of Owner, Lessor or any Financing Party to and in that Engine or Part and that it will not seek to exercise any rights
whatever in relation thereto; and 

  

	 	(3)	 Lessee shall have delivered to Lessor evidence reasonably satisfactory to Lessor of the matters set forth in
clauses (1) and (2) above, which may be by written confirmation, in form and substance reasonably satisfactory to Lessor, from the applicable lessor, seller or secured party, or by Lessee providing a copy (certified as being true, correct and
complete by Lessee) of the applicable provisions of the applicable lease, conditional sale agreement or security agreement. 

  

	8.15	 Pooling of Engines and Parts 

 

	 	(a)	 Lessee will not enter into nor permit any pooling agreement or arrangement in respect of an Engine without the
prior written consent of Lessor; 

  

	 	(b)	 So long as no Event of Default has occurred which is continuing, for pooling agreements or arrangements, with
respect to Parts only, satisfying the following conditions: 

  

	 	(i)	 Lessee has entered into the pooling agreement or arrangement in the ordinary course of its airline business;

  

	 	(ii)	 the other parties to the pooling agreement or arrangement are reputable, solvent commercial air carriers or the
manufacturers or suppliers of the Part (or other reputable, solvent organizations whose business includes the administration of and participation in such pooling agreements or arrangements); 

 

	 	(iii)	 the Part is leased, let on hire or otherwise made available by Lessee on terms conferring no more than a
contractual right in personam against Lessee and not a right in rem against such Part; and 

  

	 	(iv)	 the pooling agreement or arrangement either provides that Lessor (or any Financing Party designated by Lessor)
will be sole loss payee in respect of any loss or damage to the Part, or provides for Owner to acquire title to a substitute engine or part satisfying the conditions set out in Section 11.3(a) if the Part is destroyed. 

  
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	8.16	 Equipment Changes 

 

	 	(a)	 Lessee will not make any Voluntary Equipment Change expected to cost over US$100,000 or that deviates from the
Aircraft’s original type design or configuration without the prior written consent of Lessor, which consent shall not be unreasonably withheld. 

  

	 	(b)	 Lessor may review Lessee’s proposed designs, plans, engineering drawings and diagrams, and flight and
maintenance manual revisions for any proposed Equipment Change. If requested by Lessor, Lessee will furnish Lessor (at Lessee’s expense) with such documents in final form and any other documents required by Applicable Law as a result of an
Equipment Change. All Equipment Changes made to the Aircraft will be properly documented in the Aircraft Documents and be fully approved by the Aviation Authority. 

 

	 	(c)	 Lessee shall not make any Voluntary Equipment Change that has the effect of diminishing or impairing the value,
utility, condition or airworthiness of the Aircraft. 

  

	 	(d)	 All permanent or structural Equipment Changes, all Mandatory Equipment Changes and all Voluntary Equipment
Changes will, upon installation, become a part of the Aircraft and the property of Owner. Lessor shall advise Lessee in writing at the time of giving its consent under Section 8.16(a) or if Lessee has specifically requested Lessor to provide
its determination in respect of the relevant Voluntary Equipment Change, whether or not such Voluntary Equipment Change will be required to be removed before return of the Aircraft to Lessor. Provided that Lessor shall have advised Lessee that such
Voluntary Equipment Change will be required to be removed before return of the Aircraft to Lessor, the Aircraft will be restored to its condition prior to that Equipment Change, and upon such removal and restoration will revert to become the
property of Lessee; Lessee may not remove a Voluntary Equipment Change without Lessor’s consent during the continuation of a Default. 

  

	8.17	 Title to Engines and Parts 

 

	 	(a)	 Any Engine at any time removed from the Aircraft will remain the property of Owner until a replacement has been
made in accordance with this Agreement and title to that replacement has passed, according to Applicable Laws, to Owner subject to this Agreement free of all Security Interests (other than Lessor Liens), whereupon title to the removed Engine will,
provided no Event of Default has occurred and is continuing, pass to Lessee free of Lessor Liens. At any time when requested by Lessor (acting reasonably), Lessee will provide evidence to Lessor’s reasonable satisfaction (including the
provision, if required, to Lessor of a legal opinion with respect to title to the Engine) that title has so passed to Owner. 

  

	 	(b)	 Title to all Parts installed on the Aircraft, whether by way of replacement, as the result of an Equipment
Change or otherwise (except those installed pursuant to Section 8.15) will on installation, without further act, vest in Owner subject to this Agreement free and clear of all Security Interests. Lessee will at its own expense take all such
steps and execute, and procure the execution of, all such instruments that are necessary to ensure that title so passes to Owner and is subject to the Security Interests created by the Financing Security Documents, if applicable, according to all
Applicable Laws. At any time when requested by Owner or Lessor, Lessee will provide evidence to Lessor’s and/or Owner’s reasonable satisfaction (including the provision, if required, to Lessor and/or Owner of one of more legal opinions)
that title has so passed to Owner and is subject to the Security Interests created by the Financing Security Documents, if applicable. 

  
 63 

	 	(c)	 Except as referred to in Section 8.17(b), any Part at any time removed from the Aircraft will remain the
property of Owner until a replacement has been made in accordance with this Agreement and until title to that replacement has passed, according to Section 8.17(b) and Applicable Laws, to Owner subject to this Agreement free of all Security
Interests, whereupon title to the removed Part will, provided no Default has occurred and is continuing, pass to Lessee free of Lessor Liens. 

  

	8.18	 Third Parties 

Lessee shall procure that any Person having possession of the Aircraft during the Term will not act in any manner inconsistent with
Lessee’s obligations under this Agreement, and that all such Persons shall comply with those obligations as if references to “Lessee” included a separate reference to those Persons. Lessee shall authorize the release by such Persons
to Lessor of all details pertaining to the maintenance and Lessee shall, upon Lessor’s request, provide Lessor with letters to all such Persons allowing the disclosure to Lessor of all matters relating to the Aircraft. 

 

	8.19	 Non-Discrimination 

 

	 	(a)	 Lessee shall not discriminate against the Aircraft in its use, maintenance or operation of the Aircraft or
inclusion of the Aircraft in a modification program compared to similar aircraft owned or operated by Lessee, 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. 

  

	 	(b)	 Subject to a sublease or a wet lease permitted pursuant to Section 8.5, Lessee shall continue to use the
Aircraft in its regular commercial passenger operations until delivery to the Redelivery Location immediately prior to the Final Inspection. 

  

	 	(c)	 Lessee further agrees that normal progressive maintenance will continue to be performed on the Aircraft
throughout the Term, and not out of the ordinary maintenance procedures or cessation of maintenance shall occur during the one year period prior to the Expiry Date. 

 

	 	(d)	 Lessee shall not perform any Qualifying Maintenance Event earlier than when such Qualifying Maintenance Event
is due under the Approved Maintenance Program. 

  

	8.20	 Cape Town Convention 

Lessee (i) shall register any international interests or prospective international interests with the International Registry with respect
to the Aircraft and/or any Engine and constituted by this Agreement any applicable international interests or prospective international interests, and (ii) at Lessor’s cost and expense shall from time to time, do or cause to be done (and
consents to Lessor, Owner or the Security Trustee doing or causing to be done) any and all acts and things capable of being done by Lessee which may be required or desirable (in the sole discretion of Lessor) to ensure that Owner, Lessor and the
Security Trustee 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 and/or enhancing any international
interest(s) vested in the name of Owner, Lessor or the Security Trustee with respect to the Aircraft and/or any Engine and constituted by this Agreement, including any applicable certified designee letter; 

  
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	 	(b)	 constituting any international interests to be vested in Owner, Lessor or the Security Trustee with respect to
the Aircraft and/or any Engine in connection with any Operative Document and any Financing Security Document; 

  

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

  

	 	(d)	 consenting to and acknowledging any security assignment between Lessor and any Financing Party in connection
with an Operative Document or any Financing Document permitted under this Agreement; 

  

	 	(e)	 excluding in writing the application of any provisions of the Cape Town Convention that Lessor may deem
desirable in connection with the foregoing; 

  

	 	(f)	 executing an IDERA in favour of Lessor, or if required by Lessor, the Security Trustee, submitting the same to
the Aviation Authority for recordation and providing the recorded IDERA to Lessor; and 

  

	 	(g)	 not executing or submitting an IDERA for recordation in favour of any creditor other than Lessor or any
Financing Party without Lessor’s prior written consent. 

  

	 	(h)	 In this Clause 8.20, the following terms have the following meanings: 

 

	 	(i)	 international interest, national interests,
non-consensual right or interest and prospective international interest have the meanings as expressed in the Cape Town Convention; 

 

	 	(ii)	 state has the meaning as expressed in the Cape Town Convention; and 

 

	 	(iii)	 state in which Lessee is situated shall be construed in accordance with the expression “state in
which the debtor is situated in” as set out in Article 4 of the Cape Town Convention. 

  

	8.21	 Engine Exchange 

Notwithstanding Lessee’s obligations under Section 8.11 hereof, if Lessor determines that, based upon Lessee’s utilization
profile for the Aircraft, any Engine does not have adequate longevity to remain operational for the duration of the Term, and if any Engine becomes unserviceable for any reason (other than as a result of accident, premature or catastrophic failure,
foreign object damage, ingestion, faulty or improper maintenance or installation, incident, improper operations, abuse, neglect or misuse, or damage claimable under an Engine warranty claim), then Lessee shall promptly provide written notice to
Lessor (an “Engine Notice”), and Lessor shall have the following options upon any Engine becoming unserviceable: 

  
 65 

	 	(a)	 (i) Lessor may provide a substitute engine reasonably acceptable to Lessee (a “Substitute
Engine”). In such event, Lessee shall, at Lessee’s cost, return the unserviceable Engine to Lessor to a location to be mutually agreed between Lessee and Lessor, in the condition and in the same configuration as such Engine was in
just prior to such Engine becoming unserviceable. Upon receipt by Lessor of an Engine Notice and, if Lessor elects to provide a Substitute Engine, Lessor shall as soon as commercially practicable under the circumstances, provide to Lessee a
Substitute Engine. Lessor shall use reasonable commercial efforts to find a suitable Substitute Engine with remaining time sufficient to last until the end of the Term. 

(ii) Other than the purchase or lease cost set forth in this subsection (a), all other direct costs associated with obtaining and installing
such Substitute Engine shall be for the account of Lessee. If Lessor owns or purchases such Substitute Engine, Lessor and Lessee shall agree upon return conditions for such Substitute Engine(s) to be documented as an amendment to this Agreement. If
the Substitute Engine is to be leased from a third party, the delivery and return conditions set forth in such third party engine lease agreement shall be documented and referenced in an amendment or supplement to this Agreement, and Lessee shall
not unreasonably withhold its consent to, and shall agree to be bound by, the terms and conditions of any such engine lease. 
 (b)
Alternatively, upon receipt by Lessor of an Engine Notice, Lessor may elect to terminate this Agreement, and Lessee shall promptly redeliver the Aircraft pursuant to and in accordance with Section 12 hereof and Schedule 3 hereto, except in
respect of the unserviceable Engine, unless otherwise waived by Lessor. 
 (c) Alternatively, upon receipt by Lessor of an Engine Notice,
Lessor may require that Lessee perform, or procure performance of, an Engine Performance Restoration Shop Visit on such Engine in furtherance of Lessee’s obligations under this Agreement, including Section 8.11 hereof, with any such Engine
Performance Restoration Shop Visit performed at Lessee’s sole cost and expense and Lessor shall contribute to the costs thereof in accordance with Sections 7.2(b) and 7.2(c) hereof. Lessee agrees to provide all necessary logistic, technical,
operational and engineering support to assist with any Engine Performance Restoration Shop Visits. 
  

	9	 Insurance 

  

	9.1	 Insurances 

Lessee will maintain in full force and effect during the Term insurances in respect of the Aircraft in form and substance reasonably
satisfactory to Lessor (the “Insurances”) through such brokers and with such insurers and having such deductibles and being subject to such exclusions as are usual and customary in the worldwide aviation insurance marketplace for
major international air carriers operating similar equipment who are similarly situated with Lessee. The Insurances will be placed either: 
  

	 	(a)	 on a direct basis with insurers of recognized standing who normally participate in aviation insurances in the
leading international insurance markets and led by reputable underwriters approved by Lessor, or 

  
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	 	(b)	 with a single insurer or group of insurers approved by Lessor (acting reasonably) who does not retain the risk,
but effects substantial reinsurance in the leading international insurance markets and through reinsurance brokers of recognized standing and acceptable to Lessor for a percentage acceptable to Lessor of all risks insured, 

 

	9.2	 Requirements 

Lessor’s current requirements as to Insurances are as specified in this Section 9 and in Schedule 4. Except for the amount of the
Agreed Value, the Minimum Liability Coverage and the deductible under Lessee’s hull and war risk insurance policies, Lessor may from time to time stipulate such other requirements for the Insurances as Lessor reasonably considers necessary to
ensure that the scope and level of cover is maintained in accordance with the then prevailing industry practice in relation to aircraft of the same type as the Aircraft and in relation to operators of similar standing to Lessee. In the event that it
proposes any such stipulation, Lessor shall notify Lessee accordingly and Lessor and/or its brokers will then consult in good faith with Lessee and Lessee’s brokers (as for the time being approved by Lessor) with regard to such proposed
stipulation for a period of no more than fourteen (14) days. Following the consultation, if Lessor is satisfied that the stipulation should be made, Lessee shall then comply with the stipulated requirements. 

 

	9.3	 Insurance Covenants 

Lessee shall: 
  

	 	(a)	 ensure that all legal requirements as to insurance of the Aircraft, any Engine or any Part that may from time
to time be imposed by the laws of the State of Registration or any jurisdiction to, from or over which the Aircraft may be flown, in so far as they affect or concern the operation of the Aircraft, are complied with and, in particular, those
requirements compliance with which is necessary to ensure that: 

  

	 	(i)	 the Aircraft does not become subject to 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 or any Part are not thereby prejudiced;

  

	 	(b)	 not use, cause or permit the Aircraft, any Engine or any Part to be used for any purpose or in any manner not
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 or agree to any act
or omission that: 

  

	 	(i)	 invalidates or may reasonably be expected to invalidate the Insurances; 

 

	 	(ii)	 renders or may reasonably be expected to 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;

  
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	 	(d)	 not take out without the prior written approval of Lessor any insurance in respect of the Aircraft other than
those of the type required under this Agreement unless relating solely to hull total loss, business interruption, engine break-down, profit commission and deductible risk; 

 

	 	(e)	 provide to Lessor and the Security Trustee (if applicable) copies of those documents evidencing the Insurances
which Lessor and the Security Trustee (if applicable) may reasonably request; 

  

	 	(f)	 on request, provide to Lessor evidence that the Insurance premiums have been paid; 

 

	 	(g)	 not make any modification or alteration to the Insurances material and adverse to the interests of any of the
Indemnitees; 

  

	 	(h)	 be responsible for any deductible under the Insurances; and 

 

	 	(i)	 provide any other insurance related information, or assistance, in respect of the Insurances as Lessor may
reasonably request. 

  

	9.4	 Renewal of Insurances 

Lessee shall commence renewal procedures at least thirty (30) days prior to the expiration of any of the Insurances and provide to Lessor
and the Security Trustee (if applicable): 
  

	 	(a)	 if requested by Lessor, a written status report of renewal negotiations fourteen (14) days prior to each
expiration date; 

  

	 	(b)	 confirmation of completion of renewal prior to each expiration date; and 

 

	 	(c)	 a certificate of insurance and broker’s letter of undertaking substantially in the form delivered to
Lessor on the Delivery Date, detailing the coverage and confirming the insurers’ agreement to the specified insurance requirements of this Agreement within seven (7) days after each renewal date. 

 

	9.5	 Failure to Insure 

If Lessee fails to maintain the Insurances in compliance with this Agreement: 

 

	 	(a)	 Lessee shall immediately ground the Aircraft and shall keep it properly stored until such time as the
Insurances shall again be in full force and effect. 

  

	 	(b)	 Lessee shall immediately notify Lessor and the Security Trustee (if applicable) of the non-compliance of the Insurances with the requirements of this Agreement, and Lessee shall provide Lessor with full details of all steps that Lessee is taking or proposes to take in order to remedy such non-compliance. 

  
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	 	(c)	 Each of the Indemnitees will be entitled but not obligated (without prejudice to any other rights of Lessor
under this Agreement): 

  

	 	(i)	 to pay the premiums due or to 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 on demand
(such demand being made as soon as reasonably practicable following the incurring of such expenditure), together with interest thereon at the Overdue Rate from the date of expenditure by it up to the date of reimbursement by Lessee (before and after
any judgment); and 

  

	 	(ii)	 at any time while such failure is continuing to require the Aircraft to remain at any airport or to proceed to
and remain at any airport designated by it until the failure is remedied to its reasonable satisfaction. 

  

	9.6	 Continuing Insurance for Indemnity 

 

	 	(a)	 Lessee shall effect and maintain insurance after a Transfer or the Expiry Date with respect to its liability
under the indemnities in Section 10 for two years, or until the next scheduled C-Check (or its equivalent), whichever is earlier, providing for each Indemnitee to be named as an additional insured
pursuant to the provisions of the airline finance/lease contract Endorsement AVN99. 

  

	 	(b)	 Lessee’s obligation under this Section 9.6 shall not be affected by Lessee ceasing to be lessee of
the Aircraft or any of the Indemnitees ceasing to have any interest in respect of the Aircraft, and upon a Transfer pursuant to Section 14.2, Lessee shall continue to name the Indemnitees as additional insureds under the Insurance policies
covered by Section 1(d) of Schedule 4 for two years, or until the next scheduled C-Check (or its equivalent), whichever is earlier, after the Transfer date. 

 

	9.7	 Application of Insurance Proceeds 

As between Lessor and Lessee, and except to the extent otherwise required pursuant to the provisions of the airline finance/lease contract
Endorsements AVN67B and AVN67B (Hull War) adopted by the Lloyd’s Aviation Underwriter’s Association (or any successor endorsements), if applicable: 
  

	 	(a)	 All insurance payments, up to the Agreed Value, received as the result of a Total Loss occurring during the
Term will be paid to Lessor (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing Party). 

  

	 	(b)	 All insurance proceeds in respect of any damage or loss to the Aircraft, any Engine or any Part occurring
during the Term not constituting a Total Loss and involving insurance proceeds in excess of the Damage Notification Threshold will be paid to Lessor (unless or until Lessor notifies Lessee that said payments should be made to a specified Financing
Party) such payment to be applied in payment (or to reimburse Lessee) for repairs or replacement property upon Lessor and such specified Financing Party being reasonably satisfied that the repairs or replacement have been or will be effected in
accordance with this Agreement. Insurance proceeds in amounts less than the Damage Notification Threshold may be paid by the insurer directly to Lessee. Any balance remaining shall be paid to or may be retained by Lessee. 

 

	 	(c)	 All insurance proceeds in respect of third party liability will be paid to the relevant third party.

  
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	 	(d)	 Notwithstanding Sections 9.7(a) and (b), if at the time of the payment of any such insurance proceeds an
Default or Event of Default has occurred and is continuing, all such proceeds will be paid to or retained by Lessor (unless or until Lessor notifies Lessee that said payments should be made to a Financing Party) to be applied toward payment of any
amounts that may be or become payable by Lessee in such order as Lessor sees fit or as Lessor may elect. In the event that Lessee remedies any such Default or Event of Default to the reasonable satisfaction of Lessor, then Lessor shall procure that
all such insurance proceeds then held by Lessor or any Financing Party, as the case may be, in excess of the amounts (if any) applied by Lessor or any Financing Party, as the case may be, in accordance with this Section 9.7(d) shall be paid
promptly to Lessee. 

  

	9.8	 Aggregate Limits 

If any of the Insurances is subject to an annual aggregate yearly or other periodic limit, and, by reason of any claims made thereunder during
the course of a year or other period in respect of any property subject to such policy, the aggregate amount of coverage available thereunder in respect of the balance of such year or other period shall have been reduced: 

 

	 	(a)	 Lessee shall forthwith notify Lessor of the amount of any such claim; and 

 

	 	(b)	 Lessee shall not operate the Aircraft during the balance of such year or other period either (i) without
the prior written consent of Lessor or (ii) until Lessee has increased forthwith upon request of Lessor the aggregate limit under the relevant policy for such year or other period to such amount as Lessor may reasonably require.

  

	9.9	 Form LSW555D Exclusions 

In this Section 9.9, the term Uninsured Risks shall mean the matters set out in the exclusions to form LSW555D (or any successor
provision approved by Lessor) for chemical or biological weapons, so called “dirty bombs” and electromagnetic pulse weapons. Lessee undertakes that if cover in respect of the Uninsured Risks is, or becomes, available in the London
insurance markets or elsewhere at commercially reasonable rates (having reference to the extent to which such cover is commonly taken by first class international airlines) it shall, if requested by Lessor, obtain and maintain, or cause to be
obtained and maintained, insurance cover for the Uninsured Risks to the fullest extent available in the leading international insurance markets. 
  

	10	 Indemnity 

  

	10.1	 General 

  

	 	(a)	 Lessee shall defend, indemnify and hold harmless each of the Indemnitees for, from and against any and all
claims, damages, demands, settlements, proceedings, losses, liabilities, suits, judgments, costs, expenses, penalties or fines (each a Claim) regardless of when the same is made or incurred, whether during or after the Term:

  

	 	(i)	 that may at any time be suffered or incurred directly or indirectly as a result of or connected with
possession, repossession, delivery, performance, management, registration, deregistration, control, maintenance, condition, service, repair, overhaul, leasing, subleasing, use, operation or return of the Aircraft, any Engine or Part (either in the
air or on the ground) whether or not the Claim may be attributable to any defect in the Aircraft, any Engine or any Part or to its design, testing, 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; 

  
 70 

	 	(ii)	 that arise out of any act or omission that invalidates or that renders voidable any of the Insurances; or

  

	 	(iii)	 that may at any time be suffered or incurred as a consequence of any design, article or material in the
Aircraft, any Engine or any Part or its operation or use constituting an infringement of patent, copyright, trademark, design or other proprietary right or a breach of any obligation of confidentiality owed to any Person. 

 

	 	(b)	 Notwithstanding the provisions of Section 10.1(a), Lessee shall not have to indemnify an Indemnitee for
any Claim to the extent that: 

  

	 	(i)	 it arises directly as a result of the willful misconduct or gross negligence of such Indemnitee;

  

	 	(ii)	 it arises directly as a result of a breach by Lessor of its express obligations under this Agreement or as a
result of a representation or 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)	 it represents a Tax or loss of tax benefits (Lessee’s liabilities for which, including exclusions, are set
out in Sections 5.7, 5.8, 5.9 and 5.11); 

  

	 	(iv)	 it constitutes a cost or expense that is required to be borne by such Indemnitee in accordance with another
provision of this Agreement or any other Operative Document; 

  

	 	(v)	 it results from any disposition not caused by Lessee of all or any part of Owner’s or Lessor’s
rights, title or interest in or to the Aircraft or under this Agreement or any other Operative Documents or the rights or interest of any Financing Party, unless such disposition occurs following an Event of Default; 

 

	 	(vi)	 it is attributable to an event occurring before Delivery or after the Term unless the Claim results from or
arises out of an act or omission by Lessee, or any circumstance existing, during the Term; 

  

	 	(vii)	 it represents an ordinary and usual overhead expense for such Indemnitee, except to the extent that the same
arises upon the occurrence of a Default or Event of Default; or 

  

	 	(viii)	 it is actually reimbursed to an Indemnitee pursuant to any other provision of the Operative Documents.

  
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	10.2	 Mitigation 

  

	 	(a)	 Lessor agrees that it shall notify Lessee in writing as soon as reasonably practicable after it becomes aware
of any circumstances that would, or would reasonably be expected to, become the subject of a claim for indemnification pursuant to Section 10.1. Lessor (and any other Indemnitee seeking indemnification, as the case may be) and Lessee shall then
consult with one another in good faith in order to determine what action (if any) may reasonably be taken to avoid or mitigate such Claim. Lessee shall have the right to take all reasonable action (on behalf and, if necessary, in the name of Lessor
or such other Indemnitee other than the Financing Parties) in order to resist, defend or settle (provided such settlement is accompanied by payment) any claims by third parties giving rise to such Claim, provided always that Lessee shall not be
entitled to take any such action unless adequate provision, reasonably satisfactory to Lessor and such other Indemnitee shall have been made in respect of the third party claim and the costs thereof. Lessee or, if the Claim is covered by
Lessee’s Insurances, Lessee’s insurers shall be entitled to select any counsel to represent it or them, Lessor and such other Indemnitee in connection with any such action, subject in the case of Lessee to the approval of Lessor and such
other Indemnitee (such approval not to be unreasonably withheld) and any action taken by Lessee shall be on a full indemnity basis in respect of Lessor and such other Indemnitee other than the Financing Parties. 

 

	 	(b)	 Any sums paid by Lessee to Lessor or any Indemnitee in respect of any Claim pursuant to Section 10.1 shall
be paid subject to the condition that, in the event that Lessor or such Indemnitee is subsequently reimbursed in respect of that Claim by any other Person, Lessor or such Indemnitee shall, provided no Default or Event of Default relating to payment
shall have occurred and be continuing and/or no Rent or other amounts under this Agreement are due and payable by Lessee, promptly pay to Lessee an amount equal to the sum paid to it by Lessee, including any interest on such amount to the extent
attributable thereto and received by Lessor or such Indemnitee, less any Tax payable by Lessor or such Indemnitee in respect of such reimbursement. 

  

	10.3	 Duration 

The indemnities contained in this Agreement will survive and continue in full force after the Expiry Date. 

 

	11	 Events of Loss 

 

	11.1	 Total Loss Before Delivery 

If a Total Loss occurs before Delivery, this Agreement will immediately terminate and neither party will have any further obligation or
liability under this Agreement except as expressly stated herein. 
  

	11.2	 Total Loss After Delivery 

 

	 	(a)	 If a Total Loss occurs after Delivery, Lessee will pay the Agreed Value to Lessor (or any Financing Party
designated by Lessor) on the earlier of: 

  

	 	(i)	 three (3) Business Days following the date of receipt by Lessee of the insurance proceeds payable as a
result of the Total Loss, or 

  
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	 	(ii)	 the 60th day after the Total Loss Date (the Settlement Date), 

in either case unless the Aircraft is restored to Lessor or Lessee within that period (or, in the case of a Total Loss coming within paragraph
(c) of the definition of Total Loss and involving the loss of Owner’s title to the Aircraft, if both the Aircraft and Owner’s title thereto are restored to Owner or, in the case of the Aircraft, to Lessee). 

 

	 	(b)	 The receipt by Lessor or any Financing Party (on behalf of Lessor) of the insurance proceeds in respect of the
Total Loss on or prior to the Settlement Date shall discharge Lessee from its obligation to pay the Agreed Value to Lessor pursuant to this Section 11.2, provided such proceeds are not less than the Agreed Value. In the event that the insurance
proceeds are paid initially to Lessee and not to Lessor or any Financing Party designated by Lessor, they may be retained by Lessee if Lessee shall have paid the Agreed Value to Lessor or any Financing Party (on behalf of Lessor); otherwise Lessee
shall pay the Agreed Value to Lessor or any Financing Party (on behalf of Lessor) not later than three (3) Business Days following receipt by Lessee of such proceeds. In the event that Lessee pays the Agreed Value to Lessor or any Financing
Party (on behalf of Lessor) in accordance with this Section 11.2 and provided no Event of Default is continuing, Lessor shall promptly assign to Lessee its rights under the Insurances to receive the insurance proceeds in respect of the Total
Loss to the extent that such proceeds shall not have been paid to Lessee. 

  

	 	(c)	 Subject to the rights of any insurers or other third parties, upon irrevocable payment in full to Lessor or any
Financing Party (on behalf of Lessor) of the Agreed Value and all other amounts that may be or become payable to Lessor under the Operative Documents to which Lessee is a party, Lessor shall without recourse or warranty (except as to the absence of
Lessor Liens), and without further act, be deemed to have transferred to Lessee all of Owner’s rights to any Engines or Parts not installed when the Total Loss occurred, all on an “as-is where
is” basis, and shall, at Lessee’s expense, execute and deliver such bills of sale and other documents and instruments as Lessee may reasonably request to evidence the transfer and the vesting of Owner’s rights in such Engines and
Parts in Lessee, free and clear of all rights of Owner and any Lessor Liens. 

  

	11.3	 Engine Loss 

  

	 	(a)	 Upon the occurrence of an Engine Loss in circumstances in which there has not also occurred a Total Loss
(including, for the avoidance of doubt, at a time when the Engine is not installed on the Airframe), Lessee shall give Lessor written notice promptly upon becoming aware of the same and shall, within sixty (60) days after the Engine Loss Date,
convey or cause to be conveyed to Owner, as replacement for such Engine, title to a replacement engine that (1) is in the same or better operating condition (with neither Flight Hours nor Flight Cycles greater than the Engine to be replaced),
and has the same or greater value (which value will be based on the relevant Flight Hours and Flight Cycles and shop visit history of such engine) and utility and at least the same thrust rating, in each case, as the lost Engine (assuming the lost
Engine was, immediately before the Engine Loss, in the condition required by this Agreement); (2) LLPs in the replacement engine shall not have less life remaining than the LLPs in the Engine being replaced; (3) has no less hours available
until the next scheduled checks, inspections, overhauls and shop visits and has the same or greater value and utility as the replaced Engine; (4) has attached to it a current FAA Form 8130 and/or EASA Form 1 issued by the Engine Manufacturer or
an Approved Maintenance Provider indicating that the 

  
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engine is new, serviceable or overhauled (and Lessee shall retain all such tags); and (5) shall be accompanied by documentation establishing Back-to-Birth Traceability for all installed LLPs; (6) the replacement engine does not have any modules that have been operated at a higher thrust rating than the Engine it is replacing and (7) in
each case Lessee has full details as to its source and maintenance records. In the event Lessee has been unable to locate a suitable replacement within such 60-day period, but continues to diligently seek such
a replacement, Lessee shall pay any insurance proceeds received (or any future amounts once received) in respect of the Engine which suffered an Engine Loss to Lessor on the 60th day, which amount Lessor shall hold in trust for Lessee until Lessee
acquires a suitable replacement engine and transfers title thereto to Owner in accordance with the terms hereof. 

  

	 	(b)	 Lessee will at its own expense take all such steps and execute, and procure the execution of, a full warranty
bill of sale covering such replacement engine, a supplement to this Agreement adding such replacement engine to the Leased Property and all such other agreements and instruments that are necessary to ensure that title to such Engine passes to Owner
and is subject to the Security Interest created by any Financing Security Document and such replacement engine becomes an “Engine”, all according to Applicable Laws. At any time when requested by Lessor, Lessee will provide evidence to
Lessor’s reasonable satisfaction (including the provision, if required, to Lessor of one of more legal opinions) that title has so passed to Owner and is subject to the Security Interest created by any Financing Security Document.

  

	 	(c)	 Upon compliance with the foregoing title transfer provisions, the leasing of the replaced Engine that suffered
the Engine Loss shall cease and title to such replaced Engine shall (subject to any salvage rights of insurers) vest in Lessee free of Lessor Liens. If Lessor or any Financing Party subsequently receives any insurance proceeds relating to such
Engine Loss, Lessor shall promptly remit such proceeds, or cause such proceeds to be remitted, to Lessee. 

  

	 	(d)	 No Engine Loss with respect to any Engine that is replaced in accordance with the provisions of this
Section 11.3 shall result in any decrease in Basic Rent, Supplemental Rent or the Agreed Value. 

  

	11.4	 Damage or Incident Not Constituting a Total Loss 

Following the occurrence of any damage to the Aircraft, any Engine or any Part that does not constitute a Total Loss or an Engine Loss and
where the potential cost of repair may reasonably be expected to exceed the Damage Notification Threshold, Lessee shall take the following actions: 
  

	 	(a)	 Lessee shall consult with, and comply with, all reasonable instructions of Lessor, which instructions are not
to be unreasonably withheld or delayed with respect to the accomplishment of repairs; 

  

	 	(b)	 Lessee shall obtain Lessor’s consent, which consent is not to be unreasonably withheld or delayed prior to
agreeing any repair workscope or seeking Manufacturer approval in connection with any such repairs; and 

  

	 	(c)	 Lessee shall obtain a written certification reasonably satisfactory to Lessor from each relevant Manufacturer
as to the accomplishment of repairs. 

  
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	11.5	 Requisition 

During any requisition for use or hire of the Aircraft, any Engine or Part that does not constitute a Total Loss: 

 

	 	(a)	 the Basic Rent, Additional Rent and Supplemental Rent payable under this Agreement will not be suspended or
abated either in whole or in part, and Lessee will not be released from any of its other obligations under this Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition);

  

	 	(b)	 so long as no Event of Default has occurred and is continuing, Lessee will be entitled to any compensation
payable by the requisitioning authority in respect of the Term; 

  

	 	(c)	 Lessee will, as soon as practicable after the end of any such requisition (with the Term being extended if and
to the extent that the period of requisition continues beyond the Scheduled Expiry Date), cause the Aircraft to be put into the condition required by this Agreement; and 

 

	 	(d)	 Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any change in
the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such
change; provided, that, if any Default has occurred and is continuing, Lessor may apply the compensation in or towards settlement of any amounts owing by Lessee under this Agreement. 

 

	12	 Redelivery of Aircraft 

 

	 	(a)	 On the Expiry Date or termination of the leasing of the Aircraft under this Agreement, Lessee shall, unless a
Total Loss has occurred, at its expense, return and redeliver the Leased Property to Lessor at the Redelivery Location in accordance with the procedures and in the condition described in Schedule 3 (including Annex 1 to Schedule 3) free and clear of
all Security Interests and Permitted Liens (other than Lessor Liens); 

  

	 	(b)	 Lessor and Lessee shall discuss no later than twelve (12) months prior to the scheduled redelivery date,
and if mutually agreed shall document, any agreed buy out options on the redelivery conditions described in Schedule 3. Unless specifically agreed otherwise, the Aircraft must be returned in the condition required by Schedule 3.

  

	 	(c)	 Redelivery of the Aircraft in the condition set out in this Clause 12 and Schedule 3 at the Redelivery Location
is of the essence of this Agreement and if the Aircraft is not returned as provided herein, Lessor may obtain a court order requiring Lessee to return the Aircraft in accordance with the provisions hereof. In addition, and without waiving or
limiting Lessor’s right to obtain such court order, if Lessee does not return the Aircraft to Lessor for any cause on the date of the expiration or termination of the Term, or does not return the Aircraft to Lessor in the condition set out in
this Clause 12, then the obligations of Lessee under this Agreement shall continue and such continued use shall not be considered a renewal of the terms of this Agreement or a waiver of any right of Lessor hereunder and Lessor may terminate
Lessee’s right to possess the Aircraft immediately on written notice to Lessee; and Lessee shall fully indemnify Lessor on demand against all losses, liabilities, actions, proceedings, costs and expenses

  
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thereby suffered or incurred by Lessor. During such continued use, Basic Rent shall continue to be paid by Lessee to Lessor at the rate of 100% of the monthly Basic Rent for the first calendar
month following the date on which Redelivery was meant to occur, 125% of the monthly Basic Rent for the subsequent calendar month and 150% of the monthly basic Rent for each calendar month thereafter until the Aircraft is actually delivered to
Lessor in the required condition, and all other terms and conditions of the Lease shall remain in full force and effect, provided that the payment by Lessee of such amounts will not constitute a renewal of the terms of the Lease or of the Term or a
waiver of any of Lessor’s rights under the Lease and will not give Lessee any rights whatsoever in respect of the Aircraft or any part thereof other than as may be required to enable Lessee to comply with its obligations under this Clause 12.

  

	 	(d)	 Lessor may elect, in its sole and absolute discretion, to accept the return of the Aircraft prior to the
Aircraft being put in the condition required by this Section 12 and Schedule 3 and thereafter have any such non-conformance with such conditions corrected at such time as Lessor may deem appropriate and
at commercial rates then charged by the Person selected by Lessor to perform such correction. Lessee will indemnify Lessor on demand for any losses, costs and expenses incurred or suffered by lessor in relation to any such corrections. Lessee’s
obligation to indemnify such amounts will survive the Expiry Date. 

  

	13	 Events of Default 

 

	13.1	 Events of Default 

Each of the following events will constitute an Event of Default by Lessee: 

 

	 	(a)	 Non-payment: Lessee (i) fails to pay the Agreed Value and
all other amounts required under Section 11.2 by no later than the Settlement Date, (ii) fails to make any payment of Basic Rent or Supplemental Rent within three (3) Business Days of the date on which such payment is due, or
(iii) fails to pay any other amount payable by it under this Agreement within three (3) Business Days after such amounts are due; or 

  

	 	(b)	 Material Covenants: Lessee (i) fails to rectify the
non-compliance of the Leased Property with the conditions of Section 12 or redeliver the Leased Property to Lessor in accordance with Schedule 3, (ii) fails to maintain in full force and effect any
insurance required to be maintained under Section 9, or (iii) voluntarily transfers possession of the Airframe or any Engine to another Person other than as permitted by this Agreement; or 

 

	 	(c)	 Breach: Lessee fails to comply with any other provision of this Agreement and, if such failure is, in
the reasonable opinion of Lessor, capable of remedy, the failure continues for fifteen (15) days after written notice from Lessor to Lessee, provided, that if such failure cannot reasonably be remedied within such 15 day period and Lessee is
diligently undertaking all necessary remedial action, the 15 day period shall be extended for a reasonable number of days necessary to cure such failure (not to exceed a period of 45 days from the date of such breach); or 

 

	 	(d)	 Representation: any representation or warranty made (or deemed to be repeated) by Lessee in the
Operative Documents to which it is a party or in any document or certificate furnished to Lessor by Lessee pursuant to or in connection with the Operative Documents to which it is a party is or proves to have been incorrect in any material respect
when made or deemed to be repeated; or 

  
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	 	(e)	 Cross Default: 

 

	 	(i)	 any Financial Indebtedness of Lessee greater than US$500,000 is not paid when due and any applicable grace
period shall have expired; or 

  

	 	(ii)	 the security for any Financial Indebtedness of Lessee or any of its Affiliates is enforced; or

  

	 	(iii)	 any lease, conditional sale, installment sale or forward purchase agreement of Lessee or any of its Affiliates
in respect of an aircraft is terminated as a consequence of an event of default or termination event (however described); or 

  

	 	(iv)	 an event of default (however described) occurs under any lease, conditional sale, installment sale or forward
purchase agreement between Lessor or any of its Affiliates and Lessee or any of its Affiliates; or 

  

	 	(f)	 Approvals: any consent, authorization, license, certificate or approval of or registration with or
declaration to any Government Entity in connection with this Agreement, including: 

  

	 	(i)	 any authorization required by Lessee of, or in connection with, the execution, delivery, validity,
enforceability or admissibility in evidence of the Operative Documents or the performance by Lessee of its obligations under the Operative Documents; or 

  

	 	(ii)	 any airline license, air transport license, franchise, concession, permit, certificate, right or privilege
required by Lessee for the conduct of its business is modified, withheld, revoked, suspended, canceled, withdrawn, terminated or not renewed, or otherwise ceases to be in full force and is not reissued, reinstated or renewed within thirty
(30) days, provided however that any such modification, withholding, revocation, suspension, cancellation, withdrawal, termination or non-renewal shall only constitute an Event of Default if it has a
material adverse effect on Lessee’s ability to perform its obligations under the Operative Documents to which it is a party or on Owner’s or Lessor’s rights, title and interest to and in the Aircraft or under the Operative Documents;
or 

  

	 	(g)	 Insolvency: 

  

	 	(i)	 Lessee is, or is deemed for the purposes of any relevant law to be, unable to pay its debts as they fall due or
to be insolvent; or 

  

	 	(ii)	 Lessee suspends making payments on all or any class of its debts or announces an intention to do so, or a
moratorium is declared in respect of any of its indebtedness; or 

  
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	 	(h)	 Bankruptcy and Similar Proceedings: 

 

	 	(i)	 Lessee shall consent to the appointment of a receiver, trustee or liquidator for itself or for a substantial
part of its property; or 

  

	 	(ii)	 Lessee shall admit in writing its inability to pay its debts generally as they become due, or Lessee shall make
a general assignment for the benefit of creditors; or 

  

	 	(iii)	 Lessee shall file a voluntary petition in bankruptcy or a voluntary petition or answer seeking reorganization
in a proceeding under any laws dealing with bankruptcy, insolvency, moratorium or creditors’ rights generally (any or all of which are hereinafter referred to as “Bankruptcy Laws”), or an answer admitting the material
allegations of a petition filed against Lessee in any such proceeding, or Lessee shall by voluntary petition or answer consent to or fail to oppose the seeking of relief under the provisions of any Bankruptcy Laws; or 

 

	 	(iv)	 any order, judgment or decree is entered by a court of competent jurisdiction appointing a receiver, trustee or
liquidator of Lessee or a substantial part of its property, or ordering a substantial part of Lessee’s property to be sequestered, is instituted or done with the consent of Lessee or, if instituted by another Person, the order, judgment or
decree is not dismissed, remedied or relinquished within thirty (30) days; or 

  

	 	(v)	 a petition against Lessee in a proceeding under any Bankruptcy Laws shall be filed and shall not be withdrawn
or dismissed within thirty (30) days thereafter, or if, under the provisions of any Bankruptcy Laws that may apply to Lessee, any court of competent jurisdiction shall assume jurisdiction, custody or control of Lessee or of any substantial part
of its property; or 

  

	 	(vi)	 any step (including petition, proposal or convening a meeting) is taken by Lessee with a view to a composition,
assignment or arrangement with any creditors of, or the reorganization, rehabilitation, administration, liquidation, or dissolution of, Lessee or any of its Affiliates or any other insolvency proceedings involving Lessee or any of its Affiliates; or

  

	 	(i)	 Other Jurisdiction: there occurs in relation to Lessee any event anywhere which, in the reasonable
opinion of Lessor, corresponds with any of those mentioned in Section 13.1(h); or 

  

	 	(j)	 Suspension of Business: Lessee suspends or ceases to carry on all or a substantial part of its business;
or 

  

	 	(k)	 Disposal: Lessee disposes or threatens to dispose of all or a material part of its assets, whether by
one or a series of transactions, related or not, other than pursuant to a merger or consolidation as referred to in, and subject to, Section 8.8(b) or for the purpose of any other reorganization or amalgamation the terms of which have received
the previous consent in writing of Lessor; or 

  

	 	(l)	 Rights: the existence, validity, enforceability or priority of the rights of Owner, as owner of the
Aircraft, Lessor, as lessor of the Aircraft or the rights of any other person in relation to the Aircraft are challenged by Lessee or any other Person lawfully claiming by or through Lessee; or in relation to the Aircraft are challenged by Lessee or
any other Person lawfully claiming by or through Lessee; or 

  
 78 

	 	(m)	 Delivery: Lessee fails to accept delivery of the Aircraft when validly tendered pursuant to this
Agreement by Lessor (provided that Lessor shall have satisfied the conditions precedent set out in Section 3.4); or 

  

	 	(n)	 Adverse Change: any event or series of events occurs which, in the reasonable opinion of Lessor, will
have a material adverse effect on the financial condition or operations of Lessee (as compared to such financial condition at Delivery) or on the ability of Lessee to comply with its obligations under the Operative Documents or to have a prejudicial
effect on Owner’s, Lessor’s or any Financing Party’s rights, title and/or interest in, to or under the Aircraft and/or the Operative Documents; or 

 

	 	(o)	 Nationalization: all or a material part of the undertakings, rights, assets or revenues of, or shares or
other ownership interests in, Lessee are seized, nationalized, expropriated or compulsorily acquired by or under the authority of any Government Entity; or 

  

	 	(p)	 Airport Charges: any overflight and airport fees or charges owed by Lessee or otherwise owed in respect
of the Aircraft shall not be fully paid when due; or 

  

	 	(q)	 [Reserved]; or 

 

	 	(r)	 Arrest: the Aircraft, any Engine or any Part is taken in execution, impounded or otherwise taken from
the possession of Lessee by reason of any legal process or any other legal process is levied upon the Aircraft, any Engine or any Part or the Aircraft, any Engine or any Part is arrested or detained in the exercise or purported exercise of any Lien
(other than a Lessor Lien) or claim enforceable against the Aircraft, any Engine or any Part and Lessee shall fail to provide or to procure the release of the Aircraft, any Engine or any Part within a period of ten days; or 

 

	 	(s)	 Change of Control: Lessee undergoes a Change of Control at any time; as used herein, “Change of
Control” means (i) Lessee shall, directly or indirectly, in one or more related transactions, (A) consolidate or merge with or into (whether or not Lessee is the surviving corporation) another person whereby such other person acquires
more than 50% of the voting power of Lessee, (B) sell, assign, transfer, lease, license, convey or otherwise dispose of all or substantially all of the properties or assets of Lessee to another person (excluding any grants of security by Lessee
over such assets), (C) allow another person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the voting power of Lessee or (D) consummate a stock purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person whereby such other person acquires more than 50% of the voting power of Lessee; or

  

	 	(t)	 Unlawful: due to action or fault of Lessee, it becomes unlawful for Lessee to perform any of its
material obligations under the Operative Documents to which it is a party, or any of the Operative Documents to which it is a party becomes wholly or partly invalid or unenforceable, provided that any such partial invalidity or unenforceability
shall only constitute an Event of Default if it has a material adverse effect on Lessee’s ability to perform its obligations under the Operative Documents to which it is a party or Owner’s or Lessor’s rights, title and interest in and
to the Aircraft or under the Operative Documents. 

  
 79 

	13.2	 Rights 

If an Event of Default occurs, and for as long as it shall continue (and without prejudice to any of its other rights under this Agreement or
that may arise by operation of Applicable Law): 
  

	 	(a)	 Lessor may at its option, by notice to Lessee 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 to lease the Aircraft under this Agreement shall cease; and/or 

 

	 	(b)	 Lessor may at its option proceed by appropriate court action or actions to enforce performance of this
Agreement or to recover damages for the breach of this Agreement; and/or 

  

	 	(c)	 Lessor may at its option either: 

 

	 	(i)	 take possession of the Aircraft, for which purpose Lessor may enter any premises belonging to, occupied by or
under the control of Lessee (for which purpose Lessee hereby grants to Lessor an irrevocable license to the extent permitted by Applicable Law) where the Aircraft may be located, or cause the Aircraft to be redelivered to Lessor at the Redelivery
Location (or such other location as Lessor may require), and Lessor is hereby irrevocably authorized and empowered, to the extent permitted by Applicable Law, to direct pilots of Lessee or other pilots to fly the Aircraft to that airport and will
have all the powers and authorizations necessary for taking such action; or 

  

	 	(ii)	 by serving notice, require Lessee to redeliver the Aircraft to Lessor at the Redelivery Location (or such other
location as Lessor may require) in the condition required by Section 12 and Schedule 3; and/or 

  

	 	(d)	 Lessor, or Owner as the case may be, may sell, lease or otherwise deal with the Leased Property in such manner
as Lessor in its absolute discretion considers appropriate; and/or 

  

	 	(e)	 Lessee shall at the request of Lessor take all steps, or otherwise cooperate with Lessor in taking such steps,
necessary to deregister the Aircraft from the aircraft registry of the State of Registration and export the Aircraft from the country where the Aircraft is for the time being registered or situated and any other steps necessary to enable the
Aircraft to be redelivered to Lessor in accordance with this Agreement. Lessee hereby irrevocably and by way of security for its obligations under the Operative Documents authorizes and empowers Lessor as its attorney-in-fact and agent (such agency being coupled with an interest), in Lessor’s own name or in the name of Lessee, to execute and deliver any documentation and to do any act or thing required in
connection with the foregoing. 

  
 80 

	13.3	 Default Payments 

If an Event of Default occurs, Lessee will indemnify and pay to Lessor on demand against any loss (including loss of profit), damage, expense,
cost or liability that Lessor may sustain or incur directly or indirectly as a result, including: 
  

	 	(a)	 all unpaid Basic Rent, Additional Rent and Supplemental Rent then due and unpaid; 

 

	 	(b)	 any loss of profit (calculated on an after-tax basis) suffered by
Lessor because of Lessor’s inability to place the Aircraft on lease with another lessee on terms as favorable to Lessor as this Agreement or because whatever use, if any, to which Lessor is able to put the Aircraft upon its Redelivery to
Lessor, or the funds arising upon a sale or other disposal of the Aircraft, is not as profitable (calculated on an after-tax basis) to Lessor as this Agreement would have been but for such Event of Default;

  

	 	(c)	 in the event that the Aircraft is sold prior to Lessor entering into a replacement lease, the amount (if any)
by which (i) the aggregate of (1) the net sale proceeds (calculated by deducting the costs of sale together with the cost of preparing the Aircraft for sale and the repayment of any outstanding indebtedness in relation to the financing of
the Aircraft) plus (2) the present value of the anticipated after-tax net income to be derived from such net sale proceeds up to the Scheduled Expiry Date, discounted on a monthly basis using 3.0% per
annum as the discount rate, are less than (ii) the aggregate of (1) the anticipated net sale proceeds (computed on the same basis as the net sale proceeds referred to in (i)(1) above), assuming that the Aircraft would have been sold as soon
as reasonably practicable following the Scheduled Expiry Date plus (2) the present value of the income that would have been derived from the future Basic Rent and Supplemental Rent payable until the Scheduled Expiry Date, discounted on a
monthly basis using 3.0% per annum as the discount rate; 

  

	 	(d)	 any amount of principal, interest, fees or other sums whatsoever paid or payable on account of funds borrowed
in order to carry any amount unpaid by Lessee; and 

  

	 	(e)	 any loss, cost, expense or liability sustained or incurred by Lessor owing to Lessee’s failure to
redeliver the Aircraft on the date, at the place and in the condition required by this Agreement (other than any loss, premium, penalty or expense that may be incurred in repaying funds raised to finance the Aircraft or in unwinding any swap,
forward interest rate agreement or other financial instrument relating in whole or in part to Lessor’s financing of the Aircraft). 

  

	13.4	 Waiver of Certain Article 2A Rights 

To the fullest extent permitted by Applicable Law, each of Lessor and Lessee hereby agrees that no rights or remedies referred to in Article 2A
of the Uniform Commercial Code shall be conferred upon either Lessor or Lessee unless otherwise expressly granted in this Agreement. 

  
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	14	 Assignment, Transfer and Financing 

 

	14.1	 No Assignment by Lessee 

Lessee shall not assign any of its right, title, interests, duties, obligations or liabilities in, to or under the Operative Documents, or
create or permit to exist any Security Interest (other than Permitted Liens) over any of its rights under the Operative Documents, and any such purported assignment or grant of a Security Interest shall be void ab initio and of no force or
effect. Without limiting the foregoing, if any assignment prohibited under the foregoing sentence shall be valid by operation of any non-waivable provision of Applicable Law, Lessee shall nevertheless remain
fully liable for the payment and performance of all of Lessee’s obligations to be paid and performed hereunder as fully and to the same extent as if such assignment had not been effected, without prejudice to the obligations of such assignee.

  

	14.2	 Lessor Assignment 

Lessor may sell, assign or transfer all or any of its rights under the Operative Documents and in the Leased Property (a
“Transfer”) and Lessor will, other than in the case of an assignment for security purposes, have no further obligation under the Operative Documents following a Transfer but, notwithstanding any Transfer, will remain entitled to the
benefit of each indemnity under this Agreement. 
  

	 	(a)	 In connection with any Transfer, the following conditions shall apply: 

 

	 	(i)	 Lessor shall give Lessee prior written notice of such Transfer, specifying the name and address of the proposed
purchaser, assignee or transferee (the “Transferee”); 

  

	 	(ii)	 the Transferee will either be (1) an Affiliate of Lessor or (2) a Person with a tangible net worth of
at least five million Dollars (US$5,000,000) (or shall be guaranteed by a Person having such a tangible net worth), and reasonably experienced in aircraft leasing (or the Transferee’s rights and powers under this Agreement shall be exercised or
serviced on its behalf pursuant to an appropriate management or servicing agreement by a Person having, or having access to, such experience); 

  

	 	(iii)	 the Transferee will have full corporate power and authority to enter into and perform the transactions
contemplated by this Agreement on the part of “Lessor”; 

  

	 	(iv)	 such Transfer shall not result in a change of State of Registration (unless otherwise agreed with Lessee);

  

	 	(v)	 on the Transfer date, Lessor and the Transferee shall enter into an agreement or agreements in which the
Transferee confirms that it shall be deemed a party to this Agreement and agrees to be bound by all the terms of, and to undertake all of the obligations of, Lessor contained in this Agreement arising on or after the time of the Transfer;

  

	 	(vi)	 neither the Transferee nor any of its Affiliates will be a direct airline competitor of Lessee; and

  

	 	(vii)	 such Transfer shall not violate any Applicable Law. 

 

	 	(b)	 Upon any Transfer, the Transferee shall be deemed Lessor for all purposes of this Agreement, each reference in
this Agreement to “Lessor” shall thereafter be deemed for all purposes to refer to the Transferee, and the transferor shall be relieved of all obligations of “Lessor” under this Agreement arising after the time of such Transfer
except to the extent attributable to acts or events occurring prior to the time of such Transfer. 

  
 82 

	 	(c)	 Upon compliance by Lessor and a Transferee with the terms and conditions of Section 14.2(a), Lessee shall
at the time of Transfer, at the specific written request of Lessor and with Lessor paying Lessee’s reasonable out-of-pocket costs and expenses:

  

	 	(i)	 execute and deliver to Lessor and to such Transferee an agreement, in form and substance satisfactory to
Lessor, Lessee and such Transferee, dated the date of such Transfer, consenting to such Transfer, agreeing to pay all or such portion of the Basic Rent, Supplemental Rent and other payments under this Agreement to such Transferee or its designee as
such Transferee shall direct, and agreeing that such Transferee shall be entitled to rely on all representations and warranties made by Lessee in the Operative Documents or in any certificate or document furnished by Lessee in connection with the
Operative Documents as though such Transferee was the original “Lessor”; 

  

	 	(ii)	 execute and deliver to Lessor or such Transferee, as appropriate, precautionary Uniform Commercial Code
financing statements or amendments reflecting the interests of such Transferee in the Aircraft and the Operative Documents; 

  

	 	(iii)	 deliver to Lessor and to such Transferee a certificate, signed by a duly authorized officer of Lessee, dated
the date of such Transfer, to the effect that (1) no Default or Event of Default has occurred and is continuing or, if one is then continuing, describing such Default or Event of Default, and (2) the representations and warranties set forth in
Section 2.1 are, to the extent remaining applicable, true and correct as of such date; 

  

	 	(iv)	 cause to be delivered to Lessor and such Transferee certificates of insurance and broker’s letters of
undertaking substantially in the form delivered to Lessor on the Delivery Date, detailing the coverage and confirming the insurers’ agreement to the specified insurance requirements of this Agreement and listing Lessor and Transferee as
additional insureds and the Transferee as sole loss payee (subject to other direction by any Financing Party); 

  

	 	(v)	 deliver to Lessor and to such Transferee an opinion of Lessee’s counsel (which may be Lessee’s
General Counsel), addressed to Lessor and such Transferee to the effect that the agreement referred to in Section 14.2(c)(i) has been duly authorized and executed by Lessee and constitutes the legal, valid and binding obligation of Lessee,
enforceable against Lessee in accordance with its terms (subject to customary exceptions), and to the effect that such Transferee may rely on the opinion delivered by such counsel or its predecessor counsel in connection with the Operative Documents
on the Delivery Date with the same force and effect as if such Transferee was an original addressee of such opinion when given; 

  

	 	(vi)	 deliver to Lessor and such Transferee information on the location of the Airframe and Engines at all times
requested by Lessor in order to permit the Transfer to take place at a time and on a date so as to eliminate or minimize any Taxes applicable to the Transfer; and 

 

	 	(vii)	 such other documents as Lessor or such Transferee may reasonably request. 

  
 83 

	14.3	 Financing Parties; Grants of Security Interests 

 

	 	(a)	 On or before the Delivery Date, and from time to time thereafter, Lessor shall advise Lessee in writing of any
Financing Parties, and of any Financing Documents relevant to such Financing Parties’ status as Additional Insureds and of any Financing Security Documents providing to any Financing Parties a Security Interest in the Leased Property or
Owner’s or Lessor’s right, title and interest in any Operative Documents. On the Delivery Date, pursuant to Section 3.1(c), Lessee shall execute and deliver to Lessor the Notice and Acknowledgment. 

