Document:

EX-10.21

 Exhibit 10.21 
  

			
	 

	  	CLIFFORD CHANCE LLP

 DATED June 28, 2014 

AVOLON AEROSPACE (FUNDING 4) LIMITED 

AS BORROWER 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS 
 AS AGENT 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

AS SECURITY TRUSTEE 
 DEUTSCHE BANK
AG, LONDON BRANCH, NATIONAL AUSTRALIA BANK 
 LIMITED AND HSBC BANK PLC 

AS JOINT LEAD ARRANGERS 
 AND 

THE FINANCIAL INSTITUTIONS NAMED HEREIN 

AS LENDERS 
  

 
 FACILITY
AGREEMENT 
  
  

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
			
	1.	 	Definitions and Interpretation	  	 	1	  
	2.	 	The Facilities	  	 	2	  
	3.	 	Purpose	  	 	3	  
	4.	 	Conditions of Utilisation	  	 	4	  
	5.	 	Utilisations	  	 	8	  
	6.	 	Aircraft Substitution	  	 	15	  
	7.	 	Repayment	  	 	22	  
	8.	 	Prepayment and Cancellation	  	 	22	  
	9.	 	Interest	  	 	31	  
	10.	 	Interest Periods	  	 	34	  
	11.	 	Changes to the Calculation of Interest	  	 	35	  
	12.	 	Commitment Fee	  	 	36	  
	13.	 	Tax Gross-up and Indemnities	  	 	37	  
	14.	 	FATCA	  	 	42	  
	15.	 	Increased Costs	  	 	43	  
	16.	 	Other Indemnities	  	 	45	  
	17.	 	Initial Costs and Expenses	  	 	50	  
	18.	 	Representations	  	 	51	  
	19.	 	Information Undertakings	  	 	57	  
	20.	 	General Undertakings	  	 	62	  
	21.	 	Events of Default	  	 	75	  
	22.	 	Changes to the Lenders	  	 	79	  
	23.	 	Changes to the Obligors	  	 	81	  
	24.	 	The Finance Parties	  	 	81	  
	25.	 	Payment Mechanics	  	 	82	  
	26.	 	Application of Payments	  	 	83	  
	27.	 	Set-off	  	 	83	  
	28.	 	Notices	  	 	83	  
	29.	 	Calculations and Certificates	  	 	84	  
	30.	 	Partial Invalidity	  	 	84	  
	31.	 	Remedies and Waivers	  	 	84	  
	32.	 	Amendments and Waivers	  	 	84	  
	33.	 	Counterparts	  	 	86	  
	34.	 	Governing Law	  	 	86	  
	35.	 	Enforcement	  	 	86	  

  
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	 Schedule 1 The Original Lenders
	  	 	88	  
	 Schedule 2 The Identified Aircraft
	  	 	89	  
	 Schedule 3 Conditions Precedent
	  	 	90	  
	 Part A (Initial Conditions Precedent)
	  	 	90	  
	 Part B (Conditions to Utilisation)
	  	 	91	  
	 Schedule 4 Form of Utilisation Request
	  	 	97	  
	 Schedule 5 Loan Supplement
	  	 	99	  
	 Schedule 6 Aircraft Substitution and Replacement Lease Documents
	  	 	105	  
	 Part A (Aircraft Substitution Conditions)
	  	 	105	  
	 Part B (Replacement Lease Conditions)
	  	 	110	  
	 Schedule 7 Changes to the Lenders
	  	 	114	  
	 Part A
	  	 	114	  
	 Part B Form of Transfer Certificate
	  	 	118	  
	 Part C Form of Assignment Agreement
	  	 	120	  
	 Schedule 8 The Finance Parties
	  	 	123	  
	 Schedule 9 Timetables
	  	 	137	  
	 Schedule 10 Form of Portfolio Report
	  	 	138	  
	 Schedule 11 Permitted Airlines
	  	 	145	  
	 Part I
	  	 	145	  
	 Part II
	  	 	147	  
	 Schedule 12 Concentration Limit Requirements
	  	 	148	  
	 Schedule 13 Core Lease Provisions
	  	 	152	  
	 Schedule 14 Form of Compliance Certificate
	  	 	157	  
	 Schedule 15 Form of Utilisation Certificate
	  	 	158	  
	 Schedule 16 Form of [Substitution/Final Disposition] Certificate
	  	 	159	  
	 Schedule 17 Administrative Questionnaire
	  	 	160	  
	 Schedule 18 Quiet Enjoyment Undertaking
	  	 	163	  
	 Schedule 19 Form of Increase Notice
	  	 	164	  
	 Signatures
	  	 	166	  

  
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 THIS AGREEMENT (this “Agreement”) is dated June 28, 2014 

BETWEEN: 
  

	(1)	AVOLON AEROSPACE (FUNDING 4) LIMITED (the “Borrower”); 

  

	(2)	DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York Banking Corporation as agent of the Lenders (the “Agent”); 

 

	(3)	DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York Banking Corporation as security trustee for the Secured Parties (the “Security Trustee”); 

 

	(4)	DEUTSCHE BANK AG, LONDON BRANCH, NATIONAL AUSTRALIA BANK LIMITED and HSBC BANK PLC as joint lead arrangers (the “Joint Lead Arrangers”); and 

 

	(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as lenders (the “Lenders”). 

IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement, capitalised words and expressions shall have the
respective meanings given to them in Part A (Definitions) of Appendix A - Master Definitions Schedule. 
 “Appendix A -
Master Definitions Schedule” means the master definitions schedule appended to the Proceeds Deed. 
 “Proceeds
Deed” means the proceeds deed entered into, or to be entered into, as the context may require, between, among others, the Borrower, Avolon Aerospace Leasing Limited as guarantor, the Security Trustee, the Lenders and the Agent on or
about the date of this Agreement. 
  

	1.2	Interpretation 

 The rules of interpretation set out in Part B (Interpretation) of
Appendix A - Master Definitions Schedule shall apply to this Agreement. 
  

	1.3	Schedules 

 The Schedules to this Agreement and Appendix A - Master Definitions Schedule
form part of this Agreement. 
  

	1.4	Third party rights 

 Unless expressly provided to the contrary in any Transaction
Document, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit of any term of this Agreement. 

  
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	2.	THE FACILITIES 

  

	2.1	The Facilities 

 Subject to the terms of this Agreement, the Lenders agree to make
available to the Borrower a term loan facility in an aggregate amount up to the Total Commitments. 
  

	2.2	Increase in Total Commitments 

  

	 	2.2.1	The Borrower may, on one or more occasion after the date hereof, increase the Total Commitments provided that the Agent is satisfied that the following conditions have been met: 

 

	 	(a)	the Increase Date occurs on or before the first Utilisation Date under the Facility for a Fixed Rate Loan; 

  

	 	(b)	no Relevant Default has occurred and is continuing; 

  

	 	(c)	the Borrower has identified additional lender(s) (each, a “Prospective Increase Lender”) to take on the additional Commitments, and each such Prospective Increase Lenders will either be
(i) an existing Lender or (ii) contemporaneously with the relevant Increase Date will become a Lender in accordance with Clause 16.2 (Change of Lender) of the Proceeds Deed and on such date will execute and deliver to the Security
Trustee and the Guarantor a Proceeds Deed Accession Undertaking in accordance with the terms of the Proceeds Deed; 

  

	 	(d)	all “know your customer” information requested by the Agent on behalf of any Finance Party (which such Finance Party actually requires in connection with any Prospective Increase Lender becoming a
“Lender” for the purposes of the Transaction Documents in accordance with Clause 2.2.1(c)) has been provided to the satisfaction of such Finance Party; 

  

	 	(e)	none of the Joint Lead Arrangers is of the opinion, acting reasonably, that such increase in the Commitments would be prejudicial to its efforts to syndicate the Facility; and 

 

	 	(f)	if, pursuant to the Increase Notice, the Borrower has requested that the maximum permitted number of Unidentified Aircraft under the Facility be increased, that all of the Lenders have agreed to such increase.

  

	 	2.2.2	If the Borrower wishes to exercise its right pursuant to Clause 2.2.1, it shall provide to the Agent a duly completed Increase Notice, signed by an officer of the Borrower and completing the information set out therein,
which such notice shall specify a proposed Increase Date falling no earlier than ten (10) Business Days after the date of service of such notice (or such other date as the Agent (acting on the instructions of all of the Lenders) may agree to).

  

	 	2.2.3	 If all of the conditions to an increase in the Commitments listed in Clause 2.2.1 are satisfied, then on the proposed Increase Date specified in the
Increase Notice, or on such other date as agreed between the Borrower and the Agent 

  
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(acting on the instructions of all the Lenders), the Agent will accept such increase in the Commitments by countersigning the Increase Notice, whereupon the Total Commitments will automatically
increase by the aggregate of the amounts set forth in Clause 2(b) of the relevant Increase Notice and the Commitment of each Prospective Increase Lender will increase by the amount set forth opposite the name of such Prospective Increase Lender in
Clause 2(b) of the relevant Increase Notice. For the avoidance of doubt, each Lender hereby directs the Agent (acting on their behalf), in accordance with Clause 1.2 (Instructions) of Schedule 8 (The Finance Parties), to countersign
any Increase Notice provided that all of the conditions to the increase in the Commitments attributable to such Increase Notice, as set out in Clause 2.2.1, have been satisfied. 

 

	 	2.2.4	The Borrower will pay all out of pocket costs, fees and expenses (including reasonable, or in case of the Agent and the Security Trustee properly incurred, legal fees) incurred by the Finance Parties in connection with
the implementation of any increase in the Total Commitments as contemplated by this Clause 2.2. 

  

	2.3	Finance Parties’ rights and obligations 

  

	 	2.3.1	The obligations of each Finance Party under the Transaction Documents are several. Failure by a Finance Party to perform its obligations under the Transaction Documents does not affect the obligations of any other Party
or any other person under the Transaction Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Transaction Documents. 

 

	 	2.3.2	The rights of each Finance Party under or in connection with the Transaction Documents are separate and independent rights and any debt arising under the Transaction Documents to a Finance Party from the Borrower shall
be a separate and independent debt. 

  

	 	2.3.3	A Finance Party may, except as otherwise stated in the Transaction Documents, separately protect and enforce its rights under the Transaction Documents. 

 

	3.	PURPOSE 

  

	3.1	Purpose 

 All amounts borrowed under the Facility by the Borrower will be used for the
purposes of financing, or partially financing, the acquisition of the Aircraft. 
  

	3.2	Monitoring 

 No Finance Party is bound to monitor or verify the application of any amount
borrowed pursuant to this Agreement. 

  
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	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial Conditions Precedent 

 The Borrowers may not deliver any Utilisation Request
until the Agent has received all of the documents and other evidence listed in Part A of Schedule 3 (Conditions Precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Borrower promptly upon being so satisfied.

  

	4.2	Utilisation Request Condition Precedent 

 The service of any Utilisation Request with
respect to any Loan which relates to a Fixed Rate Lease, shall not be valid unless the Agent is satisfied that on each Repayment Date for such Loan (other than the first Repayment Date hereafter and the Final Repayment Date for such Loan), the
aggregate of: 
  

	 	(a)	each amount of “Basic Rent” (howsoever defined) due and payable to the relevant Lessor during the Interest Period for such Loan immediately preceding such Repayment Date, pursuant to the
Portfolio Lease for the Aircraft attributable to the Utilisation; and 

  

	 	(b)	the scheduled payments due and payable to the Borrower during the Interest Period immediately preceding such Repayment Date, pursuant to any Hedging Agreement required to be entered into pursuant to, and complying with,
the Hedging Principles in respect of such Loan, 

 will be equal to or greater than 

 

	 	(c)	105% of the aggregate scheduled payments of principal and interest due and payable under this Agreement on such Repayment Date in respect of such Loan, 

provided that for the purposes of this calculation the Fixed Rate and/or the Floating Rate as well as fixed or floating rate of interest
applicable to the calculation of “Basic Rent” pursuant to the Portfolio Lease shall be the applicable Notional Rate. 
 In the
event that the Borrower is not able to satisfy this condition, the Borrower shall be entitled, to exercise its rights in accordance with Clause 8.7 (Scheduled Debt to Basic Rent Test Ratios). 

 

	4.3	Utilisation Specific Conditions Precedent 

 The Lenders will only be obliged to comply
with Clause 5.8 (Lenders’ participation) if, on the proposed Utilisation Date: 
  

	 	4.3.1	in respect of the first Utilisation to take place under this Agreement, no Event of Default or Acceleration Event is continuing or would result from the proposed Utilisation or, in respect of any subsequent Utilisation
that takes place under this Agreement, no Relevant Default or Acceleration Event is continuing or would result from the proposed Utilisation; 

  
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	 	4.3.2	the Guarantor would comply with the requirements set out in Clause 20.22.1(b); 

  

	 	4.3.3	all the representations and warranties of each Obligor contained in any of the Transaction Documents are true in all material respects; 

 

	 	4.3.4	the Borrower has provided to the Agent a certificate, substantially in the form set out in Schedule 15 (Form of Utilisation Certificate) and signed by an officer of the Borrower, certifying the matters set out
therein; 

  

	 	4.3.5	there shall have occurred no material adverse change in the financial condition of the Guarantor since the date hereof which would have a material adverse effect on the ability of the Guarantor to perform its
obligations under the Transaction Documents; 

  

	 	4.3.6	if the Utilisation relates to an Unidentified Aircraft: 

  

	 	(a)	no Concentration Limit Event would result from the proposed Utilisation or, if a Concentration Limit Event is continuing, such Utilisation would remedy or mitigate the severity of such Concentration Limit Event;

  

	 	(b)	the Agent has received such evidence as it may reasonably require to evidence that such Unidentified Aircraft meets the Unidentified Aircraft Criteria; 

 

	 	(c)	such Utilisation would not result in there being Secured Obligations outstanding on the relevant Utilisation Date in respect of four (4) or more Unidentified Aircraft provided that if, pursuant to an
Increase Notice, the Borrower requests that the maximum permitted number of Unidentified Aircraft under the Facility be increased and the Agent, acting on the instructions of all the Lenders, accepts such Increase Notice, then the reference in this
Clause 4.3.6(c) to four (4) or more Unidentified Aircraft will be deemed to be amended to reflect the maximum permitted number of Unidentified Aircraft agreed to by the Agent pursuant to such Increase Notice. 

 

	 	(d)	if such Unidentified Aircraft is to be subject to a Part II Airline Portfolio Lease (i) such Unidentified Aircraft must be a Permitted Narrow-body Aircraft and (ii) no Part II Airline Event would result from
the proposed Utilisation or if a Part II Airline Event is continuing such Utilisation would remedy or mitigate the severity of such Part II Airline Event. 

  

	 	4.3.7	the Agent has not received advice contrary to the fact that no Total Loss (or event or circumstance which would, with the passage of time, become a Total Loss) has occurred in respect of the Aircraft to which the
Utilisation relates; 

  

	 	4.3.8	 the Portfolio Lease relating to the Aircraft to which the Utilisation relates complies with the Core Lease Provisions, unless otherwise agreed by the
Agent, is in full force and effect, no Material Lease Event of Default has 

  
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occurred and is continuing thereunder and the Borrower has confirmed in writing to the Agent that all conditions to the commencement of the leasing of the Aircraft pursuant to such Portfolio
Lease have been or, immediately after Utilisation, will be satisfied, unless waived or deferred by the Borrower (or the relevant Lessor) in accordance with the Standard; 

 

	 	4.3.9	the Agent has received all of the documents and other evidence listed in Part B of Schedule 3 (Conditions Precedent) in respect of the Aircraft to which the relevant Utilisation relates, in form and substance
satisfactory to the Agent and the Agent shall notify the Borrower promptly upon being so satisfied; 

  

	 	4.3.10	the Agent and each other Finance Party has received all fees and amounts due and payable by the Borrower or the Guarantor under any of the Transaction Documents; 

 

	 	4.3.11	all “know your customer” information requested by the Agent on behalf of any Finance Party (which such Finance Party actually requires in connection with the particular Utilisation) has been provided to the
satisfaction of such Finance Party provided that if such condition is not satisfied in respect of a Utilisation, then such affected Lender will not be obliged to participate in the Utilisation pursuant to Clause 5.8 (Lenders’
participation), the undrawn portion of such affected Lender’s Commitments relating to such the Loan which, but for the failure to satisfy this condition would have been drawn shall be cancelled and each other Lender will, subject to any
other conditions set out in this Agreement being met, remain obliged to comply with Clause 5.8 (Lenders’ participation) in respect of its participation in the Utilisation and the amount of such other Lenders’ participations in the
Utilisation will not be increased as a result of the cancellation in this sub-clause 4.3.11; 

  

	 	4.3.12	the Agent has not received advice contrary to the fact that the Aircraft to which the Utilisation relates is not subject to any existing financing arrangement save for those contemplated by the Transaction Documents;

  

	 	4.3.13	the relevant Utilisation Request complies with the requirements of Clause 5.2 (Maximum Amount and Timing of Utilisations); 

  

	 	4.3.14	if the Utilisation relates to a Fixed Rate Loan, then: 

  

	 	(a)	the Borrower and the Agent will have established the Fixed Rate for such Loan in accordance with Clause 9.3 (Establishment of Fixed Rate); or 

 

	 	(b)	if the Borrower did not accept the quote and the “fixed rate” in accordance with Clause 9.3.2, the Borrower will have complied with the Hedging Principles. 

  
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	4.4	Conditions Subsequent 

 The Borrower will: 

 

	 	4.4.1	procure that all applicable and necessary filings and/or registrations in respect of the Security Documents are made: 

  

	 	(a)	in the jurisdiction of incorporation of the relevant Obligor and the jurisdiction in which such Obligor is required to have its COMI in accordance with the Transaction Documents; 

 

	 	(b)	in the jurisdiction which laws govern the perfection of any such Security Document; and 

  

	 	(c)	on the international registry established under the Cape Town Convention; 

 in each case
following execution of this Agreement or, where such Security Documents are executed in relation to a specific Utilisation, following the Utilisation Date and, in each case, within the applicable statutory time periods, or where no statutory time
limits apply, within such applicable period as is customary in such jurisdiction, provided that notwithstanding the above, but without prejudice to the obligations of the Borrower set out in sub-clause
20.17.4, the Borrower shall not be obliged to register or file any Mortgage or Security Agreement in the jurisdiction of incorporation of the relevant Portfolio Lessee or sub-lessee or the State of Registration of the relevant Aircraft except that:

  

	 	(aa)	any such registration and/or filing will be permitted to the extent that it is being made at an “entry point” (as referred to in Article XIX of the Protocol) for such jurisdiction in order to allow the
Mortgage and/or Security Agreement to be filed at the International Registry or such jurisdiction of incorporation or State of Registration is a jurisdiction contemplated in sub-clause 4.4.1(a) above; and 

 

	 	(bb)	solely in the case of any Japanese Law Mortgage, the Borrower will, or will procure that the Peach Japanese Titleholder will, file an application for provisional registration
(kari-toroku) of such Japanese Law Mortgage with the Civil Aviation Bureau of the Ministry of Land, Infrastructure Transport and Tourism of Japan (including any successor thereof) and will provide an
official certified copy of such provisional registration to the Agent promptly after the date thereof. 

  

	 	4.4.2	subject to the proviso contained in sub-clause 4.4.1, take such other action as the Security Trustee may reasonably request in order to perfect the rights of the Secured Parties
under the Security Documents. 

  

	4.5	Waiver 

 The conditions precedent set forth in Clauses 4.1 (Initial Conditions
Precedent) and 4.2 (Utilisation Specific Conditions Precedent) and the conditions subsequent set forth in Clause 4.4 (Conditions Subsequent) are for the benefit of the Finance Parties and may be waived or deferred by the Agent
(acting on the instructions of all the Lenders) in whole or in part and with or without conditions. 

  
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	5.	UTILISATIONS 

  

	5.1	Delivery of Utilisation Request 

  

	 	5.1.1	The Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 

 

	 	5.1.2	The Borrower will only be permitted to issue one Utilisation Request per Aircraft. 

  

	5.2	Maximum Amount and Timing of Utilisations 

 Any Utilisation by the Borrower under the
Facility must comply (as determined by the Agent) with the following requirements: 
  

	 	5.2.1	the amount of any Utilisation in respect of an Aircraft must not exceed an amount equal to 77.5 per cent. of the ASCEND Valuation for such Aircraft set out in the ASCEND Valuation Letter; and 

 

	 	5.2.2	the amount of such Utilisation, together with all other Utilisations made under the Facility on or before the date of such Utilisation, will not exceed the Total Commitments. 

 

	5.3	Timing of Utilisations 

 No Utilisation may take place after the end of the Availability
Period. 
  

	5.4	Method of Utilisation 

 The Utilisation shall be effected by way of a payment (in an
amount equal to the Utilisation) from the Agent to the Borrower (to the account specified in the Utilisation Request). 
  

	5.5	Completion of Utilisation Request 

 The Utilisation Request is irrevocable and will not
be regarded as having been duly completed unless: 
  

	 	5.5.1	the proposed Utilisation Date is a Business Day which is or precedes the last day of the Availability Period; and 

  

	 	5.5.2	the currency of the Utilisation complies with Clause 5.6 (Currency). 

  

	5.6	Currency 

 The currency specified in the Utilisation Request must be dollars. 

  
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	5.7	Loan Supplement 

  

	 	5.7.1	Upon receipt of a Utilisation Request in accordance with the provisions of this Agreement, the Agent will: 

  

	 	(a)	prepare the Loan Supplement for the Loan attributable to the Utilisation and, in consultation with the Borrower, prepare a repayment schedule in respect of such Loan, to be attached as an appendix to the Loan
Supplement. Such repayment schedule shall be calculated on the basis that: 

  

	 	(i)	on the Final Repayment Date for such Loan, the Borrower will pay to the Agent the Balloon Amount for such Loan; and 

  

	 	(ii)	     

  

	 	(A)	other than in respect of any Loan attributable to an Aircraft that, on the Utilisation Date attributable to such Aircraft, is a Quarterly Rent Aircraft, the Borrower will repay such Loan in monthly instalments (or, as
the case may be, for the final such instalment to be paid on the Final Repayment Date and for the first instalment to be paid after the relevant Utilisation Date, a pro rata portion thereof) in arrears from the Utilisation Date for such Loan
until the Final Repayment Date. The amount of such instalments will be calculated on the basis that the Loan will amortise monthly on an annuity basis, based on an assumed rate equal to the Notional Rate, from the Utilisation Date to the relevant
Balloon Amount on the Final Repayment Date; and 

  

	 	(B)	in respect of the Loan attributable to any Aircraft that, on the Utilisation Date attributable to such Aircraft, is a Quarterly Rent Aircraft, the Borrower will repay the Loan in quarterly instalments (or, as the case
may be, for the final such instalment to be paid on the Final Repayment Date and for the first instalment to be paid after the relevant Utilisation Date, a pro rata portion thereof) in arrears from the Utilisation Date for such Loan until the
Final Repayment Date. The amount of such instalments will be calculated on the basis that the Loan will amortise quarterly on an annuity basis, based on an assumed rate equal to the Notional Rate, from the Utilisation Date to the relevant Balloon
Amount on the Final Repayment Date; and 

  

	 	(b)	procure that an execution version of such Loan Supplement is circulated to the Borrower and each of the Finance Parties one (1) Business Day prior to the Utilisation Date. 

  
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	 	5.7.2	The Agent and the Borrower will execute such Loan Supplement on or prior to the Utilisation Date and the Joint Lead Arrangers, each Lender and the Security Trustee hereby authorise the Agent to execute such Loan
Supplement on its behalf. 

  

	 	5.7.3	If any partial prepayment of a Loan is made pursuant to Clause 8 (Prepayment and Cancellation), the Agent shall in consultation with the Borrower prepare a revised repayment schedule calculated on the same basis
as the most recently prepared Repayment Schedule for such Loan but taking into account the relevant partial prepayment and its required manner of application pursuant hereto. The Agent will then promptly send a copy of such revised repayment
schedule to the Borrower and to each of the other Finance Parties and upon their receipt of the same, the then existing Repayment Schedule shall be treated as being null and void and the revised repayment schedule shall (in the absence of manifest
error) take effect as the Repayment Schedule from the date that the prepayment is made in accordance with Clause 8 (Prepayment and Cancellation) and all payments hereunder shall thenceforth be made in accordance therewith. 

 

	 	5.7.4	If pursuant to an Aircraft substitution in accordance with Clause 6 (Aircraft Substitution) the Portfolio Lease in respect of the Permitted Substitute Aircraft is a Floating Rate Lease and, in accordance with
sub-clause 6.1(h)(i), any Notional Swap in respect of any Fixed Rate Loan is deemed to be terminated, then the Agent shall in consultation with the Borrower prepare a revised repayment schedule in respect of such Loan on the same basis as the
Repayment Schedule prepared in respect of the Existing Aircraft but deleting the payments of “fixed interest” (as interest in respect of the Loan will thenceforth be calculated in accordance with the Floating Rate). The Agent will then
promptly send a copy of such revised repayment schedule to the Borrower and to each of the other Finance Parties and upon their receipt of the same, the then existing Repayment Schedule shall be treated as being null and void and the revised
repayment schedule shall (in the absence of manifest error) take effect as the Repayment Schedule from the Substitution Date and all payments hereunder shall thenceforth be made in accordance therewith. 

 

	 	5.7.5	 If pursuant to an Aircraft substitution in accordance with Clause 6 (Aircraft Substitution) the Portfolio Lease in respect of the Permitted
Substitute Aircraft is a Fixed Rate Lease and, in accordance with sub-clause 6.1(h)(ii) and Clause 9.3 (Establishment of Fixed Rate), the Borrower and the Agent have established a Fixed Interest Rate for the Loan attributable to the Existing
Aircraft, then the Agent shall in consultation with the Borrower prepare a revised repayment schedule in respect of such Loan on the same basis as the Repayment Schedule prepared in respect of the Existing Aircraft but including a column for
payments of “fixed interest” under such Loan, which such “fixed interest” amounts will be calculated using the Fixed Interest Rate established for such Loan in accordance with
 sub-clause 6.1(h)(ii) and Clause 9.3
(Establishment of Fixed Rate). The Agent will then promptly send a copy of such revised repayment schedule to the Borrower and to each of the other Finance Parties and upon their receipt of the same, the then existing Repayment Schedule shall
be treated as being null and void and the revised 

  
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repayment schedule shall (in the absence of manifest error) take effect as the Repayment Schedule from the Substitution Date and all payments hereunder shall thenceforth be made in accordance
therewith. 

  

	 	5.7.6	If pursuant to the entry into of a Replacement Lease in accordance with sub-clause 20.18.3 (Replacement Lease) the Replacement Lease is a Floating Rate Lease and, in
accordance with sub-clause 20.18.3(h)(i), any Notional Swap for the Loan attributable to the applicable Aircraft is deemed to be terminated then the Agent shall in consultation with the Borrower prepare a
revised repayment schedule in respect of such Loan, which shall be calculated on the same basis as the most recent Repayment Schedule for such Aircraft but deleting the payments of “fixed interest” (as interest in respect of the Loan will
thenceforth be calculated in accordance with the Floating Rate). The Agent will then promptly send a copy of such revised repayment schedule to the Borrower and to each of the other Finance Parties and upon their receipt of the same, the then
existing Repayment Schedule shall be treated as being null and void and the revised repayment schedule shall (in the absence of manifest error) take effect as the Repayment Schedule from the date that the leasing of the Aircraft under the
Replacement Lease commences and all payments hereunder shall thenceforth be made in accordance therewith. 

  

	 	5.7.7	If pursuant to the entry into of a Replacement Lease in accordance with sub-clause 20.18.3 (Replacement Lease) the Replacement Lease is a Fixed Rate Lease and, in
accordance with sub-clause 20.18.3(h)(ii) and Clause 9.3 (Establishment of Fixed Rate), the Borrower and the Agent have established a Fixed Interest Rate for the Loan attributable to the applicable
Aircraft, the Agent shall in consultation with the Borrower prepare a revised repayment schedule in respect of such Loan, which shall be calculated on the same basis as the most recent Repayment Schedule for such Aircraft but including a column for
payments of “fixed interest” under such Loan, which such “fixed interest” amounts will be calculated using the Fixed Interest Rate established for such Loan in accordance with sub-clause 20.18.3(h)(ii) and Clause 9.3
(Establishment of Fixed Rate). The Agent will then promptly send a copy of such revised repayment schedule to the Borrower and to each of the other Finance Parties and upon their receipt of the same, the then existing Repayment Schedule shall
be treated as being null and void and the revised repayment schedule shall (in the absence of manifest error) take effect as the Repayment Schedule from the date that the leasing of the Aircraft under the Replacement Lease commences and all payments
hereunder shall thenceforth be made in accordance therewith. 

  
 - 11 - 

	 	5.7.8	If, pursuant to an Aircraft substitution in accordance with Clause 6 (Aircraft Substitution), the Existing Aircraft in respect of such substitution is not a Quarterly Rent Aircraft and the Permitted Substitute
Aircraft in respect of such substitution is a Quarterly Rent Aircraft, then the Agent shall in consultation with the Borrower prepare a revised repayment schedule in respect of the Loan attributable to such Existing Aircraft on the same basis as the
most recent Repayment Schedule prepared in respect of the Existing Aircraft except that: 

  

	 	(a)	the Borrower will repay the Loan in quarterly, rather than monthly, instalments (or, as the case may be, for the final such instalment to be paid on the Final Repayment Date and for the first such instalment to be paid
on the First Quarterly Repayment Date, a pro rata portion thereof) in arrears from the Substitution Date until the Final Repayment Date and the amount of such instalments will be calculated on the basis that the Loan will amortise quarterly
on an annuity basis, based on an assumed rate equal to the Notional Rate, from the Substitution Date to the relevant Balloon Amount on the Final Repayment Date; and 

 

	 	(b)	if, in accordance with sub-clause 6.1(i) and Clause 9.3 (Establishment of Fixed Rate), the Borrower and the Agent have established a new Fixed Interest Rate for the Loan attributable to the Existing Aircraft, the
column for payments of “fixed interest” under such Loan will be amended to reflect the fact that (i) the Loan will be repaid in quarterly, not monthly, instalments, and (ii) such “fixed interest” amounts will be
calculated using the Fixed Interest Rate established for such Loan in accordance with sub-clause 6.1(i) and Clause 9.3 (Establishment of Fixed Rate), 

and the Agent will then promptly send a copy of such revised repayment schedule to the Borrower and to each of the other Finance Parties and
upon their receipt of the same, the then existing Repayment Schedule shall be treated as being null and void and the revised repayment schedule shall (in the absence of manifest error) take effect as the Repayment Schedule from the Substitution Date
and all payments hereunder shall thenceforth be made in accordance therewith; 
  

	 	5.7.9	If, pursuant to the commencement of the leasing of an Aircraft pursuant to a Replacement Lease in accordance with sub-clause 20.18.3 (Replacement Lease), the Aircraft
attributable to such Replacement Lease will become a Quarterly Rent Aircraft, then the Agent shall in consultation with the Borrower prepare a revised repayment schedule in respect of the Loan attributable to such Aircraft on the same basis as the
most recent Repayment Schedule prepared in respect of such Aircraft except that: 

  

	 	(a)	the Borrower will repay the Loan in quarterly, rather than monthly, instalments (or, as the case may be, for the final such instalment to be paid on the Final Repayment Date and for the first such instalment to be paid
on the First Quarterly Repayment Date, a pro rata portion thereof) in arrears from the date of the commencement of leasing of the Aircraft pursuant to the Replacement Lease until the Final Repayment Date and the amount of such instalments
will be calculated on the basis that the Loan will amortise quarterly on an annuity basis, based on an assumed rate equal to the Notional Rate, from the date of the commencement of leasing of the Aircraft pursuant to the Replacement Lease to the
relevant Balloon Amount on the Final Repayment Date; and 

  
 - 12 - 

	 	(b)	if, in accordance with sub-clause 20.18.3(i) and Clause 9.3 (Establishment of Fixed Rate), the Borrower and the Agent have established a new Fixed Interest Rate for the Loan attributable to such Aircraft,
the column for payments of “fixed interest” under such Loan will be amended to reflect the fact that (i) the Loan will be repaid in quarterly, not monthly, instalments, and (ii) such “fixed interest” amounts will be
calculated using the Fixed Interest Rate established for such Loan in accordance with sub-clause 20.18.3(i) and Clause 9.3 (Establishment of Fixed Rate), 

and the Agent will then promptly send a copy of such revised repayment schedule to the Borrower and to each of the other Finance Parties and
upon their receipt of the same, the then existing Repayment Schedule shall be treated as being null and void and the revised repayment schedule shall (in the absence of manifest error) take effect as the Repayment Schedule from the date that the
leasing of the Aircraft under the Replacement Lease commences and all payments hereunder shall thenceforth be made in accordance therewith. 
  

	 	5.7.10	If, pursuant to an Aircraft substitution in accordance with Clause 6 (Aircraft Substitution), the Existing Aircraft in respect of such substitution is a Quarterly Rent Aircraft and the Permitted Substitute
Aircraft in respect of such substitution is not a Quarterly Rent Aircraft, then the Agent shall in consultation with the Borrower prepare a revised repayment schedule in respect of the Loan attributable to such Existing Aircraft on the same basis as
the most recent Repayment Schedule prepared in respect of the Existing Aircraft except that: 

  

	 	(a)	the Borrower will repay the Loan in monthly, not quarterly, instalments (or, as the case may be, for the final such instalment to be paid on the Final Repayment Date and for the first such instalment to be paid on the
first Repayment Date under any Loan to fall thereafter, a pro rata portion thereof) in arrears from such Substitution Date until the Final Repayment Date and the amount of such instalments will be calculated on the basis that the Loan will
amortise monthly on an annuity basis, based on an assumed rate equal to the Notional Rate, from the Substitution Date to the relevant Balloon Amount on the Final Repayment Date; and 

 

	 	(b)	if, in accordance with sub-clause 6.1(i) and Clause 9.3 (Establishment of Fixed Rate), the Borrower and the Agent have established a new Fixed Interest Rate for the Loan attributable to the Existing Aircraft, the
column for payments of “fixed interest” under such Loan will be amended to reflect the fact that (i) the Loan will be repaid in monthly, not quarterly, instalments, and (ii) such “fixed interest” amounts will be
calculated using the Fixed Interest Rate established for such Loan in accordance with sub-clause 6.1(i) and Clause 9.3 (Establishment of Fixed Rate), 

and the Agent will then promptly send a copy of such revised repayment schedule to the Borrower and to each of the other Finance Parties and
upon their receipt of the same, the then existing Repayment Schedule shall be 

  
 - 13 - 

 
treated as being null and void and the revised repayment schedule shall (in the absence of manifest error) take effect as the Repayment Schedule from the Substitution Date and all payments
hereunder shall thenceforth be made in accordance therewith; 
  

	 	5.7.11	If, pursuant to the commencement of the leasing of an Aircraft pursuant to a Replacement Lease in accordance with sub-clause 20.18.3 (Replacement Lease), the Aircraft
attributable to such Replacement Lease will cease to be a Quarterly Rent Aircraft, then the Agent shall in consultation with the Borrower prepare a revised repayment schedule in respect of the Loan attributable to such Aircraft on the same basis as
the most recent Repayment Schedule prepared in respect of such Aircraft except that: 

  

	 	(a)	the Borrower will repay the Loan in monthly, rather than quarterly, instalments (or, as the case may be, for the final such instalment to be paid on the Final Repayment Date and for the first such instalment to be paid
on the first Repayment Date under any Loan to fall thereafter, a pro rata portion thereof) in arrears from the date of the commencement of leasing of the Aircraft pursuant to the Replacement Lease until the Final Repayment Date and the amount
of such instalments will be calculated on the basis that the Loan will amortise monthly on an annuity basis, based on an assumed rate equal to the Notional Rate, from the date of the commencement of leasing of the Aircraft pursuant to the
Replacement Lease to the relevant Balloon Amount on the Final Repayment Date; and 

  

	 	(b)	if, in accordance with sub-clause 20.18.3(i) and Clause 9.3 (Establishment of Fixed Rate), the Borrower and the Agent have established a new Fixed Interest Rate for the Loan attributable to such Aircraft, the
column for payments of “fixed interest” under such Loan will be amended to reflect the fact that (i) the Loan will be repaid in monthly, not quarterly, instalments, and (ii) such “fixed interest” amounts will be
calculated using the Fixed Interest Rate established for such Loan in accordance with sub-clause 20.18.3(i) and Clause 9.3 (Establishment of Fixed Rate), 

and the Agent will then promptly send a copy of such revised repayment schedule to the Borrower and to each of the other Finance Parties and
upon their receipt of the same, the then existing Repayment Schedule shall be treated as being null and void and the revised repayment schedule shall (in the absence of manifest error) take effect as the Repayment Schedule from the date that the
leasing of the Aircraft under the Replacement Lease commences and all payments hereunder shall thenceforth be made in accordance therewith; and 
  

	 	5.7.12	 If any Aircraft becomes subject to a Converted Fixed Rate Lease and, in accordance with Clauses 20.18.5 (Converted Fixed Rate Lease) and 9.3
(Establishment of Fixed Rate), the Borrower and the Agent have established a Fixed Interest Rate for the Loan attributable to such Aircraft, the Agent shall in consultation with the Borrower prepare a revised repayment schedule in respect of
such Loan, which shall be calculated on the same basis as the most 

  
 - 14 - 

	 	
recent Repayment Schedule for such Loan but including a column for payments of “fixed interest” under such Loan, which such “fixed interest” amounts will be calculated using
the Fixed Interest Rate established for such Loan in accordance with Clauses 20.18.5 (Converted Fixed Rate Lease) and 9.3 (Establishment of Fixed Rate). The Agent will then promptly send a copy of such revised repayment schedule to the
Borrower and to each of the other Finance Parties and upon their receipt of the same, the then existing Repayment Schedule shall be treated as being null and void and the revised repayment schedule shall (in the absence of manifest error) take
effect as the Repayment Schedule from the date that the “Basic Rent” (howsoever defined under such Converted Fixed Rate Lease) has been fixed thereunder. 

 

	5.8	Lenders’ participation 

  

	 	5.8.1	If the conditions set out in this Agreement have been met, each Lender shall make its participation in the Utilisation available on the Utilisation Date through its Facility Office. 

 

	 	5.8.2	The amount of each Lender’s participation in each Utilisation and each Loan will be equal to the proportion borne by the undrawn portion of its Commitment to the Available Facility immediately prior to the making
of the Utilisation for such Loan. 

  

	 	5.8.3	The Agent shall notify each Lender of the amount of the Utilisation and the amount of such Lender’s participation in the Utilisation, in each case by the Specified Time. 

 

	5.9	Cancellation of Commitment 

  

	 	5.9.1	Upon expiration of the Availability Period to the extent not drawn down or cancelled, the respective Commitments of the Lenders shall be reduced to zero. For the avoidance of doubt, no fee or penalty will be payable by
the Borrower in respect of such reduction. 

  

	 	5.9.2	Borrower shall further be entitled at any time after the date hereof, to cancel all or part of the Total Commitments without penalty or fee, by giving ten (10) Business Days’ notice of such cancellation to the
Agent. 

  

	6.	AIRCRAFT SUBSTITUTION 

  

	6.1	Conditions to Substitution 

 The Borrower has the right, from time to time, to substitute
any Aircraft (such Aircraft, an “Existing Aircraft”) with a Permitted Substitute Aircraft, provided that, subject to Clause 6.5 (Deferral of Conditions), the Agent is satisfied, acting reasonably that the following
conditions have been met: 
  

	 	(a)	the Agent has received such evidence as it may reasonably require to evidence that the proposed substitute aircraft is a Permitted Substitute Aircraft; 

  
 - 15 - 

	 	(b)	on the Substitution Date no Relevant Default has occurred and is continuing and the substitution would not result in the occurrence of a Relevant Default; 

 

	 	(c)	no Concentration Limit Event would result from the proposed substitution or, if a Concentration Limit Event is already continuing, such substitution would remedy or mitigate the severity of such Concentration Limit
Event; 

  

	 	(d)	if such Permitted Substitute Aircraft is to be subject to a Part II Airline Portfolio Lease (i) such Permitted Substitute Aircraft must be a Permitted Narrow-body Aircraft and (ii) no Part II Airline Event
would result from the proposed Utilisation or if a Part II Airline Event is continuing such Utilisation would remedy or mitigate the severity of such Part II Airline Event; 

 

	 	(e)	the total amount of the Secured Obligations, as a proportion of the aggregate appraised value of all of the Aircraft (each calculated on the same basis except, respectively, excluding due, payable and owing principal
and due, payable and owing interest in respect of the Existing Aircraft and excluding the Existing Aircraft) (the “LTV”) will be no higher immediately after completion of the substitution than the LTV immediately before completion
of the substitution (the “Substitution LTV Condition”), provided that the Borrower shall be entitled to prepay the Loan in respect of the Existing Aircraft in part (together with Break Costs and/or Swap Breakage Loss but no
Prepayment Fee will be payable in connection with such prepayment) in accordance with the provisions of Clause 8.2 (Voluntary prepayment of Loan)) in the amount necessary (and no more than such amount) in order to comply with the Substitution
LTV Condition. In order to calculate the LTV and in order to establish whether the Substitution LTV Condition is satisfied or not, the Borrower shall (reasonably in advance of the Substitution Date) obtain and make available to the Agent, ASCEND
Valuations in respect of all the Aircraft in respect of which Secured Obligations remain outstanding and the proposed Permitted Substitute Aircraft calculated no earlier than the date falling thirty (30) days prior to the Substitution Date (and
the ASCEND Valuation Letter shall not be dated earlier than such date); 

  

	 	(f)	if a substitution of an Existing Aircraft takes place within thirty six (36) months of the Utilisation Date of the Loan attributable to such Existing Aircraft, the Borrower shall provide to the Agent a certificate,
substantially in the form set out in Schedule 16 (Form of [Substitution/Final Disposition] Certificate) and signed by an officer of the Borrower, certifying the matters set out therein; 

 

	 	(g)	the Agent will be satisfied that on each remaining Repayment Date following the Substitution Date, the aggregate of: 

  

	 	(i)	 each amount of “Basic Rent” (howsoever defined) due and payable to the Lessors pursuant to the Portfolio Leases, in each

  
 - 16 - 

	 	
case during the Interest Period for the Loan attributable to each such Portfolio Lease which immediately precedes such Repayment Date; and 

 

	 	(ii)	the scheduled payments due and payable to the Borrower pursuant to the Hedging Agreements required to be entered into pursuant to, and complying with, the Hedging Principles, in each case during the Interest Period for
the Loan attributable to each such Hedging Agreement which immediately precedes such Repayment Date; 

 will be equal to or
greater than: 
  

	 	(iii)	105% of the aggregate scheduled payments of principal and interest due and payable under this Agreement on such Repayment Date pursuant to the Repayment Schedules for all of the Loans, 

provided that for the purposes of this calculation: 
  

	 	(A)	if the date of any such Repayment Date is the first Repayment Date or the Final Repayment Date in respect of a Loan, then such Loan, any Hedging Agreements entered into in respect of such Loan and the Portfolio Lease
for the Aircraft attributable to such Loan, together with any amounts payable thereunder, will be disregarded; 

  

	 	(B)	if the date of any such Repayment Date is not also a Repayment Date under the Loan attributable to a Quarterly Rent Aircraft, then such Loan, any Hedging Agreements entered into in respect of such Loan and the Portfolio
Lease attributable to such Quarterly Rent Aircraft, together with any amounts payable thereunder, will be disregarded; and 

  

	 	(C)	the Fixed Rate and the Floating Rate as well as the fixed and floating rate of interest applicable to the calculation of “Basic Rent” pursuant to each Portfolio Lease shall be the applicable Notional Rate.

 In the event that the Borrower is not able to satisfy this condition, the Borrower shall be entitled to exercise its rights
in accordance with Clause 8.7 (Scheduled Debt to Basic Rent Test Ratios). 
  

	 	(h)	if the Portfolio Lease relating to the Existing Aircraft is: 

  

	 	(i)	a Fixed Rate Lease and the Portfolio Lease in respect of the proposed Permitted Substitute Aircraft is a Floating Rate Lease, any Notional Swap in respect of a Fixed Rate Loan attributable to such Fixed Rate Lease will
be deemed to be terminated in whole on the Substitution Date, the Borrower has paid to the Lenders any Swap Breakage Loss payable pursuant to sub-clause 16.4.4 in respect of such deemed termination; and

  
 - 17 - 

	 	(ii)	a Floating Rate Lease and the Portfolio Lease in respect of the proposed Permitted Substitute Aircraft is a Fixed Rate Lease, then either 

 

	 	(A)	the Borrower and the Agent will have established the Fixed Rate for the Loan attributable to such Existing Aircraft in accordance with Clause 9.3 (Establishment of Fixed Rate); or 

 

	 	(B)	if the Borrower did not accept the quote and the “fixed rate” in accordance with Clause 9.3.2, the Borrower will have complied with the Hedging Principles; 

 

	 	(i)	if: 

  

	 	(i)	immediately prior to the Substitution Date, the Existing Aircraft was a Quarterly Rent Aircraft, and immediately after the Substitution Date, the Permitted Substitute Aircraft will not be a Quarterly Rent Aircraft; or

  

	 	(ii)	immediately prior to the Substitution Date, the Existing Aircraft was not a Quarterly Rent Aircraft, and immediately after the Substitution Date, the Permitted Substitute Aircraft will be a Quarterly Rent Aircraft,

 then if the Portfolio Lease attributable to the Existing Aircraft and the Portfolio Lease attributable to the Permitted
Substitute Aircraft are each, as at the Substitution Date, Fixed Rate Leases, then any Notional Swap in respect of the Loan attributable to such Existing Aircraft will be deemed to be terminated in whole on the Substitution Date, the Borrower will
have paid to the Lenders any Swap Breakage Loss payable pursuant to sub-clause 16.4.4 in respect of such deemed termination, and either: 

 

	 	(x)	the Borrower and the Agent will have established the new Fixed Rate for the Loan attributable to such Existing Aircraft in accordance with Clause 9.3 (Establishment of Fixed Rate); or 

 

	 	(xx)	if the Borrower did not accept the quote and the “fixed rate” in accordance with Clause 9.3.2, the Borrower will have complied with the Hedging Principles; and 

 

	 	(j)	All “know your customer” information requested by the Agent on behalf of any Finance Party (which such Finance Party actually requires in connection with, or as a result of, the proposed substitution) has been
provided to the satisfaction of such Finance Party (unless otherwise agreed in writing by such Finance Party); 

  
 - 18 - 

	 	(k)	the Agent has not received advice contrary to the fact that the Permitted Substitute Aircraft is not subject to any existing financing arrangement save for those contemplated by the Transaction Documents;

  

	 	(l)	the Agent will have received payment from the Borrower for the account of the Lenders of the substitution fee of $15,000, which such fee the Agent will distribute between the Lenders on the Substitution Date on a
pro-rata basis based on the Lenders’ Commitments as at the Substitution Date; and 

  

	 	(m)	the documents and evidence referred to in Part A of Schedule 6 (Aircraft Substitution and Replacement Lease Documents) have been provided by the relevant Obligors on or before the Substitution Date.

  

	6.2	Notice of Substitution 

 If the Borrower wishes to exercise its right pursuant to Clause
6.1 (Conditions to Substitution) it shall notify the Agent in writing of the proposed substitution (a “Substitution Notice”), which such notice shall specify: 

 

	 	6.2.1	the details of the proposed Existing Aircraft; 

  

	 	6.2.2	the proposed date of such substitution, which shall be a date that is not earlier than fifteen (15) Business Days after the date of service of such notice (or such other date as the Agent (acting on the
instructions of all of the Lenders) may agree to); and 

  

	 	6.2.3	if, in accordance with Clause 6.5 (Deferral of Conditions), the Borrower has elected to defer satisfaction of any of the conditions in Clause 6.1 (Conditions to Substitution): 

 

	 	(a)	the proposed Existing Aircraft Collateral Release Date; and 

  

	 	(b)	the details of any cash collateral and/or other collateral arrangements proposed by the Borrower in order to comply with sub-clause 6.5.1. 

 

	6.3	Following service of a Substitution Notice, the Borrower and the Agent shall consult together, acting in good faith and promptly, to coordinate the logistics and details of the substitution arrangements, including, if
applicable, with respect to collateral arrangements in the event the Borrower exercises its right pursuant to Clause 6.5 (Deferral of Conditions). 

  

	6.4	If (i) all of the conditions to substitution listed in Clause 6.1 (Conditions to Substitution) are satisfied, and (ii) no Relevant Default has occurred and is continuing, the proposed substitution will
occur on the proposed substitution date specified in the Substitution Notice, or on such other date as agreed between the Borrower and the Agent, whereupon: 

  

	 	6.4.1	the Security Trustee shall (on the instructions of the Agent and at the cost of the Borrower) release, discharge, return to the Borrower and terminate, as applicable, the Aircraft Specific Collateral in place in respect
of the Loan in respect of the Existing Aircraft; 

  
 - 19 - 

	 	6.4.2	the Existing Aircraft will cease to be an “Aircraft” as defined in this Agreement and the proposed Permitted Substitute Aircraft will be deemed to be an “Aircraft” for the purposes of this Agreement,
and such date shall be the “Substitution Date” in respect of such Permitted Substitute Aircraft for the purposes of the Transaction Documents; and 

  

	 	6.4.3	for the avoidance of doubt, the Loan relating to the Existing Aircraft will not be prepaid other than in accordance with sub-clauses 6.1(e) and/or 6.1(g) and/or 6.1(i) and the amortisation profile and other terms and
conditions under this Agreement relating to such Existing Aircraft (including the obligation of the Borrower to pay principal and interest hereunder) shall remain in place and apply mutatis mutandis to the Aircraft. 

 

	6.5	Deferral of Conditions 

  

	 	6.5.1	In the event the Borrower wishes to substitute an Existing Aircraft, but at such time does not wish to identify a proposed Permitted Substitute Aircraft or if the conditions precedent to substitution of such Aircraft
will not be satisfied prior to the proposed Existing Aircraft Collateral Release Date, the Borrower may elect in any Substitution Notice to defer satisfaction of any of the conditions to substitution listed in Clause 6.1 (Conditions to
Substitution) until such later date as further notified by the Borrower, but in any event prior to the Substitution Longstop Date, on the condition that on the Existing Aircraft Collateral Release Date, the Borrower has provided cash collateral
(in a pledged account with the Account Bank) and/or such other collateral on terms satisfactory to the Agent and which will be in an amount equal to the aggregate of: 

 

	 	(a)	the Loan outstanding in respect of the Existing Aircraft as of the Existing Aircraft Collateral Release Date; 

  

	 	(b)	if the Portfolio Lease in respect of the Existing Aircraft is a Fixed Rate Lease, the aggregate of: 

  

	 	(i)	the Swap MTM for the Notional Swap relating to such Loan, calculated as of the Existing Aircraft Collateral Release Date; and 

  

	 	(ii)	$500,000, or if such Swap MTM is equal to or in excess of $2,500,000, such greater amount as the Agent determines, acting on the instructions of the Lenders (acting reasonably and which calculation shall reflect market
conditions); 

  
 - 20 - 

 It being agreed that, the Agent may, at monthly intervals of the date of the Existing
Aircraft Collateral Release Date, if required by a Lender which has been deemed to have entered into the Notional Swap in respect of the relevant Loan, demand, and the Borrower shall provide within five (5) Business Days of such demand, an
increase in the amount of collateral provided by the Borrower and calculated pursuant to sub-clause 6.5.1(b). Such additional amount shall be equal to the aggregate of: 

 

	 	(A)	the amount by which the Swap MTM, calculated on the date of such monthly interval, exceeds the aggregate of the amount calculated in accordance with sub-clause 6.5.1(b)(i) and
each other additional amount which has been previously provided in accordance with this sub-clause (A); and 

  

	 	(B)	any adjustment required to be made to the amount referred to in sub-clause 6.5.1(b)(ii) as a result of such change in the value of the Swap MTM, as determined by the Agent (acting
reasonably), 

 provided that (i) a demand may only be made if the additional amount calculated pursuant to
sub-clauses 6.5.1(b)(ii)(A) and 6.5.1(b)(ii)(B) is equal to or greater than US$10,000, and (ii) if a market event occurs and any Lender which has been deemed to have entered into the Notional Swap in respect of the relevant Loan considers it to
be necessary, acting reasonably, in order to ensure that the Swap MTM remains fully collateralised, the Agent may, if required by any such Lender, make such a demand more frequently than once per month, 

 

	 	(c)	and for the avoidance of doubt, all amounts provided by the Borrower pursuant to this sub-clause 6.5.1 shall be “Collateral” for the purposes of the Transaction
Documents. 

 The Agent will, at the written request of the Borrower (subject to a maximum of one request in any one month
period), implement a downward adjustment in the Collateral provided pursuant to this sub-clause 6.5.1 if the methodology referred to above results in a lesser amount of Collateral being required and/or if the market event referred to above is no
longer subsisting, subject to the requirement that Collateral with a value of an amount equal to US$500,000 shall always be required to be provided as a minimum. 
  

	 	6.5.2	On provision of the Collateral in accordance with sub-clause 6.5.1, the Security Trustee (on the instructions of the Agent) shall: 

 

	 	(a)	(at the cost of the Borrower) release, discharge, return to the Borrower and terminate, as applicable the Aircraft Specific Collateral in respect of the Existing Aircraft (the date of such release being the
“Existing Aircraft Collateral Release Date”); and 

  

	 	(b)	the Existing Aircraft will cease to be an “Aircraft” as defined in this Agreement, 

  
 - 21 - 

 and the Borrower shall, subject to sub-clause 6.5.3,
procure that the Existing Aircraft is substituted with a Permitted Substitute Aircraft and the provisions of Clause 6.1 (Conditions to Substitution) are satisfied in respect of such substitution on or prior to the Substitution Longstop Date.
The date upon which such provisions are satisfied shall be the “Substitution Date” in respect of such Permitted Substitute Aircraft for the purposes of the Transaction Documents and such Permitted Substitute Aircraft will become an
“Aircraft” for the purposes of the Transaction Documents and the Agent will release the Collateral provided by the Borrower pursuant to sub-clause 6.5.1 in respect of the relevant Loan (at the cost
of the Borrower). 
  

	 	6.5.3	At any time after the Existing Aircraft Collateral Release Date the Borrower may direct that the Collateral provided under sub-clause 6.5.1 is applied to repay the Loan
outstanding in respect of the Existing Aircraft in connection with any prepayment of the Loan in accordance with sub-clause 8.2.1(a). In such an event, the Collateral will be applied in accordance with clause
8 (Application of Proceeds) of the Proceeds Deed. 

  

	6.6	The Borrower will pay all out-of-pocket costs, fees and expenses (including reasonable or in case of the Security Trustee, properly
incurred legal fees) incurred by the Finance Parties in connection with the implementation of any substitution or collateral arrangements as contemplated by this Clause 6. 

 

	7.	REPAYMENT 

  

	7.1	Repayment of Loan 

 Subject to the other provisions of this Agreement, the Borrower shall
repay each Loan in arrears on each Repayment Date attributable to such Loan in accordance with the relevant Repayment Schedule for such Loan and the outstanding balance of each Loan shall be repaid in full on the Final Repayment Date for such Loan.

  

	7.2	No re-borrowing 

 The Borrower may not reborrow
any part of any Loan which has been repaid: 
  

	8.	PREPAYMENT AND CANCELLATION 

  

	8.1	Illegality 

 If it is or, as a consequence of a Change in Law, it becomes or will become
unlawful for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain all or part of its Commitment or all or part of its participation in any Loan: 

 

	 	8.1.1	that Lender shall promptly notify the Agent upon becoming aware of that circumstance; 

  

	 	8.1.2	upon the Agent notifying the Borrower of the same, the Agent and the Borrower will consult with each other and with that Lender in accordance with clause 13 (Mitigation) of the Proceeds Deed for a period not
exceeding sixty (60) days for the purposes of agreeing a means of avoiding or mitigating the consequences of that Change in Law; and 

  
 - 22 - 

	 	8.1.3	if the Agent, Borrower and Lender are not able to agree upon a means of avoiding or mitigating the consequences of that Change in Law: 

 

	 	(a)	if that Lender has not yet funded its participation in the Loan, upon the expiry of the sixty (60) day period specified in sub-clause 8.1.2, the Commitment of that Lender
will be immediately cancelled; and 

  

	 	(b)	if that Lender has already funded its participation in the Loan, that Lender’s participation in the Loan shall become immediately due and payable by the Borrower on the earlier of: 

 

	 	(i)	the latest date on which that Lender may lawfully and practically maintain its participation in the Loan; and 

  

	 	(ii)	the date agreed by the Agent, the Borrower and that Lender which falls before the date referred to in paragraph (a) above which would enable the Borrower to minimise the amounts that it is required to pay under
Clause 16.5 (Break Costs/Break Gains). 

  

	8.2	Voluntary prepayment of Loan 

  

	 	8.2.1	If the Borrower gives the Agent not less than ten (10) Business Days’ prior written notice (a “Prepayment Notice”) or such other period as may be agreed in writing by the Agent and the
Borrower, the Borrower may voluntarily: 

  

	 	(a)	prepay in full all of the Loans, or any individual Loan, which is/are outstanding on the Business Day specified in such notice; and/or 

 

	 	(b)	prepay in part the Loans which are outstanding on the Business Day specified in such notice, 

provided that: 
  

	 	(aa)	in the case of any prepayments made pursuant to sub-clause 8.2.1(b), other than in the case of a prepayment pursuant to sub-clause 6.1(e) and/or or Clause 8.7 (Scheduled Debt
to Basic Rent Test Ratios), the aggregate amount of the prepayments to be made pursuant to any Prepayment Notice must be no less than five million dollars ($5,000,000); 

 

	 	(bb)	in the case of any prepayment made pursuant to sub-clause 6.1(e) or Clause 8.7 (Scheduled Debt to Basic Rent Test Ratios), the amount of such prepayment shall be applied to reduce the amount outstanding under the
affected or agreed Loan (or Loans) (as applicable); 

  

	 	(cc)	 other than in the case of a prepayment permitted pursuant to sub-clause 6.1(e) or Clause 8.7 (Scheduled Debt to Basic Rent Test Ratios) , any
voluntary partial prepayment shall be applied equally across all 

  
 - 23 - 

	 	
outstanding Loans (and in the event that the portion allocated in respect of a Loan is greater than the amount outstanding under such Loan, such Loan will be prepaid in full and the excess of the
prepayment allocated in respect of such Loan will be split equally across the remaining Loans); 

  

	 	(dd)	any partial prepayment of a Loan under this Clause 8.2 will satisfy the obligations of the Borrower under Clause 7.1 (Repayment of Loan) in inverse chronological order; 

 

	 	(ee)	in the case of any prepayment in full of a Loan, no Concentration Limit Event would result from the proposed prepayment or, if a Concentration Limit Event is continuing at the time of the prepayment, such prepayment
would remedy or mitigate the severity of such Concentration Limit Event; and 

  

	 	(ff)	if the Borrower effects a prepayment and as a result four (4) or fewer Loans remain outstanding, the Borrower shall be required to make a further prepayment on the relevant prepayment date, in an amount equal to
fifteen per cent. (15%) of the Loan(s) prepaid in full. Such additional prepayment will be applied across all the remaining outstanding Loans equally in accordance with paragraph (bb) above. 

 

	 	8.2.2	The prepayment date specified in a Prepayment Notice shall be a Business Day and, if such prepayment is (i) being made pursuant to sub-clause 6.1(e) and/or in connection with 6.1(g) (in accordance with Clause 8.7
(Scheduled Debt to Basic Rent Test Ratios), the relevant Substitution Date, (ii) being made in connection with to sub-clause 8.6.3 (in accordance with Clause 8.7 (Scheduled Debt to Basic Rent Test Ratios)), the date of the
original prepayment contemplated in sub-clause 8.6.3 or (iii) being made in connection with sub-clause 20.18.3(f) or 20.18.1 (in accordance with clause 8.7 (Scheduled Debt to Basic Rent Test
Ratios), the date on which the leasing of the Aircraft under the relevant Replacement Lease commences. 

  

	 	8.2.3	If a prepayment of all or part of any Loan in accordance with sub-clauses 8.2.1, 8.5.2(a), 8.5.2(d), 8.5.2(e), 8.5.2(f), 8.5.2(g) or 8.5.2(h) is made, the Borrower shall pay to
the Agent (for the account of the Lenders) on the date of such prepayment a prepayment fee (the “Prepayment Fee”) equal to: 

  

	 	(a)	one per cent. (1%) of the aggregate amount prepaid if the prepayment date is on or before the second anniversary of the Utilisation Date in respect of the Loan(s) to be prepaid (in whole or in part); and

  

	 	(b)	zero per cent. (0%) if the prepayment date is after the second anniversary of the Utilisation Date in respect of the Loan(s) prepaid (in whole or in part). 

  
 - 24 - 

	8.3	Right of repayment in relation to a single Lender 

  

	 	8.3.1	If: 

  

	 	(a)	any sum payable to any Lender by the Borrower is required to be increased under sub-clause 13.1.3; or 

 

	 	(b)	any Lender claims indemnification from the Borrower under (i) Clause 13.2 (Tax indemnity) or (ii) Clause 15.1 (Increased Costs); 

 

	 	(c)	any FATCA Protected Lender notifies the Agent of a FATCA Event pursuant to Clause 8.4 (Mandatory repayment and cancellation of FATCA Protected Lenders); or 

 

	 	(d)	the Borrower is unable to comply with the requirements of any Lender with regard to “know your customer” or similar identification procedures, in accordance with any of Clauses 6.1(i), 19.7 or 20.18.3(g),

 without prejudice to clause 13 (Mitigation) of the Proceeds Deed, the Borrower may, whilst the circumstance giving
rise to the relevant requirement or indemnification or FATCA Event continues, give the Agent at least five (5) Business Days’ notice (or such shorter period as such Lender, acting reasonably, may agree) (which notice shall be irrevocable once
given) of the Borrower’s intention to procure the repayment of that Lender’s participation in the Loans. 
  

	 	8.3.2	On the date for prepayment specified in the Borrower’s notice under sub-clause 8.3.1, the Borrower shall, without penalty or payment of any fee (except for any Break Costs
and/or any Swap Breakage Loss), repay (or procure the repayment of) that Lender’s participation in the Loans. 

  

	8.4	Mandatory repayment and cancellation of FATCA Protected Lenders 

 If on the date falling
six months before the earliest FATCA Application Date for any payment by a Party to a FATCA Protected Lender (or to the Agent for the account of that Lender), that Lender is not a FATCA Exempt Party and, in the opinion of that Lender (acting
reasonably), that Party will, as a consequence, be required to make a FATCA Deduction from a payment to that Lender (or to the Agent for the account of that Lender) on or after that FATCA Application Date (a “FATCA Event”): 

 

	 	8.4.1	that Lender shall, reasonably promptly after that date, notify the Agent of that FATCA Event and the relevant FATCA Application Date; 

 

	 	8.4.2	if, on the date falling one month before such FATCA Application Date, that FATCA Event is continuing and that Lender has not been repaid or replaced pursuant to Clause 8.3 (Right of repayment in relation to a single
Lender): 

  

	 	(a)	that Lender may, at any time between one month and two weeks before such FATCA Application Date, notify the Agent; 

  

	 	(b)	upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled; and 

  

	 	(c)	the Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the Agent has notified the Borrower or, if earlier, the
last Business Day before the relevant FATCA Application Date. 

  
 - 25 - 

	8.5	Acceleration Events 

  

	 	8.5.1	An Acceleration Event shall occur if: 

  

	 	(a)	the Aircraft to which such Loan relates is the subject of a Final Disposition; 

  

	 	(b)	an Aircraft is the subject of a Total Loss; 

  

	 	(c)	(subject to clause 13 (Mitigation) of the Proceeds Deed) it is or becomes (or will become) unlawful for any Obligor to perform or observe any of its material obligations under any of the provisions of the
Transaction Documents to which it is a party, or any material obligation of any Obligor thereunder ceases to be legally valid and binding and the same has not been remedied or alternative arrangements satisfactory to the Agent (acting reasonably)
put in place within sixty (60) days of the Agent notifying the Borrower of such event; 

  

	 	(d)	(subject to clause 13 (Mitigation) of the Proceeds Deed) any of the Security Documents shall cease to constitute an enforceable first priority Security Interest (compared to the status and enforceability of such
Security Document when originally entered into) over the monies and assets expressed to be assigned, mortgaged, charged, pledged or over which security is otherwise created or expressed to be created thereby, in each case free and clear of any other
Security Interest other than Permitted Security Interests (each of the foregoing, a “Collateral Defect”); 

  

	 	(e)	an Aircraft remains Off-Lease for a period exceeding the Maximum Off-Lease Period; or 

 

	 	(f)	the Borrower issues an Affected Lease Election Notice pursuant to sub-clause 20.18.2 (Material Lease Event of Default) in respect of an Aircraft; or 

 

	 	(g)	the Portfolio Lease in respect of an Aircraft is deemed to be an Affected Lease and the Borrower, in the reasonable opinion of the Agent, fails to take such action to terminate such Affected Lease as it is required to
take in accordance with sub-clause 20.18.2 (Material Lease Event of Default); or 

  

	 	(h)	any condition subsequent specified in Clause 4.4 (Conditions Subsequent) or any condition precedent which has been waived or deferred in the sole discretion of and on terms satisfactory to the Agent (acting on
the instructions of all the Lenders, in their sole discretion) is not satisfied within the time limit specified therefor; or 

  
 - 26 - 

	 	(i)	a Hedging Agreement Termination Event occurs and the Borrower fails to enter into a replacement Hedging Agreement that complies with the Hedging Principles, within forty five (45) days thereafter.

  

	 	8.5.2	Subject to sub-clause 8.5.3, at any time following the occurrence of an Acceleration Event: 

  

	 	(a)	in the case of the Acceleration Event described in sub-clause 8.5.1(a), on the date on which the Final Disposition occurs, without the need for any notice to the Borrower, an
amount equal to the Loan attributable to the Aircraft which is the subject of the Final Disposition will become immediately due and payable by the Borrower; 

  

	 	(b)	in the case of the Acceleration Event described in sub-clause 8.5.1(b), on the Total Loss Payment Date without the need for any notice to the Borrower, an amount equal to the Loan
attributable to the Aircraft which is subject to such Total Loss shall become immediately due and payable by the Borrower; 

  

	 	(c)	in the case of the Acceleration Event described in sub-clause 8.5.1(c) or sub-clause 8.5.1(d) the Agent may by giving not less than seven
(7) Business Days’ prior written notice to the Borrower, declare that all of the Loans or if the Agent determines that the relevant event affects less than all of the Aircraft, the relevant affected Loan(s), shall become immediately due
and payable by the Borrower on the earliest of: 

  

	 	(i)	the date immediately prior to the date on which the relevant illegality or Collateral Defect will take effect; and 

  

	 	(ii)	the date agreed by the Agent, the Borrower and the Majority Lenders which falls before the date referred to in (i) above which would enable the Borrower to minimise the amounts that they are required to pay under
Clause 16.5 (Break Costs/Break Gains); 

  

	 	(d)	in the case of the Acceleration Event described in sub-clause 8.5.1(e) the Agent may by giving not less than five (5) Business Days’ prior written notice to the Borrower
declare that the Loan attributable to the Aircraft which has been Off-Lease for a period greater than Maximum Off-Lease Period, shall become immediately due and payable by the Borrower; 

 

	 	(e)	in the case of the Acceleration Event described in sub-clause 8.5.1(f) the Agent may upon giving not less than fifteen (15) Business Days’ prior written notice to the
Borrower after the date of such Affected Lease Election Notice, declare an amount equal to the Loan attributable to the Aircraft specified in the Affected Lease Election Notice shall become immediately due and payable by the Borrower;

  

	 	(f)	 in the case of the Acceleration Event described in sub-clause 8.5.1(g) the Agent may by giving not less than
fifteen (15) Business Days’ prior 

  
 - 27 - 

	 	
written notice to the Borrower, declare that an amount equal to the Loan attributable to the affected Aircraft shall become immediately due and payable by the Borrower; 

 

	 	(g)	in the case of the Acceleration Event described in sub-clause 8.5.1(h) the Agent may by giving not less than five (5) Business Days’ prior written notice to the
Borrower, declare that all of the Loans, or if the Agent determines that the relevant event affects less than all of the Aircraft, the relevant affected Loan(s), shall become immediately due and payable by the Borrower on such day as the Agent shall
specify by notice in writing to the Borrower; 

  

	 	(h)	in the case of the Acceleration Event described in sub-clause 8.5.1(i), the Agent may by giving not less than five (5) Business Days’ prior written notice to the
Borrower, declare that the Hedging Loan which the Hedging Agreement Termination Event relates to shall become immediately due and payable by the Borrower, 

whereupon, subject to sub-clause 8.5.3, the relevant Loan or Loans, as applicable, and all other
amounts then due and payable to the Finance Parties under this Agreement and all other Transaction Documents (including any applicable Prepayment Fee payable pursuant to sub-clause 8.2.3) shall become due and
payable. 
  

	 	8.5.3	If an Acceleration Event occurs, then notwithstanding the terms of sub-clause 8.5.2, in circumstances where the Acceleration Event relates to one or more (but not all) of the
Aircraft, the Borrower will have the right to provide a substitute aircraft in place of any Aircraft which an Acceleration Event is attributable to and the Borrower will not be required to prepay the Loan relating to such Aircraft, provided
that any such substitution is completed in accordance with, and subject to the conditions set out in Clause 6 (Aircraft Substitution), and provided that in addition: 

 

	 	(a)	the Substitution Notice relating to such substitution must be received by the Agent no later than: 

  

	 	(i)	in the case of a prepayment required pursuant to sub-clauses 8.5.2(a), 8.5.2(b) or 8.5.2(d), fifteen (15) Business Days before the relevant prepayment date provided for such
Acceleration Event in sub-clause 8.5.2; and 

  

	 	(ii)	otherwise, within five (5) Business Days after the Agent gives notice to the Borrower in accordance with sub-clause 8.5.2 declaring that the relevant Loan will become
immediately due and payable, 

 (in each case, the “Required Prepayment Date”); 

 

	 	(b)	 the Substitution Date or, if applicable, the Existing Aircraft Collateral Release Date must take place on or before the Required Prepayment Date,
otherwise, an amount equal to (i) the Loan(s) attributable to the 

  
 - 28 - 

	 	
relevant Aircraft, (ii) any applicable Prepayment Fee payable pursuant to sub-clause 8.2.3, and (iii) all other amounts then due and payable to
the Finance Parties under this Agreement and all other Transaction Documents, will become immediately due and payable by the Borrower on the Required Prepayment Date, without the requirement for further notice to the Borrower. 

 

	8.6	General Conditions of Prepayment and Cancellation 

  

	 	8.6.1	Any notice of prepayment given by any Party under this Clause 8 shall be revocable until the date falling two (2) Business Days prior to the date of prepayment specified in such Prepayment Notice, any notice of
cancellation will be irrevocable from the date of such notice, and unless a contrary indication appears in this Agreement, each such notice shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the
amount of that cancellation or prepayment. 

  

	 	8.6.2	Any prepayment under this Agreement shall be made together with: 

  

	 	(a)	accrued interest on the amount prepaid and any Break Costs and/or Swap Breakage Loss in accordance with Clause 16.4 (Swap Breakage Loss/Gains) and Clause 16.5 (Break Costs/Break Gains); and

  

	 	(b)	all other amounts then due and payable to the Finance Parties under this Agreement and all other Transaction Documents, 

and, other than the Prepayment Fee payable in connection with a prepayment in accordance with
sub-clause 8.2.3 without premium or penalty. 
  

	 	8.6.3	Prior, and as a condition, to any prepayment being made under this Agreement, the Agent will be satisfied that on each remaining Repayment Date following such prepayment, the aggregate of: 

 

	 	(a)	each amount of “Basic Rent” (howsoever defined) due and payable to the Lessors pursuant to the Portfolio Leases, in each case during the Interest Period for the Loan attributable to each such Portfolio
Lease which immediately precedes such Repayment Date; and 

  

	 	(b)	the scheduled payments due and payable to the Borrower pursuant to the Hedging Agreements required to be entered into pursuant to, and complying with, the Hedging Principles, in each case during the Interest Period for
the Loan attributable to each such Hedging Agreement which immediately precedes such Repayment Date, 

 will be equal to or
greater than: 
  

	 	(c)	105% of the aggregate scheduled payments of principal and interest due and payable under this Agreement on such Repayment Date pursuant to the Repayment Schedules for all of the Loans, 

  
 - 29 - 

 provided that for the purposes of this calculation: 

 

	 	(i)	if the date of any such Repayment Date is the first Repayment Date or the Final Repayment Date in respect of a Loan, then such Loan, any Hedging Agreements entered into in respect of such Loan and the Portfolio Lease
for the Aircraft attributable to such Loan, together with any amounts payable thereunder, will be disregarded; and 

  

	 	(ii)	if the date of any such Repayment Date is not also a Repayment Date under the Loan attributable to a Quarterly Rent Aircraft, then such Loan, any Hedging Agreements entered into in respect of such Loan and the Portfolio
Lease for such Quarterly Rent Aircraft, together with any amounts payable thereunder, will be disregarded; and 

  

	 	(iii)	the Fixed Rate and the Floating Rate as well as the fixed and floating rate of interest applicable to the calculation of “Basic Rent” pursuant to each Portfolio Lease shall be the applicable Notional Rate.

 In the event that the Borrower is not able to satisfy this condition, the Borrower shall be entitled to exercise its rights
in accordance with Clause 8.7 (Scheduled Debt to Basic Rent Test Ratios). 
  

	 	8.6.4	The Borrower may not reborrow any part of the Loan which is prepaid. 

  

	 	8.6.5	No amount of the Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	 	8.6.6	The Borrower may not repay or prepay any or all of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 

 

	 	8.6.7	If the Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to either the Borrower or the affected Lender, as appropriate. 

 

	8.7	Scheduled Debt to Basic Rent Test Ratios 

  

	 	8.7.1	In the event that the Borrower is required to comply with the condition with respect to the ratio of scheduled debt payments to “Basic Rent” pursuant to Clause 4.2 (Utilisation Request Condition
Precedent), or Clause 6.1(g), 8.6.3, 20.18.3(f), or 20.18.1 and such test is not satisfied, the Borrower may elect, by written notice to the Agent, any of the following options or combination thereof in order to remedy such non-satisfaction and
comply with such condition at the relevant time: 

  

	 	(a)	in the case where such condition is to be satisfied pursuant to Clause 4.2 (Utilisation Request Condition Precedent), by reducing the amount of the requested Utilisation pursuant to the applicable Utilisation
Request; 

  
 - 30 - 

	 	(b)	by effecting a partial prepayment of the Loan: 

  

	 	(i)	which relates to the Existing Aircraft in the case of Clause 6.1(g); 

  

	 	(ii)	which relates to the Aircraft to be released pursuant to a Replacement Lease in the case of Clause 20.18.3(f); or 

  

	 	(iii)	which relates to the Aircraft attributable to the Portfolio Lease that is to be amended in accordance with Clause 20.18.1, 

in accordance with the provisions Clause 8.2 (Voluntary Prepayment of Loan) in a sufficient amount in order to comply with the relevant
condition; and/or 
  

	 	(c)	by effecting a prepayment of a Loan (or Loans) to be agreed between the Agent and the Borrower in the case of Clause 4.2 (Utilisation Request Condition Precedent) or sub-clause 8.6.3 in accordance with the
provisions of Clause 8.2 (Voluntary Prepayment of Loan) in a sufficient amount in order to comply with the relevant condition. 

  

	9.	INTEREST 

  

	9.1	Calculation of Interest 

 Subject to Clauses 9.2 (Fixed Rate Loans) to 9.3
(Establishment of Fixed Rate), the rate of interest applicable to a Loan for each Interest Period is the Floating Rate. 
  

	9.2	Fixed Rate Loans 

  

	 	9.2.1	The rate of interest applicable to any Fixed Rate Loan will be the Fixed Interest Rate for such Fixed Rate Loan. The Borrower agrees that it will give the Agent written notice (a “Fixed Rate Notice”) by
no later than the Specified Time attributable to (as applicable) : 

  

	 	(a)	a Utilisation of any Fixed Rate Loan; 

  

	 	(b)	   

  

	 	(i)	any Loan that is to become a Fixed Rate Loan in accordance with Clause 6.1(h)(ii); 

  

	 	(ii)	any Fixed Rate Loan in respect of which the Borrower and the Agent are required to establish a new Fixed Rate in accordance with Clause 6.1(i); 

 

	 	(c)	   

  

	 	(i)	any Loan that is to become a Fixed Rate Loan in accordance with Clause 20.18.3(h)(ii); and 

  

	 	(ii)	any Fixed Rate Loan in respect of which the Borrower and the Agent are required to establish a new Fixed Rate in accordance with Clause 20.18.3(i); and 

  
 - 31 - 

	 	(d)	any Loan that is to become a Fixed Rate Loan in accordance with Clause 20.18.5 (Converted Fixed Rate Lease), 

provided that, in the case of 9.2.1(a), 9.2.1(b) and 9.2.1(c), if the Portfolio Lessee in respect of the Portfolio Lease or Replacement Lease,
as applicable, attributable to the relevant Loan has the option of fixing the “Basic Rent” (howsoever defined) under such Portfolio Lease at a later date (but prior to the relevant Utilisation Date, Substitution Date or date of
commencement of the leasing of the Aircraft pursuant to such Replacement Lease, as applicable) then the Borrower will only be required to notify the Agent as to whether such Loan will be a Fixed Rate Loan by no later than the date on which such
Portfolio Lessee is required to fix the “Basic Rent” (howsoever defined) under such Portfolio Lease. 
  

	9.3	Establishment of Fixed Rate 

  

	 	9.3.1	At the Specified Time, the relevant Lenders will provide a quotation to the Agent for the “fixed rate” of interest in respect of a Notional Swap for the Fixed Rate Loan. The Borrower acknowledges and agrees
that the “fixed rate” should include a credit margin of 0.15% per annum. 

  

	 	9.3.2	The Agent will communicate the quoted “fixed rate” agreed by the Lenders to the Borrower on or prior to the Specified Time and such “fixed rate” shall upon acceptance by the Borrower (which
acceptance (or rejection) must be made immediately upon receipt of the quoted “fixed rate”) be the “Fixed Rate” for the Fixed Rate Loan for the purposes of this Agreement. If the Borrower does not accept the quote and the
“fixed rate”, the rate of interest applicable to the Loan shall be the Floating Rate and the Hedging Principles shall apply to such Loan). 

  

	 	9.3.3	Nothing set forth herein shall require the Lenders to actually enter into any Notional Swap with respect to the Fixed Rate but for the purposes of the Transaction Documents, the Lenders will be deemed to have entered
into the applicable Notional Swap at the applicable Fixed Rate. 

  

	 	9.3.4	If any of the Lenders are unable to obtain quotations in accordance with the provisions of sub-clause 9.3.1 then they shall promptly notify the Agent who shall give written notice
thereof to the Borrower and the Agent and the Borrower shall consult with the relevant Lender in good faith with a view to agreeing an alternative basis for determining the applicable Fixed Rate. 

 

	 	9.3.5	The Financing Parties shall not be obliged to agree to a Fixed Rate at any time whilst a Relevant Default has occurred and is continuing. 

 

	 	9.3.6	 The Fixed Rate established in accordance with the provisions of this Clause 9.3 shall apply with respect to the Fixed Rate Loan for all purposes of
this Agreement and the Repayment Schedule shall be prepared in accordance with Clause 5.7 (Loan Supplement) to reflect the establishment of such Fixed Rate in respect of the Fixed Rate Loan and the repayments of principal and payments of
interest required to be made hereunder as a consequence thereof. Any Swap Breakage Loss arising from any deemed breakage of the Notional 

  
 - 32 - 

	 	
Swap deemed to have been entered into with respect to such Fixed Rate pursuant to Clauses 9.2 (Fixed Rate Option), to 9.3 (Establishment of Fixed Rate) or Clause 16.4 (Swap
Breakage Loss/Gains) shall constitute Secured Obligations for the purposes of the Transaction Documents. 

  

	 	9.3.7	Without prejudice to the foregoing provisions of this Clause 9.3, at any time prior to the Specified Time referred to in Clause 9.3.1, the Borrower will, upon giving written notice to the Agent, be entitled to request
up to three (3) indicative “fixed rate” quotes from the relevant Lenders on the terms described in clause 9.3.1 and to participate in a dry-run call with the Lenders in order to agree the pertinent details and conventions in
establishing the Fixed Rate as described above. 

  

	9.4	Payment of interest 

 On the last day of each Interest Period, the Borrower shall pay
accrued interest on the Loan to which such Interest Period relates. 
  

	9.5	Default interest 

  

	 	9.5.1	If the Borrower fails to pay any amount payable by it to any Finance Party under any Transaction Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment
(both before and after judgment) at a rate which, subject to sub-clause 9.5.2, is two per cent. (2%) per annum higher than the Floating Rate for successive Interest Periods, each of a duration selected by
the Agent (acting reasonably). Any interest accruing under this Clause 9.5 shall be immediately payable by the Borrower on demand by the Agent. 

  

	 	9.5.2	If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period: 

  

	 	(a)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period; and 

 

	 	(b)	the rate of interest applying to the overdue amount during that first Interest Period shall be two per cent. (2%) per annum higher than Floating Rate. 

 

	 	9.5.3	Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the amount of the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

  

	9.6	Notification of rates of interest 

 The Agent shall promptly notify the Lenders and the
Borrower of the determination of a rate of interest under this Agreement. 

  
 - 33 - 

	10.	INTEREST PERIODS 

  

	10.1	Length of Interest Periods 

  

	 	10.1.1	Subject to Clause 10.2 (Non-Business Days): 

  

	 	(a)	for each Loan other than any Loan attributable to a Quarterly Rent Aircraft, each Interest Period shall have a duration of one (1) month, except that (i) the first Interest Period for each such Loan, will
begin on its Utilisation Date and will end on the immediately succeeding Repayment Date for such Loan to occur thereafter, and (ii) the final Interest Period in respect of any such Loan will end on the Final Repayment Date for such Loan
provided that if the Aircraft attributable to such Loan ceases to be a Quarterly Rent Aircraft, then each Interest Period in respect of such Loan will have the relevant duration set out in Clause 10.1.1(b) except that the “first Interest
Period” referred to therein will be deemed to be a reference to the first Interest Period to occur after such Aircraft ceases to be a Quarterly Rent Aircraft; and 

 

	 	(b)	for any Loan attributable to a Quarterly Rent Aircraft, each Interest Period shall have a duration of three (3) months, except that (i) the first Interest Period for such Loan, will begin on its Utilisation
Date and will end on the First Quarterly Repayment Date, and (ii) the final Interest Period in respect of such Loan will end on the Final Repayment Date for such Loan provided that if the Aircraft attributable to such Loan becomes a
Quarterly Rent Aircraft, then each Interest Period in respect of such Loan will have the relevant duration set out in Clause 10.1.1(a) except that the “first Interest Period” referred to therein will be deemed to be a reference to the
first Interest Period to occur after such Aircraft becomes a Quarterly Rent Aircraft. 

  

	 	10.1.2	An Interest Period that would otherwise extend beyond the next following Repayment Date shall be of such duration that it shall end on that Repayment Date. 

 

	 	10.1.3	Each Interest Period shall start on the Utilisation Date or (if already occurred) on the last day of its preceding Interest Period. 

 

	10.2	Non-Business Days 

 If an Interest Period would
otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not) and, in the case of interest accruing at the
Fixed Interest Rate, the amount of interest payable shall not be adjusted or in the case of interest accruing at the Floating Rate the amount of interest payable shall be adjusted accordingly. 

  
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	11.	CHANGES TO THE CALCULATION OF INTEREST 

  

	11.1	Absence of quotations 

 Subject to Clause 11.2 (Market Disruption), if LIBOR is to
be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Date, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.

  

	11.2	Market Disruption 

  

	 	11.2.1	If a Market Disruption Event occurs in relation to an Interest Period, then: 

  

	 	(a)	in the case of a Fixed Rate Loan, the rate of interest on the affected Lender’s share of such Fixed Rate Loan for such Interest Period shall be the rate per annum which is the sum of: 

 

	 	(i)	the Fixed Rate; 

  

	 	(ii)	the Margin; and 

  

	 	(iii)	the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the
cost to that Lender in excess of LIBOR of funding its participation in the Loan for the relevant Interest Period from whatever source it may reasonably select (which may involve, among other things, alternative interest periods, currencies or
interest rates), and substantiated in reasonable detail from a source reasonably selected by that Lender, provided that, where LIBOR for the relevant Interest Period cannot be determined, such rate shall be the rate notified to the Agent by
that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum (i) the cost to that Lender of funding its participation in the
Loan of each relevant Loan for the relevant Interest Period from whatever source it may reasonably select; less (ii) the rate applicable to payments deemed to be due to that Lender under the relevant Notional Swap in respect of the relevant
Interest Period. 

  

	 	(b)	in the case of a Floating Rate Loan, the rate of interest on the affected Lender’s share of such Floating Rate Loan, for such Interest Period shall be the rate per annum which is the sum of: 

 

	 	(i)	the applicable Margin; and 

  

	 	(ii)	 the rate notified by that Lender to the Agent, as soon as practicable and in any event before interest is due to be paid in respect of that Interest
Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its 

  
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participation in such Loan from whatever source it may reasonably select (such cost to be substantiated in reasonable detail from a source reasonably selected by that Lender). 

 

	 	11.2.2	In this Agreement “Market Disruption Event” means: 

  

	 	(a)	at or about noon on the Quotation Date for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Agent to determine LIBOR for dollars for the
relevant Interest Period; or 

  

	 	(b)	before close of business in London on the Quotation Date for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in the Loans exceed thirty per cent.
(30%) of the aggregate outstanding amount of all the Loans) that, as a result of circumstances affecting the market generally, (i) LIBOR does not adequately and fairly reflect the cost to such Lender of funding or maintaining its
participation in the Loans in line with prudent banking practice and the cost to it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR; or (ii) it is unable to obtain matching deposits in the Relevant
Interbank Market, 

 provided that paragraph (b) will only apply to the extent that the affected Lender certifies
to the Borrower that (i) to the extent it is entitled to do so, such Lender has, or is intending to, invoke equivalent contractual rights under the other aircraft loans in respect of which, at such time, it acts as a “Lender”, and
(ii) the rate that such affected Lender provides to the Agent in accordance with sub-clause 11.2.1 is an accurate reflection of its costs of funds. 

 

	11.3	Alternative basis of interest or funding 

  

	 	11.3.1	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a
substitute basis for determining the rate of interest. 

  

	 	11.3.2	Any alternative basis agreed pursuant to sub-clause 11.3.1 above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties. 

 

	12.	COMMITMENT FEE 

  

	12.1	Commitment Fee 

 During the Availability Period, the Borrower shall pay to the Agent (for
the account of each Lender in accordance with their pro-rata share from time to time of the Total Commitments) a fee in dollars calculated at the rate of zero point seven five per cent. (0.75%) per annum on the undrawn portion of each Lender’s
Commitment. 
  

	12.2	Payment of Commitment Fee 

 The accrued commitment fee is payable in arrears on the final
day of each monthly period (or pro rata portion thereof) beginning with the date hereof until the first 

  
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Utilisation Date hereunder and thereafter on each Repayment Date in respect of any Loan, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the
relevant Lender’s Commitment at the time the cancellation is effective. 
  

	13.	TAX GROSS-UP AND INDEMNITIES 

  

	13.1	Tax gross-up 

  

	 	13.1.1	The Borrower shall make all payments to be made by it under the Transaction Documents without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	 	13.1.2	The Borrower shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify
the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall promptly notify the Borrower. 

 

	 	13.1.3	If a Tax Deduction is required to be made by law by the Borrower, the amount of the payment due from it shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required. 

  

	 	13.1.4	The Borrower shall not be required to make an increased payment to a Lender (or to the Agent for the benefit of a Lender) for a Tax Deduction imposed under the laws of the jurisdiction of Ireland from a payment of
interest on a Loan if, on the date on which the payment falls due, the payment could have been made to the relevant Lender (or to the Agent for the benefit of the relevant Lender) without a Tax Deduction if the Lender was a Qualifying Lender, but on
that date, the Lender is not or has ceased to be a Qualifying Lender other than as a result of a Change in Law after the date the Lender became a Party to this Agreement. 

 

	 	13.1.5	If the Borrower is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

  

	 	13.1.6	Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower shall deliver to the Agent for the Finance Party entitled to the payment such
evidence (if any) as is available to Borrower and is reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment has been paid to the relevant taxing authority. 

 

	 	13.1.7	The Finance Parties and the Borrower shall, at no cost to the Finance Parties (except de minimis administrative costs), co-operate in completing any reasonable procedural
formalities that are or may be necessary (as determined by the Borrower) for the Borrower to make any payment without a Tax Deduction or subject to a Tax Deduction at a reduced rate, including, without limitation, providing any certificates of
residence or withholding tax forms. 

  
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	 	13.1.8	For the purposes of this Clause 13, each Lender which becomes a Party on the day on which this Agreement is entered into represents and warrants on behalf of itself only that, on such date, it is a Qualifying
Lender. Unless an Event of Default has occurred and is continuing, each Lender which becomes a Party after the date of this Agreement represents and warrants on behalf of itself only that, on the date on which it becomes a Party, it is a Qualifying
Lender. 

  

	 	13.1.9	Each Lender shall promptly inform the Borrower in the event that such Lender becomes aware that it has ceased to be (or becomes) a Qualifying Lender as a result of a change in its own circumstances (excluding for the
avoidance of doubt any change by reason of a change in the Tax law or Tax treaties of any country other than the country in which the Lender is incorporated or is tax resident). 

 

	13.2	Tax indemnity 

  

	 	13.2.1	The Borrower shall within three (3) Business Days of demand by the Agent pay to each Finance Party an amount equal to the Loss which that Finance Party reasonably determines has been suffered for or on account of
Tax by that Finance Party or in respect of which such Finance Party receives a demand from the relevant Tax authority: 

  

	 	(a)	in respect of any amount received or receivable by that Finance Party under any Transaction Document; or 

  

	 	(b)	relating to, or arising directly or indirectly from the purchase, sale, import, export, registration, ownership, leasing, management, servicing, operation, possession, use, storage, condition, delivery, design,
manufacture, modification, conversion, repair, refurbishment, inspection, insurance or maintenance of any Aircraft. 