 

	 	(b)	 Each of Owner and Lessor shall be entitled at any time after Delivery to grant a Security Interest in the
Leased Property or its right, title and interest in any Operative Document in replacement of or with a priority senior, equal or subordinate to any previous grant of a Security Interest. In the case of any such grant after Delivery, Lessee shall
promptly, at the specific written request of Lessor and with Lessor paying all of Lessee’s reasonable out-of-pocket costs and expenses: 

 

	 	(i)	 execute and deliver to Lessor a notice and acknowledgment referring to the new Financing Security Document and
otherwise substantially in the form of the Notice and Acknowledgment; 

  

	 	(ii)	 deliver to Lessor and any new Financing Parties identified by Lessor a certificate, signed by a duly authorized
officer of Lessee, dated the date of the grant of the additional Security Interest by Lessor, to the effect that (1) no Event of Default has occurred and is continuing or, if one is then continuing, describing such Event of Default, and
(2) the representations and warranties set forth in Section 2.1 are true and correct as of such date; 

  

	 	(iii)	 cause to be delivered to Lessor certificates of insurance and broker’s letters of undertaking
substantially in the form delivered to Lessor on the Delivery Date, detailing the coverage and confirming the insurers’ agreement to the specified insurance requirements of this Agreement, adding the additional Financing Parties identified by
Lessor as additional insureds and, if requested by Lessor, as loss payees; and 

  

	 	(iv)	 such other documents as Lessor may reasonably request. 

 

	14.4	 Sale and Leaseback by Lessor 

In addition to the Transfers and grants of Security Interests permitted by Sections 14.2 and 14.3, Lessor shall be entitled to transfer its
right, title and interests in and to the Leased Property to any Person and lease the Aircraft from such Person (a Head Lessor), and in such event Lessor shall retain its rights and obligations as “Lessor” under this Agreement. In
the event of such a sale and lease-back by Lessor, (a) the Head Lessor shall meet the requirements for a “Transferee” as defined in Section 14.2(a)(ii) above, (b) Lessor shall be entitled to assign its rights in this
Agreement to such Head Lessor as security for its obligations under the head lease, (c) the Head Lessor shall be entitled to grant to one or more purchase money lenders, or to an indenture trustee on behalf of such lenders, a Security Interest
covering the Leased Property and the Operative Documents, (d) Lessee shall execute and deliver to Lessor, such Head Lessor and 

  
 84 

 
such secured parties, as appropriate, the documents specified in Sections 14.2(c) and 14.3(b) above, and Lessee shall cooperate with Lessor to make such other changes to the Operative Documents,
such as including such Head Lessor and such secured parties as additional insureds and “Indemnitees”, as Lessor may reasonably request. Lessor shall pay all of Lessee’s reasonable out-of-pocket costs and expenses related to a Transfer pursuant to this Section 14.4. 
  

	14.5	 Further Acknowledgments 

Lessee and Lessor further acknowledge and agree that any Transferee shall in turn have the rights of, and be subject to the conditions to,
transfer and grants of Security Interests set forth above in this Section 14. 
  

	14.6	 Certain Protections for Lessee’s Benefit 

The rights of Lessee under this Agreement shall be superior to the rights of any Financing Party or Head Lessor, and Lessor shall require each
Financing Party holding a Security Interest in this Agreement or the Leased Property and each Head Lessor to agree in writing with Lessee that such Financing Party’s and Head Lessor’s rights in and to the Leased Property and/or this
Agreement shall be subject to the terms of this Agreement, including to Lessee’s right of quiet enjoyment under Section 7.1 hereof. Lessor’s obligations to perform the terms and conditions of this Agreement shall remain in full force
and effect notwithstanding the creation of any Financing Security Document or head lease. No Transfer, grant of Security Interest pursuant Section 14.3 or sale-leaseback pursuant to Section 14.4 shall cause or result in any increase in or
additional payment obligations (including with respect to Taxes) of Lessee under this Agreement based on the laws in effect at the time of such Transfer. If at the time of any Transfer, grant of Security Interest pursuant Section 14.3 or
sale-leaseback pursuant to Section 14.4, except any of the foregoing that occur as a consequence of an Event of Default, and under the laws then in effect, Lessee would be obligated to pay such Transferee under Sections 5.7, 5.8 or 5.11 hereof
an amount that exceeds the amount which Lessee would have been obligated to pay under this Agreement to Lessor if no such Transfer, grant of Security Interest or sale-leaseback had taken place, Lessee shall not be obligated to pay the amount of the
excess. 
  

	14.7	 Servicer 

Pursuant to servicing arrangements between Lessor and Servicer, Servicer shall, inter alia, be able to act as Lessor’s servicing
agent for matters related to this Agreement and Lessor may without the consent of Lessee delegate all or part of its rights and obligations to the Servicer. Subject to any notice from Lessor to the contrary, Lessee may communicate with, and respond
to any demands, requests or other communications made in accordance with this Agreement by Servicer on behalf of Lessor in respect of matters relating to this Agreement. 
  

	15	 Governing Law and Jurisdiction 

 

	15.1	 Governing Law 

THIS AGREEMENT SHALL IN BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA
WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  
 85 

	15.2	 Waiver of Jury Trial 

LESSEE AND LESSOR HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH THEY ARE PARTIES INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  

	15.3	 Submission to Jurisdiction 

THE PARTIES HEREBY SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY
NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK CITY, AND EACH APPELLATE COURT FROM ANY OF THE FOREGOING, FOR THE PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  

	15.4	 Process Agent 

 

	 	(a)	 Lessor shall at all times from the date of this Agreement maintain an agent for service of process in New York.
Such agent shall be C T Corporation System, at its address set out below: 

 C T Corporation System 

28 Liberty Street 
 New York, New
York 
 10005 
  

	 	(b)	 Lessee shall at all times from the date of this Agreement maintain an agent for service of process in New York.
Such agent shall be C T Corporation System, at its address set out below: 

 C T Corporation System 

28 Liberty Street 
 New York, New
York 
 10005 
  

	 	(c)	 Any writ, judgment or other notice of legal process shall be sufficiently served on Lessor or Lessee if so
delivered to such agent at its address for the time being. If, for any reason, such agent no longer serves as agent of Lessor or Lessee to receive service of process, Lessor or Lessee shall promptly appoint another agent and advise the other party
thereof. 

  
 86 

	15.5	 In the event that Lessor brings any proceedings before the courts of the State of Organization of Lessee,
Lessee hereby and irrevocably waives any right or claim that it may have to defend, argue or protest those proceedings on the grounds that those proceedings, or any of Lessee’s obligations under the Operative Documents, or any judgment which
Lessor may have obtained against Lessee or the Aircraft in any other jurisdiction, are contrary to the public policy of Lessee’s State or Organization. 

  

	16	 Miscellaneous 

 

	16.1	 Waivers, Remedies Cumulative 

The rights of Lessor or Lessee under this Agreement may be exercised as often as necessary, are cumulative and not exclusive of that
party’s rights under any law and may be waived only in writing and specifically. Delay in exercising or non-exercise of any such right is not a waiver of that right. 

 

	16.2	 Delegation 

Lessor or any Financing Party may delegate to any Person or Persons all or any of the trusts, powers or discretions vested in it by this
Agreement and any such delegation may be made upon such terms and conditions and subject to such regulations (including power to sub-delegate) as Lessor or such Financing Party, respectively, in its absolute
discretion thinks fit. 
  

	16.3	 Appropriation 

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
that sum to amounts due under this Agreement in such proportions and order and generally in such manner as Lessor may determine. 
  

	16.4	 Currency Indemnity 

 

	 	(a)	 If Lessor receives an amount in respect of Lessee’s liability under this Agreement or if such liability is
converted into a claim, proof, judgment or order in a currency other than the currency (the “contractual currency”) in which the amount is expressed to be payable under this Agreement: 

 

	 	(i)	 Lessee will indemnify Lessor, as an independent obligation, against any loss arising out of or as a result of
such conversion; 

  

	 	(ii)	 if the amount received by Lessor, when converted into the contractual currency (at the market rate at which
Lessor is able on the relevant date to purchase the contractual currency in New York City with that other currency) is less than the amount owed in the contractual currency, Lessee will, forthwith on demand, pay to Lessor an amount in the
contractual currency equal to the deficit; and 

  

	 	(iii)	 Lessee will pay to Lessor on demand any exchange costs and Taxes payable in connection with the conversion.

  

	 	(b)	 Lessee waives, to the extent permitted by Applicable Law, any right it may have in any jurisdiction to pay any
amount under this Agreement in a currency other than that in which it is expressed to be payable. 

  
 87 

	16.5	 Payment by Lessor 

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 under this
Agreement remain unpaid and any such amounts which would otherwise be due will fall due only if and when Lessee has paid all such sums. 
  

	16.6	 Severability 

If a provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, that will not affect: 

 

	 	(a)	 the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or

  

	 	(b)	 the legality, validity or enforceability in any other jurisdiction of that or any other provision of this
Agreement. 

  

	16.7	 Remedy 

If Lessee fails to comply with any provision of this Agreement, Lessor may (after any applicable grace period), without being in any way
obliged to do so or responsible for so doing and without prejudice to the ability of Lessor to treat the non-compliance as a Default, effect compliance on behalf of Lessee, whereupon Lessee shall become liable
to pay to Lessor on demand any sums reasonably expended by Lessor together with all costs and expenses (including reasonable legal costs) necessarily incurred in connection therewith. 

 

	16.8	 Expenses 

  

	 	(a)	 Lessor and Lessee shall each bear their respective expenses (including legal, professional and out-of-pocket expenses) incurred or payable in connection with the negotiation, preparation and execution of the Operative Documents except that (i) Lessor shall be
responsible with all registration and filing fees in connection with the initial registration of the Aircraft in the State of Registration and those other registration and filing costs for which Lessor has expressly agreed to be responsible in
Section 8.10(iii) hereof and (ii) Lessee shall be responsible for (A) all registration and filing fees in connection with any subsequent registration of the Aircraft in the State of Registration following Delivery, (B) all fees
in connection with the filing and translation of any Operative Document or related document and (C) all fees incurred by Lessor for qualifying to lease the Aircraft in Lessee’s jurisdiction (save to the extent such fees relate to the
initial registration referred to in limb (i) above). 

  

	 	(b)	 Lessee shall pay to Lessor within five (5) Business Days of demand all reasonable expenses (including
legal, professional and out-of-pocket expenses) incurred or payable by Lessor in connection with the granting of any waiver or consent under this Agreement so long as
such consent or waiver is requested by Lessee. 

  

	 	(c)	 Lessee will pay to Lessor within five (5) Business Days of demand all reasonable expenses (including legal
fees and other costs) payable or incurred by Lessor in contemplation of, or otherwise in connection with, the enforcement of or preservation of any of Lessor’s rights under the Operative Documents, or in respect of the repossession of the
Aircraft provided that, other than where provision for payment of such expenses is made elsewhere in this Agreement, such expenses shall have resulted from or following the occurrence of an Event of Default. 

  
 88 

	16.9	 Time of Essence 

The time stipulated in this Agreement for all payments payable by Lessee to Lessor and for the performance of Lessee’s other obligations
under this Agreement that are due on a specified or determinable date will be of the essence of this Agreement (subject always to any applicable grace period). 
  

	16.10	 Notices 

  

	 	(a)	 All notices and other communications given under or in connection with this Agreement shall be in writing
(including e-mail) and in English, and shall be deemed to be received when delivered to the address or e-mail address (if any) specified in Section 16.10(b).

  

	 	(b)	 All such notices, requests, demands and other communications shall be sent: 

 

	 	(i)	 to Lessor at: 

UMB Bank, N.A., not in its individual capacity but solely as Owner Trustee 

c/o Genesis Aircraft Services Limited 

7th Floor Block I, Central Park 

Leopardstown, Dublin 18 
 D18
HCP5, Ireland 
 Attention: Chief Legal Officer 

Email: legal@genesis.aero 

With a copy to: 
 UMB Bank,
N.A., not in its individual capacity but solely as Owner Trustee 
 6440 S. Millrock Dr, Suite 400 

Salt Lake City, UT 84121 

U.S.A. 

Attention:    Corporate Trust – Aviation 

Email:          CorpTrustUtah@umb.com; 

                    
Dustin.Green@umb.com 
  

	 	(ii)	 to Lessee at: 

Global Crossing Airlines, Inc. 

Building 5A, 4th Floor 

Miami International Airport 

4200 NW 36th Street 

Miami, FL. 33146 
 U.S.A. 

Attention:    Edward Wegel, CEO; Ryan Goepel, CFO 

Email:          ed.wegel@globalxair.com; 

                    
ryan.goepel@globalxair.com 

  
 89 

 or to such other address, e-mail address or telefax
number as shall have been notified by one party to the other in the manner set out in this Section 16.10. 
  

	16.11	 Sole and Entire Agreement 

This Agreement is the sole and entire agreement between Lessor and Lessee in relation to the leasing of the Aircraft, and supersedes all
previous agreements in relation to that leasing. The terms and conditions of this Agreement can only be varied by an instrument in writing executed by both parties or by their duly authorized representatives. 

 

	16.12	 Counterparts 

This Agreement may be executed in one or more counterparts, each of which shall constitute an original and, when taken together, all of which
shall constitute one and the same Agreement. 
  

	16.13	 English Language 

All documents delivered to Lessor pursuant to this Agreement will 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 and any version in any other language, the English version will prevail. 
  

	16.14	 Further Assurances 

Lessee shall promptly and duly execute and deliver to Lessor or Security Trustee (if applicable) such further documents and assurances and take
such further action as Lessor or Security Trustee (if applicable) may from time to time reasonably request in order to carry out more effectively the intent and purpose of the Operative Documents and to establish and protect Owner’s title to
the Leased Property, the interests of any subsequent permitted transferee, the Security Interest of any Financing Party, Lessor’s interest in the Leased Property and Lessor’s rights and remedies created or intended to be created under the
Operative Documents. 
  

	16.15	 Confidentiality 

Neither Lessor nor Lessee shall, without the other’s prior written consent, communicate or disclose the terms of the Operative Documents
or any information or documents furnished pursuant to the Operative Documents (except to the extent that the same are within the public domain) to any third party (other than any Financing Party, any prospective Transferee, any material investor in
Lessee or creditor in Lessee, Head Lessors, the respective external legal advisers, auditors, insurance brokers or underwriters of Lessor, Lessee and such parties, and the Airframe Manufacturer and Engine Manufacturer); provided, that disclosure
will be permitted, to the extent required: 
  

	 	(a)	 pursuant to an order of any court of competent jurisdiction; or 

  
 90 

	 	(b)	 pursuant to any procedure for discovery of documents in any proceedings before any such court; or

  

	 	(c)	 pursuant to any law or regulation having the force of law or stock exchange rules; or 

 

	 	(d)	 pursuant to a lawful requirement of any authority with whose requirements the disclosing party is legally
obliged to comply; or 

  

	 	(e)	 in order to perfect any assignment of any assignable warranties. 

 

	16.16	 Section 1110 

It is the intention of the parties hereto that this Agreement, to the fullest extent available under Applicable Law, entitles Lessor to the
benefits of Section 1110 with respect to the Aircraft. In furtherance of the foregoing, Lessor and Lessee hereby confirm that this Agreement is to be treated as a lease for U.S. federal income tax purposes. Nothing contained in this paragraph
shall be construed to limit Lessee’s use and operation of the Aircraft under this Agreement or constitute a representation or warranty by Lessee as to tax consequences. 
  

	16.17	 Concerning Lessor 

UMB Bank, N.A. is entering into the Operative Documents solely in its capacity as Owner Trustee under the Trust Agreement and not in its
individual capacity (except as expressly provided in the Operative Documents) and in no case shall UMB Bank, N.A (or any entity acting as successor Owner Trustee under the Trust Agreement) be personally liable for or on account of any of the
statements, representations, warranties, covenants or obligations stated to be those of Lessor under the Operative Documents; provided, however, that UMB Bank, N.A (or any such successor Owner Trustee) shall be personally liable under the Operative
Documents for its own gross negligence, its own simple negligence in the handling of funds actually received by it in accordance with the terms of the Operative Documents, its willful misconduct and its breach of its covenants, representations and
warranties in the Operative Documents, to the extent expressly covenanted or made in its individual capacity; provided, further, that nothing contained in this Clause 29 shall be construed to limit the exercise and enforcement in accordance with the
terms of the Operative Documents of rights and remedies against the Trust Estate. Lessee agrees that, in the case of the appointment of any successor Owner Trustee pursuant to the terms of the Trust Agreement, such successor Owner Trustee shall,
upon written notice to Lessee by such successor Owner Trustee, succeed to all the rights, powers and title of Lessor hereunder and shall be deemed to be Lessor of the Aircraft for all purposes without in any way altering the terms of this Agreement
or Lessee’s obligations hereunder. One such appointment and designation of a successor Owner Trustee shall not exhaust the right to appoint and designate further successor Owner Trustees pursuant to the Trust Agreement, but such right may be
exercised repeatedly as long as this Agreement shall be in effect. 
  

	16.18	 Unlawfulness 

  

	 	(a)	 If as a result of a change in law or a change in the interpretation of any relevant law at any time during the
Lease Period it is or becomes unlawful in any relevant jurisdiction for any of Lessor or Lessee to perform or give effect to any of their respective obligations or receive any of their respective benefits as contemplated by this Agreement and the
other Lease Documents to which it is respectively a party, (such circumstance being an “Applicable Circumstance”), then Lessor (in the case of itself) 

  
 91 

	 	
or Lessee (in the case of itself), as the case may be, shall give written notice thereof to the other party with such details as are available to it of the Applicable Circumstance and Lessor will
consult in good faith with Lessee as to any steps which may be taken to restructure the transaction to avoid or mitigate such Applicable Circumstance. During any such consultation period, if the parties cannot restructure the transaction to avoid or
mitigate any Applicable Circumstance described above within a period of sixty (60) days (or such lesser period as may, in the good-faith judgement of Lessor, be required to avoid such illegality), then Lessor shall be entitled to terminate the
leasing of the Aircraft under this Agreement by written notice to Lessee, whereupon Lessee shall perform its obligations in respect of the return of the Aircraft under Clause 12 as if the date so specified by Lessor were the Expiry Date and Lessee
will pay all Rent and other sums due and payable by Lessee hereunder up to and including the date of actual return of the Aircraft. 

  

	 	(b)	 If Lessor and Lessee agree to a restructuring of the transaction to avoid or mitigate the Applicable
Circumstance, each of Lessee and Lessor agrees to do all such acts and things and execute and deliver all such documents (including, without limitation, any amendment of this Agreement or any other Lease Document) as may be reasonably required to
effect such restructuring. The cost of any such restructuring shall be borne by Lessee. 

  
 92 

 Execution Page 

IN WITNESS WHEREOF Lessor and Lessee have executed this Operating Lease Agreement on the date shown at the beginning of this agreement. 

 

			
	UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee,
		
	By:	 	/s/ Dillon Butler
	Name:	 	Dillon Butler
	Title:	 	Vice President

  

			
	GLOBAL CROSSING AIRLINES, INC.
		
	By:	 	
	Name:	 	
	Title:	 	

  
 93 

 Execution Page 

IN WITNESS WHEREOF Lessor and Lessee have executed this Operating Lease Agreement on the date shown at the beginning of this agreement. 

 

			
	UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee,
		
	By:	 	
	Name:	 	
	Title:	 	

  

			
	GLOBAL CROSSING AIRLINES, INC.
		
	By:	 	/s/ Edward J Wegel
	Name:	 	Edward J Wegel
	Title:	 	Chairman and CEO

  
 94 

 Schedule 1 Description of Leased Property 

Part 1 Aircraft Specification 

IDENTIFICATION: 
  

			
	Aircraft Model:	  	Airbus A320-214
	Serial Number:	  	1954
	Date of Manufacture:	  	March 25, 2003

 WEIGHT DATA: 
  

			
	Maximum Take-off Weight:	  	77,000 kgs
	Maximum Landing Weight:	  	64,500 kgs
	Maximum Zero Fuel Weight:	  	61,000 kgs
	Weight Variant	  	WV 010______

 AIRFRAME AND INTERIOR EQUIPMENT: 
  

					
	Galleys	  	2	  	G1, G5
	Lavatories	  	3	  	LAV A, D and E
	Passenger Seats (economy)	  	180	  	

 ENGINES: 
  

					
	Manufacturer:	  	CFM International, Inc.	  	 
			
	Position	  	No.1	  	No.2
	Model:	  	CFM56-5B4/P	  	CFM56-5B4/P
	Serial Numbers:	  	575389	  	575390

 APU: 
  

							
	Manufacturer:	  	Honeywell	  		  	
	Model:	  	131-9(A)	  		  	
	Serial Number:	  	P-8561	  		  	

 LANDING GEAR: 

 

							
	Position:	  	Nose	  	Left Main	  	Right Main
	Manufacturer:	  	________	  	________	  	________
	Part Number:	  	________	  	________	  	________
	Serial Number:	  	________	  	________	  	________

 MAJOR AVIONICS EQUIPMENT: 
  

							
	Part	  	Qty	  	Manufacturer	  	Part No.
	________	  	________	  	________	  	________
	________	  	________	  	________	  	________

 Part 2 Aircraft Documents 

(A definitive list of the Aircraft Documents will be attached to the Certificate of Delivery Condition) 

 

	1	 Manuals: The following manuals shall be delivered with the Aircraft. Each manual shall be current and
include all temporary revisions. Each manual shall be in the English language. 

  

	 	(a)	 EASA or FAA Approved Airplane Flight Cycle Manual 

 

	 	(b)	 Weight and Balance Control and Cargo Loading Manual and Supplements (load and trim sheet) to include last
weight and balance paperwork and delivery equipment list 

  

	 	(c)	 Operations Manual and Quick Reference Handbook 

 

	 	(d)	 Structural Repair Manual 

 

	 	(e)	 Aircraft Maintenance Manuals 

 

	 	(f)	 Aircraft/Engine/APU Illustrated Parts Catalog (IPC) 

 

	 	(g)	 Wiring Diagram Manual 

 

	2	 Airworthiness Directives Documentation: The following data will be provided as well as all records
associated with A.D. compliance: 

  

	 	(a)	 a single, complete and current certified status list of Airworthiness Directive to the Airframe, each Engine
and each Part; 

  

	 	(b)	 legible copies of the completion documentation that accomplish each AD, and if the AD involves repetitive
inspection, documentation from the last accomplishment is sufficient (if the original completion documents are not available, at a minimum a certified copy of the signed job card of engineering order that accomplished the AD shall be provided, plus
a certification letter (at return, signed by Lessee’s airworthiness department) stating that the AD in question was accomplished at a certain Flight Hour, Flight Cycle and date and referencing all pertinent support documentation (i.e.,
engineering order, alternate means of compliance, etc.); however, any AD that was complied with by an alternate means of compliance (AMOC) must have all original documentation and necessary air authority approvals) and such AMOC should be fully
transferable to another operator; and 

  

	 	(c)	 exemptions or deviations, if any, granted by any aviation authority on AD compliance, including copy of
exemption request. All such exemptions or deviation should be fully transferable to another operator. 

  

	3	 Engineering Documentation: 

 

	 	(a)	 A single, current certified list in English language of the following shall be provided: 

 

	 	(i)	 Service Bulletin status. 

 

	 	(ii)	 Major repairs and alternations list, if applicable. 

 

	 	(iii)	 Supplemental Type Certificate list, if any. 

	 	(b)	 Data package covering all non-manufacturer or non-aviation authority approved repairs or alterations, including any submittals to aviation authorities for an approval, if applicable. All such approvals should be fully transferable to another operator.

  

	4	 Additional Documentation: 

 

	 	(a)	 Quarterly Published Reliability Reports for last 3 months (if available) 

 

	 	(b)	 Location map of emergency equipment with description 

 

	 	(c)	 Interior configuration drawings (LOPA) 

 

	 	(d)	 Passenger/Cargo Equipment List (seats, galleys, lavatories) 

 

	 	(e)	 Complete paperwork for last 6-Year Check overhaul

  

	 	(f)	 Compass card calibration documentation 

 

	 	(g)	 All life records, including Maintenance Tracking Sheets (MTS) for the assemblies and rotable parts installed
during the last overhaul for each nose, left hand and right hand main landing gears 

  

	5	 Individual Aircraft and Engine Aircraft Documents: 

 

	 	(a)	 Letter of Declaration for each major aircraft/engine accident or major incident which shall include supporting
documentation, if any 

  

	 	(b)	 Engine trend monitoring data for each Engine 

 

	 	(c)	 Aircraft Technical Log for the last six (6) months of operation (at return) 

 

	 	(d)	 Serviceable/overhaul tags for all life limited parts and hard time components listed in the rotable components
list 

  

	 	(e)	 Listing of Aircraft, Engine and APU components status by P/N-S/N-Description Position TBO-TSO-TSN, total time, next due time, including interpretation keys, (Rotable Component List)

  

	 	(f)	 Engine and APU logbooks 

 

	 	(g)	 Aircraft and Engine time status at Delivery with serial number, total time, total flight cycles and times of
the last letter check inspection 

  

	 	(h)	 All (i) Engine and APU records for the last heavy maintenance shop visit, (ii) back to birth history
for each Engine life limited part, and (iii) last power plant test cell run documents for Engines and APU 

  

	 	(i)	 Aircraft Inspection Report (from airframe manufacturer) 

 

	 	(j)	 Copies of all applicable Master Changes (M.C.) performed on the Aircraft, if any 

 

	 	(k)	 aviation authority approvals and operator certification reports for major modifications alterations and repairs
that are not covered by manufacturer’s service bulletins 

  

	 	(l)	 Fire blocking status for all seats, interior fabrics/material, including burn test documentation and
certification 

	 	(m)	 Current CPCP Status Report 

 

	 	(n)	 Current list outlining all waiver items/components not approved by CFR Part 121 

 

	 	(o)	 Non-incident statements 

 Schedule 2 Delivery 

 

	1	 Delivery Modifications 

 

	 	(a)	 Fuel Tank Inerting System (AerSale or Jetaire solution) 

 

	 	(b)	 Ozone Converters (Airbus solution) 

 

	 	(c)	 MMR SA AWRE modification 

 

	 	(d)	 Guided radar approach with autopilot engaged deactivate 

 

	 	(e)	 Replacement of the chemical oxygen container by gaseous oxygencontainers in the Lavatories

  

	 	(f)	 Imperial Fuel indication read outs 

Installation of the above modifications will be subject to kit lead time and vendor constraints. 

 

	2	 Lessee’s Pre-Delivery Inspection 

 

	 	(a)	 Following execution of this Agreement by the parties, Lessee may conduct an inspection of the Aircraft and the
Aircraft Documents beginning ten (10) Business Days after the induction of the Aircraft into the planned delivery maintenance check referenced in Annex 1 hereto (the “Check Inspection”). The Check Inspection shall be completed by
Lessee, or Lessee’s representatives, within ten (10) Business Days following commencement thereof (the “Check Inspection Period”). Within two (2) Business Days following the expiration of the Check Inspection Period, Lessee
shall provide to Lessor a written listing of all open items and discrepancies discovered with respect to the Aircraft and the Aircraft Documents during the Check Inspection (the “MFL”). 

 

	 	(b)	 Following receipt by Lessor of the MFL, Lessor shall have a reasonable period of time corresponding to the
number of items on the MFL to have the applicable maintenance provider, as the case may be, rectify the items listed on the MFL. Upon rectification of the MFL items, Lessee shall have two (2) Business Days to
re-inspect only the MFL items. Any item closed on the MFL shall not be re-opened by Lessee. 

 

	3	 Final Inspection 

Two (2) Business Days prior to the Delivery Date, Lessee may conduct a final, visual, walkaround only inspection and conduct video
borescope inspections on engines and APU, and observe an acceptance flight (of not more than two hours duration) to ensure that the Aircraft meets the Delivery Condition. 
  

	4	 Proviso affecting the Inspection Scheduling 

The inspection rights granted to Lessee and the time periods assumed thereunder are made strictly on the assumption that Lessee and/or its
representatives are granted normal access to Lithuania and to the Aircraft storage facility. Lessor and Lessee jointly acknowledge that normal access to the Aircraft and Aircraft Documents may be restricted by national or storage facility COVID
restrictions and as such agree, in those circumstances, to work together in good faith to manage the process appropriately (which may include Lessee delegating inspection responsibility to local representatives). 

	5	 Rectification and Non-Compliance 

All discrepancies from the condition set forth in this Schedule 2 revealed during the pre-delivery inspection, including the acceptance flight
and ground inspections, will be corrected, or in the case of the Engine(s) and the APU, be replaced, by Lessor (at no cost to Lessee) in accordance with the Airframe Manufacturer’s maintenance and repair manuals and this Schedule 2. To the
extent that, at the time of the pre-delivery inspection, the condition of the Leased Property does not comply with the condition set forth in this Schedule 2 Lessor shall, at the option of Lessee (acting
reasonably): 
  

	 	(a)	 promptly procure the rectification of the non-compliance; or

  

	 	(b)	 deliver the Leased Property to Lessee and reimburse Lessee for the cost of putting the Leased Property into the
condition required by this Schedule 2. 

 Provided, however, that if the Leased Property is in compliance with the
condition set forth in this Schedule 2 other than with respect to discrepancies which do not affect the airworthiness of the Aircraft and have a cost of correction or repair in the aggregate of less than US$100,000, Lessor shall have the right to
deliver the Leased Property to Lessee and Lessee shall be obligated to accept delivery of the Leased Property provided that (i) Lessor pays to Lessee such amount which is agreed between Lessor and Lessee to be the cost of correction of such
discrepancies or (ii) in the absence of the agreement of Lessor and Lessee on the estimated cost of correction, Lessor shall reimburse Lessee for the Actual Cost of correcting such discrepancies following Delivery and Lessor shall reasonably
cooperate with Lessee’s requests following Delivery to accomplish such repairs. 
  

	6	 Export and Registration 

Upon Delivery, Lessor shall (i) provide reasonable assistance to Lessee with, and provide to Lessee documents necessary to, export the
Aircraft from the Delivery Location and (ii) provide any documents requested by Lessee in connection with, and otherwise cooperate with, the registration of the Aircraft with the Aviation Authority, provided that such documents are in
possession of Lessor or may only be produced or obtained by Lessor or the prior lessee. 

 ANNEX 1 TO SCHEDULE 2 

DELIVERY CONDITION 
 The Aircraft shall be
delivered by Lessor to Lessee with all items of equipment, Engines, APU, systems and appliances fully functional and operating in accordance with manufacturers’ specifications, subject to Minor Items. On the Delivery Date, the Aircraft shall
conform to the following standards: 
 General: 
  

	 	(a)	 The Aircraft shall be in an airworthy and serviceable condition with a valid and current Export Certificate of
Airworthiness issued by an EASA Aviation Authority. 

  

	 	(b)	 All Operational Requirements of FAA (including but not limited to FAA Part 121) that require compliance within
7,500 Flight Hours, 5,000 Flight Cycles, or before June 30, 2023 shall be met without waiver or exception. 

  

	 	(c)	 All Airworthiness Directives issued prior to the date hereof which require inspection or within 2,000 Flight
Hours, 1,000 Flight Cycles, or before June 30, 2022 shall be met without waiver or exception. 

  

	 	(d)	 There shall be no open, outstanding, or deferred maintenance items, scheduled or unscheduled, routine or
nonroutine, against the Aircraft other than Minor Items. The Aircraft shall have all MEL items repaired and cleared prior to Delivery. 

Airframe: 
  

	 	(a)	 Delivery C check consisting of Airframe 6-Year Check tasks, all lower
checks and other MPD required items such that no task or action will come due within ,7,500 Flight Hours, 5,000 Flight Cycles, or before June 30, 2023 based on the requirements set forth in the Airbus Maintenance PlanningDocument (MPD) Revision
46. 

  

	 	(b)	 The fuselage and nacelles shall be painted in an EASA and FAA approved livery to be agreed by Lessor. Lessee is
to provide an EASA approved EO for the paint livery at least 60 days prior to the scheduled Aircraft input to the paint facility 

  

	 	(c)	 All repairs shall have been accomplished in accordance with the SRM or EASA approved data.

 Engines: 
  

	 	(a)	 Engine Serial Number 575389 (Engine Number 1) shall be: 

 

	 	(i)	 No more than 2,500 Flight Hours and 1,600 Cycles since a Performance Restoration Shop visit.

  

	 	(ii)	 At least 12,400 Cycles remaining on each Life Limited Part 

 

	 	(b)	 Engine Serial Number 575390 (Engine Number 2) shall be: 

 

	 	(i)	 No more than 2,800 Flight Hours and 1,800 Flight Cycles since a PerformanceRestoration Shop visit.

  

	 	(ii)	 At least 8,000 Flight Cycles remaining on each Life Limited Part. 

	 	(c)	 No engine shall be on watch or on a reduced interval inspection. 

Each Landing Gear: 
  

	 	(a)	 At least 25% remaining life for each tire and brake. 

 

	 	(b)	 At least 13,000 Flight Cycles to overhaul, and not require overhaul before March 1, 2023.

  

	 	(c)	 At least 37,000 Flight Cycles remaining on each Landing Gear Life Limited Part. 

APU: 
 No more than 100 APU Hours since new or the last
APU restoration in accordance with the APU manufacturer’s workscope planning guide with remaining LLP’s life to achieve a full operating interval until the next anticipated performance restoration shop visit in line with industry
achievement for APU’s of the same type as such APU. 
 Components: 
  

	 	(a)	 All time-controlled components, excluding the APU and Landing Gear, shall have at least 2,000 Flight Hours and
1,000 Flight Cycles remaining, and life until at least June 30, 2022, as such parts are controlled in the MPD. If the full interval of any component is less than these requirements, that component shall have at least 85% of its life remaining
by each controlling limitation. 

  

	 	(b)	 No Life Limited Part, excluding those in the Engines, APU and Landing Gear, shall have less than 2,000 Flight
Hours or 1,000 Flight Cycles remaining life. 

 Schedule 3 Redelivery 

The Aircraft shall be redelivered by Lessee to Lessor with all items of equipment, Engines, APU, systems and appliances fully functional and operating in
accordance with Manufacturer specifications, subject to Minor Items. On the time of Redelivery, the Aircraft shall conform to the following standards: 

General: 
  

	 	(a)	 The Aircraft shall be in an airworthy and serviceable condition with a valid and current Certificate of
Airworthiness issued by the FAA and with fill compliance of any MPD tasks which are due for compliance within 300 Flight Hours, 200 Flight Cycles or 45 calendar days of Redelivery. For the avoidance of doubt, Lessee shall not be responsible for
completing an Airframe 6-Year Check or an Airframe 12-Year Check in connection with Redelivery. 

 

	 	(b)	 All Operational Requirements of the FAA (including but not limited to FAA Part 121) that require compliance at
the time of Redelivery shall be met without waiver or exception. 

  

	 	(c)	 All Airworthiness Directives which require compliance within 300 Flight Hours, 200 Flight Cycles, or within 45
calendar days of Redelivery shall be met without waiver or exception. 

  

	 	(d)	 There shall be no open, outstanding, or deferred maintenance items, scheduled or unscheduled, routine or non-routine, against the Aircraft other than Minor Items. The Aircraft shall have all MEL items repaired and cleared prior to Redelivery. 

Airframe: 
  

	 	(a)	 Lessee’s livery shall be painted out in a workmanlike and professional manner. 

 

	 	(b)	 All repairs shall have been accomplished in accordance with the SRM or EASA or FAA approved data.

 Engines: 
  

	 	(a)	 Each Engine shall be serviceable and have at least 20 Flight Cycles remaining on each Life Limited Part.

  

	 	(b)	 No engine shall be on watch or on a reduced interval inspection. 

Each Landing Gear: 
  

	 	(a)	 At least 10% remaining life for each tire and brake. 

 

	 	(b)	 At least 200 Flight Cycles to overhaul, or not require overhaul within 45 calendar days of the Redelivery Date.

  

	 	(c)	 At least 25,000 Flight Cycles remaining on each Landing Gear Life Limited Part. 

 APU: 

APU serial number P-8561 shall be returned fully serviceable under load. 

Components: 
  

	 	(a)	 All time-controlled components, excluding the APU and Landing Gear, shall have at least 300 Flight Hours and
200 Flight Cycles remaining, and at least 45 calendar days of life remaining at Redelivery. 

  

	 	(b)	 No Life Limited Part, excluding those in the Engines, APU and Landing Gear, shall have less than 300 Flight
Hours or 200 Flight Cycles or 45 calendar days of remaining life at the time of Redelivery. 

 Schedule 4 Insurance Requirements 

 

	1	 The Insurances required to be maintained are as follows: 

 

	 	(a)	 HULL “ALL RISKS” of loss or damage while flying and on the ground with respect to the Aircraft for
the Agreed Value and with a deductible not exceeding the Hull Insurance Deductible. 

  

	 	(b)	 HULL WAR AND ALLIED PERILS, covering those war risks excluded from the Hull “All Risks” Policy to the
extent such coverage is available from the leading international insurance markets, including confiscation and requisition by the State of Registration, for the Agreed Value with (form LSW555D exclusions being acceptable except to the extent
applying while the Aircraft is under power and except to the extent that coverage in respect of such exclusion is commercially available in the insurance market); 

 

	 	(c)	 “ALL RISKS” PROPERTY INSURANCE (INCLUDING WAR AND ALLIED RISK except when on the ground or in transit
other than by air or sea) on all Engines and Parts when not installed on the Aircraft (to the extent not covered under the Aircraft hull insurances described in paragraphs (a) and (b) above), including Engine test and running risks, in an
amount equal to replacement value in the case of the Engines; and 

  

	 	(d)	 AIRCRAFT THIRD PARTY, BODILY INJURY/PROPERTY DAMAGE, PASSENGER, BAGGAGE, CARGO AND MAIL AND AIRLINE GENERAL
THIRD PARTY (INCLUDING PRODUCTS) LEGAL LIABILITY for a combined single limit (Bodily Injury/Property Damage) of an amount not less than the Minimum Liability Coverage for the time being in respect of any one occurrence (but, in respect of products
liability, this limit may be an aggregate limit for any and all losses occurring during the currency of the policy, and in respect of liability arising out of certain offences, the limit (within the said combined single limit) may be US$25,000,000
in respect of any one offence and in the aggregate, and cargo and mail legal liability may be subject to a limit of US$1,000,000 any one occurrence); War and Allied Risks are also to be covered under the Policy to the extent available in the leading
international insurance markets. The Minimum Liability Coverage may be adjusted upwards from time to time to such an amount as Lessor may be advised by its insurance brokers constitutes the standard Minimum Liability Coverage applicable to aircraft
of the make, model and series as the Aircraft operating internationally by an airline similarly situated as Lessee. If Lessee disputes any such adjustment, the matter shall be referred to a reputable independent insurance broker appointed by Lessor,
whose decision, acting as expert, shall be conclusive and binding on Lessee. 

  

	2	 All required hull and spares insurance specified in Sections 1(a), 1(b) and 1(c) above, so far as it relates to
the Aircraft, will: 

  

	 	(a)	 provide that any loss will be settled with Lessee (who undertakes to consult with Lessor in regard thereto),
and any claim that becomes payable on the basis of a Total Loss shall be paid in Dollars to Lessor (unless or until Lessor notifies Lessee that said payments should be made to a Financing Party) as sole loss payee up to the Agreed Value, and loss
proceeds in excess of the Agreed Value shall be payable to Lessee, with any other claim being payable as may be necessary for the repair of the damage to which it relates; 

 

	 	(b)	 if separate Hull “All Risks” and “War Risks” insurances are arranged, include a 50/50
provision in the terms of Lloyd’s endorsement AVS103 or its equivalent; and 

	 	(c)	 confirm that the Insurers are not entitled to replace the Aircraft in the event of a Total Loss.

  

	3	 All required liability insurances specified in Section 1(d) above will: 

 

	 	(a)	 include the Indemnitees as additional insureds for their respective rights and interests; but the coverage
provided will not include claims arising out of their legal liability as manufacturer, repairer or servicing agent of the Aircraft or any Engine or Part; 

  

	 	(b)	 include a severability of interest clause; 

 

	 	(c)	 contain a provision confirming that the policy is primary without right of contribution and that the liability
of the insurers will not be affected by any other insurance of which any Indemnitee or Lessee have the benefit; and 

  

	 	(d)	 accept and insure the indemnity provisions of this Agreement to the extent of the risks covered by the relevant
policy or policies. 

  

	4	 All Insurances specified in Sections 1(a) through (d) above will: 

 

	 	(a)	 be in accordance with normal industry practice of Persons operating similar aircraft in similar circumstances;

  

	 	(b)	 provide coverage on a worldwide basis subject to those territorial exclusions which are usual and customary for
carriers similarly situated with Lessee in the case of War Risks and Allied Perils coverage which are advised to and approved by Lessor, such approval not to be unreasonably withheld; 

 

	 	(c)	 acknowledge that the insurers are aware that the Aircraft is owned by Owner and is subject to this Agreement;

  

	 	(d)	 provide that, in relation to the interests of each of the additional insureds, the Insurances will not be
invalidated by any act or omission of the Insured which results in a breach of any terms, conditions or warranty of the policies; 

  

	 	(e)	 provide that the Insurers will waive any rights of recourse and/or subrogation against each additional insured
to the same extent that Lessee has waived or has no rights of recovery against such additional insured in the Lease; 

  

	 	(f)	 provide that the additional insureds will have no obligation or responsibility for the payment of any premiums
(but reserve the right to pay the same should any of them elect to do so) and that the Insurers will waive any right of offset or counterclaim against the respective additional insureds other than for outstanding premiums in respect of the Aircraft,
any Engine or Part; 

  

	 	(g)	 provide that, except in the case of any provision for cancellation or automatic termination specified in the
policies or endorsements thereof, the Insurance can only be canceled or materially altered in a manner adverse to the additional insureds by giving at least thirty (30) days’ written notice to Lessor and each Financing Party, except in the
case of war risks, for which seven (7) days’ written notice (or such lesser period as is or may be customarily available in respect thereof) will be given; and 

 

	 	(h)	 include a services of suit clause. 

	5	 Where any provision of this Schedule 4 conflicts with the provisions of the airline finance/lease contract
Endorsements AVN67B, AVN67B (Hull War), and AVN99 (Tail Cover Continuing Liability) adopted by the Lloyd’s Aviation Underwriter’s Association (or any successor endorsements), Lessor agrees that the provisions of AVN67B, AVN67B (Hull War)
and AVN99 (Tail Cover Continuing Liability), respectively, or any successor endorsements will apply to the exclusion of the provisions of this Schedule 4. For purposes of each of AVN67B, AVN67B (Hull War), and AVN99 (Tail Cover Continuing
Liability), the “Designated Contract Party” will be Genesis Aircraft Services Limited, as servicer to Lessor. 

  

	6	 All Reinsurances will: 

 

	 	(a)	 be on the same terms as the Insurances and will include the provisions of this Schedule and at levels of not
less than 95% of the insurances required to be maintained hereunder; 

  

	 	(b)	 provide that, notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or
affecting the reinsured, the reinsurers’ liability will be to make such payment as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation, dissolution or
similar proceedings) discharged its obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and 

 

	 	(c)	 contain a “cut-through” clause in the following form (or such
other form as is reasonably satisfactory to Lessor): 

 “The Reinsurers and the Reinsured hereby agree that in the
event of any valid claim arising hereunder, the Reinsurers shall in lieu of payment to the Reinsured, its successors in interest and assigns pay to the party(ies) identified as Contract Party(ies) under the original insurance effected by the Insured
that portion of any loss due for which the Reinsurers would otherwise be liable to pay the Reinsured (subject to proof of loss), it being understood and agreed that any such payment by the Reinsurers shall fully discharge and release the Reinsurers
from any and all further liability in connection therewith. 
 To provide for payment to be made notwithstanding (a) any bankruptcy,
insolvency, liquidation or dissolution of the Reinsured, and/or (b) that the Reinsured has made no payment under the original insurances. 

The Reinsurers reserve the right to set off against any claim payable under the Reinsurance policy in accordance with this Clause any
outstanding premiums (applicable to the Equipment involved in the Loss) covered by the original insurance. Such set off shall first be applied to any financial interest of the Insured in the Equipment involved. 

If Reinsurers exercise their right to set off any outstanding premium, upon subsequent receipt by Reinsurers of such outstanding premium,
Reinsurers hereby agree to refund the set off premium to the Contract Part(ies). 
 Any payment due under this Clause shall not contravene
any law, statute or decree of the State of Organization.” 
  

	7	 For insurance coverage that includes the AVN67B endorsement (or the substantive equivalent), the Contract
Parties and Additional Insureds (their addressees) and the Contracts that should be identified in the insurance/reinsurance certificates are set forth in the Notice and Acknowledgment. 

 Schedule 5 Schedule of Principal Economic Terms 

 

			
	Agreed Value	  	US$16,700,000.00
		
	Airframe 6-Year Check Supplemental Rent Rate	  	US$15,000.00 per month, as adjusted from time to time pursuant to Section 5.4(b).
		
	Airframe 12-Year Check Supplemental Rent Rate	  	US$5,000.00 per month, as adjusted from time to time pursuant to Section 5.4(b).
		
	APU Supplemental Rent Rate	  	US$33.24 per APU Hour, as adjusted from time to time pursuant to Section 5.4(b).
		
	Basic Rent Amount	  	Basic Rent shall be due and owing for each of the following Rental Periods:
		
		  	First PBH Term: For the period commencing on the Delivery Date until January 31, 2022, monthly Basic Rent shall be determined by multiplying the number of Flight Hours operated by the Aircraft by US$600.00, with a minimum
amount of US$30,000.00, and a maximum of US$105,000.00, due in any calendar month irrespective of actual Flight Hours operated (said amounts to be adjusted pro rata, as applicable, for the calendar month in which the Delivery Date occurs)
with each such monthly Basic Rent amount due and payable in arrears on the 15th calendar day of the following month;
		
		  	Second PBH Term: For the period commencing on February 1, 2022 until January 31, 2023, monthly Basic Rent shall be determined by multiplying the number of Flight Hours operated by the Aircraft by US$600.00, with a minimum
amount of US$45,000.00, and a maximum of US$110,000.00, due in any calendar month irrespective of actual Flight Hours operated, with each such monthly Rent amount due and payable in arrears on the 5th calendar day of the following month;
		
		  	 Remaining Term: For the period commencing February 1, 2023 until the Expiry Date, monthly Basic Rent shall be a fixed amount, due and
payable in advance on the 1st calendar day of each month during the remainder of the Term as follows:
  

US$100,000.00 per month beginning on February 1, 2023 until January 31, 2024;
  

US$95,000.00 per month beginning on February 1, 2024 until January 31, 2025;
  

US$85,000.00 per month beginning on February 1, 2025 until January 31, 2026; and
  

US$80,000.00 per month beginning on February 1, 2026 until the Expiry Date (with such Basic Rent payment prorated for the month in which the Expiry Date
occurs).

			
	Damage Notification Threshold	  	US$100,000.00.
		
	Engine LLP and APU LLP Supplemental Rent Rate	  	Engine LLP Supplemental Rent Rate = The aggregate of each Engine LLP 100% OEM list price divided by 90% of chapter 5 life limit per life limited part per Flight Cycle operated by such Engine, as adjusted from time to time pursuant
to Section 5.4(b).
		
		  	APU LLP Supplemental Rent Rate = The aggregate of each APU LLP 100% OEM list price divided by 100% life limit per life limited part for each APU Cycle operated, as adjusted from time to time pursuant to Section 5.4(b).
		
	Engine Supplemental Rent Rate	  	An initial charge of $180.00 per Flight Hour operated by such Engine, as adjusted from time to time pursuant to Section 5.4(b).
		
	Hull Insurance Deductible	  	US$750,000.00.
		
	Landing Gear Supplemental Rent Rate	  	US$3,882.00 per month, as adjusted from time to time pursuant to Section 5.4(b).
		
	Minimum Liability Coverage	  	US$750,000,000.00 each occurrence.
		
	Scheduled Delivery Date	  	A date in October 2021 to be advised by Lessor to Lessee no less than twenty (20) Business Days before such anticipated date.
		
	Scheduled Expiry Date	  	February 1, 2027.
		
	Security Deposit	  	 Three Hundred Thousand (US$300,000.00), in cash, payable in instalments as follows:

 
 US$250,000.00 (receipt of which is acknowledged concurrent with the execution of this
Agreement); and
  
 US$50,000.00 due and payable two (2) days prior to the Delivery
Date.

		
	Lessor’s Bank and Account	  	Bank Name: Deutsche Bank Trust Company Americas, New York
		
		  	Account Name: GFL DB Collections USD
		
		  	Account Number: 01-474-814
		
		  	SWIFT: BKTRUS33
		
		  	ABA: 021001033
		
		  	Reference: GFL DB Collections Account MSN 1954

 Schedule 6 

[Reserved] 

 Exhibit A Form of Certificate of Acceptance 

Certificate of Acceptance 
 This
Certificate of Acceptance is delivered on the date set forth in paragraph 1 below by GLOBAL CROSSING AIRLINES, INC. (“Lessee”) to UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee (“Lessor”)
pursuant to that certain Operating Lease Agreement, dated as of [Insert Month] [Insert Day], 20[xx], between Lessor and Lessee (the “Lease Agreement”). Capitalized terms used but not defined in this Certificate of Acceptance shall
have the meaning given to such terms in the Lease Agreement. 
  

	1	 Details of Acceptance 

Lessee hereby confirms to Lessor that Lessee has at    
:                .m. G.M.T. on this [Insert Day] day of [Insert Month], 20[xx], at [Insert Delivery Location], accepted the following, in
accordance with the provisions of the Lease Agreement. 
  

	 	(a)	 one (1) Airbus model A320-214 aircraft, bearing
manufacturer’s serial number 1954 and to be assigned US registration mark N             ; 

 

	 	(b)	 two (2) CFM International, Inc. model CFM56-5B4/P engines, bearing
engine serial numbers [Insert ESNs]; 

  

	 	(c)	 one [Insert Manufacturer] Model APU bearing manufacturer’s serial number [Insert Serial Number];

  

	 	(d)	 all Parts installed on, attached to or appurtenant to the Airframe and Engines; and 

 

	 	(e)	 the Aircraft Documents specified in Part 2 of Schedule 1 to the Lease Agreement. 

 

	2	 Lessee’s Confirmation 

Lessee confirms to Lessor that as at the time indicated above, being the time of Delivery: 

 

	 	(a)	 Lessee’s representations and warranties contained in Sections 2.1 and 2.2 of the Lease Agreement are
hereby repeated; 

  

	 	(b)	 the Aircraft is insured as required by the Lease Agreement 

 

	3	 Lessor’s Confirmation 

Lessor confirms to Lessee that, as at the time indicated above, being the time of Delivery, Lessor’s representations and warranties
contained in Section 2.4 of the Lease Agreement are hereby repeated. 
  

	4	 Incorporation of Certain Lease Provisions 

Lessee agrees that Sections 7.6 to 7.9 of the Lease Agreement shall apply as if expressly set forth herein. 

 

	5	 Lease Information 

Lessor and Lessee agree and confirm that the date of this Certificate of Acceptance is the “Delivery Date” for purposes of the Lease
Agreement. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF Lessor and Lessee have executed this Certificate of Acceptance on the date set
forth in Section 1 of this Certificate. 
  

			
	SIGNED on behalf of GLOBAL CROSSING AIRLINES, INC.
		
	By:	 	
	Name:	 	
	Title:	 	
	
	SIGNED on behalf of UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee
		
	By:	 	
	Name:	 	
	Title:	 	

 Exhibit B Form of Certificate of Delivery Condition 

Certificate of Delivery Condition 
 This
Certificate of Delivery Condition is delivered on [Insert Month] [Insert Day], 20[xx] by GLOBAL CROSSING AIRLINES, INC. (the “Lessee”) to UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee, (the
“Lessor”) pursuant to that certain Operating Lease Agreement, dated as of [Insert Month] [Insert Day], 20[xx], between Lessor and Lessee (the “Agreement”). Capitalized terms used but not defined in this Certificate
of Delivery Condition shall have the meaning given to such terms in the Agreement. 
  

	1	 Aircraft Acceptance 

Lessee hereby confirms to Lessor that, pursuant to the Agreement, Lessee has accepted the Airbus
A320-214 aircraft bearing manufacturer’s serial number 1954 and to be assigned US registration mark N         , together with the two (2) CFM
International, Inc. model CFM56- 5B4/P engines bearing engine serial numbers [Insert ESNs], all Parts installed on, attached to or appurtenant to the Airframe and Engines, as set forth on Annexes 4 and 6, and the Aircraft Documents, as set forth on
Annex 5, and Lessor and Lessee agree that such Airframe, Engines and Parts are in the condition set forth as listed on the attached Annexes 1 and 3. 
  

	2	 Confirmation of Delivery Condition 

Lessee confirms to Lessor that at the time of acceptance of the Leased Property, the Leased Property complied in all respects with the
condition required at Delivery under Section 4.2 and Schedule 2 of the Agreement, except for the items (if any) listed on the attached Annex 2 (the “Discrepancies”). Lessor and Lessee agree that the Discrepancies (if any) shall
be corrected or dealt with as set forth on the attached Annex 2. Lessee agrees that Sections 7.6 to 7.9 of the Agreement shall apply as if expressly set forth herein. 

IN WITNESS WHEREOF Lessor and Lessee have executed this Certificate of Delivery Condition on the date set forth at the beginning of this Certificate.

  

			
	SIGNED on behalf of GLOBAL CROSSING AIRLINES, INC.
		
	By:	 	
	Name:	 	
	Title:	 	
	
	SIGNED on behalf of UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee
		
	By:	 	
	Name:	 	
	Title:	 	

 ANNEX 1 

STATUS OF AIRCRAFT 

AIRFRAME: 
  

							
	 	  	Date	  	Hours	  	Cycles
	Current:	  	 

                       
         
	  	 

                       
         
	  	 

                       
         

	Last C-Check:	  	                                	  	                                	  	                                
	Last 6-Year Check:	  	                                	  	                                	  	                                
	Last 12-Year Check:	  	                                	  	                                	  	                                

 ENGINES: 
  

													
	 Position/

Serial Number
	  	 Current:
	  	 Last Shop Visit:
	  	 Remaining to

Next LLP Removal:

		  	Hours	  	Cycles	  	Date	  	Hours	  	Cycles	  	Cycles
	1.                 	  	                	  	                	  	                	  	                	  	                	  	                
	2.                 	  	                	  	                	  	                	  	                	  	                	  	                

 APU: 
  

											
	 	  	 Current:
	  	         

	  	 Last Overhaul:

	Serial Number	  	Hours	  	Cycles	  	Date	  	Hours	  	Cycles
	1.                 	  	                	  	                	  	                	  	                	  	                
	2.                 	  	                	  	                	  	                	  	                	  	                

 LANDING GEAR: 
  

													
	 	  	 	  	 Current:
	  	 Last Overhaul:

	Position	  	Serial Number	  	Hours	  	Cycles	  	Date	  	Hours	  	Cycles
	Nose:	  	                	  	                	  	                	  	                	  	                	  	                
	Left	  		  		  		  		  		  	
	Main:	  	                	  	                	  	                	  	                	  	                	  	                
	Right	  		  		  		  		  		  	
	Main:	  	                	  	                	  	                	  	                	  	                	  	                

 Fuel on board at
Delivery:                (circle one) pounds / kilograms (                
gallons) 

 ANNEX 2 

DISCREPANCIES 
  

							
		  	Description of Discrepancy	  		  	Agreed Corrective Action
	1.	  		  	1.	  	
	2.	  		  	2.	  	

 ANNEX 3 

ENGINE LLPS 
  

					
	Part Description	  	Cycles For Engine [•]	  	Cycles For Engine [•]

 ANNEX 4 

LOOSE EQUIPMENT AND ACCESSORIES 

[TO BE INSERTED BY TECHNICAL REPRESENTATIVE] 

 ANNEX 5 

AIRCRAFT DOCUMENTS AND TECHNICAL RECORDS 

[TO BE INSERTED BY TECHNICAL REPRESENTATIVE] 

 ANNEX 6 

AIRCRAFT STATUS – AVIONICS INVENTORY 

[TO BE INSERTED BY TECHNICAL REPRESENTATIVE] 

 Exhibit C Form of Deregistration Powers of Attorney 

Irrevocable Power of Attorney 
 By this
Irrevocable Power of Attorney, GLOBAL CROSSING AIRLINES, INC., a company organized and existing under the laws of [Insert Jurisdiction of Lessee], registered in [Insert Jurisdiction of Lessee] having its registered office at [Insert Registered
Office of Lessee] (together with its successors and assigns, the Lessee), hereby irrevocably nominates and appoints UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee, having an office at [Insert Principal Office of
Lessor], acting alone and without the authorization of any other person, to be the Lessee’s true and lawful attorney-in-fact (the Lessor) so that the Lessor
may take any of the following actions in the name of and for Lessee with respect to the Airbus A320-214 aircraft bearing manufacturer’s serial number [Insert MSN] and [Insert State of Registration]
registration mark [Insert Registration Mark], including the engines and any and all parts installed on or appurtenant to such airframe (collectively, the Aircraft), leased by the Lessor to the Lessee pursuant to that certain Operating Lease
Agreement dated as of [Insert Month] [Insert Day], 20[xx], between the Lessor and the Lessee (the Lease): 
  

	1	 In the exercise of the rights of the Lessor under the Lease to recover the Aircraft from Lessee after
termination of the Lease due to an Event of Default under the Lease, the Lessor may take all action, and may execute in the Lessee’s name and for and on behalf of the Lessee any and all documents, applications and instruments, that may at any
time be required in order to (a)    cause the Aircraft to be repossessed by the Lessor, (b) cause the Aircraft to be deregistered from the register of aircraft maintained by the civil aviation authority of the State of
Registration (the Aviation Authority), (c) obtain any document (whether in the nature of an export license, certificate of airworthiness for export or otherwise) that is required for the purpose of canceling the registration of the Aircraft with the
Aviation Authority and/or securing the export of the Aircraft from the State of Registration, and (d) export the Aircraft after the expiration of the Lease. 

 

	2	 Pursuant to the Lease, Lessee is maintaining all risk hull and war risk insurance and reinsurance covering the
Aircraft, and the Lessor has been named loss payee on such insurance and reinsurance policies in the event of a total loss or constructive total loss of the Aircraft or in the event of damage to the Aircraft while an “Event of Default”
under the Lease has occurred and is continuing. The Lessor may take all action, and may execute in the Lessee’s name and for and on behalf of the Lessee any and all documents, applications and instruments, including executing on behalf of the
Lessee an appropriate form of discharge and release, that may at any time be required in order for the Lessor to collect such insurance proceeds or to adjust or settle any claim under such insurance policies. 

 

	3	 In the exercise of the rights listed in paragraphs 1 and 2, the Lessor may take all such other actions and sign
all such other documents as the Lessor considers necessary or appropriate in its absolute discretion. In connection with such documents, or in connection with any registrations or filings to which such documents are subject, the Lessor may represent
the Lessee before and submit any such document, application or instrument to any applicable authorities, government department and agencies (including without limitation, the Aviation Authority) of the State of Registration as shall be necessary to
achieve the aforementioned purposes. 

  

	4	 The Lessee hereby undertakes from time to time and at all times to indemnify the Lessor against all costs,
claims, expenses and liabilities lawfully and reasonably incurred by such Lessor in connection with this Irrevocable Power of Lessor and, upon request, to ratify and confirm whatever the Lessor shall lawfully and reasonably do or cause to be done by
virtue of this Irrevocable Power of Attorney. 

	5	 The Lessee hereby grants to the Lessor the full power and authority to substitute and appoint in its place one
or more attorney or attorneys to exercise for it as attorney or attorneys of the Lessee any or all the powers and authorities conferred on the Lessor by this Irrevocable Power of Attorney, and to revoke any such appointment from time to time and to
substitute or appoint any other or others in the place of such attorney or attorneys, all as the Lessor shall from time to time deem appropriate. 

Any person, agency or company relying upon this Irrevocable Power of Attorney need not and will not make any determination or require any court judgment as to
whether an “Event of Default” has occurred under the Lease or whether the Lease has been terminated on account of an Event of Default. Lessee hereby waives any claims against (i) any person acting on the instructions given by Lessor
or its designee pursuant to this Irrevocable Power of Attorney and (ii) any person designated by Lessor or an officer of Lessor to give instructions pursuant to this Irrevocable Power of Attorney. Lessee also agrees to indemnify and hold
harmless any person, agency or company that may act in reliance upon this Irrevocable Power of Attorney and pursuant to instructions given by Lessor or its designee. 

This Power of Attorney is given as security by the Lessee for the performance of its obligations under the Lease. This Power of Attorney is irrevocable and
coupled with an interest. 
 THIS AGREEMENT SHALL IN BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, UNITED
STATES OF AMERICA WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

IN WITNESS WHEREOF, GLOBAL CROSSING AIRLINES, INC. has executed and delivered this Irrevocable Power of Attorney
this                day of            20[xx]. 

[signature page follows] 

 
	
	EXECUTED and DELIVERED for and on behalf of:
	 GLOBAL CROSSING AIRLINES, INC.

	
	By:
	Name:
	Title:

 Exhibit D 

[Reserved] 

 Exhibit E Form of Status Report 

Monthly Utilisation Report (MSN XXXX) 

UTILISATION PERIOD: XXXX to XXXX 

To:    [     ] 
 CONTACT:
[] 
  

			
	AIRCRAFT TYPE	  	Airbus
	AIRCRAFT REGISTRATION	  	[Insert Registration Mark]
	MANUFACTURER’S SERIAL NUMBER	  	[Insert MSN]
		
	METHOD IN USE:	  	Hours and minutes, hh:mm

  

					
	Airframe	  	DURING PERIOD	  	SINCE NEW
	 AIRFRAME FLIGHT HOURS
	  		  	
	 AIRFRAME CYCLES
	  		  	
	 BLOCK HOURS
	  		  	

  

									
	Engines	 	 	Engine 1	 	 	 	Engine 2	 
	 SERIAL NUMBER OF ENGINE
	 				 			
	 PART NUMBER OF ENGINE
	 				 			
	 PRESENT LOCATION OF ENGINE
	 				 			
	 ENGINE FLIGHT HOURS SINCE NEW
	 				 			
	 CYCLES SINCE NEW
	 				 			
	 ENGINE FLIGHT HOURS PERFORMED DURING PERIOD
	 				 			
	 ENGINE CYCLES FLOWN DURING PERIOD
	 				 			
	 SERIAL NUMBER OF ENGINE INSTALLED ON THE AIRFRAME
	 				 			

  

	
	APU
	 SERIAL NUMBER OF APU

	 PART NUMBER OF APU

	 PRESENT LOCATION OF APU

	 APU OPERATING HOURS SINCE NEW (ACARS)

	 CYCLES SINCE NEW (ACARS)

	 APU OPERATING HOURS PERFORMED DURING PERIOD (ACARS)

	 APU CYCLES FLOWN DURING PERIOD (ACARS)

	 SERIAL NUMBER OF APU INSTALLED ON THE AIRFRAME

							
	 LANDING GEAR
	  	 NLG
	  	 MLG 1
	  	 MLG 2

	 S/N
	  		  		  	
	 P/N
	  		  		  	
	 FH SINCE NEW
	  		  		  	
	 CYCLES SINCE NEW
	  		  		  	
	 FH DURING PERIOD
	  		  		  	
	 CYCLES DURING PERIOD
	  		  		  	
	 PRESENT LOCATION
	  		  		  	

  

									
	MAINTENANCE CHECKS COMPLETED
	 	  	 NUMBER
	  	 DATE
	  	 HOURS
	  	 CYCLES

	 LAST “C”-CHECK
	  		  		  		  	

  

									
	NEXT CHECKS DUE
	 	  	 NUMBER
	  	 DATE
	  	 HOURS
	  	 CYCLES

	 NEXT “C”-CHECK
	  		  		  		  	

  

							
	NEXT CHECKS SCHEDULED
	 	  	 NUMBER
	  	 BEGIN
	  	 END

	 NEXT “C”-CHECK
	  		  		  	
	 NEXT STRUCT. INSPECTION
	  		  		  	

  

													
	REMOVAL OF ENGINE, APU, LANDING GEAR
	 	  	 MSN
	  	 Part

Number
	  	 Reason

For Removal
	  	 Removal

Date
	  	 Total Time

at Removal
	  	 Total Cycles

at Removal

	 ENGINE
	  		  		  		  		  		  	
	 LANDING GEAR
	  		  		  		  		  		  	
	 APU
	  		  		  		  		  		  	

 EGT MARGIN TREND DATA: [•] 

 Exhibit F Form of Notice and Acknowledgment 

NOTICE OF SECURITY ASSIGNMENT 
 From: UMB
BANK, N.A., not in its individual capacity but solely as Owner Trustee (“Lessor”) 
 Deutsche Bank Trust Company Americas,
not in its individual capacity but solely as Security Trustee 
 To:    GLOBAL CROSSING AIRLINES, INC. (“Lessee”) 

Date: [•] 
 Re: Aircraft
Lease Agreement between Lessee and Lessor dated as of date listed on Schedule 1 attached to this Notice (as amended, supplemented or otherwise modified, the “Lease”) relating to the corresponding aircraft listed on Schedule 1 (the
“Aircraft”) 
 Ladies and Gentlemen : 
  

	A.	 Lessor hereby gives you notice that: 

(i)    by that certain Security Trust Agreement, dated as of December 19, 2006, among Genesis Funding Limited, the
Lessor Subsidiaries identified therein, the Intermediate Lessees identified therein and the Additional Grantors referred to therein, as Grantors and Deutsche Bank Trust Company Americas, as Security Trustee (in such capacity, the “Security
Trustee”) and Operating Bank (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, including pursuant to Amendment No. 1 to Security Trust Agreement (as defined therein), the
“Aircraft Mortgage”), Lessor has assigned to the Security Trustee, by way of security, all its right, title and interest in and to the Lease and the proceeds thereof, including certain insurance proceeds (the “Security
Assignment”), which security secures, among other things, the repayment of certain loans advanced to Genesis Funding Limited (“GFL”) pursuant to a Credit Agreement dated as of September 19, 2014 (as supplemented and
amended from time to time, the “Credit Agreement”) among GFL, as borrower, certain affiliates of GFL, including the Lessor, Genesis Aircraft Services Limited, as servicer, the lenders from time to time party thereto (the
“Lenders”), PK AirFinance S.à r.l., as administrative agent (the “Administrative Agent”) and Deutsche Bank Trust Company Americas, as Security Trustee; 

(ii)    [each Lender (being as of the date hereof, [insert names of all Lenders as of the date of the notice if there are
ten or fewer lenders; if there are more than ten Lenders, remove this reference to Lenders and remove the next succeeding set of square brackets]], the Security Trustee, in its individual capacity and as Security Trustee [for and on behalf of the
Lenders] and the Administrative Agent in its individual capacity and as Administrative Agent is a [“Finance Party” and an “Indemnitee”]1, [each] as defined under the Lease.
Notwithstanding any contrary provision in the Lease, Deutsche Bank Trust Company Americas, as Security Trustee, shall be a contract party and an additional insured on all hull, liability and war risk policies of insurance required to be maintained
pursuant to the Lease and the sole loss payee in respect of all proceeds of the insurances upon the occurrence of an [“Event of Loss”]2 (as defined in the Lease); 

(iii)    if the Security Trustee issues to you a notice that it is exercising remedies under and in accordance with the
Aircraft Mortgage (a “Relevant Notice”), you are hereby instructed to pay all rentals and any and all other amounts payable by you to Lessor under each Lease after receipt of such notice to the bank account specified by the Security
Trustee in the Relevant Notice or at any time thereafter; and 
  

	1 	 Insert applicable term 

	2 	 Insert applicable term 

 (iv)    all payments required to be made to the Lessor under the Lease
shall be made to the Account specified below: 

[                ] 

[                ] 

[                ] 

The instructions contained in this paragraph are irrevocable except pursuant to a notice to you from the Security Trustee. 

B.    In consideration of your providing the Acknowledgment requested below, the Security Trustee hereby agrees with you
that, so long as no “Event of Default” (as defined in the Lease) has occurred and is continuing, neither the Security Trustee nor any person lawfully claiming by, through or on behalf of it will take any action or cause any action, that
would interfere with the possession, use and quiet enjoyment of the Aircraft by Lessee as provided in the Lease. 
 Please acknowledge
receipt of this notice to the Security Trustee and Lessor on the enclosed Acknowledgment, it being provided hereby that your signature on such Acknowledgment shall confirm your acknowledgment of and agreement for the benefit of the Security Trustee
that the Security Trustee shall not be bound by, nor have any liability to you for the performance of, any of the obligations of Lessor under the Lease save and to the extent set forth above or otherwise expressly agreed in writing by the Security
Trustee with you. You are hereby irrevocably authorized to assume the obligations expressed to be assumed by you under the enclosed Acknowledgment to the effect that, so far as the same would otherwise be incompatible with the Lease, your
obligations to Lessor under the Lease shall be modified accordingly. 
 This notice shall be governed by and construed in accordance with
the law governing the Lease. 
 [Signature page follows] 

 Very truly yours, 

UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee 

			
		
	By:	 	 
		 	Name:
		 	Title:

 DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Security Trustee 

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

 Schedule 1 
  

					
	 Lease Date
	  	 Airframe model
	  	 MSN

 LESSEE ACKNOWLEDGMENT 

 

	From:	 GLOBAL CROSSING AIRLINES, INC. (the “Lessee”) 

 

	To:	    Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Security
Trustee (the “Security Trustee”) 

    UMB BANK, N.A., not in its individual capacity but
solely as Owner Trustee (“Lessor”) 
 Ladies and Gentlemen: 

We acknowledge receipt of a Notice of Security Assignment dated [•] (the “Assignment Notice”), relating to the assignment
by Lessor to the Security Trustee by way of security of the Aircraft Lease Agreement entered into between Lessee and Lessor dated as of the date listed on Schedule 1 attached to this Acknowledgment (as amended, supplemented and modified,
collectively the “Lease”) relating to the corresponding aircraft listed on Schedule 1 pursuant to the Aircraft Mortgage. Any and all initially capitalized terms used herein shall have the meanings ascribed thereto in the Assignment
Notice, unless specifically defined herein. 
 We acknowledge that Lessor has advised us that the intent and effect of the Security
Assignment is to assign by way of security to the Security Trustee all rights, title and interest of Lessor under the Lease. In consideration of the provision of the quiet enjoyment undertaking set forth in the Assignment Notice and the payment to
us of US$1, receipt of which we hereby acknowledge, we hereby agree as follows: 
  

	1.	 We will comply with the provisions of the Assignment Notice. 

	2.	 This acknowledgment shall be governed by and construed in accordance with the law governing the Lease.

	3.	 Delivery of an executed signature page of this Acknowledgment by telecopy or
e-mail will be effective as delivery of a manually executed signature page of such acknowledgment. 

  

			
	Very truly yours,
	GLOBAL CROSSING AIRLINES, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Schedule 1 
  

					
	 Lease Date
	  	 Airframe model
	  	 MSN

 Exhibit G Form of Return Certificate 

Return Certificate 
 This Return
Certificate (Return Certificate) is delivered on the date set forth in paragraph 1 below by UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee, (Lessor) to GLOBAL CROSSING AIRLINES, INC. (Lessee) pursuant
to that certain Operating Lease Agreement, dated as of [Insert Month] [Insert Day], 20[xx], between Lessor and Lessee (the Lease). Capitalized terms used but not defined in this Return Certificate shall have the meanings given to such terms
in the Lease. 
 Lessor hereby confirms to Lessee that Lessor has
at        :         G.M.T. on this         day
of                            , 20    , at
                                , accepted the following 

 

	 	(a)	 one Airbus [Insert Aircraft Model] aircraft bearing manufacturer’s serial number [Insert MSN] and [Insert
State of Registration] registration mark [Insert Registration Mark]; 

  

	 	(b)	 two CFM International, Inc. model [Insert Engine Type] engines, bearing engine serial numbers [Insert ESNs];

  

	 	(c)	 one [Insert APU Manufacturer] Model [Insert APU Model] APU bearing manufacturer’s serial number [Insert
Serial Number]; 

  

	 	(d)	 all Parts installed on, attached to or appurtenant to the Airframe and Engines; and 

 

	 	(e)	 the Aircraft Documents specified in Part 2 of Schedule 1 to the Lease and all other Aircraft Documents acquired
or prepared by Lessee during the Term, 

 thereupon the leasing of such property under the Lease was terminated. 

Lessor and Lessee hereby confirm that on the date and time hereof (i) the Aircraft was duly accepted by Lessor subject to correction of the discrepancies
noted in Attachment 2 hereto and (ii) Lessee confirms its obligations under the Lease accruing prior to the date hereof, and those required to be performed after the date hereof, shall remain in full force and effect until all such obligations
have been satisfactorily completed. 
 IN WITNESS WHEREOF, the parties hereto have caused this Return Certificate for MSN [Insert MSN] to be executed
in their respective corporate names by their duly authorized representatives as of the day and year first above written. 
  

			
	 SIGNED on behalf of GLOBAL CROSSING

AIRLINES, INC.

		
	By:	 	
	Name:	 	
	Title:	 	

 
			
	 SIGNED on behalf of UMB BANK, N.A., not in its individual capacity but solely as Owner Trustee

		
	By:	 	
	Name:	 	
	Title:	 	

 ATTACHMENT 1 

STATUS OF AIRCRAFT 
 AIRFRAME: 

 

							
	 	  	Date	  	Hours	  	Cycles
	 Current:
	  	                        	  	                        	  	                        
				
	 Last C-Check:
	  	                        	  	                        	  	                        
				
	 Last 6-Year Check:
	  	                        	  	                        	  	                        
				
	 Last 12-Year Check:
	  	                        	  	                        	  	                        

 ENGINES: 
  

											
	 Position/

Serial Number
	  	 Current:
	  	 Last Shop Visit:

		  	Hours	  	Cycles	  	Date	  	Hours	  	Cycles
	
1.                  

	  	                	  	                	  	                	  	                	  	                
	
2.                  

	  	                	  	                	  	                	  	                	  	                

APU: 
  

											
	 Serial Number
	  	 Current:
	  	 Last Overhaul:

		  	Hours	  	Cycles	  	Date	  	Hours	  	Cycles
	
                   
       
	  	                	  	                	  	                	  	                	  	                

LANDING GEAR: 
  

													
	 	  	 	  	 Current:
	  	 Last Overhaul:

	 Position
	  	Serial Number	  	Hours	  	Cycles	  	Date	  	Hours	  	Cycles
	 Nose:
	  	                	  	                	  	                	  	                	  	                	  	                
	 Right
	  		  		  		  		  		  	
	 Main:
	  	                	  	                	  	                	  	                	  	                	  	                
	 Left
	  		  		  		  		  		  	
	 Main:
	  	                	  	                	  	                	  	                	  	                	  	                

 Fuel on board at
Delivery:                 (circle one) pounds / kilograms (                
gallons) 

 ATTACHMENT 2 

DISCREPANCIES 
  

									
		  	Description of Discrepancy	  		  		  	Agreed Corrective Action
	1.	  		  		  	1.	  	
	2.	  		  		  	2.	  	
		  		  		  		  	

 ANNEX 1 

STATUS OF AIRCRAFT 
 AIRFRAME: 

 

							
	 	  	Date	  	Hours	  	Flight Cycles
	 Current:
	  	                        	  	                        	  	                        
				
	 Last C-Check:
	  	                        	  	                        	  	                        
				
	 Last 6-Year Check:
	  	                        	  	                        	  	                        
				
	 Last 12-Year Check:
	  	                        	  	                        	  	                        

 ENGINES: 
  

													
	 Position/

Serial Number
	  	 Current:
	 	 Last Shop Visit:
	  	 Remaining to Next

LLP Removal:

		  	Hours	 	Flight Cycles	 	Date	  	Hours	  	Flight Cycles	  	 Flight Cycles

	
1.                  

	  	                	 	                	 	                	  	                	  	                	  	                
	
2.                  

	  	                	 	                	 	                	  	                	  	                	  	                

APU: 
  

											
	 	  	 Current:
	  	 Last Overhaul:

	 Serial Number
	  	Hours	  	Flight Cycles	  	Date	  	Hours	  	Flight Cycles
	
1.                  

	  	                	  	                	  	                	  	                	  	                
	
2.                  

	  	                	  	                	  	                	  	                	  	                

LANDING GEAR: 
  

													
	 	  	 	  	 Current:
	  	 Last Overhaul:

	 Position
	  	Serial Number	  	Hours	  	 Flight Cycles
	  	Date	  	Hours	  	 Flight Cycles

	 Nose:
	  	                	  	                	  	                	  	                	  	                	  	                
	 Left
	  		  		  		  		  		  	
	 Main:
	  	                	  	                	  	                	  	                	  	                	  	                
	 Right
	  		  		  		  		  		  	
	 Main:
	  	                	  	                	  	                	  	                	  	                	  	                

 ANNEX 2 

DISCREPANCIES 
  

											
		 	Description of Discrepancy	  		  	Agreed Corrective Action	  		  	Timeline Cost
	1.	 		  	1.	  		  	1.	  	
	2.	 		  	2.	  		  	2.	  	
		 		  		  		  		  	

 . 

 ANNEX 3 

ENGINE LLPS 
  

					
	Part Description	  	Flight Cycles For Engine [•]	  	Flight Cycles For Engine [•]
		  		  	

 ANNEX 4 

LOOSE EQUIPMENT AND ACCESSORIES 

[TO BE INSERTED BY TECHNICAL REPRESENTATIVE] 

 ANNEX 5 

AIRCRAFT DOCUMENTS AND TECHNICAL RECORDS 

[TO BE INSERTED BY TECHNICAL REPRESENTATIVE] 

 ANNEX 6 

AIRCRAFT STATUS – AVIONICS INVENTORY 

[TO BE INSERTED BY TECHNICAL REPRESENTATIVE]EX-10.31

 Exhibit 10.31 

EXECUTION VERSION 
 Operating Lease
Agreement 
 One (1) Airbus A320 – 214 aircraft with manufacturer’s serial number 3605 

Dated July 9, 2021 
 UMB Bank, National
Association, not in its individual capacity, but solely as owner trustee 
 (Lessor) 

Global Crossing Airlines, Inc. 
 (Lessee) 

TO THE EXTENT, IF ANY, THAT THIS OPERATING LEASE AGREEMENT CONSTITUTES CHATTEL PAPER (AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN
ANY APPLICABLE JURISDICTION), THIS COPY SHALL CONSTITUTE THE SOLE ORIGINAL THEREOF AND NO SECURITY INTEREST IN THIS OPERATING LEASE AGREEMENT MAY BE CREATED THROUGH THE TRANSFER OF POSSESSION OF ANY ORIGINAL COUNTERPART OTHER THAN THIS COUNTERPART

  
 

 

 EXECUTION VERSION 

Contents 
  

							
	 1
	 	 Definitions and interpretation
	  	 	1	 
			
	 2
	 	 Agreement to Lease
	  	 	1	 
			
	 3
	 	 Representations and warranties
	  	 	2	 
			
	 4
	 	 Delivery and Acceptance
	  	 	4	 
			
	 5
	 	 Payments
	  	 	6	 
			
	 6
	 	 Absolute and unconditional obligations
	  	 	8	 
			
	 7
	 	 Lessor’s obligations
	  	 	8	 
			
	 8
	 	 Information
	  	 	9	 
			
	 9
	 	 Control of the Aircraft
	  	 	10	 
			
	 10
	 	 Engines and Parts
	  	 	12	 
			
	 11
	 	 Registration, certification and filings
	  	 	18	 
			
	 12
	 	 Title protection and operation
	  	 	21	 
			
	 13
	 	 Technical
	  	 	24	 
			
	 14
	 	 Indemnities
	  	 	28	 
			
	 15
	 	 Total Loss
	  	 	32	 
			
	 16
	 	 Requisition
	  	 	34	 
			
	 17
	 	 Insurance
	  	 	35	 
			
	 18
	 	 Return of the Aircraft
	  	 	37	 
			
	 19
	 	 Events of Default
	  	 	38	 
			
	 20
	 	 Remedies
	  	 	42	 
			
	 21
	 	 Illegality
	  	 	44	 
			
	 22
	 	 DISCLAIMER
	  	 	44	 
			
	 23
	 	 Assignment and transfer
	  	 	45	 
			
	 24
	 	 Miscellaneous
	  	 	48	 
			
	 25
	 	 Law
	  	 	51	 
			
	 26
	 	 Confidentiality
	  	 	54	 

  

					
	 	 	 	  	Contents (i)
		 	Y31001 – Avolon / Global X – Airbus A320 – MSN 3605

 EXECUTION VERSION 
  

							
	 27
	 	 Third Party Rights
	  	 	54	 
			
	 28
	 	 Section 1110
	  	 	54	 
			
	 29
	 	 Statements of Owner Trustee
	  	 	54	 
		
	 Schedule 1 – Definitions and interpretation
	  	 	56	 
		
	 Schedule 2 – Aircraft particulars
	  	 	71	 
		
	 Schedule 3 – Conditions precedent
	  	 	72	 
		
	 Schedule 4 – Aircraft Specification and Delivery
	  	 	78	 
		
	 Schedule 5 – Form of Acceptance Certificate
	  	 	91	 
		
	 Schedule 6 – Commercial Terms
	  	 	97	 
		
	 Schedule 7 – Reporting & notices
	  	 	112	 
		
	 Schedule 8 – Insurance requirements
	  	 	115	 
		
	 Schedule 9 – Redelivery
	  	 	119	 
		
	 Schedule 10 – Subleasing requirements
	  	 	133	 
		
	 Schedule 11 - Form of EU ETS Authority Letter
	  	 	137	 
		
	 Schedule 12 – Form of Eurocontrol Letter
	  	 	138	 
		
	 Schedule 13 – Form of Lease Supplement
	  	 	139	 
		
	 Schedule 14 – Form of Engine Acceptance Certificate
	  	 	141	 
		
	 Schedule 15 – Form of Engine Redelivery Certificate
	  	 	1	 

 Contents (ii) 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 Operating Lease Agreement 

Dated July 9, 2021 
 Between 

 

	(1)	 UMB Bank, National Association, not in its individual capacity but solely as owner trustee, having its
registered office at 6440 S. Millrock Drive, Suite 400, Salt Lake City, UT 84121, United States of America 

 (the
“Lessor”); and 
  

	(2)	 Global Crossing Airlines Inc., a company incorporated and existing under the laws of the State of
Delaware whose registered office and principal place of business is at Miami International Airport, Bldg. 5A, 4th Floor, 4200 N.W. 36th Street,
Miami, Florida 33166. 

 (the “Lessee”). 

Each a “Party” and together the “Parties”. 

It is agreed: 
  

	1	 Definitions and interpretation 

In this operating lease agreement (the “Agreement”), capitalised words and expressions have the meanings set out in Schedule
1, Part A (Definitions). The rules of interpretation and construction set out in Schedule 1, Part B (Interpretation) shall apply to this Agreement. 
  

	2	 Agreement to Lease 

 

	2.1	 Leasing the Aircraft for the Lease Period 

Subject to the terms of this Agreement, the Lessor agrees to lease the Aircraft to the Lessee and the Lessee agrees to take the Aircraft on
lease for the Lease Period. This Agreement is effective on the date shown at the beginning of this Agreement but: 
  

	 	(a)	 the Lessor will have no obligation to deliver the Aircraft to the Lessee unless the conditions precedent set
out in Schedule 3, Part A (Lessee conditions precedent) have been fulfilled on or before the dates specified in Schedule 3, Part A (Lessee conditions precedent) unless deferred or waived by the Lessor in its absolute
discretion; and 

  

	 	(b)	 the Lessee will have no obligation to accept the Aircraft hereunder unless the conditions precedent set out in
Schedule 3, Part B (Lessor conditions precedent) have been fulfilled on or before the dates specified in Schedule 3, Part B (Lessor conditions precedent) unless deferred or waived by the Lessee in its absolute discretion.

  

	2.2	 No Default 

  

	 	(a)	 The Lessor will not have to deliver the Aircraft to the Lessee if, prior to Delivery, a Default has occurred
and is continuing or would occur as a result of Delivery. 

  

	 	(b)	 The Lessor reserves all of its rights under this Agreement and pursuant to all Applicable Regulations in
connection with any Default even if it delivers the Aircraft to the Lessee while a Default is continuing or would occur as a result of Delivery. 

  
 Page 1 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

	2.3	 Delay of conditions precedent 

The Lessor will not be responsible for any delay in Delivery if the Lessee fails to satisfy all its obligations listed in Schedule 3, Part A
(Lessee conditions precedent) on the required date. 
  

	2.4	 Deferral of conditions precedent 

If the Lessor delivers the Aircraft to the Lessee even though it has not received all the documents and evidence referred to in Clause 2.1
(Leasing the Aircraft for the Lease Period) on or prior to the date specified, the Lessor may defer any of the obligations of the Lessee listed in Schedule 3, Part A (Lessee conditions precedent) on specific conditions and at
the Lessor’s sole discretion. 
  

	3	 Representations and warranties 

 

	3.1	 Representations and warranties 

Each Party is making certain statements in this Clause 3.1 in order to induce the other Party to enter into this Agreement. Each Party
understands that the statements it makes in this Agreement must be true when this Agreement is signed and on each date that the statements are deemed to be repeated in accordance with Clauses 3.3 (Repetition of Lessor’s representations and
warranties) and 3.4 (Repetition of Lessee’s representations and warranties). On this basis each Party represents and warrants to the other that: 
  

	 	(a)	 in the case of the Lessor, it is the owner trustee of a trust duly formed and validly existing under the laws
of the State of Utah, United States of America, and in the case of the Lessee, it has been properly formed as a corporation under the laws of the State of Delaware, United States of America; 

 

	 	(b)	 since the date of its formation, it has been maintained in accordance with all Applicable Regulations;

  

	 	(c)	 in entering into each Transaction Document to which it is a party and performing its obligations, it does not
contravene, nor in respect of any Transaction Document to which it is a party which is entered into after the date of this Agreement will it contravene, any Applicable Regulations; 

 

	 	(d)	 all necessary corporate actions have been taken and all authorisations have been obtained for the execution by
it of each Transaction Document to which it is a party and the performance of its obligations thereunder, it has the power to enter into the Transaction Documents to which it is a party and each of the Transaction Documents to which it is a party
has been duly executed and delivered by it; 

  

	 	(e)	 it is subject to civil commercial law with respect to its obligations under the Transaction Documents to which
it is a party, neither it nor any of its assets is entitled to any right of immunity and the entry into and performance by it of the Transaction Documents to which it is a party constitute private and commercial acts; 

 

	 	(f)	 the choice of New York law to govern the Transaction Documents to which it is a party and the submission by
that Party to the jurisdiction of the courts described in Clause 25.2 is valid and binding on that Party; 

  

	 	(g)	 its obligations under each Transaction Document to which it is a party are, or if any Transaction Document to
which it is a party is entered into after the date of this Agreement will be, from the date of execution of such Transaction Document to which it is a party, legal, valid and binding and enforceable against it in accordance with their respective
terms (except as enforceability may be limited by (i) applicable bankruptcy, insolvency, examination, reorganisation or similar laws, and (ii) general principles of equity); and 

  
 Page 2 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

	 	(h)	 in the case of the Lessor, on the Delivery Date, it shall have the right to lease the Aircraft to Lessee under
this Agreement. 

  

	3.2	 Lessee’s representations and warranties 

Lessee further represents and warrants to the Lessor that: 
  

	 	(a)	 no Default has occurred and is continuing or would occur as a result of Delivery; 

 

	 	(b)	 it is not involved in any litigation or other dispute nor is there any claim pending against it, the outcome of
which could adversely affect its financial condition or its ability to perform its obligations under this Agreement or any other Transaction Document; 

  

	 	(c)	 the Lessee Guarantor is not involved in any litigation or other dispute nor is there any claim pending against
it, the outcome of which could adversely affect its financial condition or its ability to perform its obligations under any Transaction Document; 

  

	 	(d)	 the Original Financial Statements and the Lessee Guarantor’s most recently prepared management accounts
(which have been delivered to the Lessor): 

  

	 	(i)	 have been prepared in accordance with generally accepted accounting principles in the United States of America;

  

	 	(ii)	 fairly represent the financial condition of the Lessee and the Lessee Guarantor as at the date to which they
were drawn up; and 

  

	 	(iii)	 do not contain any untrue statement or omit to state a material fact which could make them misleading;

  

	 	(e)	 since the preparation of the accounts referred to in (d) above and delivered to the Lessor on or prior to
the date of this Agreement, there has been no material adverse change in the Lessee’s or Lessee Guarantor’s ability to perform its obligations under the Transaction Documents or its financial condition; 

 

	 	(f)	 all licences, authorisations, consents, registrations and notifications required in connection with:

  

	 	(i)	 the entry into, performance, validity and enforceability of, the Transaction Documents and the transactions
contemplated therein; and 

  

	 	(ii) 	 the registration of the Aircraft and this Agreement and the interests of the Lessor, the Owner and (to the
extent obtainable by the Lessee) each Financier with the Aviation Authority and any other related Government Entity in the United States of America,  

have been (or will before the Delivery Date have been) obtained or effected (as appropriate) and are (or will, on their being obtained or
effected, be) in full force and effect; 

  
 Page 3 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

	 	(g)	 it has paid or caused to be paid, all fees or charges assessed and due against it by any airport or air
navigation authority assessing landing or navigation fees or charges in respect of aircraft operated by the Lessee; 

  

	 	(h)	 it does not hold a contract or other obligation to operate the Aircraft to or from an Excluded Country;

  

	 	(i)	 except for the registration of this Agreement and the Lease Supplement with the Aviation Authority and the
registration of the international interests created by this Agreement in the Airframe and each Engine with the International Registry, it is not necessary under the laws of Delaware, United States of America, or, if different, the State of
Registration in order to: 

  

	 	(i)	 ensure the legality, validity, effectiveness, enforceability or admissibility in evidence; or

  

	 	(ii)	 establish, protect or (if possible under Applicable Regulation) perfect the rights and interests of the Lessor,
the Owner and the Security Trustee in the Aircraft or any Engine or Part, 

 that this Agreement or any other Transaction
Document or any other instrument (or any interest created thereby) be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in Delaware, United States of America, or, if different, the State of Registration or
with the International Registry or that any other action be taken or that any stamp, registration or similar tax or charge be paid in Delaware, United States of America, or, if different, the State of Registration on or in relation to any of the
Transaction Documents; and 
  

	 	(j)	 its obligations and the obligations of the Lessee Guarantor under the Transaction Documents are enforceable and
rank at least pari passu with all of their respective present and future unsecured and unsubordinated obligations (including contingent obligations) with the exception of such obligations as are mandatorily preferred by law and not by virtue of any
contract. 

  

	3.3	 Repetition of Lessor’s representations and warranties  

The representations and warranties given by the Lessor in Clause 3.1 (Representations and warranties) shall survive the execution of
this Agreement and shall be deemed to be repeated by the Lessor on the Delivery Date with reference to the facts and circumstances subsisting on such date. 
  

	3.4	 Repetition of Lessee’s representations and warranties  

The representations and warranties given by the Lessee in Clause 3.1 (Representations and warranties) and Clause 3.2 (Lessee’s
representations and warranties) will survive the execution of this Agreement and shall be deemed to be repeated by the Lessee on the Delivery Date and on each Rent Date with reference to the facts and circumstances subsisting on such date. 

 

	4	 Delivery and Acceptance 

 

	4.1	 Delivery and Acceptance  

 

	4.1.1	 The Lessor shall notify the Lessee of: 

 

	 	(a)	 the Scheduled Delivery Date; 

  
 Page 4 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

	 	(b)	 any changes to the Scheduled Delivery Date previously notified by the Lessor to the Lessee.

  

	4.1.2	 Subject to the terms of this Agreement, the Aircraft being in the Aircraft Specification as described in
Schedule 4, Part A (Aircraft Specification) and the Delivery Condition as described in Schedule 4, Part C (Delivery Condition), upon tender for delivery of the Aircraft to Lessee in accordance with Schedule 4, Part B (Delivery
Procedure), the Lessee shall accept the Aircraft “as is, where is” at the Delivery Location on the Scheduled Delivery Date (or such later date as the Lessor notifies the Lessee that the Aircraft is available for Delivery) in accordance
with Clause 4.2 below. 

  

	4.2	 Acceptance Certificate  

 

	4.2.1	 The Lessee shall evidence its acceptance of the Aircraft by executing the Acceptance Certificate and delivering
it to the Lessor. 

  

	4.2.2	 Execution and delivery of the Acceptance Certificate will be conclusive proof that the Lessee has examined and
investigated the Aircraft, that the Aircraft and the Aircraft Documents are satisfactory to the Lessee in all respects and for all purposes under this Agreement and that the Lessee has irrevocably and unconditionally accepted the Aircraft for lease
under this Agreement without any reservations or exceptions whatsoever and subject to all disclaimers and waivers set forth herein. 

  

	4.3	 Risk from Delivery  

As from Delivery, the Lessee shall bear all risks associated with any loss of or damage to the Aircraft until Redelivery. 

 

	4.4	 Failure to take Delivery  

If the Lessee fails to take delivery of the Aircraft when tendered for delivery by the Lessor in accordance with the terms of the Transaction
Documents, the Lessee will indemnify the Lessor, the Owner and the Owner Participant on demand for all Losses, costs and expenses, including Break Costs, incurred by the Lessor, the Owner or the Owner Participant as a result of such failure. 

 

	4.5	 Delayed Delivery  

If Delivery takes place after the Scheduled Delivery Date or not at all: 

 

	 	(a)	 the Lessor will not be responsible for any Losses the Lessee suffers as a result; 

 

	 	(b)	 the Lessee will not, except in the circumstances described in Clause 4.5(c) below, be entitled to cancel or
terminate this Agreement or to reject the Aircraft on the grounds of a delay when it is offered for Delivery; and 

  

	 	(c)	 If the Aircraft has not been offered for Delivery by the Cut-Off Date
and the Parties have not otherwise agreed in writing to extend the Cut-Off Date, the Lessee shall have the sole right to terminate this Agreement by serving notice to the Lessor up to and including two
(2) months following the Cut-Off Date, save that the Lessee may not terminate this Agreement in accordance with this Clause if an Event of Default has occurred and is continuing. Such notice must be
served (i) after the Cut-Off Date and (ii) prior to the Aircraft being offered for Delivery. The obligations of each Party to the 

  
 Page 5 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

	 	
other pursuant to this Agreement will end from the date of that notice and the Lessor will have no liability to the Lessee arising from the non-delivery of
the Aircraft except that, provided (x) no Event of Default has occurred and is continuing and (y) the Lessee had obtained, before the Cut-Off Date, any authorisations required under Applicable
Regulations to permit it to operate the Aircraft in revenue generating service upon Delivery, the Lessor will repay to the Lessee an amount equal to all paid Security Deposit instalments then held in cash by the Lessor. 

 

	5	 Payments 

  

	5.1	 Rent  

  

	5.1.1	 On each Rent Date, the Lessee will pay Rent to the Lessor as set out in Schedule 6, Part A.

  

	5.2	 Rent Periods  

The first Rent Period will commence on the Delivery Date and end on (and include) the last day of the calendar month in which the Delivery Date
falls. Each subsequent Rent Period will commence on the first day of each calendar month and end on (and include) the last day of that calendar month, except that if a Rent Period would otherwise extend beyond the Expiry Date, it will end on the
Expiry Date. 
  

	5.3	 Security Deposit  

 

	5.3.1	 The Lessee shall pay an amount equal to the Security Deposit Amount to the Lessor on or prior to the Delivery
Date (the Security Deposit) as specified in Schedule 6, Part A. 

 5.3.2 

 

	 	(a)	 The Lessor (or its designee) may co-mingle the Security Deposit with
its own funds, the Lessor will not hold such funds as agent or on trust for the Lessee or in any similar capacity and the Lessee may not create any Security Interest over such funds. The Security Deposit (and any interest accrued thereon) will be
the sole and absolute property of the Lessor and will not be refundable to the Lessee except as set out in this Agreement. 

  

	 	(b)	 The Lessor may assign or pledge its interest in or otherwise create a Security Interest in respect of the
Security Deposit to the Security Trustee or any permitted transferee or assignee (and the Lessee shall, at the cost of the Lessor, perform such acts and deliver such instruments as the Lessor may request in order to carry out and effect any such
assignment or pledge or Security Interest). 

  

	5.3.3	 In addition to all the rights and remedies under this Agreement, the Transaction Documents, any Other Agreement
or under any Applicable Regulations, upon the occurrence of an Event of Default which is continuing, the Lessor may (in its absolute discretion) immediately or whenever it chooses, set-off against, use,
retain, or apply all or any part of the Security Deposit in or towards the payment or discharge of any obligation owed by the Lessee or any Affiliate of the Lessee to the Lessor or any Affiliate of the Lessor under this Agreement, any other
Transaction Documents or any Other Agreement, in such order as the Lessor chooses. The Lessor shall notify the Lessee in writing following the exercise of any of its rights under this Clause 5.3.3. 

  
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	5.3.4	 If, as a result of the exercise by the Lessor of its rights under this Agreement, the Security Deposit is
reduced below the Security Deposit Amount, the Lessee will pay to the Lessor on demand an amount equal to such reduction. Application of the Security Deposit shall not be deemed to cure any Event of Default otherwise cured by the application of such
monies, unless and until the Lessee pays to the Lessor, within five (5) Business Days, an amount equal to the reduction in the Security Deposit. 

  

	5.3.5	 Subject to no Default having occurred which is then continuing, no later than thirty (30) days following
the Expiry Date, the Lessor will return an amount equal to any balance of the Security Deposit (without interest) held in cash and not applied in accordance with this Agreement. 

 

	5.4	 Maintenance Payments and Qualifying Work  

 

	5.4.1	 The Lessee will pay to the Lessor the Maintenance Payments as set out in, and at the times specified in
Schedule 6, Part B (Maintenance Payments). 

  

	5.4.2	 The Lessor will pay to the Lessee the contributions as set out in, and at the time specified in:

  

	 	(a)	 Schedule 6, Part D (Qualifying Work); and 

 

	 	(b)	 Schedule 6, Part E (Lessor Contribution for Qualifying Work). 

 

	5.5	 Manner of payments  

All sums payable by the Lessee to the Lessor in the performance of its obligations under the Transaction Documents will be paid on or prior to
the due date, in Dollars and in immediately available funds not later than 11.00 a.m. New York City time for value on the due date of payment into such account as the Lessor may notify in writing to the Lessee at least three (3) Business Days
prior to the date such payment is due. The Lessee must make reference to the Aircraft in the payment instructions and include any other reference as the Lessor shall specify to enable the payment to be more easily traced and any payment will only be
considered as having been paid when it has been credited to the account of the Lessor. It shall be a condition of this Agreement that the Lessee performs its obligations to make any payments under this Agreement or any other Transaction Documents in
the time and manner stipulated in this Agreement or in the relevant Transaction Document as applicable. 
  

	5.6	 Late payments  

If the Lessee fails to pay any amount payable under this Agreement or any other Transaction Document on the due date, it will pay default
interest on the overdue amount at the Default Rate from (and including) the due date to (but excluding) the date on which such overdue amount is paid in full. Default interest will be payable at intervals as demanded by the Lessor (irrespective of
whether the Lessor obtains a court judgment for sums owed to it in the meantime) and any interest which remains unpaid after such interval shall thereafter bear interest at the Default Rate. All default interest will be calculated on the basis of
the actual number of days elapsed and a three hundred and sixty five (365) day year. 
  

	5.7	 Payments on Business Days  

If any payment of Rent, Security Deposit, Maintenance Payments, Agreed Value or other payment under this Agreement would otherwise be due on a non-Business Day, it will be due on the succeeding Business Day. 

  
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	6	 Absolute and unconditional obligations 

The Lessee’s obligations to pay Rent, Agreed Value, Maintenance Payments and any other amounts due under this Agreement and to perform all
of its other obligations punctually under this Agreement and any other Transaction Document, are absolute and unconditional, no matter what happens and no matter how fundamental or unforeseen the event and regardless of any partial or total failure
of consideration, including without limitation: 
  

	 	(a)	 any lack or invalidity of title or any other defect in title or any unavailability of the Aircraft for any
reason, including, but not limited to, any defect in the airworthiness, merchantability, satisfactory condition, fitness for any purpose, condition, design or operation of any kind or nature of the Aircraft; 

 

	 	(b)	 the ineligibility of the Aircraft for any particular use or trade, or for registration or documentation under
the laws of any relevant jurisdiction; 

  

	 	(c)	 the Total Loss or destruction of, or any damage to, the Aircraft, Airframe or any Engine;

  

	 	(d)	 any set off, counterclaim, recoupment, withholding, defence or other rights which the Lessee may have against
the Lessor, the Owner, the Owner Participant, any Financier or any other person; 

  

	 	(e)	 any Security Interest or Taxes; 

 

	 	(f)	 any failure or delay on the part of any Party hereto in performing or complying with any of the terms or
conditions of this Agreement or any other Transaction Document; 

  

	 	(g)	 any insolvency, bankruptcy, administration, reorganisation, arrangement, readjustment of debt, dissolution,
liquidation or similar proceedings by or against the Lessor, the Owner, the Owner Participant, any Financier or the Lessee or the Lessee Guarantor; or 

  

	 	(h)	 any lack of due authorisation of, or other defect in, or invalidity or unenforceability of, this Agreement or
any other Transaction Document, 

 provided that nothing in this Clause 6 will be construed to limit the Lessee’s
right to institute separate legal proceedings against the Lessor in the event of the Lessor’s breach of this Agreement or to limit the Lessee’s rights and remedies against the Lessor or any other person. 

 

	7	 Lessor’s obligations 

 

	7.1	 Quiet enjoyment  

So long as no Event of Default has occurred and is continuing, the Lessor will not interfere with the Lessee’s right to have quiet use,
enjoyment and possession of the Aircraft during the Lease Period. The exercise by the Lessor of its rights under or in connection with this Agreement or any other Transaction Document will not constitute such interference.  

  
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	8	 Information 

  

	8.1	 Financial information  

 

	8.1.1	 From the date of this Agreement until the Expiry Date, the Lessee will deliver to the Lessor:

  

	 	(a)	 as soon as practicable and not later than one hundred and eighty (180) days after the end of the financial
period to which they relate, a copy of the Lessee Guarantor’s consolidated audited financial statements in English (together with all notes) prepared in accordance with generally accepted accounting principles in the United States of America by
a reputable firm of accountants. The financial statements will give a true and fair view of the financial position of the Lessee and the Lessee Guarantor as at the end of such financial period and the results of its operations for such financial
period and will disclose all material liabilities (contingent or otherwise) of the Lessee Guarantor; 

  

	 	(b)	 copies of every report, notice or like document generally issued by the Lessee and the Lessee Guarantor to its
creditors or shareholders at the time that it is so issued; 

  

	 	(c)	 within thirty (30) days after the end of each three (3) month period, the Lessee Guarantor’s
consolidated management accounts (in Dollars, and including a profit and loss account, balance sheet and cashflow statement) in English prepared for the most recent previous financial quarter certified by a qualified financial officer of the Lessee
Guarantor as being true and correct; and 

  

	 	(d)	 with reasonable promptness, such other financial, operational and other information and data with respect to
the Lessee or the Lessee Guarantor as the Lessor may from time to time reasonably request. 

  

	8.1.2	 In lieu of delivering to the Lessor the financial information referred to in Clause 8.1.1, the Lessee may cause
such financial information to be publicly available on the internet within the time periods set forth in Clause 8.1.1 at a location identified to the Lessor in writing. 

 

	8.2	 Technical information  

Throughout the Lease Period, the Lessee will: 
  

	 	(a)	 provide the Lessor within five (5) days after the end of each calendar month, a technical report for the
Aircraft in the form of Schedule 7 (Reporting and notices) which must have all requested information completed (including monthly utilisation) and show whether an Engine, APU or Landing Gear has been removed (specifying the reason for any
such removal) and the details of the airframe on which it has been installed or the actual physical location if not so installed and the address and contact details of the Maintenance Performer responsible for the safekeeping and/or maintenance of
such Engine, APU or Landing Gear; 

  

	 	(b)	 give the Lessor: 

  

	 	(i)	 at least sixty (60) days written notice as to the time and location of all major checks (including any C
Checks and base maintenance events in respect of the Airframe, APU or Landing Gear and all scheduled Qualifying Work relating to the Airframe, APU or Landing Gear; 

 

	 	(ii)	 at least ninety (90) days written notice as to the time and location of all major checks and scheduled
Qualifying Events In respect of any Engine or Engine LLPs; 

  

	 	(iii)	 prior notification, as soon as reasonably practicable, of any unscheduled Qualifying Work, and

  
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	 	(c)	 provide or will procure that a maintenance performer will provide to the Lessor all information the Lessor may
reasonably request from time to time regarding the maintenance of the Aircraft. 

  

	8.3	 Other information  

Throughout the Lease Period, the Lessee shall: 
  

	 	(a)	 notify the Lessor as soon as practicable of any loss, theft, damage to or destruction of the Aircraft, any
Engine or any Part, or any modification to the Aircraft if the potential cost may exceed one million Dollars (US$1,000,000); 

  

	 	(b)	 notify the Lessor of any Default promptly after it occurs; and 

 

	 	(c)	 provide the Lessor, on request, with evidence that all Taxes and charges incurred and payable by the Lessee in
connection with this Agreement and in connection with the Aircraft and its operation, including those invoiced by airports and air traffic control authorities have been paid in full. 

 

	8.4	 Emissions information  

 

	8.4.1	 From the date of this Agreement until the Expiry Date the Lessee shall: 

 

	 	(a)	 as soon as practicable and in any event no later than thirty (30) days following submission to the
relevant regulatory authority, provide the Lessor with a copy of: 

  

	 	(i)	 its annual Emissions Report; and 

 

	 	(ii)	 its Emission Monitoring Plan and any material amendments thereto, and 

 

	 	(b)	 provide the Lessor, on request, with evidence reasonably acceptable to the Lessor that it is in compliance with
its emissions reporting and monitoring obligations determined by reference to Applicable Regulations including CORSIA. 

  

	8.4.2	 In lieu of delivering to the Lessor the emissions information referred to in Clause 8.4.1, the Lessee may cause
such information to be publicly available on the internet within the time periods set forth in Clause 8.4.1at a location identified to the Lessor in writing. 

 

	9	 Control of the Aircraft 

 

	9.1	 No disposal or encumbrance  

The Lessee shall not, and shall not attempt or hold itself out as having any power to, sell, charge, lease (other than as expressly permitted
by Clauses 9.3 (Charter or wet leasing) and 9.4 (Permitted subleasing) or otherwise dispose of or encumber the Aircraft or any part thereof. 
  

	9.2	 Subleasing and possession  

The Lessee will not, without the prior written consent of the Lessor (and then subject to such terms and conditions as the Lessor may
stipulate), sublease, or otherwise part with possession of the Aircraft, except that the Lessee may: 
  

	 	(a)	 charter or wet lease the Aircraft in accordance with Clause 9.3 (Charter or wet leasing);

  
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	 	(b)	 sublease the Aircraft in accordance with Clause 9.4 (Permitted subleasing); 

 

	 	(c)	 part with possession of the Aircraft, an Engine or Part to the relevant Manufacturer for testing or similar
purposes or to a Maintenance Performer for service, repair, maintenance, shop visit or overhaul work or alterations, modifications or additions to the extent required or permitted by this Agreement; and 

 

	 	(d)	 part with possession with respect to an Engine or Part as permitted by Clause 10 (Engines and Parts).

  

	9.3	 Charter or wet leasing  

So long as no Default or Event of Default has occurred and is continuing (or may result from the proposed charter or wet lease), the Lessee
shall be permitted to charter or wet lease the Aircraft in the ordinary course of the Lessee’s business on a short-term basis (and in any event for a period no greater than six (6) months) provided such charter or wet lease constitutes an
arrangement whereby the Lessee agrees to furnish the Aircraft to a third party pursuant to which the Aircraft: 
  

	 	(a)	 shall continue to be operated solely by cockpit personnel under the operational control of the Lessee,
possessing all current certificates and licences that are required by Applicable Regulations; 

  

	 	(b)	 shall remain subject to the insurance coverage required under Clause 17 (Insurance) (save, in the case
of wet leasing only, where the airline liability insurance required under Clause 17 (Insurance) may be provided by the relevant wet-lessee); 

 

	 	(c)	 shall be maintained and operated by the Lessee in accordance with this Agreement; 

 

	 	(d)	 shall not be chartered or wet-leased to any Sanctions Target or based
in, operated to or from, an Excluded Country; and 

  

	 	(e)	 shall remain registered in the State of Registration and based at the Lessee’s main operational base,

 and provided always that such arrangement is expressly subordinated to this Agreement, the rights of the Lessor and the
Security Trustee under this Agreement (and, if applicable, to the rights of the Security Trustee as assignee of the Lessor) and to the Aircraft. The Lessee’s obligations under this Agreement shall continue in full force and effect
notwithstanding any charter or wet lease and in no event shall any chartering or wet leasing of the Aircraft extend beyond the Expiry Date. The Lessee shall give the Lessor advance notice of any such chartering or wet leasing and promptly following
receipt of a written request from the Lessor, the Lessee shall provide a copy of any such charter or wet lease and any related documents to the Lessor (with commercially sensitive pricing redacted if so required by the Lessee). 

 

	9.4	 Permitted subleasing  

 

	9.4.1	 Subject to the Lessor’s prior written consent in its sole discretion, the Lessee may sublease the Aircraft
to a Permitted Sublessee (such sublease, a Permitted Sublease) upon and subject to the terms and conditions set out in Schedule 10 (Subleasing requirements). 

 

	9.4.2	 The Aircraft may not be subleased to any Sanctions Target or based in, operated to or from, an Excluded
Country. 

  
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	9.4.3	 The Lessee acknowledges and agrees that, notwithstanding any sublease of the Aircraft, the Lessee will remain
fully liable to perform its obligations under this Agreement and the other Transaction Documents to which it is a party but to the extent the relevant Permitted Sublessee properly performs an obligation under the sublease, the Lessor agrees that
such performance shall be regarded as discharging (to such extent) any corresponding obligations of the Lessee under this Agreement. 

  

	9.4.4	 Without prejudice to the rights of the Lessor pursuant to Clause 20 (Remedies), if an event of default
(howsoever described) is continuing under a Permitted Sublease, the Lessee shall promptly notify the Lessor of the steps that it is proposing to take to enforce the terms of the Permitted Sublease or recover possession of the Aircraft.

  

	9.4.5	 The Lessee shall, unless otherwise directed by the Lessor, enforce all of its rights and comply with all of its
obligations under any Permitted Sublease. 

  

	9.5	 Costs relating to charter, wet leasing and/or subleasing  

All reasonable costs and expenses (including reasonable legal fees) incurred by the Lessor, the Owner, the Owner Participant or any Financier
in connection with the consideration and/or implementation of any actual or proposed charter, wet leasing and/or subleasing of the Aircraft pursuant to this Clause 9 shall be for the account of the Lessee. 

 

	10	 Engines and Parts 

 

	10.1	 Replacement of Engines and Parts  

 

	10.1.1	 The Lessee shall, at its own cost and expense promptly replace, or procure the replacement of, all Parts or
Engines:  

  

	 	(a)	 which may from time to time become worn out, unserviceable, lost stolen, destroyed, seized, confiscated,
damaged beyond repair or permanently rendered unfit for their intended use for any reason whatsoever; or 

  

	 	(b)	 which are otherwise removed in accordance with this Clause 10. 

 

	10.1.2	 Save as permitted in this Clause 10, the Lessee must not replace any Engine or Part or install any Engine or
Part on any other aircraft whether by way of permanent title swap or for operational short term exchange without first obtaining the Lessor’s prior written consent. 

 

	10.2	 Permanent Replacement of Parts without Lessor’s consent  

 

	10.2.1	 The Lessee may permanently replace Parts without the Lessor’s prior written consent if the following
conditions are satisfied: 

  

	 	(a)	 the replacement part was manufactured by the same Manufacturer of the Part it replaces or the replacement part
is an approved alternate part in accordance with the relevant Manufacturer’s illustrated parts catalogue; 

  

	 	(b)	 the replacement part is in an airworthy condition, has the correct effectivity in accordance with the latest
revision of the Manufacturer’s illustrated parts catalogue, is of the same or a more advanced make and model, is of the same interchangeable and mixable modification status, and is of equivalent or greater value and utility as the Part it
replaces; 

  
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	 	(c)	 the replacement part shall be new or freshly overhauled, repaired, modified, tested, inspected, as required,
and documented accordingly in a Release Certificate; 

  

	 	(d)	 the replacement part must not have total Flight Hours, Cycles or calendar time greater than the Flight Hours,
Cycles or calendar time for the Aircraft as a whole, except in the case of Life Limited Parts in which case the replacement part shall not have accumulated more Flight Hours, Cycles or calendar time since new greater than that of the Life Limited
Part it replaces and provided that, in the case of Engine LLPs, such replacement part shall not restrict the expected on-wing mature interval of the Engine after an Engine Performance restoration Shop Visit or
cause the exposure of an engine module at which would not otherwise have required exposure at the next Engine Performance Restoration Shop Visit; 

  

	 	(e)	 the replacement part is not a PMA Part; 

 

	 	(f)	 the replacement part does not have any DER Repair incorporated; 

 

	 	(g)	 for each replacement part the Lessee has documentation (and shall provide the same to the Lessor promptly upon
request) certifying compliance with all applicable Aviation Authority requirements, including, without limitation: 

  

	 	(i)	 a Release Certificate and, if not indicated on such Release Certificate, a teardown report or documentation
indicating time since last maintenance requirement (with respect to a time controlled part) and a description of work accomplished with respect to such part by a Maintenance Performer; 

 

	 	(ii)	 overhaul and repairs records, as applicable to document the workscope accomplished; 

 

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

 

	 	(iv)	 in the case of life limited parts, a complete service history (including full “back to birth”
traceability) in compliance with OEM standards; and 

  

	 	(v)	 any other associated documentation relating to the maintenance and repair status of such replacement part.

  

	 	(h)	 the Part to be replaced is unserviceable or the replacement part is required in order for the Aircraft to meet
the Redelivery Condition or is an improvement to the Aircraft permitted in accordance with the terms of this Agreement; 

  

	 	(i)	 the replacement part is free and clear of all Security Interests (other than Permitted Security Interests); and

  

	 	(j)	 the replacement part meets all Applicable Regulations. 