  

	 	13.2.2	Sub-clause 13.2.1 shall not apply to the extent a Loss: 

  

	 	(a)	is compensated for by an increased payment under sub-clause 13.1.3; 

  

	 	(b)	relates to a FATCA Deduction required to be made by a party; 

  

	 	(c)	is imposed or suffered as a result of a breach by such Finance Party of any of its express obligations under any of the Transaction Documents to which it is a party (not being a breach caused by any act or omission of
any other person); 

  

	 	(d)	is imposed or suffered as a result of any misrepresentation made by such Finance Party in relation to any Transaction Documents to which it is a party (not being a misrepresentation caused by a misrepresentation, act or
omission of any other person); 

  

	 	(e)	 is imposed or suffered as a result of any gross negligence or wilful misconduct by such Finance Party (or, in the case of the Agent and the

  
 - 38 - 

	 	
Security Trustee, to the extent a Loss is imposed or suffered as a result of any gross negligence or wilful default by the Agent or the Security Trustee, as the case may be) with respect to any
of the transactions contemplated by, or the performance of any of its express obligations under the Transactions Documents to which it is party; 

  

	 	(f)	is imposed as a result of the wilful breach by such Finance Party of any applicable law; 

  

	 	(g)	is suffered for or on account of Tax by a Finance Party: 

  

	 	(i)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(ii)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable (but not any sum deemed to be received or receivable) in that jurisdiction,

 if that Tax is imposed on or calculated by reference to the net income, profits or gains received or receivable (but not
any sum deemed to be received or receivable) by that Finance Party; 
  

	 	(h)	has actually been indemnified pursuant to any other provision of any Transaction Document; 

  

	 	(i)	would not have been incurred if the Finance Party had not failed to file any relevant Tax return or computation that it was obliged to file under the law of (i) the jurisdiction in which that Finance Party is
incorporated, (ii) the jurisdiction in which that Finance Party’s Facility Office is located or is resident for tax purposes, or (iii) any other jurisdiction if so requested to do so by the Borrower (acting reasonably and at the cost
of the Borrower), within the period prescribed by law other than where (1) such failure was directly or indirectly caused by any person’s failure to provide the relevant Finance Party with the information to make such filing requested by
the Finance Party and required to file properly and timely such return, or (2) such Finance Party reasonably determines that it is unable to file or provide or that it would be illegal or contrary to any official directive or policy for such
Finance Party to do so or to do so would or may result in such Finance Party being in breach of any agreement or a confidentiality undertaking; or 

  

	 	(j)	would not have been incurred if the relevant Lender was a Qualifying Lender, but such Lender had ceased to be a Qualifying Lender other than as a result of a Change in Law after the date the Lender became a Party to
this Agreement. 

  
 - 39 - 

	 	13.2.3	A Finance Party making, or intending to make, a claim under sub-clause 13.2.1 shall promptly notify the Agent of the event which will give, or has given, rise to the claim,
following which the Agent shall promptly notify the Borrower. 

  

	 	13.2.4	A Finance Party shall, on receiving a payment from the Borrower under this Clause 13.2, notify the Agent who shall notify the Borrower that such payment has been so received. 

 

	13.3	Tax Credit 

 If the Borrower makes a Tax Payment and the relevant Finance Party
determines that: 
  

	 	13.3.1	a credit against, relief or remission for, or repayment of any Tax (a “Tax Credit”) is attributable either to the circumstances giving rise to that Borrower’s obligation to make that Tax Payment or
to that Tax Payment; and 

  

	 	13.3.2	that Finance Party has obtained, utilised or retained that Tax Credit, 

 the Finance Party shall
pay an amount to the Borrower (for the account of that Obligor) which that Finance Party determines (in its absolute discretion) will leave it (after that payment) in no better and no worse position in respect of its worldwide tax liabilities than
it would have been in had the Borrower not been required to make the Tax Payment. 
  

	13.4	Tax Credit (Clawback) 

 If any Finance Party makes any payment pursuant to Clause 13.3
(Tax Credit) and such Finance Party subsequently determines, in its sole opinion, that the credit, relief, remission or repayment in respect of which such payment was made was not available or has been withdrawn or that it was unable to use
such credit, relief, remission or repayment in full, the Borrower will reimburse such Finance Party such amount as such Finance Party determines, in its absolute discretion, is necessary to place it in the same
after-tax position as it would have been in if such credit, relief, remission or repayment had been obtained and fully used and retained by such Finance Party. 

 

	13.5	Stamp Taxes 

  

	 	13.5.1	 The Borrower shall pay and, within five (5) Business Days of demand, indemnify each Finance Party against any Loss that any such Finance Party
incurs in relation to, all stamp duty, registration and other similar documentary Taxes payable in respect of any Transaction Document provided that, subject in all cases to sub-clause 13.5.2, each Finance
Party agrees that (i) the Security Trustee shall hold the originals of all the Security Documents at its office in New York (or in the case of any successor Security Trustee, the office it is acting through on, the date of its appointment and
no Finance Party (other than the Security Trustee) shall hold an original of any Security Document, (ii) the Security Trustee agrees that it will not take or send into the Cayman Islands the Borrower Share Charge or any Owner Share Charge or
Intermediate Lessor Share Charge entered into in respect of Shares in a company incorporated in the Cayman Islands and (iii) a Lender which proposes to 

  
 - 40 - 

	 	
transfer any or all of its rights under the Transaction Documents pursuant to Clause 22 (Changes to the Lender) shall provide the Borrower with three (3) Business Days notice thereof
and, to the extent that the Borrower notifies such Lender that a stamp tax would be incurred as a result of such transfer if the proposed transferee were to take a Transaction Document (other than a Security Document) into the jurisdiction in which
it is incorporated or where its Facility Office is located, it shall be a condition to such transferee upon becoming a Lender hereunder that it agrees not to take such Transaction Document into such jurisdiction. If the Borrower notifies the Agent
that a stamp duty, registration or other similar documentary Tax will arise if any other Transaction Document is sent or taken into a jurisdiction, then provided that no Event of Default has occurred and is continuing and subject always to sub-clause 13.5.2, the Finance Parties agree to consult with the Borrower as to any action the Finance Parties may agree to take in order to mitigate or avoid any such potential Taxes. 

 

	 	13.5.2	The Borrower agrees that, without prejudice to the Finance Parties’ right to indemnification under sub-clause 13.5.1, each Finance Party will be entitled to send or take any
Transaction Document into a jurisdiction, whether or not any stamp duty, registration and other similar documentary Tax is or will be payable as a result thereof, in order to take Enforcement Action, if it is required to do so under applicable law
or by an order of a court of competent jurisdiction or if it is required or requested to do so by any other legal, regulatory or governmental authority in such jurisdiction. 

 

	13.6	Value Added Tax 

  

	 	13.6.1	All amounts expressed to be payable under any Transaction Document by any Party to a Finance Party which in whole or in part constitute the consideration for VAT purposes shall be deemed to be exclusive of any VAT which
is chargeable on such supply. If VAT is chargeable on any supply made by any Finance Party to any Party in connection with any Transaction Document, the Borrower shall pay or procure that there is paid to the Finance Party (in addition to and at the
same time as the payment of the consideration) an amount equal to the amount of the VAT and such Finance Party shall promptly provide an appropriate VAT invoice to such Party. 

 

	 	13.6.2	Where any Transaction Document requires any Party to reimburse a Finance Party for any costs or expenses, the Borrower shall also at the same time pay or procure that there is paid and indemnify that Finance Party
against all VAT incurred by that Finance Party in respect of such costs or expenses to the extent that such Finance Party reasonably determines that neither it nor any other member of any group of which it is a member for VAT purposes is entitled to
credit or repayment of the VAT. 

  

	 	13.6.3	The Borrower and its subsidiaries may be members of the Avolon Aerospace Leasing Limited VAT Group. 

  
 - 41 - 

	13.7	Tax-related determinations 

 Unless a contrary
indication appears, in this Clause 13 a reference to “determines” or “determined” means a determination made in the sole and absolute discretion of the person making the determination. 

 

	13.8	Co-operation 

 If the Borrower is required to indemnify any Indemnitee under Clause 13.1
(Tax gross up) 13.2 (Tax indemnity) or 16.2 (Indemnities) then, without in any way limiting, reducing or otherwise qualifying the rights of any such Indemnitee under any of the clauses referred to above, and provided no Event of
Default has occurred and is continuing, the Finance Parties will co-operate with such reasonable requests as the Borrower may make in order to assist the Borrower in mitigating its liability under any such Clause, which such action may, if the
relevant Finance Party so consents at the time and subject to such conditions as such Finance Party may require, include allowing the Borrower to take (at its own cost and in its own name) such lawful and proper actions as the Borrower deems fit to
contest the relevant liability. 
  

	14.	FATCA 

  

	14.1	FATCA Information 

  

	 	14.1.1	Subject to sub-clause 14.1.3 below, each Finance Party shall, within ten Business Days of a reasonable request by another Party: 

 

	 	(a)	confirm to that other Party whether it is: 

  

	 	(i)	a FATCA Exempt Party; or 

  

	 	(ii)	not a FATCA Exempt Party; and 

  

	 	(b)	supply to that other Party such forms, documentation and other information relating to its status under FATCA (including, without limitation, its applicable passthru percentage or other information required under
official guidance including intergovernmental agreements) as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA. 

 

	 	14.1.2	If a Finance Party confirms to another Party pursuant to sub-clause 14.1.1(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has
ceased to be a FATCA Exempt Party, that Finance Party shall notify that other Party reasonably promptly, but in any event before the next date on which the other Party would be required to make a FATCA Deduction. 

 

	 	14.1.3	Sub-clause 14.1.1 above shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(a)	any law or regulation; 

  

	 	(b)	any fiduciary duty; or 

  
 - 42 - 

	 	(c)	any duty of confidentiality, 

 or would or might otherwise, in the reasonable opinion of such
Finance Party, materially prejudice its commercial or legal affairs. 
  

	 	14.1.4	If a Finance Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with sub-clause 14.1.1 above (including, for the
avoidance of doubt, where sub-clause 14.1.3 above applies), then: 

  

	 	(a)	if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party shall be treated for the purposes of the Transaction Documents as if it is not a FATCA Exempt Party; and

  

	 	(b)	if that Party failed to confirm its applicable passthru percentage then such Party shall be treated for the purposes of the Transaction Documents (and payments made thereunder) as if its applicable passthru percentage
is 100 per cent., 

 until (in each case) such time as the Party in question provides the requested confirmation, forms,
documentation or other information. 
  

	15.	INCREASED COSTS 

  

	15.1	Increased Costs 

 The Borrower shall, within three (3) Business Days of demand by
the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) any Change in Law or compliance therewith, (ii) compliance with any Capital
Adequacy Requirement; (iii) the implementation or application of or compliance with Basel III or CRD IV; or (iv) the implementation or the application of or compliance with the Dodd-Frank Wall Street
Reform and Consumer Protection Act (or any requests, rules, guidelines, requirements and directives issued thereunder). 
 Exceptions

 This Clause 15.1 does not apply to the extent any Increased Cost is: 

 

	 	15.1.1	attributable to a Tax Deduction required by law to be made by the Borrower; 

  

	 	15.1.2	attributable to a FATCA Deduction required to be made by a party; 

  

	 	15.1.3	compensated for by Clause 13.2 (Tax indemnity) or Clause 16.2 (Indemnities) (or would have been compensated for under Clause 13.2 (Tax indemnity) or Clause 16.2 (Indemnities) but was not so
compensated solely because any of the exclusions in sub-clause 13.2.2 or any of the provisos to Clause 16.2 (Indemnities) applied); 

 

	 	15.1.4	attributable to a breach by such Finance Party of any of its express obligations under any of the Transaction Documents to which it is a party (other than a breach caused by the act or omission of any other person);

  
 - 43 - 

	 	15.1.5	attributable to any misrepresentation made by such Finance Party in relation to any Transaction Documents to which it is a party (other than a misrepresentation caused by any misrepresentation or act or omission of any
other person); 

  

	 	15.1.6	attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on
Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment contained in Basel III) (“Basel II”) or any other law or regulation which implements Basel II (whether
such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates); 

  

	 	15.1.7	attributable to any gross negligence or wilful misconduct by such Finance Party (or, in the case of the Agent and the Security Trustee, to the extent any Increased Cost is attributable to any gross negligence or wilful
default by the Agent or the Security Trustee, as the case may be) with respect to any of the transactions contemplated by, or the performance of any of its express obligations under the Transaction Documents to which it is a party; or

  

	 	15.1.8	attributable to the wilful breach by such Finance Party or its relevant Affiliate of any applicable law. 

  

	15.2	Increased Cost claims 

  

	 	15.2.1	A Finance Party intending to make a claim pursuant to Clause 15.1 (Increased Costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

  

	 	15.2.2	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. The Agent shall promptly following receipt of such certificate, provide a
copy of any such certificate to the Borrower. 

  

	15.3	FATCA Deduction 

  

	 	15.3.1	Each party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	 	15.3.2	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the party to whom it is making the payment and, in
addition, shall notify the Borrower, the Agent and the other Finance Parties. 

  
 - 44 - 

	16.	OTHER INDEMNITIES 

  

	16.1	Currency indemnity 

  

	 	16.1.1	If any sum due from an Obligor under the Transaction Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the
“First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

 

	 	(a)	making or filing a claim or proof against such Obligor; 

  

	 	(b)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

the Borrower shall as an independent obligation within three (3) Business Days of demand indemnify each Finance Party to whom that Sum is
due against any Loss arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange
available to that person at the time of its receipt of that Sum, in each case such rate of exchange to be the prevailing rate of exchange for such amount then available to the Finance Party. 

 

	 	16.1.2	The Borrower waives any right it may have in any jurisdiction to pay any amount under the Transaction Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	16.2	Indemnities 

 The Borrower shall from time to time within five (5) Business Days of
demand indemnify each Indemnitee for all Losses suffered or incurred by that Indemnitee: 
  

	 	16.2.1	relating to, or arising directly or indirectly from the purchase, sale, import, export, registration, ownership, leasing, management, servicing, operation, possession, use, storage, condition, delivery, design,
manufacture, modification, conversion, repair, refurbishment, inspection, insurance or maintenance of any Aircraft; 

  

	 	16.2.2	due to any design, article or material in any Aircraft or the operation or use thereof constituting an infringement of any patent or other intellectual property right or any other similar right whatsoever;

  

	 	16.2.3	in preventing or attempting to prevent the arrest, confiscation, seizure, taking in execution, impounding, forfeiture or detention of any Aircraft or in securing the release of any Aircraft; or 

 

	 	16.2.4	in connection with any Total Loss or Final Disposition of any Aircraft, 

  
 - 45 - 

 provided that the Borrower shall not be liable to pay to an Indemnitee any such Losses to
the extent that: 
  

	 	(a)	such Losses are the result of the fraud, gross negligence or wilful misconduct of such Indemnitee or a Related Indemnitee (or, in the case of the Agent and the Security Trustee, or a Related Indemnitee thereof, such
Losses are the result of the fraud, gross negligence or wilful default by the Agent or the Security Trustee, as the case may be, or a Related Indemnitee thereof); 

 

	 	(b)	such Losses constitute ordinary and usual operating or overhead expenses of such Indemnitee or a Related Indemnitee; 

  

	 	(c)	such Losses are the result of the breach by such Indemnitee or a Related Indemnitee of any of its express obligations under, or as a result of any misrepresentation of such Indemnitee contained in, any of the
Transaction Documents (other than a breach or misrepresentation which is attributable to the breach by any other person of its obligations under the Transaction Documents); 

 

	 	(d)	the Indemnitee receives and is entitled to retain free from liability to account to any person therefor and in respect thereof a payment under any Insurances or from any other source which is made in settlement or
reimbursement of the relevant Loss; or 

  

	 	(e)	such Losses relate to Taxes; or 

  

	 	(f)	such Losses relate to any Security Interest that is created by such Indemnitee or a Related Indemnitee or arise as a result of any act or omission of such Indemnitee or a Related Indemnitee or any person claiming by,
through or under such Indemnitee or a Related Indemnitee; or 

  

	 	(g)	such Losses relate to Taxes and have actually been compensated for pursuant to sub-clause 13.2.1 (or would have been compensated for under Clause 13.2 (Tax indemnity) but
was not so compensated solely because any of the exclusions in sub-clause 13.2.2 applied). 

  

	16.3	Other indemnities 

  

	 	16.3.1	The Borrower shall, on demand in the case of any Loss incurred as a result of or following the occurrence of any Relevant Event, and otherwise within five (5) Business Days of demand, indemnify each Finance Party
against any Loss (including Remarketing and Recovery Expenses) incurred by that Finance Party as a result of: 

  

	 	(a)	the occurrence of any Relevant Event; 

  

	 	(b)	the occurrence of a Servicer Termination Event; 

  

	 	(c)	participating in any mitigation process of the nature contemplated by clause 13 (Mitigation) of the Proceeds Deed; 

  

	 	(d)	 a failure by the Borrower to pay any amount due under any Transaction Document on its due date, including, without limitation,

  
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any Loss arising as a result of paragraph 3 (Sharing Among the Finance Parties) of Schedule 8 (The Finance Parties) (without double counting); 

 

	 	(e)	making arrangements in accordance with Clauses 9.2 (Fixed Rate Option) to 9.3 (Establishment of Fixed Rate) to fix the Fixed Rate but the relevant Loan not being advanced on the date requested by the
Borrower in the Utilisation Request for any reason whatsoever (including, without limitation, Swap Breakage Loss); 

  

	 	(f)	funding, or making arrangements to fund, its participation in the Utilisation as requested by the Borrower in the Utilisation Request where such Utilisation is not made by reason of any of the conditions precedent
referred to in Clause 4 (Conditions of Utilisation) not being satisfied; 

  

	 	(g)	Loan (or any part thereof) not being prepaid in accordance with a notice of prepayment given by the Borrower; or 

  

	 	(h)	any substitution of the Aircraft pursuant to Clause 6 (Aircraft Substitution), whether or not such substitution was completed on or before the Substitution Longstop Date. 

 

	 	16.3.2	The Borrower shall within five (5) Business Days of demand indemnify each Joint Lead Arranger against any Loss incurred by that Joint Lead Arranger arising out of or in connection with any action, claim,
investigation or proceeding commenced or threatened (including, without limitation, any action, claim, investigation or proceeding to preserve or enforce rights) in relation to: 

 

	 	(a)	the use of the proceeds of the Facility; 

  

	 	(b)	any Transaction Documents; and/or 

  

	 	(c)	the arranging or underwriting of the Facility. 

 provided that the Borrower shall not be
liable to pay to the Joint Lead Arrangers any such Losses to the extent that: 
  

	 	(i)	such Losses are the result of the fraud, gross negligence or wilful misconduct of such Joint Lead Arranger; 

  

	 	(ii)	such Losses constitute ordinary and usual operating or overhead expenses of such Joint Lead Arranger; 

  

	 	(iii)	such Losses are the result of the breach by such Joint Lead Arranger of any of its express obligations under, or as a result of any misrepresentation of such Joint Lead Arranger contained in, any of the Transaction
Documents (other than a breach or misrepresentation which is attributable to the breach by any other person of its obligations under the Transaction Documents); 

  
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	 	(iv)	such Joint Lead Arranger receives and is entitled to retain free from liability to account to any person therefor and in respect thereof a payment under any Insurances or from any other source which is made in
settlement or reimbursement of the relevant Loss; or 

  

	 	(v)	such Losses have actually been compensated for pursuant to sub-clause 13.2.1 (or would have been compensated for under Clause 13.2 (Tax indemnity) but was not so
compensated solely because any of the exclusions in sub-clause 13.2.2 applied). 

  

	16.4	Swap Breakage Loss/Gains 

  

	 	16.4.1	Upon any prepayment in part of a Fixed Rate Loan, the Notional Swap for such Fixed Rate Loan shall be deemed terminated in part such that the notional amount of such Notional Swap as of each Repayment Date for such
Fixed Rate Loan on or after the prepayment date is equal to the principal amount of such Fixed Rate Loan then scheduled to be outstanding as of such Repayment Date, provided that if such deemed Notional Swap cannot be terminated in part, the
relevant Lender will be deemed to have entered into such further notional swap arrangements so as to achieve the same economic effect as such partial termination. 

 

	 	16.4.2	Upon any date on which a Fixed Rate Loan is required to be prepaid or repaid in full, such Notional Swap shall be deemed to be terminated in whole as of such date. 

 

	 	16.4.3	Upon the occurrence and continuance of an Enforcement Event, the Agent (acting on the instructions of the Majority Fixed Rate Lenders in respect of a Fixed Rate Loan) may deem terminated all (but not only a part) of the
Notional Swaps in respect of such Fixed Rate Loan. 

  

	 	16.4.4	Upon any deemed termination of a Notional Swap (whether in whole or in part) pursuant to any provision of this Agreement: 

  

	 	(a)	the Borrower will on demand pay to the Agent (for the account of each Lender) the amount of any Swap Breakage Loss, which the relevant Lender, as the case may be, shall be entitled to retain; and 

 

	 	(b)	upon the Agent receiving payment of all amounts then due and payable to the Finance Parties under the Transaction Documents (including any repayment of the principal amount of any Loan), the Lenders will within three
(3) Business Days thereafter pay on a net after tax basis the amount of any Swap Breakage Gain to the relevant Collection Account for application in accordance with clause 8 (Application of Proceeds) of the Proceeds Deed.

  
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	 	16.4.5	In the event that the Lender is deemed to have entered into a further Notional Swap or alternative arrangements in connection with the partial prepayment of a Fixed Rate Loan: 

 

	 	(a)	the Borrower will pay to the Agent (for the account of the relevant Lenders) any out-of-pocket costs and expenses reasonably incurred in
being deemed to have entered into such Notional Swap or arrangements; and 

  

	 	(b)	upon any deemed termination of the relevant Notional Swap, the Lenders will terminate such notional swap or alternative arrangements and any breakage gain or loss will be applied to the Swap Breakage Loss or the Swap
Breakage Gain. 

  

	16.5	Break Costs/Break Gains 

  

	 	16.5.1	If all or part of a Loan or an Unpaid Sum is repaid or prepaid on a day which is not the last day of an Interest Period therefor each Lender shall, as soon as reasonably practicable after receipt of such prepayment
provide the Agent with a certificate confirming the amount of such Lender’s Break Costs or Break Gains (if any). 

  

	 	16.5.2	If such repayment or prepayment results in Break Costs to any Lender the Borrower shall within three (3) Business Days of demand by the Agent (or, following the occurrence of a Default which is continuing, on
demand) pay to the Agent for the account of that Lender the amount of such Break Costs. 

  

	 	16.5.3	If such repayment or prepayment results in Break Gains to any Lender then, upon the Agent receiving payment of all amounts then due and payable to the Finance Parties under the Transaction Documents (including any
repayment of the principal amount of any Loan) as a result of or in connection with the repayment or prepayment, the Lenders will within three (3) Business Days pay to the relevant Collection Account on a net after tax basis the amount of such
Break Gain for application in accordance with clause 8 (Application of Proceeds) of the Proceeds Deed. 

  

	16.6	Indemnity to the Representatives 

 The Borrower shall indemnify within five
(5) Business Days of demand, each Representative against any Losses reasonably (or in the case of the Security Trustee, properly) incurred by such Representative as a result of (a) acting or relying on any notice, request or instruction
given by the Borrower which it reasonably believes to be genuine, correct and appropriately authorised or (b) investigating any event or circumstance which constitutes a Default, (c) (in case of the Security Trustee) the exercise of any of
the rights, powers, discretions and remedies vested in the Security Trustee and each Receiver and Delegate by the Transaction Documents, the Collateral or by law, (d) (in case of the Security Trustee) any default by the Borrower in the
performance of any of the obligations expressed to be assumed by it in any of the Transaction Documents or (e) (in case of the Security Trustee) the taking, holding, protection or enforcement of all or any part of the Collateral provided
that the Borrower shall not be liable to pay to any Representative any such Losses to the extent that such Losses are the result of fraud, gross negligence or wilful default of such Representative. 

  
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 The indemnity set out in this Clause 16.6 shall remain in full force and effect notwithstanding
the discharge of any of the Transaction Documents unless specifically provided otherwise in any such discharge. 
  

	16.7	Transaction Costs and Expenses 

  

	 	16.7.1	If any party to the Transaction Documents requests an amendment, waiver or consent in connection with any Transaction Document, the Borrower shall on demand reimburse each Finance Party for the amount of all documented
costs and expenses (including legal fees) reasonably (or in case of the Security Trustee properly) incurred by such Finance Party in responding to, evaluating, negotiating or complying with that request or requirement, provided that if it is
a Finance Party which makes such a request for an amendment, waiver or consent, the Borrower shall only be required to reimburse that Finance Party pursuant to this sub-clause 16.7.1 if (a) such
amendment, waiver or consent is made pursuant to Clause 20.7 (Further assurance) or clause 13 (Mitigation) of the Proceeds Deed or (b) such amendment, waiver or consent is requested by such Finance Party as a result of or in
connection with a Default that has occurred and is continuing. 

  

	 	16.7.2	Following the occurrence of an Event of Default which is continuing, the Borrower shall on demand pay to each Finance Party the amount of all Losses incurred by that Finance Party in connection with the enforcement of,
or the preservation of any rights under, any Transaction Document. 

  

	 	16.7.3	The Borrower shall pay or procure the payment of all costs, fees, charges and fines arising from the registration, in accordance with the Transaction Documents, of any Security Documents or any other Transaction
Documents and shall indemnify each Finance Party against all Losses arising from non-payment of the same. 

  

	16.8	Representatives ongoing costs on Default 

 In the event of the occurrence of a Default,
the Borrower shall pay to the Representatives any additional remuneration at the hourly rate specified by the Representatives (acting reasonably). 
  

	17.	INITIAL COSTS AND EXPENSES 

 The Borrower shall within ten (10) Business Days of
demand pay each Finance Party the amount of all documented costs and expenses (subject at all times to any prior agreement between the parties regarding fee caps on legal fees, and inspection and out of pocket expenses, except that no such prior
agreement will be necessary in the case of the Agent and the Security Trustee) reasonably (or in the case of the Security Trustee, properly) incurred by any of them in connection with the negotiation, preparation, printing and execution of this
Agreement and any other Transaction Documents. 

  
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	18.	REPRESENTATIONS 

 Borrower Representations 

The Borrower makes the representations and warranties set out in Clause 18.1 (Status) to 18.26 (No Total Loss) to each Finance
Party on the date of this Agreement. For any Obligor (other than the Guarantor and the Borrower) any representation and warranty in this Clause 18 (and any other Transaction Document) shall only apply with respect to such Obligor when such person
has acceded to the relevant Transaction Documents as an “Obligor”, and only for so long as such person remains an “Obligor”, in each case, as provided for under the Proceeds Deed. 

 

	18.1	Status 

  

	 	18.1.1	Each Obligor is a corporation or limited liability company, duly incorporated or formed and validly existing under the laws of its jurisdiction of incorporation or formation, which in the case of the Guarantor and the
Borrower and each Owner which is a subsidiary of the Borrower is the Cayman Islands, Ireland or Bermuda (or such other jurisdiction approved by the Agent in writing and in advance), in the case of each Owner which is an Orphan Entity is Ireland, the
Cayman Islands or Bermuda (or such other jurisdiction approved by the Agent in writing and in advance) and in the case of an Owner Trustee is the United States of America. 

 

	 	18.1.2	Each Obligor has the power to own its assets (including the Collateral owned by it) and carry on its business as it is being conducted. 

 

	18.2	Binding obligations 

 The obligations expressed to be assumed by each Obligor in each
Transaction Document to which it is a party are, subject to any general principles of law as at the date of this Agreement limiting its obligations which are referred to in any Legal Opinion, legal, valid, binding and enforceable obligations. 

 

	18.3	Non-conflict with other obligations 

 The entry
into and performance by each Obligor of, and the transactions contemplated by, the Transaction Documents to which it is party do not and will not conflict with: 
  

	 	18.3.1	any law or regulation applicable to it; 

  

	 	18.3.2	its constitutional documents; or 

  

	 	18.3.3	any agreement or instrument binding upon it or any of its assets. 

  

	18.4	Power and authority 

 Each Obligor has the power to enter into, perform and deliver, and
has taken all necessary action to authorise its entry into, performance and delivery of, the Transaction Documents to which it is a party and the transactions contemplated by those Transaction Documents. 

  
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	18.5	Validity and admissibility in evidence 

 All Authorisations of any Government Entity
required in the jurisdiction of incorporation of each Obligor and in the jurisdiction in which each Obligor is required to have its COMI in accordance with the Transaction Documents: 

 

	 	18.5.1	to enable such Obligor lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; and 

 

	 	18.5.2	to make the Transaction Documents to which such Obligor is a party admissible in evidence in each Relevant Jurisdiction, 

have been obtained or effected and are in full force and effect. 
  

	18.6	Governing law and enforcement 

  

	 	18.6.1	The choice of English law as the governing law of the Transaction Documents to which any Obligor is party will be recognised and enforced in each Relevant Jurisdiction referred to in paragraph (a) of the definition
of “Relevant Jurisdiction”. 

  

	 	18.6.2	The choice of law of any Relevant Jurisdiction as governing laws of any Security Document will be recognised and enforced in each such Relevant Jurisdiction referred to in paragraph (a) of the definition of
“Relevant Jurisdiction”. 

  

	 	18.6.3	Any judgment obtained in England in relation to a Transaction Document to which any Obligor is party will be recognised and enforced in each Relevant Jurisdiction save as provided in any Legal Opinion.

  

	18.7	Material adverse change 

 There has been no event or circumstance which has resulted in
any material adverse change in the financial condition of the Guarantor since the date hereof which would have a material adverse effect on the ability of the Guarantor to perform its obligations under this Agreement. 

 

	18.8	No filing or stamp Taxes 

 Save as referred to in any Legal Opinion under the laws of
each Relevant Jurisdiction it is not necessary that the Transaction Documents to which any Obligor is party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid
on or in relation to the Transaction Documents to which it is party or the transactions contemplated by the Transaction Documents to which it is party. 
  

	18.9	No Relevant Default 

 So far as it is aware no Relevant Default has occurred and is
continuing or would be reasonably likely to result from the making of the Loan (except where this representation is made on the first Utilisation to take place under this Agreement, the immediately foregoing reference to Relevant Default shall
instead be a reference to Event of Default). 

  
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	18.10	Pari passu ranking 

 The payment obligations of each Obligor under the
Transaction Documents to which such Obligor is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law. 

 

	18.11	No proceedings pending or threatened 

 No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency have (to the best of its knowledge and belief) been started or threatened against any Obligor (which, in the case of the Guarantor, has a material adverse effect on its ability to perform
its obligations under the Transaction Documents). 
  

	18.12	Ownership of the Borrower, the Owners and the Intermediate Lessors 

 The Borrower is a
wholly owned direct subsidiary of the Guarantor. The Owners and the Intermediate Lessors are, or will be, all wholly owned direct or indirect subsidiaries of the Borrower or Orphan Entities. 

 

	18.13	No Immunity 

 In any proceedings taken in the jurisdiction of incorporation of any
Obligor in relation to the Transaction Documents to which such Obligor is a party, will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process. 

 

	18.14	Private and Commercial Acts 

 The execution of the Transaction Documents to which any
Obligor is a party constitute, and the exercise of such Obligor’s rights and performance of its obligations thereunder will constitute, private and commercial acts done and performed for private and commercial purposes. 

 

	18.15	Security 

  

	 	18.15.1	Subject to the Legal Opinions and as at the time of their creation, each of the Security Interests created by any Obligor pursuant to the Security Documents constitutes (or, once entered into, will constitute) the
Security Interests which the relevant Security Document is expressed to create with the ranking and priority it is expressed to have (subject to any Permitted Security Interests) in favour of the Security Trustee or (as the case may be) the Finance
Parties against all persons (including, without limitation, a liquidator, receiver, administrator, examiner, administrative receiver, trustee or similar officer of, or any creditor of it or any other person claiming through, under or in place of it)
over the property mortgaged, charged or otherwise encumbered thereunder. 

  
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	 	18.15.2	As at the time of the creation of the relevant Security Interest: 

  

	 	(a)	each Obligor is, and will be, the sole legal and beneficial owner of the Collateral over which it purports to create Security Interests in accordance with the terms of the Security Documents; and 

 

	 	(b)	it has not assigned, charged or otherwise encumbered such Collateral or any monies payable thereunder, subject always to any Permitted Security Interests. 

 

	 	18.15.3	There are no restrictions on the ability of any Obligor to assign all or any of its right, title and interest in the Collateral over which it purports to create Security Interests in accordance with the terms of the
Security Documents. 

  

	18.16	No Security Interests 

 Save for the Security Interests created pursuant to the Security
Documents to which any Obligor is a party and any Permitted Security Interests, no Obligor (other than the Guarantor) has created any Security Interest over all or any of its present or future revenues, undertakings or assets. 

 

	18.17	Deduction of Tax 

 No Obligor is required to make any deduction for or on account of Tax
under the laws of Ireland or the Cayman Islands from any payment it may make under any Transaction Document to which it is a party to any person which is a Qualifying Lender. 
  

	18.18	No Employees 

 Other than the Guarantor, no Obligor has any employees. 

 

	18.19	No other agreements or business 

 Other than the Guarantor, no Obligor has entered into
any contract or agreement with any person nor otherwise created or incurred any liability to any person other than (a) in connection with its formation; (b) pursuant to and as permitted or contemplated by the Transaction Documents or
(c) with the Guarantor for the provision of services in relation to the management of the Aircraft, and matters reasonably incidental thereto, on terms by which the payment of any amounts thereunder by it are subordinated to the Facilities and
all other obligations owing to the Finance Parties under the Transaction Documents. 
  

	18.20	No Misleading Information 

  

	 	18.20.1	Any written factual information provided by any Obligor to any Joint Lead Arranger or any Finance Party in connection with the Aircraft or the consummation of this Agreement was true and accurate in all material
respects as at the date it was provided or as at the date (if any) at which it is stated. 

  

	 	18.20.2	No information has been given or withheld by any Obligor that results in the information referred to in sub-clause 18.20.1 provided to the Joint Lead Arrangers and the Finance
Parties being untrue or misleading in any material respect. 

  
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	18.21	Applicable Sanctions 

 No Obligor, and no directors or officers of any Obligor are
currently a target of any economic sanctions administered by the Office of Foreign Assets Control of the US Department of Treasury (a “Sanctions Target”). 

 

	18.22	Anti-Bribery 

 Each Obligor is wholly compliant with Anti-Bribery Law. 

 

	18.23	Centre of Main Interests 

  

	 	18.23.1	Unless otherwise agreed between the Borrower and the Agent, each Obligor has its “centre of main interests” (as that term is used in Article 3(1) of The Council of the European Union Regulation
No. 1346/2000 on Insolvency Proceedings (the “Regulation”) in its jurisdiction of incorporation or, in the case of the Borrower, the Guarantor and any Owner, in Ireland. 

 

	 	18.23.2	No Obligor has an “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction. 

  

	18.24	Tax Residency 

 Unless otherwise agreed between the Borrower and the Agent, the
jurisdiction of tax residency of each Obligor is in its jurisdiction of incorporation or, in the case of the Borrower, the Guarantor and each Owner, in Ireland. 
  

	18.25	Overseas Obligors 

 No Obligor has registered any “establishments” (as that
term is defined in Part 1 of the Overseas Companies Regulations 2009) with the Registrar of Companies in the UK or, if it has so registered, it has provided to the Agent sufficient details to enable an accurate search against it to be undertaken at
Companies House, United Kingdom. 
  

	18.26	No Total Loss 

 As far as it is aware, no Total Loss (or event or circumstance that
would, with the passage of time, become a Total Loss) has occurred in respect of any Aircraft. 
  

	18.27	Repetition 

  

	 	18.27.1	The representations set out in Clauses 18.1 (Status) to 18.7 (Material adverse change) (inclusive), 18.9 (No Relevant Default) to 18.26 (No Total Loss) are deemed to be made by the Borrower
by reference to the facts and circumstances then existing on the date of the Utilisation Request and the Utilisation Date but, where, applicable, only with respect to the Aircraft and “Obligors” to which such Utilisation relates.

  

	 	18.27.2	The Repeating Representations are deemed to be made by the Borrower (in each case by reference to the facts and circumstances then existing) on each Repayment Date. 

  
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	18.28	Finance Party Representations and Covenants 

  

	 	18.28.1	For the benefit of the Borrower, each Lender hereby represents and warrants, in respect of itself only, on the date of this Agreement that it is a Qualifying Lender. 

 

	 	18.28.2	Each Lender agrees with the Borrower that, for so long as it remains a Lender, it shall promptly notify the Agent which will in turn notify the Borrower if it changes its Facility Office or transfers its participation
in a Loan. 

  

	 	18.28.3	As soon as is reasonably practicable following a request by the Borrower, the Security Trustee will provide a quiet enjoyment letter substantially in the form attached in Schedule 18 (Quiet Enjoyment Undertaking)
to any Portfolio Lessee other than American Airlines Inc., in respect of which sub-clause 18.28.4 will apply or, in the case of a quiet enjoyment letter to be addressed to Peach Aviation Limited or PT Lion
Mentari or its affiliates in substantially the same form as the precedent quiet enjoyment letter addressed to such Portfolio Lessee and provided by the Guarantor to the Agent and accepted thereby on or before the date hereof. The Borrower shall be
entitled to request that the Security Trustee provides a quiet enjoyment letter in a form which the Guarantor has previously agreed with a Portfolio Lessee, instead of the form provided in Schedule 18 (Quiet Enjoyment Undertaking), and
provided such precedent form is reasonably acceptable to the Security Trustee having regard to customary international aircraft financing transactions, the Security Trustee shall provide a quiet enjoyment letter in such precedent form.

  

	 	18.28.4	Each Finance Party agrees that, with respect to the Aircraft in respect of which the Portfolio Lessee is American Airlines Inc., it will enter into the lessee consent and agreement relating to such Aircraft at or prior
to the drawdown of the Loan relating to such Aircraft and that it will duly and punctually perform its obligations under each such lessee consent and agreement. The Agent will enter into the document entitled “Certification and Agreement
relating to Lessee Consent and Agreement” with respect to such Aircraft at or prior to the drawdown of the Loan relating to such Aircraft. 

  

	 	18.28.5	Each Lender agrees with the Borrower that, if in connection with any assignment or transfer of its interests under the Transaction Documents, it wishes to disclose to any potential assignee or transferee any financial
or other information with respect to the Guarantor or the Group or the Guarantor’s business that it has received under the Transaction Documents, then it will give the Borrower reasonable advance notice of its intention to do so and it will
consult with the Borrower, acting reasonably, with respect to any concerns that the Borrower may have over such disclosure, provided that if, on or before the date hereof, a Lender has agreed with the Borrower a list of potential assignees and
transferees to which such Lender will be entitled to disclose any such information, then it will be entitled to do so without having to first notify and consult with the Borrower. 

 

	 	18.28.6	Each Lender confirms its consent to the implementation of the structure for the ownership and leasing of the Peach Identified Aircraft, and its financing under this Agreement, in accordance with the structure as set out
in the structure diagram attached as Appendix A to the Agreed Form Document Side Letter. 

  
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	18.29	Aircraft Mortgage 

 Notwithstanding any provision of any Transaction Document the
Borrower shall not be obliged to or be deemed to have represented that a Mortgage is valid and enforceable in any jurisdiction (other than in Ireland), and if any such Mortgage is not recognised as valid and enforceable in such jurisdiction, the
representations and warranties of the Borrower under any Transaction Document as they relate to such Mortgage shall be construed accordingly. The Parties also agree that there shall be no lex situs requirement for the creation of any Mortgage and no
requirement that any Aircraft be located in Ireland. 
  

	19.	INFORMATION UNDERTAKINGS 

 The undertakings in this Clause 19 remain in force from the
date of this Agreement until the end of the Security Period. 
  

	19.1	Financial statements 

 The Borrower shall supply to the Agent in sufficient copies for
all the Lenders: 
  

	 	19.1.1	as soon as the same become available, but in any event within one hundred and eighty (180) days after the end of each of its financial years: 

 

	 	(a)	the audited consolidated financial statements of the Guarantor for that financial year; 

  

	 	(b)	the audited consolidated financial statements of the Borrower and its subsidiaries; and 

  

	 	(c)	to the extent prepared to ensure compliance with applicable law the financial statements of each other Obligor for that financial year (audited, if that Obligor produces audited financial statements). 

 

	 	19.1.2	as soon as the same become available, but in any event within forty five (45) days after the end of each quarter of each of the financial years of the Guarantor, the unaudited financial statements of the Guarantor
for that financial quarter. 

  

	19.2	Requirements as to financial statements 

  

	 	19.2.1	Each set of financial statements delivered by the Borrower pursuant to Clause 19.1 (Financial statements) shall be certified by a director of the relevant company or, in the case of the quarterly financial
statements provided pursuant to Clause 19.1.2, by the Chief Financial Officer of the Guarantor, as fairly representing the financial condition of the relevant company as at the date as at which those financial statements were drawn up.

  
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	 	19.2.2	The Borrower shall procure that each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) is prepared using IFRS, and accounting practices and financial reference periods
consistent with those applied in the preparation of: 

  

	 	(a)	in the case of the financial statements of the Guarantor, the Guarantor Original Financial Statements, and; 

  

	 	(b)	in the case of the financial statements of any other Obligor, the financial statements prepared for such Obligor in respect of the most recent full financial year prior to the date of this Agreement or, if such Obligor
has not had a full financial year prior to the date of this Agreement, the first full financial year ending after the date of this Agreement, 

(such financial statements being the “Original Financial Statements”) unless, in relation to any set of
financial statements, the Borrower notifies the Agent that there has been a change in IFRS, or the accounting practices or reference periods, and it delivers, or it procures that its auditors (or, if appropriate, the auditors of the Obligor),
deliver: 
  

	 	(i)	a description of any change necessary for those financial statements to reflect IFRS, accounting practices and reference periods upon which such Obligor’s Original Financial Statements were prepared; and

  

	 	(ii)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Agent to determine whether Clause 21.15 (Financial covenants) has been complied with and make an accurate
comparison between the financial position indicated in those financial statements and the Original Financial Statements for such Obligor, 

and any reference in this Agreement to “those financial statements” shall be construed as a reference to those financial statements
as adjusted to reflect the basis upon which the relevant Original Financial Statements were prepared. 
  

	 	19.2.3	Notwithstanding Clause 19.2.2, the Lenders acknowledge and agree that the financial statements of the Group may be prepared in accordance with GAAP provided that the Borrower agrees to notify the Agent if such change in
accounting policy is implemented. If so, all references in this Agreement and the other Transaction Documents to “IFRS” shall be construed to mean GAAP. 

 

	19.3	Aircraft/Portfolio Lessee Information 

 The Borrower shall supply to the Agent: 

 

	 	19.3.1	a report in respect of the Aircraft substantially in the form set out in Schedule 10 (Form of Portfolio Report) and in sufficient copies for each of the Lenders within 30 days after each Quarter Date; and

  

	 	19.3.2	 such other information (other than information pertaining to “know your customer” requirements in respect of which Clause 19.7
(“Know Your 

  
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Customer” Checks) applies, as the Agent may reasonably request in respect of the Portfolio Leases and the Aircraft including, but not limited to, the Portfolio Lessee Information and
data relating to the condition and utilisation of the Aircraft, provided that the Agent acknowledges that, if so required by a relevant Portfolio Lessee, the Agent may be required to enter into confidentiality undertakings for the benefit of
any such Portfolio Lessee prior to receiving certain information. 

  

	19.4	Information: miscellaneous 

 The Borrower shall supply to the Agent: 

 

	 	19.4.1	copies of all documents dispatched by any Obligor to its creditors generally at the same time as they are dispatched; 

  

	 	19.4.2	as soon as practicable upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Obligor (other than the Guarantor) or in
respect of the Collateral; 

  

	 	19.4.3	as soon as reasonably practicable, such further information as is available to any Obligor regarding the financial condition of any Obligor or in respect of the Aircraft or the Collateral as any Finance Party (through
the Agent) may reasonably request, 

 except to the extent that disclosure of the information would breach any law, regulation
or stock exchange requirement or would contravene any confidentially obligation that the Borrower is subject to. 
  

	19.5	Notification of Relevant Default, Material Lease Event of Default or Total Loss 

  

	 	19.5.1	The Borrower shall notify the Agent of: 

  

	 	(a)	any Relevant Default (and the steps, if any, being taken to remedy it so far as it is aware); 

  

	 	(b)	any Material Lease Event of Default that is continuing (and the steps, if any, being taken to remedy it so far as it is aware); 

  

	 	(c)	any Total Loss; and 

  

	 	(d)	any Servicer Termination Event that is continuing, 

  

	 	(e)	in each case, promptly upon becoming aware of its occurrence. 

  

	 	19.5.2	Promptly following a written request by the Agent, the Borrower shall supply to the Agent a certificate signed by one of its directors on its behalf, certifying that they are not aware of any Event of Default is
continuing (or, if they are aware of an Event of Default is continuing, specifying the Event of Default and the steps, if any being taken to remedy it), provided that the Agent will not be entitled to issue such a request more than once in any three
month period. 

  
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	19.6	Use of Websites and Email 

  

	 	19.6.1	The Borrower may satisfy its obligation under this Agreement to deliver information by communicating the same (by use of websites and/or via email) to the Agent for onward distribution by the Agent to the Lenders.

  

	 	19.6.2	The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the “Website Lenders”) who accept this method of communication by posting this
information onto an electronic website designated by the Borrower and the Agent (the “Designated Website”) if: 

  

	 	(a)	the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; 

 

	 	(b)	both the Borrower and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

 

	 	(c)	the information is in a format previously agreed between the Borrower and the Agent. 

 If any
Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Agent shall notify the Borrower accordingly and the Borrower shall supply the information to the Agent (in sufficient copies for
each Paper Form Lender) in paper form. In any event the Borrower shall supply the Agent with at least one copy in paper form of any information required to be provided by it. 
  

	 	19.6.3	The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Borrower and the Agent. 

 

	 	19.6.4	The Borrower shall promptly upon becoming aware of its occurrence notify the Agent if: 

  

	 	(a)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(b)	the password specifications for the Designated Website change; 

  

	 	(c)	any new information which is required to be provided under this Agreement is posted on the Designated Website; 

  

	 	(d)	any existing information which has been provided under this Agreement and posted on the Designated Website is amended; or 

  

	 	(e)	the Borrower becomes aware that the Designated Website or any information posted on the Designated Website is or has been infected by any electronic virus or similar software. 