 

	10.2.2	 Any Part removed from the Aircraft shall remain the property of the Owner and subject to this Agreement, no
matter where located, until the replacement part is installed on the Aircraft whereupon such replacement part shall automatically and without further act: 

  

	 	(a)	 become and remain the property of the Owner free from Security Interests (other than Permitted Security
Interests) and without any obligation and/or liability on the part of the Lessor, the Owner, the Owner Participant and/or the Financiers, whether as to Taxes and/or otherwise; and 

  
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	 	(b)	 become subject to this Agreement and the Financing Documents as if it had been attached to the Aircraft on
Delivery, and for such purposes shall be deemed to be a Part. 

  

	10.2.3	 If the Lessor so requests, the Lessee shall, at its own cost, provide such documentary evidence and take such
other action as the Lessor may request to evidence the transfer to the Owner of full ownership of the replacement part. 

  

	10.3	 Temporary installation of Parts on other aircraft  

A Part (other than a Part installed on any Lessor Temporary Engine) may be temporarily removed from the Aircraft and installed on an aircraft
owned by or leased to the Lessee without the Lessor’s prior written consent if: 
  

	 	(a)	 no Default has occurred and is continuing; 

 

	 	(b)	 the Lessee has operational control over that aircraft and the terms of this Agreement (including Insurance)
will continue to apply to the Part as if it were still installed on the Aircraft; 

  

	 	(c)	 the Owner retains title to the Part concerned; 

 

	 	(d)	 the Part does not become subject to a Security Interest (other than a Permitted Security Interest);

  

	 	(e)	 such installation is permitted by the Aviation Authority; and 

 

	 	(f)	 that Part is removed from that aircraft and reinstalled on the Aircraft on the earliest of:

  

	 	(i)	 the date falling thirty (30) days after its installation; 

 

	 	(ii)	 the Expiry Date; and 

 

	 	(iii)	 the occurrence of a Default. 

 

	10.4	 Temporary installation of parts on the Aircraft  

If necessary, and to avoid the prolonged operational disruption of the Aircraft, the Lessee may temporarily install any part (but not an engine
or engine module) on the Aircraft by way of short term replacement without the Lessor’s prior written consent if: 
  

	 	(a)	 no Default has occurred and is continuing; 

 

	 	(b)	 such temporary installation is permitted by the Aviation Authority; 

 

	 	(c)	 the installed part is not a PMA Part; 

 

	 	(d)	 there is not available to the Lessee at the time and in the place where that part is required to be installed
on the Aircraft, a replacement part complying with the requirements of Clause 10.2.1; 

  
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	 	(e)	 as soon as practicable after installation of the part on the Aircraft but, in any event, no later than the
earlier of (i) thirty (30) days after installation (ii) the Expiry Date or, (iii) in the case of a part installed on a Lessor Temporary Engine only, the date of redelivery of such Lessor Temporary Engine in accordance with Clause
10.8.4, the Lessee removes that part and replaces it with the Part it replaced, or, in the case of a part, by a part complying with Clause 10.2.1; and 

  

	 	(f)	 the Insurance for the Aircraft is not affected. 

 

	10.5	 Removal of Engines  

 

	10.5.1	 An Engine may only be removed from the Airframe solely for the purposes of testing, repair, maintenance,
overhaul, alteration or modification or as contemplated by 10.8(Lessor Temporary Engine). 

  

	10.5.2	 Subject to Clause 10.6, the Lessee will ensure that no Engine is removed from the Airframe unless it is
promptly replaced on the Airframe by an engine complying with the following conditions: 

  

	 	(a)	 

  

	 	(i)	 it is of the same Manufacturer and model as the original Engine (or an improved model); 

 

	 	(ii)	 it is of the same interchangeable and mixable modification status; 

 

	 	(iii)	 it meets all Applicable Regulations and it is certified in accordance with FAA and/or EASA Part 145 or its
successor for installation on the Aircraft; 

  

	 	(iv)	 it is in an airworthy condition; 

 

	 	(v)	 it has the correct effectivity in accordance with the latest revision of the Manufacturer’s illustrated
parts catalogue; 

  

	 	(vi)	 it is suitable for installation and use on the Airframe without impairing the value or utility of the Airframe;
and 

  

	 	(vii)	 it is compatible with the remaining installed Engine, 

 

	 	(b)	 the Lessee has full details of its source and maintenance records with full back to birth traceability;

  

	 	(c)	 the original Engine is reinstalled on the Airframe on the earliest of: 

 

	 	(i)	 the date falling one hundred and eighty (180) days after the removal of the original Engine;

  

	 	(ii)	 the Expiry Date; and 

 

	 	(iii)	 the occurrence of a Default, and 

 

	 	(d)	 the Insurance for the Aircraft is not affected. 

  
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	10.5.3	 The Lessee will: 

  

	 	(a)	 notify the Lessor in writing as soon as reasonably practicable with respect to the removal of the Engine;

  

	 	(b)	 ensure that the identification plates referred to in Clause 12.1 (Title protection) are not removed from
the Engine; 

  

	 	(c)	 ensure that installed Parts are not removed from the Engine unless required solely for the purposes of testing,
repair, maintenance, overhaul, alteration or modification; 

  

	 	(d)	 ensure that any Engine that is not a Lessor Temporary Engine, which is not installed on the Airframe and is
unserviceable, is immediately placed with the Maintenance Performer for progressive repair with such repairs to be completed prior to the Expiry Date; 

  

	 	(e)	 ensure that any Engine which is not installed on the Airframe (or another aircraft permitted by Clause 10.6
(Temporary installation of Engines on other aircraft)) is properly and safely stored, preserved and transported in accordance with this Agreement and the Manufacturer’s recommendations; 

 

	 	(f)	 ensure that any Engine which is not installed on the Airframe (or another aircraft permitted by Clause 10.6
(Temporary installation of Engines on other aircraft)) is insured in accordance with this Agreement, and is kept free from Security Interests (other than Permitted Security Interests); and 

 

	 	(g)	 from time to time, if requested by the Lessor, procure that any person to whom possession of an Engine is given
acknowledges in writing to the Lessor, that it will respect the interests of the Lessor as owner and lessor of the Engine and any Financiers under any Security Interest (or assignment) in respect of the Engine and will not seek to exercise any
rights whatsoever in relation to such Engine. 

  

	10.6	 Temporary installation of Engines on other aircraft  

 

	10.6.1	 The Lessee will be permitted, after the PBH Period, if and for so long as no Default has occurred and is
continuing, to install any Engine on an airframe owned by or leased to the Lessee and under the operational control of the Lessee, provided that: 

  

	 	(a)	 neither: 

  

	 	(i)	 the provisions of any Applicable Regulations; nor 

 

	 	(ii)	 the terms of any lease or other agreement or Security Interest to which such airframe is subject,

 prohibit such installation or will have the effect at any time of divesting or impairing the title and interests of the
Owner as owner of the Engine, the Lessor as lessor of the Engine and/or any Financiers under any Security Interest or assignment in respect of the Engine; 
  

	 	(b)	 if requested by Lessor, the Lessee or any other owner, lessor, seller, operator, holder of any Security
Interest or their successors or assigns (each a “Relevant Party”) in respect of the relevant airframe, provides a written acknowledgement for the benefit of the Lessor, the Security Trustee and the Financiers that such Relevant
Party has not and will not acquire any right, title or interest in such Engine by reason of that Engine being installed on such airframe, provided that such written acknowledgement shall not

  
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be required if the terms of any lease, agreement or Security Interest to which such airframe is subject, contains an express undertaking for the benefit of the Lessor, the Security Trustee and
any Financier, that may be relied on by the Lessor, the Security Trustee and any Financiers, that the Relevant Party will not acquire, as against the Lessor, the Security Trustee or any Financier, any right, title or interest in an Engine as a
result of such Engine being installed on such airframe and the Lessee shall, upon request, provide the Lessor with a copy of extract of the document that contains such express undertaking; 

 

	 	(c)	 the Owner retains title to the Engine; 

 

	 	(d)	 such installation is permitted by the Aviation Authority; 

 

	 	(e)	 the terms of this Agreement (including Insurance) will continue to apply to the Engine as if it were still
installed on the Airframe; 

  

	 	(f)	 such Engine is reinstalled on the Airframe prior to the earliest to occur of: 

 

	 	(i)	 the date falling ninety (90) days after removal of the Engine; 

 

	 	(ii)	 the Expiry Date; or 

  

	 	(iii)	 the occurrence of a Default; and 

 

	 	(g)	 the Engine is not subjected to any harsher operating conditions or utilisation than it would have been
subjected to had it continued to be affixed to the Aircraft and as contemplated by this Agreement. 

  

	10.6.2	 During the PBH Period, if an Engine is not installed on the Airframe, the Lessee shall not operate such Engine
without the prior written consent of the Lessor (such consent not to be unreasonably withheld or delayed but subject to such conditions as the Lessor may reasonably require including the payment of an engine rental amount at a fair market rate to be
agreed between the Lessor and the Lessee in writing). 

  

	10.7	 Temporary installation of engines on the Aircraft  

If necessary solely to avoid the prolonged grounding of the Aircraft, the Lessee may temporarily install any engine on the Aircraft by way of
short term replacement without the Lessor’s prior written consent if: 
  

	 	(a)	 no Default has occurred and is continuing; 

 

	 	(b)	 there is not available to the Lessee at the time and in the place where that engine is required to be installed
on the Aircraft, a replacement engine complying with the requirements of Clause 10.5 (Removal of Engines); 

  

	 	(c)	 such installation is permitted by the Aviation Authority; and 

 

	 	(d)	 as soon as possible after installation of such engine on the Aircraft, but in any event no later than thirty
(30) days after installation of the replacement engine or the Expiry Date, if sooner, the Lessee removes that engine and replaces it with the Engine replaced by it or with an Engine complying with the requirements of Clause 10.5 (Removal of
Engines). 

  
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	10.8	 Lessor Temporary Engine(s)  

 

	10.8.1	 If the Lessor has exercised its option to provide a Lessor Temporary Engine to the Lessee, in accordance with
paragraph 7 of Schedule 4, Part C (Delivery Condition), the Lessor will, within six (6) months of Delivery (or such longer period as may be agreed by the Lessor and the Lessee), deliver an engine in the required Delivery Condition to the
Lessee in replacement of any Lessor Temporary Engine. 

  

	10.8.2	 On delivery of an engine by the Lessor in accordance with Clause 10.8.1 above, the Lessee shall evidence its
acceptance of such engine by executing an Engine Acceptance Certificate and delivering it to the Lessor. Execution and delivery of an Engine Acceptance Certificate will be conclusive proof that the Lessee has examined and investigated the Engine,
that the Engine and any related engine documents are satisfactory to the Lessee in all respects and for all purposes under this Agreement and that the Lessee has irrevocably and unconditionally accepted the Engine for lease under this Agreement
without any reservations or exceptions whatsoever and subject to all disclaimers and waivers set forth herein. 

  

	10.8.3	 

  

	 	(a)	 Simultaneous with the delivery of an engine by the Lessor in accordance with Clause 10.8.1 above (unless
otherwise agreed by the Lessor), the Lessee shall redeliver the relevant Lessor Temporary Engine to the Lessor. 

  

	 	(b)	 Such Lessor Temporary Engine shall be redelivered to the Lessor
“as-is where-is” with all Parts installed as were installed on delivery of such Lessor Temporary Engine to the Lessee unless otherwise agreed by the Lessor in
its sole discretion. 

  

	10.8.4	 On redelivery of a Lessor Temporary Engine in accordance with Clause 10.8.3, the Lessor will deliver to the
Lessee an Engine Redelivery Certificate confirming that the Lessee has redelivered the Lessor Temporary Engine to the Lessor. 

  

	10.8.5	 Upon execution of an Engine Acceptance Certificate in accordance with Clause 10.8.2, such engine shall be an
“Engine” pursuant to and for the purposes of this Agreement and, upon execution of an Engine Redelivery Certificate in accordance with Clause 10.8.4, the Lessor Temporary Engine will no longer be an “Engine” pursuant to and for
the purposes of this Agreement. 

  

	10.8.6	 The Lessor will reimburse the Lessee for its reasonable costs properly incurred in replacing such Lessor
Temporary Engine in accordance with this Clause 10.8 up to a maximum amount of US$30,000 per Lessor Temporary Engine. 

  

	11	 Registration, certification and filings 

 

	11.1	 Registration with the Aviation Authority  

 

	11.1.1	 The Lessee will, save as provided in Schedule 10 (Subleasing requirements), maintain the registration of
the Aircraft with the Aviation Authority throughout the Lease Period on terms satisfactory to the Lessor and will not do or permit to be done anything which might adversely affect such registration. All expenses associated with maintaining such
registration (not including the filing of Financier liens) shall be at the sole cost, expense and responsibility of the Lessee. 

  
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	11.1.2	 Throughout the Lease Period, the Lessee will: 

 

	 	(a)	 if allowed under Applicable Regulations, at its own cost, (i) record on each relevant register of the
Aviation Authority that the Owner is the owner of the Aircraft and, if applicable, that the Financiers have a Security Interest in the Aircraft and (ii) file this Agreement and each Financing Document (or their main details) on that register;

  

	 	(b)	 at its own cost, make any changes to any registration or filing that may be necessary or advisable to take
account of any change in any modification to the Aircraft (such as the permanent replacement of any Engine or Part) in accordance with this Agreement or of any change in any Applicable Regulation; and 

 

	 	(c)	 at the Lessor’s cost, 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 or the interests of any Financier in the Aircraft, save where such change in registration of filing is required as a result of a Default, an Event of Default or a change of law in the State
of Registration or as a result of any subleasing of the Aircraft, in which case such change shall be made at the Lessee’s cost. 

  

	11.2	 Certification  

The Lessee will take all actions needed to ensure that a current certificate of airworthiness (in the appropriate category for the nature of
the operations of the Aircraft) is maintained in full effect throughout the Lease Period. 
  

	11.3	 Filings and documentary Taxes  

The Lessee will file or record each of the Transaction Documents and Financing Documents which can be filed or recorded by the Lessee and will
pay any stamp duty or other documentary Taxes to which any of the Transaction Documents or Financing Documents are or may become subject, in each case punctually and as may be necessary or considered by the Lessor to be advisable under Applicable
Regulations. 
  

	11.4	 Cape Town Convention  

 

	11.4.1	 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 Convention and/or the Protocol, the Lessor,
with Lessee’s cooperation (i) shall register any international interests or prospective international interests with the International Registry with respect to the Aircraft and/or any Engine and constituted by this Agreement and the
Lessee, at its cost and expense shall procure that any Permitted Sublessee registers any applicable international interests or prospective international interests, and (ii) at the Lessor’s cost and expense shall from time to time, do or
cause to be done (and the Lessee 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 which may be required or desirable (in the sole discretion of the Lessor) to ensure
that the Owner, the Lessor and any Financier has the full benefit of the Convention and/or the Protocol in connection with the Aircraft and any Engine, including: 

 

	 	(a)	 any matters connected with registering, perfecting, and/or preserving and/or enhancing 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 Agreement and any interests arising out of any Permitted Sublease, including any applicable certified
designee letter; 

  
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	 	(b)	 constituting any international interest(s) to be vested in the Owner, the Lessor or any Financier with respect
to the Aircraft and/or any Engine in connection with this Agreement; 

  

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

  

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

  

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

  

	 	(f)	 executing an IDERA in favour of the Lessor, or if required by the Lessor, the Security Trustee, submitting the
same to the Aviation Authority for recordation and providing the recorded IDERA to the Lessor; 

  

	 	(g)	 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 prior written consent; and 

 

	 	(h)	 not executing or submitting or permitting a Permitted Sublessee to execute or submit an IDERA for recordation
in favour of any creditor other than the Lessor or any Financier without the Lessor’s prior written consent. 

  

	11.4.2	 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 except for any such interests created where: 

  

	 	(a)	 the Lessee is the debtor and one of the Lessor, the Owner or the Financiers is the creditor;

  

	 	(b)	 the Lessor is the debtor and one of the Owner or the Financiers is the creditor; or 

 

	 	(c)	 the Owner is the debtor and one of the Lessor or the Financiers is the creditor. 

 

	11.4.3	 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 deregistration of such interest. 

 

	11.4.4	 In this Clause 11.4 (Cape Town Convention): 

 

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

  

	 	(i)	 airframe; 

  

	 	(ii)	 creditor; 

  

	 	(iii)	 debtor; 

  

	 	(iv)	 international interest; 

 

	 	(v)	 national interests; 

  
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	 	(vi)	 non-consensual right of interest; 

 

	 	(vii)	 prospective international interest; and 

 

	 	(viii)	 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. 

  

	12	 Title protection and operation 

 

	12.1	 Title protection  

Throughout the Lease Period, the Lessee will at its own cost: 
  

	 	(a)	 install and maintain fireproof nameplates not less than 7cm by 5cm affixed in a prominent position in the
cockpit or cabin of the Aircraft and on each Engine showing the following: 

 “THIS [AIRCRAFT][ENGINE] IS OWNED BY
[OWNER], IS MORTGAGED TO [SECURITY TRUSTEE] AND IS LEASED TO GLOBAL CROSSING AIRLINES INC. AND MAY NOT BE OPERATED BY ANY OTHER PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF [LESSOR AND SECURITY TRUSTEE]”; and 

 

	 	(b)	 take all reasonable steps to ensure that the interests of the Lessor, the Owner and the Financiers in the
Aircraft are, when appropriate, made known to third parties dealing with the Lessee and the Aircraft and the Lessee will not: 

  

	 	(i)	 hold itself out as owner of the Aircraft or as having an economic interest in it equivalent to ownership
(whether to obtain a particular tax treatment or otherwise); 

  

	 	(ii)	 take or refrain from any action if, as a consequence, the rights of the Lessor, the Owner or any Financier in
the Aircraft or the validity, enforceability or priority of this Agreement or of any of the Financing Documents could be jeopardised; 

  

	 	(iii)	 represent to third parties that the Lessor, the Owner or any Financier is in any way associated with or
responsible for the business activities of the Lessee; 

  

	 	(iv)	 permit the Aircraft or any interest of the Lessor, the Owner or of any Financier in it, or any Party’s
rights under this Agreement, to become or remain subject to any Security Interest (other than a Permitted Security Interest); or 

  

	 	(v)	 pledge the credit of the Lessor, the Owner or any Financier. 

 

	12.2	 Security Interests  

 

	12.2.1	 As soon as reasonably practicable the Lessee will take any action that may be necessary to discharge any
Security Interest described in paragraph (a) or (b) of the definition of Permitted Security Interests. 

  

	12.2.2	 The Lessee will not (otherwise than as expressly contemplated by the Transaction Documents) do anything or take
any action or knowingly omit to take any action which has or may have the effect of prejudicing the first priority nature of any Security Interests created pursuant to the Financing Documents. 

  
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	12.3	 Lessee’s rights  

The Lessee shall have no right, title or interest in or to any part of the Aircraft except the rights expressly set out in this Agreement, it
being expressly agreed and acknowledged by the Lessee that title to the Aircraft shall remain vested in the Owner subject to any Security Interests arising under the Financing Documents in favour of the Financiers (or any of them). 

 

	12.4	 Operation  

  

	12.4.1	 The Lessee will not use or operate the Aircraft, or permit the Aircraft to be used or operated:

  

	 	(a)	 in breach of any Applicable Regulations or in a manner which causes the Lessor, the Owner, the Owner
Participant or any Financier to be in breach of any Applicable Regulations; 

  

	 	(b)	 for any purpose for which the Aircraft was not designed or contrary to any recommendation of the Airframe
Manufacturer, the Engine Manufacturer or the Aviation Authority; 

  

	 	(c)	 for the carriage of: 

 

	 	(i)	 whole animals living or dead except in the cargo compartment according to IATA regulations (except domestic pet
animals carried in a suitable container to prevent the escape of any liquid and to ensure the welfare of the animal); 

  

	 	(ii)	 acids, toxic chemicals, other corrosive materials, explosives, nuclear fuels, nuclear wastes, or any nuclear
assemblies or components, except as permitted for passenger aircraft under the “Restriction of Goods” schedule issued by IATA from time to time and provided that all the requirements for packaging or otherwise contained therein are
fulfilled; 

  

	 	(iii)	 any other goods, materials or items of cargo which could reasonably be expected to cause damage to the Aircraft
or persons onboard the Aircraft, in each case which would not be adequately covered by the Insurances; or 

  

	 	(iv)	 any illegal items or substance; 

 

	 	(d)	 in any circumstances or geographic location where the Aircraft is not covered by the Insurance;

  

	 	(e)	 or permit the Aircraft to proceed to, or remain at, or operate from any location in an Excluded Country or
country subject to Sanctions, nor will the Lessee enter into any contract or be subject to any obligation to do the same; or 

  

	 	(f)	 for any training, demonstration or test flights but the Lessee will be entitled to undertake flight deck crew
training of its own personnel provided that the use of the Aircraft for such crew training is not disproportionate to the amount of such crew training on other aircraft of the same type as the Aircraft operated by the Lessee in any twelve
(12) month period. 

  
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	12.4.2	 The Lessee will: 

  

	 	(a)	 keep the main operational base of the Aircraft at Miami International Airport, Miami, Florida or such other
location (which is not in an Excluded Country) as may be consented to in writing by the Lessor in its absolute discretion; 

  

	 	(b)	 use the Aircraft solely in commercial or other operations for which the Lessee is duly authorised by the
Aviation Authority and the Applicable Regulations; 

  

	 	(c)	 ensure that the crew and engineers engaged by the Lessee in connection with the operation and maintenance of
the Aircraft have the qualifications and hold the licences required by the Aviation Authority and the Applicable Regulations; 

  

	 	(d)	 to the extent the Aircraft is operated within the European Union: 

 

	 	(i)	 comply, and procure that any Permitted Sublessee complies, with any obligations applicable to it, or such
Permitted Sublessee, in respect of the EU ETS Legislation and shall ensure that it (or any Permitted Sublessee, if applicable) (and not the Lessor, the Owner, the Owner Participant nor any Financier) is notified to the relevant authorities as being
the operator of the Aircraft whenever applicable in connection with the EU ETS Legislation; and 

  

	 	(ii)	 upon the reasonable request of the Lessor, but not more frequently than on a yearly basis for so long as the
Aircraft continues to be operated within the European Union, certify to the Lessor that the Lessee and any Permitted Sublessee are complying with the EU ETS Legislation to the extent that such EU ETS Legislation applies to the Lessee or any
Permitted Sublessee; 

  

	 	(e)	 obtain and maintain in full force all certificates, licences, permits and authorisations for the time being
required for the use and operation of the Aircraft and for the making of payments required by, and the compliance by the Lessee with its other obligations under, this Agreement; and 

 

	 	(f)	 not abandon the Aircraft or do or permit to be done anything which may expose the Aircraft or any part of it to
the risk of damage, destruction, arrest, confiscation, seizure, forfeiture, impounding, detention or appropriation. 

  

	12.4.3	 The Lessee will not (and will procure that any Permitted Sublessee will not) operate, maintain, insure or deal
with the Aircraft, any Engine or Part in a manner which discriminates against the Aircraft, such Engine or such Part when compared with the manner in which the Lessee operates, maintains, insures or deals with other aircraft, engines or parts (in
each case of a similar model to the Aircraft, the Engines or Parts) in the Lessee’s fleet. 

  

	12.4.4	 The Lessee will not do or permit to be done anything which might prejudice any right which the Lessor, the
Owner, the Owner Participant or any Financier may have against the Airframe Manufacturer, the Engine Manufacturer or any other Manufacturer or supplier of any Part. 

 

	12.5	 Operational costs  

The Lessee will pay or cause to be paid all costs of operating the Aircraft and all other aircraft operated by the Lessee, including all air
navigation charges (including Eurocontrol charges and the equivalent), licenses and other overflight and airport fees, charges and passenger taxes and carbon offsetting charges when due. 

  
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	13	 Technical 

  

	13.1	 Maintenance, overhaul and repair 

 

	13.1.1	 Throughout the Lease Period, the Lessee will at its own cost arrange for the Aircraft to be maintained,
overhauled and repaired by a Maintenance Performer, so that: 

  

	 	(a)	 the Aircraft is kept safe for operation and airworthy in all respects and in as good operating condition and
state of repair as at the Delivery Date and in compliance with all requirements of the FAA and the Aviation Authority; 

  

	 	(b)	 all maintenance is conducted in accordance with the Maintenance Programme by the Maintenance Performer;

  

	 	(c)	 the Aircraft is maintained, serviced and repaired in the same manner and with the same care as used by the
Lessee or, any Permitted Sublessee, with respect to similar aircraft operated by such party; and 

  

	 	(d)	 all airworthiness certificates in respect of the Aircraft are maintained in good order at all times under the
laws of the State of Registration except (to the extent permitted under Applicable Regulations) during periods of maintenance or repair. 

  

	13.1.2	 No agreement relating to work done on the Aircraft may give the Maintenance Performer the right to hold the
Aircraft in respect of work done on any other aircraft in the Lessee’s fleet. 

  

	13.1.3	 

  

	 	(a)	 The Lessee will ensure that any repairs to the Aircraft will be performed in accordance with the provisions of
the most recent iteration of the Manufacturer’s repair manual applicable to the Aircraft or, if outside the scope of such repair manual, in accordance with the Manufacturer’s instructions and supported by the Manufacturer’s approvals
applicable to the Aircraft and the Compliance Authority, and shall be permanent in nature with no repeat inspections. 

  

	 	(b)	 Notwithstanding Clause 13.1.3(a), if necessary to avoid unreasonable operational disruption of the Aircraft,
the Lessee may install a Manufacturer’s temporary repair provided such repair is replaced with a repair which complies with Clause 13.1.3(a) on the earliest of: 

 

	 	(i)	 the next C Check; 

  

	 	(ii)	 the Expiry Date; and 

 

	 	(iii)	 the occurrence of a Default. 

 

	 	(c)	 The Lessee will keep detailed records and associated maintenance data relating to all repairs on the Aircraft.

  

	13.1.4	 The Lessee expressly authorises and consents to allowing the Manufacturer to provide the Lessor with
information about the Aircraft (including the Aircraft Documents). The Manufacturer may provide documentation to the Lessor without the need for any further notice to or authorisation from the Lessee. 

  
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	13.2	 Aircraft Documents  

 

	13.2.1	 The Lessee will keep and maintain, or shall procure that any Permitted Sublessee maintains, all Aircraft
Documents throughout the Lease Period: 

  

	 	(a)	 in the English language; 

 

	 	(b)	 in accordance with best airline practice and in a format which allows the Aircraft Documents to be used by a
subsequent operator; 

  

	 	(c)	 so as to comply with the requirements of the FAA and the Aviation Authority, all Applicable Regulations, the
Maintenance Programme and the requirements of the original equipment manufacturer (as the case may be); and 

  

	 	(d)	 up to date to reflect the operation of the Aircraft and the current configuration of the Aircraft including all
maintenance, repair and work performed and all “approved data” required by the FAA and the Aviation Authority. 

  

	13.2.2	 The Lessee will keep the Aircraft Documents in its possession at a single location approved by the Aviation
Authority a fire-proof storage area free from any risk of flooding and the Aircraft Documents must not, without the Lessor’s prior written consent, be in the possession or control of any person other than the Lessee. 

 

	13.2.3	 The Lessee will permit the Lessor (or its representatives) to examine and make copies of the Aircraft
Documents, including those held in electronic storage: 

  

	 	(a)	 upon giving reasonable notice so long as such examination does not impede the normal commercial operation of
the Aircraft; 

  

	 	(b)	 during the Lessor’s or the Lessor’s representatives attendance at maintenance events in accordance
with Clause 13.3.5; or 

  

	 	(c)	 at any time following an Event of Default which is continuing. 

 

	13.2.4	 All Aircraft Documents maintained in digitised format shall be backed up periodically by the Lessee and the
Lessee shall, if so requested by the Lessor, ensure that the Lessor has full access to such digitised Aircraft Documents on a free of charge basis. 

  

	13.2.5	 All Aircraft Documents, including records and documentation of maintenance accomplished on the Aircraft shall
be retained by the Lessee until the Expiry Date, at which time all Aircraft Documents shall be returned to the Lessor in original (not duplicate) form or, where applicable by way of copies of the original or other documentation, certified as true
copies of the original or other documentation by the Lessee’s director of quality assurance or equivalent. 

  

	13.2.6	 The Lessee will ensure that no original hard copy Aircraft Documents which are in the possession of or held to
the order of the Lessee, any Permitted Sublessee or any Maintenance Performer shall be destroyed for any reason whatsoever, regardless of whether any Applicable Regulations may permit the destruction of any such Aircraft Documents.

  

	13.2.7	 The Lessee will ensure that except for standard MPD revisions introduced by the Manufacturer and such revisions
that are more restrictive than the requirements of the MPD, the Lessee shall obtain the Lessor’s prior written consent before amending and/or revising the Maintenance Programme or introducing other amendments or revisions to which the
Manufacturer has no technical objection. The Lessee will provide to the Lessor copies of such amendments and/or revisions. 

  
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	13.3	 Inspection  

  

	13.3.1	 The Lessee will permit the Lessor’s representatives (which may include representative(s) of the
Financiers) to inspect the Aircraft at any time so long as the inspection will not result in a disruption to the scheduled operation of the Aircraft, although this limitation will not apply if a Default has occurred and is continuing. The Lessee
will comply with the reasonable requests of the Lessor’s representatives during the course of an inspection, including any request to travel on the flight deck of the Aircraft as an observer, subject to any Applicable Regulations. During any
such inspection, the representatives of the Lessor and any Financiers may take paper or electronic copies of the Aircraft Documents and other operational records relating to the Aircraft (including the then current Maintenance Programme).

  

	13.3.2	 The cost of conducting an inspection will be borne by the Lessor unless a Default has occurred and is then
continuing or, as a result of that inspection, the Lessee is found to be in default of its obligations under this Agreement in which case the cost will be borne by the Lessee. 

 

	13.3.3	 No liability or obligations will be incurred by the Lessor or the Financiers, or their respective
representatives or nominees, solely by reason of the exercise or non-exercise of the inspection rights referred to in this Clause. 

 

	13.3.4	 All rectifications agreed at such inspection or required by this Agreement shall be made at the Lessee’s
cost and shall be commenced and completed by the Lessee as soon as practicable after the date on which the Lessor gives notice to the Lessee requiring it to do so. 

 

	13.3.5	 The Lessor’s and any Financier’s representatives may attend any C Check or base maintenance event in
respect of the Airframe, any Engine, APU or Landing Gear shop visit event or any Qualifying Work. The Lessee will provide the Lessor with written notification of any such work not less than thirty (30) days prior to the commencement of such
work. 

  

	13.3.6	 The Lessee agrees that it will co-operate in all reasonable respects
with the efforts of the Lessor to lease or sell the Aircraft, including, without limitation, permitting potential lessees or purchasers to inspect the Aircraft and the Aircraft Documents provided that the same shall not interfere with the
Lessee’s use or maintenance of the Aircraft or require the Lessee to incur out-of-pocket expenses for which it is not reimbursed by the Lessor.

  

	13.4	 Airworthiness Directives  

 

	13.4.1	 The Lessee will, and shall procure that any Permitted Sublessee will, comply with all Airworthiness Directives
associated Manufacturer’s means of compliance therein which apply to the Aircraft on a terminating action basis and which have a compliance date during the Lease Period. 

 

	13.4.2	 The Lessor will contribute to the cost of the compliance with Airworthiness Directives referred to in Clause
13.4.1 in accordance with and subject to Schedule 6, Part F (AD Cost Sharing). 

  

	13.5	 Modifications  

 

	13.5.1	 Except as set forth in Clause 13.5.2 and 13.5.3, the Lessee shall not make any alteration, modification,
removal or addition to the Aircraft without the prior written consent of the Lessor. 

  
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	13.5.2	 The Lessee shall, at its own cost and expense, make alterations, modifications and additions to the Aircraft as
may be required from time to time to comply with: 

  

	 	(a)	 Manufacturer’s service bulletins as applicable per effectivity, that are routinely incorporated on similar
aircraft, or which require accomplishment in order to maintain all warranties or performance guarantees relating to the Aircraft, or where non-compliance would negatively impact the value and utility of the
Aircraft; 

  

	 	(b)	 the operating requirements of FAR 121, and 

 

	 	(c)	 all requirements of the Aviation Authority which require compliance prior to the Expiry Date.

  

	13.5.3	 The Lessor’s consent shall not be required for any discretionary alteration, modification or addition that
the Lessee wishes to perform to the Aircraft, provided that any such alteration, modification or addition is: 

  

	 	(a)	 for the installation in accordance with the Manufacturer’s Service Bulletins of (i) additional Parts
(and not in substitution for the same), provided that the installation of such additional Parts does not require a modification to the exterior structure of the Aircraft or (ii) Parts of a higher modification status than those which are then
currently installed on the Aircraft; 

  

	 	(b)	 cosmetic and non-structural in nature in order for the Lessee to
display its name, logo or other identification or advertising, provided that such modification is approved by the Aviation Authority and will be removed prior to Redelivery; 

 

	 	(c)	 to the Aircraft interior configuration that (i) utilises the existing seat track system (without
modification), (ii) does not require the addition to, or removal or modification of, any Aircraft structure, (iii) does not require modification to the then existing electrical system of the Aircraft, (iv) does not impair the value or
utility of the Aircraft, (v) does not require the use of a supplemental type certificate for the accomplishment of such modification, (vi) does not cause any change in the category or status of the Aircraft as defined by the Manufacturer,
(vii) does not cause any additional maintenance burden on the Aircraft, (viii) is approved by EASA or the FAA, and the Aviation Authority, and (ix) does not impair the certification compliance status of the Aircraft; or

  

	 	(d)	 for the accomplishment of Service Bulletins recommended by the Manufacturer not otherwise required to be
accomplished pursuant to this Agreement, to the extent that the Lessee may elect to accomplish the same. 

  

	13.5.4	 In the event of a modification to the Aircraft interior configuration pursuant to Clause 13.5.3(c), the Lessee
shall notify the Lessor of the completion of such modification and prior to Redelivery undertake such modifications to revert to the original interior configuration unless otherwise notified by the Lessor in writing. 

 

	13.5.5	 In the event that the Lessor approves any modification to the Aircraft that is the subject of an EASA or FAA
supplemental type certificate (an “STC”), the Lessee shall, prior to the installation of such STC on the Aircraft, and at no cost or expense to the Lessor, cause the STC holder (i) to provide written authorisation for the
Lessor or any future owner or operator of the Aircraft to use such STC solely with respect to the Aircraft, and without limitation, and (ii) to deliver to the Lessor a data pack of technical information satisfactory to the Lessor in respect of
the STC. 

  
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	13.5.6	 The Lessee will not make any modification to the certified operational thrust rating of the Engines without the
prior written consent of the Lessor. 

  

	13.6	 Warranties  

  

	13.6.1	 The Lessee shall, during the Lease Period, enjoy the benefit of the Airframe Warranties and the Engine
Warranties (if applicable), pursuant to the terms of the Airframe Warranties Agreement and the Engine Warranties Agreement respectively. 

  

	13.6.2	 Save as provided below, during the Lease Period, 

 

	 	(a)	 the Lessor will allow the Lessee to have the use and benefit of any other existing and transferable
manufacturer, vendor or supplier warranties relating to the Aircraft in each case subject to any necessary consents of the relevant manufacturer, vendor or supplier (“Existing Maintenance Warranties”). The Lessor agrees to take such
steps at the cost and expense of the Lessee, as are reasonably necessary to enable the Lessee to receive the benefits of such Existing Maintenance Warranties. The Lessee will have the benefit of any such Existing Maintenance Warranties subject to
any terms that the relevant manufacturer, vendor or supplier may require and the Lessee will enter into such agreements as may be required with such relevant manufacturer, vendor or supplier to effect such arrangements; and 

 

	 	(b)	 the Lessee will have the use and benefit of any manufacturer, vendor, supplier or Maintenance Performer
warranties relating to the Aircraft which are granted in favour of the Lessee during the Lease Period (the “Lessee Maintenance Warranties”). 

  

	13.6.3	 The Lessee will diligently and promptly pursue any valid claims that it may have against any relevant
manufacturer, vendor, supplier or Maintenance Performer and will give the Lessor written notice of the same promptly on request from the Lessor. The Lessee agrees to use any amounts received in relation to any claim under any Existing Maintenance
Warranties or Lessee Maintenance Warranties only for the purposes of repairing or replacing the Airframe, Engine or Part which gave rise to the relevant warranty claim. 

 

	13.6.4	 On the Expiry Date (or such earlier date as the Lessor may specify by notice in writing if an Event of Default
has occurred and is continuing): 

  

	 	(a)	 the Lessee’s rights under the Existing Maintenance Warranties referred to in this Clause 13.6.4 (including
the Lessee’s rights to pursue claims and receive payments thereunder) shall immediately revert to the Owner; and 

  

	 	(b)	 the Lessee will at its own cost and expense, take all steps necessary to ensure that the benefit of any
unexpired warranties (including any and all Lessee Maintenance Warranties) are vested in the Owner. 

  

	14	 Indemnities 

  

	14.1	 General Indemnity  

 

	14.1.1	 Subject to the exclusions set out in Clause 14.1.2, the Lessee shall immediately upon demand, 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:

  
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	 	(a)	 the ownership, 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, control, location, alteration, registration or redelivery of or other matters relating to or attributable to the Aircraft, the Airframe, 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; 

  

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

 

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

  

	 	(d)	 any design, article or material in the Aircraft, any Engine or any Part or its operation or use constituting an
infringement of patent, copyright, trademark, design or other proprietary right or a breach of any obligation of confidentiality owed to any person in respect of any of the matters referred to in this Clause 14.1.1; 

 

	 	(e)	 any latent or other defects or deficiencies therein, whether or not discoverable, known or unknown, apparent or
concealed, exterior or interior; or 

  

	 	(f)	 any breach by the Lessee of its obligations under the Transaction Documents. 

 

	14.1.2	 The Lessee will not be required to indemnify an Indemnitee under Clause 14.1.1 to the extent the Loss for which
the indemnity claim is made: 

  

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

 

	 	(b)	 is caused by a breach or default by such Indemnitee of its express obligations under a Transaction Document
which does not result from any act or omission of any other person; 

  

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

 

	 	(d)	 is covered pursuant to another indemnity provision of this Agreement and payment to such Indemnitee under such
other indemnity has actually been received by it; 

  

	 	(e)	 comprises or relates to the Owner’s acquisition cost or purchase of the Aircraft or is an ordinary and
usual overhead expense of such Indemnitee (but excluding any such Losses which are suffered or incurred as a result of or following the occurrence of an Event of Default); 

 

	 	(f)	 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 in connection with, or arises following, a Default or relates to the replacement of any Engine or Part as contemplated by this Agreement; or

  

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

  
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	14.2	 Withholdings  

 

	14.2.1	 The Lessee will not deduct any amount from any of its payments under the Transaction Documents, for or on
account of any Taxes, unless the Lessee is obliged to do so under any Applicable Regulation. 

  

	14.2.2	 If the Lessee has to make a deduction as described in Clause 14.2.1, 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 Regulations; 

 

	 	(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, such that the Lessor shall be in no worse a position than it would have been if the deduction had not applied; 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. 

  

	14.3	 Payment of Taxes  

The Lessee shall promptly pay all Taxes imposed by any Government Entity with respect to the Aircraft in accordance with Applicable
Regulations, 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. 
  

	14.4	 Tax Indemnity  

 

	14.4.1	 Subject to the exclusions set out in Clause 14.4.2, the Lessee shall immediately upon demand indemnify and hold
harmless each of the Indemnitees against any and all Taxes which an Indemnitee may suffer or incur, whether directly or indirectly and which arise (and regardless of when the same are suffered or incurred) as a result of the purchase, ownership,
maintenance, service repair, overhaul, delivery, possession, transfer of title or possession, import, export, storage, modification, leasing, inspection, refurbishment, replacement, transportation, storing, testing, design, sub-leasing, posting, interchange, condition, environmental damage, use, operation, control, location, alteration, registration or redelivery of, or other matters relating to or attributable to, the Aircraft, the
Airframe, any Engine, any Part and/or which otherwise relate to the Aircraft. 

  

	14.4.2	 The Lessee will not be required to indemnify an Indemnitee under Clause 14.4.1 to the extent the Tax for which
the indemnity claim is made: 

  

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

 

	 	(b)	 is a Tax liability which such Indemnitee has and which would have arisen even if the Transaction Documents had
not been entered into; 

  

	 	(c)	 is covered pursuant to another indemnity provision of this Agreement and payment to such Indemnitee under such
other indemnity has actually been received by it; 

  

	 	(d)	 is caused by a breach or default by such Indemnitee of its express obligations under a Transaction Document
which does not result from any act or omission of any person other than the Indemnitee in question; 

  
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	 	(e)	 arises as a result of any Lessor Lien or Lessor Tax; or 

 

	 	(f)	 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 in connection with, or arises following, a Total Loss, Default or relates to the replacement of any Engine or Part as contemplated by this Agreement.

  

	14.5	 VAT  

  

	14.5.1	 For the purposes of this Clause 14.5: 

 

	 	(a)	 VAT - includes value added tax and any goods and services, sales or turnover tax, imposition or levy of
a like nature. 

  

	 	(b)	 Supply - includes anything on which VAT is charged. 

 

	14.5.2	 The Lessee must pay the Lessor or the relevant tax authority (as applicable) the amount of any VAT which is
chargeable for any Supply under any of the Transaction Documents. 

  

	14.5.3	 Each amount shown which the Lessee must pay under the Transaction Documents does not include VAT and if VAT is
payable in respect of any amount, the Lessee shall pay all such VAT and shall indemnify the Lessor against any claims for the same (and where appropriate the Lessee shall increase the payments which would otherwise be required to be made under such
Transaction Document so that the Lessor is left in the same position as it would have been in had no VAT been payable); and the Lessee shall provide evidence to the Lessor in respect of payment of any such VAT. 

 

	14.6	 Currency protection  

 

	14.6.1	 The Lessee agrees to indemnify each Indemnitee against any Loss which such Indemnitee suffers in converting any
sum into Dollars if: 

  

	 	(a)	 such Indemnitee receives an amount relating to the Lessee’s obligations in a different currency from that
in which payments should be made under the Transaction Documents; or 

  

	 	(b)	 the Lessee pays a judgment or claim in a different currency from that in which payments should be made under
the Transaction Documents. 

  

	14.6.2	 The Lessee waives any right it may have in any jurisdiction to pay any amount under the Transaction Documents
in a currency other than the contractual currency. 

  

	14.7	 Tax on indemnity payments  

The amount of any payment made under this Clause 14 (Indemnities) must take into account the Tax treatment of the payment and of the
Loss in respect of which the payment is claimed so that the Indemnitee is fully compensated, after that Tax treatment has been taken into account, for the Loss for which the relevant claim is made. 

  
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	15	 Total Loss 

  

	15.1	 Risk of Loss  

The Lessee will be responsible for all risks associated with a Total Loss throughout the Lease Period. 

 

	15.2	 Total Loss: Airframe  

 

	15.2.1	 If the Airframe suffers a Total Loss at any time prior to Delivery, this Agreement will immediately terminate
and neither Party will have any further obligations hereunder except as expressly stated and save for accrued rights, obligations and claims and any obligations expressed to survive the termination of this Agreement provided that the Lessor will
repay to the Lessee an amount equal to the Security Deposit paid by the Lessee. 

  

	15.2.2	 If the Airframe suffers a Total Loss at any time after Delivery: 

 

	 	(a)	 the Lessee will pay the Agreed Value to the Loss Payee on the Total Loss Payment Date together with any unpaid
Rent calculated up to and including that date and any other amounts then due and payable by the Lessee under this Agreement; 

  

	 	(b)	 the Lessee will continue to perform those of its obligations that remain capable of performance (including, for
the avoidance of doubt, the payment of Rent) up to and including the Total Loss Payment Date; and 

  

	 	(c)	 subject to the rights of any insurers, reinsurers or other third party, upon irrevocable payment in full of the
Agreed Value to the Loss Payee and all other amounts which may be or become payable by the Lessee under this Agreement, the Lessor may at its option transfer (or procure that the Owner transfers) title to the Aircraft (or any Engine that has not
suffered a Total Loss) or the remains thereof to the Lessee or its nominee. Ownership will be transferred on an “as-is, where-is” basis without any recourse or
warranty except that there are no Lessor Liens. The Lessee shall indemnify the Lessor and the Owner for all fees, expenses and Taxes incurred by the Lessor or the Owner resulting from their compliance with this Clause 15.2.2(c).

  

	15.3	 Total Loss: Engine or Part  

If an Engine or a Part suffers a Total Loss which does not also involve a Total Loss of the Airframe (and as if, for these purposes, all
references in the definition of “Total Loss” to “Aircraft” were to “Engine” or “Part” as the context may require): 

 

	 	(a)	 the Lessee must replace that Engine or Part; 

 

	 	(b)	 any replacement part must meet the requirements of Clause 10.2.1; 

 

	 	(c)	 in the case of a replacement engine, such engine must be a “Suitable Replacement Engine” which
for the purposes of this Clause shall mean an engine: 

  

	 	(i)	 which is of the same model, or an improved or advanced version of the Engine it replaces, approved by the
Manufacturer and the Aviation Authority for installation and operational use on the Airframe in conjunction with the other Engine; 

  
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	 	(ii)	 which is in the same or better operating condition, has equivalent or less time elapsed since its last Engine
Performance Restoration Shop Visit or since new (as applicable) and remaining equivalent warranty status as the Engine it replaces had immediately prior to such Total Loss; 

 

	 	(iii)	 which has as much useful life available until the next scheduled maintenance procedure for performance
restoration as the Engine it replaces; 

  

	 	(iv)	 for which the Lessee can provide to the Lessor full details as to its source and full maintenance records
(which in the case of life limited parts are sufficient to demonstrate to the Lessor’s satisfaction full back-to-birth traceability of such life limited parts);

  

	 	(v)	 which has not been involved in any incident or accident; 

 

	 	(vi)	 which has the same or fewer total Flight Hours, Cycles and calendar time since new as the Engine it replaces;

  

	 	(vii)	 which has the same or greater value, modification status and use as the Engine it replaces including Life
Limited Parts; 

  

	 	(viii)	 which is free from any Security Interests (other than Permitted Security Interests) and for which the Lessee
can provide to the Lessor such evidence of title as the Lessor may reasonably request; 

  

	 	(ix)	 against which there are no international interests, prospective international interests, national interests, or
non-consensual rights or interests registered, as evidenced by a search of the International Registry; and 

  

	 	(x)	 which meets all Applicable Regulations; 

 

	 	(d)	 upon installation of a Suitable Replacement Engine on the Aircraft, such Suitable Replacement Engine shall
automatically and without any further act: 

	 	(i)	 become and remain the property of the Owner, without any obligation and/or liability on the part of the Lessor,
Owner, Owner Participant and/or Financiers, whether as to Taxes and/or otherwise; and 

  

	 	(ii)	 become subject to this Agreement and the Financing Documents as if it had been attached to the Aircraft on
Delivery; 

  

	 	(e)	 if the Lessor requests, the Lessee shall, at its own cost, provide such documentary evidence and take such
other action as the Lessor may request to evidence the transfer to the Owner of full ownership of the Suitable Replacement Engine and to protect the rights of the Security Trustee and/or other Financiers as mortgagee(s) in respect of such Suitable
Replacement Engine; 

  

	 	(f)	 after the Lessee has carried out all of its obligations under this Clause 15.3 (Total Loss: Engine or
Part), and unless the insurers are entitled to the replaced Engine or Part as salvage, the Lessor will, if requested, make sure that the Owner transfers ownership of the replaced Engine or Part to the Lessee or its nominee. Ownership will be
transferred on an “as-is, where-is” basis without any warranty except that there are no Lessor Liens. The Lessee shall indemnify the Lessor and the Owner for
all fees, expenses and 

  
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	 	(g)	 a Total Loss of an Engine or Part shall not result in any reduction in the Rent or any other sums payable by
the Lessee under this Agreement. 

  

	16	 Requisition 

  

	16.1	 No Default  

If the Aircraft is requisitioned for use which does not constitute a Total Loss, then provided that all the provisions of this Agreement are
complied with (including Insurance) there will be no Default as a result of such requisitioning and throughout the Requisitioning Period: 
  

	 	(a)	 the Lessee will continue to pay Rent and Maintenance Payments and perform those of its obligations that remain
capable of performance; 

  

	 	(b)	 the Lessee will be entitled to any hire paid by the requisitioning authority prior to the Expiry Date so long
as no Event of Default has occurred and is continuing; and 

  

	 	(c)	 if the Requisitioning Period extends beyond the Scheduled Expiry Date, the Lessor will have an option,
exercisable on notice to the Lessee, either: 

  

	 	(i)	 to continue the leasing of the Aircraft until the date on which the Aircraft ceases to be subject to such
requisition; or 

  

	 	(ii)	 to treat the leasing of the Aircraft as terminated. 

 

	16.2	 Continuing leasing 

 

	16.2.1	 If the Lessor chooses to continue the leasing of the Aircraft as contemplated in Clause 16.1(c)(i), all of the
obligations of the Lessee which remain capable of performance (including the obligations to pay Rent and Maintenance Payments at the same rate and on the same basis as before the Scheduled Expiry Date) will continue until the Expiry Date. In such
circumstances, the Lessee will be entitled to any hire paid by the requisitioning authority which is attributable to the period in question, so long as no Event of Default has occurred which is continuing. 

 

	16.2.2	 If the Lessor chooses to treat the leasing of the Aircraft as terminated, as contemplated in Clause 16.1(c)(ii)
the Lessor will be entitled to any hire paid by the requisitioning authority after the Expiry Date. 

  

	16.2.3	 At the end of the Requisitioning Period, and irrespective of the option chosen, the Lessee will put the
Aircraft into the Redelivery Condition and redeliver it to the Lessor in accordance with Clause 18 (Return of the Aircraft). 

  

	16.3	 Compensation 

In the case of a requisition for use, the Lessor will be entitled to all compensation paid by the requisitioning authority for any structural
change, damage or wear and tear to the Aircraft, but the Lessor will either use that compensation: 
  

	 	(a)	 to reimburse the Lessee for the expense of complying with its obligations to put the Aircraft into the
Redelivery Condition; or 

  
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	 	(b)	 if an Event of Default has occurred and is continuing, towards settlement of any amounts owing by the Lessee
under the Transaction Documents, 

 and any surplus amounts shall be retained by the Lessor. 

 

	17	 Insurance 

  

	17.1	 General Requirements 

 

	17.1.1	 The Lessee will keep the Aircraft covered by Insurance at all times during the Lease Period as required by this
Clause 17 (Insurance) and Schedule 8 (Insurance requirements). The Insurance Broker and the lead underwriters employed for this purpose must be approved by the Lessor acting reasonably. 

 

	17.1.2	 All insurance premiums and other costs of maintaining the Insurance will be for the account of the Lessee.

  

	17.1.3	 The Lessee will ensure that each certificate of Insurance is in form and substance acceptable to the Lessor
acting reasonably. 

  

	17.2	 Specific Requirements 

 

	17.2.1	 The specific requirements of the Lessor, at the date of this Agreement, with respect to Insurance for the
Aircraft are set out in Schedule 8 (Insurance requirements). 

  

	17.2.2	 The Lessor may from time to time stipulate other requirements for the Insurance so that the scope and level of
the cover is maintained in line with best industry practice and to ensure that the interests of each Indemnitee are properly protected and such conditions shall be binding upon the Lessee. 

 

	17.3	 Insurance Covenants 

 

	17.3.1	 The Lessee will comply with each Insurance policy and will not do or omit to do anything, or permit any act or
omission, which: 

  

	 	(a)	 results in or could result in the Insurance not being valid in any respect or which renders it or may render it
wholly or partially void or voidable; 

  

	 	(b)	 could bring any particular liability, that would otherwise be covered by the Insurance, if a claim were made,
within the scope of an exclusion from or an exception to it; 

  

	 	(c)	 results in any alteration to, or the creation of any Security Interest (other than a Permitted Security
Interest) in, the Insurances (or there being any other insurance cover on or in respect of the Aircraft) and which could prejudice the interests of any Indemnitee; or 

 

	 	(d)	 is in breach of or does not comply with Applicable Regulations as regards insurance requirements for the
Aircraft. 

  

	17.3.2	 The Lessee shall: 

 

	 	(a)	 not without the prior written approval of the Lessor take out any insurance or reinsurance in respect of the
Aircraft other than that required under this Agreement; 

  
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	 	(b)	 be responsible for any deductible under the Insurances; 

 

	 	(c)	 provide any other insurance and reinsurance related information or assistance in respect of the Insurances that
the Lessor may reasonably require, including, without limitation, in relation to the expiry and/or renewal of the Insurances; and 

  

	 	(d)	 not settle any claim in respect of physical damage arising under any of the Insurances in respect of any loss
or damage without the prior written consent of the Lessor, acting reasonably. 

  

	17.3.3	 The Lessee will start renewal procedures at least thirty (30) days prior to the expiry of any policy of
Insurance and provide to the Lessor: 

  

	 	(a)	 upon request from time to time, a report on the status of negotiations for renewal; 

 

	 	(b)	 on or prior to each renewal date, 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; 

  

	 	(c)	 certificates of Insurance and a Broker’s Letter of Undertaking, detailing the coverage of each policy and
confirming the agreement of the approved underwriters to the specific insurance requirements of this Agreement, no later than seven (7) Business Days after each renewal date; 

 

	 	(d)	 evidence that the premiums for each policy of Insurance have been paid; and 

 

	 	(e)	 such other information regarding the Insurance as the Lessor may reasonably require. 

 

	17.4	 Failure to Insure  

If the Lessee fails to insure the Aircraft in accordance with this Agreement: 

 

	 	(a)	 any Indemnitee may (but is not obliged to) pay outstanding premiums or effect alternative insurance in respect
of the Aircraft and any cost incurred by an Indemnitee in the exercise of this right will be reimbursed by the Lessee on demand; and 

  

	 	(b)	 the Lessor may (but is not obliged to) require the Aircraft to be grounded at an airport of its choice and to
remain there until it is once again insured in accordance with this Agreement. 

  

	17.5	 Continuation of Insurance  

 

	17.5.1	 The Lessee will maintain liability insurance after the Expiry Date to cover the Lessee’s continuing
liability under the indemnities in Clause 14.1 (General indemnity), until the second anniversary of the Expiry Date. 

  

	17.5.2	 Each Indemnitee will be named as additional insured under the insurance maintained under Clause 17.5.1 and
neither the Lessee ceasing to lease the Aircraft, nor the Indemnitees ceasing to have any interest in it, will affect the Lessee’s obligations under this Clause 17 (Insurance). 

 

	17.6	 Application of Insurance Proceeds  

The proceeds of any policy of Insurance will be applied in accordance with Schedule 8 (Insurance requirements). 

  
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	18	 Return of the Aircraft 

 

	18.1	 Return  

Unless the Aircraft has suffered a Total Loss, on or before the Expiry Date, the Lessee shall, at Lessee’s expense, redeliver the Aircraft
to the Lessor at the Redelivery Location in accordance with the Redelivery Procedure in the Redelivery Condition and free and clear of all Security Interests (other than Lessor Liens). The Lessee will bear the cost of ferrying the Aircraft to the
Redelivery Location. 
  

	18.2	 Rectification  

 

	18.2.1	 If during the Redelivery Procedure, the Lessor determines that the Lessee has not fully complied with any of
its obligations under this Agreement, the Lessee will, at the Lessor’s option either: 

  

	 	(a)	 immediately rectify such non-compliance and all the Lessee’s
obligations under this Agreement will remain in force until such non-compliance has been rectified and the Lease Period will be extended accordingly; or 

 

	 	(b)	 redeliver the Aircraft to the Lessor and indemnify the Lessor, and provide to the Lessor’s satisfaction
cash as security for that indemnity, against the cost of putting the Aircraft into the Redelivery Condition. 

  

	18.2.2	 If the Lease Period is extended pursuant to Clause 18.2.1(a), during the period of such extension:

  

	 	(a)	 the Lessee shall not be entitled to use the Aircraft in commercial or training operations (it being understood
that the sole purpose of such extension will be to allow the Lessee to put the Aircraft in the Redelivery Condition); and 

  

	 	(b)	 the Lessee will pay Rent to the Lessor at a rate equal to one hundred fifty per cent (150%) of the daily
equivalent of Rent payable immediately prior to such extension, beginning on the date which would have been the Expiry Date if the Lease Period had not been so extended and ending on the date on which date such
non-compliance shall have been rectified and Redelivery of the Aircraft shall have taken place; 

and such extension shall not prejudice the Lessor’s right to treat the Lessee’s failure to comply with the Redelivery Procedure as an
Event of Default. 
  

	18.3	 Export and deregistration  

Upon Redelivery, the Lessee will provide to the Lessor upon Lessor’s request, a) a valid and subsisting export certificate of
airworthiness for the Aircraft and, if applicable, any other documents necessary to export the Aircraft from the State of Registration (or, if different, the country where the Aircraft is located at Redelivery) and (b) any other documents
required by the Lessor or the Owner, as the case may be, in relation to the deregistration of the Aircraft from the aircraft register maintained by the Aviation Authority. 
  