If the Borrower notifies the Agent under sub-clause 19.6.4(a) or
sub-clause 19.6.4(e) above, all information to be provided by the Borrower under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender
is satisfied that the circumstances giving rise to the notification are no longer continuing. 

  
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	 	19.6.5	Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted on the Designated Website. The Borrower shall comply with any such
request within ten (10) Business Days. 

  

	 	19.6.6	   

  

	 	(a)	The Borrower and each Lender hereby acknowledge that the Agent will make certain information available to the Finance Parties by posting the information on IntraLinks or another similar electronic system (the
“Platform”). Each Lender hereunder agrees that any document or notice posted on the Platform by the Agent shall be deemed to have been delivered to the Lenders. The Borrower and the Lenders further agree that, to the extent
reasonably practicable, any document delivered to the Agent for purposes of compliance with any provision of this Agreement or for dissemination to any other party hereto shall be delivered to the Agent in electronic form capable of being posted to
the Platform. 

  

	 	(b)	Each of the Borrower and Lenders understands that the distribution of materials and other communications through an electronic medium is not necessarily secure and that there are confidentiality and other risks
associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the wilful default or gross negligence of the Agent, as determined by a final non-appealable judgment of
a court of competent jurisdiction. 

  

	 	(c)	The Platform is provided “as is” and “as available”. Neither the Agent, the Security Trustee nor any of their respective Affiliates warrants the accuracy or completeness of the
information contained on the Platform or the adequacy of the Platform and each expressly disclaims liability for errors or omissions in the information contained on the Platform. No warranty of any kind, express, implied or statutory, including any
warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects is made by the Agent, the Security Trustee or any of their respective Affiliates in connection with
the information contained on the Platform. 

  

	 	(d)	Notwithstanding the foregoing in this Clause 19.6.6, the Agent agrees that if the Borrower notifies the Agent in writing that certain information which the Agent has been provided with is “Portfolio Lessee
Information”, then it will not make such Portfolio Lessee Information available to the Finance Parties via the Platform without the prior written consent of the Borrower. 

  
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	19.7	“Know your customer” checks 

  

	 	19.7.1	If: 

  

	 	(a)	the introduction of or any Change in Law made after the date of this Agreement; or 

  

	 	(b)	any change in the status of any Obligor, Portfolio Lessee, Credit Support Provider, Letter of Credit Provider, any other person that is a party to any Transaction Document or any other person in respect of which
“know your customer” information has previously been requested; or 

  

	 	(c)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, 

obliges the Agent or any Finance Party (or, in the case of paragraph (c) above, any prospective new Lender) to comply with “know
your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall as soon as practicable following a written request of the Agent or any Finance Party supply,
or procure the supply of (or, if the written request has been made pursuant to paragraph (c) above, will use reasonable efforts to supply, or procure the supply of) such documentation and other evidence as is requested by the Agent (for itself
or on behalf of any Lender) or any Finance Party (for itself or on behalf of any prospective Lender) in order for the Agent, such Finance Party or any prospective Lender to carry out and be satisfied with the results of all necessary “know your
customer” or other checks in relation to any person that it is required to carry out pursuant to the transactions contemplated in the Transaction Documents. 
  

	 	19.7.2	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out
and be satisfied with the results of all necessary “know your customer” or other checks in relation to any person that it is required to carry out pursuant to the transactions contemplated in the Transaction Documents. 

 

	20.	GENERAL UNDERTAKINGS 

 The Borrower gives the undertakings in this Clause 20 and agrees
to procure that each Obligor complies with such undertakings at all times during the Security Period (as applicable to such Obligor). For any Obligor (other than the Guarantor and the Borrower) any undertaking in this Clause 20 (and any other
Transaction Document) shall only apply with respect to such Obligor when such person acceded to the relevant Transaction Documents as an “Obligor”, and only for so long as such person remains an “Obligor”, in each case, as
provided for under the Proceeds Deed. 

  
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	20.1	Authorisations 

 Each Obligor shall promptly: 

 

	 	20.1.1	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	20.1.2	following a written request therefor supply certified copies to the Agent of, 

 any
Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to preserve its existence, perform its obligations under the Transaction Documents to which it is a party and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of incorporation of any Transaction Document to which it is a party, provided that notwithstanding the above, the parties agree that no Obligor shall be obliged pursuant
to any provision of any Transaction Document, to (i) register or file any Mortgage or Security Agreement in the jurisdiction of incorporation of a Portfolio Lessee or sub-lessee or, the State of Registration of an Aircraft unless such
registration and/or filing is being made at an “entry point” (as referred to in Article XIX of the Protocol) for such jurisdiction in order to allow the Mortgage and/or Security Agreement to be filed at the International Registry or such
jurisdiction of incorporation or State of Registration is the jurisdiction of incorporation of such Obligor and the jurisdiction in which such Obligor is required to have its COMI in accordance with the Transaction Documents. 

 

	20.2	Compliance with laws 

 Each Obligor shall comply in all respects with all laws to which
it may be subject, if failure to so comply would materially impair its ability to perform its obligations under the Transaction Documents. 
  

	20.3	Negative pledge 

  

	 	20.3.1	No Obligor shall create or expressly consent to the creation of any Security Interest over any of the Collateral other than the Security Interests created pursuant to the Security Documents or Permitted Security
Interests. 

  

	 	20.3.2	No Obligor shall without the prior written consent of the Agent: 

  

	 	(a)	sell, transfer, assign its rights in respect of or otherwise dispose of any of the Collateral other than pursuant to the Transaction Documents; 

 

	 	(b)	enter into any arrangement under which money in or the benefit of a bank or other account (including the Accounts) which constitutes Collateral may be applied, set-off or made
subject to a combination of accounts or enter into any other preferential arrangement having a similar effect. 

  

	20.4	Taxation 

 Each Obligor shall duly and punctually pay and discharge all Taxes imposed
upon it, or its assets within the time period allowed without incurring penalties (save to the extent that (a) payment is being contested in good faith, (b) adequate reserves are being maintained for those Taxes and (c) payment can be
lawfully withheld). 

  
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	20.5	No other business 

 Other than the Guarantor, no Obligor shall transact or carry on any
business other than as required or permitted or contemplated by (or incidental to), or incur any liability other than (a) pursuant to or as permitted or contemplated by (or incidental to), the Transaction Documents or (b) with the
Guarantor for the provision of services in relation to the management of the Aircraft on terms by which the payment of any amounts thereunder are subordinated to the Facility and all other obligations owing to the Finance Parties under the
Transaction Documents, or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any person unless it has first obtained the prior written consent of the Agent, such consent not to be unreasonably
withheld or delayed. 
  

	20.6	Merger 

 No Obligor (other than the Guarantor) shall enter into any amalgamation,
demerger, merger or corporate reconstruction. 
  

	20.7	Further assurance 

 Each Obligor shall execute, acknowledge, deliver, file and register
all such additional agreements, instruments, certificates, documents and assurances and perform such other acts or things as the Agent shall reasonably request to effectuate the purposes of this Agreement and each of the other Transaction Documents
or the transactions hereby or thereby contemplated or to protect the rights of the Finance Parties hereunder or thereunder. 
  

	20.8	Amendments 

 No Obligor shall, without the prior written consent of the Agent and other
than in connection with the release of any Collateral from the Security Documents as provided for under the Proceeds Deed or otherwise as expressly contemplated or permitted by a Transaction Document: 

 

	 	20.8.1	cancel or terminate any Transaction Document or consent to or accept any cancellation or termination thereof; 

  

	 	20.8.2	amend, vary, modify, supplement, restate, novate, waive or replace or agree to any amendment, variation, modification, supplement, restatement, novation, waiver or replacement of any Transaction Document or the
obligations of any person thereunder; 

  

	 	20.8.3	(other than the Guarantor) make any amendments to its constitutional documents; or 

  

	 	20.8.4	knowingly do anything which has or is reasonably likely to have the effect of prejudicing the priority of the Security Interests created in favour of the Security Trustee against all persons (including, without
limitation, a liquidator, receiver, administrator, examiner, administrative receiver, trustee or similar officer of, or any creditor of, it or any other person claiming through, under or in place of it) over any of the Collateral. 

  
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	20.9	Pari passu ranking 

 Each Obligor shall ensure at all times that the
claims of the Finance Parties against it under the Transaction Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by
any law applying to companies generally (and to the extent only of that mandatory preference). 
  

	20.10	No Subsidiaries 

 Save for any Owners and/or Intermediate Lessors (which shall be
subsidiaries of the Borrower or Orphan Entities), no Obligor (other than the Guarantor) shall have any subsidiaries. 
  

	20.11	No Employees 

 No Obligor (other than the Guarantor) shall have any employees. 

 

	20.12	Centre of main interests and establishments 

 Unless otherwise agreed between the
Borrower and the Agent, each Obligor shall maintain its centre of main interest (as that term is used in Article 3(1) of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the “Regulation”))
in its jurisdiction of incorporation or, in the case of the Borrower, the Guarantor and each Owner, in Ireland, and shall have no other “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction.

  

	20.13	Tax Residency 

 Unless otherwise agreed between the Borrower and the Agent, each Obligor
will maintain its jurisdiction of tax residency in its jurisdiction of incorporation or, in the case of the Borrower, the Guarantor and each Owner, in Ireland provided that if an Obligor would be in breach of this undertaking solely as a
result of a Change in Law, such Obligor will immediately notify the Agent, and such Obligor, the Agent and the Borrower will consult with each other for a period not exceeding fifteen (15) days in accordance with clause 13 (Mitigation)
of the Proceeds Deed for the purposes of agreeing a means of avoiding such breach of this undertaking as a result of that Change in Law and, until such mitigation period has expired, such Obligor will be deemed not to be in breach of this
undertaking. 
  

	20.14	Applicable Sanctions 

 No Obligor shall: 

 

	 	20.14.1	knowingly directly or indirectly use the proceeds of any Loan or Portfolio Lease or knowingly permit any Aircraft to be operated for any purpose which would violate Sanctions, trade regulations or any Anti-Bribery Law; or 

  
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	 	20.14.2	knowingly lend, invest, contribute or otherwise make available the proceeds of any Loan or enter into any arrangement to make the use and possession of any Aircraft available to, or for the benefit of, any then-current Sanctions Target. 

  

	20.15	Owner Covenants 

 Each Owner and the Owner Trustee will observe and perform the covenants
and undertakings specified in each Mortgage and Security Document to which it is a party. 
  

	20.16	Intermediate Lessor Covenants 

 Each Intermediate Lessor will observe and perform, the
covenants and undertakings specified in each Security Document to which it is a party. 
  

	20.17	The Aircraft 

  

	 	20.17.1	Each Obligor shall procure that: 

  

	 	(a)	insurances and, if applicable, reinsurances which comply with the minimum insurance requirements described in Clause 2.17 of Schedule 13 (Core Lease Provisions) will be effected and maintained with respect to
such Aircraft; 

  

	 	(b)	third party public liability insurance shall be maintained in respect of each Aircraft for a combined single limit of at least the Minimum Liability Amount (provided that for the purpose of this Clause 20.17.1(b) the
reference to $500MM in part (a) of the definition of Minimum Liability Amount shall be construed as reference to $600MM instead) per occurrence but in the aggregate for product liability and subject to market standard sub-limits (in accordance with the Standard) as may be applicable from time to time, provided that the Lessor may comply with this covenant through a combination of procuring that the relevant Portfolio Lessee
effects such insurance at such levels and the Borrower’s or Guarantor’s own contingent policies; 

  

	 	(c)	no variation to the required insurance described in Clause 2.17(b) of Schedule 13 (Core Lease Provisions) is agreed by the Lessor, without the consent of the Security Trustee, acting reasonably; and

  

	 	(d)	in all other respects, the Aircraft (including the negotiation and documentation of the terms of the Portfolio Leases, the monitoring of performance by Portfolio Lessees, any related Credit Support Providers or Letter
of Credit Providers under the Portfolio Leases and the exercise by any Obligor of its rights under any Portfolio Lease) is at all times managed in accordance with the Standard. 

 

	 	20.17.2	No Obligor shall discriminate (or permit an Affiliate to discriminate) against any of the Aircraft when managing any other aircraft owned (directly or indirectly) by the Borrower (or any of its Affiliates).

  
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	 	20.17.3	Each Obligor shall procure that at all times: 

  

	 	(a)	subject to sub-clause 20.17.3(b), the Aircraft and the Portfolio Leases are serviced in accordance with the Master Servicing Agreement; and 

 

	 	(b)	if a Servicer Termination Event occurs and is continuing, the Master Servicing Agreement will be terminated in respect of the Aircraft and the management of the Aircraft will be undertaken by a reputable third party
servicer, the identity and terms of appointment of whom are acceptable to the Agent (acting reasonably), and each Obligor shall, if so requested by the Agent, procure that the relevant Obligors’ rights under such servicing agreement shall be
assigned in favour of the Security Trustee on terms acceptable to the Agent. 

  

	 	20.17.4	If in the State of Registration (or, if different, the jurisdiction of incorporation and/or principal place of business of a Portfolio Lessee or the person with operational control of the Aircraft or any engine) there
shall be, or be brought into force, any legislative or other provisions giving effect to the Cape Town Convention and/or the Protocol or otherwise relating to the recognition of rights in aircraft and the Cape Town Convention and/or Protocol has
application to any of the Transaction Documents, each Obligor shall use reasonable endeavours to procure (at its own expense) that all acts as may be reasonably necessary to perfect recognition of the title and interest of the Security Trustee, the
relevant Owner (or, if applicable, Owner Trustee) and the Intermediate Lessor (if applicable) in the Aircraft and engines in accordance with such legislative or other provisions are effected as soon as practicable (including where applicable
providing Security Trustee with the documents referred to in Clause 4(p) of Part B of Schedule 3 (Conditions Precedent) and authorising a law firm nominated by the Security Trustee to be the relevant Obligor’s professional user entity
for dealings with the International Registry in relation to the Aircraft; such authority not to be revoked without the prior written consent of the Agent). Each Obligor shall procure that no interests conflicting with or ranking prior to those of
the Security Trustee, the relevant Owner (or, if applicable, Owner Trustee) and the relevant Intermediate Lessor (if applicable) are allowed to be registered at the International Registry without the prior written consent of the Agent and each
Obligor shall procure (at its own expense) the entering into by all relevant parties of a subordination agreement setting out the agreed order of priority of such interests and the registration thereof at the International Registry provided
that nothing in this sub-clause 20.17.4 shall require any lessor or any Obligor to take any actions which are in breach of the terms relevant Portfolio Lease. 

 

	20.18	Portfolio Leases 

  

	 	20.18.1	No Amendments 

 Each Obligor shall procure that no amendments are made to any Portfolio
Lease which would result in such Portfolio Lease failing to comply with the Core Lease Provisions or which would result in a reduction of any scheduled amount payable by the Portfolio Lessee if as a consequence of such reduction, on each remaining
Repayment Date following such amendment, the aggregate of: 
  

	 	(a)	each amount of “Basic Rent” (howsoever defined) due and payable to the Lessors pursuant to the Portfolio Leases, in each case during the Interest Period for the Loan attributable to each such Portfolio
Lease which immediately precedes such Repayment Date; and 

  
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	 	(b)	the scheduled payments due and payable to the Borrower pursuant to the Hedging Agreements required to be entered into pursuant to, and complying with, the Hedging Principles, in each case during the Interest Period for
the Loan attributable to each such Hedging Agreement which immediately precedes such Repayment Date, 

 would be less than:

  

	 	(c)	105% of the aggregate scheduled payments of principal and interest due and payable under this Agreement on such Repayment Date pursuant to the Repayment Schedules for all of the Loans, 

provided that for the purposes of this calculation: 
  

	 	(i)	if the date of any such Repayment Date is the first Repayment Date or the Final Repayment Date in respect of a Loan, then such Loan, any Hedging Agreements entered into in respect of such Loan and the Portfolio Lease
for the Aircraft attributable to such Loan, together with any amounts payable thereunder, will be disregarded; 

  

	 	(ii)	if the date of any such Repayment Date is not also a Repayment Date under the Loan attributable to a Quarterly Rent Aircraft, then the Loan, any Hedging Agreements entered into in respect of such Loan and the Portfolio
Lease for such Quarterly Rent Aircraft, together with any amounts payable thereunder, will be disregarded; and 

  

	 	(iii)	the Fixed Rate and the Floating Rate as well as the fixed and floating rate of interest applicable to the calculation of “Base Rent” pursuant to each Portfolio Lease shall be the applicable Notional Rate.

 In the event that the Borrower is not able to satisfy this condition, the Borrower shall be entitled to exercise its rights
in accordance with Clause 8.7 (Scheduled Debt to Basic Rent Test Ratios) in order to comply with this condition, and upon so complying, the Borrower shall be entitled to effect such amendment. 

 

	 	20.18.2	Material Lease Event of Default 

 If a Material Lease Event of Default under a Portfolio
Lease (the “Affected Lease”) occurs and is continuing, the Agent shall be entitled to require the Borrower (or any other Obligor) to procure the termination of the leasing of the relevant Aircraft under such Affected Lease whereupon
the Borrower (or any other Obligor) shall take, or procure the taking of, such action in 

  
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accordance with the Standard to procure the termination of the leasing of the Aircraft as soon as reasonably practicable and subject to any Law unless the Borrower notifies the Agent in writing
that it wishes for the relevant Affected Lease to continue (an “Affected Lease Election Notice”). If the Borrower issues an Affected Lease Election Notice or if, in the reasonable opinion of the Agent, the Borrower (or any other
Obligor) fails to take appropriate action to terminate the Affected Lease as soon as reasonably practicable, the Borrower shall make a mandatory partial prepayment in accordance with sub-clause 8.5.2(e) or
8.5.2(f), as applicable. The Borrower shall not permit any waiver of any Material Lease Event of Default without the prior written consent of the Agent. 
  

	 	20.18.3	Replacement Lease 

 If the leasing of any Aircraft under any Portfolio Lease is
terminated, the Borrower, will be entitled to permit an Owner or Intermediate Lessor to re-lease the Aircraft pursuant to a Replacement Lease without the consent of any Finance Party, provided that:

  

	 	(a)	the “Lessee” pursuant to such Replacement Lease is a Permitted Wide-body Airline (if the Aircraft is a Permitted Wide-body
Aircraft) or a Permitted Narrow-body Airline (if the Aircraft is a Permitted Narrow-body Aircraft); 

 

	 	(b)	no Part II Airline Event would result from the entering into of the proposed Replacement Lease or, if a Part II Airline Event is already continuing, the entering into of such proposed Replacement Lease would remedy or
mitigate the severity of such Part II Airline Event 

  

	 	(c)	such Replacement Lease complies with the Core Lease Provisions; 

  

	 	(d)	the State of Registration and/or the jurisdiction in which the Aircraft is habitually based is not, and as a result of the Replacement Lease, will not be, Prohibited Country; 

 

	 	(e)	no Concentration Limit Event would result from the entering into of the proposed Replacement Lease or, if a Concentration Limit Event is already continuing, the entering into of such proposed Replacement Lease would
remedy or mitigate the severity of such Concentration Limit Event; 

  

	 	(f)	the Agent will be satisfied that on each remaining Repayment Date following the commencement of the leasing of the Aircraft pursuant to the Replacement Lease, the aggregate of: 

 

	 	(i)	each amount of “Basic Rent” (howsoever defined) due and payable to the Lessors pursuant to the Portfolio Leases, in each case during the Interest Period for the Loan attributable to each such Portfolio
Lease which immediately precedes such Repayment Date; and 

  
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	 	(ii)	the scheduled payments due and payable to the Borrower pursuant to the Hedging Agreements required to be entered into pursuant to, and complying with, the Hedging Principles, in each case during the Interest Period for
the Loan attributable to each such Hedging Agreement which immediately precedes such Repayment Date, 

 will be equal to or
greater than: 
  

	 	(iii)	105% of the aggregate scheduled payments of principal and interest due and payable under this Agreement on such Repayment Date pursuant to the Repayment Schedules for all of the Loans, 

provided that for the purposes of this calculation: 
  

	 	(A)	if the date of any such Repayment Date is the first Repayment Date or the Final Repayment Date in respect of a Loan, then such Loan, any Hedging Agreements entered into in respect of such Loan and the Portfolio Lease
for the Aircraft attributable to such Loan, together with any amounts payable thereunder, will be disregarded; and 

  

	 	(B)	if the date of any such Repayment Date is not also a Repayment Date under the Loan attributable to q Quarterly Rent Aircraft, then the Loan, any Hedging Agreements entered into in respect of such Loan and the Portfolio
Lease for such Quarterly Rent Aircraft, together with any amounts payable thereunder, will be disregarded; and 

  

	 	(C)	the Fixed Rate and the Floating Rate as well as the fixed and floating rate of interest applicable to the calculation of “Basic Rent” pursuant to each Portfolio Lease shall be the applicable Notional Rate.

 In the event that the Borrower is not able to satisfy this condition, the Borrower shall be entitled to exercise its rights
in accordance with Clause 8.7 (Scheduled Debt to Basic Rent Test Ratios). 
  

	 	(g)	all “know your customer” information requested by the Agent on behalf of any Finance Party (which such Finance Party actually requires in connection with, or as a result of, the Replacement Lease) has been
provided to the satisfaction of such Finance Party (unless otherwise agreed in writing by such Finance Party). 

  

	 	(h)	if the most recent Portfolio Lease in respect of the Aircraft was: 

  

	 	(i)	 a Fixed Rate Lease and the Replacement Lease is a Floating Rate Lease, the Notional Swap in respect of such Loan will be

  
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deemed to be terminated in whole as of the date of the commencement of the leasing of the Aircraft pursuant to the Replacement Lease, and the Borrower will pay to the Agent (for the account of
the relevant Lenders) any Swap Breakage Loss payable pursuant to Clause 16.4 (Swap Breakage Loss/Gains); or 

  

	 	(ii)	a Floating Rate Lease and the Replacement Lease is a Fixed Rate Lease, then either: 

  

	 	(A)	the Borrower and the Agent will have established the Fixed Rate for the Loan attributable to such Aircraft in accordance with Clause 9.3 (Establishment of Fixed Rate); or 

 

	 	(B)	if the Borrower did not accept the quote and the “fixed rate” in accordance with Clause 9.3.2, the Borrower will have complied with the Hedging Principles; 

 

	 	(i)	if, immediately prior to the commencement of the leasing of such Aircraft pursuant to the Replacement Lease, the Aircraft was: 

  

	 	(i)	a Quarterly Rent Aircraft, and immediately after the commencement of the leasing of such Aircraft pursuant to the Replacement Lease, such Aircraft will no longer be a Quarterly Rent Aircraft; or 

 

	 	(ii)	not a Quarterly Rent Aircraft, and immediately after the commencement of the leasing of such Aircraft pursuant to the Replacement Lease, such Aircraft will be a Quarterly Rent Aircraft, 

then: 
  

	 	(iii)	the Agent will have received payment from the Borrower for the account of the Lenders of a fee of $15,000, which such fee the Agent will distribute between the Lenders on the date of commencement of the leasing of the
Aircraft pursuant to such Replacement Lease on a pro-rata basis based on the Lenders’ Commitments as at such date; and 

  

	 	(xx)	if both the most recent Portfolio Lease in respect of such Aircraft and the Replacement Lease are Fixed Rate Leases, then any Notional Swap in respect of the Loan attributable to such Aircraft will be deemed to be
terminated in whole on the date of commencement of the leasing of such Aircraft pursuant to the Replacement Lease and the Borrower will have paid to the Lenders any Swap Breakage Loss payable pursuant to
sub-clause 16.4.4 in respect of such deemed termination, and either: 

  
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	 	(A)	the Borrower and the Agent will have established the new Fixed Rate for the Loan attributable to such Aircraft in accordance with Clause 9.3 (Establishment of Fixed Rate); or 

 

	 	(B)	if the Borrower did not accept the quote and the “fixed rate” in accordance with Clause 9.3.2, the Borrower will have complied with the Hedging Principles; and 

 

	 	(j)	on entry into the Replacement Lease, the Agent is provided with documents and other evidence referred to in Part B of Schedule 6 (Aircraft Substitution and Replacement Lease Documents). 

 

	 	20.18.4	Additional Portfolio Lease and Sub-lease requirements 

 The Borrower will: 

 

	 	(a)	consult with the Agent if it or any other Obligor is reasonably aware or reasonably believes that the rights and interest of the Finance Parties under the Insurances are reasonably likely to be materially adversely
affected; 

  

	 	(b)	procure that aviation third party legal liability insurance shall be maintained for the benefit of each Finance Party as additional insured, without any cost for the Finance Parties, for a two (2) year period
following the termination of any Portfolio Lease (or if later the Secured Obligations Discharge Date) or, if earlier, until the next heavy maintenance check after such termination for the Aircraft attributable to such Portfolio Lease; and

  

	 	(c)	use reasonable efforts to procure an Assignment of Insurances in form and substance satisfactory to the Agent and will use reasonable endeavours to procure an Assignment of Reinsurances in accordance with the Standard
provided that: 

  

	 	(i)	if the original “lessor” under any Portfolio Lease (being the “lessor” under such Portfolio Lease on the date when such Portfolio Lease was entered into) was not a member of the Group, but such
Portfolio Lease has subsequently been or, prior to the Utilisation Date for the Loan attributable to such Aircraft, will be novated by such original “lessor” or any subsequent “lessor” under such Portfolio Lease, to the relevant
Owner or Intermediate Lessor of the Aircraft attributable to such Portfolio Lease, then the Borrower may request a waiver from the obligation to use reasonable efforts to procure an Assignment of Insurances and/or an Assignment of Reinsurances and
the Agent may (acting on the instructions of the Majority Lenders, acting reasonably) agree to provide such a waiver; and 

  
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	 	(ii)	for each of the Identified Aircraft referenced as aircraft 2, 3 and 4 in schedule 2 (The Identified Aircraft), the Borrower will not be required to procure any Assignment of Insurances or Assignment of
Reinsurances, or use reasonable endeavours to procure an Assignment of Insurances or Assignment of Reinsurances for so long as the relevant Portfolio Lessee for such Aircraft has not previously provided, or agreed to provide, an Assignment of
Insurances or Assignment of Reinsurances pursuant to, or in connection with, any other lease that such Portfolio Lessee has entered into with any member of the Group. 

 

	 	20.18.5	Converted Fixed Rate Lease 

 If a Portfolio Lease gives the Portfolio Lessee the right
to fix the “Basic Rent” (howsoever defined) after the date of commencement of the leasing of the Aircraft and the Portfolio Lessee elects to exercise such right, then the Borrower shall be required to fix the interest rate for the
Loan attributable to such Portfolio Lease in accordance with Clause 9.3 (Establishment of Fixed Rate) and upon such fixing such Loan shall then become a Fixed Rate Loan provided that on or before the date on which the “Basic
Rent” (howsoever defined) under the Portfolio Lease is fixed: 
  

	 	(a)	either: 

  

	 	(i)	the Borrower and the Agent must have established the new Fixed Rate for the Loan attributable to such Portfolio Lease in accordance with Clause 9.3 (Establishment of Fixed Rate); or 

 

	 	(ii)	if the Borrower did not accept the quote and the “fixed rate” in accordance with Clause 9.3.2, the Borrower will have complied with the Hedging Principles; and 

 

	 	(b)	the Borrower will have provided to the Agent duly executed counterparts of: 

  

	 	(i)	the swap confirmations entered into in respect of the Loan attributable to such Portfolio Lease in order to comply with the Hedging Principles; 

 

	 	(ii)	the Hedging Agreements which such confirmations relate to; and 

  

	 	(iii)	any notice and/or acknowledgement that is required to be provided on or before such date in connection with such Hedging Agreements and/or swap confirmation pursuant to the Security Documents. 

  
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	20.19	Final Disposition of Aircraft 

 Each Owner shall be entitled to enter into a Final
Disposition of any Aircraft to a third party, provided that: 
  

	 	20.19.1	no Relevant Default has occurred and is continuing; and 

  

	 	20.19.2	if the Final Disposition of the Aircraft takes place within thirty six (36) months of the Utilisation Date of the Loan attributable to such Aircraft, the Borrower has provided to the Agent a certificate,
substantially in the form set out in Schedule 16 (Form of [Substitution/Final Disposition] Certificate) and signed by an officer of the Borrower, certifying the matters set out therein; 

 

	 	20.19.3	no Concentration Limit Event would result from the Final Disposition or, if a Concentration Limit Event is continuing, such Final Disposition would remedy or mitigate the severity of such Concentration Limit Event; and

  

	 	20.19.4	upon completion of such Final Disposition, but subject always to sub-clause 8.5.3, the Borrower makes a mandatory prepayment of the Loan relating to such Aircraft in accordance
with sub-clause 8.5.2(a). 

  

	20.20	Off-Lease Aircraft 

  

	 	20.20.1	An Aircraft shall be deemed to be “off-lease” once the leasing of the Aircraft under the relevant Portfolio Lease has been terminated and the Obligor has control of the Aircraft (“Off-Lease”). If an Aircraft is Off-lease, then the Borrower shall (at its own expense) procure that: 

  

	 	(a)	the relevant Aircraft is insured in accordance with the Standard and consistent with the requirements of paragraph 2.17 of Schedule 13 (Core Lease Provisions), provided that if the relevant Aircraft is
grounded at an airport satisfactory to the Agent and the Borrower (or any other Obligor) has placed the Aircraft into a storage programme in a manner satisfactory to the Agent, then the Obligors will only be required to obtain ground risks insurance
cover in respect of the Aircraft on terms and conditions satisfactory to the Agent; 

  

	 	(b)	the relevant Aircraft is at all times stored, maintained, registered and operated in accordance with the Standard, having regard to normal aviation storage, maintenance, operation, registration and security requirements
for commercial passenger aircraft that are subject to cross border aircraft financing and which are not subject to a lease agreement, and are, where relevant, grounded; 

 

	 	(c)	the Servicer remarkets the Aircraft in accordance with the Standard and the Borrower will be liable for all costs related to such remarketing including, but not limited to, the remarketing expenses of the Servicer; and

  

	 	(d)	the Agent is provided with such information as the Agent may reasonably request in connection with any repossession and/or remarketing of the Aircraft, 

  
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 and for so long as the Obligors continue to comply with all of their obligations under the
Transaction Documents (including payment of any principal and interest expressed to be payable hereunder), then subject to sub-clause 20.20.2, no Event of Default and/or Acceleration Event will be deemed to
occur solely as a result of such Aircraft being Off-Lease. 
  

	 	20.20.2	Notwithstanding the terms of sub-clause 20.20.1, if an Aircraft is Off-Lease for a continuous period exceeding twelve (12) months (the
“Maximum Off-Lease Period”) unless otherwise agreed in writing by the Agent, the Borrower shall prepay the Loan in respect of such Aircraft in accordance with
sub-clause 8.5.1(e). 

  

	20.21	Purchase of Aircraft 

 The Borrower shall not, and the Borrower shall procure that no
Owner or Intermediate Lessor shall, purchase, directly or indirectly, any aircraft, engines or other assets other than the Aircraft and the rights related thereto (other than any acquisition of parts and/or Engines that is expressly contemplated
pursuant to the terms of any Portfolio Lease). 
  

	20.22	Financial Covenants 

  

	 	20.22.1	It is a condition of this Agreement that the following requirements are met on each Quarter Date commencing from the first Utilisation Date at all times during the Security Period: 

 

	 	(a)	the Consolidated Tangible Net Worth of the Guarantor is at least $650,000,000, and 

  

	 	(b)	the Guarantor has Free Cash in an amount at least equal to $10,000,000. 

  

	 	20.22.2	The financial covenants set out in sub-clause 20.22.1 shall be tested by reference to the financial statements and Compliance Certificate provided to the Agent pursuant to Clause
19.1 (Financial statements). 

  

	 	20.22.3	The Borrower will supply to the Agent, with each set of financial statements delivered pursuant to Clause 19.1 (Financial statements), a Compliance Certificate setting out (in reasonable detail) computations as
to compliance by the Guarantor with the covenants set out in sub-clause 20.22.1 as at final day of the period in respect of which such financial statements were drawn up. 

 

	21.	EVENTS OF DEFAULT 

 Each of the events and circumstances set out in Clauses 21.1
(Non-payment) to 21.15 (Financial Covenants) is an Event of Default. 
  

	21.1	Non-payment 

 An Obligor does not pay on the due
date any amount payable by it pursuant to any Transaction Document at the place at, and in the currency in, which it is expressed to be payable unless payment is made within (a) five (5) Business Days of its due date in the case of any
payment of principal and interest and (b) in the case of any amount payable on demand, five (5) Business Days of such Obligor receiving written notice of such demand. 

  
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	21.2	No other business 

 Any Obligor (other than the Guarantor) does not comply with the
provisions of Clause 20.5 (No other business). 
  

	21.3	Breach of Sanctions 

 Any Obligor does not comply with the provisions of Clause 20.14
(Applicable Sanctions). 
  

	21.4	Other obligations 

  

	 	21.4.1	An Obligor does not comply with any other material provision of the Transaction Documents to which it is a party (other than those referred to in Clauses 21.1
(Non-payment), 21.2 (No other business), 21.3 (Breach of Sanctions), 21.14 (Insurances) or 21.15 (Financial Covenants)). 

 

	 	21.4.2	No Event of Default under this Clause 21.4 will occur if the failure to comply is capable of remedy and is remedied within thirty (30) days of the Agent giving notice to the Borrower. 

 

	21.5	Misrepresentation 

 Any representation or statement made or deemed to be made by an
Obligor in the Transaction Documents or any other document delivered by or on behalf of an Obligor under or in connection with any Transaction Document is or proves to have been incorrect or misleading in any material respect when made or deemed to
be made and the events or circumstances which have resulted in such are capable of remedy and have not been remedied within thirty (30) days of the occurrence of such events or circumstances. 

 

	21.6	Insolvency 

  

	 	21.6.1	Any Obligor is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or
more of its creditors with a view to rescheduling any of its indebtedness. 

  

	 	21.6.2	A moratorium is declared in respect of any indebtedness of any Obligor. 

  

	21.7	Insolvency proceedings 

 Any corporate action, legal proceedings or other procedure or
step is taken in relation to: 
  

	 	21.7.1	 the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary
arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor (other than to the extent that such appointment has been made in
respect of a 

  
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Group member (other than an Obligor) or its assets and the obligations in respect of which such appointment has been made are owed by such Group member under a limited recourse financing and the
recourse of the appointee in respect of such obligations is limited to such Group member and the assets that are the subject of the limited recourse financing); 

  

	 	21.7.2	a composition, compromise, assignment or arrangement with any creditor of any member of the Group (other than to the extent that such appointment has been made in respect of a Group member (other than an Obligor) or its
assets and the obligations in respect of which such appointment has been made are owed by such Group member under a limited recourse financing and the recourse of the appointee in respect of such obligations is limited to such Group member and the
assets that are the subject of the limited recourse financing); 

  

	 	21.7.3	the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrative receiver, administrator, compulsory manager or other similar
officer in respect of any member of the Group or any of its assets (other than to the extent that such appointment has been made in respect of a Group member or its assets and the obligations in respect of which such appointment has been made are
owed by such Group member under a limited recourse financing and the recourse of the appointee in respect of such obligations is limited to such Group member and the assets that are the subject of the limited recourse financing); or

  

	 	21.7.4	enforcement of any Security over any assets of any members of the Group, (other than to the extent that such enforcement of Security is in respect of obligations owed by a member of the Group under a limited recourse
financing of an asset and such obligations were not full recourse obligations) if the aggregate value of the Financial Indebtedness in respect of which any such Security is being enforced is greater than $25,000,000, 

or any analogous procedure or step is taken in any jurisdiction. 
  

	 	21.7.5	This Clause 21.7 shall not apply to any winding-up petition which is frivolous or vexatious or that is being contested in good faith and is discharged, stayed or dismissed within sixty (60) days of commencement.

  

	21.8	Cross Default 

 An event of default occurs and is continuing in respect of the Guarantor
(after giving effect to any applicable notice requirement or grace period) under one or more agreements or instruments relating to the Financial Indebtedness of the Guarantor (disregarding any Financial Indebtedness pursuant to any loans entered
into between the Guarantor and any other member of the Group) where the aggregate principal amount of such Financial Indebtedness is equal to or greater than twenty five million dollars ($25,000,000) (“Relevant Indebtedness”), in
respect of which the relevant creditor has recourse to the assets of the Guarantor generally in (disregarding any 

  
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recourse which is limited to particular assets, the purchase of which was financed or re-financed by such Relevant Indebtedness) and in respect of which
either (i) the Relevant Indebtedness has become due and payable under such agreements or instruments before it would otherwise have been due and payable, or (ii) the Relevant Indebtedness was already or became due and payable as at the
date of such event of default. 
  

	21.9	Repudiation 

 An Obligor repudiates any Transaction Document or evidences an intention to
repudiate any Transaction Document. 
  

	21.10	Change in ownership 

 Any of the legal title and/or the beneficial interest in the issued
share capital of the Borrower, any Owner or any Intermediate Lessor is held by a person other than as specified in Clause 18.12 (Ownership of the Borrower, the Owners and the Intermediate Lessors) unless otherwise agreed in writing by the
Agent. 
  

	21.11	Creditors’ process 

 Any expropriation, attachment, sequestration, distress or
execution arising as a consequence of the default of any Obligor affects any Aircraft or any other Collateral and the same is not ceased, discharged or removed within thirty (30) days of the occurrence thereof. 

 

	21.12	Unstayed or Undischarged Judgment 

  

	 	21.12.1	Any final judgment or order with a value in excess of $25,000,000 is made against the Guarantor and is not stayed or complied with within thirty (30) days, unless the same is being contested in good faith and by
appropriate means and for which adequate reserves have been made. 

  

	 	21.12.2	Any final judgment or order for an amount in excess of one million dollars ($1,000,000) (or the equivalent thereof in any currency or currencies) made against any Obligor (other than the Guarantor) is not stayed or
complied with within thirty (30) days, unless the same is being contested in good faith and by appropriate means and for which adequate reserves have been made. 

 

	21.13	Cessation of business 

 Any Obligor suspends or ceases to carry on its business or
threatens to do so. 
  

	21.14	Insurances 

 The Insurances in respect of any Aircraft are not obtained and maintained in
full force and effect in accordance with the provisions of sub-clause 20.17.1 and Clause 20.20 (Off-Lease Aircraft), unless replacement insurance cover has been put in place on terms that comply with this Agreement. 

  
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	21.15	Financial Covenants 

 The Borrower fails to procure that the Guarantor complies with the
financial covenants set out in sub-clause 20.22.1. 
  

	21.16	Guarantee 

 Any of the provisions of the Guarantee ceases to be in full force and effect.

  

	21.17	Acceleration 

 On and at any time after the occurrence of an Event of Default pursuant to
this Clause 21 which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower: 
  

	 	21.17.1	cancel the Lenders’ Commitments whereupon they shall immediately be cancelled; and/or 

  

	 	21.17.2	declare that all or part of each Loan, together with accrued interest, and all other amounts accrued or outstanding under the Transaction Documents be immediately due and payable, whereupon they shall become immediately
due and payable; and/or 

  

	 	21.17.3	declare that all or part of each Loan be payable on demand, whereupon the same shall immediately become payable on demand by the Agent on the instructions of the Lenders; and/or 

 

	 	21.17.4	exercise or direct the Security Trustee to exercise any or all of its rights, remedies, powers or discretions under the Security Documents and/or the other Transaction Documents. 

 

	22.	CHANGES TO THE LENDERS 

  

	22.1	Assignments and transfers by the Lenders 

  

	 	22.1.1	Subject to this Clause 22, a Lender (the “Existing Lender”) may: 

  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial
institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets, or any Affiliate of the foregoing (the “New
Lender”), including, without limitation, its rights in any Loan relating to an Aircraft, provided that no Lender may assign or transfer any of its rights or obligations under the Transaction Documents (i) to a Competitor without
the consent of the Borrower (such consent not to be unreasonably withheld), (ii) to any New Lender which, unless an Event of Default has occurred and is continuing, is not a Qualifying Lender, (iii) if such transfer and/or assignment is in
relation to an undrawn portion of the Facility, unless it is made to a bank with a credit rating of at least A– from S&P and/or A– from Fitch and/or A3 from Moody’s or the prior written consent of the Borrower has been obtained
(such consent not to be unreasonably withheld). 

  
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	22.2	Conditions of assignment or transfer 

  

	 	22.2.1	The provisions of Part A of Schedule 7 (Changes to the Lenders) shall apply with respect to any transfer or assignment. 

  

	 	22.2.2	An assignment will only be effective if the procedure set out in paragraph 5 (Procedure for Assignment) of Schedule 7 (Changes to the Lenders) is complied with. 

 

	 	22.2.3	A transfer will only be effective if the procedure set out in paragraph 6 (Procedure for Transfer) of Schedule 7 (Changes to the Lenders) is complied with. 

 

	 	22.2.4	If: 

  

	 	(a)	a Lender assigns or transfers any of its rights or obligations under the Transaction Documents or changes its Facility Office; and 

  

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs the Borrower would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under any
provision of this Agreement or make any increased payment or perform any increased obligations under any provision of the Transaction Documents, 

then, unless such assignment or transfer is made in connection with any mitigation pursuant to clause 13 (Mitigation) of the Proceeds
Deed, the New Lender or acting through its new Facility Office is only entitled to receive payment under such provision, or increased payment or performance of any other increased obligation under any other provision of the Transaction Documents to
the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 
  

	 	22.2.5	Prior to any transfer or assignment taking place the Existing Lender shall comply with the provisions of Clause 13.5 (Stamp Taxes) and, if applicable, Clause 18.28.5. 

 

	22.3	Security over Lender’s Rights 

  

	 	22.3.1	In addition to the other rights provided to Lenders under this Clause 22, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over
(whether by way of collateral or otherwise) all or any of its rights under any Transaction Document to secure obligations of that Lender including, without limitation: 

 

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

  
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	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities, 

 except that no such charge, assignment or Security shall: 

 

	 	(i)	release a Lender from any of its obligations under the Transaction Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Transaction Documents; or

  

	 	(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Transaction
Documents. 

  

	23.	CHANGES TO THE OBLIGORS 

  

	23.1	Changes to the Borrower 

 The Borrower may not assign any of its rights or transfer any
of its rights or obligations under the Transaction Documents (except to the Security Trustee pursuant to the Security Documents) without the prior written consent of the Agent. 

 

	23.2	Changes to the Owners 

 The Borrower shall procure that no Owner or the Owner Trustee
assigns any of its rights or transfers any of its rights or obligations under the Transaction Documents (except to the Security Trustee pursuant to the Security Documents) without the prior written consent of the Agent. 

 

	23.3	Changes to the Intermediate Lessors 

 The Borrower shall procure that no Intermediate
Lessor shall assign any of its rights or transfer any of its rights or obligations under the Transaction Documents (except to the Security Trustee pursuant to the Security Documents) without the prior written consent of the Agent. 

 

	23.4	Changes to the Guarantor 

 The Borrower shall procure that the Guarantor does not assign
any of its rights or transfer any of its rights or obligations under the Transaction Documents (in its capacity as Guarantor and otherwise) without the prior written consent of the Agent. 

 

	24.	THE FINANCE PARTIES 

 The provisions of Schedule 8 (The Finance Parties) shall
apply to this Agreement. 

  
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	25.	PAYMENT MECHANICS 

  

	25.1	Payments to the Agent 

  

	 	25.1.1	On each date on which the Borrower or a Lender is required to make a payment to a Finance Party, such Borrower or such Lender shall make the same available to the Agent (unless a contrary indication appears in any
Transaction Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 

 

	 	25.1.2	Payment shall be made to such account with such bank as the Agent specifies in writing from time to time. 

  

	25.2	Distributions by the Agent 

 Each payment received by the Agent under the Transaction
Documents for another Party shall, subject to Clause 25.3 (Distributions to Borrower), Clause 25.4 (Clawback) and paragraph 1.16 (Deduction from amounts payable by the Agent) of Schedule 8 (The Finance Parties) be made
available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with clause 8 (Application of Proceeds) of the Proceeds Deed (in the case of a Lender, for the account of its Facility Office)
to such account as that Party may notify to the Agent by not less than five (5) Business Days’ notice with a bank in the principal financial centre of the country of that currency. 

 

	25.3	Distributions to Borrower 

 The Agent shall apply any amount received by it from the
Borrower by crediting the same to the Collection Account for application in accordance with clause 8 (Application of Proceeds) of the Proceeds Deed. 
  

	25.4	Clawback 

  

	 	25.4.1	Where a sum is to be paid to the Agent under the Transaction Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it
has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	25.4.2	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was
paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

 

	25.5	No set-off by the Borrower 

 All payments to be
made by the Borrower under the Transaction Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

  
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	25.6	Business Days 

  

	 	25.6.1	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or, in the case of scheduled payments, on the preceding
Business Day, or in the case of non-scheduled payments, on the first Business Day of the next calendar month (if there is not). 

 

	 	25.6.2	During any extension of the due date for payment of any principal or Unpaid Sum or other amount under this Agreement interest is payable on the principal or Unpaid Sum or other amount at the rate payable on the original
due date. 

  

	25.7	Currency of account 

  

	 	25.7.1	Subject to sub-clauses 25.7.2 and 25.7.3, the dollar is the currency of account and payment for any sum from the Borrower under any Transaction Document. 

 

	 	25.7.2	Each payment in respect of costs, expenses, Losses or Taxes shall be made in the currency in which the costs, expenses, Losses or Taxes are incurred, as demonstrated by the relevant Finance Party. 

 

	 	25.7.3	Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency. 

  

	26.	APPLICATION OF PAYMENTS 

 If the Agent receives a payment or any proceeds under the
Transaction Documents other than pursuant to clause 8 (Application of Proceeds) of the Proceeds Deed, the Agent shall (unless otherwise specified in this Agreement) credit that payment or those proceeds to the Collection Account for
application in accordance with clause 8 (Application of Proceeds) of the Proceeds Deed. 
  

	27.	SET-OFF 

 Following the occurrence of a Relevant Event which is continuing, a Finance
Party may set off any matured obligation due from the Borrower under the Transaction Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Borrower, regardless of the
place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. The Finance Party (to the extent this is not the Agent) shall promptly notify the Agent of any such set-off or conversion. 

 

	28.	NOTICES 

 The provisions of clause 18 (Notices) of the Proceeds Deed shall apply
to this Agreement. 

  
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	29.	CALCULATIONS AND CERTIFICATES 

  

	29.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Transaction Document, the entries made in the accounts maintained by a Finance Party in the absence of manifest error are prima facie evidence of the matters to which they relate. 

 

	29.2	Certificates and Determinations 

 Any certification or determination by a Finance Party
of a rate or amount under any Transaction Document shall be signed by a duly authorised officer of the Finance Party and shall substantiate in sufficient detail the amount concerned and subject thereto and is, in the absence of manifest error,
prima facie evidence of the matters to which it relates. 
  

	29.3	Day count convention 

 Any interest, commission or fee accruing in favour of any Finance
Party under any Transaction Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days except in the case of any interest accruing at the Fixed Interest Rate, which shall be
calculated on the basis of a year of twelve (12) months of thirty (30) days each or, in any case where the practice in the London interbank market differs, in accordance with that market practice. 

 

	30.	PARTIAL INVALIDITY 

 If, at any time, any provision of the Transaction Documents is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction will in any way be affected or impaired. 
  

	31.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party, any right or remedy under the Transaction Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy.
The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	32.	AMENDMENTS AND WAIVERS 

  

	32.1	Required Consents 

  

	 	32.1.1	Subject to Clause 32.2 (Exceptions) any term of the Transaction Documents may be amended or waived: 

  

	 	(a)	by the Agent only with the consent of the Majority Lenders and any such amendment or waiver will be binding on all Lenders, and 

  
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	 	(b)	in a case where the Agent is not a party to the relevant Transaction Document, by the Security Trustee acting on the instructions of the Agent in accordance with paragraph (a). 

 

	 	32.1.2	The Agent may effect, on behalf of any Finance Party (other than the Security Trustee), any amendment or waiver permitted by this Clause 32. 

 

	 	32.1.3	No amendment or waiver may be made before the date falling ten Business Days (or such shorter period as the Agent, acting on the instructions of all of the Lenders, may agree) after the terms of that amendment or waiver
have been notified by the Agent to the Lenders, unless each Lender is a “FATCA Protected Lender”. The Agent shall notify the Lenders reasonably promptly of any amendments or waivers proposed by the Borrower. 

 

	32.2	Exceptions 

  

	 	32.2.1	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(a)	the definition of “Majority Lenders” in Annex A - Master Definitions Schedule; 

  

	 	(b)	an extension to the date of payment of any amount under the Transaction Documents; 

  

	 	(c)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(d)	subject to Clause 2.2 (Increase in Total Commitments), an increase in or an extension of any Commitment; 

  

	 	(e)	a change to the Borrower or the Guarantor; 

  

	 	(f)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(g)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 22 (Changes to the Lenders) or this Clause 32.2; 

  

	 	(h)	release of Security Interests created by the Security Documents unless permitted under the Transaction Documents or undertaken by the Security Trustee following the occurrence of an Event of Default which is continuing;
or 

 shall not be made without the prior consent of all the Lenders. 

 

	 	32.2.2	   

  

	 	(a)	 If the Agent or a Lender reasonably believes that an amendment or waiver may constitute a “material modification” for the purposes of FATCA
that may result (directly or indirectly) in a Party being required to make a FATCA Deduction and the Agent or that Lender (as the case may be) notifies the Borrower and the Agent accordingly, that amendment or waiver may, subject to paragraph
(b) (below, not be 

  
 - 85 - 

	 	
effected without the consent of the Agent or that Lender (as the case may be), acting reasonably and on a non-discriminatory basis applying its then current policies and practices as regards the
application of FATCA with respect to comparable facilities and borrowers to which such Agent or Lender (as the case may be) is party. 

  

	 	(b)	The consent of a Lender shall not be required pursuant to paragraph (i) above if that Lender is a FATCA Protected Lender. 

  

	 	32.2.3	An amendment or waiver which relates to or has the effect of changing the rights or obligations of the Agent or the Security Trustee may not be effected without the consent of the Agent or the Security Trustee (as
applicable). 

  

	33.	COUNTERPARTS 

 Each Transaction Document may be executed in any number of counterparts,
and this has the same effect as if the signatures on the counterparts were on a single copy of the Transaction Document. 
  

	34.	GOVERNING LAW 

 This Agreement and any
non-contractual obligations arising out of in connection with it shall be governed by and construed in accordance with English law. 
  

	35.	ENFORCEMENT 

  

	35.1	Jurisdiction 

  

	 	35.1.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to non-contractual
obligations arising from or in connection with this Agreement, or a dispute regarding the existence, validity or termination of this Agreement or the consequences of its nullity) (a “Dispute”). 

 

	 	35.1.2	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	 	35.1.3	This Clause 35.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	35.2	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law, the Borrower: 
  

	 	35.2.1	irrevocably appoints Bolt Burdon, Providence House, Providence Place, Islington, London, N1 0NT, England (or its replacement registered office from time to time) as its agent for service of process in relation to any
proceedings before the English courts in connection with any Transaction Document; and 

  
 - 86 - 

	 	35.2.2	agrees that failure by a process agent to notify the Borrower of the process will not invalidate the proceedings concerned. 

  

	35.3	Waiver of Immunity 

 The Borrower waives generally all immunity it or its assets or
revenues may otherwise have in any jurisdiction, including immunity in respect of: 
  

	 	35.3.1	the giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; and 

  

	 	35.3.2	the issue of any process against its assets or revenues for the enforcement of a judgment or, in an action in rem, for the arrest, detention or sale of any of its assets and revenues. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 - 87 - 

 SCHEDULE 1 

THE ORIGINAL LENDERS 
  

					
	 Lenders
	  	Total Commitment	 
	 Deutsche Bank AG, London Branch
	  	$	155,000,000	  
	 National Australia Bank Limited acting through its Offshore Business Unit
	  	$	195,000,000	  
	 HSBC Bank PLC
	  	$	150,000,000	  
		  	  
	  
	 
	 Total Commitments
	  	$	500,000,000	  
		  	  
	  
	 

  
 - 88 - 

 SCHEDULE 2 

THE IDENTIFIED AIRCRAFT 
  

											
	 Aircraft
	  	MSN (1)	 	  	 Portfolio Lessee (2)
	  	Aircraft Type (3)	 
	1	  	 	5640	  	  	Peach Aviation Limited	  	 	A320-200	  
	2	  	 	38012	  	  	Xiamen Airlines	  	 	B737-800	  
	3	  	 	39398	  	  	Compania Panamena de Aviacion S.A	  	 	B737-800	  
	4	  	 	38399	  	  	Compania Panamena de Aviacion S.A	  	 	B737-800	  
	5	  	 	39815	  	  	PT Lion Mentari	  	 	B737-800	  
	6	  	 	427199	  	  	Jet Airways (India) Limited	  	 	B737-800	  
	7	  	 	6222	  	  	American Airlines, Inc.	  	 	A321-200	  
	8	  	 	43601	  	  	Aerovias de Mexico S.A. de C.V.	  	 	B737-800	  
	9	  	 	43665	  	  	Aerovias de Mexico S.A. de C.V.	  	 	B737-800	  
	10	  	 	43666	  	  	“Dobrolet” Limited Liability Company	  	 	B737-800	  
	11	  	 	43658	  	  	Hainan Airlines Company Limited	  	 	B737-800	  

  
 - 89 - 

 SCHEDULE 3 

CONDITIONS PRECEDENT 

PART A 
 (INITIAL
CONDITIONS PRECEDENT) 
  

	1.	A copy of this Agreement, the Proceeds Deed, the Fee Letters, the Agreed Form Document Side Letter, the Master Servicing Agreement, the Hedging Strategy Letter, the Borrower Share Charge, the Borrower Security Agreement
(in the Agreed Form), the Borrower Account Pledge (in the Agreed Form), and the Borrower Account Control Agreement (in the Agreed Form) (the “Signing Documents”), each duly executed by the relevant parties thereto
(other than the Finance Parties). 

  

	2.	A copy of the constitutional documents of each Obligor that is a party to the Signing Documents. 

  

	3.	A copy of the resolution(s) of the board of directors of each Obligor that is a party to the Signing Documents: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Signing Documents to which it is a party and resolving that it execute such of the Signing Documents to which it is a party; 

 

	 	(b)	if necessary, authorising by way of a power of attorney a specified person or persons to execute the Signing Documents to which it is a party on its behalf; and 

 

	 	(c)	if necessary authorising by way of a power of attorney a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the
Signing Documents to which it is a party. 

  

	4.	Copies of the powers of attorney referred to in paragraphs 3(b) and 3(c) above. 

  

	5.	A certificate of an authorised signatory of each Obligor that is a party to the Signing Documents certifying that each copy document relating to it specified in paragraphs 1, 2 and 3 above is correct, complete and in
full force and effect as at a date no earlier than the date of this Agreement, and containing specimen signatures of each person authorised to execute the relevant Transaction Documents and to sign and/or despatch all documents and notices to be
signed and/or despatched by it under or in connection with the relevant Transaction Documents. 

  

	6.	To the extent they have been entered into, the Agent will have received copies of the Lease Documents for each Identified Aircraft. 

  

	7.	A copy of the Guarantor Original Financial Statements. 

  

	8.	Evidence that the process agent of each Obligor that is a party to the Signing Documents has accepted its appointment. 

  
 - 90 - 

 PART B 

(CONDITIONS TO UTILISATION) 
 On or prior
to each Utilisation Date the Agent shall have received the following documents and evidence in form and substance satisfactory to it: 
  

	1.	To the extent further corporate authorisations are required from an Obligor beyond those provided pursuant to Part A of this Schedule 3 in order to execute any Transaction Documents to be executed on or before the
relevant Utilisation Date, a certificate from such Obligor to be dated the relevant Utilisation Date shall be signed by a director or the company secretary certifying that those documents attached to the previously issued certificate remain true
copies and setting out any additional specimen signatures of those persons authorised to sign the Transaction Documents to which it is or is to be a party and attaching, and certifying as true copies of the originals, copies of: 

 

	 	(a)	any additional resolutions of its board of directors approving the execution and performance of each Transaction Document to which it is or is to be a party and authorising the signatories to execute and deliver each
Transaction Document to which it is or it to be a party and other documents to be given pursuant thereto; and 

  

	 	(b)	any additional power of attorney appointing those persons authorised to sign on its behalf each Transaction Document to which it is or is to be a party, 

and confirming that any corporate documents previously provided have not been amended, modified or revoked in any way. 

 

	2.	To the extent any Obligor was not required to provide a certificate pursuant to Part A of this Schedule 3, but such Obligor is a party to a Transaction Document being executed on or before the relevant Utilisation Date,
it shall provide a certificate signed by a director or the company secretary setting out the specimen signature of those persons authorised to sign the Transaction Documents to which it is or is to be a party and attaching, and certifying as true
copies of the originals, copies of: 

  

	 	(a)	its certificate of incorporation and constitutional documents; 

  

	 	(b)	the resolutions of its board of directors approving the execution and performance of each Transaction Document to which it is or is to be a party and authorising the signatories to execute and deliver each Transaction
Document to which it is or is to be a party and other documents to be given pursuant thereto; and 

  

	 	(c)	if required, a power of attorney appointing those persons authorised to sign on its behalf each Transaction Document to which it is or is to be a party. 

 

	3.	If any Obligor provided a certificate pursuant to Part A of this Schedule 3, and no further corporate authorisations are required, a bring down certificate from such Obligor confirming that all documents previously
provided have not been amended, modified or revoked in any way. 

  
 - 91 - 

	4.	Duly executed counterparts of each of the following documents (signed by each of the parties thereto other than counterparts required to be executed by a Finance Party), to the extent they have not already been received
by the Agent: 

  

	 	(a)	the Loan Supplement; 

  

	 	(b)	the Mortgage in respect of the Aircraft attributable to the Utilisation (in the Agreed Form); 

  

	 	(c)	solely in respect of the Peach Identified Aircraft, the Japanese Law Security Assignment; 

  

	 	(d)	the Owner Share Charge in respect of the Owner of the Aircraft attributable to the Utilisation or, if the Aircraft attributable to the Utilisation is to be owned pursuant to an owner trust structure, the Beneficial
Interest Security Assignment (in the Agreed Form) and the owner trust agreement in respect of the Aircraft attributable to the Utilisation, to be provided by the Owner Participant; 

 

	 	(e)	the Owner Security Agreement (in the Agreed Form) in respect of the Owner (or, if applicable, Owner Trustee) of the Aircraft attributable to the Utilisation; 

 

	 	(f)	each Owner Account Pledge and, if applicable, each Owner Account Control Agreement in respect of the Owner of the Aircraft attributable to the Utilisation and which, provided that the relevant Owner Accounts are held at
the New York branch of Deutsche Bank Trust Company Americas, will be in the Agreed Form; 

  

	 	(g)	the Intermediate Lessor Share Charge, if applicable, in respect of the Intermediate Lessor of the Aircraft attributable to the Utilisation; 

 

	 	(h)	if applicable, the Intermediate Lessor Security Agreement (in the Agreed Form), if applicable, in respect of the Intermediate Lessor of the Aircraft attributable to the Utilisation; 

 

	 	(i)	each Intermediate Lessor Account Pledge and, if applicable, each Intermediate Lessor Account Control Agreement in respect of the Intermediate Lessor of the Aircraft attributable to the Utilisation and which, provided
that the relevant Intermediate Lessor Accounts are held at the New York branch of Deutsche Bank Trust Company Americas, will be in the Agreed Form; 

  

	 	(j)	Servicing Agreement Accession Undertaking in respect of the relevant Aircraft; 

  

	 	(k)	a Proceeds Deed Accession Undertaking in respect of the Owner (and, if applicable, Owner Trustee) and, if applicable, Intermediate Lessor for the Aircraft; 

 

	 	(l)	if the Owner or Intermediate Lessor is an Orphan Entity, any Administration Agreement entered into in respect of such Owner or Intermediate Lessor, in form and substance satisfactory to the Agent; 

  
 - 92 - 

	 	(m)	any swap confirmations entered into in respect of the Loan attributable to the Utilisation in order to comply with the Hedging Principles and the Hedging Agreements which such confirmations relate to; 

 

	 	(n)	a copy of the Lease Documents for the Aircraft attributable to the Utilisation and, if applicable, the chattel counterpart of the relevant Portfolio Lease; 

 

	 	(o)	a Deregistration Power of Attorney executed by each Portfolio Lessee in favour of the Lessor and the Security Trustee, provided that the receipt of such Deregistration Power of Attorney will not be a condition to
the Utilisation to the extent that the Obligors have used reasonable commercial efforts to provide such Deregistration Power of Attorney prior to the Utilisation Date; and 

 

	 	(p)	if it is possible to obtain an IDERA, a copy of an IDERA granted and executed by the Portfolio Lessee in favour of the Lessor, together with a certified designee appointment in favour of the Security Trustee,
provided that if local counsel in the State of Registration advises that such designee appointment will not be recognised in the State of Registration, then: 

 

	 	(i)	the Security Trustee and the Borrower will discuss alternative arrangements to allow Lessor to delegate its rights under the irrevocable de-registration and export authorisation
which will be recognised in the State of Registration, or 

  

	 	(ii)	if no such delegation is possible, the Agent will receive an IDERA granted and executed by the Portfolio Lessee in favour of the Security Trustee, 

in each case including any relevant notices, acknowledgments and any other documents required to be provided on or before the Utilisation Date
thereunder provided that the receipt of an acknowledgement of assignment from the Portfolio Lessee in relation to the Owner Security Agreement or Intermediate Lessor Agreement (as applicable) will not be a condition to the Utilisation to the
extent that the Obligors have used reasonable commercial efforts to provide such acknowledgment prior to the Utilisation Date. 
 With
respect to Aircraft in respect of which the Portfolio Lessee is American Airlines Inc., no IDERA shall be required or filed in relation to such Aircraft. 
  

	5.	If the Servicer does not intend to obtain an acknowledgement of an assignment of the Warranty Proceeds Property under the Security Documents from the relevant airframe manufacturer and/or engine manufacturer, but
instead intends for the benefit of any warranties to be given to the Security Trustee by way of an Airframe Warranties Agreement and/or Engine Warranties Agreement, then the Agent will have also received a fully executed copy of the applicable
agreement(s). 

  

	6.	The Agent will have received a copy of the ASCEND Valuation Letter for the Aircraft attributable to the Utilisation, which such letter will be dated on or after the date falling thirty (30) days before the
Utilisation Date for the Aircraft attributable to the Utilisation. 

  
 - 93 - 

	7.	The Agent will have received a copy of each Subordinated Agreement entered into in respect of the Aircraft attributable to the Utilisation. 

 

	8.	Satisfactory evidence that the Accounts have been opened with the Account Bank. 

  

	9.	A legal opinion of: 

  

	 	(i)	Clifford Chance LLP, English legal advisers to the Lenders; 

  

	 	(ii)	Maples and Calder, Cayman Islands legal advisers to the Guarantor, which such opinion will cover the “non-consolidation” of the Borrower and the Owner of the Aircraft attributable to the Utilisation, on the
one hand, and the Guarantor on the other; 

  

	 	(iii)	solely in respect of the first Utilisation under the Facility, Maples and Calder, Irish legal advisers to the Borrower covering the “non-consolidation” of the Borrower and the Owner of the Aircraft
attributable to such Utilisation, on the one hand, and the Guarantor on the other; 

  

	 	(iv)	to the extent that the Owner of the Aircraft attributable to the Utilisation is incorporated in Ireland or an Irish Law Mortgage is required to be provided as a condition to the Utilisation, Maples and Calder, Irish
legal advisers to the Borrower; 

  

	 	(v)	to the extent that the Borrower Account Pledge, Borrower Account Control Agreement, New York law Mortgage or Beneficial Interest Security Assignment is to be provided as a condition to the Utilisation, Freshfields
Bruckhaus Deringer US LLP (or such other New York legal advisors engaged by the Borrower and the Guarantor reasonably acceptable to the Agent); 

  

	 	(vi)	to the extent that a Japanese Law Mortgage or Japanese Law Security Assignment is required to be provided as a condition to the Utilisation, Squire Sanders, Japanese legal advisers to the Peach Japanese Title Holder or
other Japanese counsel acceptable to the Lenders, acting reasonably; 

  

	 	(vii)	to the extent that the Aircraft is to be owned pursuant to an US owner trust structure registered with the FAA, FAA counsel to the Borrower; 

 

	 	(viii)	(if different from any of the foregoing jurisdictions) legal advisers to the Lenders in the jurisdiction of incorporation of (i) to the extent that the Aircraft is to be owned pursuant to an US owner trust
structure, the Owner Trustee of the Aircraft attributable to the Utilisation, (ii) any Intermediate Lessor in respect of the Aircraft attributable to the Utilisation and, (iii) if an Owner Share Charge or Intermediate Lessor Share Charge
is to be provided as a condition to the Utilisation, the parent of such Owner and/or Intermediate Lessor, (iv) if not otherwise covered by any other opinion provided pursuant to this paragraph 9, the jurisdiction of the incorporation of the
Owner; and (v) if an Owner Account Pledge (and, if applicable, an Owner Account Control Agreement) and/or an Intermediate Lessor Account Pledge (and, if applicable, an Intermediate Lessor Account Control Agreement) is to be provided as a
condition to the Utilisation, in the jurisdiction where the relevant Account is situated; and 

  
 - 94 - 

	 	(ix)	counsel selected in accordance with the Standard and the form and substance of which is in accordance with the Standard and subject to customary qualifications and assumptions with respect to the laws of (i) the
state of incorporation of the Portfolio Lessee, (ii) if different from the state of incorporation of the Portfolio Lessee, the State of Registration, and (iii) the state of incorporation of any Credit Support Provider in respect of the
Portfolio Lease, such legal opinion(s), to address: 

  

	 	(i)	the validity and enforceability under such laws of the Lease, any Sub-Lease, any lessee acknowledgment or Subordination Acknowledgment (as the case may be) against the Portfolio
Lessee or Sub-Lessee, and any Credit Support Documents; 

  

	 	(ii)	if applicable, the recognition in the State of Registration of an IDERA designee appointment; and 

  

	 	(iii)	the due registration of the Aircraft on the local registry, provided that this may be confirmed by way of a
 post-closing opinion if the form of such post-closing opinion has been agreed between the Borrower and the
Agent prior to the relevant Utilisation Date. 

  

	10.	Evidence that the process agent of each of the Obligors under each of the Transaction Documents to which it is a party has accepted its appointment. 

 

	11.	With respect to the Insurances: 

  

	 	(i)	a copy received from the insurers of the relevant Portfolio Lessee of a certificate in respect of each of the insurances required to be maintained pursuant to the relevant Portfolio Lease which, inter alia, names the
Secured Parties as additional insureds under such liability insurances; and 

  

	 	(ii)	an opinion from the insurance advisers to the Lenders in customary form for the relevant insurance adviser. 

  

	12.	Evidence that any International Interests created by the Security Documents, each Portfolio Lease and each Intermediate Lessor Lease Agreement have been, or will be immediately after the Utilisation, duly filed with the
International Registry (if applicable). 

  

	13.	(Other than where such information pertains to “know your customer” requirements in respect of which Clause 4.3.11 applies) any Portfolio Lessee Information requested by the Agent in respect of the Portfolio
Lessee for the Aircraft which the Utilisation is attributable to, except to the extent that disclosure of such Portfolio Lessee information would breach any law, regulation or stock exchange requirement or would contravene any confidentially
obligation that the Borrower, Owner or Intermediate Lessor (as the case may be) is subject to. 

  
 - 95 - 

	14.	If applicable, each Hedging Counterparty has received all amounts due and payable by the Borrower under any of the Hedging Agreements in respect of the Aircraft attributable to the Utilisation, including any premium
payments. 

  

	15.	Such other documents and/or evidence as the Agent may require in replacement of or in connection with any of the evidence referred to in Clauses 1 to 14 of this Schedule 3, as a result of any Change in Law or any change
in custom or practice since the date of this Agreement, in each case in form and substance satisfactory to the Agent and provided that the Agent provides a written request to the Borrower for such additional documents by no later than five
(5) Business Days before the relevant Utilisation Date. 

  
 - 96 - 

 SCHEDULE 4 

FORM OF UTILISATION REQUEST 
  

	To:	Deutsche Bank Trust Company Americas as Agent 

 Dated: [—] 
 Dear Sirs 

Facility Agreement dated [—] 2014 (the “Facility Agreement”) 

 

	1.	The Borrower hereby gives notice in accordance with Clause 4 (Conditions of Utilisation) of the Facility Agreement that it wishes to make a drawdown of a Utilisation on
[—] (the “Utilisation Date”) in the amount of [—] dollars
($[—]), subject to the conditions precedent set forth in Clause 4.2 (Utilisation Specific Conditions Precedent) of the Facility Agreement. 

 

	2.	We hereby represent and warrant that: 

  

	 	(a)	all of the representations and warranties of each Obligor in any of the Transaction Documents are true in all material respects; 

  

	 	(b)	no [Event of Default]1/[Relevant Default]2 has occurred and is continuing; 

 

	 	(c)	the Portfolio Lease relating to the Aircraft referred to in paragraph 3 below complies with the Core Lease Provisions (save as waived by the Agent), is in full force and effect, no Material Lease Event of Default has
occurred and is continuing thereunder and all conditions to the commencement of the leasing of the Aircraft pursuant to such Portfolio Lease have been or, immediately after Utilisation, will be satisfied, provided that we will retain the right to
waive or defer a condition precedent to the Portfolio Lease so long as in doing so, we are acting in accordance with the Standard); 

  

	 	(d)	the Aircraft referred to in paragraph 3 below has not suffered a Total Loss; 

  

	 	(e)	[no Concentration Limit Event would result from this Utilisation]/[this Utilisation would remedy or mitigate the severity of a Concentration Limit Event that has occurred and is continuing, the details of which are as
follows: 

 [Details of Concentration Limited Event to be provided]]; and 

 

	 	(f)	[the Aircraft referred to in paragraph 3 below meets the criteria set out in sub-clause 4.3.6 of the Facility Agreement]3.

  

	1 	Solely in respect of the first Utilisation 

	2 	To be included in respect of each Utilisation other than the first Utilisation 

	3 	Solely in respect of an Unidentified Aircraft 

  
 - 97 - 

	3.	This Utilisation Request relates to the acquisition of [the following Aircraft, being the Identified Aircraft with reference [—], as set out in Schedule 2 (The
Identified Aircraft) of the Facility Agreement.]/[the following Unidentified Aircraft: 

  

			
	 Aircraft:
	  	[—]
	 Owner:
	  	[—]
	 Intermediate Lessor (if applicable):
	  	[—]
	 Credit Support Provider(s):
	  	[—]
	 [Letters of
Credit:            [—]]
	  	

  

	4.	Please apply the proceeds of the Utilisation to the following account: 

 [—] 
  

	5.	Capitalised terms used herein have the same meanings as defined in the Facility Agreement (or by reference therein to another document). 

 

	6.	This Utilisation Request is irrevocable. 

  

	7.	This Utilisation Request and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of England.

 Yours faithfully 
 [—] 
  

			
	 By:
	 	  

		 	 Title:

  
 - 98 - 

 SCHEDULE 5 

LOAN SUPPLEMENT 
 DATED
[—] 
 AVOLON AEROSPACE (FUNDING 4) LIMITED 

as Borrower 
 and 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

as Agent 
  

 
 LOAN
SUPPLEMENT NO. [—] 
 relating to a loan of $[—] 
 for the financing of 

ONE (1) [—] AIRCRAFT 

Manufacturer’s Serial Number [—] 

 
  

  
 - 99 - 

 CONTENTS 
  

							
	Clause	  	 	  	Page	 
			
	2.	  	Interpretation	  	 	101	  
	3.	  	Amount of Loan	  	 	101	  
	4.	  	Repayment of Loan	  	 	101	  
	5.	  	Interest	  	 	101	  
	6.	  	Governing Law and Jurisdiction	  	 	102	  

  
 - 100 - 

 THIS LOAN SUPPLEMENT (this “Loan Supplement”) is dated [—] 
 BETWEEN 
  

	(1)	AVOLON AEROSPACE (FUNDING 4) LIMITED, an exempted company incorporated under the laws of the Cayman Islands with its registered office at PO Box 309 Ugland House, Grand Cayman, KY1-1104, Cayman
Islands and its principal place of business at The Oval, Building 1, Shelbourne Road, Ballsbridge, Dublin 4, Ireland (the “Borrower”); and 

  

	(2)	DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York Banking Corporation, as agent of the Lenders (the “Agent”); 

IT IS AGREED: 
  

	1	INTERPRETATION 

  

	1.2	Words and expressions defined in the Facility Agreement (as defined below) shall, unless otherwise specifically defined herein or unless the context otherwise requires, have the same respective meanings when used in
this Loan Supplement. 

  

	1.3	In this Loan Supplement the following words and expressions have, unless the context otherwise requires, the following meanings: 

“Aircraft” means one (1) [—] Aircraft with manufacturer’s serial
number [—]. 
 “Facility Agreement” means the facility agreement dated [—] March 2014 between the Borrower, the Agent, Avolon Aerospace Leasing Limited as the guarantor, Deutsche Bank Trust Company Americas as the security trustee and the Lenders as described therein, as
amended, supplemented and acceded to from time to time. 
  

	1.4	Clauses 1.4 (Third party rights), 30 (Partial Invalidity), 33 (Counterparts) and 35 (Enforcement) of the Facility Agreement shall be deemed to be incorporated herein, mutatis mutandis, as if
reference therein to “this Agreement” were references to “this Loan Supplement”. 

  

	2.	AMOUNT OF LOAN 

 The amount of the Loan to be made by the Lenders in respect of the
Aircraft shall be [—] ($[—]). 
  

	3.	REPAYMENT OF LOAN 

 Attached hereto as Annex 1 is the Repayment Schedule in respect of
the Loan. 
  

	4.	INTEREST 

 [Interest on the Loan is calculated on the Floating Rate]/[The Loan is a Fixed
Rate Loan and the Fixed Rate applicable to such Fixed Rate Loan is [—]% p.a.]4 

 
  

	4 	Amend as appropriate 

  
 - 101 - 

	5.	GOVERNING LAW AND JURISDICTION 

 This Loan Supplement and all non-contractual obligations
arising from or connected with it shall be governed by and construed in accordance with English law. 
 This Loan Supplement has been entered into on the
date stated at the beginning of this Loan Supplement. 

  
 - 102 - 

 ANNEX 1 

Repayment Schedule 
  

							
	 1
	 	 2
	 	 3
	 	
45

	 Repayment Date No.
	 	 Outstanding Loan
	 	 Loan Repayments Instalment
	 	 Interest

	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]
	[—]	 	[—]	 	[—]	 	[—]

  
  

	5 	Note: To be included only for a Fixed Rate Loan 

  
 - 103 - 

 Signature Page 

Loan Supplement MSN [—] 

BORROWER 
 AVOLON AEROSPACE (FUNDING 4) LIMITED

  

			
	By:	 	  

		
	Title:	 	

 AGENT 
 [—] 
  

			
	By:	 	  

		
	Title:	 	

  
 - 104 - 

 SCHEDULE 6 

AIRCRAFT SUBSTITUTION AND REPLACEMENT LEASE DOCUMENTS 

PART A 
 (AIRCRAFT
SUBSTITUTION CONDITIONS) 
 In respect of any Aircraft substitution pursuant to Clause 6 (Aircraft Substitution) of the Facility
Agreement, the Agent shall have received in form and substance satisfactory to it the following documents and other evidence in respect of the substitute aircraft (the “Substitute Aircraft”): 

 

	1.	A copy of the constitutional documents of each Obligor that is a party to the Substitution Documents. 

  

	2.	A copy of the resolution(s) of the board of directors of each Obligor that is a party to the Substitution Documents: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Substitution Documents to which it is a party and resolving that it execute the Substitution Documents to which it is a party; 

 

	 	(b)	if necessary, authorising by way of a power of attorney a specified person or persons to execute the Substitution Documents to which it is a party on its behalf; and 

 

	 	(c)	if necessary authorising by way of a power of attorney a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the
Substitution Documents to which it is a party. 

  

	3.	Copies of the powers of attorney referred to in paragraphs 2(b) and 2(c) above. 

  

	4.	A certificate of an authorised signatory of each Obligor that is a party to the Substitution Documents certifying that each copy document relating to it specified in paragraphs 1, 2 and 3 above is correct, complete and
in full force and effect as at a date no earlier than the Substitution Date and containing specimen signatures of each person authorised to execute the relevant Substitution Documents and to sign and/or despatch all documents and notices to be
signed and/or despatched by it under or in connection with the relevant Substitution Documents. 

  

	5.	Duly executed counterparts of the following documents (signed by each of the parties thereto other than counterparts required to be executed by a Finance Party), to the extent they have not already been received by the
Agent in respect of the Substitute Aircraft and/or the relevant Obligor(s) (the “Substitution Documents”): 

  

	 	(a)	a new Mortgage in respect of the Substitute Aircraft 

  

	 	(b)	the Owner Share Charge in respect of the Owner of the Substitute Aircraft or, if the Substitute Aircraft is to be owned pursuant to an owner trust structure, the Beneficial Interest Security Assignment (in the Agreed
Form) and the owner trust agreement in respect of the Substitute Aircraft to be provided by the Owner Participant; 

  
 - 105 - 

	 	(c)	the Owner Security Agreement (in the Agreed Form) in respect of the Owner or, if applicable, Owner Trustee of the Substitute Aircraft; 

 

	 	(d)	each Owner Account Pledge and, if applicable, each Owner Account Control Agreement in respect of the Owner of the Substitute Aircraft and which, provided that the relevant Owner Accounts are held at the New York
branch of Deutsche Bank Trust Company Americas, will be in the Agreed Form; 

  

	 	(e)	the Intermediate Lessor Share Charge, if applicable, in respect of the Intermediate Lessor of the Substitute Aircraft; 

  

	 	(f)	the Intermediate Lessor Security Agreement (in the Agreed Form), if applicable, in respect of the Intermediate Lessor of the Substitute Aircraft; 

 

	 	(g)	if applicable, each Intermediate Lessor Account Pledge and, if applicable, each Intermediate Lessor Account Control Agreement in respect of the Intermediate Lessor of the Substitute Aircraft and which, provided
that the relevant Intermediate Lessor Accounts are held at the New York branch of Deutsche Bank Trust Company Americas, will be in the Agreed Form; 

  

	 	(h)	Servicing Agreement Accession Undertaking in respect of the Substitute Aircraft; 

  

	 	(i)	a Proceeds Deed Accession Undertaking in respect of the Owner (and, if applicable, the Owner Trustee) and, if applicable, Intermediate Lessor for the Substitute Aircraft; 

 

	 	(j)	if the Owner or Intermediate Lessor is an Orphan Entity, any Administration Agreement entered into in respect of such Owner or Intermediate Lessor, in form and substance satisfactory to the Agent; 

 

	 	(k)	a copy of the Lease Documents for the Substitute and, if applicable, the chattel counterpart of the relevant Portfolio Lease 

  

	 	(l)	a Deregistration Power of Attorney executed by the Portfolio Lessee for the Substitute Aircraft in favour of the Lessor and the Security Trustee provided that the receipt of such Deregistration Power of Attorney
will not be a condition to the substitution to the extent that the Obligors have used reasonable commercial efforts to provide such Deregistration Power of Attorney prior to the Substitution Date; and 

 

	 	(m)	any swap confirmations entered into in respect of the Loan attributable to the Substitute Aircraft in order to comply with the Hedging Principles and the Hedging Agreements which such confirmations relate to;

  

	 	(n)	if it is possible to register an obtain an IDERA, a copy of an IDERA granted and executed by the Portfolio Lessee in favour of the Lessor, together with a certified designee appointment in favour of the Security
Trustee, provided that if local counsel in the State of Registration advises that such designee appointment will not be recognised in the State of Registration, then: 

 

	 	(i)	the Security Trustee and the Borrower will discuss alternative arrangements to allow the Lessor to delegate its rights under the irrevocable de-registration and export
authorisation which will be recognised in the State of Registration, or 

  
 - 106 - 

	 	(ii)	if no such delegation is possible, the Agent will receive an IDERA granted and executed by the Portfolio Lessee in favour of the Security Trustee, 

in each case including any relevant notices, acknowledgments and any other documents required to be provided on or before the Substitution Date
thereunder. provided that the receipt of an acknowledgement of assignment from the Portfolio Lessee in relation to the Owner Security Agreement or Intermediate Lessor Agreement (as applicable) will not be a condition to the Utilisation to the
extent that the Obligors have used reasonable commercial efforts to provide such acknowledgment prior to the Utilisation Date. 
 With
respect to Aircraft in respect of which the Portfolio Lessee is American Airlines Inc., no IDERA shall be required or filed in relation to such Aircraft. 
  

	6.	If the Servicer does not intend to obtain an acknowledgement of an assignment of the Warranty Proceeds Property under the Security Documents from the relevant airframe manufacturer and/or engine manufacturer, but
instead intends for the benefit of any warranties to be given to the Security Trustee by way of an Airframe Warranties Agreement and/or Engine Warranties Agreement, then the Agent will have also received a fully executed copy of the applicable
agreement(s). 

  

	7.	Satisfactory evidence that all Owner Accounts or Intermediate Lessor Accounts have been opened with the Account Bank. 

  

	8.	A legal opinion of: 

  

	 	(a)	Clifford Chance LLP, English legal advisers to the Lenders; 

  

	 	(b)	to the extent that the Owner of the Substitute Aircraft is incorporated in the Cayman Islands, Maples and Calder, Cayman Islands legal advisers to the Guarantor, which such opinion will cover the
“non-consolidation” of the Borrower and the Owner of the Aircraft attributable to the Utilisation, on the one hand, and the Guarantor on the other; and; 

 

	 	(c)	to the extent that the Owner of the Substitute Aircraft is incorporated in Ireland or an Irish Law Mortgage is required to be provided as a condition to the substitution, Maples and Calder, Irish legal advisers to the
Borrower 

  

	 	(d)	to the extent that a New York law Mortgage or Beneficial Interest Security Assignment is to be provided as a condition to the substitution, Freshfields Bruckhaus Deringer US LLP (or such other New York legal advisors
engaged by the Borrower and the Guarantor reasonably acceptable to the Agent); 

  

	 	(e)	to the extent that a Japanese Law Mortgage is required to be provided as a condition to the substitution, Squire Sanders, Japanese legal advisers to the Borrower or other Japanese counsel acceptable to the Lenders,
acting reasonably. 

  
 - 107 - 

	 	(f)	to the extent that the Substitute Aircraft is to be owned pursuant to an US owner trust structure registered with the FAA, FAA counsel to the Borrower; 

 

	 	(g)	(if different from any of the foregoing jurisdictions) legal advisers to the Lenders in the jurisdiction of incorporation of (i) to the extent that the Substitute Aircraft is to be owned pursuant to an US owner
trust structure, the Owner Trustee of the relevant Substitute Aircraft, (ii) any Intermediate Lessor in respect of the relevant Substitute Aircraft, (iii) if an Owner Share Charge or Intermediate Lessor Share Charge is to be provided as a
condition to the substitution, the parent of such Owner and/or Intermediate Lessor, (iv) unless otherwise covered pursuant to any other legal opinion provided pursuant to this paragraph 8, the Owner, and (v) if an Owner Account Pledge
(and, if applicable, an Owner Account Control Agreement) and/or Intermediate Lessor Account Pledge (and, if applicable, an Intermediate Lessor Account Control Agreement) is to be provided as a condition to the substitution, in the jurisdiction where
the relevant Account is situated; and 

  

	 	(h)	counsel selected in accordance with the Standard and the form and substance of which is in accordance with the Standard and subject to customary qualifications and assumptions with respect to the laws of (i) the
state of incorporation of the Portfolio Lessee, (ii) if different from the state of incorporation of the Portfolio Lessee, the State of Registration, and (iii) the state of incorporation of any Credit Support Provider in respect of the
Portfolio Lease, such legal opinion to address: 

  

	 	(i)	the validity and enforceability under such laws of the Lease, any Sub-Lease, any lessee acknowledgment or Subordination Acknowledgment (as the case may be) against the Portfolio
Lessee or Sub-Lessee, and any Credit Support Documents; 

  

	 	(ii)	if applicable, the recognition in the State of Registration of an IDERA designee appointment; and 

  

	 	(iii)	the due registration of the Substitute Aircraft on the local registry, provided that this may be confirmed by way of a post-closing opinion if the form of such post-closing opinion has been agreed between the Borrower
and the Agent prior to the relevant Utilisation Date. 

  

	9.	Evidence that the process agent of each of the Obligors under each of the Substitution Documents to which it is a party has accepted its appointment. 

 

	10.	With respect to the Insurances: 

  

	 	(i)	a copy received from the insurers of the relevant Portfolio Lessee of a certificate in respect of each of the insurances required to be maintained pursuant to the relevant Portfolio Lease which, inter alia, names
the Secured Parties as additional insureds under such liability insurances; and 

  
 - 108 - 

	 	(ii)	an opinion from insurance advisers to the Lenders which is satisfactory to the Agent as to the adequacy of the Insurances. 

  

	11.	Evidence that any International Interests created by the Security Documents in respect of such Substitute Aircraft, the Portfolio Lease and the Intermediate Lessor Lease Agreement have been, or will be immediately after
the substitution, duly filed with the International Registry (if applicable). 

  

	12.	(Other than where such information pertains to “know your customer” requirements in respect of which Clause 6.1(i) applies) any Portfolio Lessee Information requested by the Agent in respect of the Portfolio
Lessee for the Substitute Aircraft, except to the extent that disclosure of such Portfolio Lessee information would breach any law, regulation or stock exchange requirement or would contravene any confidentially obligation that the Borrower, Owner
or Intermediate Lessor (as the case may be) is subject to. 

  

	13.	The Agent will have received payment of any fees payable under any Fee Letters in connection with the substitution. 

  

	14.	The Agent will have received written confirmation from the Borrower that the Portfolio Lease in respect of the Substitute Aircraft is in full force and effect, no Material Lease Event of Default has occurred and is
continuing thereunder and all conditions to the commencement of such Portfolio Lease have been, or immediately after the substitution, will be satisfied, unless waived or deferred by the Borrower (or the relevant Lessor) in accordance with the
Standard; 

  

	15.	If applicable, each Hedging Counterparty will have received all amounts due and payable by the Borrower under any of the Hedging Agreements in respect of the Substitute Aircraft, including any premium payments.

  

	16.	Such other documents and/or evidence as the Agent may require in replacement of or in connection with any of the evidence referred to in Clauses 1 to 14 of this Part A of Schedule 6, as a result of any Change in Law or
any change in custom or practice since the date of this Agreement, in each case in form and substance satisfactory to the Agent and provided that the Agent provides a written request to the Borrower for such additional documents by no later than
five (5) Business Days before the relevant Substitution Date. 

  
 - 109 - 

 PART B 

(REPLACEMENT LEASE CONDITIONS) 
 In respect
of each Replacement Lease, pursuant to sub-clause 20.18.3, the Agent shall have received in form and substance satisfactory to it the following documents and other evidence in respect of the Aircraft: 

 

	1.	A copy of the constitutional documents of each Obligor that is a party to the Replacement Lease Documents. 

  

	2.	A copy of the resolution(s) of the board of directors of each Obligor that is a party to the Replacement Lease Documents: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Replacement Lease Documents to which it is a party and resolving that it execute the Replacement Lease Documents to which it is a party;

  

	 	(b)	if necessary, authorising by way of a power of attorney a specified person or persons to execute the Replacement Lease Documents to which it is a party on its behalf; and 

 

	 	(c)	if necessary authorising by way of a power of attorney a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the
Replacement Lease Documents to which it is a party. 

  

	3.	Copies of the powers of attorney referred to in paragraphs 2(b) and 2(c) above. 

  

	4.	A certificate of an authorised signatory of each Obligor that is a party to the Replacement Lease Documents certifying that each copy document relating to it specified in paragraphs 1, 2 and 3 above is correct, complete
and in full force and effect as at a date no earlier than the date of entry into the Replacement Lease by the relevant Obligor and containing specimen signatures of each person authorised to execute the relevant Replacement Lease Documents and to
sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the relevant Replacement Lease Documents. 

  

	5.	Duly executed counterparts of the following documents (signed by each of the parties thereto other than counterparts required to be executed by a Finance Party), to the extent they have not already been received by the
Agent in respect of the Aircraft and/or the relevant Obligor (the “Replacement Lease Documents”): 

  

	 	(a)	any swap confirmations entered into in respect of the Loan attributable to the Replacement Lease in order to comply with the Hedging Principles and the Hedging Agreements which such confirmations relate to;

  

	 	(b)	the Lease Documents for the Replacement Lease; 

  

	 	(c)	a Deregistration Power of Attorney executed by the Portfolio Lessee for the Aircraft in favour of the Lessor and the Security Trustee provided that the receipt of such Deregistration Power of Attorney will not be
a condition to the Replacement Lease to the extent that the Obligors have used reasonable commercial efforts to provide such Deregistration Power of Attorney prior to the Substitution Date; and 

  
 - 110 - 

	 	(d)	if it is possible to register an International Interest in respect of the Aircraft, an IDERA granted and executed by the Portfolio Lessee in favour of the Lessor, together with a certified designee appointment in favour
of the Security Trustee, provided that if local counsel in the State of Registration advises that such designee appointment will not be recognised in the State of Registration, then: 

 

	 	(i)	the Security Trustee and the Borrower will discuss alternative arrangements to allow Lessor to delegate its rights under the irrevocable de-registration and export authorisation
which will be recognised in the State of Registration, or 

  

	 	(ii)	if no such delegation is possible, the Agent will receive an IDERA granted and executed by the Portfolio Lessee in favour of the Security Trustee. 

With respect to Aircraft in respect of which the Portfolio Lessee is American Airlines Inc., no IDERA shall be required or filed in relation
to such Aircraft. 
  

	 	(e)	any documents required to be provided pursuant to the Security Documents in connection with the Replacement Lease, the Aircraft attributable thereto or any of the Transaction Documents entered into in connection
therewith including, but not limited to, any relevant notices and acknowledgments required to be provided pursuant to the Security Documents, provided that: 

 

	 	(i)	if the Servicer does not intend to obtain an acknowledgement of an assignment of the Warranty Proceeds Property under the Security Documents from the relevant airframe manufacturer and/or engine manufacturer, but
instead intends for the benefit of any warranties to be given to the Security Trustee by way of an Airframe Warranties Agreement and/or Engine Warranties Agreement, then the Agent will have also received a fully executed copy of the applicable
agreement(s); and 

  

	 	(ii)	the receipt of an acknowledgement of assignment from the Portfolio Lessee in relation to the Owner Security Agreement or Intermediate Lessor Security Agreement (as applicable), will not be a condition to the
substitution to the extent that the Obligors have used reasonable commercial efforts to provide such acknowledgement prior to the date of entry into the Replacement Lease). 