	18.4	 Acknowledgement  

Provided the Lessee has complied with its obligations under this Clause 18 (Return of the Aircraft) and Schedule 9 (Redelivery),
following Redelivery of the Aircraft (including the Aircraft Documents) by the Lessee to the Lessor at the Redelivery Location and in the Redelivery Condition, the Lessor will deliver to the Lessee an acknowledgement confirming that the Lessee has
redelivered the Aircraft to the Lessor in the Redelivery Condition, which acknowledgement shall be without prejudice to the Lessor’s accrued and continuing rights under this Agreement (the “Redelivery Acceptance Certificate”).

  
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	18.5	 Licence 

The Lessee hereby grants to the Lessor an irrevocable licence to use, free of charge, any intellectual property rights of the Lessee needed to
operate the Aircraft in its then condition and the right to use any item which may be installed on the Aircraft at Redelivery in which the Lessee has any intellectual property rights. 

 

	18.6	 Title 

Title to any loose equipment installed in the Aircraft on Redelivery shall, without further act, vest in the Owner, free and clear of Security
Interests, unless otherwise agreed by the Lessor and the Lessee in writing. 
  

	19	 Events of Default 

 

	19.1	 Each of the events set out in this Clause 19 will constitute Events of Default. In addition, for the purposes
of Article 17(1) of the Cape Town Convention each of the events which constitutes an Event of Default is an event that constitutes a default or otherwise gives rise to the rights and remedies specified in Articles 12 to 15 and 20 of the Cape Town
Convention. 

  

	19.1.1	 Failure to take Delivery or to provide conditions precedent: The Lessee gives notice of its intention
not to accept Delivery of the Aircraft or fails to accept Delivery of the Aircraft on the day the Aircraft has been tendered for Delivery in accordance with the terms of this Agreement or fails to provide all the documents and evidence listed in
Schedule 3, Part A (Lessee conditions precedent) when due (or, if deferred by the Lessor, on the date to which such document or evidence is deferred by the Lessor (in its sole discretion)) or the Lessor reasonably determines that the
Lessee will not be in a position to do any of the foregoing when required to do so under this Agreement. 

  

	19.1.2	 Non-payment: The Lessee or the Lessee Guarantor fails to make
any: 

  

	 	(a)	 payment of Rent, Security Deposit, Maintenance Payments or Agreed Value under any of the Transaction Documents
to which it is a party within three (3) Business Days of the date on which the payment is expressed to be due; or 

  

	 	(b)	 other payment within five (5) Business Days of the date of the Lessor’s written demand for such
payment. 

  

	19.1.3	 Failure to Insure: 

 

	 	(a)	 The Lessee fails to comply with any provision of Clause 17 (Insurance), or any insurance required to be
maintained under this Agreement is not maintained or is cancelled or terminated or becomes invalid or unenforceable as a result of any breach of their terms. 

  

	 	(b)	 The Aircraft is operated at any time when or in any place where any Insurance is not in full force and effect.

  
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	19.1.4	 Breach: The Lessee or the Lessee Guarantor fails to observe or perform any of its material obligations
under this Agreement or any other Transaction Document (not specifically mentioned elsewhere in this Clause 19) and such failure (if remediable) is not remedied to the Lessor’s satisfaction within thirty (30) days after the earlier of the
Lessee or the Lessee Guarantor, as applicable: (i) being notified, or (ii) becoming aware, of such failure.  

 

	19.1.5	 Loss of possession: The Lessee parts with possession of the Aircraft except as permitted by this
Agreement or as a consequence of a Total Loss. 

  

	19.1.6	 Security Interest: The Aircraft, or any interest of the Lessor, the Owner or of any Financier in it, or
any Party’s rights under this Agreement or any other Transaction Document, becomes subject to any Security Interest (other than a Permitted Security Interest). 

 

	19.1.7	 Representation: Any representation or warranty made by the Lessee or the Lessee Guarantor in any of the
Transaction Documents or deemed to be repeated, proves to have been incorrect in any material respect at the time made or repeated and the circumstances giving rise to the breach of such representation or warranty which, if in the opinion of the
Lessor is capable of being remedied, is not remedied to the Lessor’s satisfaction within ten (10) days after notice from the Lessor requiring such remedy. 

 

	19.1.8	 Cessation of business: The Lessee suspends or ceases or threatens to suspend or cease to carry on its
business as a scheduled air carrier or the Lessee or the Lessee Guarantor disposes or threatens to dispose of all or a material part of their respective undertakings, properties, assets, rights or revenues (other than a transfer or disposal in the
ordinary course of business for full commercial value), or the Lessee or the Lessee Guarantor merges with any other person whether by one or a series of transactions, related or not (other than for the purpose of a solvent reconstruction or
amalgamation the terms of which have received the prior written consent of the Lessor). 

  

	19.1.9	 Change of ownership: 

 

	 	(a)	 The Lessee ceases to be a wholly-owned Subsidiary of the Lessee Guarantor; or 

 

	 	(b)	 The Lessee Guarantor ceases to control the Lessee and for the purposes of this Clause 19.1.9
“control” means the ability to direct the management and policy of the Lessee whether by control of the management, board of directors or similar governing body of the Lessee, or by ownership of or rights over the voting capital of
the Lessee. 

  

	19.1.10	 Corporate existence: The Lessee or the Lessee Guarantor fails to maintain its corporate existence in the
jurisdiction in which it is incorporated at the date of this Agreement. 

  

	19.1.11	 Registration: The registration of the Aircraft in the State of Registration is cancelled otherwise than
as permitted by this Agreement or as a result of a Total Loss (provided that if the State of Registration is the United States of America, cancellation must be due to Lessee’s action or inaction). 

 

	19.1.12	 Arrest: The Aircraft is arrested, confiscated, seized, taken in execution, impounded, forfeited,
detained, in each case in exercise or purported exercise of any possessory lien or other claim, or otherwise taken from the possession of the Lessee or any operator thereof (otherwise than a requisition for hire or in circumstances which constitute,
or would with the passage of time constitute, a Total Loss). 

  
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	19.1.13 Cross	 Default: 

  

	 	(a)	 Any Financial Indebtedness in excess of two million Dollars ($2,000,000) or its equivalent in one or more other
currencies, of the Lessee Guarantor, Lessee or any Subsidiary of the Lessee or the Lessee Guarantor is not paid when due; or 

  

	 	(b)	 Any such Financial Indebtedness in excess of two million Dollars ($2,000,000) or its equivalent in one or more
other currencies, becomes due or capable of being declared due prior to the date when it would otherwise have become due; or 

  

	 	(c)	 The security for any such Financial Indebtedness in excess of two million Dollars ($2,000,000) or its
equivalent in one or more other currencies, becomes enforceable; or 

  

	 	(d)	 Any event of default or termination event, howsoever described, occurs under any Other Agreement or any other
aircraft operating lease to which the Lessee is a party. 

  

	19.1.14 Insolvency:	  Any of the following occurs in respect of the Lessee and/or a Subsidiary of the Lessee and/or the Lessee
Guarantor: 

  

	 	(a)	 it is unable to pay its debts generally as they fall due or it is insolvent; 

 

	 	(b)	 it admits its inability to pay its debts generally as they fall due; 

 

	 	(c)	 it suspends making payments of its debts generally or announces an intention to do so; 

 

	 	(d)	 it declares a moratorium in respect of its indebtedness generally or a class thereof; or 

 

	 	(e)	 any similar local law process not described in Clauses 19.1.14(a) to (d). 

 

	19.1.15 Insolvency	 proceedings: Any of the following occurs in respect of the Lessee or the Lessee Guarantor:

  

	 	(a)	 a meeting of its shareholders, directors or other officers is convened for the purpose of considering any
resolution for, to petition for or to file documents with a court or any registrar for, its winding-up, administration or dissolution or any such resolution is passed; 

 

	 	(b)	 any person presents a petition, or files documents with a court or any registrar for, for its winding-up, administration, dissolution or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise); 

 

	 	(c)	 an order for its winding-up, administration or dissolution is made;

  

	 	(d)	 any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative
receiver, administrator or similar officer is appointed in respect of it or any of its assets; 

  

	 	(e)	 its shareholders, directors or other officers request the appointment of, or give notice of their intention to
appoint, a liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer; or 

  

	 	(f)	 any other analogous step or procedure is taken in any jurisdiction. 

  
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	19.1.16	 Creditors’ process: Any attachment, sequestration, distress, execution or analogous event in each
case by, or at the instigation of, a creditor affects any asset(s) of the Lessee or the Lessee Guarantor. 

  

	19.1.17	 Approvals: Any consent, authorisation, licence, certificate or approval of or registration with or
declaration to any Government Entity required in connection with this Agreement, including, without limitation: 

  

	 	(a)	 any authorisation required by the Lessee or the Lessee Guarantor to obtain and transfer freely Dollars (or any
other relevant currency) out of any relevant country; 

  

	 	(b)	 any authorisation required by the Lessee or the Lessee Guarantor to authorise, or required in connection with,
the execution, delivery, validity, enforceability or admissibility in evidence of any Transaction Document or the performance by the Lessee or the Lessee Guarantor of its obligations under any Transaction Document; 

 

	 	(c)	 the registration of the Aircraft (other than to the extent the same is the result of the negligent omission or
wilful act of the Owner) or the Aircraft’s certificate of airworthiness; or 

  

	 	(d)	 any airline licence or air transport licence required by the Lessee, is modified in a manner unacceptable to
the Lessor or is withheld, or is revoked, suspended, cancelled, withdrawn, terminated or not renewed, or otherwise ceases to be in full force. 

  

	19.1.18	 Material Adverse Changes: Any event or series of events occurs which constitute a material adverse
change in the business, operations, property or condition (financial or otherwise) of the Lessee or the Lessee Guarantor which has a material adverse effect on the ability of the Lessee or the Lessee Guarantor to perform its obligations under the
Transaction Documents.  

  

	19.1.19	 Litigation: A final judgment of a court for the payment of money in an amount equal to or more than two
million Dollars ($2,000,000), or its equivalent in one or more other currencies, is rendered against the Lessee or the Lessee Guarantor and the same remains unpaid for a period of thirty (30) days, unless during such period, execution of such
judgment shall have been effectively stayed by agreement of the parties involved or by court order or such judgment shall have been adequately bonded. 

  

	19.1.20	 Unlawful: It is or becomes unlawful by reason of any act, omission or default of the Lessee or the
Lessee Guarantor for it to perform any of its obligations under any Transaction Document, or any Transaction Document is or becomes wholly or partly invalid or unenforceable by reason of any act, omission or default of the Lessee or the Lessee
Guarantor. 

  

	19.1.21	 Rights and Remedies: The Lessee or the Lessee Guarantor or any other person claiming by or through the
Lessee challenges the existence, validity, enforceability or priority of the rights of the Lessor as owner or as lessor in respect of the Aircraft or of the rights of the Security Trustee as mortgagee or assignee. 

 

	19.1.22	 Redelivery: The Lessee fails to redeliver the Aircraft to the Lessor on the Expiry Date in accordance
with Clause 18 (Return of the Aircraft). 

  

	19.1.23	 Charges: Navigation, overflight, landing, airport, terminal or other operational charges due from the
Lessee are not paid within the period of thirty (30) days after their original due date for payment. 

  
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	20	 Remedies 

  

	20.1	 Rights 

If an Event of Default occurs, the Lessor may, at its option and without prejudice to any other rights and remedies available to it at law it
may then have, at any time thereafter (without notice to the Lessee except as required by Applicable Regulations or as provided below): 
  

	 	(a)	 proceed by appropriate court action to enforce performance of the Transaction Documents or to recover damages
for breach by the Lessee; 

  

	 	(b)	 by notice in writing to the Lessee cancel the leasing of the Aircraft and: 

 

	 	(i)	 if the Lessor’s notice is issued before Delivery, the obligation of the Lessor to lease the Aircraft to
the Lessee will be cancelled on the date of the notice; and 

  

	 	(ii)	 if the Lessor’s notice is issued after Delivery, the obligation of the Lessor to continue the leasing of
the Aircraft under this Agreement will be cancelled on the date specified in the Lessor’s notice (unless the Lessor elects in that notice to continue the leasing of the Aircraft on a day-to-day basis, in which case it will so continue under this Agreement until further notice from the Lessor) but in any event the Lessee will remain bound to perform all of its obligations under this
Agreement; 

  

	 	(c)	 direct the Lessee to ground the Aircraft at a location required by the Lessor or to return the Aircraft in
accordance with Clause 18 (Return of the Aircraft), as if it were being returned on the Expiry Date; and/or 

  

	 	(d)	 repossess the Aircraft (including the Aircraft Documents) and the Lessee agrees that the Lessor may enter onto
the Lessee’s premises where the Aircraft may be located or cause the Aircraft to be redelivered to the Lessor at the Redelivery Location (or such other location as the Lessor may require), and the Lessor shall be entitled to act as agent for
the Lessee in causing such redelivery or in directing pilots to fly the Aircraft to the Redelivery Location (or such other location as the Lessor may require) for redelivery thereof to the Lessor and shall have all the powers and authorisations
legally necessary for taking such action. 

  

	20.2	 Interim Remedies  

The Lessee agrees that if an Event of Default occurs: 
  

	 	(a)	 in addition to all other remedies available, the Lessor will be entitled to obtain any of the orders specified
in Article 20(1) of the Cape Town Convention and that, pursuant to Article 20(5) of the Cape Town Convention, Article 20(4) of the Cape Town Convention will not apply; and/or 

 

	 	(b)	 the Lessor may procure the deregistration of the Aircraft and its export and physical transfer from the
territory in which it is situated. 

  
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	20.3	 Payments  

The Lessee will indemnify the Lessor against any Loss which the Lessor may sustain or incur directly or indirectly as a result of an Event of
Default or Illegality Event and against any Loss which the Lessor may sustain or incur directly or indirectly as a result of the Lessor cancelling the leasing of the Aircraft pursuant to Clause 20.1 (Rights) or Clause 21 (Illegality),
including: 
  

	 	(a)	 all the Rent the Lessee already owes (if any) and any other amounts the Lessee owes under the Transaction
Documents; 

  

	 	(b)	 all reasonable legal fees and reasonable
out-of-pocket expenses, stamp, documentary, registration or other like duties, taxes or charges incurred by the Lessor and/or the Lessor’s professional advisers, in
connection with enforcing, protecting, or preserving (or attempting to enforce, perfect, protect or preserve) any of the Lessor’s rights, or in suing for or recovering any sum, under the Transaction Documents; 

 

	 	(c)	 all Break Costs; 

  

	 	(d)	 upon any such cancellation, all costs and expenses incurred by the Lessor in recovering possession of the
Aircraft and in carrying out any works or modifications required to put the Aircraft into the Redelivery Condition and in storing and insuring the Aircraft following such repossession; 

 

	 	(e)	 upon any such cancellation, all Losses (including any loss of profit) suffered by the Lessor because of its
inability to place the Aircraft on lease with another lessee on terms as favourable to the Lessor as under this Agreement or because the amount arising upon a sale or other disposal of the Aircraft or whatever other use, if any, to which the Lessor
is able to put the Aircraft upon its return to the Lessor is not as profitable to the Lessor as the leasing of the Aircraft under this Agreement, including in any such case, Losses suffered by the Lessor in having customised the Aircraft for the
Lessee for the leasing of the Aircraft under this Agreement; 

 The Lessor will use reasonable endeavours to mitigate such
Losses (to the extent within its control to do so), but (i) the Lessor shall not be obliged to consult with the Lessee concerning any proposed course of action or to notify the Lessee of the taking of any particular action, and (ii) this
provision is without prejudice to the Lessor’s rights under Clause 20.4 (Sale or re-lease of the Aircraft). 
  

	20.4	 Sale or re-lease of the Aircraft  

Upon any such cancellation as is mentioned in Clause 20.1 (Rights), the Lessor and/or the Owner may sell or re-lease or otherwise deal with the Aircraft at such time and in such manner and on such terms as the Lessor and/or the Owner considers appropriate in its absolute discretion, free and clear of any interest of the
Lessee, as if this Agreement had never been entered into. 
  

	20.5	 Deregistration  

Upon any such cancellation as is mentioned in Clause 20.1 (Rights), the Lessee shall cooperate with the Lessor, to enable the Lessor to
effect or cause to be effected the deregistration of the Aircraft from the State of Registration and the export of the Aircraft from the country where the Aircraft is for the time being situated and any other steps necessary to enable the Aircraft
to be redelivered to the Lessor in accordance with this Agreement. 

  
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	21	 Illegality 

If as a result of any change in Applicable Regulations after the date of this Agreement it becomes unlawful for the Lessor or the Lessee to
give effect to any of their material obligations as contemplated by this Agreement or any other Transaction Document (an “Illegality Event”), the Lessor may by notice in writing to the Lessee terminate the leasing of the Aircraft
under this Agreement, such termination to take effect on the latest date (the “Effective Date”) on which the Lessor or the Lessee, as the case may be, may continue such leasing and such obligations without being in breach of
Applicable Regulations, and the Lessee will forthwith redeliver the Aircraft to the Lessor in accordance with Clause 18 (Return of the Aircraft) and shall pay to the Lessor amounts equal to those specified in Clause 20.3 (Payments).
The provisions of Clause 20.4 (Sale or re-lease of the Aircraft) and 20.5 (Deregistration) shall apply in respect of any such termination. Without prejudice to the foregoing, the Lessor and the
Lessee will consult up to the Effective Date as to any steps which may be taken to restructure the transaction to avoid such Illegality Event and to enter into substitute arrangements which are valid, legal and enforceable and which have the same
commercial effect as this Agreement. 
  

	22	 DISCLAIMER 

  

	22.1	 EXCLUSION 

THE AIRCRAFT IS TO BE LEASED AND DELIVERED “AS IS, WHERE IS”, THAT IS IN ITS ACTUAL STATE AND CONDITION AT DELIVERY AND THE LESSEE
AGREES AND ACKNOWLEDGES THAT: 
  

	 	(A)	 NONE OF THE LESSOR, THE OWNER, THE OWNER PARTICIPANT, THE SECURITY TRUSTEE, THE FINANCIERS, THE SERVICER OR ANY
OTHER INDEMNITEE (COLLECTIVELY, THE PROTECTED PARTIES) WILL HAVE ANY LIABILITY TO THE LESSEE OR ANY OTHER PERSON IN RELATION TO, AND NO PROTECTED PARTY HAS MADE OR GIVEN, NOR WILL BE DEEMED TO HAVE MADE OR GIVEN (WHETHER BY VIRTUE OF HAVING
DONE OR FAILED TO DO ANY ACT OR HAVING ACQUIRED OR FAILED TO ACQUIRE ANY STATUS UNDER OR IN RELATION TO THIS AGREEMENT OR OTHERWISE), ANY WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT, INCLUDING (BUT NOT LIMITED TO)
THE DESCRIPTION, AIRWORTHINESS, COMPLIANCE WITH SPECIFICATIONS, OPERATION, MERCHANTABILITY, SATISFACTORY QUALITY, FREEDOM FROM INFRINGEMENT OF PATENT OR OTHER PROPRIETARY RIGHTS, FITNESS FOR ANY PARTICULAR USE OR PURPOSE, VALUE, DURABILITY,
CONDITION, OR DESIGN OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP, THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, OR AS TO ANY OTHER MATTER WHATSOEVER, EXPRESS OR IMPLIED (INCLUDING ANY IMPLIED WARRANTY FROM A COURSE OF
PERFORMANCE, DEALING, USAGE OR TRADE WITH RESPECT TO THE AIRCRAFT); AND 

  

	 	(B)	 NO PROTECTED PARTY WILL HAVE ANY OBLIGATION OR LIABILITY WHATSOEVER TO THE LESSEE (WHETHER ARISING IN CONTRACT
OR IN TORT, AND WHETHER ARISING BY REFERENCE TO NEGLIGENCE OR STRICT LIABILITY OF THE PROTECTED PARTIES OR OTHERWISE) FOR: 

  

	 	(I) 	 ANY LIABILITY, LOSS OR DAMAGE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY OR INDIRECTLY BY THE AIRCRAFT OR BY ANY
INADEQUACY THEREOF OR DEFICIENCY OR DEFECT THEREIN OR BY ANY OTHER CIRCUMSTANC INCONNECTION THEREWITH;  

  
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	 	(II)	 THE USE, OPERATION OR PERFORMANCE OF THE AIRCRAFT OR ANY RISKS RELATING THERETO; 

 

	 	(III)	 ANY INTERRUPTION OF SERVICE, LOSS OF BUSINESS OR ANTICIPATED PROFITS OR ANY OTHER DIRECT, INDIRECT OR
CONSEQUENTIAL LOSS OR DAMAGE; OR 

  

	 	(IV)	 THE DELIVERY, OPERATION, SERVICING, MAINTENANCE, REPAIR, IMPROVEMENT OR REPLACEMENT OF THE AIRCRAFT.

  

	22.2	 WAIVER 

THE LESSEE HEREBY WAIVES, AS BETWEEN ITSELF AND THE PROTECTED PARTIES: 

 

	 	(A)	 ALL ITS RIGHTS IN RESPECT OF ANY CONDITION, WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, ON THE PART OF THE
PROTECTED PARTIES; AND 

  

	 	(B)	 ALL CLAIMS AGAINST THE PROTECTED PARTIES, HOWEVER AND WHENEVER ARISING 

IN EACH CASE, IN RESPECT OF OR OUT OF ANY OF THE MATTERS REFERRED TO IN CLAUSE 22 (DISCLAIMER). 

 

	22.3	 CONFIRMATION 

THE LESSEE CONFIRMS THAT IT IS FULLY AWARE OF THE PROVISIONS OF THIS CLAUSE 22 (DISCLAIMER) AND ACKNOWLEDGES THAT THE RENT AND OTHER
AMOUNTS PAYABLE UNDER THIS AGREEMENT HAVE BEEN CALCULATED BASED ON ITS PROVISIONS. 
  

	23	 Assignment and transfer 

 

	23.1	 Benefit of Agreement 

This Agreement shall be binding on and enure to the benefit of the Parties hereto and their respective successors and permitted transferees and
assignees. 
  

	23.2	 No Lessee Transfer or Security Interest 

The Lessee will not assign, novate or otherwise transfer (whether voluntarily or involuntarily, by operation of law or otherwise) or create or
permit to exist any Security Interest (other than Permitted Security Interests) over any of its rights or obligations under this Agreement. 
  

	23.3	 Assignments, Transfers and Financings 

Subject to Clause 23.7 (Conditions to Relevant Restructurings), the Lessor, the Owner, the Owner Participant and/or the Financiers may
from time to time: 
  

	 	(a)	 finance or refinance the Aircraft and/or restructure the financing arrangements contemplated by any Financing
Documents (which may include, without limitation, the 

	 	

  
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	 	imposition or substitution of any head lease or a tax structured lease, tranched debt, sale of receivables, securitisation or the assignment, charge, transfer or declaration of trust over all or any part of the
Lessor’s rights under this Agreement and the other Transaction Documents by way of security) and may, in connection therewith, enter into new Financing Documents (a “Financing”); 

 

	 	(b)	 sell (whether by way of outright sale or for the purposes of effecting any financing arrangements) all of its
right, title and interest in and to the Aircraft to any person (who shall thereupon be the Owner) on terms whereby the Lessor continues to lease the Aircraft to the Lessee pursuant to this Agreement (and in connection therewith the Lessor may
assign, charge, transfer or declare a trust over all or any part of its rights under this Agreement and the other Transaction Documents by way of security for its obligations to the Owner) (a “Head Lease”)); 

 

	 	(c)	 in the case of the Owner Participant, sell or transfer all or any of their right, title and interest in and to
the Trust Agreement or the Trust Estate to a replacement owner participant (an “Owner Participant Transfer”); 

  

	 	(d)	 transfer all of its rights and obligations under this Agreement to any transferee (an Absolute
Transfer); or 

  

	 	(e)	 assign all of its rights under this Agreement to any assignee (an Absolute Assignment).

 (Each Financing, Head Lease, Owner Participant Transfer, Absolute Transfer or Absolute Assignment, being a Relevant
Restructuring.) 
 23.4 Relevant Restructuring documentation  

In connection with a Relevant Restructuring, the Lessee shall from time to time upon request from the Lessor execute, deliver or provide (as
applicable) any agreements, supplements, amendments, acknowledgements, instruments, conditions precedent or conditions subsequent (including, without limitation, revised insurance certificates and a new Notice and Acknowledgement) which may be
reasonably required in order to give effect to or perfect any Relevant Restructuring, including, without limitation; 
  

	 	(a)	 in the case of a Financing: 

 

	 	(i)	 a revised certificate of insurance naming the new Financiers as additional insured and noting any new Financing
Document; 

  

	 	(ii)	 a replacement Deregistration Power of Attorney, Aviation Authority Letter, Eurocontrol Letter, EU ETS Authority
Letter and, if applicable, IDERA, in favour of the Lessor or the relevant Financier (if appropriate). Any replacement IDERA shall have been recorded with the Aviation Authority; and 

 

	 	(iii)	 (without prejudice to the Lessee’s obligations under Clause 12.1 (Title protection)) at the
Lessor’s cost (x) make all such filings and registrations as may be necessary or desirable, as requested by the Lessor, in each relevant jurisdiction to perfect or protect the priority of any security interest constituted by any new
Financing Document and (y) replace the name-plates required by Clause 12.1 (Title protection) to record any change in the identity of any relevant Financier, 

  
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	 	(b)	 in the case of an Owner Participant Transfer, a revised certificate of insurance naming the replacement Owner
Participant as additional insured; 

  

	 	(c)	 in the case of an Absolute Assignment, an assignment agreement with the Lessor and the assignee under which the
Lessor assigns to the assignee all rights of the Lessor under this Agreement with effect from the time of such transfer, and the Lessor retains all the Lessor’s obligations under this Agreement; and 

 

	 	(d)	 in the case of an Absolute Transfer, a novation agreement or an assignment and assumption agreement with the
Lessor and the transferee under which the transferee assumes, and the Lessor is released from, all obligations of the Lessor under this Agreement with effect from the time of such transfer. 

 

	23.5	 Financing Documents  

The Lessee acknowledges that the Lessor will not be obliged to disclose the content of, or provide copies of, any Financing Document to the
Lessee. 
  

	23.6	 Continuing Indemnitees  

 

	23.6.1    	 Notwithstanding any Relevant Restructuring: 

 

	 	(a)	 the Lessor, the Owner or the Owner Participant effecting such Relevant Restructuring (and its related
Indemnitees); and 

  

	 	(b)	 if, pursuant to a Financing, any person ceases to be a Financier, such person (and its related Indemnitees),

 shall remain Indemnitees and entitled to the benefit of each indemnity expressed to be for the benefit of the
Indemnitees and to the liability insurance cover required by Clauses 17 (Insurance), 23 (Assignments and transfer) and Schedule 8 (Insurance Requirements) provided that in the case of a Financing or an Absolute Transfer such
entitlement shall end on the second anniversary of such Financing or Absolute Transfer. 
  

	23.6.2    	 The Lessee’s obligation under this Clause 23.6 shall not be affected by the Lessee ceasing to be the
lessee of the Aircraft. 

  

	23.7	 Conditions to Relevant Restructurings  

 

	23.7.1    	 In relation to any Relevant Restructuring: 

 

	 	(a)	 if such Relevant Restructuring occurs after the Delivery Date, the Lessor, upon receipt of satisfactory
documentary evidence, shall reimburse to the Lessee an amount equal to the reasonable third party legal expenses properly incurred by the Lessee (estimates of which shall be provided to the Lessor in advance) in connection with such Relevant
Restructuring; 

  

	 	(b)	 the Lessor will procure that any assignee, transferee, replacement Owner Participant or any Financiers holding
title to, or a Security Interest over, the Aircraft shall have executed and delivered to the Lessee an undertaking substantially in the form of Clause 7.1 (Quiet enjoyment) (or such other form as the Lessee may agree, acting reasonably, upon
such Relevant Restructuring); 

  
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	 	(c)	 as at the date of such Relevant Restructuring, the Lessee will not be in breach of any Applicable Regulations
as a direct consequence of such Relevant Restructuring; and 

  

	 	(d)	 the Lessee shall incur no greater financial obligations under this Agreement as a direct result of such
Relevant Restructuring, based on Applicable Regulations in effect as at the date of such Relevant Restructuring, provided that this paragraph shall not apply to any increase in the number of Indemnitees or the compliance by the Lessee with its
obligations under Clauses 23.4 and 23.5. 

  

	23.7.2    	 In addition to the conditions in Clause 23.7.1, in relation to any Absolute Transfer by the Lessor, the
obligations of the Lessor under the Transaction Documents and which arise from and after any such Absolute Transfer shall have been assumed by the transferee. 

 

	23.8	 No restriction  

Nothing in this Clause 23 (Assignment and transfer) shall impose any conditions or restrictions on the Lessor’s rights following
termination or cancellation of the leasing of the Aircraft due to an Event of Default pursuant to Clause 20 (Remedies) or otherwise. 
  

	24	 Miscellaneous 

 

	24.1	 Notices  

  

	24.1.1    	 All notices under or in connection with this Agreement will unless otherwise stated be given in writing by
letter, fax or email sent to the address, fax number or email address of the relevant Party set out in Schedule 7, Part B (Reporting & notices) as substituted or amended from time to time pursuant to Clause 24.1.3. Any consent, waiver or
permission from the Lessor must be in writing. 

  

	24.1.2    	 Any notice will be deemed to have been delivered as follows: 

 

	 	(a)	 if the notice is by letter, it will be effective when it is delivered; 

 

	 	(b)	 if the notice is by fax, it will be effective when it is transmitted and the sender received a good
transmission report; and 

  

	 	(c)	 if the notice is by email, when the email message is sent, provided that the message is in legible form and no
message is received by the sender indicating that such message has not been received by or delivered to the intended recipient. 

  

	24.1.3    	 The current address, fax number and email address of the Lessor and the Lessee to which notices shall be sent
are set out in Schedule 7, Part B (Reporting & notices) and may only be substituted or amended by notice to the other Party in writing by not less than five (5) Business Days’ notice. 

 

	24.1.4    	 If a Default occurs and is continuing, and any of the notice details for the Lessee set out in Schedule 7, Part
B (Notices) as substituted or amended from time to time pursuant to Clause 24.1.3 (the “Lessee Notice Details”) is no longer correct at such time, and the Lessee has failed to notify the Lessor of this and has not provided
substitute details in accordance with Clause 24.1.3, then, notwithstanding Clause 24.1.2, any notice, request, direction or other communication under this Agreement sent to and in accordance with the Lessee Notice Details shall be deemed validly and
effectively delivered and/or served for the purposes of this Agreement and Applicable Law. 

  
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	24.2	 Language  

All notices and documents to be given under this Agreement must be in English. If they are not in English, they must be given with a certified
English translation. If there is any difference between the English version of this Agreement and any version in any other language, the English version will apply. 
  

	24.3	 Rights  

  

	24.3.1	 The Lessor’s rights under this Agreement may be used as often as the Lessor considers appropriate, are
cumulative and apply in addition to its rights under any law. 

  

	24.3.2	 The Lessor only loses any of its rights if it specifically waives them in writing. If the Lessor decides not to
use any of its rights or delays in using such rights, that does not mean it cannot exercise such rights at a future date. 

  

	24.4	 Certificates  

Any certificate or decision given by the Lessor about any rate of interest or any other amount due under this Agreement will be presumed to be
correct, save in the case of manifest error. 
  

	24.5	 Application of receipts  

If any amount the Lessee pays or the Lessor recovers from the Lessee under this Agreement is less than the amount then due, the Lessor may use
the funds in any proportion the Lessor chooses towards any other amounts due. 
  

	24.6	 Severability  

If a provision of this Agreement is or becomes illegal, invalid or cannot be enforced, in any jurisdiction that will not affect: 

 

	 	(a)	 the legality, validity or enforceability in that jurisdiction of any of the other provisions of this Agreement;
or 

  

	 	(b)	 the legality, validity or enforceability in any other jurisdiction of that or any other provision of this
Agreement. 

  

	24.7	 Remedy  

If the Lessee does not carry out any obligation under any Transaction Document to which it is a party, the Lessor may without being obliged to
do so, with prior notice to the Lessee and without prejudice to its rights to treat that failure as an Event of Default, carry it out without any responsibility. The Lessee will pay the Lessor’s cost of so doing promptly on demand. 

 

	24.8	 Expenses  

The Lessee must pay to the Lessor on demand all expenses (including legal and other costs) the Lessor has to pay to: 

 

	 	(a)	 preserve any of the Owner’s or Lessor’s rights under the Transaction Documents, or Security
Trustee’s rights under the Financing Documents; or 

  
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	 	(b)	 enforce the Lessee’s obligations or repossess the Aircraft following the occurrence of an Event of Default
which is continuing. 

 The Lessee must pay these expenses in the currency in which the Lessor had to pay them. 

 

	24.9	 Time of essence  

The time stipulated in this Agreement for all payments by the Lessee to the Lessor and for the Lessee to perform its obligations under this
Agreement is of the essence. 
  

	24.10	 The whole agreement  

This Agreement is the whole agreement between the Lessor and the Lessee for leasing the Aircraft and replaces all previous agreements. 

 

	24.11	 Counterparts  

Any Transaction Document may be executed in any number of counterparts and by the parties on separate counterparts. Each counterpart shall
constitute an original of the relevant Transaction Document, but together the counterparts shall constitute one document. 
  

	24.12	 Set-off  

 

	24.12.1	 In this Clause 24.12, references to the Lessee include the Lessee Guarantor and the Affiliates of the Lessee.

  

	24.12.2	 The Lessor may set-off any obligation owed by the Lessee under the
Transaction Documents or Other Agreements against any obligation the Lessor owes the Lessee, whether or not due and regardless of the place of payment or currency. If the obligations are in different currencies, the Lessor may convert either
obligation at the market rate of exchange available in London or New York (at Lessor’s option) for the purpose of the set-off.     

 

	24.12.3	 If an obligation is unascertained or unliquidated, the Lessor may estimate that obligation and set off in
respect of the estimated amount, in which case when the obligation is ascertained or liquidated the Lessor or the Lessee shall 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. 

  

	24.12.4	 Notwithstanding any other provision of this Agreement, the Lessor shall not be obliged to pay or release any
amount to the Lessee (under the Transaction Documents or otherwise) so long as: 

  

	 	(a)	 any sum which is then due from the Lessee (including any interest accrued thereon) under the Transaction
Documents or otherwise remains unpaid; or 

  

	 	(b)	 a Default has occurred and is continuing, 

and such amount may be applied by the Lessor, in its sole discretion, pursuant to Clause 24.12.2. 

  
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	24.13	 Servicer  

The Lessor has appointed the Servicer as its agent to act on its behalf under this Agreement generally. The Lessee shall and shall be entitled
to deal with and rely on the instructions, notices and directions of the Servicer (and any replacement servicer appointed by the Lessor). 
  

	24.14	 Delegation  

The Lessor may delegate to the Servicer or any other person or persons 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 the Lessor in its absolute discretion thinks fit. 
  

	24.15	 Further Assurances  

Each Party shall, and shall use all reasonable endeavours to procure that third parties shall, execute and sign such documents and do such acts
and things as any other Party shall reasonably request in order to carry out the intended purpose of this Agreement or to establish, perfect, protect, preserve or enforce that Party’s rights under this Agreement. 

 

	24.16	 Amendments  

This Agreement can only be amended in writing signed by both Parties. Any such amendment will be binding on both Parties. 

 

	25	 Law 

  

	25.1	 Law  

THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, AND ALL ISSUES CONCERNING THE RELATIONSHIP OF
THE PARTIES AND THE ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, AS APPLIED TO CONTRACTS TO BE PERFORMED WHOLLY WITHIN THE
STATE OF NEW YORK (EXCLUSIVE OF SECTION 7-101 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH IS INAPPLICABLE TO THE LEASE) WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES, EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WHICH THE PARTIES HERETO AGREE APPLY TO THIS AGREEMENT. THE PARTIES AGREE THAT THE LEASE WAS DELIVERED IN THE STATE
OF NEW YORK. 
  

	25.2	 Jurisdiction  

 

	25.2.1	 Each of the parties hereto agrees that any legal proceedings (including any legal action or other process for
seeking legal relief) against it or any of its assets with respect to, or in any way relating to or based on, this Agreement and/or any other Transaction Documents or dealings between them related to the subject matter of the transactions
contemplated hereby or the Lessor/Lessee relationship being established (whether a contract claim, a tort claim, a breach of duty claim or any other common law or statutory claim) may be brought in any court of the State of New York located in New
York City in the Borough of Manhattan or any Federal court of the United States of America sitting in such Borough, and the related appellate court. Each such party hereby irrevocably submits to and accepts with regard to any such action or
proceeding, for itself and in respect of its assets, generally and unconditionally, the non- 

  
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	 	exclusive jurisdiction of the aforesaid courts. Each of Lessor and Lessee further agrees that final judgment against it in any such action or proceeding in any of the courts specified in the first sentence of this
Clause 25.2.1 will be conclusive and may be enforced in any other jurisdiction within or outside the United States of America by suit on the judgment, a certified or exemplified copy of which will be conclusive evidence of the fact and the amount of
its indebtedness. 

  

	25.2.2	 Each of Lessor and Lessee hereby irrevocably waives, to the fullest extent permitted by Applicable Regulation,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any of the courts specified in the first sentence of Clause 25.2.1, and hereby further
irrevocably waives any claim that any such suit, action or proceeding brought in any of the aforesaid courts has been brought in an inconvenient forum. To the extent that Lessor or Lessee may in any jurisdiction in which proceedings may at any time
be taken for the determination of any question arising under or for the enforcement of this Agreement (including any interlocutory proceedings or the execution of any judgment or award arising therefrom) be entitled to claim or to otherwise be
accorded for itself of its property, assets or revenues immunity from suit or attachment (whether in aid of execution, before judgment or otherwise) or other legal process, and to the extent that in any such jurisdiction, there may be attributed to
Lessee or Lessor, or its property, assets or revenues such immunity (whether or not claimed), Lessee and Lessor each hereby irrevocably agrees not to claim and waives such immunity to the fullest extent permitted by the Applicable Regulation of such
jurisdiction. 

  

	25.3	 [Intentionally left blank]  

 

	25.4	 Waiver of Trial by Jury  

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION,
SUIT, OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ANY ACTIONS OF THE PARTIES HERETO
(WHETHER SUCH AN ACTION, SUIT, OR PROCEEDING IS BASED ON CONTRACT, TORT, OR ANY OTHER THEORY), AND AGREES THAT ANY SUCH ACTION, SUIT, OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS CLAUSE 25.4 (WAIVER OF TRIAL BY JURY). EACH PARTY HERETO AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS
CLAUSE 25.4 (WAIVER OF TRIAL BY JURY) WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY, AND BARGAINED FOR AGREEMENT OF EACH PARTY HERETO TO WAIVE ITS RIGHT TO TRIAL BY JURY. 

 

	25.5	 Lessor’s Rights  

Notwithstanding Clause 25.2 (Jurisdiction) above, the Lessor may commence proceedings: (a) in any other court of competent
jurisdiction; and (b) concurrently in more than one jurisdiction. Each of the Lessor and the Lessee irrevocably submits to the jurisdiction of any such court and waives any objection to the exercise of such jurisdiction. 

  
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	25.6	 Process Agents  

 

	25.6.1	 The Lessee appoints CT Corporation of 28 Liberty Street, New York, NY 10005 as its process agent to be served
with court documents relating to this Agreement. 

  

	25.6.1	 The Lessor appoints Avolon Aerospace (New York) Inc., with an office on the date hereof at 640 Fifth Avenue,
19th Floor, New York, NY 10019 as its process agent to be served with court documents relating to this Agreement. 

  

	25.6.2	 

  

	 	(a)	 Each Party must maintain a valid agent for receipt of process in the State of New York from the date of this
Agreement until the later of (x) the Expiry Date, and (y) the Redelivery Date, and may not change the identity of such agent without giving prior notice to the other Party. 

 

	 	(b)	 If a Party fails to maintain a valid agent for receipt of process in accordance with this Agreement (the
“Defaulting Party”) then the other Party (the “Appointing Party”) may appoint a process agent for and on behalf of such Defaulting Party. The reasonable cost incurred by the Appointing Party will be reimbursed by
the Defaulting Party. 

  

	25.6.3	 Each Party agrees that if its process agent does not notify it about any court documents served on it, this
will not affect the proceedings concerned. 

  

	25.6.4	 Each Party agrees that court documents can be served on it by faxing, posting or hand delivering a copy to its
process agent at the address above. 

  

	25.7	 Waiver of Sovereign Immunity  

The Lessee irrevocably and unconditionally: 
  

	 	(a)	 agrees that if the Lessor brings legal proceedings against it or its assets in relation to this Agreement or
any other Transaction Document no immunity from such legal proceedings (which will be deemed to include without limitation, suit, attachment prior to judgment, other attachment, the obtaining of judgment, execution or other enforcement) will be
claimed by or on behalf of itself or with respect to its assets; 

  

	 	(b)	 waives any such right of immunity which it or its assets now has or may in the future acquire; and

  

	 	(c)	 consents generally in respect of any such proceedings to the giving of any relief or the issue of any process
in connection with such proceedings including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such
proceedings. 

  
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	25.8	 Cape Town Convention Immunity  

The Lessee 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, the Lessee hereby waives in accordance with Article 57 of the Cape Town Convention any sovereign immunity from jurisdiction of the courts specified in Clause 25.2 (Jurisdiction) or relating to
the enforcement of rights and interests relating to the Aircraft, the Airframe and/or any Engine. 
  

	26	 Confidentiality 

The Lessor and the Lessee agree that the Transaction Documents are to be kept confidential. Neither Party (including its respective officers,
directors, agents and advisors) will disclose any information from or in connection with the Transaction Documents without the consent of the other, except for: 
  

	 	(a)	 disclosures made by the Lessor to the Owner Participant, any actual or potential assignees, transferees,
financiers, investors, direct or indirect shareholders and/or rating agencies or to their respective professional advisors; 

  

	 	(b)	 disclosures made by either Party to its professional advisors, service providers, managers or as may be
required by Applicable Regulations; 

  

	 	(c)	 disclosures to any export credit agency, who may further disclose to the extent required to do so by Applicable
Regulations; 

  

	 	(d)	 disclosure made by the Lessor or the Owner Participant to its Affiliates; and 

 

	 	(e)	 disclosures made by the Lessee to its Affiliates. 

 

	27	 Third Party Rights 

Except as expressly provided in this Agreement with regard to Owner, Owner Participant, any Indemnitee, and any Financier (each of which is
hereby agreed to be an express third party beneficiary hereof), Lessor and Lessee do not intend that any terms of the Transaction Documents be enforceable by any Person who is not a party to this Agreement. 

 

	28	 Section 1110 

In the event Section 1110 of Title 11 of the United States Bankruptcy Code (“Section 1110”) is applicable at any relevant
time to the Lessee, the Lessee agrees with the Lessor that the Lessee shall not, in connection with any action commenced by the Lessee or properly commenced against the Lessee under the Bankruptcy Code, oppose any motion lawfully brought by the
Lessor under Section 1110, as in effect from time to time, seeking to take possession of the Aircraft or otherwise exercise its rights thereunder in accordance with the provisions thereof, unless the Lessee shall have complied with the
requirements of Section 1110, as then in effect, to the extent necessary to entitle the Lessee to continued possession and use of the Aircraft thereunder. 
  

	29	 Statements of Owner Trustee 

The parties hereto agree that all of the statements, representations, covenants and agreements made by the Lessor (when made in its capacity,
as owner trustee) contained in this Agreement and any agreement referred to herein, unless expressly otherwise stated, are made and intended only for the purpose of binding the Trust Estate and establishing the existence of rights and remedies which
can be exercised and enforced against the Trust Estate. Therefore, anything contained in this Agreement or such other agreements to the 

  
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contrary notwithstanding (except for any express provisions that the owner trustee is responsible for in its individual capacity), no recourse shall be had with respect to this Agreement or such
other agreements against the owner trustee in its individual capacity or against any institution or person which becomes a successor trustee or co-trustee or any officer, director, trustee, servant or direct
or indirect parent or controlling person or persons of any of them; provided, however, that this Clause 29 (Statements of Owner Trustee) shall not be construed to prohibit any action or proceeding against any party hereto for its own wilful
misconduct or grossly negligent conduct (as determined by a court of competent jurisdiction pursuant to a non-appealable final order or verdict) for which it would otherwise be liable; and provided further,
that nothing contained in this Clause 29 (Statements of Owner Trustee) shall be construed to limit the exercise and enforcement in accordance with the terms of this Agreement or such other agreements of rights and remedies against the Trust Estate.
In acting hereunder, the Lessor shall be entitled to rely upon the protections, limitations of liability and indemnities arising under the Trust Agreement. The foregoing provisions of this Clause 29 (Statements of Owner Trustee) shall survive the
termination or cancellation of this Agreement.  
 This Agreement has been entered into on the date
shown at the beginning of this Agreement. 
 [Remainder of this page intentionally left blank] 

  
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 Schedule 1 – Definitions and interpretation 

Part A – Definitions 
 In this Agreement: 

“A Check” means a light check as defined in the then current MPD having a threshold clearance of 750 Flight Hours or four (4) months,
whichever comes first. 
 “Absolute Assignment” has the meaning given to such term in Clause 23.3(e). 

“Absolute Transfer” has the meaning given to such term in Clause 23.3(d). 

“Acceptance Certificate” means the acceptance certificate in substantially the form of Schedule 5 (Acceptance Certificate). 

“Affiliate” in relation to any person means any person directly or indirectly controlling, controlled by or under common control with that
person. 
 “Agent” means the person or persons appointed as agent to, or trustee for, any Financiers pursuant to the Financing Documents
and any other person identified as an “Agent” for the purposes of this Agreement, as may be notified by the Lessor to the Lessee from time to time. 

“Agreed Value” has the meaning given to such term in Schedule 6, Part A. 

“Aircraft” means the aircraft described in Schedule 2 (Aircraft particulars) (and includes a separate reference to all Engines, Parts
and Aircraft Documents except where it would not make sense to interpret the reference to Aircraft in that way). 
 “Aircraft Documents”
means, whether in paper, photographic, digital, electronic or other medium, (i) the manuals and records identified in the attachments to the Acceptance Certificate hereto and all other records and documentation pertaining to the Aircraft and
delivered with the Aircraft on the Delivery Date, and (ii) all other records and documentation generated during the Lease Period that are related to any maintenance, inspections, repair, alterations, modifications or additions accomplished
during the Lease Period with respect to the Aircraft. 
 “Aircraft Specification” means the specifications of the Aircraft at Delivery, as
described in Schedule 4 (Aircraft Specification and Delivery), Part A (Aircraft Specification). 
 “Airframe” means the
Aircraft, excluding the Engines and the Aircraft Documents. 
 “Airframe 6 Year Structural Check” means the airframe 6 year check, which
shall include the completion of the 6 year structural tasks, system and zonal tasks and all lower level tasks in accordance with the latest revision of the MPD. 

“Airframe 12 Year Structural Check” means the airframe 12 year check, which shall include the completion of the 12 year structural tasks,
system and zonal tasks in accordance with the latest revision of the MPD. 
 “Airframe Manufacturer” means Airbus S.A.S. 

Airframe Warranties Agreement means the deed poll entered into or to be entered into by the Airframe Manufacturer in respect of the Airframe
Warranties. 
 “Airframe Warranties” means the package of airframe warranties specified in the Airframe Warranties Agreement. 

  
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 “Airworthiness Directive or “AD” means each airworthiness directive (or
equivalent) issued by the Compliance Authority and / or the Aviation Authority, specifying conditions, limitations, modifications, inspections or corrective actions to be taken in respect of the Aircraft. 

“Applicable Regulations” means any law, treaty, court order, regulation, official guideline, official directive, mandatory requirement or
contractual undertaking which takes effect in the relevant circumstances and, without limitation, includes any resolution, directive or embargo of the United Nations, the United States of America, the European Union, the United Kingdom or any
constituent member of either of those bodies. 
 “APU” means the auxiliary power unit installed in the Airframe on the Delivery Date as
specified in the Acceptance Certificate until replaced in accordance with this Agreement and includes any such replacement unit. 
 “APU Operating
Hour” means each hour or part thereof elapsing from the moment the APU is started to the moment when the APU is shut down as recorded electronically on the Aircraft. For the purposes of all calculations under this Agreement measured
in APU Operating Hours, such hours, rounded to the nearest minute, shall be accumulated since the most recent APU Shop Visit (or since new if no previous overhaul has been accomplished with respect to the APU). 

“APU Shop Visit” means an APU shop visit, which shall include an overhaul of the APU to meet zero time inspection requirements in accordance
with the then current APU manufacturer’s inspection and repair manual. The workscope accomplished shall include the completion of all APU manufacturer’s recommended service bulletins and shall provide an airworthiness directive, life
limited parts and on-condition release of no less than 6,000 APU hours and 8,000 APU cycles.  

“Assumed Ratio” has the meaning given to that term in Paragraph 2.1 of Schedule 6, Part C (Maintenance Payment Rates). 

“Assumed Utilisation” has the meaning given to that term in Paragraph 2.1 of Schedule 6, Part C (Maintenance Payment Rates).

 “Available Balance” has the meaning given to that term in Paragraph 4.2 of Schedule 6, Part D (Qualifying Work). 

“Aviation Authority” means each of the authorities which, under the Applicable Regulations of the State of Registration may from time to time
control or supervise civil aviation in State of Registration or exercise jurisdiction over matters relating to the Aircraft. 
 “Aviation Authority
Letter” means a letter (in a form which will be accepted by the Aviation Authority) from the Lessee, addressed to the Aviation Authority, pursuant to which the Lessee authorises the Lessor and the Servicer to obtain from the Aviation
Authority a general statement of account in relation to charges incurred by the Lessee in respect of all aircraft (including the Aircraft) operated by the Lessee. 

“Break Costs” means any Loss, premium or penalty which the Lessor, the Owner, the Owner Participant (or any of their Affiliates) or
any Financier may have to pay in order to repay funds raised to finance the Aircraft or in unwinding (or maintaining or continuing to make payments under) any swap, hedge, cap, forward interest agreement or other financial instrument entered into in
whole or in part in connection with the leasing or financing of the Aircraft. 
 “Broker’s Letter of Undertaking” means an undertaking
from the Insurance Broker in the form as recognised by the Lloyds Insurance Broker’s Committee or otherwise acceptable to the Lessor. 

“Business Day” means: 
  

	(a)	 a day (other than a Saturday or Sunday) on which business of the nature required by this Agreement is carried
out in Dublin, Ireland and Miami, Florida; and 

  

	(b)	 where used in relation to payments or the calculation of the Default Rate, a day (other than a Saturday or
Sunday) on which banks are open for business in New York. 

  
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 “C Check” means a maintenance inspection of the Aircraft which includes the completion of
all necessary tasks (and resulting repairs, if any) which are expected to fall due on the Aircraft within an operational interval of at least (i) 24 months, 7,500 Flight Hours and 5,000 Cycles, or (ii) the then current c check interval as
recommended by the Manufacturer in the MPD, following the completion of the maintenance inspection. 
 “Cape Town Convention” means: 

 

	(a)	 the Convention on International Interests in Mobile Equipment (the Convention); and

  

	(b)	 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 references to any Articles of the Cape Town Convention refer to the
English language version of the Consolidated Text. 
 “Compliance Authority” means the certifying authorities of the State of Design (as
such expression is defined in Annex 8 of the Convention on International Civil Aviation) in respect of the Aircraft, which means any of the Airframe, any Engine or Part Manufacturer or such other agency or authority as shall succeed its functions.

 “Consolidated Text” means the consolidated text of the Convention and the Protocol attached to Resolution No. 1 of the Final
Act of the diplomatic conference held to adopt the Convention and the Protocol. 
 “CORSIA” means the Carbon Offsetting and Reduction
Schedule of International Aviation adopted by International Civil Aviation Organisation (ICAO). 
 “Cut-Off
Date” means the date falling 120 days after the last day of the Scheduled Delivery Month. 
 “Cycle” means with respect to: 

 

	(a)	 the Airframe, one take-off and landing of the Aircraft;

  

	(b)	 the APU, one APU start and shut down; 

 

	(c)	 a Landing Gear, one take-off and landing of the aircraft on which the
relevant Landing Gear is installed (each “touch and go” will be one Cycle); and 

  

	(d)	 an Engine, one take-off and landing of the aircraft on which the
relevant Engine is installed (each “touch and go” will be one Cycle) 

 “Default” means an Event of Default or
any event which, with the giving of notice, lapse of time, determination of materiality or fulfilment of any other applicable condition, may constitute an Event of Default. 

“Default Rate” means the Prime Rate plus one per cent (1%) per annum. 

“Delivery” means the delivery of the Aircraft to, and its acceptance by, the Lessee under this Agreement, as evidenced by execution of the
Acceptance Certificate by the Lessee. 
 “Delivery Condition” means the condition of the Aircraft as set out in Schedule 4 (Aircraft
Specification and Delivery), Part C (Delivery Condition). 

  
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 “Delivery Date” means the date on which Delivery takes place. 

“Delivery Location” means Tucson, Arizona, U.S.A. or such other location agreed by the Lessor and the Lessee. 

“DER Repair” means a repair which has not been approved for use on the Aircraft by the Manufacturer. 

“Deregistration Power of Attorney” means a duly executed irrevocable power of attorney from the Lessee and, if applicable, any Permitted
Sublessee, in favour of the Lessor and, if so requested by the Lessor, the Security Trustee, in form and substance reasonably satisfactory to the Lessor and, if applicable, the Security Trustee, empowering the Lessor and, if applicable, the Security
Trustee: 
  

	(a)	 to deregister the Aircraft in the name of the Lessee from the aircraft register in the State of Registration;

  

	(b)	 to export the Aircraft from the State of Registration; and 

 

	(c)	 to take any action required to release the Aircraft from any Security Interest, and 

 

	(d)	 to take all action with Lessor, or, if applicable, the Security Trustee considers necessary or desirable in
relation thereto. 

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

“EASA” means the European Aviation Safety Agency or any other organisation or authority that, under the laws of the European Union, shall
from time to time have jurisdiction over, amongst other things, aircraft airworthiness standards for the European Union. 
 “EGT”
means exhaust gas temperature. 
 “Emissions Monitoring Plan” means the emissions monitoring plan submitted by the Lessee to the
relevant regulatory authority in satisfaction of the requirements of CORSIA. 
 “Emissions Report” means the emissions report submitted by
the Lessee to the relevant regulatory authority in satisfaction of the requirements of CORSIA. 
 “Engine” means each engine and its
constituent Engine Major Modules (whether or not installed on the Airframe) specified in the Acceptance Certificate or an Engine Acceptance Certificate, unless and/or until replaced in accordance with this Agreement. 

“Engine Acceptance Certificate” means an acceptance certificate in substantially the form set out in Schedule 14 (Form of Engine
Acceptance Certificate). 
 “Engine Life Limited Parts” or “Engine LLPs” means those Parts, defined by
the Engine Manufacturer in the engine manual, or by EASA or the FAA or the Aviation Authority through Airworthiness Directives, requiring retirement and subsequent replacement on a mandatory basis prior to or upon the expiration of the Engine
Manufacturer’s certified life, such life being expressed in terms of Cycles, Flight Hours, landings or calendar time. 
 “Engine Life Limited
Part Replacement” or “Engine LLP Replacement” means in respect of each Engine LLP, the replacement of such Engine LLP with a new engine LLP during an Engine Performance Restoration Shop Visit provided such Engine LLP
Replacement is required due to life expiry. 

  
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 “Engine Maintenance Program” or “EMP” means the latest version of the
Engine Manufacturer’s generic engine management programme or workscope planning guide applicable to the Engines. 
 “Engine
Manufacturer” means CFM International, Inc. 
 “Engine Major Module” means each major module of the Engine namely: 

(aa) Low Pressure Compressor Module; 

(bb) High Pressure Compressor Module; 

(cc) Combustor Module; 

(dd) High Pressure Turbine Module; and 

(ee) Low Pressure Turbine Module. 

“Engine Performance Restoration Shop Visit” means an engine shop visit in accordance with the Engine Manufacturer’s workscope planning
guide, which shall include the accomplishment of a performance restoration level workscope on at least the HPC, Combustor and HPT Engine modules and the appropriate level of work on all other Engine Modules in accordance with the Engine
Manufacturer’s workscope planning guide sufficient for the Engine to achieve a full uninterrupted interval between Engine Performance Restoration Shop Visits. 

“Engine Redelivery Certificate” means a redelivery acceptance certificate in substantially the form set out in Schedule 15 (Form of Engine
Redelivery Certificate). 
 “Engine Warranties” means a package of engine warranties specified in the Engine Warranties Agreement. 

“Engine Warranties Agreement” means the agreement entered into or to be entered into, among the Lessor, the Lessee, the Owner, the Engine
Manufacturer and (if applicable) the Security Trustee in relation to the Engine Warranties. 
 “EU ETS Authority Letter” means a
letter to be provided by the Lessee to the Lessor substantially in the form set out in Schedule 11 (Form of EU ETS Authority Letter). 
 “EU
ETS Legislation” means the EU Directive EC/2008/101 regarding the European Union Emissions Trading Scheme and its application to aviation and all related implementation legislation. 

“Eurocontrol Letter” means a letter substantially in the form set out in Schedule 12 (Form of Eurocontrol Letter) signed by the
Lessee (or, as applicable, by any Permitted Sublessee). 
 “Event of Default” means an event specified in Clause 19 (Events of
Default). 
 “Exemption APU LLP” means an APU LLP, which does not meet the life limits set out in paragraph 10.1 of Schedule 4, Part C
(Delivery Condition) as agreed between Lessor and Lessee and as noted on the Acceptance Certificate.. 
 “Exemption Part” means a
Part, which does not meet the hard time limits set out in Paragraph 8.2 of Schedule 4, Part C as agreed between Lessor and Lessee and as noted on the Acceptance Certificate. 

  
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 “Excluded Country” means any state, country or jurisdiction which is subject to any
sanction, resolution, order or embargo (howsoever described) by: 
  

	(a)	 the United Nations Security Council; 

 

	(b)	 any Government Entity of the European Union, the United States of America, the State of Registration or the
habitual base of the Aircraft; 

  

	(c)	 any Government Entity having jurisdiction over the Lessor, the Lessee, the Financiers or the Aircraft,

 (any such sanctions, resolutions, orders or embargoes (as described above) being “Sanctions”) 

in each case, the effect of which, unless any applicable consents, exemptions or licences have been obtained in relation to the Aircraft, prohibits the
Lessor, the Owner, the Owner Participant, the Lessee and/or any Permitted Sub-Lessee from operating, exporting and/or using the Aircraft to, from or in that state, country or jurisdiction. 

“Existing Maintenance Warranties” has the meaning given to such term in Clause 13.6. 

“Expiry Date” means: 
  

	(a)	 the Scheduled Expiry Date; 

 

	(b)	 the Total Loss Payment Date; or 

 

	(c)	 the date on which the leasing of the Aircraft to the Lessee is expressed to terminate under, or is cancelled by
the Lessor in accordance with, this Agreement, 

 whichever is the earliest or, if the Redelivery of the Aircraft has been extended
pursuant to Clause 18.2.1, the actual Redelivery Date. 
 “FAA” means the Federal Aviation Administration of the United States of America
and any successor thereof. 
 “First Qualifying Work Event” has the meaning given to such term in Schedule 6, Part E (Lessor
contribution for Qualifying Work). 
 “First Qualifying Work Event Lessor Contribution” has the meaning given to such term in Schedule
6, Part E Lessor contribution for Qualifying Work). 
 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	(a)	 moneys borrowed; 

  

	(b)	 any acceptance credit; 

 

	(c)	 any bond, note, debenture, loan stock or other similar instrument; 

 

	(d)	 any agreement treated as a finance, capital or operating lease in accordance with generally accepted accounting
principles in the jurisdiction of incorporation of the Lessee; 

  

	(e)	 receivables sold or discounted (otherwise than on a non-recourse
basis); 

  
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	(f)	 the acquisition cost of any asset to the extent payable after its acquisition or possession by the party liable
where the deferred payment is arranged primarily as a method of raising finance or financing the acquisition of that asset; 

  

	(g)	 any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a
borrowing; 

  

	(h)	 any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the market to market value shall be taken into account); 

  

	(i)	 any counter-indemnity obligation in respect of any guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution; or 

  

	(j)	 any guarantee, indemnity or similar assurance against financial loss of any person in respect of any item
referred to in the above paragraphs. 

 “Financier” means any person or persons through which the Lessor, the Owner or
the Owner Participant 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 any Transaction Document may be granted (including by way of a
declaration of trust) by the Lessor, the Owner or the Owner Participant 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 Agreement, 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 any mortgage or leasing arrangements whether or not constituting a financing and any documents ancillary thereto). 

“Flight Hour” means: 
  

	(a)	 with respect to the Airframe, each hour or part of an hour elapsing from the moment the wheels of the Aircraft
leave the ground on take-off until the wheels of the Aircraft next touch the ground; and 

  

	(b)	 with respect to an Engine, each hour or part of an hour such Engine is operated, elapsing from the moment the
wheels of the aircraft on which such Engine is installed leave the ground until the wheels of such aircraft next touch the ground. 

“Government Entity” means: 
  

	(a)	 any national government, political subdivision thereof, or local jurisdiction therein; 

 

	(b)	 any instrumentality, board, commission, court, or agency of any thereof, however constituted; and

  

	(c)	 any association, organization, or institution of which any of the above is a member or to whose jurisdiction
any thereof is subject or in whose activities any of the above is a participant. 

 “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. 

“Head Lease” has the meaning given to such term in Clause 23.3(b). 

  
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 “IATA” means the International Air Transport Association. 

“IDERA” means an irrevocable deregistration and export request authorisation 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 satisfactory to the Lessor.  

“Indemnitee” means the Lessor, the Owner, the Owner Participant, the Trust Company, the Financiers, the Servicer and any and each of their
respective shareholders, subsidiaries, affiliates, partners, contractors, directors, agents, employees, members, officers, indemnitees and representatives. 

“Insurance” means the insurance cover (including any reinsurance) to be taken out under Clause 17 (Insurance) and Schedule 8
(Insurance Requirements). 
 “Insurance Broker” means an insurance broker approved by the Lessor for the purposes of this Agreement.

 “International Registry” means the international registration facilities established for the purpose of the Convention. 

“Landing Gear” means the landing gear assembly installed on the Aircraft, excluding any rotable components, on the Delivery Date as specified
in the Acceptance Certificate until replaced in accordance with this Agreement and includes any such replacement landing gear assemblies (excluding any rotable components). 

“Landing Gear Overhaul” means the off-the-wing restoration of
the Landing Gear involving complete disassembly of the Landing Gear to satisfy the system and structural requirements of the latest revision of the MPD. 

“Lease Period” means the period commencing on the Delivery Date and ending on the Expiry Date. 

“Lessee Guarantee” means the guarantee from the Lessee Guarantor in favour of the Lessor in respect of the obligations of the Lessee under
this Agreement and the Transaction Documents. 
 “Lessee Guarantor” means Global Crossing Airlines Group, Inc., a company incorporated in
the State of Delaware with its principal place of business at Miami International Airport, Bldg. 5A, 4th Floor, 4200 N.W. 36th Street, Miami,
Florida 33166. 
 “Lessee Maintenance Warranties” has the meaning given to such term in Clause 13.6. 

“Lessor Lien” means any Security Interest over the Aircraft: 
  

	(a)	 created by the Lessor or through the Lessor in connection with the financing of the Aircraft;

  

	(b)	 resulting from acts of or claims against the Lessor or any Indemnitee not relating to the operation of the
Aircraft or the transactions contemplated by or permitted under this Agreement (other than as a consequence of the occurrence of an Event of Default) or to any act or omission of the Lessee; or 

 

	(c)	 a Head Lease or Security Interest created as part of a Financing. 

  
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 “Lessor Replacement Engine” has the meaning given to such term in paragraph 6.4 of Schedule
6, Part D (Qualifying Work). 
 “Lessor Temporary Engine” has the meaning given to such term in paragraph 7 of Schedule 4, Part C
(Delivery Condition). 
 “Lessor Tax” means Taxes: 
  

	(a)	 imposed as a direct result of activities of the Lessor, the Owner or the Owner Participant in the jurisdiction
imposing the liability unrelated to the Lessor’s dealings with the Lessee or to the transactions contemplated by this Agreement or the operation of the Aircraft by the Lessee; or 

 

	(b)	 imposed on the net income, profits or gains of the Lessor, the Owner or the Owner Participant by any Government
Entity in their respective state(s) of tax residence, other than: 

  

	 	(i)	 Taxes payable by the Lessor, the Owner or the Owner Participant as a result of the Lessor, the Owner or the
Owner Participant being required to include in its gross income any amount attributable to any improvement, alteration, substitution or addition to the Aircraft; 

 

	 	(ii)	 Taxes which are imposed by reason of the presence, registration, use or operation of the Aircraft in such state
of tax residence; 

  

	 	(iii)	 Taxes which are imposed 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 Agreement; or 

  

	 	(iv)	 Taxes which result from the situs of organisation, any place of business or any activity of the Lessee or any
other person having use, possession or custody of the Aircraft, the Airframe, any Engine or any Part in the jurisdiction imposing the Tax; or 

  

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

“Life Limited Parts” or “LLPs” means those Parts, defined by the Manufacturer or by EASA, the FAA or the Aviation
Authority through Airworthiness Directives, requiring retirement and subsequent replacement on a mandatory basis prior to, or upon the expiration of, the Manufacturer’s certified life, such life being expressed in terms of Cycles, Flight Hours,
landings and calendar time. 
 “Loss” means any cost, expense (including the fees of professional advisers and out-of-pocket expense), financial liability, damage or monetary loss of any kind. 

“Loss Payee” means the Lessor or, if the Lessor so notifies the Lessee in writing, the Security Trustee. 

“Maintenance Payments” means all amounts payable pursuant to Clause 5.4.1 and Schedule 6, Part B (Maintenance Payments). 

“Maintenance Performer” means the maintenance performer for the Airframe, the Engines and the Parts approved by the Aviation Authority, the
FAA and EASA and the Lessor to undertake the relevant maintenance work. 

  
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 “Maintenance Planning Document” or “MPD” means the latest version of the
maintenance planning document issued by the Manufacturer setting out the maintenance tasks for the Aircraft and the thresholds and/or intervals at which such tasks should be completed. 

“Maintenance Programme” means the maintenance programme of the Lessee which for the Aircraft shall be in accordance with the MPD and which
for any Engine not installed on the Aircraft shall be in accordance with the EMP. The Maintenance Programme shall be approved by the Lessor and the Aviation Authority as amended from time to time in accordance with the provisions of Clause 13.2.7.

 “Manufacturer” means: 
  

	(a)	 in the case of the Airframe, the Airframe Manufacturer; 

 

	(b)	 in the case of the Engines, the Engine Manufacturer; and 

 

	(c)	 in the case of a Part, the manufacturer stated in the illustrated parts catalogue. 

“Material Adverse Change” means a material adverse change in the business, operations, property or condition (financial or otherwise) of the
Lessee or the Lessee Guarantor since the date to which the Original Financial Statements were drawn up. 
 “Maximum Deductible Amount” has
the meaning given to such term in Schedule 6, Part A. 
 “Minimum Liability Coverage Amount” has the meaning given to such term in Schedule
6, Part A. 
 “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 Owner, the Owner Participant and the Security Trustee and the Lessee substantially in such form as may be required by the Lessor or the Security Trustee. 

“Notification Threshold” has the meaning given to such term in Schedule 6, Part A. 

“Original Financial Statements” means the consolidated audited financial statements of the Lessee Guarantor for the financial year ended
December 31, 2020. 
 “Other Agreements” means any and all agreements (other than this Agreement) entered into at any time and from
time to time between (i) the Lessor, Owner, Owner Participant, any Affiliate of the Lessor, Owner or Owner Participant, any trustee on behalf of the Lessor or any Affiliate of the Lessor, Owner or Owner Participant or any leasing entity in
respect of which the Servicer provides lease management services, and (ii) the Lessee or any of its Affiliates or the Lessee Guarantee or any of its Affiliates. 

“Owner” means the Lessor or such other person as the Lessor may notify to the Lessee from time to time as the owner of the Aircraft from time
to time. 
 “Owner Participant” means CIT Aerospace International or, subject to the provisions of Clause 23 (Assignment and
Transfer) any person as the Lessor may notify to the Lessee in writing as the Owner Participant from time to time. 
 “Part” means each
component, furnishing or part (other than a complete Engine or Engine Major Module) supplied with the Aircraft on the Delivery Date, in each case until replaced in accordance with this Agreement and includes any such replacement, and all technical
data (including historical, operational and maintenance records related thereto). 
 “PBH Minimum” has the meaning given to such term in
Schedule 6, Part A. 

  
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 “PBH Maximum” has the meaning given to such term in Schedule 6, Part A. 

“PBH Period” has the meaning given to such term in Schedule 6, Part A. 

“PBH Rate” has the meaning given to such term in Schedule 6, Part A. 

“Permitted Security Interest” means: 
  

	(a)	 any lien for Taxes not assessed or, if assessed, not yet due and payable, or which are being contested in good
faith by appropriate proceedings; 

  

	(b)	 any lien of a repairer, carrier, hangar keeper, mechanic, material-man,
carrier, employee or other similar lien arising in the ordinary course of business by operation of law in respect of obligations which are not overdue or are being contested in good faith by appropriate proceedings; 

but, in each case of (a) and (b) above, only if: 
  

	 	(i)	 adequate reserves have been provided by the Lessee for the payment of the Taxes or obligations and such
reserves have been evidence to the Lessor to its reasonable satisfaction; and 

  

	 	(ii)	 such proceedings, or the continued existence of the lien, do not, in the reasonable opinion of the Lessor, give
rise to any likelihood of the sale, forfeiture, seizure, detention or other loss of the Aircraft or any interest in the Aircraft or of criminal liability on any Indemnitee; 

 

	(c)	 any Lessor Lien; and 

 

	(d)	 any Security Interest arising from the Financing Documents and the Transaction Documents.

 “Permitted Sublease” has the meaning given to such term in Clause 9.4 (Permitted Subleasing). 

“Permitted Sublessee” means any sublessee of the Aircraft, pursuant to a Permitted Sublease, as the Lessor may from time to time approve in
writing in its sole and absolute discretion, subject to Clause 9.4 (Permitted Subleasing). 
 “PMA Part” means a part which has not
been manufactured and approved for use by the Manufacturer of the Part to be replaced. 
 “Prime Rate” means the rate of interest from time
to time announced by JP Morgan Chase Bank in New York as its prime commercial lending rate and published on the Bloomberg ticker: PRBKCHMN or, if such rate is not available, then the equivalent rate announced by Citibank, N.A. and published on the
Bloomberg Ticker: PRBKCITI, or if neither such rate is available, the equivalent rate of another internationally recognised bank notified by the Lessor to the Lessee, and, in any case, if the rate is less than zero, the Prime Rate shall be deemed to
be zero. 
 “Qualifying Work” has the meaning given to such term in Schedule 6 (Payments), Part D (Qualifying Work). 

“Redelivery” means the redelivery of the Aircraft to the Lessor in compliance with the terms of this Agreement. 

“Redelivery Acceptance Certificate” has the meaning given to such term in Clause 18.4. 

  
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 “Redelivery Check” has the meaning given to such term in Paragraph4.1 of Schedule 9,
Part B (Redelivery Condition). 
 “Redelivery Condition” means the condition in which the Aircraft must be on Redelivery, as
described in Schedule 9 (Redelivery). 
 “Redelivery Date” means the date on which the Lessor accepts the Aircraft for Redelivery.

 “Redelivery Location” means a maintenance facility in North America to be advised by Lessor to Lessee or such other location as the
Lessor and the Lessee may agree. 
 “Redelivery Procedure” means the inspection and other procedures to verify that the Aircraft is in the
Redelivery Condition, as described in Schedule 9 (Redelivery). 
 “Release Certificate” means, (a) with respect to an Engine, a
release to service certificate (FAA form 8130-3 or EASA form 1) with dual maintenance release for both EASA and FAA; and (b) with respect to a Part, a release to service certificate (FAA form 8130-3 or EASA form 1), as amended from time to time by FAA/EASA.  
 “Rent” means all amounts
payable as rent in accordance with Clause 5.1 (Rent) and Schedule 6, Part A. 
 “Rent Date” means the first day of each Rent Period.

 “Rent Period” means each period ascertained in accordance with Clause 5.2 (Rent Periods). 

“Requisitioning Period” means any period from the date when the Aircraft is requisitioned for use to the earlier of (i) the redelivery
of the Aircraft to the Lessee and (ii) payment of the Agreed Value by the Lessee. 
 “Sanctions” has the meaning given to it in the
definition of Excluded Country. 
 “Sanctions Target” means a target or subject of Sanctions, including, without limitation, any
person or entity designated as a Specially Designated National and Blocked Person or included in the annex to the US Executive Order No. 13224 on Terrorist Financing: Blocking Property and Prohibiting Transactions with Persons Who Commit,
Threaten to Commit, or Support Terrorism, issued 23 September 2001, as amended by Order 13268 by the Office of Foreign Assets Control of the U.S Department of the Treasury (OFAC).  

“Scheduled Delivery Date” means a day in the Scheduled Delivery Month on which it is intended that Delivery takes place. 

“Scheduled Delivery Month” means September 2021 or such later month up to and including four months after the date of execution of this
Agreement, whichever comes later, as the Lessor and the Lessee may agree. 
 “Scheduled Expiry Date” means the scheduled due date for the
commencement of the next Airframe 6 Year Structural Check, expected to be on or about December 17, 2026, such Scheduled Expiry Date to be agreed by Lessor and Lessee no later than June 30, 2026.  

“Security Deposit” has the meaning given to such term in Clause 5.3.1. 

“Security Deposit Amount” has the meaning given to such term in Schedule 6, Part A. 

  
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 “Security Interest” means any mortgage, charge, assignment, pledge, conditional sale,
preference, equity or encumbrance of any kind, lien, including tax liens, mechanics liens and any liens that attach by operation of law, declaration of trust or any other arrangement which has the effect of giving another person any security claim
or interest. 
 “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 Agreement, as notified by the Lessor to the Lessee from time to time. 

“Service Bulletins” means publications from any relevant Manufacturer recommending or requiring that the Aircraft be inspected or modified.

 “Servicer” means: 
  

	(a)	 Avolon Aerospace Leasing Limited; and/or 

 

	(b)	 any other person providing services to the Lessor or the Owner related to the Aircraft or the Transaction
Documents, identified as a “Servicer” for the purposes of this Agreement, as notified by the Lessor to the Lessee from time to time. 

“State of Registration” means the United States of America or such other country in which the Aircraft is permitted to be registered in
accordance with Clause 9.4 (Permitted subleasing). 
 “STC” has the meaning given to such term in Clause 13.5.5.  

“Subsidiary” means: 
  

	(a)	 in relation to any reference to accounts, any company whose accounts are consolidated with the accounts of the
Lessee or the Lessee Guarantor, as the case may be, in accordance with accounting principles generally accepted under accounting standards of the United States of America; or 

 

	(b)	 for any other purpose, an entity from time to time: 

of which another has direct or indirect control or owns directly or indirectly more than fifty per cent. (50%) of the voting share capital; or

 which is a direct or indirect subsidiary of another under the laws of the jurisdiction of its incorporation. 

“Suitable Replacement Engine” has the meaning given to that term in Clause 15.3(c). 

“Taxes” means all present and future taxes, levies, imposts, duties or charges of any nature whatsoever, and wheresoever imposed, including
value added tax or any similar tax and any franchise, transfer, sales, use, business, occupation, excise, personal property, real property, stamp, gross income, fuel, leasing, occupational, turnover, excess profits, excise, gross receipts,
registration, licence, corporation, capital gains, export, import, customs income, duties, levies, imposts, withholdings or other taxes or duties of any nature whatsoever (or any other amount corresponding to any of the foregoing) now or hereafter
imposed, levied, collected, withheld or assessed by any national or regional taxing or fiscal authority or agency or other Government Entity, together with any penalties, additions to tax, fines or interest thereon, and Tax and Taxation
shall be construed accordingly. 

  
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 “Total Loss” means 
  

	(a)	 the actual, constructive, compromised, arranged or total loss of the Aircraft agreed by insurers;

  

	(b)	 if the Aircraft is destroyed, damaged beyond economic repair or becomes permanently unfit for normal use for
any reason (including any damage to the Aircraft or it being requisitioned for use where the insurers agree a total loss settlement); 

  

	(c)	 if the Aircraft is requisitioned for title, confiscated, seized, detained, forfeited, compulsorily purchased;
or 

  

	(d)	 if the Aircraft is requisitioned for hire, hi-jacked, stolen or
disappears for fifteen (15) days or longer. 

 “Total Loss Payment Date” means with respect to a Total Loss the
earlier of: 
  

	(a)	 the first Business Day which falls on or after the date falling sixty (60) days after the Total Loss
happened; and 

  

	(b)	 the date the Insurance proceeds are received by the person entitled to such proceeds under this Agreement for
that Total Loss. 

 “Transaction Documents” means this Agreement, the Lessee Guarantee, the Eurocontrol Letter, the EU
ETS Authority Letter, the IDERA, the Airframe Warranties Agreement, the Engine Warranties Agreement, the Notice and Acknowledgement, the Acceptance Certificate, the Deregistration Power of Attorney, any Permitted Sublease and any other document
which is entered into in connection with any of those agreements, as each of the same may be amended from time to time. 
 “Trust
Agreement” means the trust agreement dated as of the date hereof between the Trust Company and the Owner Participant relating to, inter alia, the Aircraft (as amended, supplemented, modified and/or novated from time to time. 

“Trust Company” means UMB Bank, National Association, in its individual capacity. 

“Trust Estate” has the meaning set out in the Trust Agreement. 

  
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 Part B—Interpretation 

The following rules of interpretation apply throughout the Agreement. 
  

	1	 Unless otherwise stated, a reference to: 

 

	 	(a)	 any Applicable Regulation includes any change or addition to it or replacement of it; 

 

	 	(b)	 month means a period starting on one day in a calendar month and ending on the numerically corresponding
day in the next calendar month, except that: 

  

	 	(i)	 if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in
that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; and 

  

	 	(ii)	 if there is no numerically corresponding day in the calendar month in which that period is to end, that period
shall end on the last Business Day in that calendar month; 

  

	 	(a)	 this Agreement or any other agreement or document includes any changes, replacements or substitutions;

  

	 	(b)	 indebtedness includes any obligation (whether incurred as principal or surety) for the payment or
repayment of money, whether present or future, actual or contingent; 

  

	 	(c)	 a person may, depending on the context, include an individual, any form of corporate or business
association or any state or form of governmental or official body, whether having a distinct legal identity or not; 

  

	 	(d)	 the Lessor, the Owner, the Owner Participant, the Lessee, any Permitted Sublessee, the Financiers or any other
person includes their respective successors, transferees and assignees; and 

  

	 	(e)	 includes, including, include or similar terms shall not be construed as limiting and shall
mean “including, without limitation”. 

  

	2	 The Convention and the Protocol shall be read and interpreted together as a single instrument as required by
Article 6(1) of the Convention. 

  

	3	 References to a provision of the Cape Town Convention will, unless it is specifically stated to be a reference
to a provision of the Convention or, as the case may be, the Protocol, be a reference, whether stated or not, to the relevant provision of the Consolidated Text, and reference to any provision of the Consolidated Text shall include a reference to
the provision(s) of the Convention and/or the Protocol from which such provision is/are derived. 

  

	4	 The Clause headings and sub-headings are used in this Agreement only to
make it easier to read. They are not intended to affect its meaning. 

  

	5	 Certain technical terms used but not defined have the meaning given in Annex six and eight of the Convention of
International Civil Aviation in force from time to time. 

  

	6	 A Default or Event of Default is continuing if it has not been waived in writing by the Lessor or remedied.

  

	7	 Any reference to this Agreement includes its Schedules. 

  
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 Schedule 2 – Aircraft particulars 

 

			
	Manufacturer:	  	Airbus S.A.S
		
	Model:	  	A320-214
		
	MSN:	  	3605
		
	Registration:	  	As specified in the Acceptance Certificate
		
	Engine Manufacturer:	  	CFM International, S.A.
		
	Engine Model:	  	CFM 56 – 5B4/3
		
	Engine Thrust Rating:	  	27,000 lbs
		
	Engine Serial Numbers:	  	As specified in the Acceptance Certificate
		
	APU Model:	  	GTCP131-9A
		
	APU Serial Number:	  	As specified in the Acceptance Certificate
		
	Landing Gear Serial Number:	  	As specified in the Acceptance Certificate
		
	Aircraft Specification:	  	As per Schedule 4, Part A
		
	MTOW:	  	169,755 lbs
		
	MLW:	  	142,198 lbs
		
	MZFW:	  	134,481 lbs
		
	Interior seating layout:	  	180Y

  
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 Schedule 3 – Conditions precedent 

Part A – Lessee conditions precedent 
  

	A.	 On or before the date of execution of this Agreement (but in any event no later than July 16, 2021) and at
no cost to the Lessor (unless otherwise stated), the Lessor shall have received in form and substance satisfactory to it: 

  

	(a)	 in respect of the Lessee and the Lessee Guarantor, a certificate issued by its duly authorised officer
attaching copied of the following documents and certifying them as being true, complete, up to date and in full force and effect: 

  

	 	(i)	 its constitutional documents; 

 

	 	(ii)	 its business licence; 

 

	 	(iii)	 a resolution of its board of directors: (x) approving the transactions contemplated by the Transaction
Documents, and (y) authorising a person or persons to execute and deliver on its behalf the Transaction Documents and any notices or other documents to be given pursuant thereto; 

 

	 	(iv)	 a power of attorney issued by it or on its behalf, authorising the execution by the attorneys named therein of
the Transaction Documents and specimen signatures of the attorneys; and 

  

	 	(v)	 specimen signatures of its signatories; 

 

	(b)	 a copy of the Original Financial Statements; 

 

	(c)	 a copy of the latest Emissions Report and Emissions Monitoring Plan of the Lessee; 

 

	(d)	 a legal opinion addressed to the Lessor from the Law Offices of Ronald T. Bevans, Jr., P.A., as to the due
execution, legality, validity and enforceability of this Agreement; 

  

	(e)	 an original of the Lessee Guarantee executed and delivered by the Lessee Guarantor; 

 

	(f)	 a legal opinion addressed to the Lessor from the Law Offices of Ronald T. Bevans, Jr., P.A., as to the due
execution, legality, validity and enforceability of the Lessee Guarantee; and 

  

	(g)	 a letter from the process agent appointed by the Lessee pursuant to Clause 25.6 (Process Agents) in
respect of this Agreement and by the Lessee Guarantor pursuant to the Lessee Guarantee confirming it has been appointed and accepting such appointment. 

 

	B.	 On or before the Scheduled Delivery Date and at no cost to the Lessor (unless otherwise stated), the Lessor
shall have received in form and substance satisfactory to it: 

  

	1	 Lessee and Lessee Guarantor corporate documents 

 

	 	(a)	 in respect of the Lessee and the Lessee Guarantor, a certificate issued by its duly authorised officer
attaching copies of the documents, referred to in Schedule 3, Part A, Paragraph A(a) above certifying them as being true, complete and up to date and in full force and effect, 

 

	 	(b)	 a letter from the process agent appointed by the Lessee and the Lessee Guarantor pursuant to any Transaction
Document confirming it has been appointed and accepting such appointment; and 

  

	 	(c)	 such ‘know your customer’ documents as it or the Financiers may require from the Lessee and the
Lessee Guarantor. 

  
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	2	 Transaction documents 

An original of each Transaction Document executed and delivered by the respective party or parties thereto (other than the Lessor). 

 

	3	 Acceptance documents 

 

	 	(a)	 an original of the Acceptance Certificate; 

 

	 	(b)	 an original of the Lease Supplement; 

 

	 	(c)	 letter of consent from the Lessee addressed to the Manufacturer and the Lessor authorising and consenting to
the Manufacturer providing the Lessor with information in respect of the Aircraft, including but not limited to technical data and Aircraft Documents. 

  

	4	 Security Deposit 

The Security Deposit described in Schedule 6, Part A. 
  

	5	 Legal opinions 

At Lessor’s cost, Legal opinion addressed to the Lessor, the Owner, the Owner Participant (and, if applicable, the Security Trustee (on
behalf of itself and the Financiers)) from McAfee & Taft.  
  

	6	 Registrations and approvals 

Evidence that: 
  

	 	(a)	 a precautionary Uniform Commercial Code financing statement, prepared by Lessor, with Lessee named as the
debtor and Lessor as secured party (or assignor secured party, if applicable) has been duly filed in the jurisdiction required for perfection;  

 

	 	(b)	 all authorisations necessary for any matter or thing contemplated by the Transaction Documents and for the
legality, validity, enforceability, admissibility in evidence and effectiveness of the Transaction Documents (including, without limitation, the approvals of the Aviation Authority) have been obtained or effected on an unconditional basis and remain
in full force and effect (or, in the case of effecting of any registrations and filings, that arrangements satisfactory to the Lessor and the Security Trustee have been made for the effecting of the same within any applicable time limit); and

  

	 	(c)	 all registration, notarial, consular and translation fees (if any) due and payable in any applicable
jurisdiction in connection with any Transaction Document have been duly paid in full. 

  

	7	 Air traffic control letter 

Originals of: 
  

	 	(a)	 the Aviation Authority Letter; 

  
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	 	(b)	 the Eurocontrol Letter; and 

 

	 	(c)	 the EU ETS Authority Letter, 

in each case executed and delivered by the Lessee. 
  

	8	 Deregistration documents 

An original IDERA duly signed by and on behalf of the Lessee and the Aviation Authority; 

 

	9	 Insurance documents 

 

	 	(a)	 a copy of a certificate or certificates of insurance from the Insurance Broker evidencing the Insurances to be
maintained pursuant to and in accordance with Clause 17 (Insurances) and Schedule 8 (Insurance requirements) to be in full force and effect; 

  

	 	(b)	 a copy of a certificate or certificates of reinsurance from the Lessee’s reinsurer or reinsurance broker
evidencing the reinsurances to be maintained pursuant to and in accordance with Clause 17 (Insurances) to be in full force and effect; 

  

	 	(c)	 a copy of the Broker’s Letter of Undertaking; and 

 

	 	(d)	 an insurance opinion from the Lessor’s insurance advisor, at no cost to the Lessee. 

 

	10	 Aircraft documents 

 

	 	(a)	 copies of each of the following documents in relation to the Aircraft certified by a duly authorised officer of
the Lessee to be current and valid: 

  

	 	(b)	 Maintenance Programme (in electronic format); and 

 

	 	(c)	 approval by the Aviation Authority of operation of aircraft of the same type as the Aircraft;

  

	 	(d)	 current air carrier operating certificate issued by the Aviation Authority in respect of the Lessee; and

  

	 	(e)	 all other government or other approvals and licences which may be required in relation to, or in connection
with, the performance by the Lessee of any of its obligations under the Transaction Documents. 

  

	C.	 On the Delivery Date immediately prior to Delivery, the Lessor shall be satisfied that: 

 

	 	(a)	 no Default is continuing or would result from the delivery of the Aircraft; 

 

	 	(b)	 all monies payable to the Lessor by the Lessee on or prior to the Delivery Date (including, without limitation,
payment of the first instalment of Rent) have been received or the Lessor is satisfied that such monies will be paid on the Delivery Date; 

  

	 	(c)	 each of the Lessee’s representations in Clause 3 (Representations and warranties) of this Agreement is
true and accurate in all respects; 

  

	 	(d)	 no circumstance exists or has come into being that is a Material Adverse Change; 

  
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	 	(e)	 the Aircraft has not suffered a Total Loss (or any event which, with the lapse of time would constitute a Total
Loss) or any unrepaired damage, the cost of which to repair (in the opinion of the Lessor) exceeds two million Dollars (US$2,000,000); and 

  

	 	(f)	 any other conditions the Lessor may reasonably require have been met. 

  
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 Part B – Lessor conditions precedent 

 

	A.	 On or before the date of execution of this Agreement and at no cost to the Lessee (unless otherwise stated),
the Lessee shall have received in form and substance reasonably satisfactory to it: 

  

	 	(a)	 in respect of the Lessor, a certificate issued by its duly authorised officer attaching copies of the following
documents and certifying them as being true, complete, up to date and in full force and effect: 

  

	 	(i)	 its constitutional documents; 

 

	 	(ii)	 a resolution of its board of directors: (x) approving the transactions contemplated by the Transaction
Documents, and (y) authorising a person or persons to execute and deliver on its behalf the Transaction Documents and any notices or other documents to be given pursuant thereto; 

 

	 	(iii)	 a power of attorney issued by it or on its behalf, authorising the execution by the attorneys named therein of
the Transaction Documents and specimen signatures of the attorneys; and 

  

	 	(iv)	 specimen signatures of its signatories, 

 

	 	(b)	 a letter from the process agent appointed by the Lessor pursuant to Clause 25.6 (Process Agents) in respect of
this Agreement confirming it has been appointed and accepting such appointment. 

  

	B.	 On or before the Scheduled Delivery Date and at no cost to the Lessee (unless otherwise stated), the Lessee
shall have received in form and substance reasonably satisfactory to it: 

  

	1	 Lessor corporate documents 

 

	 	(a)	 in respect of the Lessor, a certificate issued by its duly authorised officer attaching copies of the documents
referred to in Schedule 3, Part B, Paragraph A(a) above and certifying them as being true, complete, up to date and in full force and effect; and 

  

	 	(b)	 a letter from the process agent appointed by the Lessor pursuant to any Transaction Document confirming it has
been appointed and accepting such appointment. 

  

	2	 Transaction Documents 

An original of each Transaction Document to which the Lessee is a party executed and delivered by the Lessor 

 

	3	 Aircraft Documents 

 

	 	(a)	 A certificate of registration in respect of the Aircraft issued by the Aviation Authority in the name of Lessor
as owner 

  

	 	(b)	 A certificate of airworthiness issued by the Aviation Authority in respect of the Lessee 

  
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	4	 Acceptance documents 

 

	 	(a)	 an original of the Acceptance Certificate; 

 

	 	(b)	 an original of the Lease Supplement. 

 

	C.	 On the Delivery Date immediately prior to Delivery, the Lessee shall be satisfied that each of the
Lessor’s representations in Clause 3 (Representations and warranties) of this Agreement is true and accurate in all respects. 

  
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 Schedule 4 – Aircraft Specification and Delivery 

Part A – Aircraft Specification 
  

					
		 	Aircraft Manufacturer	  	Airbus S.A.S.
		 	Aircraft Model Designation	  	A320-214
		 	Engine Manufacturer	  	CFM International S.A.
		 	Engine Model	  	CFM56-5B4/3
		 	Engine Thrust Rating	  	27,000 lbs
		 	Maximum Take Off Weight (MTOW)	  	169,755 lbs
		 	Maximum Landing Weight (MLW)	  	142,198 lbs
		 	Maximum Zero Fuel Weight (MZFW)	  	134,481 lbs
		 	Interior Configuration	  	180Y
		 	Noise Category	  	ICAO Chapter 4
		 	All Weather Operations	  	Category III
		 	APU Manufacturer	  	Honeywell – Allied Signal
		 	APU Model	  	GTCP131-9A
		 	Certification	  	FAA

  
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 Part B – Delivery Procedure 

 

	1.1	 Prior to the Delivery Date, the Lessor will make the Aircraft and the Aircraft Documents available to Lessee
and / or its representatives for inspection (the “Delivery Inspection”). 

  

	1.2	 The Delivery Inspection of the Aircraft shall include: 

 

	 	(a)	 an inspection of all of the Aircraft Documents; 

 

	 	(b)	 at Lessee’s cost and expense. a complete
front-to-back video borescope inspection of the Engines and APU and 

  

	 	(c)	 a demonstration flight of the Aircraft of at least two (2) hours duration (including take-off performance test and engine ground runs) with not more than four (4) of the Lessee’s representatives on board, using the Manufacturer’s recommended procedures or a flight profile acceptable
to both the Lessee and Lessor (the “Delivery Demonstration Flight”) 

  

	1.3	 All aircraft and engine systems (including galleys, passenger and cargo compartments) shall be fully
operational for their intended functions. 

  

	1.4	 All discrepancies and defects discovered during such Delivery Inspection exceeding maintenance manual allowable
limits or not in compliance with this Agreement shall be repaired by the Lessor in compliance with the Manufacturers’ maintenance requirements and this Agreement and which shall not be interim in nature, at Lessor’s expenses prior to the
Delivery Date. 

  

	1.5	 The Lessor shall be responsible for all costs and expenses associated with the Delivery Demonstration Flight
and shall furnish the necessary crews and fuel. 

  

	1.6	 All discrepancies found during such Delivery Demonstration Flight which exceed Manufacturer’s maintenance
manual allowable limits shall be corrected by the Lessor at its expense. 

  
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 Part C – Delivery Condition 

 

	1	 General 

  

	1.1	 The Aircraft shall be airworthy and ready for flight with all its Parts and systems fully functional and
operating within limits and/or guidelines established by the Aviation Authority, the Manufacturer and the Compliance Authority.  

  

	1.2	 The Aircraft will have no Lessee branding and where such branding has been installed previously and
subsequently removed the underlying surfaces shall have been restored to a neutral finish. 

  

	1.3	 The Aircraft shall have no special or unique Manufacturer or Aviation Authority inspection or check
requirements which are specific to the Aircraft or Engines (as opposed to all aircraft or engines of their types).  

  

	1.4	 The Aircraft will be removed from any customised maintenance programme (including any sampling programme, if
applicable) and reintegrated into the latest revision of the MPD by the completion of any required tasks or checks required at that time.  

  

	1.5	 The Aircraft shall have no leakage of fuel, oil, hydraulic fluid, or water which exceeds the
Manufacturers’ normal maintenance manual allowable limits or demonstrates an accelerated leakage condition.  

  

	1.6	 The Aircraft will have installed the full complement of equipment (including all galley catering inserts,
including trolleys, containers, ovens, hot cups, coffee makers and water boilers), parts and accessories and loose equipment as is normally installed in the Aircraft.  

 

	1.7	 The Aircraft shall not have any open, deferred or placarded maintenance items or watch items, nor have any
Flight Hour, Cycle or calendar time extensions or waivers with respect to any maintenance requirements, nor have Parts which are not serviceable or are in an inoperative condition.  

 

	1.8	 On or prior to Delivery and on such later date as requested by the Lessee, the Lessor shall provide the Lessee
such excerpts from the Maintenance Program and/or general procedures manual as the Lessee may reasonably request in order to substantiate procedures followed by the Lessor and/or documentation used by the Lessor which are specific to the Maintenance
Program, in connection with the Delivery of the Aircraft to the Lessee.  

  

	1.9	 The Lessor shall deliver to the Lessee, at no cost to the Lessee, all available Service Bulletin kits furnished
without charge by a Manufacturer for installation on the Aircraft which have not been so installed together with appropriate instructions for installation provided with such kits. In the event such installation kits were purchased or manufactured by
the Lessor, the Lessee shall have the exclusive right to purchase such kits at the Lessor’s actual cost for a period of ninety (90) days after Delivery of the Aircraft and the non-exclusive right to
purchase such kits thereafter.  

  

	1.10	 All LLPs installed on the Aircraft will have full traceability “back to birth” documentation. 

  

	1.11	 All emergency equipment and other loose equipment will be properly installed in accordance with the emergency
equipment layout and in good condition.  

  

	1.12	 All fluid reservoirs shall be serviced to full levels in accordance with the maintenance manual.

  

	1.13	 The Aircraft shall have no less than the following aircraft flight manual approved operating weights: 

 MTOW – 169,755 lbs 

  
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 MLW – 142,198 lbs; and 

MZFW – 134,481 lbs. 
  

	2	 Configuration 

 

	2.1	 The Aircraft shall comply with the Manufacturer’s original type certificate specifications, as revised up
to the Delivery Date. 

  

	2.2	 The Aircraft shall be in a 180 Y configuration. 

 

	3	 Paint 

  

	3.1	 Lessor will apply Lessee’s external livery prior to Delivery, all in accordance with the
Manufacturer’s recommended procedures for painting of aircraft. The fuselage, empennage and engine cowlings are currently painted white, Lessee’s external livery shall be applied to current white paint. 

 

	3.2	 All other areas of the Aircraft where paint is peeled, chipped or worn out shall be restored as necessary to
provide a uniform appearance. The Lessor shall prepare the Aircraft for such repainting by restoring aerodynamic sealer to areas requiring aerodynamic sealer due to deterioration or missing sealant. 

 

	3.3	 All required placards and markings shall be in the English language and shall be replaced if not in English, or
if deteriorated. 

  

	3.4	 The Aircraft will be weighed post completion of repainting. 

 

	4	 Airframe 

  

	4.1	 The Aircraft will not have operated in revenue service since completion of the last Airframe Structural 6/12
Year Check in December 17, 2020, when the Aircraft had accomplished all structural, systems, zonal and CPCP Airframe inspections in accordance with the then current MPD, falling due within then following 24 months with all discrepancies
permanently repaired. 

  

	4.2	 The fuselage shall be substantially free from corrosion and the Aircraft shall be in compliance with the
Manufacturer’s corrosion prevention and control document and the MPD. 

  

	5	 Interior and Exterior 

 

	5.1	 The Aircraft exterior shall be deep cleaned and washed, as applicable including service areas, wheel wells,
flaps, wings, to the same standard as the Lessee would use for an aircraft being placed in its fleet. 

  

	5.2	 The Aircraft will be substantially free of dirt, grease, fluids, stains, grime, cracks, tears and rips,
consistent with worldwide commercial airline standards for used aircraft at completion of a heavy maintenance check. 

  

	5.3	 The Aircraft interior (including cabin and windows) shall be deep cleaned, with all compartments free of
foreign objects. 

  

	5.4	 Ceilings, sidewalls and bulkhead panels shall be clean, in good condition and free of all delamination, cracks
and stains. 

  

	5.5	 All passenger seats shall be serviceable and in good working order. Cockpit and attendant seats will be
serviceable and in good working condition. 

  
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	5.6	 All galley compartments shall be clean, in good working condition and free of damage and corrosion. All
plumbing and electrical connections and wiring shall be in good condition and the floor area properly sealed. 

  

	5.7	 All galley catering inserts including trolleys, containers, ovens, hot cups, coffee makers and water boilers
shall be serviceable and in good condition. Any galley catering insert / trolley not available or installed at Delivery will be noted on the loose equipment listing. 

 

	5.8	 All lavatories and equipment contained therein shall be clean, in good condition, free of cracks, stains, and
repainted as necessary, and floors shall be free of delamination, corrosion and be sealed.  

  

	5.9	 All carpets and non-textile flooring shall be clean and in good
condition. 

  

	5.10	 The cockpit area shall be clean and placards replaced, as required. 

 

	5.11	 Any placards / decals / markings required pursuant to the Manufacturer’s aircraft maintenance manual shall
be replaced if unreadable, missing or not in the English language. Placards that are not required pursuant to the Manufacturer’s aircraft maintenance manual shall be removed upon Lessor’s request. 

 

	5.12	 All cargo compartment panels shall be properly sealed and any repairs shall be permanent and approved as per
the manual of the Manufacturer and no one panel will have more than the number of repairs allowed under such manual. 

  

	5.13	 The same number and type of cargo nets as were delivered with the Aircraft will be present and in serviceable
condition. 

  

	5.14	 Carpets, seat cushions, seat covers and any other material installed in cockpit and cabin will be in good
condition and conform to the Aviation Authority’s and Compliance Authority’s fire resistance regulations. 

  

	5.15	 Cockpit windows shall have no crazing or delamination that exceeds manufacturer maintenance manual allowable
limits, and passenger compartment windows shall have no crazing which unsatisfactorily obstructs the view from the inside of the cabin of the Aircraft to the outside or exceeds manufacturer maintenance manual allowable limits. 

 

	5.16	 All equipment and furnishings in the interior of the Aircraft which are defective, damaged, or worn shall be
repaired or replaced by the Lessor. 

  

	6	 Engines 

  

	6.1	 Immediately prior to the Delivery of the Aircraft and following the completion of the Aircraft’s Delivery
Demonstration Flight, the Lessee may, at its option and its cost and expense, accomplish an all module full front-to-back video borescope inspection of each Engine, to
be performed by an agency of the Lessee’s choosing in the presence of the Lessor’s representatives, in accordance with the Manufacturer’s maintenance manual. All defects including but not limited to those discovered as a result of
such inspections, which (a) are within the maintenance manual limits and have repetitive inspection/maintenance requirements or (b) exceed the maintenance manual allowable limits for an installed engine, shall be corrected at Lessor’s
expense. 

  

	6.2	 Each Engine shall have a minimum expected uninterrupted on-wing life of
at least 7,000 Flight Hours and 3,500 Cycles remaining to its next expected removal for any required maintenance, engine performance restoration, refurbishment, or overhaul and shall have no defect which will result in the foregoing minimum limits
not being complied with. 

  
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	6.3	 The expected uninterrupted life remaining to the next expected removal with respect to each Engine shall be
determined by the Lessor, without limitation, by: 

  

	 	(a)	 borescope inspection results; 

 

	 	(b)	 maximum power assurance ground runs; 

 

	 	(c)	 analysis of trend monitoring of the respective Engine since last Engine Performance Restoration Shop Visit;

  

	 	(d)	 EGT margin; 

  

	 	(e)	 Cycles remaining on each Engine LLP; 

 

	 	(f)	 Maintenance Programme requirements; 

 

	 	(g)	 Manufacturer’s data; 

 

	 	(h)	 comparison with the average number of Flight Hours accumulated between removals during the prior 24 month
period for all similar model engines operated in the Lessee’s fleet, with approximately the same number of total Flight Hours and Cycles accumulated; and 

 

	 	(i)	 previous shop visit assessment. 

 

	6.4	 Each Engine shall be capable of developing full rated take off power for full rate take-off thrust at sea level, without exceeding the maximum limits for all parameters (temperature, fuel flow, rotor speed etc) as per the Manufacturer’s specifications for an installed engine. A full engine
run and power assurance check and any subsequent Engine run for defect rectification shall be performed in the presence of the Lessor’s representatives immediately prior to the return of the Aircraft (but before the borescope inspection as
required by paragraph 12.2 of this Schedule 9, Part B), in accordance with the performance test in the maintenance manual, using temperature corrected charts in order to demonstrate that the Engine will be capable of reaching full take-off power at an outside air temperature of thirty degrees (30°) Celsius. 

  

	6.5	 Each Engine shall have an EGT margin consistent with the number of Flight Hours and Cycles operated since the
most recent Engine Performance Restoration Shop Visit and in any event have sufficient EGT margin to achieve the balance of life remaining on the Engine until the next anticipated Engine Performance Restoration Shop Visit (as anticipated at the
release of such Engine from its most recent Engine Performance Restoration Shop Visit) at a maximum rated take off power of 27,000 lbs thrust. 

  

	6.6	 No Engine shall exhibit any adverse health trends as monitored by trend monitoring such parameters to include
and not limited to EGT margin at take-off and cruise, fuel flow oil pressure and vibration. If Engine trend monitoring indicates a rate of acceleration in performance deterioration of any Engine, which is
higher than normal based on the maintenance experience of the Engine Manufacturer in operating the same type of engines, under similar conditions, the Lessee shall, prior to return, cause to be corrected such conditions which are determined to have
exceeded tolerances defined for such engines in the Engine maintenance manual or are otherwise determined to be causing such performance deterioration. 

  

	6.7	 Each Engine shall pass a magnetic chip detection inspection in accordance with the Manufacturer’s
maintenance manual. 

  

	6.8	 Each Engine will be fully functioning, without waiver, restriction, deferment, exception, carryover or being “on-watch” whether or not any such “on watch” item is in accordance with the Manufacturer’s maintenance manual limit or any other specifically requested limitation. 

 

	6.9	 Each Engine LLP shall have a minimum of 3,500 Cycles remaining to the Manufacturer’s then published
certified life limit. 

  
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	6.10	 No Engine LLP will have greater Cycles utilised since new than the Engine on which it is installed.

  

	7	 Temporary installation of engines 

 

	7.1	 Notwithstanding paragraph 6 of this Schedule 4, Part C, the Lessor shall have the option to deliver the
Aircraft to the Lessee with one or more engines which does not meet the Delivery Condition in respect of an Engine (each a “Lessor Temporary Engine”). 

 

	7.2	 An all module full
front-to-back video borescope inspection shall not be performed in relation to any Lessor Temporary Engine. 

 

	7.3	 A Lessor Temporary Engine shall have a minimum expected uninterrupted
on-wing life of at least six (6) months remaining to its next expected removal for any required maintenance, Engine Performance Restoration Shop Visit, refurbishment, or overhaul, based on the
Lessee’s Assumed Utilisation, and shall have no defect which will result in the foregoing minimum limits not being complied with. 

  

	7.4	 The expected uninterrupted life remaining to the next expected removal with respect to a Lessor Temporary
Engine shall be determined by the Lessor, without limitation, by: 

  

	 	(a)	 EGT margin; and 

  

	 	(b)	 Cycles remaining on each Engine LLP. 

 

	7.5	 Any Lessor Temporary Engine will be considered an “Engine” pursuant to and for the purposes of this
Agreement until the Lessor has replaced such Lessor Temporary Engine in accordance with Clause 10.8 (Lessor Temporary Engine(s)). 

  

	8	 Parts 

  

	8.1	 Each Part of the Aircraft (other than Engine and APU Life Limited Parts) which has a hard time or life limit
pursuant to the MPD will be serviceable. 

  

	8.2	 Each Part of the Aircraft (other than Engine and APU Life Limited Parts and any Exemption Part) shall have at
least 7,500 Flight Hours, 5,000 Cycles and 24 calendar months (or one hundred per cent. (100%) of its interval, if less) remaining to its next expected overhaul or scheduled removal in accordance with the then current MPD. 

 

	8.3	 Any Exemption Part will be serviceable and have a reasonable amount of time remaining. 

 

	8.4	 Each Part shall be supported by documentation certifying date of installation, and Flight Hours and Cycles
since overhaul. 

  

	8.5	 No Part of the Aircraft (excluding Engine Life Limited Parts) will have total Flight Hours and total Cycles
since new greater than one hundred ten per cent (110%) of that of the Airframe and with respect to all Parts as a group, the Parts will have an average total time since new no greater than that of the Airframe. 

 

	8.6	 Each “on condition” and “condition monitored” component will be serviceable.

  

	8.7	 Each Part shall be supported by a Release Certificate. 

 

	9	 Landing Gear 

  

	9.1	 Each Landing Gear leg shall have no less than twenty-four (24) months and equivalent Cycles (based on the
Assumed Utilization) life remaining to the next scheduled removal for Landing Gear Overhaul in accordance with the MPD.  

  
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	9.2	 No Life Limited Part installed on the Landing Gear shall have accumulated greater Cycles or calendar time than
that of the Landing Gear on which it is installed. 

  

	9.3	 The Landing Gear and wheel wells shall be clean, free of leaks and repaired as necessary.

  

	9.4	 The Landing Gear modification standard will meet the Manufacturer’s requirements for an Aircraft MTOW of
169,755 lbs. 

  

	9.5	 Each individual tire, wheel and brake will be serviceable. 

 

	10	 APU 

  

	10.1	 The APU shall (i) be serviceable, (ii) will not have greater than 1,000 APU Operating Hours since the
last APU Shop Visit and (iii) have not less than 4,000 Cycles to the first life limited part restriction. 

  

	10.2	 Any Exemption APU LLP will be serviceable and have a reasonable amount of time remaining.

  

	10.3	 The Lessee at Lessee’s cost and expense, shall accomplish a complete borescope inspection of the
compressor, turbine and combustion chamber sections of the APU in the presence of the Lessor’s representative. Such borescope inspection shall be performed by an agency of the Lessee’s choosing, shall be accomplished immediately prior to
return after the completion of the APU power condition check run, and all discrepancies found beyond allowable limits for an installed APU shall be corrected by the Lessor in accordance with the guidelines set out by the Manufacturer.

  

	10.4	 The APU shall pass a magnetic chip detection inspection in accordance with the Manufacturer’s maintenance
manual. 

  

	11	 Repairs 

  

	11.1	 All repairs to the Aircraft will have been accomplished in accordance with Manufacturer’s approved data
for the Aircraft. 

  

	11.2	 Any repair accomplished shall be certified to a category A permanent standard, and have no repetitive
inspections. Where category A permanent repairs are not available from Manufacturer’s approved data, then the repair shall be accomplished to the highest possible standard in accordance with Manufacturer’s approved data and any repeat
inspection threshold and interval shall be at the maximum interval achievable but not less than 24 months, 7,500 Flight Hours or 5,000 Cycles or the then current C check interval as set out in the MPD. 

 

	11.3	 The fuselage shall be free of dents, abrasions and loose or pulled rivets which exceed the requirements of the
Manufacturer’s structural repair manual. 

  

	12	 Airworthiness Directives, Service Bulletins and modifications 

 

	12.1	 All Airworthiness Directives which are issued prior to the Delivery Date and require compliance, before the
Delivery Date will have been complied with on the Aircraft on a terminating action basis notwithstanding any waiver, deviation, alternative means of compliance or time extension obtained by the Lessee. 

 

	12.2	 Airworthiness Directives which do not have a terminating action will be accomplished at the highest level of
inspection or modification permitted by such Airworthiness Directive. 

  

	12.3	 The Aircraft and Engines shall be in compliance with all Manufacturer’s Service Bulletins: (a) which
are “alert” (as defined by the Aviation Authority or the Certifying Authority) which by the terms of such Service Bulletins require compliance on or before the Delivery Date, (b) to the same extent that the Lessee has accomplished
such Service Bulletins on similar model aircraft and engines of the same manufacture in the Lessee’s fleet, without discrimination, and (c) which require accomplishment in order to maintain all warranties or performance guarantees relating
to the Aircraft. 

  
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	12.4	 All modifications shall be have been accomplished in accordance with FAA and EASA approved data supported by an
FAA Form 8110-3, FAA Form 8100-9, EASA Part 21, or EASA and FAA approved supplemental type certificate. 

 

	12.5	 Any modifications or alterations or changes made to the Aircraft and which are not removed at Delivery shall
have been incorporated into the appropriate manuals or as supplements. 

  

	13	 Certificate of Airworthiness Matters 

 

	13.1	 The Aircraft shall have a current Export Certificate of Airworthiness. 

 

	13.2	 The Aircraft shall be in condition and certification standard to: 

 

	 	(a)	 comply with all requirements for immediate issuance of a current and effective FAA certificate of
airworthiness; and 

  

	 	(b)	 comply with all the requirements for passenger operation as a transport category commercial aircraft affecting
aircraft of the same type as the Aircraft issued on or before the delivery Date pursuant to FAR Part 121 with no restrictions imposed. 

  

	14	 Documents 

  

	14.1	 Lessor shall provide Lessee with the following Aircraft Documents (as applicable): 

 

	A.	 Certificates 

  

	A001	 Certificate of Airworthiness 

 

	A002	 Current Aircraft Registration 

 

	A003	 C of A for Export (if applicable) 

 

	A004	 Noise Limitation Certificate (AFM page) 

 

	A005	 Radio Station License 

 

	A006	 Aircraft deregistration confirmation (if applicable) 

 

	A007	 Burn Certificates—Cabin Interiors—as follows: 

Certification of compliance with the fire blocking requirements as outlined in FAR / JAR Part 25 including: 

 

	 	•	 	 Seat cushions* 

  

	 	•	 	 Back rest cushions* 

  

	 	•	 	 Dress covers* 

  

	 	•	 	 Carpets and Curtains 

  

	 	•	 	 Flight Attendant Seats 

 

	 	•	 	 Cockpit Observer’s Seats 

 

	 	•	 	 Galley Floor Covering 

  
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	 	•	 	 Interior Surfaces (if refurbished) 

 

	*	 Including “in combination” burn certification 

 

	B.	 Aircraft Maintenance Status Summaries 

 

	B001	 Certified current Time in Service (Flight Hours & Cycles) and maintenance status

  

	B002	 Certified status of Airframe & Appliance Airworthiness Directives including method of compliance

  

	B003	 Certified status of Service Bulletins Incorporated 

 

	B004	 Certified status of all non SB and Major Modifications/STC’s including acceptable State of Manufacture
Certification 

  

	B005	 Certified status of SSI 

 

	B006	 Certified status of CPCP (if applicable) 

 

	B007	 Certified inventory of Hard Time Components (Fitted listing) 

 

	B008	 Certified inventory of OC/CM Components (Fitted listing) 

 

	B009	 Certified status of Check/Inspection History & Current Status of Checks 

 

	B010	 List of Deferred Maintenance Items (if applicable) 

 

	B011	 List of Out of Phase Checks, Special Requirements, Time Limited Repairs (if any) 

 

	B012	 Aircraft Accident & Incident Statement 

 

	B013	 Structural repairs and damage Status (including Dent & Buckle Chart) 

 

	B014	 Certification Maintenance Requirements (CMR) item status 

 

	B015	 Aircraft Flight Time Report / Aircraft Log Book 

 

	C.	 Aircraft Maintenance Records 

 

	C001	 Technical Logs 

  

	C002	 A ChecksLast complete cycle of A Checks (or equivalent) 

 

	C003	 C Checks Last Complete cycle of C Checks (or equivalent) 

 

	C004	 All Major Checks 

  

	C005	 CPCP Tasks including DFP and finding reports 

 

	C006	 Dirty Finger Print Certification (DFP) - AD’s - DFP must reference AD and/or Applicable SB

  

	C007	 Dirty Finger Print Certification - SB’s 

 

	C008	 Dirty Finger Print Certification - STC Documentation and All other modifications 

 

	C009	 Dirty Finger Print Certification - All Structural repairs/structural damage 

 

	C010	 Details of State of Manufacture approval basis - All non SRM Structural repairs 

  
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	C011	 Certification Maintenance Requirement (CMR) Dirty Finger Prints 

 

	C012	 Last Weighing Report including Schedule 

 

	C013	 Last Balancing of All Control Surfaces (if applicable) 

 

	C014	 Last Demonstration Flight Report 

 

	C015	 Certified ETOPS compliance report (if applicable) 

 

	C016	 Certified last done/ next due MPD task listing 

 

	D.	 Configuration Status 

 

	D001	 Approved and certified LOPA 

 

	D002	 Galley Drawings & Galley OHM 

 

	D003	 Emergency Equipment Drawing/Listing 

 

	D004	 Loose Equipment Inventory 

 

	D005	 Inventory Listing of Avionic Units installed 

 

	E.	 Aircraft Historical Records 

 

	E001	 C of A (Export) from State of Manufacture 

 

	E002	 Manufacturer’s AD Report 

 

	E003	 Manufacturer’s Inspection Report, Initial Equipment list / Aircraft Readiness Log (or equivalent)

  

	E004	 Manufacturer’s repair/alteration report 

 

	E005	 Manufacturer’s SB Report 

 

	E006	 Aircraft Historical / Miscellaneous Log (or equivalent) 

 

	E007	 Last Flight Data Recorder Read Out & Corrections 

 

	F.	 Engine Records 

 

	F001	 Certified Statement on Status of Each Engine 

 

	F002	 Certified Status of Engine Airworthiness Directives including Method of Compliance 

 

	F003	 Manufacturer’s Modifications & SB Status 

 

	F004	 In house Modifications (if applicable) 

 

	F005	 Certified LLP Listing 

 

	F006	 Manufacturer Delivery Documents 

 

	F007	 Complete copies of all historical engine/module Shop Visit Reports including complete dirty finger print work
packages 

  

	F008	 LLP Status and Full and unbroken Traceability to birth 

  
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	F009	 Condition Monitoring Report 

 

	F010	 Engine Log Book/Master Records of Installation/Removals 

 

	F011	 Last Borescope Report, including video if available 

 

	F012	 Test Cell Run Report 

 

	F013	 Last On Wing Ground Run 

 

	F014	 Engine Accident & Incident Statement 

 

	F015	 Approved ETOPS compliance report (if applicable) 

 

	F016	 Type of Engine Oil Used 

 

	F017	 Statement of Exceedences and corrective actions per the maintenance manual during Term 

 

	F018	 Power Rating Operation Statement (Cycles of operation e.g. B1, B2, C1 etc.) 