 

	6.	A legal opinion of counsel selected in accordance with the Standard and the form and substance of which is in accordance with the Standard and subject to customary qualifications and assumptions with respect to the laws
of (i) the state of incorporation of the Portfolio Lessee, (ii) if different from the state of incorporation of the Portfolio Lessee, the State of Registration, and (iii) the state of incorporation of any Credit Support Provider in
respect of the Portfolio Lease, such legal opinion to address: 

  

	 	(a)	the validity and enforceability under such laws of the Lease, any Sub-Lease, any lessee acknowledgment or Subordination Acknowledgment (as the case may be) against the Portfolio
Lessee or Sub-Lessee, and any Credit Support Documents; 

  
 - 111 - 

	 	(b)	the recognition in the State of Registration of an IDERA designee appointment; and 

  

	 	(c)	the due registration of the Aircraft on the local registry, provided that this may be confirmed by way of a post-closing opinion if the form of such post-closing opinion has been agreed between the Borrower and the
Agent prior to the relevant Utilisation Date. 

  

	7.	With respect to the Insurances: 

  

	 	(i)	a copy received from the insurers of the relevant replacement Portfolio Lessee of a certificate in respect of each of the insurances required to be maintained pursuant to the relevant Replacement Lease which, inter
alia, names the Secured Parties as additional insureds under such liability insurances; and 

  

	 	(ii)	an opinion from insurance advisers to the Lenders which is satisfactory to the Agent as to the adequacy of the Insurances. 

  

	8.	Evidence that any International Interests created by the Security Documents in respect of the Aircraft, the Portfolio Lease and the Intermediate Lessor Lease Agreement have been, or will be immediately after the
commencement of the Replacement Lease, duly filed with the International Registry (if applicable). 

  

	9.	The Agent will have received written confirmation from the Borrower that the Replacement Lease is in full force and effect, no Material Lease Event of Default has occurred and is continuing thereunder and all conditions
to the commencement of such Replacement Lease have been or, immediately after commencement of the leasing of the Aircraft under the Replacement Lease, will be satisfied, unless waived or deferred by the Borrower (or the relevant Lessor) in
accordance with the Standard; 

  

	10.	(Other than where such information pertains to “know your customer” requirements in respect of which Clause 20.18.3(g) applies) the Agent will have received from the Borrower any Portfolio Lessee Information
requested in respect of the Portfolio Lessee under the Replacement Lease, except to the extent that disclosure of such Portfolio Lessee information would breach any law, regulation or stock exchange requirement or would contravene any confidentially
obligation that the Borrower, Owner or Intermediate Lessor (as the case may be) is subject to. 

  

	11.	If applicable, each Hedging Counterparty will have received all amounts due and payable by the Borrower under any of the Hedging Agreements in respect of the Aircraft, including any premium payments. 

 

	12.	 Such other documents and/or evidence as the Agent may require in replacement of or in connection with any of the evidence referred to in Clauses 1 to
10 of this Part B of Schedule 6, as a result of any Change in Law or any change in custom or practice since the date of this Agreement, in each case in form and substance satisfactory to

  
 - 112 - 

	 	
the Agent and provided that the Agent provides a written request to the Borrower for such additional documents by no later than five (5) Business Days before the date that the Replacement
Lease is entered into. 

 provided that if, pursuant to the Replacement Lease, it is necessary to change the ownership and/or leasing
structure with respect to the Aircraft, then such Replacement Lease will be subject to the conditions set out in Part A of this Schedule 6, except that references therein to “Substitution Documents” and “Substitute
Aircraft” will be construed as references to “those documents required to be provided in accordance with this Schedule 6 in respect of the Replacement Lease” and “the Aircraft”. 

  
 - 113 - 

 SCHEDULE 7 

CHANGES TO THE LENDERS 

PART A 
  

	1.	Assignment or transfer fee 

 The New Lender shall, on the date upon which an assignment
or transfer takes effect, pay to the Agent (for its own account) a fee of three thousand dollars ($3,000). 
  

	2.	Limitation of responsibility of Existing Lenders 

  

	2.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	2.1.1	the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, Lease Documents or any other documents; 

 

	 	2.1.2	the financial condition of any Obligor; 

  

	 	2.1.3	the performance and observance by any Obligor of its obligations under the Transaction Documents, Lease Documents or any other documents; or 

 

	 	2.1.4	the accuracy of any statements (whether written or oral) made in or in connection with any Transaction Document, Lease Documents or any other document, 

and any representations or warranties implied by law are excluded. 
  

	2.2	Each New Lender confirms to the Existing Lender and the other Finance Parties: 

  

	 	2.2.1	whether it is a Qualifying Lender; 

  

	 	2.2.2	that it has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this
Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Transaction Document; and 

  

	 	2.2.3	that it will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Transaction Documents or any Commitment
is in force. 

  

	2.3	Nothing in any Transaction Document obliges an Existing Lender to: 

  

	 	2.3.1	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under Clause 22 (Changes to the Lenders) of the Facility Agreement; or

  
 - 114 - 

	 	2.3.2	support any Losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Transaction Documents or
otherwise. 

  

	3.	Copy of Transfer Certificate or Assignment Agreement to Borrower 

 The Agent shall, as
soon as reasonably practicable after it has executed a Transfer Certificate or Assignment Agreement (as applicable), send to the Borrower a copy of that Transfer Certificate or Assignment Agreement (as applicable). 

 

	4.	Disclosure of information 

 Subject to the confidentiality undertakings assumed by each
Lender pursuant to sub-clause 21.1.2 of the Proceeds Deed, any Lender may disclose to any of its Affiliates and any other person: 
  

	 	(a)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Agreement; 

 

	 	(b)	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made
by reference to, this Agreement or any Obligor; or 

  

	 	(c)	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

any information about any Obligor and the Transaction Documents and Lease Documents as that Lender shall consider appropriate if, in relation
to paragraph (a) and (b) above, the person to whom the information is to be given has entered into a confidentiality undertaking. 
  

	5.	Procedure for Assignment 

  

	5.1	Subject to the conditions set out in Clause 22.2 (Conditions of assignment or transfer) of the Facility Agreement, an assignment is effected in accordance with paragraph 5.3 when the Agent executes an otherwise
duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph 5.2 below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing
on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. 

  

	5.2	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender upon (i) its completion of all “know your customer” or other checks relating to
any person that it is required to carry out in relation to the assignment to such New Lender, and (ii) its having received an administrative questionnaire in the form set out in Schedule 17 (Administrative Questionnaire) duly completed
by the New Lender, together with the forms referred to therein duly completed by the New Lender. 

  
 - 115 - 

	5.3	On the Transfer Date: 

  

	 	(a)	the Existing Lender will assign absolutely to the New Lender the rights under the Transaction Documents expressed to be the subject of the assignment in the Assignment Agreement; 

 

	 	(b)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the “Relevant Obligations”) and expressed to be the subject of the release in the
Assignment Agreement; 

  

	 	(c)	the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations; and 

 

	 	(d)	the benefit of each Security Document shall be maintained in favour of the New Lender. 

  

	6.	Procedure for Transfer 

  

	6.1	Subject to the conditions set out in Clause 22.2 (Conditions of assignment or transfer) of the Facility Agreement, a transfer is effected in accordance with paragraph 6.3 when the Agent executes an otherwise duly
completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph 6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on
its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	6.2	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender upon (i) its completion of all “know your customer” or other checks relating to
any person that it is required to carry out in relation to the transfer to such New Lender, and (ii) its having received an administrative questionnaire in the form set out in Schedule 17 (Administrative Questionnaire) duly completed by
the New Lender, together with the forms referred to therein duly completed by the New Lender. 

  

	6.3	On the Transfer Date: 

  

	 	5.3.1	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Transaction Documents each Obligor and the Existing Lender shall be released from
further obligations towards one another under the Transaction Documents and their respective rights against one another under the Transaction Documents shall be cancelled (being the “Discharged Rights and Obligations”);

  

	 	5.3.2	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the
New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	5.3.3	 the Agent, the Joint Lead Arranger, the Security Trustee, the New Lender and other Lenders shall acquire the same rights and assume the same
obligations between themselves as they would have acquired and assumed had the New 

  
 - 116 - 

	 	
Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent and the Existing Lender shall each be released
from further obligations to each other under the Transaction Documents; 

  

	 	5.3.4	The benefit of each Security Document shall be maintained in favour of the New Lender; and 

  

	 	5.3.5	the New Lender shall become a Party as a “Lender”. 

  

	7.	Proceeds Deed 

 Contemporaneously with the execution and delivery of any Transfer
Certificate or Assignment Agreement (as applicable), the New Lender shall execute and deliver to the Security Trustee and the Guarantor a Proceeds Deed Accession Undertaking in accordance with the terms of the Proceeds Deed. 

  
 - 117 - 

 PART B 

FORM OF TRANSFER CERTIFICATE 
  

	To:	[—] as Agent 

 Avolon Aerospace (Funding 4)
Limited as Borrower 
  

	From:	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”) 

 

	Dated:	[—] 

 Facility Agreement dated [—] 2014 (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is a Transfer Certificate. Terms defined in the Facility Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer
Certificate. 

  

	2.	We refer to paragraph 6 (Procedure for Transfer) of Schedule 7 (Changes to the Lenders) of the Facility Agreement: 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and obligations referred to in the schedule
hereto (the “Schedule”) in accordance with paragraph 6 (Procedure for Transfer) of Schedule 7 (Changes to the Lenders) of the Facility Agreement. 

 

	 	(b)	The proposed Transfer Date is [—]. 

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 28 (Notices) of the Facility Agreement are set out in the Schedule. 

 

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph 2 (Limitation of responsibility of Existing Lenders) of Schedule 7 (Changes to the
Lenders) of the Facility Agreement. 

  

	4.	The benefit of each Security Document shall be maintained in favour of the New Lender, without prejudice to sub-paragraph 2.1 (Limitation of responsibility of Existing
Lenders) of Schedule 7 (Changes to the Lenders) of the Facility Agreement. 

  

	5.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 

 

	6.	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

  
 - 118 - 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details of Existing Lender’s Commitment and/or participation in respect of each Loan] 

[Facility Office address, fax number and attention details for notices and account details for payments,] 

 

									
	[EXISTING LENDER]	 		 	[NEW LENDER]
					
	By:	 	  
	 		 	By:	 	  

		 	Title:	 		 		 	Title:

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [—]. 
 [[—]] 

 

			
	By:	 	  

		 	Title:

  
 - 119 - 

 PART C 

FORM OF ASSIGNMENT AGREEMENT 
  

	To:	[—] as Agent 

 Avolon Aerospace (Funding 4)
Limited as Borrower 
  

	From:	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”) 

 

	Dated:	[—] 

 Facility Agreement dated [—] 2014 (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is an Assignment Agreement. Terms defined in the Facility Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment
Agreement. 

  

	2.	We refer to paragraph 5 (Procedure for Assignment) of Schedule 7 (Changes to the Lenders) of the Facility Agreement: 

  

	 	(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Facility Agreement and the other Transaction Documents which relate to that portion of the Existing Lender’s
Commitment, referred to in the schedule hereto (the “Schedule”) in accordance with paragraph 5 (Procedure for Transfer) of Schedule 7 (Changes to the Lenders) of the Facility Agreement. 

 

	 	(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender’s Commitment under the Facility Agreement specified in the Schedule.

  

	 	(c)	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above. 

 

	3.	The proposed Transfer Date is [—]. 

  

	4.	On the Transfer Date the New Lender becomes Party to the Transaction Documents as a Lender. 

  

	5.	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 28 (Notices) of the Facility Agreement are set out in the Schedule. 

 

	6.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph 2 (Limitation of responsibility of Existing Lenders) of Schedule 7 (Changes to the
Lenders) of the Facility Agreement. 

  

	7.	The benefit of each Security Document shall be maintained in favour of the New Lender, without prejudice to sub-paragraph 2.1 (Limitation of responsibility of Existing
Lenders) of Schedule 7 (Changes to the Lenders) of the Facility Agreement. 

  
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	8.	This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with paragraph 3 (Copy of Transfer Certificate or Assignment Agreement to Borrower) of
Schedule 7 (Changes to the Lenders), to the Borrower (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement 

  

	9.	This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 

 

	10.	This Assignment Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

  
 - 121 - 

 THE SCHEDULE 

Rights to be assigned and obligations to be released and undertaken 

[insert relevant details of rights to be assigned and obligations to be released and undertaken] 

[Facility Office address, fax number and attention details for notices and account details for payments,] 

 

									
	[EXISTING LENDER]	 		 	[NEW LENDER]
					
	By:	 	  
	 		 	By:	 	  

		 	Title:	 		 		 	Title:

 This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as [—]. 
 Signature of this Assignment Agreement by the Agent constitutes confirmation by the Agent of receipt of
notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party. 

[[—]] 
  

			
	By:	 	  

		 	Title:

  
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 SCHEDULE 8 

THE FINANCE PARTIES 
  

	1.	ROLE OF THE AGENT AND OTHERS 

  

	1.1	Appointment of the Agent 

  

	 	(a)	Each of the Lenders and the Joint Lead Arrangers appoints the Agent to act as its agent under and in connection with the Transaction Documents. 

 

	 	(b)	Each of the Lenders and the Joint Lead Arrangers authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the
Agent under or in connection with the Transaction Documents together with any other incidental rights, powers, authorities and discretions. 

  

	1.2	Instructions 

  

	 	(a)	The Agent shall: 

  

	 	(i)	notwithstanding anything to the contrary in a Transaction Document, but except insofar as any determination by the Agent is for the purposes of enabling it to protect its own interests or receive sums for its own
account, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: 

  

	 	(A)	all Lenders if the relevant Transaction Document stipulates the matter is an all Lender decision; 

  

	 	(B)	the Majority Fixed Rate Lenders if the relevant Transaction Document stipulates the matter is a Majority Fixed Rate Lender decision; and 

 

	 	(C)	in all other cases, the Majority Lenders; and 

  

	 	(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above. 

  

	 	(b)	Notwithstanding anything to the contrary in the Transaction Documents where in this Agreement or in any other Transaction Document (i) the Agent is referred to as acting “reasonably” or in a
“reasonable” manner or in coming to an opinion or determination that is “reasonable”, (ii) the Agent’s consent is required “not to be unreasonably withheld or delayed” or (iii) any
item or evidence is required to be to the Agent’s “satisfaction” or “satisfactory” to the Agent (or any similar or analogous wording is used) this shall mean the Agent acting, or coming to an opinion or
determination pursuant to the provisions of paragraph (a)(i) above and that the Agent shall be under no obligation to determine the reasonableness of such instructions (or, as applicable, whether such instructions are satisfactory) or whether in
giving such instructions the Lenders (or, if appropriate, the Majority Fixed Rate Lenders or the Majority Lenders) are acting in a reasonable or satisfactory manner. 

  
 - 123 - 

	 	(c)	The Parties to this Agreement acknowledge and agree that notwithstanding anything to the contrary in any Transaction Document the Security Trustee (i) has agreed to become a party to this Agreement for the better
preservation and enforcement of its rights and, except as expressly provided in this Agreement and only to the extent that such provision is not inconsistent with its liabilities or obligations hereunder as Security Trustee or Representative, the
Security Trustee shall not assume any liabilities or obligations hereunder, including for the avoidance of doubt, by virtue of being a “Finance Party”, “Secured Party”, “Indemnitee”,
“Related Indemnitee” or “Party” and (ii) is entitled to all the protections contained in, and on the terms set out in the Proceeds Deed. 

 

	 	(d)	The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Transaction Document stipulates the matter is a decision for any other Lender or
group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives
those instructions or that clarification. 

  

	 	(e)	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Transaction Document and unless a contrary indication appears in a Transaction Document, any
instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Trustee. 

 

	 	(f)	Notwithstanding anything to the contrary in a Transaction Document, the Agent may refrain from acting in accordance with the instructions of the Lenders (or, if appropriate, the Majority Lenders or Majority Fixed Rate
Lenders) or otherwise in accordance with paragraph (a) of this Clause 1.2 until it has received such security as it may require for any Loss (together with any associated VAT) which it may incur in complying with the instructions.

  

	 	(g)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Transaction Document. This paragraph (g) shall
not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Documents or enforcement of the Transaction Documents. 

 

	 	(h)	If the Agent is requested to act by the Majority Lenders (or, if appropriate, the Lenders or Majority Fixed Rate Lenders) on instructions or directions delivered by fax, email or other unsecured method of communication,
the Agent shall have: 

  

	 	(i)	no duty or obligation to verify or confirm that the person who sent such instruction or directions is, in fact a person authorised to give instructions or directions on behalf of the Majority Lenders (or, if
appropriate, the Lenders or Majority Fixed Rate Lenders); and 

  
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	 	(ii)	no liability for any losses, liabilities, costs or expenses incurred or sustained by the Majority Lenders (or, if appropriate, the Lenders or Majority Fixed Rate Lenders), as a result of such reliance upon compliance
with such instructions or directions. 

  

	 	(i)	In acting or refraining from acting in accordance with the provisions of this Clause 1.2, the Agent shall assume that: 

  

	 	(i)	any instructions received by it from the Majority Lenders (or if appropriate, the Lenders or Majority Fixed Rate Lenders) are duly given by or on behalf of the Majority Lenders (or, if appropriate, the Lenders or
Majority Fixed Rate Lenders) in accordance with the terms of the Transaction Documents; and 

  

	 	(ii)	unless it has received actual written notice of revocation, that any instructions or directions given by the Majority Lenders (or, if appropriate, the Lenders or Majority Fixed Rate Lenders) have not been revoked and no
revocation of any such instructions by the Majority Lenders (or, if appropriate, the Lenders or Majority Fixed Rate Lenders) shall affect any action taken by the Agent in reliance upon such instruction or direction prior to actual receipt of the
notice of revocation. 

  

	1.3	Duties of the Agent 

  

	 	(a)	The Agent’s duties under the Transaction Documents are solely mechanical and administrative in nature. 

  

	 	(b)	Subject to paragraph (c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	 	(c)	Without prejudice to Clause 3 (Copy of Transfer Certificate to Borrower) of Schedule 7 (Changes to the Lenders) of the Facility Agreement, paragraph (b) above shall not apply to any Transfer
Certificate. 

  

	 	(d)	Except where a Transaction Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, validity, efficacy, accuracy or completeness of any document it forwards to another Party.

  

	 	(e)	If the Agent receives notice from a Party referring to any Transaction Document, describing a Relevant Event and stating that the circumstance described is a Relevant Event, it shall promptly notify the other Finance
Parties. 

  

	 	(f)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the Security Trustee) under this Agreement it shall promptly notify
the other Finance Parties. 

  
 - 125 - 

	 	(g)	The Agent shall have only those duties and obligations and responsibilities expressly specified in this Agreement or in the Transaction Documents to which the Agent is expressed to be a party (and no others shall be
implied). 

  

	1.4	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Agent or the Joint Lead Arrangers as a trustee or fiduciary of any other person. 

  

	 	(b)	Neither the Agent nor the Joint Lead Arrangers shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

 

	1.5	Business with the Group 

 Any Finance Party may accept deposits from, lend money to and
generally engage in any kind of banking or other business with any member of the Group. 
  

	1.6	Rights and discretions 

  

	 	(a)	The Agent may rely on: 

  

	 	(i)	any representation, communication, certificate, notice or document believed by it to be genuine, correct and appropriately authorised; and 

 

	 	(ii)	any statement or certificate made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify,

 without liability for acting or refraining from acting in reliance of such representation, communication, certificate,
notice or document or statement as the case may be. 
  

	 	(b)	The Agent may assume that: 

  

	 	(i)	any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Transaction Documents; and 

 

	 	(ii)	unless it has received notice of revocation, that those instructions have not been revoked; and 

  

	 	(c)	The Agent may rely on a certificate from any person: 

  

	 	(i)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or 

  

	 	(ii)	to the effect that such person approves of any particular dealing, transaction, step, action or thing, 

as sufficient evidence that that is the case and, in the case of sub-paragraph (i) above, may assume the truth and accuracy of that
certificate. 

  
 - 126 - 

	 	(d)	The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisors, surveyors or other professional advisors or experts and will not be liable for acting or refraining from acting on such
advice. 

  

	 	(e)	Without prejudice to the generality of paragraph (d) above or (f) below, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate
from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable. 

  

	 	(f)	The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable
for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

  

	 	(g)	The Agent may act in relation to the Transaction Documents through its officers, employees and agents and the Agent shall not: 

  

	 	(i)	be liable for any error of judgment made by any such person; or 

  

	 	(ii)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person, 

unless such error or such loss was directly caused by the Agent’s gross negligence or wilful default. 

 

	 	(h)	Unless a Transaction Document expressly provides otherwise, the Agent may disclose to any other Party any information it reasonably believes it has received as agent under the Transaction Documents. 

 

	 	(i)	Notwithstanding any other provision of any Transaction Document to the contrary, neither the Agent nor the Joint Lead Arrangers is obliged to do or omit to do anything if it would or might in its reasonable opinion
constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	 	(j)	The Agent is not obliged to disclose to any Finance Party any details of (i) the rate notified to the Agent by any Lender or the identity of any such Lender for the purpose of Clause 11.2 (Market
Disruption) of the Facility Agreement, or (ii) the rate notified to the Agent by any Reference Bank or the identity of any such Reference Bank for the purpose of the calculation of LIBOR. 

 

	1.7	Responsibility for documentation 

 None of the Agent nor any Joint Lead Arranger shall be
responsible or liable for: 
  

	 	(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, an Obligor or any other person given in or in connection with any Transaction Document or any Lease
Document; 

  
 - 127 - 

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or any Lease Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or in
connection with any Transaction Document or any Lease Document; or 

  

	 	(c)	any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to
insider dealing or otherwise. 

  

	1.8	No duty to monitor 

 The Agent shall not be bound to enquire: 

 

	 	(a)	whether or not any Relevant Event, Relevant Default or Servicer Termination Event has occurred; 

  

	 	(b)	as to the performance, default or any breach by any Party of its obligations under any Transaction Document or any Lease Document; or 

 

	 	(c)	whether any other event specified in any Transaction Document or any Lease Document has occurred. 

  

	1.9	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Transaction Document excluding or limiting the liability of the Agent), the Agent will not be liable for: 

 

	 	(i)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document, unless
directly caused by its fraud, gross negligence or wilful default; 

  

	 	(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Transaction Document or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with, any Transaction Document; or 

  

	 	(iii)	without prejudice to the generality of sub-paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

  

	 	(A)	any act, event or circumstance not reasonably within its control; or 

  

	 	(B)	the general risks of investment in, or the holding of assets in, any jurisdiction, 

  
 - 128 - 

 including (in each case and without limitation) such damages, costs, losses, diminution in value
or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value
of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	 	(b)	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by
that officer, employee or agent in relation to any Transaction Document and any officer, employee or agent of the Agent may rely on this Clause subject to Clause 1.4 (Third party rights) of the Facility Agreement and the provisions of
the Third Parties Act. 

  

	 	(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Transaction Documents to be paid by the Agent if the Agent has taken all necessary steps
as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	 	(d)	Nothing in this Agreement shall oblige the Agent or the Joint Lead Arrangers to carry out: 

  

	 	(i)	any “know your customer” or other checks in relation to any person; or 

  

	 	(ii)	any check on the extent to which any transaction contemplated by this Transaction Documents might be unlawful for any Lender, 

on behalf of any Lender and each Lender confirms to the Agent and the Joint Lead Arrangers that it is solely responsible for any such checks
it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Joint Lead Arrangers. 
  

	 	(e)	Notwithstanding any provision of this Agreement to the contrary, the Agent shall not in any event be liable for special damages, indirect, punitive or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), whether or not the Agent has been advised of the possibility of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, breach of contract or otherwise. 

 

	1.10	Lenders’ indemnity to the Agent 

 Each Lender shall 

If any Obligor fails to perform any of its obligations under the Transaction Documents to indemnify the Agent, each Lender shall (in proportion
to its participation in the relevant Loan or, if the relevant Loan has not then been made, to its share of the Total Commitments (or if the Total Commitments are zero, 

  
 - 129 - 

 
immediately prior to them being reduced to zero)) indemnify the Agent within three (3) Business Days of demand against any Losses incurred by the Agent (otherwise than by reason of the
Agent’s gross negligence or wilful default) as a result of that failure to perform and each Obligor shall indemnify each of the Lenders against any payment made by it under this Clause 1.10. 

 

	1.11	Resignation of the Agent 

  

	 	(a)	The Agent may resign by giving 30 days notice to the Lenders and the Borrower, in which case the Majority Lenders (after consultation with the Borrower and having discussed any concerns of the Borrower in respect of the
identity of the successor Agent) may appoint a successor Agent. 

  

	 	(b)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (a) above within 30 days after notice of resignation was given, the retiring Agent (after consultation with the
Borrower and having discussed any concerns of the Borrower in respect of the identity of the successor Agent) at the cost of the Borrower may appoint a successor Agent. The Agent is not bound to supervise or be responsible in any way for any loss
incurred by reason of misconduct or default on the part of the successor Agent. 

  

	 	(c)	If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under paragraph (b)
above, the Agent may after consulting with the Borrower (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a Party to this Agreement as Agent) agree (subject to the
provisions of the Facility Agreement) with the proposed successor Agent amendments to this Clause 1 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with the current market practice for the
appointment and protection of corporate trustees. 

  

	 	(d)	The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent
under the Transaction Documents. 

  

	 	(e)	The Agent’s resignation notice shall only take effect upon the appointment of a successor and the Borrower shall pay all fees and expenses then due and owing to the resigning Agent prior to the effectiveness of its
resignation. 

  

	 	(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Transaction Documents but shall remain entitled to the benefit of this Clause 1 (and any
agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if
such successor had been an original Party. 

  

	 	(g)	 The Agent shall resign in accordance with paragraph (a) above (and, to the extent applicable, shall use reasonable endeavours to appoint a
successor 

  
 - 130 - 

	 	
Agent pursuant to paragraph (b) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Transaction
Documents, either: 

  

	 	(i)	the Agent fails to respond to a request under Clause 14.1 (FATCA Information) and the Borrower or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on
or after that FATCA Application Date; 

  

	 	(ii)	the information supplied by the Agent pursuant to Clause 14.1 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date; or 

  

	 	(iii)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the
Agent were a FATCA Exempt Party, and the Lender, by notice to the Agent, requires it to resign. 
  

	1.12	Replacement of the Agent 

  

	 	(a)	After consultation with the Borrower, the Majority Lenders may, by giving 30 days’ notice to the Agent replace the Agent by appointing a successor Agent. 

 

	 	(b)	The retiring Agent shall (at the expense of the Lenders) make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of
performing its functions as Agent under the Transaction Documents. 

  

	 	(c)	The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from such date, the retiring Agent shall be discharged from any further
obligation in respect of the Transaction Documents (other than its obligations under paragraph (b) above) but shall remain entitled to the benefit of this Clause 1 (and any agency fees for the account of the retiring Agent shall cease to
accrue from (and shall be payable on) that date). 

  

	 	(d)	Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	1.13	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

  
 - 131 - 

	 	(b)	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 

 

	 	(c)	Notwithstanding any other provision of any Transaction Document to the contrary, the Agent is not obliged to disclose to any other person: 

 

	 	(i)	any confidential information; or 

  

	 	(ii)	any other information, 

 if the disclosure would or might in its reasonable opinion constitute
a breach of any law or regulation or a breach of a fiduciary duty. 
  

	1.14	Relationship with the Lenders 

  

	 	(a)	The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting
through its Facility Office: 

  

	 	(i)	entitled to or liable for any payment due under any Transaction Document on that day; and 

  

	 	(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Transaction Document made or delivered on that day, 

unless it has received not less than five Business Days’ prior notice from that Lender to the contrary in accordance with the terms of
this Agreement. 
  

	 	(b)	Each Lender shall supply the Agent with any information that the Security Trustee may specify (through the Agent) as being necessary or desirable to enable the Security Trustee to perform its functions as Security
Trustee. Each Lender shall deal with the Security Trustee exclusively through the Agent and shall not deal directly with the Security Trustee. 

  

	 	(c)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Transaction Documents. Such notice
shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under clause 18.5 (Electronic communication) of the Proceeds Deed) electronic mail address and/or any other
information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax
number, electronic mail address, department and officer by that Lender for the purposes of clause 18.2 (Addresses) of the Proceeds Deed and clause 18.5 (Electronic communication) of the Proceeds Deed and the Agent shall be
entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 

  
 - 132 - 

	1.15	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor for
information supplied by it or on its behalf in connection with any Transaction Document or Lease Document, each Lender confirms to the Agent and the Joint Lead Arrangers that it has been, and will continue to be, solely responsible for making its
own independent appraisal and investigation of all risks arising under or in connection with any Transaction Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each Obligor, the Aircraft and any Portfolio Lessee; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or any Lease Document and any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Transaction Document or any Lease Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Transaction Document or any Lease Document or the
transactions contemplated by the Transaction Documents or any Lease Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or any Lease
Document; 

  

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Transaction Document or any Lease Document, the transactions
contemplated by the Transaction Documents or any Lease Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or any Lease Document; and

  

	 	(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Collateral, the priority of any of the Security Documents or the existence of any Security affecting the Collateral.

  

	1.16	Deduction from amounts payable by the Agent 

 If any Party owes an amount to the Agent
under the Transaction Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Transaction Documents and apply
the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Transaction Documents that Party shall be regarded as having received any amount so deducted. 

 

	1.17	Miscellaneous 

  

	 	(a)	 The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering activities,

  
 - 133 - 

	 	
pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain, verify, record and update
information that identifies each person establishing a relationship or opening an account. The parties to this agreement agree that it will provide to the Agent such information as it may request, from time to time, in order for the Agent to satisfy
the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the
account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

  

	 	(b)	Any corporation into which the Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Agent shall be a party, or any
corporation succeeding to all or substantially all the corporate trust or agency business of the Agent, shall be the successor of the Agent hereunder; provided that such corporation shall be otherwise eligible under this Clause to act as a successor
Agent, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In the event that the Agent is required to acquire title to an asset, or take any managerial action of any kind in regard thereto, in
order to perform any obligation under any Transaction Document, which in the Agent’s sole determination may cause the Agent to incur potential liability under any environmental law, the Agent reserves the right, instead of taking such action,
to resign as the Agent. 

  

	1.18	Role of the Joint Lead Arrangers 

 Except as specifically provided in the Transaction
Documents, the Joint Lead Arrangers have no obligations of any kind to any other Party under or in connection with any Transaction Document 
  

	2.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No provision of this Agreement will: 

 

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

 

	3.	SHARING AMONG THE FINANCE PARTIES 

  

	3.1	Payments to Finance Parties 

 If a Finance Party (other than the Agent or the Security
Trustee) (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in 

  
 - 134 - 

 
accordance with Clause 25 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due under the Transaction Documents then: 

 

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in
accordance with Clause 25 (Payment Mechanics) without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the
Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 8.12 (Partial Payments) of the Proceeds Deed. 

 

	3.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been
paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with clause 8.12 (Partial payments) of the Proceeds Deed
towards the obligations of that Obligor to the Sharing Finance Parties. 
  

	3.3	Recovering Finance Party’s rights 

 On a distribution by the Agent under
Clause 3.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment
will be treated as not having been paid by that Obligor. 
  

	3.4	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by
a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with
an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and 

 

	 	(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. 

  
 - 135 - 

	3.5	Exceptions 

  

	 	(a)	This Clause 3 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified the other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  

	4.	FEES 

 No Finance Party shall be obliged to disclose to any other Party the contents of
the Fee Letters. 

  
 - 136 - 

 SCHEDULE 9 

TIMETABLES 
  

					
	 Clause
	 	 Action
	  	Time
	9.2.1(a)	 	Delivery of Fixed Rate Notice before any Utilisation	  	U-5, 1:00 pm
			
	9.2.1(b)	 	Delivery of Fixed Rate Notice before any Substitution	  	U-3, 1:00 pm
			
	9.2.1(c)	 	Delivery of Fixed Rate Notice before the date of commencement of the leasing of any Aircraft under a Replacement Lease	  	U-3, 1:00 pm
			
	9.2.1(d)	 	Delivery of Fixed Rate Notice before “Basic Rent” (howsoever defined under the relevant Portfolio Lease) is to be fixed under any Portfolio Lease	  	Z
			
	5.1	 	Delivery of duly completed Utilisation Request	  	U-3, 4:00 pm
			
	5.8.3	 	Agent notifies the Lenders of amount of Loan to be advanced and participation of each Lender	  	U-2, 9:30 am
			
	9.3.1	 	The relevant Lenders provide a quotation for the “fixed rate” to the Agent	  	U-2, 10:00 am
			
	9.3.2	 	Agent communicates the quoted “fixed rate” to the Borrower who will immediately accept or reject it	  	U-2, 10:30 am
			
	11.1	 	Time by which Reference Banks must have supplied a LIBOR quotation on the Quotation Date	  	Quotation Date,
12:00pm

  

					
	“U”	  	=	  	As applicable, the proposed Utilisation Date, Substitution Date, date of commencement of the leasing of the relevant Aircraft pursuant to a Replacement Lease or date on which the “Basic Rent” (howsoever defined under the
relevant Portfolio Lease) is to be fixed
			
	“U-X”	  	=	  	X Business Days prior to the proposed Utilisation Date, Substitution Date, date of commencement of the leasing of the relevant Aircraft pursuant to a Replacement Lease or date on which the “Basic Rent” (howsoever defined
under the relevant Portfolio Lease) is to be fixed
			
	“Z”	  	=	  	The date on which the relevant Portfolio Lessee exercises its right to elect to fix the “Basic Rent” under such Portfolio Lease.

  
 - 137 - 

 SCHEDULE 10 

FORM OF PORTFOLIO REPORT 

PORTFOLIO REPORT 
 [—], for and on behalf of itself and the Lenders (the “Agent”) 
 [insert
address] 
 [insert date] 

Dear Sirs 
 Facility Agreement dated [—] (the “Facility Agreement”) between, among others, [—] (the “Borrower”), the Agent, [—] as Security Trustee and the financial institutions named therein as lenders 
 We refer to
the: 
  

	(a)	Facility Agreement; and 

  

	(b)	proceeds deed dated [—] 2014 between, among others, the Borrower, the Agent, the Security Trustee and the Lenders (the “Proceeds Deed”).

 Capitalised words and expressions used in this Portfolio Report shall have the same meaning given to them in the master definitions
schedule appended to the Proceeds Deed, unless the context otherwise requires. 
 This is a “Portfolio Report” required to be delivered to
the Agent and the Lenders pursuant to Clause [—] of the Facility Agreement for the period ending on [insert relevant Quarter Date] (for the purposes of this Portfolio Report, the “Relevant
Quarter Period”). 
  

	1.	Portfolio Leases 

  

	1.1	Attached hereto as Exhibit A is a summary of: 

  

	 	1.1.1	all rental payments received in respect of each Portfolio Lease by the relevant Lessor (excluding any amounts representing Maintenance Reserve Payments and Security Deposit Payments or any tax gross-ups or indemnities (howsoever described)) (for the purposes of this Portfolio Report, and in respect of each Portfolio Lease, “Rental Payments”) in respect of the Relevant Quarter Period;

  

	 	1.1.2	in respect of each Portfolio Lease, the total aggregate amount of all Maintenance Reserve Payments, received in respect of such Portfolio Lease, less the total aggregate amount of all reimbursements made from the
Maintenance Reserve Payments pursuant to the terms of such Portfolio Lease (for the purposes of this Portfolio Report, and in respect of each Portfolio Lease, the “Maintenance Reserve Balance”),
sub-divided into separate amounts for each maintenance reserve task (howsoever described) as detailed in each Portfolio Lease (for example, airframe checks, engine performance restoration, engine life limited
parts reserves, landing gear overhaul, APU performance restoration), as at the date of this Portfolio Report; 

  
 - 138 - 

	 	1.1.3	in respect of each Portfolio Lease, the total aggregate amount of all Security Deposit Payments received in respect of such Portfolio Lease, less the total aggregate amount of (a) all withdrawals made by the
relevant Lessor from such Security Deposit Payments pursuant to the terms of the Portfolio Lease and (b) any reimbursements made to the relevant Portfolio Lessee pursuant to the terms of such Portfolio Lease (for the purposes of this Portfolio
Report, and in respect of each Portfolio Lease the “Security Deposit Balance”), as at the date of this Portfolio Report. 

  

	2.	Portfolio Leases 

  

	2.1	Save as disclosed in Exhibit B, there has been no Material Lease Event of Default under any of the Portfolio Leases. 

  

	2.2	Save as disclosed in Exhibit C, no Lessor has been notified by the Portfolio Lessee of any damage in excess of the “material damage notification threshold” (howsoever described) in the Portfolio Lease for any
Aircraft. 

  

	3.	Insurances 

 Save as disclosed in Exhibit D, the Insurances in respect of each Aircraft
and the relevant Portfolio Lease are in full force and effect and comply in all respects with the requirements set out in the Transaction Documents. 
  

	4.	Concentration Limits 

 Save as disclosed in Exhibit E, there is not currently any breach
of the Concentration Limit Requirements. 
  

	5.	Certificate 

 The signatory to this Portfolio Report hereby certify that to the best of
his or her knowledge and belief, having made all necessary enquiries, the information and calculations set out in this Portfolio Report (and its Exhibits) are true, complete and correct as at the date of this Portfolio Report. 

Yours faithfully 
 For and on behalf of 

AVOLON AEROSPACE (FUNDING 4) LIMITED 
 as Borrower 

 

			
	By:	 	  

		 	Name:
		 	Title: [Director]

  
 - 139 - 

 EXHIBIT A 

(to the Portfolio Report) 

Portfolio Lease Payment Report 
 In respect
of each Portfolio Lease, 
 One (1) [—] Aircraft with MSN [—] on lease to [—] 
  

			
	Rental Payments	  	$ [—]
		
	 Maintenance Reserve Balance:
	  	
		
	 [insert subcategory of maintenance reserves per Portfolio Lease for each maintenance reserve task]
	  	$ [—]
		
	 [insert subcategory of maintenance reserves per Portfolio Lease for each maintenance reserve task]
	  	$ [—]
		
	 [insert subcategory of maintenance reserves per Portfolio Lease for each maintenance reserve task]
	  	$ [—]
		
	 Maintenance Reserve Balance Total:
	  	$ [—]
		
	 Security Deposit Balance
	  	$ [—]
		
	 Security Deposit Letters of Credit Balance
	  	$ [—]
		
	 Maintenance Reserves Letters of Credit Balance
	  	$ [—]

  
 - 140 - 

 EXHIBIT B 

(to the Portfolio Report) 

Material Lease Event of Default 

[NIL or to disclose in this Exhibit B] 

  
 - 141 - 

 EXHIBIT C 

(to the Portfolio Report) 

Aircraft damage above the Portfolio Lease damage notification threshold 

[NIL or to disclose in this Exhibit C] 

  
 - 142 - 

 EXHIBIT D 

(to the Portfolio Report) 

Insurances 
 [NIL or to
disclose in this Exhibit D] 

  
 - 143 - 

 EXHIBIT E 

(to the Portfolio Report) 

Concentration Limit Requirements 

[NIL or to disclose in this Exhibit E] 

  
 - 144 - 

 SCHEDULE 11 

PERMITTED AIRLINES 
 PART
I 
  

					
	Aegean Airlines	  	Austrian	  	Garuda
			
	Aer Lingus	  	Avianca Taca	  	Garuda Citilink
			
	Aeroflot Russian Airlines	  	Azul	  	Germanwings
			
	Aeromexico	  	Bangkok Airways	  	GOL Linhas Aereas
			
	Aigle Azur	  	British Airways	  	Hainan Airlines
			
	Air Algerie	  	Brussels Airlines	  	Hong Kong Airlines
			
	Air Arabia	  	Cathay Pacific	  	Iberia
			
	Air Asia	  	Cebu Pacific	  	Icelandair
			
	Air Astana	  	China Airlines	  	IndiGo Airlines
			
	Air Baltic	  	China Eastern Airlines	  	Japan Airlines International
			
	Air Canada	  	China Southern Airlines	  	Jet Airways
			
	Air China	  	Comair	  	JetBlue Airways
			
	Air France	  	COPA Airlines	  	Jetstar
			
	 Air India (with Government
 Guarantee)
	  	Delta Air Lines	  	Kenya
			
	Air Macau	  	Dragonair	  	KLM Royal Dutch Airlines
			
	Air Mauritius	  	easyJet	  	Korean Air
			
	Air New Zealand	  	El Al	  	 Kuwait Airways (with
 Government
Guarantee)

			
	airberlin	  	Emirates	  	LATAM Airlines
			
	Alaska Airlines	  	Ethiopian Airlines	  	Lion Air
			
	Allegiant	  	Etihad Airways	  	Lufthansa
			
	American Airlines	  	EVA Air	  	Luxair Luxembourg Airlines
			
	ANA – All Nippon Airways	  	Finnair	  	Malaysia Airlines
			
	Asiana Airlines	  	Fly Dubai	  	Monarch Airlines

  
 - 145 - 

					
			
	Nok Air	  	Sun Express	  	
			
	Norwegian	  	Swiss	  	
			
	 Oman Air (with Government
 Guarantee)
	  	TAM Linhas Aereas	  	
			
	PAL	  	TAP Portugal	  	
			
	Pegasus Airlines	  	Thai AirAsia	  	
			
	Qantas	  	Thai Airways	  	
			
	Qatar Airways	  	Thomas Cook Airlines	  	
			
	Royal Air Maroc	  	Thomson Airways	  	
			
	Royal Brunei Airlines	  	Tiger Airways	  	
			
	Royal Jordanian	  	Transavia Airlines	  	
			
	Ryanair	  	Transavia France	  	
			
	S7	  	TUI Group	  	
			
	Saudi Arabian Airlines	  	Turkish Airlines (THY)	  	
			
	Shandong Airlines	  	United Airlines	  	
			
	Shanghai Airlines	  	US Airways	  	
			
	Shenzhen Airlines	  	Vietnam Airlines	  	
			
	Sichuan Airlines	  	Virgin America	  	
			
	SilkAir	  	 Virgin Atlantic (subject to 1
 widebody
limit)
	  	
			
	Singapore Airlines	  	Virgin Australia	  	
			
	South African Airways	  	Volaris	  	
			
	Southwest Airlines	  	VRG Linhas Aéreas S.A.	  	
			
	SpiceJet	  	Vueling	  	
			
	Spirit Airlines	  	WestJet	  	
			
	Spring Airlines	  	Wizz Air	  	
			
	 SriLankan Airlines (with
 Government
Guarantee)
	  	Xiamen Airlines	  	

  
 - 146 - 

 PART II 
  

					
			
	Adria Airways	  	Jazeera Airways	  	Spring Japan
			
	 Air India (without
 Government
Guarantee)
	  	Juneyao Airlines	  	 SriLankan Airlines (with
 Government
Guarantee)

			
	Alitalia Group	  	Jazeera Airways	  	Tunisair
			
	Avianca Brasil / Oceanair	  		  	Vietjet
			
	Atlasjet	  	 Kuwait Airways (without
 Government
Guarantee)
	  	Viva Aerobus
			
	 Dobrolet (if no Acceptable
 Guarantee from
Aeroflot)
	  	Niki	  	
			
	Freebird Airlines	  	 Oman Air (without
 Government
Guarantee)
	  	
			
	Frontier6	  	Peach Airlines7	  	
			
	GO Air	  	SAS	  	
			
	Interjet	  	Skymark	  	

  

	6 	Note: If the Agent provides its prior written consent, based on further credit analysis of the airline or for any other reason, Frontier may become a Part I Airline 

	7 	Note: If the Agent provides its prior written consent, based on further credit analysis of the airline or for any other reason, Peach Airlines may become a Part I Airline 

  
 - 147 - 

 SCHEDULE 12 

CONCENTRATION LIMIT REQUIREMENTS 
 In the
event that any of the requirements set out in the column entitled “Concentration Limit Requirement” are not complied with such shall constitute a breach of the Concentration Limit Requirements as set out in this Schedule 12. 

 

							
	 No.
	  	 Description
	  	 	  	 Concentration Limit Requirement

	1.	  	Permitted Wide-body Aircraft Limits:	  	(a)	  	At any time only two (2) Aircraft may be Permitted Wide-body Aircraft.
				
		  		  	(b)	  	Of the two (2) Aircraft which are permitted to be Permitted Wide-body Aircraft pursuant to row 1(a) above, such Aircraft must be leased pursuant to Portfolio Leases with separate Portfolio
Lessees and must not be leased to the same Portfolio Lessee.
				
	2.	  	Largest Portfolio Lessee Concentration	  		  	Not more than 35 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to one Portfolio Lessee.
				
	3.	  	Three Largest Portfolio Lessees Concentration	  		  	At any time, not more than 60 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to three or fewer Portfolio Lessees.
				
	4.	  	Developed European Jurisdictions	  		  	Not more than 50 per cent. of the aggregate outstanding amount of Loans and Total Commitments relate to Aircraft which are leased to Portfolio Lessees incorporated in jurisdictions in Developed European Jurisdictions.
				
	5.	  	Developed North American Jurisdictions	  		  	Not more than 50 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to Portfolio Lessees incorporated in jurisdictions in Developed North American
Jurisdictions.
				
	6.	  	Developed Asian/Pacific Jurisdictions	  		  	Not more than 50 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to Portfolio Lessees incorporated in jurisdictions in Developed Asian/Pacific
Jurisdictions.

  
 - 148 - 

							
				
	7.	  	Emerging CIS and European Jurisdictions	  		  	Not more than 35 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to Portfolio Lessees incorporated in jurisdictions in Emerging CIS and European
Jurisdictions.
				