 

	G.	 APU 

  

	G001	 Certified Statement on Status of APU 

 

	G002	 Certified Status of APU Airworthiness Directives including Method of Compliance 

 

	G003	 Manufacturer’s Modifications & SB Status 

 

	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 (ratio) 

 

	G007	 LLP Status and Full and unbroken Traceability to birth (if applicable) 

 

	G008	 Last On Wing/Health Check Data sheets (if applicable) 

 

	G009	 Last Test Cell Run 

  

	G010	 Approved ETOPS compliance report (if applicable) 

 

	G011	 Type of APU Oil Used 

 

	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 from last Overhaul

  

	I002	 Approved LLP Listings for each gear such that total life of each LLP can be appropriately demonstrated.

  

	I003	 Last Overhaul Mini Pack 

  
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	J.	 Manuals 

Manufacturer’s Manuals delivered with the Aircraft (if applicable). 

Any manual required for continue airworthiness due to Modifications accomplished in accordance with STCs. 

 

	K.	 Miscellaneous 

 

	K001	 Maintenance Programme Specifications (Operator’s) 

 

	K002	 Reference Material for Interpretation of Status Summaries, or cross reference for Part Numbers

  

	*	 Items H001, H002 and I001 to be covered by EASA Form 1 or FAA Form 8130 3 or approved equivalent and all other
documentation in the possession of the Lessee, relating to the Airframe, Engines or any Parts. 

 All discrepancies found in the Aircraft
Documents shall be corrected and any missing Aircraft Documents shall be reconstructed by the Lessor at the Lessor’s sole cost and expense prior to the Delivery of the Aircraft. All Aircraft Documents shall be in the English language. 

  
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 Schedule 5 – Form of Acceptance Certificate 

This Acceptance Certificate relates to the operating lease agreement (the “Agreement”) dated [•] and made between [•] (the
“Lessor”), and [•] (the “Lessee”) in respect of the [•] aircraft with manufacturer’s serial number [•], registration mark [•] and having two (2) [•] Engines with serial numbers [•]
and [•] installed thereon (as more particularly described in the Agreement as the Aircraft). 
 Part A 

 

	1	 Aircraft Information 

 

			
	 Aircraft Manufacturer
	 	
		
	 Model
	 	
		
	 Manufacturer’s Serial Number
	 	
		
	 MTOW
	 	
		
	 MLW
	 	
		
	 MZFW
	 	
		
	 Current registration number
	 	
		
	 Airframe time since new (“TSN”)
	 	
		
	 Airframe Cycles since new (“CSN”)
	 	

  

	2	 Engine Information 

 

					
	 	  	 Position 1 [*] 1

	  	 Position 2 [*]

	Engine Manufacturer	  		  	
			
	Model	  		  	
			
	Manufacturer’s Serial Number	  		  	
			
	Engine TSN	  		  	
			
	Engine CSN	  		  	
			
	Engine time since last Engine Performance Restoration Shop Visit	  		  	
			
	Engine Cycles since last Engine Performance Restoration Shop Visit	  		  	
			
	Date of last Engine Performance Restoration Shop Visit	  		  	
			
	Thrust Rating	  		  	

  

	1 	 [* This Engine is a Lessor temporary engine as contemplated in paragraph 7 of Schedule 4 Part C of the
Agreement ] 

  
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	3	 APU Information 

 

			
	 APU Manufacturer
	 	
		
	 Model
	 	
		
	 Part Number
	 	
		
	 Manufacturer’s Serial Number
	 	
		
	 APU TSN
	 	
		
	 APU CSN
	 	
		
	 Total APU Hours since last APU Shop Visit
	 	
		
	 Total APU Cycles since last APU Shop Visit
	 	
		
	 Date of last APU Shop Visit
	 	

  

	4	 Landing Gear Information 

 

							
	 	  	 Nose Landing Gear
	  	 LH Main Landing

Gear
	  	 RH Main Landing
Gear

	Part Number	  		  		  	
				
	Manufacturer’s Serial Number	  		  		  	
				
	Landing Gear TSN	  		  		  	
				
	Landing Gear CSN	  		  		  	
				
	Landing Gear TSO	  		  		  	
				
	Landing Gear CSO	  		  		  	
				
	Date of last Overhaul	  		  		  	

  

	5	 Fuel Status 

Fuel status: [•] 
  

	6	 Interior Configuration 

Seating: [•] 
 Lavatories: [•] 

Galleys: [•] 

  
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	7	 Aircraft Documents 

Attached hereto as Annex 1 is a schedule of all Aircraft Documents delivered to Lessee with the Aircraft on the date hereof. 

 

	8	 Loose equipment 

Attached hereto as Annex 2 is a schedule of loose equipment delivered to Lessee with the Aircraft on the date hereof. 

 

	9	 LOPA 

Attached hereto as Annex 3 is the Aircraft LOPA at Delivery. 
  

	10	 Engine LLP Disk Sheets 

Attached hereto as Annex 4 is the Engine LLP Disk Sheets at Delivery. 

Part B 
 Unless otherwise defined in this certificate,
capitalised words and expressions used in this certificate shall have the same meanings as given to them in the Agreement. 
  

	1	 The Aircraft has been delivered to us together with (a) its Aircraft Documents as per the Aircraft
Documents List signed by the Lessor and the Lessee and detailed in Annex 1 to this Acceptance Certificate, and the loose equipment as per the loose equipment list in Annex 2 to this Acceptance Certificate, on [•] day of [•] 20[•].
Delivery took place on that date at [[•] (state Delivery Location/Redelivery Location)], at [•] hours. 

  

	2	 We confirm that we have had the opportunity to inspect the Aircraft and are satisfied that the Aircraft meets
all of the requirements necessary for us to accept Delivery of it and that the Lessor has fully performed all of its obligations under the Agreement with respect to that Delivery. We acknowledge that the Aircraft has been delivered to us “as-is where-is”. 

  

	3	 Notwithstanding any discrepancies listed in Annex 5 of this Acceptance Certificate, we acknowledge and agree
that execution and delivery of this Acceptance Certificate is conclusive proof that we have examined and investigated the Aircraft, that the Aircraft and the Aircraft Documents are satisfactory to us in all respect and for all purposes under the
Agreement and that we have absolutely, irrevocably and unconditionally accepted the Aircraft for lease under the Agreement without any reservations or exceptions whatsoever. 

 

	4	 The Lessee confirms to the Lessor that, as at the time indicated above, being the Delivery:

  

	 	a)	 the representations and warranties of the Lessee contained in the Agreement are true and correct in all
material respects; 

  

	 	b)	 the Aircraft is insured as required by the Agreement; and 

 

	 	c)	 the Aircraft is accepted for all purposes of the Agreement. 

[Remainder of this page intentionally left blank] 

  
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 The execution and delivery of this Certificate by Lessee confirms that the Aircraft, the Aircraft Documents
and all other equipment, documentation and other items listed in this Acceptance Certificate have been absolutely, irrevocably and unconditionally accepted by Lessee, and that Lessee has received possession of the same from Lessor, and that Lessor
has satisfied its obligations with respect to the condition of the Aircraft under the Agreement. 
  

									
	LESSOR	 		 	LESSEE
					
	Signed:	 	 	 		 	Signed:	 	 
					
	Name (capitals):	 	 	 		 	Name (capitals):	 	 
					
	Title:	 	 	 		 	Title:	 	 
	duly authorised for and on behalf of	 		 	duly authorised for and on behalf of
	[•]	 		 		 	[•]	 	

  
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 Annex 1 – Aircraft Documents 

See attached list of aircraft documents, aircraft manuals, loose equipment, avionics inventory and hard time components inventory. 

See attached Engine LLP status and APU status 
 Annex 2
– Loose equipment 
 [•] 
 Annex 3 – LOPA

 [•] 
 Annex 4 – Engine LLP Disk Sheets

 [•] 
 Annex 5 – Discrepancies 

The following discrepancies have been identified between the Delivery Condition and the actual condition of the Aircraft at Delivery: 

 

			
	 Details of discrepancy
	  	 Rectification action (if any) to the Redelivery Condition

		  	
	  
	  	  

		  	
	  
	  	  

		  	
	  
	  	  

 Lessor and Lessee agree the following Parts are Exemption Parts for the purposes of the Lease Agreement and have the following
life remaining at Delivery in accordance with the MPD: 
  

							
	 Part No
	  	 Flight Hours
	  	 Cycles
	  	 Calendar months

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

  
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 Lessor and Lessee agree the following APU LLPs are Exemption APU LLPs for the purposes of the Lease Agreement
and have the following Cycles remaining to next life limited restriction at Delivery: 
  

			
	 Part No.
	  	 Cycles

		  	
	  
	  	  

		  	
	  
	  	  

		  	
	  
	  	  

  
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 Schedule 6 – Commercial Terms 

TO BE INTENTIONALLY OMITTED FROM THE VERSION OF 

THIS DOCUMENT FILED WITH THE FAA AS CONTAINING 

CONFIDENTIAL COMMERCIAL TERMS 

  
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 Part A – Rent, Security Deposit, Insurance and Early Termination Option 

 

	1	 Rent 

  

	1.1	 Rent calculation 

  

	 	(a)	 During the Lease Term, each instalment of Rent for a whole calendar month will be the amount calculated in
accordance with (i) paragraph 1.2 of this Schedule 6 Part A during the PBH Period and (ii) paragraph 1.3 of this Schedule 6, Part A after the PBH Period. 

 

	 	(b)	 Rent owed for part of a Rent Period will be the relevant proportion calculated pro rata on the basis of a
thirty (30) day month. 

  

	 	(c)	 Rent shall be payable (i) during the PBH Period, in arrears on the tenth (10th) day of each calendar month
in respect of the preceding calendar month and (ii) after the PBH Period, in advance on each Rent Date. 

  

	1.2	 PBH Period 

  

	 	(a)	 In this Agreement: 

“PBH Minimum” means forty-five thousand Dollars ($45,000) 

“PBH Maximum” means one hundred and ten thousand Dollars ($110,000) 

“PBH Period” means the period starting on and including the Delivery Date and ending on and including 31 August 2022.

 “PBH Rate” means seven hundred and fifty Dollars ($750) 

 

	 	(b)	 Rent in respect of each Rent Period during the PBH Period shall be an amount equal to the lesser of
(i) the PBH Maximum and (ii) the greater of (x) the PBH Minimum and (y) the PBH Rate multiplied by the number of Flight Hours operated by the Aircraft during the preceding calendar month, provided the Lessee provides a
Monthly Utilisation Report in accordance with Clause 8.2 of this Agreement. 

  

	 	(c)	 If the Lessee does not provide a Monthly Utilisation Report in respect of any calendar month in accordance with
Clause 8.2 of this Agreement, Rent in respect of such calendar month shall be an amount equal to the PBH Maximum. 

  

	1.3	 After the PBH Period (from 1 September 2022 to the Expiry Date) 

Each instalment of Rent for each Rent Period will be: 
  

	 	(a)	 from 1 September 2022 to 31 December 2024, one hundred and ten thousand Dollars ($110,000)

  

	 	(b)	 from 1 January 2025 to 31 December 2025, one hundred thousand Dollars ($100,000); and

  

	 	(c)	 from 1 January 2026 until the Expiry Date, ninety-five thousand Dollars ($95,000). 

 

	2	 Security Deposit 

 

	2.1	 “Security Deposit Amount” means an amount equal to three hundred and thirty thousand Dollars
($330,000). 

  

	2.2	 The Lessee shall pay an amount equal to the Security Deposit Amount to the Lessor on or prior to the Delivery
Date as specified below: 

  

	 	(a)	 On the date of this Agreement, the Lessee will pay to the Lessor the sum of one hundred and ten thousand
Dollars ($110,000); and 

  

	 	(b)	 No later than five (5) Business Days prior to the Delivery Date, the Lessee will pay to the Lessor the
balance of the Security Deposit Amount. 

  
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	2.3	 The Lessor acknowledges that prior to the execution of this Agreement the Lessee has paid to the Lessor the sum
of one hundred and ten thousand Dollars ($110,000) in partial payment of the Security Deposit Amount. 

  

	3	 Insurance 

“Agreed Value” means twenty three million one hundred thousand Dollars ($23,100,000) reducing by three per cent. (3%) on each annual insurance
renewal date during the Lease Period beginning on the renewal date falling on or after first anniversary of the Delivery Date, or such lower amount as Lessor may notify to Lessee in writing from time to time. 

“Maximum Deductible Amount” means (i) with respect to Hull All Risks, two hundred and fifty thousand Dollars ($250,000) and
(ii) with respect to Spares, ten thousand Dollars ($10,000) each claim, but in respect of test bed running of Engines the relevant deductible will be that in (i) above. 

“Minimum Liability Coverage Amount” means seven hundred fifty million Dollars ($750,000,000) 

“Notification Threshold” means seven hundred and fifty thousand Dollars ($750,000). 

 

	4	 Early Termination Option 

 

	4.1	 The Lessor shall have the option, at its sole discretion, at any time on or after June 1, 2022, to
terminate the leasing of the Aircraft and/or this Agreement by providing twelve (12) months irrevocable prior written notice (the “Early Termination Notice”) to the Lessee. 

 

	4.2	 Following issuance of the Early Termination Notice, the Scheduled Expiry Date shall be the date falling twelve
(12) months after the date of the Lessor Early Termination Notice, and the Lessee shall return the Aircraft to the Lessor on the revised Scheduled Expiry Date in accordance with the Redelivery Conditions; 

 

	4.3	 If the Lessor has an offer to lease the Aircraft to another operator, it will notify the Lessee. No later than
three (3) Business Days after receipt of such notification, the Lessee may request the Lessor to amend this Agreement to reflect the commercial terms on offer from the other operator. If the Lessor and the Lessee agree and execute such
amendment within ten Business Days of receipt of the first draft of the amendment from the Lessor, the Lessor will not issue an Early Termination Notice. 

  
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 Part B – Maintenance Payments 

 

	1	 Monthly Maintenance Payments 

 

	1.1	 The Lessee will pay to Lessor the following maintenance payment amounts (“Maintenance
Payments”) in respect of each month’s (or part thereof) utilisation of the Aircraft during the Lease Period in respect of the: 

  

	 	(a)	 Airframe, which shall be calculated as the aggregate of: 

 

	 	(i)	 the applicable Airframe 6 Year Structural Check Maintenance Payment Rate; and 

 

	 	(ii)	 the applicable Airframe 12 Year Structural Check Maintenance Payment Rate, 

 

	 	(b)	 APU, which shall be calculated by multiplying (x) the number of APU Operating Hours in that calendar month
(or part thereof) by (y) the applicable APU Maintenance Payment Rate; 

  

	 	(c)	 Landing Gear, which shall be calculated by multiplying (x) the number of Cycles of each Landing Gear in
that calendar month (or part thereof) by (y) the applicable Landing Gear Maintenance Payment Rate; 

  

	 	(d)	 Engines, which shall be calculated by multiplying (x) the number of Flight Hours of each Engine in that
calendar month (or part thereof) by (y) the applicable Engine Maintenance Payment Rate; and 

  

	 	(e)	 Engine LLPs, which shall be the aggregate of the following calculation in respect of each Engine LLP:

 (x) the number of Cycles of each Engine LLP in that calendar month (or part thereof) multiplied by (y) the
applicable Engine LLP Maintenance Payment Rate. 
  

	1.2	 The Lessee will pay to the Lessor the Maintenance Payments no later than fifteen (15) days following the
end of each calendar month to which they apply or, with respect to the final payment of Maintenance Payments, on the Expiry Date. 

  

	2	 Notional Accounts 

 

	2.1	 The Maintenance Payments paid by the Lessee to the Lessor will, on receipt by the Lessor, be the sole and
exclusive property of the Lessor, subject only to the express provisions of this Agreement. The Lessor (or its designee) may co-mingle Maintenance Payments with its general funds and will not hold such funds
as agent or on trust for the Lessee. The Lessor may assign or pledge its interest in, or otherwise create a Security Interest in respect of, the Maintenance Payments, to the Owner, to the Security Trustee or to any other person.

  

	2.2	 The Lessor will establish separate notional accounts for each item of equipment in respect of which Maintenance
Payments are paid. 

  

	2.3	 The notional account in respect of the Airframe shall be further split into separate notional accounts for the
Airframe 6 Year Structural Check and the Airframe 12 Year Structural Check. 

  

	2.4	 The notional account in respect of the Landing Gear shall be further split into separate notional accounts as
follows: 

  

	 	(a)	 Nose Landing Gear – 33%; 

 

	 	(b)	 Left hand main Landing Gear – 33.5%; and 

  
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	 	(c)	 Right hand main Landing Gear – 33.5%. 

 

	2.5	 The notional account in respect of Engine LLPs shall be further split into separate notional sub-accounts for each individual Engine LLP. 

  

	2.6	 Following the termination or cancellation of the leasing of the Aircraft, all amounts held in all notional
accounts following the payment of any claims for Qualifying Work or other application of such amounts each in accordance with the terms of this Agreement (if any), will be retained by the Lessor free from any claim or interest of the Lessee.

  
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 Part C – Maintenance Payment Rates 

 

	1	 Maintenance Payment Rates 

 

	1.1	 The Maintenance Payments to be made by Lessee in accordance with Schedule 6, Part B (Maintenance Payments) will
be made at the following rates (the “Maintenance Payment Rates”): 

  

	 	(a)	 in respect of the Airframe: 

 

	 	(i)	 US$11,400 per calendar month, or part thereof (the “Airframe 6 Year Structural Check Maintenance
Payment Rate”); and 

  

	 	(ii)	 US$6,200 per calendar month, or part thereof (the “Airframe 12 Year Structural Check Maintenance
Payment Rate”), 

  

	 	(b)	 in respect of the APU, US$46 per APU Operating Hour (the “APU Maintenance Payment Rate”);

  

	 	(c)	 in respect of each Landing Gear, US$3,700 per calendar month, or part thereof (the “Landing Gear
Maintenance Payment Rate”) 

  

	 	(d)	 in respect of each Engine, $169.41 per Flight Hour operated by such Engine (the “Engine Maintenance
Payment Rate”); and 

  

	 	(e)	 in respect of each Engine LLP, an amount equal to (x) the Engine Manufacturer’s then applicable
catalogue cost, divided by (y) 95% of the certified Engine Manual Chapter 5 life limit for each Cycle operated by such Engine LLP in that calendar month (the “Engine LLP Maintenance Payment Rate”). 

 

	2	 Adjustment 

  

	2.1	 The Maintenance Payment rates are based on the following assumptions: 

 

	 	(a)	 an assumed operating region of North America;  

 

	 	(b)	 an assumed Flight Hour to Cycle ratio of not less than 2.0:1 (the “Assumed Ratio”); 

  

	 	(c)	 an assumed annual utilisation of the Aircraft of not greater than 1,200 Flight Hours (the “Assumed
Utilisation”);  

  

	 	(d)	 an assumed operational thrust rating of not greater than 27,000 lbs; and  

 

	 	(e)	 an assumed operational derate of not less than 10%.  

If any of these assumptions prove to be incorrect at any time throughout the Lease Period, the Lessor shall reserve the right to adjust the
Maintenance Payment Rates to reflect the actual utilisation and operation during the Lease Period.  
  

	2.2	 In the event that the actual Flight Hour to Cycle ratio (the “Actual Ratio”) is different to
the Assumed Ratio at any time during the Lease Period, the following matrix shall be used in order to calculate an adjustment to the Engine Maintenance Payment Rate as follows:  

 

																					
	 Actual Flight Hour to Cycle Ratio
	  	1.0:1	 	  	1.5:1	 	  	2.0:1	 	  	2:5:1	 	  	3.0:1	 
	 Engine Maintenance Payment Rate
	  	$	292.57	 	  	$	203.04	 	  	$	169.41	 	  	$	154.43	 	  	$	151.06	 

  
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 Where the Actual Ratio is not specified in the table above, the revised Engine Maintenance
Payment Rate shall be determined by linearly interpolating between the closest observed ratio. If the Actual Ratio falls outside the outer limits of the table, then the adjusted Engine Maintenance Payment Rate will be notified by Lessor to Lessee.

  

	2.3	 The Lessor reserves the right to adjust the Maintenance Payment Rates including retrospective adjustment if
necessary, by reference to operational and maintenance cost experience and / or changes to the maintenance program of the Aircraft, if that experience shows that such Maintenance Payment Rates are or would be expected to be inadequate or result in a
shortfall to pay for the next Qualifying Work in respect of each item of equipment to be completed. 

  

	3	 Further adjustment and escalation 

 

	3.1	 The Maintenance Payment Rates are stated in January 2021 Dollars and will be adjusted annually on
1 January, by way of agreed inflation adjustment, by: 

  

	 	(a)	 two per cent. (2%) per annum with respect to the Airframe 6 Year Structural Check Maintenance Payment Rate,
Airframe 12 Year Structural Check Maintenance Payment Rate, APU Maintenance Payment Rate and Landing Gear Maintenance Payment Rate; and 

  

	 	(b)	 two point seven five per cent. (2.75%) per annum with respect to the Engine Maintenance Payment Rate.

  
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 Part D – Qualifying Work 

 

	1	 Qualifying Work 

 

	1.1	 In respect of maintenance accomplished on the Aircraft, the following events shall be defined as
“Qualifying Work”: 

  

	 	(a)	 with respect to the Airframe, the accomplishment of an: 

 

	 	(i)	 Airframe 6 Year Structural Check; 

 

	 	(ii)	 Airframe 12 Year Structural Check, 

 

	 	(b)	 with respect to the APU, the accomplishment of an APU Shop Visit; 

 

	 	(c)	 with respect to a Landing Gear leg, the accomplishment of a Landing Gear Overhaul; 

 

	 	(d)	 with respect to an Engine, the accomplishment of an Engine Performance Restoration Shop Visit;

  

	 	(e)	 with respect to each Engine LLP, the accomplishment of an Engine LLP Replacement. 

 

	2	 Notification of Qualifying Work 

 

	2.1	 The Lessee shall give the Lessor prior notice of any Qualifying Work in accordance with Clause 8.2.

  

	2.2	 Not later than one (1) month prior to the commencement of any Qualifying Work, the Lessee shall provide
the Lessor with a draft of the workscope for such Qualifying Work. 

  

	2.3	 Lessee agrees to perform any additional work reasonably requested by the Lessor which the Lessee can reasonably
accommodate into its schedule without prejudice to the Aircraft’s return to service date. The Lessor shall reimburse the Lessee for any additional costs (without a profit factor, mark-up or charge for
overhead) directly incurred in the performance of such additional work. 

  

	2.4	 In respect of any Qualifying Work and prior to the commencement thereto, the relevant final workscope shall be
subject to approval by the Lessor (such approval not to be unreasonably withheld or delayed). 

  

	3	 Making a Claim 

 

	3.1	 Lessee may claim for a contribution from the Lessor for the cost of the satisfactory accomplishment of
Qualifying Work in accordance with this Agreement. 

  

	3.2	 To make a claim for a contribution in respect of Qualifying Work, the Lessee must provide to the Lessor, within
six (6) months of completion of the Qualifying Work, full details of the Qualifying Work performed in accordance with this Agreement including but not limited to: 

 

	 	(a)	 detailed invoices and receipts from the Maintenance Performer; 

 

	 	(b)	 relevant repair orders; 

 

	 	(c)	 full shop visit reports including copies of complete dirty fingerprint workpack; 

 

	 	(d)	 relevant pages from the Aircraft’s technical log book, or component history cards; 

 

	 	(e)	 back to birth traceability in respect of Life Limited Parts in compliance with Manufacturer standards;

  
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	 	(f)	 Manufacturer compliance statement certified by the Maintenance Performer; 

 

	 	(g)	 warranty claims and/or insurance deductibles; 

 

	 	(h)	 a statement of maintenance credits and support programs, detail and total value, applied or received by the
Lessee in connection with such Qualifying Work; 

  

	 	(i)	 a statement from the Maintenance Performer confirming that there is no outstanding balance due in relation to
such Qualifying Work; and 

  

	 	(j)	 a statement from the Maintenance Performer confirming that there are no outstanding warranty claims in relation
to such Qualifying Work; and  

  

	 	(k)	 any other Aircraft Document reasonably required by the Lessor. 

 

	3.3	 Subject to Paragraph 3.4 below, if the Lessee fails to submit a satisfactory claim for a contribution in
respect of Qualifying Work by the earlier of: 

  

	 	(a)	 the Expiry Date; and 

 

	 	(b)	 the date falling six (6) months following the completion of such Qualifying Work (or such later date as
agreed by the Lessor in its sole discretion), 

 the Lessee shall be forever barred and estopped from making a claim for a
contribution in respect of such Qualifying Work. 
  

	3.4	 If the existence of a pending claim for a contribution is listed in the Redelivery Acceptance Certificate, such
claim may be submitted following the Expiry Date, but not later than the date falling three (3) months following the completion date of the relevant Qualifying Work as evidenced by the relevant Release Certificate for which such claim for a
contribution is being made. 

  

	4	 Payment by Lessor 

 

	4.1	 The Lessor will pay to the Lessee a contribution for the cost of the Qualifying Work after the Lessor has
received all evidence required pursuant to the terms of this Agreement subject to: 

  

	 	(a)	 the Lessor being satisfied that the work performed qualifies for a contribution in accordance with this
Agreement; 

  

	 	(b)	 no Default having occurred and then continuing; 

 

	 	(c)	 the claim not being excluded pursuant to Paragraph 5 below; and 

 

	 	(d)	 the maximum amount of the contribution to be made by Lessor in respect of any item of equipment being the lower
of: 

  

	 	(i)	 the amount invoiced by the Maintenance Performer; and 

 

	 	(ii)	 an amount equal to the Available Balance for that item of equipment 

 

	 	(iii)	 in the case of an Engine LLP Replacement only the relevant amount under this
sub-paragraph (ii) will be determined in accordance with the following formula: 

  
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 (A – B) x C 

Where: 
 A = the number
of Cycles used since new for the Engine LLP installed in the Engine immediately prior to the commencement of the Qualifying Work,  

B = the number of Cycles used since new for the Engine LLP installed in the Engine immediately following completion of the Qualifying
Work,  
 C = the Engine Manufacturer’s catalogue list price of such Engine LLP at Delivery, divided by the Engine
Manufacturer’s Engine Manual Chapter 5 certified life limit for such Engine LLP at Delivery, and 
 If the result of the calculation in
(iii) above is a negative number, there will be no Qualifying Work contribution made by the Lessor in respect of such Engine LLP Replacement. 
  

	4.2	 The Lessor will calculate the available balance (the “Available Balance”) of each notional
account and notional sub-account being all sums received by it in such notional account or, if applicable notional sub-account, in respect of the relevant item of
equipment as at the date of commencement of any Qualifying Work in respect of such item of equipment less an amount equal to any sums paid out by the Lessor (if any) in respect of a contribution towards any previous Qualifying Work in respect of
such item of equipment in accordance with this Agreement. 

  

	4.3	 If the Available Balance of the relevant notional account or notional
sub-account is insufficient to make a contribution in full, any shortfall will not be credited against future Qualifying Work nor to another notional account or notional
sub-account and will be for the Lessee’s account. 

  

	4.4	 Once a claim for contribution for Qualifying Work has been finalised between the Lessor and the Lessee, no
further payments shall be made by the Lessor with respect to that Qualifying Work. 

  

	5	 Excluded Work 

 

	5.1	 No contribution will be made by the Lessor in respect of the following: 

 

	 	(a)	 repair of damage resulting from service outside the Aircraft operational limits established by the equipment
type certificate holder (operational mishandling); 

  

	 	(b)	 any customs fees, removal, reinstallation or transport costs, parking costs, exchange, handling, lessee mark-ups, or similar charges and those items resulting from repairs covered by the Lessee’s insurance (deductibles also being for the account of the Lessee); 

 

	 	(c)	 any costs incurred as a result of faulty or improper maintenance or installation, operational mishandling,
misuse, abuse, neglect, negligence, accident, incident, ingestion, or other accidental cause; 

  

	 	(d)	 any cost which is in excess of the relevant Manufacturer’s list price for the relevant Parts;

  

	 	(e)	 costs of labour and/or materials recovered or recoverable under the Manufacturer’s warranties, other
vendor warranties, Manufacturer’s commercial support packages, or under any insurances; and 

  

	 	(f)	 repair of damage not occurring in normal operation (e.g. foreign object damage, direct object damage, damage
resulting from atmospheric conditions, hostile acts or negligence of any personnel); 

  
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	 	(g)	 Taxes paid or due and payable on or in connection with the accomplishment of the Qualifying Work;  

  

	 	(h) 	 any additional labour and materials supplied on or in connection with the accomplishment of work, which work
does not meet the definition of Qualifying Work, but which is being accomplished at the same time as or in connection with Qualifying Work; 

 

	 	(i)	 any fees or expenses incurred by representatives of Lessee; 

 

	 	(j)	 any deferred maintenance discrepancies; 

 

	 	(k)	 with respect to Airframe related activities, in addition to the exclusions detailed herein, no contribution
will be made by the Lessor in respect of the following: 

  

	 	(i)	 Aircraft modifications made in accordance with Airworthiness Directives or Manufacturer’s Service
Bulletins or other modifications allowable under this Agreement; and 

  

	 	(ii)	 components which are not scheduled for removal in accordance with the MPD, unless they are scheduled to be
overhauled at that check and their lives are fully restored. 

  

	 	(l)	 with respect to Engine related activities, in addition to the exclusions detailed herein, no contribution will
be made by the Lessor in respect of the following: 

  

	 	(i)	 provisioning, maintenance, replacement and repair of engine QEC kits; 

 

	 	(ii)	 repair, replacement or modification of thrust reversers (unless Lessee makes Maintenance Payments in respect of
thrust reversers), inlet, fan cowls, engine cowlings, nozzle and plug; and 

  

	 	(iii)	 components which are not scheduled for removal in accordance with the EMP. 

 

	6	 Qualifying Work Alternatives 

 

	6.1	 Following notification to the Lessor of any future Qualifying Work, the Lessor may elect (in its sole
discretion) to: 

  

	 	(a)	 require the Lessee to complete such Qualifying Work; 

 

	 	(b)	 in the case of an APU Shop Visit, provide a temporary replacement APU to the Lessee, at the Lessor’s cost
and expense, to be installed on the Aircraft by the Lessee in lieu of the Lessee performing an APU Shop Visit until Redelivery, at which time the Lessee will, if requested by the Lessor reinstall the APU; 

 

	 	(c)	 in the case of a Landing Gear Overhaul, provide a temporary replacement landing gear to the Lessee, at the
Lessor’s cost and expense, to be installed on the Aircraft by the Lessee in lieu of the Lessee performing a Landing Gear Overhaul until Redelivery, at which time the Lessee will, if requested by the Lessor reinstall the Landing Gear;

  

	 	(d)	 in the case of an Engine Performance Restoration Shop Visit, provide a temporary replacement engine or engine
module to the Lessee, at the Lessor’s cost and expense, to be installed on the Aircraft by the Lessee in lieu of the Lessee performing an Engine Performance Restoration Shop Visit until Redelivery; 

 

	 	(e)	 in the case of an Engine LLP Replacement, provide a part life engine LLP, at Lessor’s cost and expense, to
be installed in the Engine by the Lessee in lieu of the Lessee installing new engine LLP; or 

  
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 EXECUTION VERSION 
  

	 	(f)	 discuss in good faith and agree with the Lessee an alternative arrangement in lieu of the Lessee performing
such Qualifying Work, including any consequential amendment to this Agreement to reflect such arrangement. 

  

	6.2	 The Lessor must notify Lessee of its election in Paragraph 6.1 above no later than: 

 

	 	(a)	 in the case of an Airframe 6 Year Structural Check, an Airframe 12 Year Structural Check, an APU Shop Visit or
a Landing Gear Airframe, APU or Landing Gear Overhaul, thirty (30) days prior to the commencement of such Qualifying Work; and 

  

	 	(b)	 in the case of an Engine Performance Restoration Shop Visit or an Engine LLP Replacement, sixty (60) days
prior to the commencement of such Qualifying Work. 

  

	6.3	 The Lessor shall use good faith efforts and fully cooperate with Lessee, to source and provide a Lessor
Replacement Engine to the Lessee. If the Lessor does not notify the Lessee of its election within the time period specified in paragraph 6.2 above, the Lessee will complete such Qualifying Work. 

 

	6.4	 On the installation of a temporary replacement engine in accordance with paragraph 6.1(b) above (a
“Lessor Replacement Engine”): 

  

	 	(a)	 the Lessee shall evidence its acceptance of such Lessor Replacement Engine by executing an Engine Acceptance
Certificate and delivering it to the Lessor at which point the Lessor Replacement Engine will be an “Engine” pursuant to and for the purposes of this Agreement; 

 

	 	(b)	 the Lessor and the Lessee shall agree (each acting reasonably) in writing any amendments to the redelivery
conditions at paragraph 6 of Schedule 9, Part B in respect of (but solely to the extent relating to) such Lessor Replacement Engine; 

  

	 	(c)	 simultaneous with the delivery of a Lessor Replacement Engine to the Lessee (unless otherwise agreed with the
Lessor), the Lessee shall redeliver the Engine to be replaced with a Lessor Replacement Engine (the “Replaced Engine”) to the Lessor in the Redelivery Condition save that the Lessor and the Lessee shall agree (each acting
reasonably) in writing any amendments to the redelivery conditions at paragraph 6.3 of Schedule 9, Part B in respect of (but solely to the extent relating to) such Replaced Engine; and 

 

	 	(d)	 the Lessor will deliver to the Lessee an Engine Redelivery Certificate confirming that the Lessee has
redelivered the Replaced Engine to the Lessor. 

  

	6.5	 Following the redelivery of a Replaced Engine, all Maintenance Payments held in all notional accounts in
respect of (x) such Replaced Engine, and (y) any Engine LLPs installed in such Replaced Engine, will be retained by the Lessor free from any claim or interest of the Lessee. 

  
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 Part E – Lessor Contribution for Qualifying Work 

 

	1	 First Qualifying Events Lessor Contribution 

After the completion of the first Qualifying Work after Delivery in respect of: 

 

	 	(a)	 the Airframe; 

  

	 	(b)	 the APU; 

  

	 	(c)	 each Landing Gear leg; 

 

	 	(d)	 each Engine; and 

  

	 	(e)	 each Engine LLP, 

(each a “First Qualifying Work Event” and together the “First Qualifying Work Events”), if the amount equal
to the Available Balance for that item of equipment is insufficient to cover the amount invoiced by the Maintenance Performer for such First Qualifying Work Event then, subject to: 

 

	 	(i)	 the Lessor being satisfied that the work performed qualifies for a contribution in accordance with this
Agreement; 

  

	 	(ii)	 no Default having occurred and then continuing; and 

 

	 	(iii)	 the claim not being excluded pursuant to paragraph 5 of Schedule 6, Part D above, 

the Lessor shall pay to Lessee a one-time contribution for such Qualifying Work (the “First
Qualifying Work Event Lessor Contribution”). 
  

	2	 First Qualifying Work Event Lessor Contribution amount (other than Engine LLPs) 

The First Qualifying Work Event Lessor Contribution in respect of each First Qualifying Work Event other than in respect of Engine LLPs shall
be the lesser of: 
  

	 	(a)	 the approved invoiced amount for the relevant First Qualifying Work Event less the amount held in the relevant
notional account at the time of such commencement of the relevant First Qualifying Work Event; and 

  

	 	(b)	 in respect of: 

  

	 	(i)	 the Airframe 6 Year Structural Check, (x) the number of calendar months elapsed (or part thereof) since
new or since the last Airframe 6 Year Structural Check, as applicable, on the Delivery Date, multiplied by (y) the Airframe 6 Year Structural Check Maintenance Payment Rate at the time of commencement of the applicable First Qualifying Work
Event. 

  

	 	(ii)	 the Airframe 12 Year Structural Check, (x) the number of calendar month elapsed (or part thereof) since
new or since the last Airframe 12 Year Structural Check, as applicable, on the Delivery Date, multiplied by (y) the Airframe 12 Year Structural Check Maintenance Payment Rate at the time of commencement of the applicable First Qualifying Work
Event. 

  

	 	(iii)	 the APU Shop Visit, (x) the number of APU Hours since the last APU Shop Visit was completed or since new,
as applicable, on the Delivery Date, multiplied by (y) the APU Maintenance Payment Rate on the Delivery Date; at the time of commencement of the applicable First Qualifying Work Event. 

  
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	 	(iv)	 the Landing Gear Overhaul for each Landing Gear leg, (x) the number of Cycles of such Landing Gear since
the last Landing Gear Overhaul was completed or since new, as applicable, on the Delivery Date, multiplied by (y) the Landing Gear Maintenance Payment Rate at the time of commencement of the applicable First Qualifying Work Event.

  

	 	(v)	 the Engine Performance Restoration Shop Visit, (x) the number of Flight Hours of each Engine since the
last Engine Performance Restoration Shop Visit was completed or since new, as applicable, on the Delivery Date, multiplied by (y) the Engine Maintenance Payment Rate at the time of commencement of the applicable First Qualifying Work Event.

  

	3	 First Qualifying Work Event Lessor Contribution amount for Engine LLPs 

The First Qualifying Work Event Lessor Contribution for the First Qualifying Work Event in respect of the Engine LLP Replacement for each
Engine LLP shall be the lesser of: 
  

	 	(a)	 the approved invoiced amount for the First Qualifying Work Event for such Engine LLP less the amount held in
the relevant notional account for such Engine LLP at the time of commencement of such First Qualifying Work Event; and 

  

	 	(b)	 (x) the number of Cycles of such Engine LLP which has been removed and replaced, on the Delivery Date less the
number of Cycles of the Engine LLP which has been installed on the date of the completion of such Engine LLP Replacement, multiplied by (y) the Engine LLP Maintenance Payment Rate at the time of commencement of the applicable First Qualifying
Work Event. 

 If the result of the calculation in respect of the First Qualifying Work Event Lessor Contribution for an
Engine LLP Replacement is: 
  

	 	(i)	 a positive amount, the result of the calculation for the purposes of this paragraph (b) in respect of the
First Qualifying Work Event Lessor Contribution for such Engine LLP shall be that amount; or 

  

	 	(ii)	 a negative amount, the result of the calculation for the purposes of this paragraph (b) in respect of the
First Qualifying Work Event Lessor Contribution for such Engine LLP shall be zero Dollars ($0). 

  
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 Part F – AD Cost Sharing 

 

	1.1	 If the cost to the Lessee of complying with an Airworthiness Directive in accordance with Clause 13.4.1 exceeds
the AD Cost Sharing Threshold, then on the Expiry Date, the Lessor will pay a contribution to the Lessee for such compliance in accordance with the formula in Paragraph 1.2 subject to the following conditions: 

 

	 	(a)	 no Default or Event of Default has occurred and is continuing; and 

 

	 	(b)	 the Lessee has provided the Lessor with a detailed invoice from the Maintenance Performer satisfactory to the
Lessor (acting reasonably) specifying the direct invoiced costs (parts, labour, materials and taxes) incurred by the Lessee in compliance with such Airworthiness Directive. 

 

	1.2	 X = (Y - Z) x (C – D) 

Y 
 Where: 

X = if greater than zero (0), the amount to be contributed by the Lessor to the Lessee. 

Y = the Lease Period in months. 

Z = the number of months between: 
  

	 	(i)	 the earlier of: (a) the date of completion of the compliance with such Airworthiness Directive, and
(b) the date on which compliance with the Airworthiness Directive was originally required to be incorporated, and 

  

	 	(ii)	 the Expiry Date. 

If the date specified in (ii) above is after the Expiry Date, Z shall equal zero (0). 

C = the actual documented, reasonable cost of completing such modification at a Maintenance Performer’s normal commercial labour
charge rates plus the actual cost of materials, subtracting any subsidy, warranty payment or other benefit provided to the Lessee but excluding any cost, claim, loss, loss of profit or expenses incurred due to an inability to operate the Aircraft.

 D = the AD Cost Sharing Threshold. 
  

	1.3	 For the purposes of this Schedule 6, Part F, “AD Cost Sharing Threshold” means One hundred
thousand Dollars ($100,000) 

  
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 Schedule 7 – Reporting & notices 

Part A – Form of technical report 
  

							
	

	  	 Monthly Utilisation Report
	  	
	Month/Year	  		  		  	
	Operator	  		  		  	
	Aircraft Type	  		  		  	
	MSN	  		  		  	
	Registration	  		  		  	
	  

AIRFRAME

	FH this month	  		  		  	
	FC this month	  		  		  	
	TSN	  		  		  	
	CSN	  		  		  	
	 	  	  

ENGINE                      
                  
	  	 APU

	 	  	 Position 1
	  	 Position 2
	  	  

	Model of Titled Engine/APU	  		  		  	
	S/N of Titled Engine/APU	  		  		  	
	FH this Month of Titled Engine/APU	  		  		  	
	FC this Month of Titled Engine/APU	  		  		  	
	TSN of Titled Engine/APU	  		  		  	
	CSN of Titled Engine/APU	  		  		  	
	Location (MSN / Shop / Spare)	  		  		  	
	Owner of the airframe that the titled Engine/APU is installed on	  		  		  	
	S/N of Currently Installed Engine/APU (if non-titled)	  		  		  	
	Owner of the currently installed Engine/APU (if non-titled)	  		  		  	
	  

LANDING GEAR

	 	  	 Nose Landing Gear
	  	 Left Main Landing Gear
	  	 Right Main Landing Gear

	P/N of Titled Landing Gear	  		  		  	
	S/N of Titled Landing Gear	  		  		  	
	FH this Month of Titled Landing Gear	  		  		  	
	FC this Month of Titled Landing Gear	  		  		  	
	TSN of Titled Landing Gear	  		  		  	
	CSN of Titled Landing Gear	  		  		  	
	Location (MSN / Shop / Spare)	  		  		  	
	Owner of the airframe that the titled landing gear is installed on	  		  		  	
	S/N of Currently Installed Landing Gear (if non-titled)	  		  		  	
	Owner of the currently installed landing gear (if non-titled)	  		  		  	
	  

LAST MAJOR CHECK PERFORMED

	Date of Check	  		  	Type of Check	  	
	FH	  		  	MRO, Location	  	
	FC	  		  	Description of work	  	
	  

TITLED COMPONENT REMOVAL (ENGINE / LANDING GEAR / APU)

	Engine S/N	  		  	Position	  	
	Date of Removal	  		  	Reason for Removal	  	
	TSN at Removal	  		  	MRO	  	
	CSN at Removal	  		  	Planned Induction Date	  	
	  

TITLED COMPONENT REMOVAL (ENGINE / LANDING GEAR / APU)

	Engine S/N	  		  	Position	  	

  
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 Date of Removal
	  	Reason for Removal
	TSN at Removal	  	MRO
	CSN at Removal	  	Planned Induction Date
	
	 TITLED COMPONENT REMOVAL (ENGINE / LANDING GEAR / APU)

	Engine S/N	  	Position
	Date of Removal	  	Reason for Removal
	TSN at Removal	  	MRO
	CSN at Removal	  	Planned Induction Date
	
	Report Compiled By

  
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 Part B – Notices 
  

			
	 Lessee
	  	
		
	 Lessee:
	  	 Global Crossing Airlines, Inc.

		
	 Address:
	  	 4200 N.W. 36th Street

		  	 Bldg 5A, Miami International Airport

		  	 Miami, Florida 33166

		
	 Email:
	  	 ed.wegel@globalxair.com

		  	 Ryan.goepel@globalxair.com

		
	 Attention:
	  	 Edward J. Wegel, CEO

		  	 Ryan Goepel, CFO

	  
 Lessor

 
	  	
	 Lessor:
	  	 UMB Bank, National Association

		
	 Address:
	  	 6440 S. Millrock Drive, Suite 400

		  	 Salt Lake City, UT 84121

		  	 United States of America

		
	 Fax:
	  	 +001 385 715 3025

		
	 Email:
	  	 corptrustutah@umb.com

		
	 Attention:
	  	 Corporate Trust Department

	  
 With a copy
to:
  

	 Avolon:
	  	 Avolon Aerospace Leasing Limited

		
	 Address:
	  	 Number One Ballsbridge, Building 1

		  	 Shelbourne Road

		  	 Ballsbridge

		  	 Dublin

		  	 D04 FP65

		  	 Ireland

		
	 Fax:
	  	 +353 1 231 5889

		
	 Email:
	  	 notices@avolon.aero

		
	 Attention:
	  	 Chief Operating Officer

  
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 EXECUTION VERSION 
  

 Schedule 8 – Insurance requirements 

 

	1	 Scope of cover 

 

	1.1	 The Lessee will at its own cost maintain the following concerning the Aircraft: 

 

	 	(a)	 Hull and Spares All Risks Insurance (which may be contained in separate policies) which will cover the Aircraft
for not less than the Agreed Value and Engines and Parts for their replacement cost, against all risks of loss or damage sustained (i) by the Aircraft or (ii) by Engines or Parts which are for the time being not treated for insurance
purposes as part of the Aircraft. 

  

	 	(b)	 Hull, Spares, War and Allied Perils Insurance which will cover the Aircraft for not less than the Agreed Value
and Engines and Parts for their replacement cost against all of those risks currently enumerated in Lloyds Endorsement AVN 48B (War, Hi-jacking and Other Perils Exclusion Clause (Aviation) other than paragraph
(b) of that Form) or equivalent. 

  

	 	(c)	 Airline Liability Insurance for a combined single limit of liability of not less than the Minimum Liability
Coverage Amount for operations in the passenger configuration, for any one accident or series of accidents for each aircraft arising out of any one occurrence and for an unlimited number of occurrences, which will include (but may not be limited to)
aircraft third party (bodily injury/property damage), passenger (including passengers’ checked and unchecked baggage and personal effects), cargo and mail legal liability and general third party liability insurance including products, hangar
keepers’ and premises liability. This policy shall include the AVN 52E Extended Coverage Endorsement Aviation Liabilities and additional coverage in respect of War and Allied Perils Third Party Baggage Cargo Legal Liabilities of not less than
Minimum Liability Coverage Amount each occurrence each aircraft. 

  

	2	 Additional Terms of Hull and Spares Insurance 

 

	2.1	 The Lessee will ensure that each Insurance policy taken out as specified in Paragraph 1 of this Schedule 8:

  

	 	(a)	 includes the Lessor, the Owner, the Owner Participant and each of the Financiers and their respective
successors and assigns as an additional insured; 

  

	 	(b)	 provides that any payment in respect of a Total Loss will be paid directly to the Loss Payee or as the Loss
Payee may direct, for the account of all interests, and any other loss will be settled jointly with the Lessor and the Lessee and will be payable to the Loss Payee; and 

 

	 	(c)	 provides in the form of AVS 103 or equivalent that the underwriters subscribing to each relevant insurance
policy agree between themselves to a 50/50 claims funding arrangement in the event of any dispute as to which insurance is applicable. 

  

	2.2	 The Lessee will ensure that each Insurance policy taken out as specified in paragraph 1(a) will provide that

  

	 	(a)	 any deductibles are no greater than the applicable Maximum Deductible Amount, each claim;

  

	 	(b)	 the insurers have no right to replace the Aircraft on a Total Loss (arranged, constructive or otherwise).

  

	 	(c)	 the insurers confirm that if the insured has installed an engine owned by a third party on the Aircraft either
(i) the Hull Insurance will automatically increase to such higher amount as is necessary in order to satisfy both the Lessor’s requirement to receive the Agreed Value in the event of a Total Loss and the amount required by the third party
engine owner; or (ii) separate additional insurance on such engine will attach in order to satisfy separately the requirement of the insured to such third party owner. 

  
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	3	 Additional terms of liability insurance 

The Lessee will ensure in respect of each liability Insurance policy that it: 

 

	 	(a)	 contains a provision insuring (to the extent of the risks covered by the policy) the indemnity provisions of
this Agreement, if available in the relevant market; 

  

	 	(b)	 includes each Indemnitee as an additional insured for their respective rights and interests warranted, each as
to itself only, no operational interest; 

  

	 	(c)	 does not provide for any deductible other than in respect of cargo and baggage; 

 

	 	(d)	 contains a provision that the Insurance policy be primary and without any right of contribution from any other
insurance which may be available to the Lessor; and 

  

	 	(e)	 contains a severability of interests clause which provides that the Insurance, except for the limit of
liability, will operate to give each assured the same protection as if there was a separate policy issued to each assured. 

  

	4	 Terms common to all Insurance 

The Lessee will ensure that each Insurance policy: 
  

	 	(a)	 is in accordance with best industry practice and covers at least such risks as are customarily insured against
in the airline industry; 

  

	 	(b)	 provides cover denominated in Dollars; 

 

	 	(c)	 provides for worldwide coverage, subject only to such exceptions as the Lessor may agree;

  

	 	(d)	 incorporates the provisions of Lloyds Endorsement AVN67B or equivalent provisions satisfactory to the Lessor;

  

	 	(e)	 provides that, in relation to the interests of each of the additional insureds, the Insurances will not be
invalidated by any act or omission by the Lessee, or any other person other than the respective additional insureds seeking protection and shall insure the interests of each of the additional insureds regardless of any breach or violation by the
Lessee, or any other person other than the respective additional insureds seeking protection of any warranty, declaration or condition, contained in such Insurances; 

 

	 	(f)	 contains a provision entitling the Lessor or any additional insured to initiate a claim under any policy in the
event of the refusal or failure of the Lessee to do so; 

  

	 	(g)	 provides that the insurers will hold harmless and waive any rights of recourse against the additional assureds
or to be subrogated to any rights of the Lessor of the Lessee; 

  

	 	(h)	 provides that the additional insureds will have no obligation or responsibility for the payment of any premiums
due (but reserve the right to pay the same should any of them elect so to do) and that the insurers will not exercise any right of set-off or counter-claim in respect of any premium due against the respective
interests of the additional insureds other than outstanding premiums relating to the Aircraft, any Engine or Part the subject of the relevant claim; 

  
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	 	(i)	 provides that the Insurances will continue unaltered for the benefit of the additional insureds for at least
thirty (30) days after written notice by registered mail or fax of any cancellation, change, event of non-payment of premium or instalment thereof has been issued by insurers, except in the case of war
risks for which seven (7) days (or such lesser period as is or may be customarily available in respect of war risks or allied perils) will be given, or in the case of war between the five great powers or nuclear peril for which termination is
automatic; and 

  

	 	(j)	 is not effected by nor subject to any self-insurance taken out by the Lessee. 

 

	5	 Reinsurance 

The Lessor may require that the original insurers maintain one hundred per cent. (100%) reinsurance for so long as the original Insurance is
required to be in force under this Agreement. Such reinsurance will be placed with approved underwriters through the Insurance Broker and will reinsure such percentage of all risks insured by the original Insurance as the Lessor may specify. Such
reinsurance will be: 
  

	 	(a)	 be on the same terms as the original Insurance; 

 

	 	(b)	 contain a “cut-through” clause in terms satisfactory to the
Lessor; and 

  

	 	(c)	 provide for payment to be made notwithstanding: 

 

	 	(i)	 any bankruptcy, insolvency, liquidation or dissolution of any of the original insurers; and/or

  

	 	(ii)	 that the original insurers have made no payment under the original Insurance policies. 

 

	6	 Application of insurance proceeds 

The following are the directions of the Indemnitees for the application of any proceeds of the Insurance: 

 

	 	(a)	 in respect of a Total Loss, all recoveries under the Insurance will be paid to the Loss Payee without any
deduction whatsoever; 

  

	 	(b)	 insurance proceeds for damage or loss (not amounting to a Total Loss) exceeding seven hundred and fifty
thousand Dollars ($750,000): all insurance proceeds of any property, damage or loss to the Aircraft, any Engine or any Part occurring during the Lease Period not constituting a Total Loss and in excess of seven hundred and fifty thousand Dollars
($750,000) will be paid to the Loss Payee and applied in payment (or to reimburse the Lessee) for repairs or replacement property upon the Lessor being satisfied that the repairs or replacement have been effected in accordance with this Agreement.
Any balance remaining may be retained by the Loss Payee; 

  

	 	(c)	 insurance proceeds for damage or loss (not amounting to a Total Loss) equal to or less than seven hundred and
fifty thousand Dollars ($750,000) may be paid by the insurer directly to the Lessee; 

  

	 	(d)	 Liability Proceeds: all insurance proceeds in respect of third party liability will, except to the extent paid
by the insurers to the relevant third party, be paid to the Loss Payee to be paid directly in satisfaction of the relevant liability or to the Lessee in reimbursement of any payment so made; and 

 

	 	(e)	 Event of Default: notwithstanding the foregoing paragraphs, if at the time of the payment of any such insurance
proceeds an Event of Default has occurred and is continuing, all such proceeds (other than the proceeds of any third party liability Insurances) will be paid to or retained by the Loss Payee to be applied toward payment of any amounts which may be
or become payable by the Lessee in such order as the Loss Payee may elect. 

  
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 To the extent that insurance proceeds are paid to the Lessee, the Lessee agrees to comply
with the foregoing provisions and apply or pay over such proceeds as so required. 
  

	7	 Contract parties and documents 

The Lessee will ensure that for the purposes of Lloyds Endorsement AVN 67B: 

 

	 	(a)	 this Agreement and such other of the Transaction Documents and/or the Financing Documents as the Lessor
requires are identified as “contracts”; and 

  

	 	(b)	 the Indemnitees are named as the “contract parties”. 

 

	8	 AVN67B 

Notwithstanding the provisions of this Schedule 8, 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 Agreement 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 Schedule 8, then such AVN67B endorsement will be deemed to satisfy the relevant requirements of this Agreement. An
insurance certificate in the form of AVN67B will be deemed to satisfy the requirements of this Schedule 8. 

  
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 Schedule 9 – Redelivery 

Part A – Redelivery Procedure 
  

	1	 Initial Redelivery documentation and meeting 

 

	1.1	 No earlier than 24 months prior to the Scheduled Expiry Date, upon the Lessor’s request, the Lessee shall
provide the Lessor with copies of the following documentation in respect of the Aircraft: 

  

	 	(b)	 drawings of the interior configuration as at the date thereof and as anticipated on the Expiry Date;

  

	 	(c)	 an Airworthiness Directive status list; 

 

	 	(d)	 a Service Bulletin incorporation list; 

 

	 	(e)	 a list of the current maintenance status of each time controlled part; 

 

	 	(f)	 a list of modifications and alterations accomplished with respect to the Aircraft during the Lease Period;

  

	 	(g)	 interior material burn certificates; 

 

	 	(h)	 the completed workscope for the maintenance checks and other work to be performed prior to Redelivery;

  

	 	(i)	 a list of all no-charge Service Bulletin kits which were ordered by the
Lessee from any manufacturer; 

  

	 	(j)	 current Engine disk sheets and a description of the work accomplished during the last shop visit for each
Engine; and 

  

	 	(k)	 any other documents reasonably requested by the Lessor in connection with any of the foregoing.

  

	1.2	 At least 6 months prior to the Scheduled Expiry Date, the Lessee will meet with the Lessor and/or its
representatives in order to discuss the Lessee’s plan to redeliver the Aircraft to the Lessor in accordance with this Schedule 9. 

  

	2	 Redelivery Inspection 

 

	2.1	 Prior to the Expiry Date, the Lessee will make the Aircraft and the Aircraft Documents available to Lessor and
/ or its representatives for inspection (the “Redelivery Inspection”). 

  

	2.2	 The Redelivery Inspection of the Aircraft shall commence after its last revenue flight and shall include:

  

	 	(a)	 an inspection of all of the Aircraft Documents; 

 

	 	(b)	 at Lessor’s cost, a complete
front-to-back video borescope inspection of all Engine modules in accordance with Paragraph 6 of this Schedule 9, Part B; 

 

	 	(c)	 at Lessor’s cost, a complete
front-to-back video borescope inspection of the APU in accordance with Paragraph 9 of this Schedule 9, Part B; 

 

	 	(d)	 a compass swing; 

  
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	 	(e)	 the opening or removal of panels as reasonably required by the Lessor, and access to all compartments and bays;
and 

  

	 	(f)	 a Redelivery Demonstration Flight. 

 

	2.3	 All aircraft and engine systems (including galleys, passenger and cargo compartments) shall be fully
operational for their intended functions. The Lessor shall be entitled to request the Lessee to operationally check all systems prior to the return of the Aircraft. 

 

	2.4	 All discrepancies and defects discovered during such Redelivery Inspection exceeding maintenance manual
allowable limits or not in compliance with this Agreement shall be repaired by the Lessee in compliance with the Manufacturers’ maintenance requirements and this Agreement and which shall not be interim in nature, at Lessee’s expenses
prior to return of the Aircraft. The Lessor, its representatives and/or the next operator of the Aircraft shall be given the opportunity to conduct all activity necessary to verify that the Aircraft complies with the requirements set forth herein.

  

	2.5	 To the extent that (a) any repairs or rectification work required on the Aircraft referred to in Paragraph
2.4 above, or (b) correction of discrepancies found in the Aircraft Documents, extend beyond the Expiry Date, the Lease Period shall be deemed to have been automatically extended in accordance with Clause 18.2.1 (Rectification).

  

	3	 Aircraft Documents Inspection 

 

	3.1	 The Redelivery Inspection of the Aircraft Documents shall commence on a date as mutually agreed by the Lessor
and the Lessee but in any event no later than 120 days prior to the Expiry Date. 

  

	4	 Redelivery Demonstration Flight 

 

	4.1	 Immediately prior to the Expiry Date, the Lessee shall perform a redelivery demonstration flight of the
Aircraft of at least two (2) hours duration (including take-off performance test and engine ground runs) with not more than four (4) of the Lessor’s representatives on board, using the
Manufacturer’s recommended procedures or a flight profile acceptable to the Lessor (the “Redelivery Demonstration Flight”). 

  

	4.2	 The Lessee shall be responsible for all costs and expenses associated with such Redelivery Demonstration Flight
and shall furnish the necessary crews and fuel. 

  

	4.3	 All discrepancies found during such Redelivery Demonstration Flight which exceed Manufacturer’s
maintenance manual allowable limits shall be corrected by the Lessee at the Lessee’s expense. If deemed necessary by the Lessor, the Lessee will repeat the Redelivery Demonstration Flight until such time as all discrepancies are rectified.

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 Part B – Redelivery Condition 

 

	1	 General 

  

	1.1	 The Aircraft shall be airworthy and ready for flight with all its Parts and systems fully functional and
operating within limits and/or guidelines established by the Aviation Authority, the Manufacturer and the Compliance Authority.  

  

	1.2	 The Aircraft will have been maintained and operated in accordance with this Agreement with the same care and
consideration for the technical condition of the Aircraft as if it were to have been kept in continued regular service by the Lessee.  

  

	1.3	 The Aircraft will have no Lessee branding and where such branding has been installed previously and
subsequently removed the underlying surfaces shall have been restored to a neutral finish. 

  

	1.4	 The Aircraft shall have no special or unique Manufacturer or Aviation Authority inspection or check
requirements which are specific to the Aircraft or Engines (as opposed to all aircraft or engines of their types).  

  

	1.5	 The Aircraft will be removed from any customised maintenance programme (including any sampling programme, if
applicable) and reintegrated into the latest revision of the MPD by the completion of any required tasks or checks required at that time.  

  

	1.6	 The Aircraft shall have no leakage of fuel, oil, hydraulic fluid, or water which exceeds the
Manufacturers’ normal maintenance manual allowable limits or demonstrates an accelerated leakage condition.  

  

	1.7	 The Aircraft will have installed the full complement of equipment, parts and accessories and loose equipment as
is normally installed in the Aircraft.  

  

	1.8	 The Aircraft will be returned with the same Engines, Landing Gear and APU installed as at Delivery and with the
same Parts, subject only to those replacements, additions and modifications permitted under this Agreement.  

  

	1.9	 The Aircraft shall not have any open, deferred or placarded maintenance items or watch items, nor have any
Flight Hour, Cycle or calendar time extensions or waivers with respect to any maintenance requirements, nor have Parts which are not serviceable or are in an inoperative condition.  

 

	1.10	 On or prior to Redelivery and on such later date as requested by the Lessor, the Lessee shall provide the
Lessor such excerpts from the Maintenance Program and/or general procedures manual as the Lessor may reasonably request (i) in order to substantiate procedures followed by the Lessee and/or documentation used by the Lessee which are specific to
the Maintenance Program, in connection with the Redelivery of the Aircraft to the Lessor, and (ii) to assist with the bridging of the Aircraft onto a maintenance program other than the Maintenance Program subsequent to the Redelivery of the
Aircraft to the Lessor.  

  

	1.11	 The Lessee shall deliver to the Lessor, at no cost to the Lessor, all available Service Bulletin kits furnished
without charge by a Manufacturer for installation on the Aircraft which have not been so installed together with appropriate instructions for installation provided with such kits. In the event such installation kits were purchased or manufactured by
the Lessee, the Lessor shall have the exclusive right to purchase such kits at the Lessee’s actual cost for a period of ninety (90) days after return of the Aircraft and the non-exclusive right to
purchase such kits thereafter.  

  

	1.12	 The quantity of fuel on board the Aircraft at Redelivery shall not be less than the quantity of fuel on board
the Aircraft at Delivery.  

  

	1.13	 All LLPs installed on the Aircraft will have full traceability “back to birth” documentation. 

  
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	1.14	 All emergency equipment and other loose equipment will be properly installed In accordance with the emergency
equipment layout and in good condition.  

  

	1.15	 All fluid reservoirs shall be serviced to full levels in accordance with the maintenance manual. 

  

	1.16	 The Aircraft shall have no less than the following aircraft flight manual approved operating weights:

  

	 	(a)	 MTOW – 169,755 lbs 

 

	 	(b)	 MLW – 142,198 lbs; and 

 

	 	(c)	 MZFW – 134,481 lbs. 

 

	2	 Configuration 

 

	2.1	 The Aircraft shall comply with the Manufacturer’s original type certificate specifications, as revised up
to the Expiry Date. 

  

	2.2	 The Aircraft shall be in the same configuration (including interior seating configuration, galleys and
lavatories) at the Lessor’s option, (a) as when the Aircraft was originally delivered to the Lessee hereunder, (b) as subsequently provided or paid for by the Lessor, or (c) as otherwise set forth in this Agreement, or
(d) as otherwise agreed between the Parties. 

  

	2.3	 The Aircraft will have at least the same operational capability as at Delivery. In the event the Aircraft was
delivered by the Lessor to the Lessee in a configuration fit and capable of ETOPS operation or other special operational capability (e.g. high altitude capabilities, cold weather operation, RNP-performance,
RVSM, HIC, etc), then the Aircraft (including Engines and Parts) shall be returned in a configuration, with all necessary equipment installed, fit for the same special operational capability to the extent so delivered. 

 

	3	 Paint 

  

	3.1	 The Aircraft fuselage including but not limited to the empennage, wings, nacelles, pylons, radome, wing to body
fairings, and engine cowlings shall be prepared for repainting by sanding the paint, and repainted in a livery to be advised by the Lessor, using a paint quality system reasonably acceptable to the Lessor, all in accordance with the
Manufacturer’s recommended procedures for painting of aircraft. 

  

	3.2	 All other areas of the Aircraft where paint is peeled, chipped or worn out shall be restored as necessary to
provide a uniform appearance. The Lessee shall prepare the Aircraft for such repainting by restoring aerodynamic sealer to areas requiring aerodynamic sealer due to deterioration or missing sealant. 

 

	3.3	 All required placards and markings shall be in the English language and shall be replaced if not in English, or
if deteriorated. 

  

	3.4	 The Aircraft will be weighed post completion of repainting. 

 

	4	 Airframe 

  

	4.1	 Immediately prior to the return of the Aircraft, the Aircraft will have accomplished an A Check (including all
lesser checks) (whichever is the most limiting) in accordance with the then current MPD with all discrepancies permanently repaired (the “Redelivery Check”). 

 

	4.2	 The Lessee shall give the Lessor not less than thirty (30) days prior written notice of the commencement
date of the Redelivery Check and the workscope to be accomplished. 

  
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	4.3	 During the performance of the Redelivery Check, the Lessor shall be entitled to have representatives present in
order to verify that such Redelivery Check complies with the requirements set forth herein. 

  

	4.4	 The fuselage shall be substantially free from corrosion and the Aircraft shall be in compliance with the
Manufacturer’s corrosion prevention and control document and the MPD. The Lessee will perform an internal and external corrosion inspection and correct any discrepancies in accordance with the recommendations of the Manufacturer and the
structural repair manual. All inspected areas will be properly treated with corrosion inhibitor as recommended by the Manufacturer. 

  

	4.5	 Upon the request of the Lessor and with the Lessee’s consent (not to be unreasonably withheld or delayed),
the Lessee agrees to perform during the Redelivery Check any other work reasonably requested by the Lessor (and not otherwise required under this Agreement) and the Lessor will reimburse the Lessee for performing such Lessor requested work based on
the Lessee’s out-of-pocket expenses and reasonable labour and material costs.  

 

	4.6	 The Redelivery Check shall be performed by a maintenance and repair facility approved by EASA and FAA to
conduct the appropriate level of base maintenance on the Aircraft. 

  

	4.7	 The Aircraft shall not be operated in revenue service following completion of the Redelivery Check.

  

	4.8	 On the Expiry Date, the Aircraft shall not have greater than fourteen (14) days since the issuance of the
certificate of release to service of the Redelivery Check. 

  

	5	 Interior and Exterior 

 

	5.1	 The Aircraft exterior shall be deep cleaned and washed, as applicable including service areas, wheel wells,
flaps, wings, to the same standard as the Lessee would use for an aircraft being placed in its fleet. 

  

	5.2	 The Aircraft will be substantially free of dirt, grease, fluids, stains, grime, cracks, tears and rips,
consistent with worldwide commercial airline standards for used aircraft at completion of a heavy maintenance check. 

  

	5.3	 The Aircraft interior (including cabin and windows) will be deep cleaned, with all compartments free of foreign
objects. 

  

	5.4	 Ceilings, sidewalls and bulkhead panels shall be clean, in good condition and free of all delamination, cracks
and stains. 

  

	5.5	 All passenger seats shall be serviceable and in good working condition prior to redelivery. Cockpit and
attendant seats will be serviceable and in good working condition. 

  

	5.6	 All galley compartments shall be clean, in good working condition and free of damage and corrosion and be
cosmetically acceptable to the Lessor. All plumbing and electrical connections and wiring shall be in good condition and the floor area properly sealed. 

  

	5.7	 All galley catering inserts that were delivered with the Aircraft including trolleys, containers, ovens, hot
cups, coffee makers and water boilers shall be installed, serviceable and in good condition. 

  

	5.8	 All lavatories and equipment contained therein shall be clean, in good condition, free of cracks, stains, and
repainted as necessary, and floors shall be free of delamination, corrosion and be sealed.  

  

	5.9	 All carpets and non-textile flooring shall serviceable and in good
condition. 

  

	5.10	 The cockpit shall be repainted and placards replaced, as required. 

  
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	5.11	 Any placards / decals / markings required pursuant to the Manufacturer’s aircraft maintenance manual shall
be replaced if unreadable, missing or not in the English language. Placards that are not required pursuant to the Manufacturer’s aircraft maintenance manual shall be removed upon Lessor’s request. 

 

	5.12	 All cargo compartment panels shall be properly sealed and any repairs shall be permanent and approved as per
the manual of the Manufacturer and no one panel will have more than the number of repairs allowed under such manual. 

  

	5.13	 The same number and type of cargo nets as were delivered with the Aircraft will be present and in serviceable
condition. 

  

	5.14	 Carpets, seat cushions, seat covers and any other material installed in cockpit and cabin will be in good
condition and conform to the Aviation Authority’s and Compliance Authority’s fire resistance regulations. 

  

	5.15	 Cockpit windows shall have no crazing or delamination that exceeds manufacturer maintenance manual allowable
limits, and passenger compartment windows shall have no crazing which unsatisfactorily obstructs the view from the inside of the cabin of the Aircraft to the outside or exceeds manufacturer maintenance manual allowable limits. 

 

	5.16	 All equipment and furnishings in the interior of the Aircraft which are defective, damaged, or worn shall be
repaired or replaced by the Lessee. 

  

	6	 Engines 

  

	6.1	 The original Engines must be installed to the Aircraft at Redelivery, unless such Engines have become a Total
Loss, are damaged beyond repair or have been replaced in accordance with the terms of this Agreement. 

  

	6.2	 Immediately prior to the return of the Aircraft, and following the completion of the Aircraft’s final
flight which may be the redelivery demonstration flight, the Lessor shall accomplish an all module full front-to-back video borescope inspection of each Engine, to be
performed by an agency of the Lessor’s choosing in the presence of the Lessee’s representatives, in accordance with the Manufacturer’s maintenance manual. All defects including but not limited to those discovered as a result of such
inspections, which (a) are within the maintenance manual limits and have repetitive inspection/maintenance requirements or (b) exceed the maintenance manual allowable limits for an installed engine, shall be corrected at the Lessee’s
expense. 6.3 Each Engine shall have a minimum expected uninterrupted on-wing life of at least 1,000 Flight Hours and 500 Cycles remaining to its next expected Engine Performance Restoration Shop Visit based on
the Assumed Ratio and shall have no defect which will result in the foregoing minimum limits not being complied with. 

  

	6.4	 The expected uninterrupted life remaining to the next expected removal with respect to each Engine shall be
determined by the Lessor, without limitation, by: 

  

	 	(a)	 borescope inspection results; 

 

	 	(b)	 maximum power assurance ground runs; 

 

	 	(c)	 analysis of trend monitoring of the respective Engine since last Engine Performance Restoration Shop Visit;

  

	 	(d)	 EGT margin; 

  

	 	(e)	 Cycles remaining on each Engine LLP; 

 

	 	(f)	 Maintenance Programme requirements; 

  
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	 	(g)	 Manufacturer’s data; 

 

	 	(h)	 comparison with the average number of Flight Hours accumulated between removals during the prior 24 month
period for all similar model engines operated in the Lessee’s fleet, with approximately the same number of total Flight Hours and Cycles accumulated; and 

 

	 	(i)	 previous shop visit assessment. 

 

	6.5	 Each Engine shall be capable of developing full rated take off power for full rate take-off thrust at sea level, without exceeding the maximum limits for all parameters (temperature, fuel flow, rotor speed etc) as per the Manufacturer’s specifications for an installed engine. A full engine
run and power assurance check and any subsequent Engine run for defect rectification shall be performed in the presence of the Lessor’s representatives immediately prior to the return of the Aircraft (but before the borescope inspection as
required by paragraph 12.2 of this Schedule 9, Part B), in accordance with the performance test in the maintenance manual, using temperature corrected charts in order to demonstrate that the Engine will be capable of reaching full take-off power at an outside air temperature of thirty degrees (30°) Celsius. 

  

	6.6	 Each Engine shall have an EGT margin consistent with the number of Flight Hours and Cycles operated since the
most recent Engine Performance Restoration Shop Visit and in any event have sufficient EGT margin to achieve the balance of life remaining on the Engine until the next anticipated Engine Performance Restoration Shop Visit (as anticipated at the
release of such Engine from its most recent Engine Performance Restoration Shop Visit) at a maximum rated take off power of 27,000 lbs thrust. 

  

	6.7	 No Engine shall exhibit any adverse health trends as monitored by trend monitoring such parameters to include
and not limited to EGT margin at take-off and cruise, fuel flow oil pressure and vibration. If Engine trend monitoring indicates a rate of acceleration in performance deterioration of any Engine, which is
higher than normal based on the maintenance experience of the Engine Manufacturer in operating the same type of engines, under similar conditions, the Lessee shall, prior to return, cause to be corrected such conditions which are determined to have
exceeded tolerances defined for such engines in the Engine maintenance manual or are otherwise determined to be causing such performance deterioration. 

  

	6.8	 Each Engine shall pass a magnetic chip detection inspection in accordance with the Manufacturer’s
maintenance manual. 

  

	6.9	 Each Engine will be fully functioning, without waiver, restriction, deferment, exception, carryover or being “on-watch” whether or not any such “on watch” item is in accordance with the Manufacturer’s maintenance manual limit or any other specifically requested limitation. 6.10 Each Engine shall be
certified to 27,000 lbs of thrust (as at Delivery). 

  

	6.11	 Each Engine LLP shall have a minimum of 500 Cycles remaining to the Manufacturer’s then published
certified life limit. 

  

	6.12	 No Engine LLP will have greater Cycles utilised since new than the Engine on which it is installed.

  

	6.13	 Each thrust reverser half will be serviceable and operating within its intended limits in accordance with the
Manufacturer’s maintenance manual. 

  

	7	 Parts 

  

	7.1	 Each Part of the Aircraft (other than Engine and APU Life Limited Parts) which has a hard time or life limit
pursuant to the MPD will be serviceable. 

  
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	7.2	 Each Part of the Aircraft (other than Engine and APU Life Limited Parts and any Exemption Parts) shall have at
least 7,500 Flight Hours, 5,000 Cycles or 24 calendar months (or one hundred per cent (100%) of its interval, if less) remaining to its next expected overhaul or scheduled removal in accordance with the then current MPD. 

 

	7.3	 Each Exemption Part shall have no less than the Flight Hours, Cycles or calendar months (or one hundred per
cent. (100%) of its interval, if less) remaining to its next expected overhaul or scheduled removal in accordance with the then current MPD than it had at Delivery. 

 

	7.4	 Each Part shall be supported by documentation certifying date of installation, and Flight Hours and Cycles
since overhaul. 

  

	7.5	 No Part of the Aircraft (excluding Engine Life Limited Parts) will have total Flight Hours and total Cycles
since new greater than one hundred ten per cent. (110%) of that of the Airframe and with respect to all Parts as a group, the Parts will have an average total time since new no greater than that of the Airframe. 

 

	7.6	 Each “on condition” and “condition monitored” component will be serviceable. 7.7 Each Part
shall be supported by a Release Certificate. 

  

	8	 Landing Gear 

  

	8.1	 The same Landing Gears as fitted at Delivery shall be fitted at Redelivery. 

 

	8.2	 Each Landing Gear leg shall have no less than twenty (20) months life remaining to the next scheduled
removal for Landing Gear Overhaul in accordance with the MPD. 

  

	8.3	 No Life Limited Part installed on the Landing Gear shall have accumulated greater Cycles or calendar time than
that of the Landing Gear on which it is installed. 

  

	8.4	 The Landing Gear and wheel wells shall be clean, free of leaks and repaired as necessary.

  

	8.5	 The Landing Gear modification standard will meet the Manufacturer’s requirements for an Aircraft MTOW of
167,755 lbs. 

  

	8.6	 Each individual tire, wheel and brake will be serviceable. 

 

	9	 APU 

  

	9.1	 The same APU as fitted at Delivery shall be fitted at Redelivery. 9.2 The APU shall be serviceable.

  

	9.3	 Each APU LLP (other than Exemption APU LLPs) will have not less than 1,500 Cycles remaining.

  

	9.4	 Each Exemption APU LLP will have not less 500 Cycles remaining. 

 

	9.5	 The Lessor shall accomplish a complete borescope inspection of the compressor, turbine and combustion chamber
sections of the APU in the presence of the Lessee’s representative. Such borescope inspection shall be performed by an agency of the Lessor’s choosing, shall be accomplished immediately prior to return after the completion of the APU power
condition check run, and all discrepancies found beyond allowable limits for an installed APU shall be corrected by the Lessee in accordance with the guidelines set out by the Manufacturer. 

 

	9.6	 If the APU historical and technical records and/or condition trend monitoring data indicate an acceleration in
the rate of deterioration in the performance of the APU, the Lessee will correct, to the Lessor’s satisfaction, such conditions which are determined to be causing such accelerated rate of deterioration. 

  
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	9.7	 The APU shall be capable of producing maximum air and electrical outputs at all conditions with all parameters
within the Manufacturer’s maintenance manual limits demonstrated by the performance of an APU power condition check in accordance with the Manufacturer’s maintenance manual. 

 

	9.8	 The APU shall pass a magnetic chip detection inspection in accordance with the Manufacturer’s maintenance
manual. 

  

	10	 Repairs 

  

	10.1	 All repairs to the Aircraft will have been accomplished in accordance with Manufacturer’s approved data
for the Aircraft. 

  

	10.2	 Any repair accomplished shall be certified to a category A permanent standard, and have no repetitive
inspections. Where category A permanent repairs are not available from Manufacturer’s approved data, then the repair shall be accomplished to the highest possible standard in accordance with Manufacturer’s approved data and any repeat
inspection threshold and interval shall be at the maximum interval achievable but not less than 24 months, 7,500 Flight Hours or 5,000 Cycles or the then current C check interval as set out in the MPD. Lessee agrees to compensate Lessor for loss of
value to the Aircraft if any performance adjustment is applied by the relevant Manufacturer as a result of damage to the Aircraft during the Lease Period. 

  

	10.3	 All external doublers (scab patches) installed during the Lease Period (except to the extent that installation
of a doubler is the only Manufacturer approved repair or where a flush repair cannot be accomplished due to inaccessibility of the area), shall be replaced with flush repairs, all in accordance with Manufacturer’s approved data.

  

	10.4	 The fuselage shall be free of dents, abrasions and loose or pulled rivets which exceed the requirements of the
Manufacturer’s structural repair manual. 

  

	11	 Airworthiness Directives, Service Bulletins and modifications 

 

	1.1	 All Airworthiness Directives which are issued prior to the Redelivery Date, or require compliance, on or before
the Redelivery Date,will have been complied with on the Aircraft on a terminating action basis if such terminating action is required on or prior to the Redelivery date.. 

 

	11.1	 Airworthiness Directives which do not have a terminating action will be accomplished at the highest level of
inspection or modification permitted by such Airworthiness Directive. Any repetitive Airworthiness Directive with an interval between compliance actions less than that stated above shall have such compliance action accomplished immediately prior to
the Expiry Date. 

  

	11.2	 The Aircraft and Engines shall be in compliance with all Manufacturer’s Service Bulletins: (a) which
are “alert” (as defined by the Aviation Authority or the Certifying Authority) which by the terms of such Service Bulletins require compliance on or before the Expiry Date, (b) to the same extent that the Lessee has accomplished such
Service Bulletins on similar model aircraft and engines of the same manufacture in the Lessee’s fleet, without discrimination, and (c) which require accomplishment in order to maintain all warranties or performance guarantees relating to
the Aircraft, and (d) where non-compliance would negatively impact the value or utility of the Aircraft. 

  

	11.3	 All modifications shall be have been accomplished in accordance with FAA and EASA approved data supported by an
FAA Form 8110-3, FAA Form 8100-9, EASA Part 21, or EASA and FAA approved supplemental type certificate. 

  
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	11.4	 Any modifications or alterations or changes made to the Aircraft and which are not removed at Redelivery shall
have been incorporated into the appropriate manuals or as supplements. 

  

	12	 Export and Certificate of Airworthiness Matters 

 

	12.1	 The Aircraft shall have a current Certificate of Airworthiness. 

 

	12.2	 The Aircraft shall be in condition and certification standard, by modification if required, at the
Lessor’s option to comply with all the requirements for passenger operation as a transport category commercial aircraft affecting aircraft of the same type as the Aircraft issued on or before the Expiry Date pursuant to FAR Part 121 with no
restrictions imposed. 

  

	12.3	 The Lessee shall obtain an export certificate of airworthiness for the Aircraft (or such other equivalent form
if the same are not issued by the Aviation Authority for certification of airworthiness for aircraft to be exported from the State of Registration) to a jurisdiction as specified by the Lessor. 

 

	12.4	 Upon the request of the Lessor and with the Lessee’s consent (not to be unreasonably withheld or delayed),
the Lessee shall modify the Aircraft, provided the accomplishment of such modifications will not result in a delay in the redelivery of the Aircraft to the Lessor (including but not limited to by reason of any regulatory requirements applicable with
respect to such modifications) and any other associated risk, liability and indemnity issues shall have been satisfactorily resolved between the Parties. In the event such modifications to the Aircraft are agreed, and such modifications are not a
requirement of this Agreement, the Lessor shall reimburse the Lessee at the Lessee’s actual cost for the accomplishment of such modifications. 

  

	13	 Documents 

  

	13.1	 All Aircraft Documents and other current and historical records delivered with the Aircraft on the Delivery
Date in the format in which they were originally created, and all other Aircraft Documents acquired or prepared by the Lessee during the Lease Period shall be returned with the Aircraft in accordance with the following: 

 

			
	A.	 	Certificates
		
	A001	 	Certificate of Airworthiness
		
	A002	 	Current Aircraft Registration
		
	A003	 	C of A for Export (if applicable)
		
	A004	 	Noise Limitation Certificate (AFM page)
		
	A005	 	Radio Station License
		
	A006	 	Aircraft deregistration confirmation (if applicable)
		
	A007	 	Burn Certificates - Cabin Interiors - as follows:

 Certification of compliance with the fire blocking requirements as outlined in FAR / JAR Part 25 including: 

 

	 	•	 	 Seat cushions* 

  

	 	•	 	 Back rest cushions* 

  

	 	•	 	 Dress covers* 

  

	 	•	 	 Carpets and Curtains 

  
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	 	•	 	 Flight Attendant Seats 

 

	 	•	 	 Cockpit Observer’s Seats 

 

	 	•	 	 Galley Floor Covering 

  

	 	•	 	 Interior Surfaces (if refurbished) 

 

	*	 Including “in combination” burn certification 

 

			
	B.	 	Aircraft Maintenance Status Summaries
		
	B001	 	Certified current Time in Service (Flight Hours & Cycles) and maintenance status
		
	B002	 	Certified status of Airframe & Appliance Airworthiness Directives including method of compliance
		
	B003	 	Certified status of Service Bulletins Incorporated
		
	B004	 	Certified status of all non SB and Major Modifications/STC’s including acceptable State of Manufacture Certification
		
	B005	 	Certified status of SSI
		
	B006	 	Certified status of CPCP (if applicable)
		
	B007	 	Certified inventory of Hard Time Components (Fitted listing)
		
	B008	 	Certified inventory of OC/CM Components (Fitted listing)
		
	B009	 	Certified status of Check/Inspection History & Current Status of Checks
		
	B010	 	List of Deferred Maintenance Items (if applicable)
		
	B011	 	List of Out of Phase Checks, Special Requirements, Time Limited Repairs (if any)
		
	B012	 	Aircraft Accident & Incident Statement
		
	B013	 	Structural repairs and damage Status (including Dent & Buckle Chart)
		
	B014	 	Certification Maintenance Requirements (CMR) item status
		
	B015	 	Aircraft Flight Time Report / Aircraft Log Book
		
	C.	 	Aircraft Maintenance Records
		
	C001	 	Technical Logs
		
	C002	 	A Checks Last complete cycle of A Checks (or equivalent)
		
	C003	 	C Checks Last Complete cycle of C Checks (or equivalent)
		
	C004	 	All Major Checks
		
	C005	 	CPCP Tasks including DFP and finding reports
		
	C006	 	Dirty Finger Print Certification (DFP) - AD’s - DFP must reference AD and/or Applicable SB
		
	C007	 	Dirty Finger Print Certification - SB’s

  
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	C008	 	Dirty Finger Print Certification - STC Documentation and All other modifications
		
	C009	 	Dirty Finger Print Certification - All Structural repairs/structural damage
		
	C010	 	Details of State of Manufacture approval basis - All non SRM Structural repairs
		
	C011	 	Certification Maintenance Requirement (CMR) Dirty Finger Prints
		
	C012	 	Last Weighing Report including Schedule
		
	C013	 	Last Balancing of All Control Surfaces (if applicable)
		
	C014	 	Last Demonstration Flight Report
		
	C015	 	Certified ETOPS compliance report (if applicable)
		
	C016	 	Certified last done/ next due MPD task listing
		
	D.	 	Configuration Status
		
	D001	 	Approved and certified LOPA
		
	D002	 	Galley Drawings & Galley OHM
		
	D003	 	Emergency Equipment Drawing/Listing
		
	D004	 	Loose Equipment Inventory
		
	D005	 	Inventory Listing of Avionic Units installed
		
	E.	 	Aircraft Historical Records
		
	E001	 	C of A (Export) from State of Manufacture
		
	E002	 	Manufacturer’s AD Report
		
	E003	 	Manufacturer’s Inspection Report, Initial Equipment list / Aircraft Readiness Log (or equivalent)
		
	E004	 	Manufacturer’s repair/alteration report
		
	E005	 	Manufacturer’s SB Report
		
	E006	 	Aircraft Historical / Miscellaneous Log (or equivalent)
		
	E007	 	Last Flight Data Recorder Read Out & Corrections
		
	F.	 	Engine Records
		
	F001	 	Certified Statement on Status of Each Engine
		
	F002	 	Certified Status of Engine Airworthiness Directives including Method of Compliance
		
	F003	 	Manufacturer’s Modifications & SB Status
		
	F004	 	In house Modifications (if applicable)
		
	F005	 	Certified LLP Listing
		
	F006	 	Manufacturer Delivery Documents

  
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	F007	 	Complete copies of all historical engine/module Shop Visit Reports including complete dirty finger print work packages
		
	F008	 	LLP Status and Full and unbroken Traceability to birth
		
	F009	 	Condition Monitoring Report
		
	F010	 	Engine Log Book/Master Records of Installation/Removals
		
	F011	 	Last Borescope Report, including video if available
		
	F012	 	Test Cell Run Report
		
	F013	 	Last On Wing Ground Run
		
	F014	 	Engine Accident & Incident Statement
		
	F015	 	Approved ETOPS compliance report (if applicable)
		
	F016	 	Type of Engine Oil Used
		
	F017	 	Statement of Exceedences and corrective actions per the maintenance manual during Term
		
	F018	 	Power Rating Operation Statement (Cycles of operation e.g. B1, B2, C1 etc.)
		
	G.	 	APU
		
	G001	 	Certified Statement on Status of APU
		
	G002	 	Certified Status of APU Airworthiness Directives including Method of Compliance
		
	G003	 	Manufacturer’s Modifications & SB Status
		
	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 (ratio)
		
	G007	 	LLP Status and Full and unbroken Traceability to birth (if applicable)
		
	G008	 	Last On Wing/Health Check Data sheets (if applicable)
		
	G009	 	Last Test Cell Run
		
	G010	 	Approved ETOPS compliance report (if applicable)
		
	G011	 	Type of APU Oil Used
		
	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 from last Overhaul

  
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	I002	 	Approved LLP Listings for each gear such that total life of each LLP can be appropriately demonstrated.
		
	I003	 	Last Overhaul Mini Pack
		
	J.	 	Manuals

 All Manufacturer’s Manuals delivered with the Aircraft under this Agreement updated to the latest revision standard
(applicable as at the Expiry Date) as may be reasonably requested by Lessor. The Lessee shall provide access rights to the Lessor to electronic and/or internet based manuals and publications granted to the Lessee by the Manufacturer. 

Any manual required for continue airworthiness due to Modifications accomplished in accordance with STCs. 

If the Manufacturer’s Repair Manuals for the Aircraft were customised for or by Lessee prior to Delivery or during the Lease Period, Lessee will, at
Lessee’s cost and expense, cause the Manufacturer to restore the Manufacturer’s Repair Manuals, revised up to and including the most recent revisions issued by the Manufacturer, to Lessor’s customisation (or to be re-customised to such other customisation as reasonably requested by Lessor (with Lessor to pay any incremental increase over the cost to restore the Manufacturer’s Repair Manuals to Lessor’s
customisation) on the basis of the Aircraft no longer being part of Lessee’s fleet of aircraft, and Lessee will return to Lessor with the Aircraft the Manufacturer’s Repair Manuals so revised and restored or
re-customised (as the case may be). 
  

			
	K.	 	Miscellaneous
		
	K001	 	Maintenance Programme Specifications (Operator’s)
		
	K002	 	Reference Material for Interpretation of Status Summaries, or cross reference for Part Numbers

  

	*	 Items H001, H002 and I001 to be covered by EASA Form 1 or FAA Form 8130 3 or approved equivalent and all other
documentation in the possession of the Lessee, relating to the Airframe, Engines or any Parts. 

 All discrepancies found in the Aircraft
Documents shall be corrected and any missing Aircraft Documents shall be reconstructed by the Lessee at the Lessee’s sole cost and expense prior to the Redelivery of the Aircraft. All Aircraft Documents shall be in the English language. In the
event any Aircraft Documents are not provided to the Lessor, or are not in the English language, on the Expiry Date, the Aircraft shall be deemed to not meet the Redelivery Conditions and the Lease Period shall be deemed to have been automatically
extended in accordance with Clause 18.2 (Rectification). 

  
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 Schedule 10 – Subleasing requirements 

Part A – Subleasing requirements 
  

	1	 Subleasing 

  

	1.1	 The Lessee shall provide to the Lessor and the Owner: 

 

	 	(a)	 no later than seven (7) Business Days prior to the proposed date of execution of the proposed sublease:

  

	 	(i)	 a copy of the form of the proposed sublease which is to be executed; 

 

	 	(ii)	 reasonable details of the proposed sub-leasing arrangements; and

  

	 	(iii)	 such know-your-customer information regarding the sublessee as may be requested by the Lessor, acting
reasonably. 

  

	 	(b)	 no later than fifteen (15) Business Days prior to the proposed date of commencement of the leasing under
such sublease, a true and correct copy of the executed sublease together with: 

  

	 	(i)	 a duly executed copy of an acknowledgment from the Permitted Sublessee that the rights under the sublease are
subject and subordinate to this Agreement and the rights of the Lessor, the Owner, the Owner Participant and the Security Trustee, under the Transaction Documents; and 

 

	 	(ii)	 if so requested by the Lessor or the Owner pursuant to Paragraph 1.5 below, a security assignment (in form and
substance satisfactory to the Lessor and the Owner), assigning all of the Lessee’s rights, title and interest to, in and under such sublease to the Lessor or the Owner, as applicable; and 

 

	 	(c)	 no later than ten (10) days prior to the proposed sublease taking effect, a certificate of the Lessee,
confirming that the proposed sublease complies with the provisions of this Schedule 10. 

  

	1.2	 The sublease shall: 

  

	 	(a)	 be consistent with this Agreement and shall not permit the Permitted Sublessee to take any action not permitted
under this Agreement; 

  

	 	(b)	 not permit the Aircraft to be operated to or from an Excluded Country; 

 

	 	(c)	 not permit further subleasing; and 

 

	 	(d)	 expressly acknowledge: 

 

	 	(i)	 the ownership interests of the Lessor or the Owner, as the case may be, in the Aircraft; 

 

	 	(ii)	 any interests of the Security Trustee under any mortgage granted to the Security Trustee; and

  

	 	(iii)	 the interests of the Lessor under this Agreement. 

 

	1.3	 The term of the sublease shall not extend beyond the date falling six (6) months before the Expiry Date.

  
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	1.4	 The rights of the Permitted Sublessee under the sublease shall be expressly stated in the sublease to be
subject and subordinate to this Agreement and to the rights and interests of the Lessor, the Owner and the Security Trustee. 

  

	1.5	 If the term of the sublease is greater than one (1) year, the Lessee shall, if required by the Lessor or
the Owner, immediately upon the sublease being executed: 

  

	 	(a)	 grant to the Lessor a perfected first priority security assignment assigning all of the Lessee’s rights,
title and interest to, in and under such sublease in form and substance satisfactory to the Lessor and the Owner and deliver such assignment duly executed and perfected; and 

 

	 	(b)	 provide to the Lessor, the Owner, the Owner Participant and, if requested by the Lessor, the Security Trustee,
a notice and acknowledgement duly executed by the sublessee in form and substance satisfactory to the Lessor, the Owner, the Owner Participant and, if applicable, the Security Trustee, and deliver such notice and acknowledgement, duly executed and
perfected. 

  

	1.6	 The Permitted Sublessee shall have a valid air operator’s certificate and any other relevant licences
required for the operation of the same type of aircraft as the Aircraft, certified copies of which documents shall be provided to the Lessor. 

  

	1.7	 The Lessee shall procure that the Permitted Sublessee provides the Lessor with: 

 

	 	(a)	 a Eurocontrol Letter in form and substance reasonably satisfactory to the Lessor; 

 

	 	(b)	 an Aviation Authority Letter in form and substance reasonably satisfactory to the Lessor; and

  

	 	(c)	 an EU ETS Authority Letter in form and substance reasonably satisfactory to the Lessor. 

 

	1.8	 The Lessee shall procure that the Lessor is provided with a copy of the Permitted Sublessee’s Maintenance
Programme (in CD format) for the Aircraft. 

  

	1.9	 The Lessee shall provide the Lessor with: 

 

	 	(a)	 evidence establishing the corporate authority of such Permitted Sublessee to enter into the Permitted Sublease
and any documents in connection therewith; and 

  

	 	(b)	 a copy of the certificate of registration issued by the Aviation Authority in respect of the Aircraft and a
copy of the Certificate of Airworthiness issued by the Aviation Authority. 

  

	1.10	 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, the Lessee shall provide to the Lessor and the Owner, a
satisfactory confirmation of the registration at the International Registry for the Airframe and each Engine (as applicable) of (i) the prospective international interest(s) to be vested in the Lessee under the sublease, and (ii) an
assignment of such prospective international interest(s) from Lessee to Lessor, in each case without a limit on the duration of the registration. 

  

	1.11	 If a new State of Registration is proposed: 

 

	 	(a)	 the Lessor and the Owner shall be satisfied that, as compared to the State of Registration as at the date of
this Agreement, such proposed State of Registration provides substantially equivalent or better protection for the rights of lessors, owners, owner participants, lenders and mortgagees and imposes no less stringent aircraft maintenance standards
taken as a whole; and 

  
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	 	(b)	 the Lessee shall provide to the Lessor, the Owner and, if requested by the Lessor, the Security Trustee, 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. 

  

	1.12	 The Lessee shall provide to the Lessor and the Owner, evidence satisfactory to the Lessor and the Owner that:

  

	 	(a)	 the Lessee will remain in compliance with Clause 17 (Insurance) and Clause 8 (Information) during the term of
the sublease; or 

  

	 	(b)	 if the proposed sublessee is to maintain insurance coverage during the term of the sublease, the proposed
insurance coverage is on terms equivalent to the Insurances and is in all respects satisfactory to the Lessor and the Owner. 

  

	1.13	 The Lessee shall demonstrate, by way of legal and tax opinions from independent counsel acceptable to the
Lessor, the Owner and, if requested by the Lessor, the Security Trustee, to the satisfaction of the Lessor, the Owner and, if applicable, the Security Trustee: 

 

	 	(a)	 that the rights and interests of the Lessor, the Owner, the Owner Participant and the Security Trustee in
respect of the Aircraft or any Transaction Document (including any Security Interest) and the right to repossess the Aircraft in the case of an Event of Default will not be adversely affected by the subleasing; 

 

	 	(b)	 the perfection of the interests of the Lessor, the Owner, the Owner Participant and the Security Trustee in
respect of the Aircraft and under the Transaction Documents (including the enforceability of any mortgage granted by the Lessor to the Security Trustee as a first priority perfected Security Interest over the Aircraft), including in the
International Registry if applicable; 

  

	 	(c)	 the due execution by the proposed Permitted Sublessee of the proposed sublease and any other document required
to be delivered by the proposed Permitted Sublessee pursuant to the Agreement or this Schedule and the validity and enforceability against the proposed Permitted Sublessee of such documents; 

 

	 	(d)	 that such sublease is subject and subordinate on the terms as set out in this Schedule; and

  

	 	(e)	 if a new State of Registration is proposed; 

 

	 	(i)	 that the terms of the Lease are legal, valid, binding and enforceable in such country; 

 

	 	(ii)	 that it is not necessary for the Lessor or the Security Trustee to register or qualify to do business in such
country; 

  

	 	(iii)	 that there is no tort liability of the owner of an Aircraft not in possession thereof under the laws of such
country; 

  

	 	(iv)	 that the laws of such country require fair compensation for requisition of title or use of the Aircraft by the
government of registration; 

  

	 	(v)	 as to: 

  

	 	(aa)	 the due registration of the Aircraft in the name of the Permitted Sublessee or the Owner (as applicable);

  
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	 	(bb)	 the absence of any other Security Interests other than Lessor Liens and Permitted Security Interests; and

  

	 	(cc)	 each Deregistration Power of Attorney or IDERA required to be delivered by the Lessee or the proposed Permitted
Sublessee has been duly authorised, executed and delivered, and is suitable in form and substance for the purpose of permitting the Lessor, Owner or Security Trustee (as applicable) to deregister and export the Aircraft upon presentation of the same
at the applicable aircraft registry, without the need to obtain the consent of, or take any other action with respect to the Lessee, the proposed Permitted Sublessee or governmental authority other than such presentation, 

 

	 	(vi)	 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, addressing the effectiveness of the filings made under paragraph
0 above, the perfection and the absence of Security Interests other than Lessor Liens and Permitted Security Interests recorded at the International Registry; and 

 

	 	(vii)	 that such sublease will not result in the imposition of, or increase in the amount of, any Taxes, fees or
expenses imposed on any Indemnitee for which the Lessee is not required to indemnify or is not then willing to enter into a binding agreement to indemnify each Indemnitee to their satisfaction against such imposed or increased Taxes, fees or
expenses. 

  

	2	 IDERA 

If any prospective international interest or international interest has been registered at the International Registry under Paragraph 1.10 above, the Lessee
shall promptly procure the execution of an IDERA by the Permitted Sublessee in favour of the Lessor and its recordation by the relevant Aviation Authority to the extent such recordation is permissible by the relevant Aviation Authority. Following
recordation or the execution of the IDERA as the case may be, the Lessee shall deliver the IDERA to the Lessor. 
  

	3	 Change of registration 

 

	3.1	 Where the Aircraft is subleased pursuant to Clause 9.4 (Permitted subleasing) the Aircraft may be re-registered with the Aviation Authority of the country in which the Permitted Sublessee is organised, subject to satisfaction of the relevant conditions of Clause 9.4 (Permitted subleasing) and this Schedule.

  

	3.2	 Upon the termination of any such sublease, the Lessee shall: 

 

	 	(a)	 except as otherwise permitted under this Agreement, procure that the Aircraft is reregistered in the State of
Registration as at the date of this Agreement and provide a legal opinion from counsel approved by the Lessor (to be in form and substance satisfactory to the Owner and the Lessor) addressed to the Lessor, the Owner, the Owner Participant and the
Security Trustee as to their rights and interests (and the perfection of such interests) in respect of the Aircraft or any Transaction Document and the right to repossess the Aircraft in such State of Registration; and 

 

	 	(b)	 pay all costs and expenses (if any) of the Lessor, the Owner, the Owner Participant and the Security Trustee
incurred or payable in connection with the change in registry. 

  
 Page 136 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 Schedule 11—Form of EU ETS Authority Letter 

EU ETS LETTER – MSN [•] 
  

	From:	 [Lessee full name] 

 

	To:	 All governmental entities in the European Union charged with administering any EU ETS (as defined below)
applicable to us and the Aircraft 

 Date: [•] 

Dear Sirs, 
 EMISSIONS TRADING SCHEMES

  

	1	 Pursuant to the terms of the aircraft lease agreement dated [•] between [Lessor], as lessor
(the Lessor) and [Lessee], as lessee (the Lease) we have agreed to lease one (1) [aircraft manufacturer and model] aircraft with manufacturer’s serial number [•] and registration mark [•]. 

  

	2	 We wish to enable [each of] Avolon Aerospace Leasing Limited, the Lessor’s Authorised
Representative (“Avolon”) to monitor the performance by us of our obligations under the Emissions Trading Schemes (EU ETS). 

  

	3	 We hereby unconditionally authorise you, on request by Avolon from time to time, to provide Avolon with
particulars of any obligations due from but unperformed by us under the EU ETS.  

  

	4	 The authorisation contained herein shall only be revoked or amended upon receipt by you of a written
instruction signed by ourselves and Avolon requesting such revocation. 

  

	
	Yours faithfully,
	
	   

	For and on behalf of
	[Lessee full name]

  
 Page 137 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 Schedule 12 – Form of Eurocontrol Letter 

[To be on Lessee’s headed paper showing full postal address] 

The Director of the Central Route Charges Office 
 European
Organisation for the Safety of Air Navigation (EUROCONTROL) 
 Rue de la Fusée, 96 

1130 BRUXELLES 
 BELGIUM 

By email: crco.cat.head@eurocontrol.int 
 Date: [•]

 Dear Sir, 
 Authorisation Letter

 Aircraft: [Aircraft model and type], Registration [•], MSN [•] (the “Aircraft”)

 We have leased the above Aircraft from [Lessor] (the “Lessor”), in accordance with an aircraft operating lease agreement dated
_______________ [20__] (as novated, amended or supplemented from time to time) between us and the Lessor. 
 We hereby authorise you to provide
Avolon Aerospace Leasing Limited, the Lessor’s Authorised Representative with a general statement of account in relation to air navigation charges incurred by us and due to EUROCONTROL. Access to the statement(s) of account will be provided in
accordance with the procedures established by EUROCONTROL. 
 The authorisation contained in this letter may only be revoked or amended by a written
instruction signed by us and the Lessor. 
  

	
	Yours faithfully,
	
	   

	For and on behalf of
	[Lessee]
	Name:
	Title: 

  
 Page 138 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 Schedule 13 – Form of Lease Supplement 

Lease Supplement No. 1 

(MSN 3605) 
 THIS LEASE SUPPLEMENT NO. 1 is
dated ___________ __, 2021, between [ ] (the “Lessor”), and [ ] (the “Lessee”). 
 Lessor and Lessee have previously
entered into that certain Lease Agreement dated as of ___________ __, 2021 in respect of an Airbus A320-214 aircraft with MSN 3605 (as at any time amended, modified or supplemented, herein called the
“Lease” and the terms defined therein being herein used with the same meanings), which Lease provides for the execution of a Lease Supplement substantially in the form hereof for the purpose of leasing the Aircraft under the Lease in
accordance with the terms thereof. 
 The Lease relates, among other matters, to the Airframe and Engines as more precisely described below and in the
Acceptance Certificate, and this Lease Supplement is attached to a counterpart of the Lease for purposes of filing and recordation with the Aviation Authority as one document. 

NOW, THEREFORE, in consideration of the premises and other good and sufficient consideration, Lessor and Lessee hereby agree as follows: 

 

	1.	 Lessor hereby delivers and leases to Lessee, and Lessee hereby accepts, acknowledges receipt of possession and
leases from Lessor, under and pursuant to the Lease, as herein supplemented, the following described Airbus model A320-214 aircraft (the “Delivered Aircraft”) which Delivered Aircraft as of the date
hereof consists of the following: 

  

	 	(a)	 Airframe: One (1) Airbus model A320-214 (described on the pre-populated drop down menu of the International Registry as AIRBUS model A320) aircraft, FAA Registration Number [ ] , Manufacturer’s Serial No. 3605; and 

 

	 	(b)	 Engines: Two (2) CFM International S.A. model CFM56-5B4/3
(described on the pre-populated drop down menu of the International Registry as CFM model CFM56-5B) engines installed thereon bearing Manufacturer’s Serial Numbers
697899 and 697900. 

  

	2.	 The Delivery Date of the Delivered Aircraft is the date of this Lease Supplement set forth in the opening
paragraph hereof. The Expiry Date is as set forth in the Lease. The Rent and other commercial terms are as set forth in the Lease and Schedule 6 thereto. 

  

	3.	 Lessee hereby confirms to Lessor that Lessee has accepted the Delivered Aircraft and Engines for all purposes
hereof and of the Lease, including its being airworthy, in accordance with specifications, in good working order and repair and without defect in condition, design, operation or fitness for use, whether or not discoverable by Lessee as of the date
hereof. 

  

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

  

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

  

	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. 

[Signature Pages Follow] 

  
 Page 139 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

			
	 LESSOR
	  	 LESSEE

		  	
	 Signed:
	  	 Signed:

	
                   
                                         
                                         
               
	  	
                   
                                         
                                         
               

	 Name (capitals):
	  	 Name (capitals):

	
                   
                                         
                                         
               
	  	
                   
                                         
                                         
               

	 Title:
	  	 Title:

	
                   
                                         
                                         
               
	  	
                   
                                         
                                         
               

	 duly authorised for and on behalf of [•]
	  	 duly authorised for and on behalf of [•]

 TO THE EXTENT, IF ANY, THAT THIS LEASE SUPPLEMENT CONSTITUTES CHATTEL PAPER (AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL
CODE AS IN EFFECT IN ANY APPLICABLE JURISDICTION), THIS COPY SHALL CONSTITUTE THE SOLE ORIGINAL THEREOF AND NO SECURITY INTEREST IN THIS LEASE SUPPLEMENT MAY BE CREATED THROUGH THE TRANSFER OF POSSESSION OF ANY ORIGINAL COUNTERPART OTHER THAN THIS
COUNTERPART 

  
 Page 140 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 Schedule 14–Form of Engine Acceptance Certificate 

This Engine Acceptance Certificate relates to the operating lease agreement (the “Agreement”) dated [•] and made between
[    ] (the “Lessor”), and [    ] (the “Lessee”) in respect of the Airbus A320-214 aircraft with manufacturer’s serial number
3605, registration mark [•] (as more particularly described in the Agreement as the Aircraft). 
 PART A 

ENGINE INFORMATION 
  

	7.	 Engine Information 

 

					
		  	 Position [•]
	  	
                   
                                         

	 Engine Manufacturer
	  		  	
			
	 Model
	  		  	
			
	 Manufacturer’s Serial Number
	  		  	
			
	 Engine TSN
	  		  	
			
	 Engine CSN
	  		  	
			
	 Engine time since last Engine Performance Restoration Shop Visit
	  		  	
			
	 Engine Cycles since last Engine Performance Restoration Shop Visit
	  		  	
			
	 Date of last Engine Performance Restoration Shop Visit
	  		  	
			
	 Thrust Rating
	  		  	

  

	8.	 Engine Documents  

Attached hereto as Annex 1 is a schedule of all Engine Documents delivered to Lessee with the Engine on the date hereof. 

 

	9.	 Engine LLP Disk Sheets  

Attached hereto as Annex 2 is the Engine LLP Disk Sheets on the date hereof. 

  
 Page 141 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 PART B 

Unless otherwise defined in this certificate, capitalised words and expressions used in this certificate shall have the same meanings as given to them in the
Agreement. 
  

	1.	 The Engine has been delivered to us together with (a) its Engine Documents as per the Engine Documents
List signed by the Lessor and the Lessee and detailed in Annex 1 to this Engine Acceptance Certificate, on [•] day of [•] 20[•]. Delivery took place on that date at [[•] (Delivery Location)], at [•] hours.

  

	2.	 We confirm that we have had the opportunity to inspect the Engine and are satisfied that the Engine meets all
of the requirements necessary for us to accept delivery of it and that the Lessor has fully performed all of its obligations under the Agreement with respect to [clause 10.8 (Replacement of any Lessor Temporary Engine) [OR] paragraph 4
of Schedule 6, Part D (Qualifying Work)] of the Agreement. We acknowledge that the Engine has been delivered to us “as-is where-is”.

  

	3.	 We acknowledge and agree that execution and delivery of this Engine Acceptance Certificate is conclusive proof
that we have examined and investigated the Engine, that the Engine and the related Engine Documents are satisfactory to us in all respect and for all purposes under the Agreement and that we have absolutely, irrevocably and unconditionally accepted
the Engine for lease under the Agreement without any reservations or exceptions whatsoever. 

 [Remainder of this page
intentionally left blank] 

  
 Page 142 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 The execution and delivery of this Engine Acceptance Certificate by Lessee confirms that the Engine, its
Engine Documents and all other equipment, documentation and other items listed in this Engine Acceptance Certificate have been absolutely, irrevocably and unconditionally accepted by Lessee, and that Lessee has received possession of the same from
Lessor, and that Lessor has satisfied its obligations with respect to the condition of the Engine under the Agreement. 
  

									
	 LESSOR
	 		 	 LESSEE

					
	Signed:	 	 	 		 	Signed:	 	 
					
	Name (capitals):	 	 	 		 	Name (capitals):	 	 
					
	Title:	 	 	 		 	Title:	 	 
	 duly authorised for and on behalf of [•]
	 		 	 duly authorised for and on behalf of [•]

  
 Page 143 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 ANNEX 1 

ENGINE DOCUMENTS 
 See attached list of
aircraft documents relating to the Engine. 
 See attached Engine LLP status. 

ANNEX 2 
 ENGINE LLP DISK
SHEETS 
 [•] 

  
 Page 144 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

 Schedule 15– Form of Engine Redelivery Certificate 

This Engine Redelivery Certificate relates to the operating lease agreement (the “Agreement”) dated [•] and made between
[    ] (the “Lessor”), and [    ] (the “Lessee”) in respect of the Airbus A320-214 aircraft with manufacturer’s serial number
3605, registration mark [•] (as more particularly described in the Agreement as the Aircraft). 
 Unless otherwise defined in this certificate,
capitalised words and expressions used in this certificate shall have the same meanings as given to them in the Agreement. 
  

	4.	 Engine Information 

 

			
		  	 Position [•]

		
	 Engine Manufacturer
	  	
		
	 Model
	  	
		
	 Manufacturer’s Serial Number
	  	
		
	 Engine TSN
	  	
		
	 Engine CSN
	  	
		
	 Engine time since last Engine Performance Restoration Shop Visit
	  	
		
	 Engine Cycles since last Engine Performance Restoration Shop Visit
	  	
		
	 Date of last Engine Performance Restoration Shop Visit
	  	
		
	 Thrust Rating
	  	

  

	5.	 We have retained an amount equal to [•] in respect of the Maintenance Payments held by us in any notional
account in respect of (x) the Engine and (y) any Engine LLPs installed in the Engine. 

  

	6.	 The Engine has been redelivered to us on [•] day of [•] 20[•]. Redelivery took place on that
date at [Redelivery Location)], at [•] hours. 

  

	7.	 We confirm that that the Engine meets all of the requirements necessary for us to accept redelivery of it and
that the Lessee has fully performed all of its obligations under the Agreement with respect to that redelivery. 

  

	8.	 We acknowledge and agree that execution and delivery of this Engine Redelivery Certificate is conclusive proof
that we have absolutely, irrevocably and unconditionally accepted the redelivery of the Engine under the Agreement without any reservations or exceptions whatsoever. 

[Remainder of this page intentionally left blank] 

  
 Page 1 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

 EXECUTION VERSION 
  

									
	 LESSOR
	 		 	 LESSEE

					
	Signed:	 	 	 		 	Signed:	 	 
					
	Name (capitals):	 	 	 		 	Name (capitals):	 	 
					
	Title:	 	 	 		 	Title:	 	 
	 duly authorised for and on behalf of [•]
	 		 	 duly authorised for and on behalf of [•]

  
 Page 2 

Y31001 – Avolon / Global X – Airbus A320 – MSN 3605 

  

 SIGNATURE PAGE – OPERATING LEASE AGREEMENT – MSN 3605 

 

			
	Lessor
		
		 	/s/ DeAnn Madsen
		 	duly authorised for and on behalf of
	
	UMB Bank, National Association, not in its individual capacity but solely as owner trustee
	Name: DeAnn Madsen
	 Title: Vice President

  

	
	Lessee
	
	   

	duly authorised for and on behalf of
	
	Global Crossing Airlines, Inc
	Name:
	Title:

  
 Y31001 – Avolon /
Global X – Airbus A320 – MSN 3605 

  

 SIGNATURE PAGE – OPERATING LEASE AGREEMENT – MSN 3605 

 

	
	Lessor
	   

	duly authorised for and on behalf of
	
	UMB Bank, National Association, not in its individual capacity but solely as owner trustee
	Name:
	Title:

  

	
	Lessee
	  
 /s/ EDWARD J
WEGEL

	duly authorised for and on behalf of
	
	Global Crossing Airlines, Inc
	Name: EDWARD J WEGEL
	Title: CHAIRMAN + CEO

  
 Y31001 – Avolon /
Global X – Airbus A320 – MSN 3605

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