	8.	  	Emerging African and Middle Eastern Jurisdictions	  		  	Not more than 40 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to Portfolio Lessees incorporated in jurisdictions in Emerging African and Middle Eastern
Jurisdictions.
				
	9.	  	Emerging South and Central American Jurisdictions	  		  	Not more than 35 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to Portfolio Lessees incorporated in South and Central American Jurisdictions.
				
	10.	  	Emerging Asian/Pacific Jurisdictions	  		  	Not more than 45 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to Portfolio Lessees incorporated in Emerging Asian/Pacific Jurisdictions.
				
	11.	  	Undesignated Jurisdictions	  		  	Not more than 10 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to Portfolio Lessees incorporated or which have States of Registrations in jurisdictions which are
not jurisdictions located in any of the jurisdictions in rows 4 to 10 above.
				
	12.	  	Republic of India	  		  	Not more than 10 per cent. of the aggregate outstanding amount of Loans and Total Commitments may relate to Aircraft which are leased to Portfolio Lessees incorporated or which have States of Registrations in the Republic of
India.
				
	13.	  	A319/A319 NEO	  		  	At any time only two (2) Aircraft may be Airbus A319 and Airbus A319 NEO aircraft.
				
	14.	  	A321/A321 NEO	  		  	At any time only three (3) Aircraft may be Airbus A321 and Airbus A321 NEO aircraft.
				
	15.	  	A319/A321/A319 NEO/A321 NEO	  		  	At any time only four (4) Aircraft may be Airbus A319, Airbus A321, Airbus A319 NEO and Airbus A321 NEO aircraft.
				
	16.	  	737-900 MAX	  		  	At any time only one (1) Aircraft may be a Boeing 737-900 MAX aircraft.

  
 - 149 - 

							
	17.	  	Specific Airline Limits	  		  	At any time only one (1) Aircraft (being a Permitted Widebody Aircraft) may be leased pursuant to a Portfolio Lease to Virgin Atlantic Airways
				
	18.	  	Guaranteed Portfolio Leases	  		  	At any time the aggregate amount of principal outstanding in respect of Loans relating to Aircraft the subject of Guaranteed Portfolio Leases shall not exceed 33% of the aggregate amount of the Loans outstanding and Total
Commitments at such time.

 For the purposes of this Schedule 12: 
  

	(a)	The designations of Developed Markets Jurisdictions and Emerging Markets Jurisdictions and Undesignated Jurisdictions are as set out below: 

Developed Markets 
  

			
	 Region
	  	 Countries

	Developed European Jurisdictions	  	EU member states as at the date of this Agreement (but excluding Latvia, Estonia, Romania, Bulgaria and Lithuania) and Norway, Switzerland and Iceland
		
	Developed North American Jurisdictions	  	Canada, USA
		
	Developed Asian /Pacific Jurisdictions	  	Australia, Hong Kong, Indonesia, Japan, Malaysia, New Zealand, People’s Republic of China, Singapore, South Korea, Taiwan
	
	Emerging Markets
		
	 Region
	  	 Countries

	Emerging Asian/Pacific Jurisdictions	  	India, Philippines, Thailand, Sri Lanka, Vietnam and Brunei
		
	Emerging CIS and European Jurisdictions	  	Russia and Ukraine
		
	Emerging African and Middle Eastern Jurisdictions:	  	UAE, Qatar, Oman, Turkey, Kuwait, Egypt, Kenya, Israel, Morocco, South Africa, Bahrain, Ethiopia and Tunisia
		
	Emerging South and Central American Jurisdictions:	  	Brazil, Chile, Colombia, Mexico, Peru, Panama, El Salvador
	
	Undesignated Jurisdictions
		
	Undesignated Jurisdiction	  	Any jurisdiction that is not a Developed European Jurisdiction, Developed North American Jurisdiction, Developed Asian/Pacific Jurisdiction, Emerging CIS and European Jurisdiction, Emerging African and Middle Eastern Jurisdiction,
Emerging South and Central American Jurisdiction or Emerging Asian/Pacific Jurisdiction.

  
 - 150 - 

	b)	an Aircraft means, at the relevant time, an Aircraft in respect of which a Utilisation has been advanced pursuant to this Agreement; and 

 

	c)	for the purposes of the Concentration Limit Requirements numbered 1, 2 and 3 above, a reference to a Portfolio Lessee will include a reference to any Affiliates of such Portfolio Lessee. 

  
 - 151 - 

 SCHEDULE 13 

CORE LEASE PROVISIONS 
  

	1.	PORTFOLIO LESSEE OR SUB-LESSEE 

 As at the time of entering into a Portfolio Lease or any
Sub-Lease, delivery of the Aircraft thereunder and, if different, the date on which the Aircraft becomes an “Aircraft” for the purposes of this Agreement, the Portfolio Lessee or, if the Aircraft is
operated by a Sub-Lessee, the relevant Sub-Lessee, shall be a person: 
  

	1.1	holding all relevant certificates and consents for the operation of the Aircraft and duly licensed to carry passengers under the law applicable to such air carrier; 

 

	1.2	whose state of incorporation or principal place of business is not a Prohibited Country; and 

  

	1.3	which is not, to the Lessor’s knowledge having made reasonable enquiry, insolvent nor otherwise subject to any procedures, orders or other measures with respect to bankruptcy, insolvency, protection of creditors,
administration, examinership, receivership or reorganisation, 

 (an “Eligible Carrier”). 

 

	2.	LEASE TERMS 

 The Portfolio Lease shall not contain provisions that would conflict with
the obligations of any Obligor or Owner Trustee or the rights of the Finance Parties under the Transaction Documents and shall contain the following core lease provisions: 
  

	2.1	Representations and Warranties, etc.: representations and warranties (and, to the extent necessary in the Lessor’s view, taking into account the Standard, a legal opinion or such other comfort acceptable to
the Lessor) as to the due execution of such Portfolio Lease by the related Portfolio Lessee and the validity of such Portfolio Lessee’s obligations thereunder, due authorisation of such Portfolio Lease and procurement of relevant licenses and
permits in connection therewith, and the Portfolio Lessee’s corporate standing and legal status; 

  

	2.2	Sub-leasing: permission to sub-lease only if the primary Portfolio Lessee thereunder remains obligated to make payments on such
primary Portfolio Lease; 

  

	2.3	Permitted Liens: provisions requiring the Portfolio Lessee not to create any encumbrance in respect of the Aircraft, except for exceptions thereto consistent with the Standard; 

 

	2.4	No Right to Sell: the Portfolio Lease shall not permit a Portfolio Lessee to sell the Aircraft; 

  

	2.5	Events of Loss: provisions stipulating that the Portfolio Lease will terminate following the agreed value payment in the event of a total loss of the Aircraft (other than with respect to an Engine where the
Airframe has not suffered a total loss); 

  
 - 152 - 

	2.6	Return of Aircraft: provisions for redelivery of the Aircraft, including, if applicable, replacement engines and parts, on expiry or termination of the Portfolio Lease, specifying the required return condition
and any obligation upon the Portfolio Lessee to remedy or compensate the Lessor, directly or indirectly, for any material deviations from such return condition, in each case considering the other terms of the relevant lease and to the extent
consistent with the Standard; 

  

	2.7	Termination Events: provisions setting forth the conditions under which the Lessor may terminate a Portfolio Lease and repossess the Aircraft, at any time whilst an event of default thereunder has occurred and is
continuing, after the expiration of any agreed grace period or remedy period, in each case consistent with the Standard (including, without limitation, non-payment of rent and failure to maintain Insurances);

  

	2.8	Assignment: provisions prohibiting the assignment by the Portfolio Lessee of any benefits or obligations under the Portfolio Lease to any person, subject to exceptions consistent with the Standard;

  

	2.9	Disclaimer of Conditions or Warranty: provisions acknowledging that when the Portfolio Lessee gives formal notice of acceptance of the Aircraft, it takes delivery of the Aircraft with no condition, warranty or
representation of any kind having been given by or on behalf of the Lessor in respect of the Aircraft, except as to matters expressly set forth in the Portfolio Lease or in any delivery document; 

 

	2.10	Net Lease: provisions stating the Portfolio Lessee’s obligation to make rental payments is absolute and unconditional under any and all circumstances and regardless of other events or similar provisions
subject to exceptions consistent with the Standard; 

  

	2.11	Ownership: provisions consistent with the Standard requiring the Portfolio Lessee to maintain and protect the Lessor’s and Owner’s ownership interest, and not to take any action which might reasonably
be expected to jeopardise any such interests; and, in particular, if the State of Registration or Portfolio Lessee’s State of Incorporation is a state where the Cape Town Convention is in force at the time of entering into such Portfolio Lease,
the Portfolio Lessee shall agree with the Lessor to co-operate with respect to the related Cape Town Convention registrations (except with respect to Aircraft in respect of which the Portfolio Lessee is American Airlines Inc., no IDERA will be filed
in relation to such Aircraft; 

  

	2.12	Right of Inspection: provisions providing right of the Lessor (and/or its representatives) to inspect the Aircraft; 

  

	2.13	Maintenance: provisions consistent with the Standard requiring maintenance of the Aircraft to be in accordance with the recommended maintenance procedures of the Airframe manufacturer and the Engine
manufacturer and in such condition that the Aircraft will have a valid airworthiness certificate and comply with applicable law of the relevant jurisdictions; 

  

	2.14	Use and Operation: provisions consistent with the Standard requiring that the Aircraft shall not be used or operated in violation of applicable law or in violation of any certificate, consent,
authorisation, licence or approval issued by any aviation authority or any other government entity having jurisdiction over the operation of the Aircraft or in a place excluded from insurance coverage. 

  
 - 153 - 

	2.15	Payments: provisions stating that payments are to be made by the Portfolio Lessee without set off, counterclaim, withholding or any similar deduction, in each case with exceptions consistent with the Standard.

  

	2.16	Indemnity: provisions requiring the Portfolio Lessee to indemnify the Finance Parties and any Obligors that are a party to the Portfolio Lease or are a party to any Intermediate Lessor Lease Agreement or have any
ownership interest in the Aircraft, and their respective directors, officers and employees from and against all liabilities incurred as a result of the use or operation of the Aircraft, such indemnity to be on terms and subject to exceptions
consistent with the Standard. 

  

	2.17	Insurances: provisions requiring the Portfolio Lessee to cause to be effected and maintained at all times in full force and effect insurances and, if applicable, reinsurances (to include aircraft hull and
ground and flight insurance on an agreed value basis and in a dollar amount and war risk and allied peril insurance coverage (consistent with LSW555D)) consistent with AVN67B (or any successor or equivalent form of endorsement from time to time) and
to: 

  

	 	(a)	procure that the Aircraft is insured at all times on an agreed value basis in a minimum amount at least equal to 115% of the Loan outstanding for such Aircraft; 

 

	 	(b)	procure that third party public liability insurance shall be maintained for a combined single limit of at least the Minimum Liability Amount per occurrence but in the aggregate for product liability and subject to
market standard sub-limits (in accordance with the Standard) as may be applicable from time to time; 

  

	 	(c)	procure that war risks and allied perils are covered in accordance with extended coverage endorsement AVN 52 and consistent with the Standard with an extended aggregate coverage limit of not less than the Minimum
Liability Amount per occurrence and in the annual aggregate. 

  

	 	(d)	procure that, in respect of hull all risks cover, the deductible shall be an amount that is consistent with standard market practice for the applicable Aircraft model taking into account, inter alia, the
creditworthiness and experience of the Lessee, the type of aircraft and market practices in accordance with the Standard; 

  

	 	(e)	procure that all insurance policies will name this Agreement, the Proceeds Deed, the Aircraft Mortgage in respect of the relevant Aircraft, the Owner Security Agreement and any Intermediate Lessor Security Agreement as
Contracts and will name the Security Trustee, the Agent and the Lenders as Contract Parties as per AVN 67B or as additional insureds and (in the case of liability insurances) shall also name such parties and, subject to any exceptions to the
following agreed to by the Lessor in accordance with the Standard, their respective shareholders, subsidiaries, directors, officers and agents, successors and assigns as additional insureds. Any payment in respect of the “total loss” of
the relevant Aircraft will be made to the Security Trustee; 

  
 - 154 - 

	 	(f)	if separate insurances are arranged to cover the hull all risk insurance and the hull war risk and related insurance, procure that such insurances subscribe to standard market London wording AVS 103 or its equivalent;

  

	 	(g)	unless otherwise agreed by the Security Trustee (acting reasonably), procure that at least 90 per cent. (or such lower amount as may be applicable in accordance with the Standard and local market practice) of risks
required to be insured against shall be insured (or reinsured) through the London, Paris, Zurich or New York insurance markets or any other international insurance markets as determined by Lessor in accordance with the Standard and in case of
reinsurances, shall be on same terms of the primary insurance required and, to the extent that it is customary to contain one in the jurisdiction of the insurers and to the extent it is permitted by applicable law, contain in respect of Insurance
Proceeds a “cut-through” clause which is in accordance with the Standard; and 

  

	 	(h)	procure that any insurance and (if applicable) reinsurance certificate(s) and/or insurer’s and/or broker’s letters are on terms and subject to exceptions consistent with the Standard, 

provided that where the Lessor or the relevant Portfolio Lessee does not procure war risks and allied perils cover (in respect of hull cover,
consistent with LSW555D, and/or in respect of liability cover, in accordance with extended coverage and coverage endorsement AVN 52) in the private market, an indemnity from the relevant government may be provided (subject to it covering the
interests of the Finance Parties and being in form and substance approved by the Lessor in accordance with the Standard). 
  

	2.18	Governing law: provisions stating that the Portfolio Lease is governed by English law or New York law or the laws of such country or state as is customary in operating lease transactions with the relevant
Portfolio Lessee in accordance with the Standard. 

  

	3.	SUB-LEASES 

 The following conditions shall be
satisfied in relation to any Sub-Lease which is not a wet lease which satisfies the requirements of paragraph 4 (Wet Leases) below: 

 

	3.1	The Sub-Lease shall provide that: 

  

	 	(a)	the Sub-Lease is subject and subordinate to the Lease in all respects and the rights of the Sub-Lessee under the Sub-Lease are subject and subordinate in all respects to the rights of the Lessor under the Lease; and 

  

	 	(b)	prior to delivery of the Aircraft to the Sub-Lessee (as a condition precedent thereto), the Sub-Lessee shall provide an acknowledgement to
the Lessor (in a form consistent with the Standard) confirming its agreement to such subordination (the “Subordination Acknowledgement”), and, in each case, the same shall be valid and enforceable as a matter of all applicable laws,
subject to customary exclusions and qualifications. 

  
 - 155 - 

	3.2	Notwithstanding the Sub-Lease, the Portfolio Lessee shall remain fully liable and responsible for performing, and procuring observance of and compliance with, all of its
obligations under the Lease. 

  

	3.3	As soon as reasonably practicable after its execution, the Lessor shall provide the Agent (with a copy to the Security Trustee) with a copy of the signed Sub-Lease (which may have
sensitive commercial information redacted) and the related Subordination Acknowledgement. 

  

	3.4	The term of any Sub-Lease shall not exceed the term of the Portfolio Lease. 

  

	4.	WET LEASES 

 A Sub-Lease which is a wet lease
shall satisfy the following conditions: 
  

	 	(a)	The Aircraft shall be operated solely by cockpit personnel under the operational control the Portfolio Lessee possessing all certificates and licenses that are required by applicable law. 

 

	 	(b)	The Aircraft shall be subject to insurance coverage which complies with the requirements of this Agreement and the Portfolio Lease. 

  

	 	(c)	The Aircraft shall be maintained by the Portfolio Lessee in accordance with requirements of the Portfolio Lease. 

  

	 	(d)	The Aircraft shall not be subject to any change in the State of Registration. 

  

	 	(e)	The term of the wet lease shall not exceed the term of the Portfolio Lease. 

  
 - 156 - 

 SCHEDULE 14 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	[                    ] as Agent 

 

	From:	AVOLON AEROSPACE LEASING LIMITED 

 Dated: 

Dear Sirs 
 AVOLON AEROSPACE LEASING LIMITED
– Facility Agreement 
 dated
[                    ] (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

  

	2.	We confirm that as of [—]: 

  

	2.1	the Consolidated Tangible Net Worth of the Guarantor is $[—]; and 

  

	2.2	the Free Cash of the Guarantor is $[—]. 

Accordingly, we hereby represent and warrant that the Guarantor is in compliance with the Financial Covenants set out in Clause 20.22 (Financial
Covenants) of the Facility Agreement. 
  

			
	Signed:	 	  

		 	Director of Avolon Aerospace Leasing Limited

  
 - 157 - 

 SCHEDULE 15 

FORM OF UTILISATION CERTIFICATE 
  

	To:	[                    ] as Agent 

 

	From:	AVOLON AEROSPACE LEASING LIMITED 

 Dated: 

Dear Sirs 
 AVOLON AEROSPACE LEASING LIMITED
– Facility Agreement 
 dated
[                    ] (the “Agreement”) 
  

	1.	We refer to the Agreement. Terms defined in the Agreement have the same meaning when used in this Utilisation Certificate unless given a different meaning herein. 

 

	2.	We are giving this Utilisation Certificate pursuant to Clause 4.3.4 of the Agreement, as a condition to the Utilisation attributable to [following Aircraft, being the Identified Aircraft with reference [—], as set out in Schedule 2 (The Identified Aircraft) of the Agreement.]/[the following Unidentified Aircraft: 

[Insert Aircraft Details] 

(the “Aircraft”) 
  

	3.	I hereby certify that: 

  

	 	(a)	as of the date hereof, each Subordinated Contribution to be made in respect of such Aircraft which falls within part (i) of the definition thereof has been made by the relevant Subordinated Party;

  

	 	(b)	each Subordinated Contribution to be made in respect of such Aircraft which falls within part (ii) of the definition thereof, will be made by the relevant Subordinated Party immediately after the Utilisation of the
Loan attributable to the Aircraft; and 

  

	 	(c)	on the Utilisation Date for the Loan attributable to the Aircraft and having regard to the Utilisation attributable to the Aircraft, the Equity Contribution Proportion will be greater than or equal to fifteen per cent.
(15%). 

  

			
	Signed:	 	  

		 	 Name:
 Title: [Officer] of Avolon
Aerospace Leasing Limited

  
 - 158 - 

 SCHEDULE 16 

FORM OF [SUBSTITUTION/FINAL DISPOSITION] CERTIFICATE 
  

	To:	[                     ] as Agent 

 

	From:	AVOLON AEROSPACE LEASING LIMITED 

 Dated: 

Dear Sirs 
 AVOLON AEROSPACE LEASING LIMITED
– Facility Agreement 
 dated
[                    ] (the “Agreement”) 
  

	1.	We refer to the Agreement. Terms defined in the Agreement have the same meaning when used in this [Substitution/Final Disposition]8 Certificate unless given a
different meaning herein. 

  

	2.	[We are giving this Substitution Certificate pursuant to Clause 6.1(f) of the Agreement, as a condition to the substitution of [Insert Permitted Substitute Aircraft Details] for [Insert Existing Aircraft
Details] (the “Substitution”)]/[[We are giving this Final Disposition Certificate pursuant to sub-clause 20.19.2 of the Agreement, as a condition to the Final Disposition of [Insert
Details of Aircraft that is to be subject of the Final Disposition]9. 

  

	3.	I hereby certify that the Equity Contribution Proportion will be greater than or equal to fifteen per cent. (15%) immediately after the completion of [the substitution/the Final Disposition]10. 

  

			
	Signed:	 	  

		 	 Name:
 Title: [Officer] of Avolon
Aerospace Leasing Limited

  

	8 	Delete as appropriate 

	9 	Delete as appropriate 

	10 	Delete as appropriate 

  
 - 159 - 

 SCHEDULE 17 

ADMINISTRATIVE QUESTIONNAIRE. 
 Avolon
Aerospace (Funding 4) Limited 
  

			
	1) NOTE TO LENDERS:	 	Please return this form with your contact and tax information as well as the appropriate tax form to:

 Deutsche Bank Trust Company Americas 

Trust & Agency Services 
 Structured Credit Services 

60 Wall Street, Mailstop NYC60-1625 
 New York, NY 10005 

Fax: 212-553-2464 
 Attn: Youngmi Park / Melissa Sadler

 Youngmi.park@db.com, melissa.sadler@db.com / agency.gls@db.com 

Credit Contact Information 
  

					
	Full Legal Name of Institution:	  	  
	  	

  

					
	Account Officer Contact:	  	  
	  	

  

					
	Title:	  	  
	  	

  

					
	E-mail Address:	  	  
	  	

  

					
	Account Officer’s Telephone #:	  	  
	  	

  

					
	Account Officer’s Fax #:	  	  
	  	

  

					
	Mailing Address:	  	  
	  	
		
	  
	  	
		
	  
	  	

  
 - 160 - 

 Primary Contact Information (Operations / Administrative) 

(drawdowns, repayments, rate setting, etc.) 
  

					
	Institution Name & Address:	 	  
	 	

  

					
	Contact Name:	 	  
	 	
			
	E-mail Address:	 	  
	 	
			
	Title and Department:	 	  
	 	
			
	Phone Number:	 	  
	 	
			
	Fax Number:	 	  
	 	

 USD Wire Instructions to your bank: 
  

					
	Bank Name:	 	  
	 	
			
	Department:	 	  
	 	
			
	ABA #:	 	  
	 	
			
	A/C #:	 	  
	 	
			
	Attn:	 	  
	 	
			
	Ref:	 	  
	 	

 EUR Wire Instructions to your bank: 
  

					
	Bank Name:	 	  
	 	
			
	Department:	 	  
	 	
			
	ABA #:	 	  
	 	
			
	A/C #:	 	  
	 	
			
	Attn:	 	  
	 	
			
	Ref:	 	  
	 	

  
 - 161 - 

 TAX WITHHOLDING: 

Non-Resident     Y     N (Please check one) Patriot Act Certificate (Foreign Institutions)
    Y     N 
 Form 4224 /1001 

Form W-8 / W-9 
 (Please send applicable forms as soon as
possible) 
  

					
	Tax ID Number	 		  	
			
	Company Type:	 	  
	  	(Investment Bank, Insurance Company, etc.)
			
	Client Type:	 	  
	  	(Corporation, Partnership, etc.)

 Patriot Act Certificate: 

  
 - 162 - 

 SCHEDULE 18 

QUIET ENJOYMENT UNDERTAKING 

Confirmation of Quiet Enjoyment 
 Dated:
[                    ] 
 Dear Sirs 

One (1) [    ] Aircraft msn [    ] (the “Aircraft”) 

Reference is made to: 
  

	(a)	an aircraft operating lease agreement dated [                    ] between you, as lessee, and
[                    ], as lessor (the “Lessor”), in respect of the Aircraft (the “Lease Agreement”); 

 

	(b)	the security assignment dated [                    ] between the Lessor, as assignor, and
[                    ] as security trustee (the “Security Trustee”), as assignee, pursuant to which the Lessor has assigned
absolutely by way of security to the Security Trustee all its right, title and interest in and to, inter alia, the Lease Agreement. 

 The
Security Trustee hereby undertakes that, subject to no Event of Default (as that term is defined in the Lease Agreement) having occurred and being continuing, neither the Security Trustee, nor any person lawfully claiming through the Security
Trustee, will disturb your lawful use, possession and quiet enjoyment of the Aircraft during the Lease Term (as that term is defined in the Lease Agreement) provided that the proper exercise by the Security Trustee of any rights of the Lessor under
or in connection with the Lease Agreement or any Financing Documents (as that term is defined in the Lease Agreement) shall not constitute such an interference. 

Yours faithfully 
 For and on behalf of 

[—] 
 not in
its individual capacity but solely as Security Trustee 
 Name: 

Title: 

  
 - 163 - 

 SCHEDULE 19 

FORM OF INCREASE NOTICE 
  

			
	To:	  	Deutsche Bank Trust Company Americas as Agent
	From:	  	Avolon Aerospace (Funding 4) Limited as Borrower
	Dated:	  	[—]

 Facility Agreement dated [—] 2014 (the
“Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is an Increase Notice for the purposes of the Facility Agreement and the other Transaction Documents. Terms defined in the Facility Agreement have the same meaning in this
Increase Notice unless given a different meaning in this Increase Notice. 

  

	2.	Pursuant to Clause 2.2 (Increase in Total Commitments) of the Facility Agreement, we hereby notify you that: 

  

	 	(a)	we wish to increase the Commitments by an amount equal to $[—] (the “Additional Commitments”); 

 

	 	(b)	the Prospective Increase Lender[s] for such Additional Commitments, together with [their respective/its] participation[s] in such Additional Commitment are as follows: 

 

					
	 Lender
	  	 Lending Office
	  	 Commitment

	 [—]
	  	[—]	  	[—]

  

	 	(c)	[we wish to increase the maximum permitted number of Unidentified Aircraft under the Facility from [—] Unidentified Aircraft to
[—] Unidentified Aircraft;]11 and 

  

	 	(d)	the proposed Increase Date for such increase in the Commitments is [—]. 

  

	3.	This Increase Notice may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Increase Notice. 

For and on behalf of: 
 Avolon Aerospace (Funding 4) Limited

  

			
	 By:
	 	  

	 Title:
	 	[Officer] of Avolon Aerospace (Funding 4) Limited

  

	11	Note: Delete as applicable 

  
 - 164 - 

 This Increase Notice is accepted by the Agent and the Increase Date is confirmed as [—]. 
 [Agent] 
  

			
	 By:
	 	  

	 Title:
	 	

  
 - 165 - 

 SIGNATURES 

The Borrower 
 AVOLON AEROSPACE (FUNDING 4) LIMITED

  

			
	By:	 	/s/ Tom Gathercole
		
	Title:	 	Authorised Signatory

			
	
	The Agent
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS

			
		
	By:	 	/s/ Melissa Sadler, Vice President
		
	By:	 	/s/ Youngmi Park, Vice President

			
	
	The Security Trustee
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS

			
		
	By:	 	/s/ Vincent Pham, Vice President
		
	By:	 	/s/ Rafael Gimarino, Authorized Signer

			
	
	The Joint Lead Arrangers
	
	DEUTSCHE BANK AG, LONDON BRANCH

			
		
	By:	 	/s/ Zach Veitch, Director
		
	By:	 	/s/ Richard Moody, Managing Director

  
 - 166 - 

			
	NATIONAL AUSTRALIA BANK LIMITED
	acting through its Offshore Business Unit
		
	By:	 	/s/ Gregory J Hampton
		
	Title:	 	Head of Aircraft Finance and Leasing
	
	HSBC BANK PLC
		
	By:	 	/s/ Naresh Manjanath
	Title:	 	Authorised Signatory
	
	The Lenders
	
	DEUTSCHE BANK AG, LONDON BRANCH
		
	By:	 	/s/ Zach Veitch, Director
		
	By:	 	/s/ Richard Moody, Managing Director
	
	 NATIONAL AUSTRALIA BANK LIMITED

acting through its Offshore Business Unit

		
	By:	 	/s/ Gregory J Hampton
		
	Title:	 	Head of Aircraft Finance and Leasing
	
	HSBC BANK PLC
		
	By:	 	/s/ Naresh Manjanath
	Title:	 	Authorised Signatory

  
 - 167 -EX-10.22

 Exhibit 10.22 
  

			
	

	  	CLIFFORD CHANCE LLP

 DATED June 28, 2014 

AVOLON AEROSPACE (FUNDING 4) LIMITED 

AS BORROWER 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS 
 AS AGENT 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

AS SECURITY TRUSTEE 
 DEUTSCHE BANK
AG, LONDON BRANCH, 
 NATIONAL AUSTRALIA BANK LIMITED AND HSBC BANK PLC 

AS THE JOINT LEAD ARRANGERS 
 THE
FINANCIAL INSTITUTIONS NAMED HEREIN 
 AS LENDERS 

THE COMPANIES NAMED HEREIN 
 AS
OWNERS 
 THE COMPANIES NAMED HEREIN 

AS INTERMEDIATE LESSORS 
 AVOLON
AEROSPACE LEASING LIMITED 
 AS GUARANTOR 

AND 
 AVOLON AEROSPACE LEASING
LIMITED AND AVOLON AEROSPACE (FUNDING 4) LIMITED 
 AS SUBORDINATED PARTIES 

 
  

PROCEEDS DEED 
  

 

 CONTENTS 
  

							
	Clause	  	Page	 
	1.	  	Definitions and Interpretation	  	 	2	  
	2.	  	Ranking and Priority	  	 	2	  
	3.	  	Non-petitioning	  	 	2	  
	4.	  	Turnover of Receipts	  	 	3	  
	5.	  	Notice of Relevant Default	  	 	3	  
	6.	  	Disposals by the Security Trustee	  	 	4	  
	7.	  	Release of Security	  	 	4	  
	8.	  	Application of Proceeds	  	 	5	  
	9.	  	Accounts	  	 	9	  
	10.	  	Guarantee and Indemnity	  	 	13	  
	11.	  	Enforcement of Security	  	 	16	  
	12.	  	Subordinated Parties Subordination	  	 	18	  
	13.	  	Mitigation	  	 	20	  
	14.	  	The Security Trustee	  	 	20	  
	15.	  	Change of Security Trustee and Delegation	  	 	33	  
	16.	  	Changes to Secured Parties	  	 	34	  
	17.	  	Changes to Obligors or Subordinated Parties	  	 	36	  
	18.	  	Notices	  	 	37	  
	19.	  	Preservation	  	 	39	  
	20.	  	Counterparts	  	 	40	  
	21.	  	Confidentiality	  	 	40	  
	22.	  	Amendments and Waivers	  	 	43	  
	23.	  	Governing Law	  	 	43	  
	24.	  	Enforcement	  	 	43	  
	 Schedule 1 Form of Proceeds Deed Accession Undertaking
	  	 	45	  
	 Schedule 2 Form of Obligor Resignation Letter
	  	 	47	  
	 Schedule 3 Appendix A – Master Definitions Schedule
	  	 	48	  
	 Part A Definitions
	  	 	49	  
	 Part B Interpretation
	  	 	89	  

 THIS PROCEEDS DEED (this “Deed”) is dated
             2014 and made 
 BETWEEN: 

 

	(1)	AVOLON AEROSPACE (FUNDING 4) LIMITED (the “Borrower”); 

  

	(2)	DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York Banking Corporation as agent of the Lenders (the “Agent”); 

  

	(3)	DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York Banking Corporation as security trustee for the Secured Parties (the “Security Trustee”); 

 

	(4)	DEUTSCHE BANK AG, LONDON BRANCH, NATIONAL AUSTRALIA BANK LIMITED and HSBC BANK PLC as the joint lead arrangers (the “Joint Lead Arrangers”); 

 

	(5)	THE FINANCIAL INSTITUTIONS, named on the signing pages as Lenders (the “Lenders”); 

  

	(6)	Each entity that enters into a Proceeds Deed Accession Undertaking as an Acceding Owner in accordance with the terms of this Deed (the “Owners”); 

 

	(7)	Each entity that enters into a Proceeds Deed Accession Undertaking as an Acceding Intermediate Lessor in accordance with the terms of this Deed (the “Intermediate Lessors”); 

 

	(8)	AVOLON AEROSPACE LEASING LIMITED and AVOLON AEROSPACE (FUNDING 4) LIMITED and each other entity that enters into a Proceeds Deed Accession Undertaking as an Acceding Subordinated Party in accordance with
the terms of this Deed (the “Subordinated Parties”); and 

  

	(9)	AVOLON AEROSPACE LEASING LIMITED (the “Guarantor”). 

 INTRODUCTION: 

 

	(A)	The Borrower has entered into, or will enter into, as the context may require, the Facility Agreement with the Finance Parties to partially finance the acquisition of the Aircraft. 

 

	(B)	As security for the obligations of the Obligors to the Secured Parties under the Facility Agreement and the other Transaction Documents, the Obligors have entered into, or will on or after the date of this Deed enter
into, the Security Documents to which it is a party in favour of the Security Trustee. 

  

	(C)	The Parties are entering into this Deed to (i) record the establishment of the Security Trust, (ii) to regulate the exercise of rights in respect of the Security Trust and the application of any proceeds
received or recovered in respect thereof and (iii) to regulate the relationship between the Secured Parties and the Subordinated Parties. 

  
 - 1 - 

 NOW IT IS AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

  

	 	1.1.1	Unless the context otherwise requires, capitalised terms and expressions used herein and not otherwise defined shall have the respective meanings ascribed thereto in Part A of Schedule 3 (Appendix A - Master
Definitions Schedule) to this Deed. 

  

	 	1.1.2	The rules of interpretation set out in Part B of Schedule 3 (Appendix A - Master Definitions Schedule) to this Deed shall apply to this Deed. 

 

	1.2	Third Party Rights 

  

	 	1.2.1	Unless expressly provided to the contrary in this Deed, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit of any term of this Deed. 

 

	 	1.2.2	Notwithstanding any term of this Deed, the consent of any person who is not a Party is not required to rescind or vary this Deed at any time. 

 

	2.	RANKING AND PRIORITY 

 Each of the Parties agrees that the Collateral granted by the
Obligors to the Secured Parties shall be applied in the manner and order of priorities set out in this Deed. 
  

	3.	NON-PETITIONING 

 Each of the Lenders, Agent, the Subordinated Parties and each Obligor
hereby agrees in favour of the Agent and the Security Trustee that until the Secured Obligations Discharge Date, and except as otherwise expressly provided in this Deed or as may be permitted or directed by the Agent: 

 

	 	3.1.1	not to sue and to procure that none of its Affiliates will sue any Obligor (other than in the case of the Secured Parties, the Guarantor) for or in respect of the recovery of any monies (whether principal, interest or
otherwise) now or hereafter owing to it; 

  

	 	3.1.2	not to claim (and to procure that none of its Affiliates will claim) any set-off or counterclaim (save pursuant to express contractual agreement in this respect) against any Obligor (other than in the case of the
Secured Parties, the Guarantor) in respect of any liability on the part of any Obligor owed to it; and 

  

	 	3.1.3	except with the prior written consent of the Security Trustee, not to (and to procure that its Affiliates will not) file or join in any petition to commence any winding-up proceedings by or against any Obligor (other
than in the case of the Secured Parties, the Guarantor) or any other action or proceedings for the winding-up, dissolution, administration or examinership of any Obligor (other than, in the case of the Secured Parties, the Guarantor) or take, or
acquiesce in, any other action which might reasonably be expected to lead to the bankruptcy or insolvency of any Obligor (other than, in the case of the Secured Parties, the Guarantor). 

  
 - 2 - 

	4.	TURNOVER OF RECEIPTS 

  

	4.1	Turnover by the Parties 

 Subject to Clause 4.2 (Permitted assurance and
receipts), if at any time prior to the discharge in full of the Secured Obligations any Party to this Deed receives or recovers any sum which, under the terms of any of the Transaction Documents, should have been paid to the Security Trustee
such Party shall hold that amount on trust for the Security Trustee and promptly pay that amount to or to the order of the Security Trustee or, if this trust cannot be given effect to, such Party will promptly pay an amount equal to that receipt or
recovery to or to the order of the Security Trustee to be held on trust by the Security Trustee for application in accordance with the terms of this Deed. 
  

	4.2	Permitted assurance and receipts 

 Nothing in this Deed shall restrict the ability of any
Secured Party to: 
  

	 	4.2.1	arrange with any person any assurance against loss in respect of, or reduction of its credit exposure to, any Obligor (including assurance by way of credit based derivative, insurance policy or sub-participation); or

  

	 	4.2.2	to receive or recover any sum in respect of its Secured Obligations as a result of any assignment or transfer permitted by Clause 16 (Changes to Secured Parties) of this Deed, 

and that Secured Party shall not be obliged to account to any other Party for any sum received by it as a result of that action. 

 

	5.	NOTICE OF RELEVANT DEFAULT 

  

	5.1	Notice of Relevant Default 

 When any Obligor becomes aware of a Relevant Default that is
continuing it shall as soon as reasonably practicable thereafter, give written notice thereof to the Agent and the Security Trustee. 
  

	5.2	Notice of Default 

 If an Event of Default has occurred and is continuing the Agent may
declare by notice to the parties hereto that such Event of Default has occurred and such should be treated as a “Notice of Default” for the purposes of the Transaction Documents. Such Notice of Default shall cease to be in effect
once the subject Event of Default has been waived or is not continuing. 

  
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	6.	DISPOSALS BY THE SECURITY TRUSTEE 

 If any assets forming part of the Collateral are sold
or otherwise disposed of by (or on behalf of) the Security Trustee, or by an Obligor at the request of the Security Trustee, either as a result of the enforcement of any of the Collateral or if that disposal is permitted under the Transaction
Documents: 
  

	 	6.1.1	the Security Trustee shall, subject to Clause 7 (Release of Security), be authorised (at the cost of the Borrower) to release those assets from the Collateral and is authorised to execute, on behalf of and
without the need for any further authority from any Party, any release of the Collateral or any other claim over those assets and to issue any certificates of non-crystallisation that may, in the absolute discretion of the Security Trustee, be
considered necessary or desirable; 

  

	 	6.1.2	if the asset which is disposed of consists of all of the shares (which are held by an Obligor) in the capital of an Obligor, the Security Trustee is authorised (at the cost of the Borrower) to, and may execute on behalf
of each Secured Party and each Obligor, as appropriate, a release of the Obligor whose shares are being disposed of from all liabilities it may have to any Secured Party or Obligor, both actual and contingent in its capacity as a guarantor or
borrower (including any liability to any other Obligor by way of guarantee, contribution, subrogation or indemnity) and a release of any Collateral granted by that Obligor over any of its assets under any of the Security Documents; and

  

	 	6.1.3	the Secured Parties and Obligors shall execute any releases or other documents that the Security Trustee may consider to be necessary to give effect to those releases, 

provided that the proceeds of that sale or disposal are applied in accordance with Clause 8 (Application of Proceeds) of this
Deed. 
  

	7.	RELEASE OF SECURITY 

  

	7.1	Release of Aircraft Specific Collateral 

  

	 	7.1.1	Subject to Clause 7.3 (Counsel’s advice) the Secured Parties agree for the benefit of each other and each Obligor that, in respect of any Aircraft, upon the occurrence of an Aircraft Specific Collateral
Release Event provided that no Relevant Default has occurred and is continuing (in which case the provisions of sub-clause 7.1.2 shall apply), the Aircraft Specific Collateral in respect of such Aircraft may be released from the Security
Interests constituted by the Security Documents and the Security Trustee (at the cost of the Borrower) will execute such agreements, give such notices and do such other things as the Borrower may reasonably request to give effect to such release.

  

	 	7.1.2	If a Relevant Default has occurred and is continuing, notwithstanding sub-clause 7.1.1, the Security Trustee shall not be obliged to release any Aircraft Specific Collateral from the Security Interests constituted
by the Security Documents unless and until the Secured Obligations have been satisfied and discharged in full or, if earlier, the time at which no Relevant Default is continuing. 

  
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	7.2	Release of Collateral 

 Subject to Clause 7.1 (Release of Aircraft Specific
Collateral) in respect of the Aircraft Specific Collateral and Clause 7.3 (Counsel’s advice), upon the receipt by the Security Trustee from the Agent of notice in writing of the full, final and indefeasible payment and discharge in
full of all amounts of the Secured Obligations, the Collateral may be released from the Security Interests constituted by the Security Documents, and the Security Trustee (at the cost of the Borrower) will execute such agreements, give such notices
and do such other things as the Borrower may reasonably request to give effect to such release. 
  

	7.3	Counsel’s advice 

 No Secured Party or the Security Trustee, as applicable, shall be
required to release any part of the Collateral if the Security Trustee has been advised by appropriate legal counsel that, by reason of the application of any bankruptcy, insolvency or other applicable laws affecting creditors’ rights and the
discharge of obligations, the Security Trustee may be obliged to pay to or account to any Obligor or any liquidator or trustee in bankruptcy of any Obligor any amount corresponding to all or any part of the amount paid in or towards such discharge.

  

	8.	APPLICATION OF PROCEEDS 

  

	8.1	No Enforcement Event 

  

	 	8.1.1	While no Enforcement Event is continuing, the Borrower, each Owner (and, if applicable, each Owner Trustee) and each Intermediate Lessor shall on each Repayment Date, subject to Clause 9 (Accounts), apply monies
standing to the credit of the Borrower Collection Account as of each Payment Reference Date in the order of priority set out in Clause 8.3 (Order of Application – No Enforcement Event). 

 

	 	8.1.2	Save as provided in Clause 8.6 (Borrower’s right to pay non-scheduled additional amounts), the Borrower shall not make, and shall procure that no Obligor shall make any payment to any Secured Party in
respect of the Secured Obligations other than in accordance with sub-clause 8.1.1. 

  

	8.2	Post-Enforcement Event 

 All amounts payable by the Borrower or the Guarantor to the
Secured Parties pursuant to the Transaction Documents while an Enforcement Event is continuing and the proceeds of enforcement of the Collateral constituted by the Security Documents shall be credited to the Borrower Collection Account and all
amounts payable by any other Obligor shall be payable to the applicable Owner Account or Intermediate Lessor Account or in each case, to such other account with such bank as the Security Trustee specifies, and the Security Trustee shall hold all
amounts standing to the credit of such accounts, together with any amounts received or recovered by the Security Trustee from time to time in connection with the realisation or enforcement of all or any part of the Collateral on trust to apply them
to the extent permitted by applicable law, and save as described in Clause 8.5 (Order of Application – Guarantee proceeds) in the order of priority set out in Clause 8.4 (Order of Application – Post-Enforcement Event). 

  
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	8.3	Order of Application – No Enforcement Event 

 The amounts referred to in Clause 8.1
(No Enforcement Event) shall be applied on each Repayment Date (unless otherwise specified) in the following order of priority: 
  

	 	8.3.1	firstly, in discharging Expenses and indemnity payments owing to the Representatives (or any of them) (including amounts payable to any Receiver or any Delegate appointed by or at the direction of the Security
Trustee); 

  

	 	8.3.2	secondly, in payment to the Agent of any other amounts (including any Losses or Remarketing and Recovery Expenses owing to the Representatives); 

 

	 	8.3.3	thirdly, in payment to the Agent on behalf of the Lenders for application in or towards the discharge of the Borrower’s liabilities in respect of interest due and payable (including default interest) under
the Facility Agreement; 

  

	 	8.3.4	fourthly, pari passu and pro rata in payment to the Agent on behalf of the Lenders for application in or towards the discharge of the Borrower’s liabilities in respect of: 

 

	 	(a)	principal due and payable under the Facility Agreement; and 

  

	 	(b)	any Swap Breakage Loss; 

  

	 	8.3.5	fifthly, in payment to the Agent on behalf of the Finance Parties for application in or towards discharge of any Obligor’s other liabilities due and payable to the Finance Parties or any of them under any of
the Transaction Documents; 

  

	 	8.3.6	lastly, any surplus to the Borrower, 

 provided that in circumstances where there
are Secured Obligations outstanding and a Relevant Default has occurred and is continuing, the Security Trustee shall be entitled to direct the Borrower and the other Obligors to retain any monies to be applied pursuant to sub-clause 8.3.6 in the
Borrower Collection Account, Owner Accounts and Intermediate Lessor Accounts as applicable until such time as the Secured Obligations are discharged in full or, if earlier, the date on which no Relevant Default is subsisting. 

 

	8.4	Order of Application – Post-Enforcement Event 

 The amounts referred to in Clause
8.2 (Post-Enforcement Event) shall be applied in the following order of priority: 
  

	 	8.4.1	firstly, in discharging Expenses and indemnity payments owing to the Representatives (or any of them) (including amounts payable to any Receiver or Delegate appointed by or at the direction of the Security
Trustee); 

  

	 	8.4.2	secondly, in payment to the Agent of any other amounts (including any Losses or Remarketing and Recovery Expenses owing to the Representatives); 

  
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	 	8.4.3	thirdly, in payment to the Agent on behalf of the Lenders for application in or towards the discharge of the Borrower’s liabilities in respect of interest due and payable (including default interest) under
the Facility Agreement; 

  

	 	8.4.4	fourthly, pari passu and pro rata in payment to the Agent on behalf of the Lenders for application in or towards the discharge of the Borrower’s liabilities in respect of: 

 

	 	(a)	principal due and payable under the Facility Agreement; and 

  

	 	(b)	any Swap Breakage Loss; 

  

	 	8.4.5	fifthly, in payment to the Agent on behalf of the Finance Parties for application in or towards discharge of any Obligor’s other liabilities due and payable to the Finance Parties under any of the
Transaction Documents; 

  

	 	8.4.6	lastly, any surplus to the Borrower (for the account of itself). 

  

	8.5	Order of Application – Guarantee proceeds 

 All amounts payable by the Guarantor to
the Security Trustee pursuant to the Guarantee shall be paid to the Borrower Collection Account or to such other account with such bank as the Security Trustee specifies, and the Security Trustee shall hold such amounts on trust to apply them to the
extent permitted by applicable law in the manner described in the following clauses (in order of priority): 
  

	 	8.5.1	while no Enforcement Event is continuing, sub-clauses 8.3.1, 8.3.2, 8.3.3, 8.3.4 and 8.3.5; and 

  

	 	8.5.2	while an Enforcement Event is continuing, sub-clauses 8.4.1, 8.4.2, 8.4.3, 8.4.4 and 8.4.5. 

  

	8.6	Borrower’s right to pay non-scheduled additional amounts 

 Provided no Event of
Default has occurred and is continuing, the Borrower shall have the right to pay to any Secured Party non-scheduled additional amounts (such as indemnities under any of the Transaction Documents, but for the avoidance of doubt, not payments of
principal or interest) due and payable under the Transaction Documents, using monies from its own resources (and not standing to the credit of any of the Collection Accounts). 

 

	8.7	Investment of proceeds 

 The Security Trustee may hold all or part of any proceeds
otherwise to be applied in accordance with Clause 8.2 (Post-Enforcement Event) in an interest bearing suspense or impersonal account(s) in the name of the Security Trustee with such financial institution and for so long as the Security
Trustee shall determine (the interest being credited to the relevant account) pending the application from time to time of those monies in accordance with the provisions of this Clause 8. 

  
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	8.8	Currency conversion 

  

	 	8.8.1	For the purpose of, or pending the discharge of, any of the Secured Obligations the Security Trustee may convert any monies received or recovered by the Security Trustee from one currency to another, at the spot rate at
which the Security Trustee is able to purchase the currency in which the Secured Obligations are due with the amount received. 

  

	 	8.8.2	The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion. 

 

	8.9	Permitted deductions 

 The Security Trustee shall be entitled (a) to set aside by
way of reserve, amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or is likely to be required by any applicable law to make from any distribution or payment made by
it under this Deed, and to pay all Taxes which may be assessed against it in respect of any of the Collateral, or as a consequence of performing its duties, or by virtue of its capacity as Security Trustee under any of the Transaction Documents or
otherwise (other than in connection with its remuneration for performing its duties under this Deed) and shall notify the Borrower promptly after so doing, providing the Borrower with reasonable details of the amounts so set aside and the basis for
so doing. 
  

	8.10	Good discharge 

  

	 	8.10.1	Any payment to be made in respect of the Secured Obligations to any Lender by the Security Trustee may be made to the Agent on behalf of the Lenders and any payment made in that way shall be a good discharge, to the
extent of that payment, by the Security Trustee. 

  

	 	8.10.2	The Security Trustee is under no obligation to make the payments under sub-clause 8.10.1 in the same currency as that in which the amounts owing to the relevant Lender under the Transaction Documents are denominated.

  

	8.11	Calculation of amounts 

 For the purpose of calculating any person’s share of any
sum payable to or by it, the Security Trustee shall be entitled to: 
  

	 	8.11.1	notionally convert the amounts owed to any person under the Transaction Documents that are denominated in a currency other than dollars into dollars, that notional conversion to be made at the spot rate at which the
Security Trustee is able to purchase dollars with the actual currency of the amounts owing to that person at the time at which that calculation is to be made; and 

 

	 	8.11.2	assume that all monies received or recovered as a result of the enforcement of the Collateral are applied in discharge of the Secured Obligations in accordance with the terms of the Transaction Documents under which
those Secured Obligations have arisen. 

  
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	8.12	Partial Payments 

 If, in relation to the application of any amounts pursuant to
any sub-clause of Clause 8.3 (Order of Application – No Enforcement Event) or 8.4 (Order of Application – Post-Enforcement Event) the amount available is insufficient to satisfy and discharge all of the amounts due and
payable as referred to in such sub-clauses, the application shall be made pari passu and pro-rata as between the amounts expressed to be due and payable as referred to in such sub-clause (or in such other manner as the Parties entitled
to the amounts referred to in such sub-clause may agree in writing). 
  

	8.13	Insurance Proceeds 

  

	 	8.13.1	Each Party agrees that all Total Loss Proceeds shall be paid to or to the order of the Security Trustee (credited to the Borrower Collection Account or such other account as the Security Trustee may nominate) as loss
payee and shall be applied in accordance with Clause 8.3 (Order of Application – No Enforcement Event) or 8.4 (Order of Application – Post-Enforcement Event), as the case may be. 

 

	 	8.13.2	Any insurance or requisition proceeds received by or on behalf of the Security Trustee or credited into the Borrower Collection Account pursuant to any Security Document other than following a Total Loss shall, prior to
the expiry or termination of the relevant Portfolio Lease, be applied either in direct payment of the cost of repair or replacement or in reimbursement of the relevant Portfolio Lessee for the cost of repair or replacement effected, in each case, in
accordance with the requirements of the relevant Portfolio Lease, or if the Aircraft is Off-Lease, to the Borrower. 

  

	8.14	Warranty Proceeds 

 Each Party agrees that all Warranty Proceeds shall be paid to such
person and applied in accordance with the provisions the relevant Portfolio Lease. To the extent that any warranty proceeds are received by an Owner or an Intermediate Lessor such shall be credited to the Collection Account of such Obligor and shall
be applied in accordance with the relevant Portfolio Lease or, if the Aircraft is Off-Lease, to repair of the Aircraft. 
  

	9.	ACCOUNTS 

  

	9.1	General 

  

	 	9.1.1	Each Obligor shall at all times during the Security Period maintain and procure the maintenance of the Accounts with the Account Banks. 

 

	 	9.1.2	No payments to, or withdrawals from, any Account may be made except as permitted by this Deed or the other Transaction Documents. 

  

	 	9.1.3	 Any amounts standing to the credit of any Collection Account in respect of which an Owner (or, if applicable, an Owner Trustee) is the account holder
shall be immediately credited into the Borrower Collection Account and any amounts standing to the credit of any Collection Account in respect of which an Intermediate Lessor is the account holder shall be immediately credited to

  
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the Collection Account in respect of which the relevant Owner (or, if applicable, Owner Trustee) is the account holder excluding in each case Maintenance Reserve Payments and Security Deposit
Payments in which case Clause 9.3 (Maintenance Reserve Payments and Security Deposit Payments) shall apply. In the event that it is necessary that an Intermediate Lessor retain and have released to it such amounts as the Borrower believes,
acting in accordance with the Standard, represents an appropriate level of profit for the relevant Intermediate Lessor to earn in connection with its participation in the relevant transaction, the Borrower shall notify the Agent and the Agent shall
agree any appropriate amendments to the Security Documents in order to facilitate such requirement. 

  

	9.2	Collection Accounts 

  

	 	9.2.1	The Borrower shall procure that any and all monies received directly or indirectly by the Borrower and/or each Owner (or, if applicable, Owner Trustee) and/or each Intermediate Lessor (including those received through
any of such person’s bank accounts) from, comprising or in connection with: 

  

	 	(a)	any Lease Documents but excluding Maintenance Reserve Payments and Security Deposit Payments; 

  

	 	(b)	any monies which the Hedging Counterparties are required to pay to the Borrower from time to time pursuant to any Hedging Agreement; 

 

	 	(c)	Final Disposition Proceeds; 

  

	 	(d)	Insurance Proceeds; 

  

	 	(e)	Warranty Proceeds; 

  

	 	(f)	proceeds from the Collateral; 

  

	 	(g)	any Break Gains; and 

  

	 	(h)	any Swap Breakage Gains, 

 shall be paid into the relevant Collection Account. 

 

	 	9.2.2	No Obligor shall make any withdrawal from any Collection Account in respect of which it is the account holder other than to make the transfers between Collection Accounts as contemplated in Clause 9.1.3 and as provided
in Clause 8 (Application of Proceeds) and as provided in sub-clauses 9.2.3 and 9.2.4. 

  

	 	9.2.3	 If any Final Disposition Proceeds are credited to any Collection Account after the occurrence of a Final Disposition, then no Obligor will be entitled
to make any withdrawal from such Collection Account in respect of such Final Disposition Proceeds until the date on which the Borrower is required to repay the Loan attributable to the Aircraft which was the subject of the Final Disposition in
accordance with Clause 8.5.2(a) of the Facility Agreement, whereupon such Final Disposition Proceeds will be applied in accordance with 

  
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the relevant order of priority provided for in Clause 8 (Application of Proceeds), including in repaying such Loan and any other amounts due under the Transaction Documents in connection
with such repayment, before any balance is paid to the Borrower pursuant to sub-clauses 8.3.6 or 8.4.6 (as applicable). 

  

	 	9.2.4	If any Total Loss Proceeds are credited to any Collection Account after the occurrence of a Total Loss, then no Obligor will be entitled to make any withdrawal from such Collection Account in respect of such Total Loss
Proceeds until the date on which the Borrower is required to repay the Loan attributable to the Aircraft which was the subject of the Total Loss in accordance with sub-clause 8.5.2(b) of the Facility Agreement, whereupon such Total Loss Proceeds
will be applied in accordance with the relevant order of priority provided for in Clause 8 (Application of Proceeds), including in repaying such Loan and any other amounts due under the Transaction Documents in connection with such repayment,
before any balance is paid to the Borrower pursuant to sub-clauses 8.3.6 or 8.4.6 (as applicable). 

  

	9.3	Maintenance Reserve Payments and Security Deposit Payments 

  

	 	9.3.1	The Borrower shall procure that any and all monies received directly or indirectly by the Borrower, each Owner (or, if applicable, an Owner Trustee) and/or each Intermediate Lessor (including those received through any
of such person’s bank accounts) from or in connection with: 

  

	 	(a)	all Maintenance Reserve Payments; and 

  

	 	(b)	all Security Deposit Payments, 

 shall be paid into the Lease Reserve Account in respect of
which the Borrower is the account holder or in respect of which the Owner (or, if applicable, an Owner Trustee) or Intermediate Lessor which is lessor under the applicable Portfolio Lease is the account holder. 

 

	 	9.3.2	During the Security Period, the Borrower shall not and shall procure that the Owners (and, if applicable, Owner Trustees) and the Intermediate Lessors do not make any withdrawal from any Lease Reserve Account other than
as permitted or required under sub-clause 9.3.3. 

  

	 	9.3.3	Provided no Relevant Default has occurred and is continuing, the Borrower may withdraw from any Lease Reserve Account any amounts credited in respect of Maintenance Reserve Payments and/or Security Deposit Payments as
it deems fit in its absolute discretion for use as it sees fit. Following the occurrence of a Relevant Default which is continuing, the Borrower may request that the Security Trustee consents, and the Security Trustee shall consent to withdrawals in
sufficient amounts in order for the Borrower to satisfy those obligations contemplated in Clause 9.3.5 and, subject to the terms of this Deed, apply any amounts standing to the credit of any Lease Reserve Account in accordance with Clause 8.3 in
order to cure any payment related Default or Event of Default. 

  
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	 	9.3.4	Upon the occurrence of an Event of Default which is continuing, the Borrower shall be obliged, if requested by the Agent, to (i) pay into the relevant Lease Reserve Account the aggregate of all and any amounts
which were withdrawn from that Lease Reserve Account pursuant to sub-clause 9.3.3 (other than amounts applied to fund the obligations of the Obligors under any Portfolio Lease with respect to maintenance reimbursements of Maintenance Reserve
Payments in accordance with the terms of the relevant Portfolio Lease (including the payment of any lease end compensation payments)), and (ii) promptly provide to the Agent the originals of any Letter of Credit to secure the obligations of any
Portfolio Lessee under the relevant Portfolio Lease and a Security Power of Attorney in respect of such Letter of Credit. The Security Trustee agrees that it will not exercise any of its rights under the Security Power of Attorney in respect of any
such Letter of Credit until after the occurrence of an Enforcement Event and whilst such is continuing and unless such Letter of Credit is permitted to be drawn pursuant to the applicable Portfolio Lease. If such Event of Default ceases to be
continuing and no other Event of Default is continuing, then the Borrower shall be entitled to exercise its rights pursuant to sub-clause 9.3.3. 

  

	 	9.3.5	The Borrower shall at all times remain obliged to ensure that each Obligor has at all times sufficient funds to perform any obligation under any relevant Portfolio Lease to reimburse the relevant Portfolio Lessee in
respect of Maintenance Reserve Payments or Security Deposit Payments or pay lessor contributions of lease end compensation payments or airworthiness directive cost sharing payments (howsoever described) to any Portfolio Lessee when obliged to do so.

  

	 	9.3.6	Following the occurrence of an Enforcement Event, any amount standing to the credit of any Lease Reserve Account will first be applied by the Security Trustee towards any relevant Lessor’s payment obligations to a
Portfolio Lessee in respect of reimbursement for the cost of maintenance events in respect of the relevant Aircraft and to repay any security deposit under a Portfolio Lease, in each case as such amounts fall due and payable in accordance with the
relevant Portfolio Lease, provided that the Security Trustee will only be required to make any such payment to the extent that there are sufficient funds in the relevant Lease Reserve Account for such Portfolio Lease to cover any such payment
and to the extent that the Security Trustee is entitled to and capable of so applying such funds under applicable law. In the event that the leasing of an Aircraft pursuant to a Portfolio Lease is terminated as a result of an event of default under
such Portfolio Lease, the Security Trustee may, in its discretion (but without prejudice to sub-clauses 14.1.3 and 14.1.4), apply such amounts held in the Lease Reserve Account which are attributable to Maintenance Reserve Payments received pursuant
to such Portfolio Lease and which have not otherwise been refunded in accordance with this sub-clause 9.3.6, in accordance with Clause 8.4 (Order of Application – Post-Enforcement Event) provided that the Security Trustee shall
not be obliged to apply any such amounts if in the opinion of the Security Trustee it is under an obligation (actual or contingent) to pay or apply such amounts to any person (including any other Portfolio Lessee or purchaser of an Aircraft).

  
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	10.	GUARANTEE AND INDEMNITY 

  

	10.1	Guarantee and indemnity 

 The Guarantor irrevocably and unconditionally: 

 

	 	(a)	guarantees to each Finance Party punctual performance by each Obligor (other than itself) (a “Guaranteed Obligor”) of all such Guaranteed Obligors’ obligations under the Transaction Documents;

  

	 	(b)	undertakes with each Finance Party that whenever any Guaranteed Obligor does not pay any amount when due under or in connection with any Transaction Document, the Guarantor shall immediately on demand pay that amount as
if it was the principal obligor; and 

  

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it, any provision of the Transaction Documents or any Transaction Document is or becomes void or voidable, unenforceable, invalid or illegal it will,
as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of any Guaranteed Obligor not paying any amount which would, but for such unenforceability,
invalidity or illegality or but for such obligation, provision or Transaction Document becoming void or voidable, have been payable by it under any Transaction Document on the date when it would have been due and the amount payable by the Guarantor
under this indemnity shall be equal to the amount which the Finance Parties would otherwise been able to recover. 

  

	10.2	Guarantee and indemnity 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by the Guaranteed Obligor under the Transaction Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	10.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Guaranteed Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency,
liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this Clause 10 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	10.4	Waiver of defences 

 The obligations of the Guarantor under this Clause 10 will not be
affected by any act, omission, matter or thing which, but for this Clause 10, would reduce, release or prejudice any of its obligations under this Clause 10 (without limitation and whether or not known to it or any Finance Party) including: 

 

	 	(a)	any time, waiver or consent granted to, or composition with, the Borrower or other person; 

  
 - 13 - 

	 	(b)	the release of any Guaranteed Obligor or any other person under the terms of any composition or arrangement with any creditor of the Guarantor or any of its Affiliates; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Guaranteed Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any Guaranteed Obligor or any other person; 

 

	 	(e)	any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case however fundamental and of whatsoever nature, and whether or not more onerous) or replacement of a
Transaction Document or any other document or security; 

  

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Transaction Document or any other document or security, or any such obligation becoming void or voidable; 

 

	 	(g)	any amalgamation, demerger, merger or corporate reconstruction of the Guarantor; or 

  

	 	(h)	any insolvency or similar proceedings. 

  

	10.5	Guarantor Intent 

 Without prejudice to the generality of Clause 10.4 (Waiver of
defences), the Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental and of whatsoever nature and whether or not more onerous) variation, increase, extension or addition of or
to any of the Transaction Documents and/or any facility or amount made available under any of the Transaction Documents for any reasons, including, without limitation, for the purposes of or in connection with any of the following: business
acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any
other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 

 

	10.6	Immediate recourse 

 The Guarantor waives any right it may have of first requiring any
Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor under this Clause 10. This waiver applies irrespective of any law or
any provision of a Transaction Document to the contrary. 

  
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	10.7	Appropriations 

 Until all amounts which may be or become payable by any Guaranteed
Obligor under or in connection with the Transaction Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such
manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this Clause 10. 

 

	10.8	Deferral of Guarantor’s rights 

 Until all amounts which may be or become payable by
any Guaranteed Obligor under or in connection with the Transaction Documents have been irrevocably paid in full and unless the Agent otherwise directs, the Guarantor will not exercise any rights which it may have by reason of performance by it of
its obligations under the Transaction Documents or by reason of any amount being payable, or liability arising, under this Clause 10: 
  

	 	(a)	to be indemnified by a Guaranteed Obligor or to receive any collateral from any Guaranteed Obligor; 

  

	 	(b)	to claim any contribution from any other guarantor of any Guaranteed Obligor’s obligations under the Transaction Documents; 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Transaction Documents or of any other guarantee or security taken pursuant to, or
in connection with, the Transaction Documents by any Finance Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring the Borrower to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 10.1
(Guarantee and indemnity); 

  

	 	(e)	to exercise any right of set-off against any Guaranteed Obligor or any third party in respect of the obligations guaranteed by the Guarantor; and/or 

 

	 	(f)	to claim or prove as a creditor of a Guaranteed Obligor in competition with any Finance Party or any third party in respect of the obligations guaranteed by the Guarantor. 

If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution
to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Borrower under or in connection with the Transaction Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or
transfer the same to the Agent or as the Agent may direct for application in accordance with clause 25 (Payment Mechanics) of the Facility Agreement. 

  
 - 15 - 

	10.9	Additional security 

 This guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Finance Party. 
  

	11.	ENFORCEMENT OF SECURITY 

  

	11.1	General Restriction 

  

	 	11.1.1	Except as permitted by this Clause 11, no Secured Party shall take any Enforcement Action at any time. 

  

	 	11.1.2	For so long as the Secured Obligations owing to the Secured Parties are outstanding, no Subordinated Parties shall make any demand for the repayment of any Subordinated Contribution or the payment of any other amount
under a Subordinated Agreement at any time without the prior written consent of the Agent, save that (x) upon the release of Aircraft Specific Collateral, all amounts owing in respect of the related Subordinated Contribution may be repaid (and
repayment may be demanded) and (y) sums owing in respect of the Subordinated Contribution may be paid (and payment demanded) from free cash available to the Borrower under sub-clause 8.3.6. 

 

	11.2	Enforcement Action 

 After the occurrence of an Event of Default that is continuing, each
of the Secured Parties irrevocably authorises the Security Trustee to: 
  

	 	11.2.1	take any Enforcement Action (subject to the terms of this Deed); 

  

	 	11.2.2	demand, sue, prove and give receipt for any or all of the Secured Obligations; 

  

	 	11.2.3	collect and receive all distributions on, or on account of, any or all of the Secured Obligations; and 

  

	 	11.2.4	file claims, take proceedings and do all other things the Security Trustee considers reasonably necessary to recover the Secured Obligations. 

 

	11.3	Agents’ directions 

 Following the occurrence of an Enforcement Event, the Security
Trustee will, subject to the terms of this Deed enforce the Collateral and undertake Enforcement Action (or refrain from doing so) as directed by the Agent. At all times after the request to commence enforcement has been issued and subject to the
terms of this Deed, the Security Trustee will act on the directions of the Agent who shall be entitled to give directions and do any other things in relation to the enforcement of the Collateral (including in connection with but not limited to, the
disposal, collection or realisation of assets subject to the Collateral) that it considers appropriate including (without limitation) determining the timing and manner of any Enforcement Action against any particular person or asset. 

  
 - 16 - 

	11.4	Subordinated Parties’ waiver 

 Until the Secured Obligations Discharge Date has
occurred and to the extent permitted under applicable law and subject to this Clause 11, each of the Subordinated Parties and each Obligor waives all rights it may otherwise have to require that the Collateral be enforced in any particular order or
manner or at any particular time or that any sum received or recovered from any person, or by virtue of the enforcement of any of the Collateral or of any other security interest, which is capable of being applied in or towards discharge of any of
the Secured Obligations is so applied. 
  

	11.5	Secured Parties’ actions 

 The other Secured Parties and the Subordinated Parties
will do all things that the Security Trustee reasonably requests in order to give effect to this Clause 11 and, if the Security Trustee is not entitled to take any of the actions contemplated by this Clause 11 or if the Security Trustee requests any
other Secured Party or any Subordinated Party to take that action, that Secured Party or Subordinated Party, as the case may be, will (subject to being indemnified by the other Secured Parties (other than the Agent) for any Losses it may suffer as a
consequence of such action on terms reasonably satisfactory to it) undertake those actions itself in accordance with the reasonable instructions of the Security Trustee. 
  

	11.6	Sale of Collateral 

  

	 	11.6.1	If an Enforcement Event occurs and is not cured within the applicable grace period, the Security Trustee may sell or arrange the sale of any Aircraft (and any other part of the Collateral). Such sale may be by public
auction or private contract, on such terms, at such place(s) and at such time(s) as the Security Trustee decides. Any such sale will be without any warranty or representation as to title or condition of such Aircraft or Collateral, which in each
case shall be sold on an as-is where-is basis. The Security Trustee shall not be obliged to seek advice on the sale process or, save where the Security Trustee decides on a private sale in which case it shall obtain an independent third party
valuation from a recognised aircraft appraiser pursuant to the provisions of sub-clause 11.6.3, a valuation of such Aircraft or Collateral. 

  

	 	11.6.2	The Obligors and each Subordinated Party accept that a sale after an Enforcement Event may result in a distress value being paid (i.e. substantially less than a price which might be achieved in an open and unrestricted
market, between a willing seller and buyer) and accept the risk of such sale not achieving full and best value. 

  

	 	11.6.3	If the Security Trustee decides on a private sale it shall obtain an independent third party valuation from a recognised aircraft appraiser (such valuation taking into account the distress noted above). If the Security
Trustee decides on a sale by auction, then no valuation shall be required provided the Security Trustee arranges for the placement of an advertisement of the auction in at least one aviation industry publication no less than thirty (30) days
prior to the date of auction. 

  
 - 17 - 

	 	11.6.4	Any Secured Party (or its Affiliate) may buy any Aircraft or any part thereof at public auction or by private sale provided that if any Secured Party (or its Affiliate) is to buy such Aircraft or any part thereof by way
of private sale, then the price to be paid must not be less than the valuation obtained in accordance with this Clause. 

  

	 	11.6.5	The Security Trustee may sell such Aircraft, whether or not any maintenance or modification is taking place in respect thereof at the time of such sale, provided that the Security Trustee (acting on the instructions of
the Agent) provides a description of such maintenance or modification. 

  

	12.	SUBORDINATED PARTIES SUBORDINATION 

  

	12.1	Subordinated Parties Subordination 

 Each of the Subordinated Parties hereby undertakes
in favour of the Secured Parties that its rights and claims under, in and to the Subordinated Agreements and the other Transaction Documents are, and shall at all times until the Secured Obligations Discharge Date has occurred, be fully subject and
subordinated to the rights and claims of the Secured Parties in, to and under the Facility Agreement, any Loan advanced thereunder, and the other Transaction Documents, and that no amounts shall be payable to it under the Transaction Documents
otherwise than in accordance with the terms of this Deed until the Secured Obligations Discharge Date has occurred. 
  

	12.2	Deferral of Subordinated Party’s Rights 

 Each of the Subordinated Parties hereby
undertakes in favour of the Secured Parties that unless and until (a) all Loans have been accelerated or (b) the Secured Obligations Discharge Date has occurred, it will not: 

 

	 	12.2.1	accelerate the Subordinated Agreements or any part thereof; and 

  

	 	12.2.2	it will not exercise any rights it may have by reason of (a) performance by it of its obligations under any Subordinated Agreement, or (b) the failure of any Obligor to perform its obligation under any
Subordinated Agreement, or (c) any amount being payable or any liability arising under any Subordinated Agreements: 

  

	 	(a)	to be indemnified by an Obligor; 

  

	 	(b)	to claim any contribution from any guarantor of any Obligor’s obligations under the Subordinated Agreements; 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of any of the Secured Parties under the Transaction Documents or of any other guarantee or security taken pursuant
to, or in connection with, the Transaction Documents by any Secured Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Obligor has given a guarantee, undertaking or indemnity under any
Subordinated Agreement; 

  
 - 18 - 

	 	(e)	to exercise any right of set-off against any Obligor; or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Secured Party; 

  

	12.3	No amendments 

  

	 	12.3.1	The Borrower and each of the Subordinated Parties covenant in favour of the Security Trustee that they shall not, without prior written consent of the Security Trustee, assign or transfer any rights or obligations under
the Transaction Documents, the Subordinated Agreements or this Deed otherwise than in accordance with this Deed except that each Subordinated Party may assign or transfer its right, title and interest in respect of (i) if the assignee and/or
transferee is the Guarantor or one of its subsidiaries, up to one hundred per cent. (100%) of, or (ii) if the assignee and/or transferee is any other person, up to forty five per cent. (45%) (or such higher percentage as the Security
Trustee (acting on the instructions of the Agent) may agree in writing) of, the aggregate amounts due, owing or payable by the Borrower pursuant to any Subordinated Contribution Agreement and the rights to pursue the Borrower in respect thereof,
provided that in each case, such assignee accedes to this Deed as a Subordinated Party. 

  

	 	12.3.2	Neither the Borrower, nor any of the Subordinated Parties will, until the Secured Obligations Discharge Date (other than with the prior written consent of the Security Trustee) enter into any agreement, document or
arrangement with any person or do any other act or thing which would or could reasonably be expected to lead to the priority or effectiveness of the subordination arrangements provided in this Deed being avoided, set aside, adjusted or held invalid.

  

	12.4	Waiver 

 The subordination effected by, and the obligations of each Subordinated Party
under this Deed, will not be affected by any act, omission, matter or thing which, but for this provision, would reduce, release, prejudice or otherwise exonerate all or any of the Subordinated Parties from their respective obligations under this
Deed or affect such obligations including, without limitation, and whether or not known by any Subordinated Party or any other person (a) any Security or right of the Secured Parties in respect of the Secured Obligations, (b) any time,
waiver or consent granted to, or composition with any Obligor or any other person, (c) the release of any Obligor or any other person under the terms of any composition or arrangement with any creditor, (d) the taking, variation,
compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other
requirement in respect of any instrument or any failure to realise the full value of any Security, (e) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any Obligor or any
Subordinated Party or any other person, (f) any amendment, novation, 

  
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supplement, extension (whether of maturity or otherwise) or restatement (in each case however fundamental and of whatsoever nature and whether or not more onerous) or replacement of a Transaction
Document or any other document or security (including, without limitation, any change in the purpose of, any extension of, or any variation or increase in any facility or amount made available under any facility or the addition of any new facility
under any Transaction Document or other document or security), (g) any unenforceability, illegality or invalidity of any obligation of any Obligor or any Subordinated Party or of any other person under any Transaction Document or any other
document or security; or (h) any insolvency or similar proceedings. 
  

	12.5	No duty 

 Save as expressly set out herein, the Security Trustee has no duty
(contractual, fiduciary or otherwise) to any Subordinated Parties and any other Obligor under this Deed or any other Transaction Documents other than to apply any monies in accordance with Clause 8 (Application of Proceeds). 

 

	13.	MITIGATION 

 If any circumstance contemplated in any of sub-clauses 8.4.1 (c) or
(d), clause 13.1 (Tax gross-up), clause 13.2 (Tax indemnity), clause 13.6 (Value Added Tax) (but only in respect of scheduled payments of principal and interest or fees), clause 15 (Increased Costs) or clause 16.2
(Indemnities) of the Facility Agreement arises, if any of the circumstances contemplated in Clause 20.13 (Tax Residency) of the Facility Agreement arises solely as a result of a Change in Law, or if any of the circumstances
contemplated in clause 8.1 (Illegality) of the Facility Agreement arises or it is reasonably expected that such will arise then, without in any way limiting, reducing or otherwise qualifying the rights of any Party under any of the clauses
referred to above, and provided no Event of Default has occurred and is continuing, the Party first becoming aware of the existence of such circumstances shall promptly upon becoming aware of such circumstances notify the Agent and the Borrower
thereof and, in consultation with the Agent and to the extent that it can do so lawfully and without prejudice to its own position, any Party affected by such circumstances shall take reasonable steps (including in the case of a Lender a change of
location of its Facility Office or the transfer of its rights, benefits and obligations to another financial institution acceptable to such Lender and willing to participate in the Facility) to mitigate the effects of such circumstances, provided
that such person shall be under no obligation to take any such action if, in the reasonable opinion of such person, to do so is likely to have any adverse effect upon its business, operations or financial condition (other than any minor costs
and expenses of an administrative nature). 
  

	14.	THE SECURITY TRUSTEE 

  

	14.1	Security Trustee as trustee 

  

	 	14.1.1	The Security Trustee declares that it holds the Collateral on trust for the Secured Parties on the terms contained in this Deed. 

  

	 	14.1.2	 Each of the Secured Parties other than the Security Trustee irrevocably appoints the Security Trustee in accordance with the following provisions of
this Clause 14 to act as Security Trustee under this Deed and in connection 

  
 - 20 - 

	 	
with the Transaction Documents, and irrevocably authorises the Security Trustee to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and
discretions specifically given to the Security Trustee under or in connection with the Transaction Documents together with any other rights, powers, authorities and discretions as are necessarily incidental thereto. The Security Trustee accepts such
appointment and agrees to hold and apply the Collateral in accordance with the terms of this Deed. 

  

	 	14.1.3	Notwithstanding anything to the contrary in this Deed or any other Transaction Document, any reference to the Security Trustee acting “in its discretion”, “as it sees fit” or any
analogous term shall not oblige the Security Trustee to exercise any such discretion and the Security Trustee shall be required at all times (subject to being indemnified and/or secured and/or prefunded as it may require for any Loss (together with
any associated VAT) and except insofar as such determination is for the purpose of enabling the Security Trustee to protect its own interests or receive sums for its own account) to act or refrain from acting in accordance with the instructions of
the Agent or otherwise in accordance with this sub-clause 14.1.3, and in doing so the Security Trustee shall be acting in a purely mechanical and administrative capacity. 

 

	 	14.1.4	In exercising its rights, powers, discretions and authorities under this Deed and any other Transaction Document to which the Security Trustee is party, the Security Trustee shall act subject to and in accordance with
the provisions of this Clause 14. If there is any conflict between the provisions of this Clause 14 and any other Transaction Document to which the Security Trustee is party, the provisions of this Clause 14 shall prevail.

  

	14.2	Instructions 

  

	 	14.2.1	The Security Trustee shall: 

  

	 	(a)	subject to sub-clauses 14.2.3 below, exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Trustee in accordance with any instructions given to it by the Agent; and

  

	 	(b)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-clause 14.2.1(a) above. 

  

	 	14.2.2	The Security Trustee shall be entitled to request instructions, or clarification of any instruction, from the Agent as to whether, and in what manner, it should exercise or refrain from exercising any right, power,
authority or discretion and the Security Trustee may refrain from acting unless and until it receives those instructions or that clarification. 

  

	 	14.2.3	Unless a contrary indication appears in this Deed, any instructions given to the Security Trustee by the Agent shall override any conflicting instructions given by the other Parties. 

  
 - 21 - 

	 	14.2.4	Sub-clause 14.2.1 above shall not apply: 

  

	 	(a)	where this Deed requires the Security Trustee to act in a specified manner or to take a specified action; 

  

	 	(b)	in respect of any provision which protects the Security Trustee’s own position in its personal capacity as opposed to its role of Security Trustee for the Secured Parties including, without limitation,
Clause 14.5 (No duty to account) to Clause 14.10 (Exclusion of liability), Clause 14.12 (Confidentiality) to Clause 14.18 (Custodians and nominees) and Clause 14.20 (Acceptance of title) to
Clause 14.24 (Disapplication of Trustee Acts and Law of Property Act); or 

  

	 	(c)	in respect of the exercise of the Security Trustee’s discretion to exercise a right, power or authority under Clause 8 (Application of Proceeds). 

 

	 	14.2.5	At any time after receipt by the Security Trustee of notice from the Agent directing the Security Trustee to exercise all or any of its rights, remedies, powers or discretions under any of the Transaction Documents, the
Security Trustee shall, subject to the terms of this Deed, if so directed by the Agent, take such action pursuant to such direction to enforce the Collateral. 

  

	 	14.2.6	The Secured Parties (other than the Security Trustee) shall not have any independent power to enforce or have recourse to, any of the Security created by the Security Documents or to exercise any right, power, authority
or discretion arising under the Security Documents except through the Security Trustee. 

  

	14.3	Duties of the Security Trustee 

  

	 	14.3.1	The Security Trustee’s duties under the Transaction Documents are solely mechanical and administrative in nature. 

  

	 	14.3.2	The Security Trustee shall promptly forward to the Agent a copy of any document received by the Security Trustee from any Obligor under any Transaction Document. 

 

	 	14.3.3	Except where a Transaction Document specifically provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

  

	 	14.3.4	If the Security Trustee receives written notice from a Party referring to any Transaction Document, describing a Relevant Event and stating that the circumstance described is a Relevant Event, it shall promptly notify
the Agent. 

  

	 	14.3.5	The Security Trustee shall have only those duties, obligations and responsibilities expressly specified in the Transaction Documents to which it is expressed to be a party (and no others shall be implied).

  

	14.4	No fiduciary duties to Obligors 

 Nothing in this Deed constitutes the Security Trustee
as an agent, trustee or fiduciary of any Obligor. 

  
 - 22 - 

	14.5	No duty to account 

 The Security Trustee shall not be bound to account to any other
Secured Party for any sum or the profit element of any sum received by it for its own account. 
  

	14.6	Business with the Group 

 The Security Trustee may accept deposits from, lend money to
and generally engage in any kind of banking or other business with any member of the Group. 
  

	14.7	Rights and discretions 

  

	 	14.7.1	The Security Trustee may: 

  

	 	(a)	rely on any representation, communication, certificate, notice or document believed by it to be genuine, correct and appropriately authorised; 

 

	 	(b)	assume that: 

  

	 	(i)	any instructions received by it from the Agent are duly given in accordance with the terms of the Transaction Documents; 

  

	 	(ii)	unless it has received actual notice of revocation from the Agent, that those instructions have not been revoked; and 

  

	 	(iii)	if it receives any instructions to act in relation to the Security created under the Security Documents, that all applicable conditions under the Transaction Documents for so acting have been satisfied; and

  

	 	(c)	rely on a certificate from any person: 

  

	 	(i)	as to any matter of fact or circumstance which might be expected to be within the knowledge of that person; or 

  

	 	(ii)	to the effect that such person approves of any particular dealing, transaction, step, action or thing, 

as sufficient evidence that that is the case and, in the case of sub-paragraph (c)(i) above, may assume the truth and accuracy of that
certificate. 
  

	 	14.7.2	The Security Trustee shall be entitled to carry out all dealings with the Lenders through the Agent and may give to the Agent any notice or other communication required to be given by the Security Trustee to the
Lenders. 

  

	 	14.7.3	The Security Trustee may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts and will not be liable for acting or refraining from
acting on such advice. 

  
 - 23 - 

	 	14.7.4	Without prejudice to the generality of sub-clause 14.7.3 above or sub-clause 14.7.5 below, the Security Trustee may at any time engage and pay for the services of any lawyers to act as independent counsel to
the Security Trustee (and so separate from any lawyers instructed by any Finance Party) if the Security Trustee deems this to be desirable. 

  

	 	14.7.5	The Security Trustee may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Security Trustee or by any other Party) and
shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

  

	 	14.7.6	The Security Trustee, any Receiver and any Delegate may act in relation to the Transaction Documents and the Collateral through its officers, employees and agents and shall not: 

 

	 	(a)	be liable for any error of judgment made by any such person; or 

  

	 	(b)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person, 

unless such error or such loss was directly caused by the Security Trustee’s, Receiver’s or Delegate’s gross negligence or
wilful default. 
  

	 	14.7.7	Unless a Transaction Document expressly specifies otherwise, the Security Trustee may disclose to any other Party any information it believes it has received as Security Trustee under the Transaction Documents.

  

	 	14.7.8	Notwithstanding any other provision of any Transaction Document to the contrary, the Security Trustee is not obliged to do or omit to do anything if it would, or might in its opinion, constitute a breach of any law or
regulation or a breach of any fiduciary duty or duty of confidentiality. 

  

	 	14.7.9	Notwithstanding any provision of any Transaction Document to the contrary, the Security Trustee is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties,
obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured
to it. 

 14.7.10 
  

	 	(a)	 Where in this Deed or in any other Transaction Document (i) the Security Trustee is referred to as acting “reasonably” or in a
“reasonable” manner or as coming to an opinion or determination that is “reasonable” or (ii) any item or evidence is required to be to the Security Trustee’s “satisfaction” or
“satisfactory” to the Security Trustee (or any similar or analogous wording is used) this shall mean the Security Trustee acting, or coming to an opinion or determination on the instructions of the Agent and that the Security
Trustee shall be 

  
 - 24 - 

	 	
under no obligation to determine the reasonableness of such instructions or whether in giving such instructions the Agent is acting in a reasonable manner. 

 

	 	(b)	The Parties to this Deed acknowledge and agree that notwithstanding anything to the contrary in any Transaction Document the Agent is entitled to all the protections contained in, and on the terms set out in the
Facility Agreement. 

 14.7.11 
  

	 	(a)	To the extent applicable and notwithstanding any other provision of this Agreement or any other Transaction Document the Security Trustee may in its discretion and without any consent or authority from the other Secured
Parties or the relevant Obligor by notice in accordance with the Security Documents (which notice shall be irrevocable) elect to give up the right to exercise (or refrain from exercising) voting rights and other rights and powers in respect of the
Collateral; 

  

	 	(b)	The other Secured Parties unconditionally waive any rights they may otherwise have to require the Security Trustee not to make an election in paragraph (a) above or to require the Security Trustee to indemnify,
compensate or otherwise make them good for any losses, costs or liabilities incurred by any of them in relation to or as a consequence of the Security Trustee making such election. 

 

	 	(c)	The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1,
2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain, verify, record and update information that identifies each person establishing a relationship or opening an account. The parties to this agreement agree
that it will provide to the Security Trustee such information as it may request, from time to time, in order for the Security Trustee to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax
identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other
identifying documents to be provided. 

  

	 	(d)	 Any corporation into which the Security Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Security Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust or agency business of the Security Trustee, shall be the successor of the Security
Trustee hereunder; provided that such corporation shall be otherwise eligible under this clause to act as a successor Security Trustee, without the 

  
 - 25 - 

	 	
execution or filing of any paper or any further act on the part of any of the parties hereto. In the event that the Security Trustee is required to acquire title to an asset, or take any
managerial action of any kind in regard thereto, in order to perform any obligation under any Transaction Document, which in the Security Trustee’s sole determination may cause the Security Trustee to incur potential liability under any
environmental law, the Security Trustee reserves the right, instead of taking such action, to resign as the Security Trustee. 

  

	14.8	Responsibility for documentation 

 None of the Security Trustee, any Receiver nor any
Delegate is responsible or liable for: 
  

	 	14.8.1	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Trustee, an Obligor or any other person in or in connection with any Transaction Document or any Lease
Document; 

  

	 	14.8.2	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or any Lease Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or in
connection with any Transaction Document or any Lease Document; or 

  

	 	14.8.3	any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to
insider dealing or otherwise. 

  

	14.9	No duty to monitor 

 The Security Trustee shall not be bound to enquire: 

 

	 	14.9.1	whether or not any Relevant Event, Relevant Default or Servicer Termination Event has occurred; 

  

	 	14.9.2	as to the performance, default or any breach by any Party of its obligations under any Transaction Document or any Lease Document; or 

 

	 	14.9.3	whether any other event specified in any Transaction Document or any Lease Document has occurred. 

  

	14.10	Exclusion of liability 

  

	 	14.10.1	Without limiting sub-clause 14.10.2 below (and without prejudice to any other provision of any Transaction Document excluding or limiting the liability of the Security Trustee, any Receiver or Delegate), none of
the Security Trustee, any Receiver nor any Delegate will be liable for: 

  

	 	(a)	any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the
Collateral unless directly caused by its fraud, gross negligence or wilful default; 

  
 - 26 - 

	 	(b)	exercising or not exercising any right, power, authority or discretion given to it by or in connection with any Transaction Document or the Collateral or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with, any Transaction Document or the Collateral; 

  

	 	(c)	any shortfall which arises on the enforcement or realisation of the Collateral unless caused by its gross negligence or wilful default; or 

 

	 	(d)	without prejudice to the generality of sub-paragraphs (a) to (c) above, any damages, costs, losses, any diminution in value or any liability whatsoever arising as a result of: 

 

	 	(i)	any act, event or circumstance not within its control; or 

  

	 	(ii)	the general risks of investment in, or the holding of assets in, any jurisdiction, 

 including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or
fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts
of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 
  

	 	14.10.2	No Party (other than the Security Trustee, that Receiver or that Delegate (as applicable)) may take any proceedings against any officer, employee or agent of the Security Trustee, a Receiver or a Delegate in respect of
any claim it might have against the Security Trustee, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or the Collateral and any officer, employee or
agent of the Security Trustee, a Receiver or a Delegate may rely on this Clause subject to Clause 1.2 (Third Party Rights) and the provisions of the Third Parties Act. 

 

	 	14.10.3	Nothing in this Deed shall oblige the Security Trustee to carry out: 

  

	 	(a)	any “know your customer” or other checks in relation to any person; or 

  

	 	(b)	any check on the extent to which any transaction contemplated by the Transaction Documents might be unlawful for any Secured Party (other than the Security Trustee), 

on behalf of any Secured Party (other than the Security Trustee) and each Secured Party (other than the Security Trustee) confirms to the
Security Trustee that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Trustee. 

  
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	 	14.10.4	Notwithstanding any provision of this Deed to the contrary, the Security Trustee shall not in any event be liable for special damages, indirect, punitive or consequential loss or damage of any kind whatsoever (including
but not limited to lost profits), whether or not the Security Trustee has been advised of the possibility of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of contract or otherwise.

  

	14.11	Secured Parties’ indemnity to the Security Trustee 

 If any Obligor fails to perform
any of its obligations under the Transaction Documents to indemnify the Security Trustee, each other Secured Party shall (in the proportion that the Secured Obligations owed to it bears to the aggregate of the Secured Obligations owed to all the
Secured Parties for the time being (or, if the Secured Obligations of each of those Secured Parties is zero, immediately prior to their being reduced to zero)), indemnify the Security Trustee and every Receiver or Delegate within three
(3) Business Days of demand against any Losses incurred by any of them (otherwise than by reason of the Security Trustee’s, Receiver’s or Delegate’s gross negligence or wilful default) as a result of that failure to perform and
each Obligor shall indemnify each of the Secured Parties against any payment made by it under this Clause 14. 
  

	14.12	Confidentiality 

  

	 	14.12.1	In acting as trustee for the Secured Parties, the Security Trustee shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.

  

	 	14.12.2	If information is received by another division or department of the Security Trustee, it may be treated as confidential to that division or department and the Security Trustee shall not be deemed to have notice of it.

  

	 	14.12.3	Notwithstanding any other provision of any Transaction Document to the contrary, the Agent is not obliged to disclose to any other person: 

 

	 	(a)	any confidential information; or 

  

	 	(b)	any other information, 

 if the disclosure would or might in its reasonable opinion constitute
a breach of any law or regulation or a breach of a fiduciary duty. 
  

	14.13	Information from the Lenders 

 Each Lender shall supply the Security Trustee with any
information that the Security Trustee may reasonably specify as being necessary or desirable to enable the Security Trustee to perform its functions as Security Trustee. 

  
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	14.14	Credit appraisal by the Secured Parties 

 Without affecting the responsibility of any
Obligor for information supplied by it or on its behalf in connection with any Transaction Document or any Lease Document, each Secured Party (other than the Security Trustee) confirms to the Security Trustee that it has been, and will continue to
be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Transaction Document including but not limited to: 

 

	 	14.14.1	the financial condition, status and nature of each Obligor, the Aircraft and any Portfolio Lessee; 

  

	 	14.14.2	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Collateral or any Lease Document and any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Transaction Document, the Collateral or any Lease Document; 

  

	 	14.14.3	whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Transaction Document, the Collateral or any Lease
Document, the transactions contemplated by the Transaction Documents or any Lease Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document, the
Collateral or any Lease Document; 

  

	 	14.14.4	the adequacy, accuracy or completeness of any information provided by the Security Trustee, any Party or by any other person under or in connection with any Transaction Document or any Lease Document, the transactions
contemplated by any Transaction Document or any Lease Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or any Lease Document; and

  

	 	14.14.5	the right or title of any person in or to, or the value or sufficiency of any part of the Collateral, the priority of any of the Collateral or the existence of any Security affecting the Collateral. 

 

	14.15	Security Trustee’s additional remuneration 

  

	 	14.15.1	In the event of: 

  

	 	(a)	a Relevant Event; or 

  

	 	(b)	the Security Trustee being requested by an Obligor or the Lenders to undertake duties which the Security Trustee and the Borrower agree to be of an exceptional nature or outside the scope of the normal duties of the
Security Trustee under the Transaction Documents; or 

  

	 	(c)	the Security Trustee and the Borrower agreeing that it is otherwise necessary in the circumstances, 

  
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 the Borrower shall pay to the Security Trustee any additional remuneration (together with any
applicable VAT) that may be agreed between them or determined pursuant to sub-clause 14.15.2 below. 
  

	 	14.15.2	If the Security Trustee and the Borrower fail to agree upon the nature of the duties or upon the additional remuneration referred to in sub-clause 14.15.1 above or whether additional remuneration is appropriate in
the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Trustee and approved by the Borrower or, failing approval, nominated (on the application of the Security
Trustee) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrower) and the determination of any investment bank shall be final and binding upon
the Parties. 

  

	14.16	No responsibility to perfect Collateral 

 The Security Trustee shall not be liable for
any failure to: 
  

	 	14.16.1	require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Collateral; 

 

	 	14.16.2	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Transaction Document, the Collateral or any Lease Document;

  

	 	14.16.3	register, file or record or otherwise protect any of the Security created by the Security Documents (or the priority of any of the Security created by the Security Documents) under any law or regulation or to give
notice to any person of the execution of any Transaction Document or any Lease Document; 

  

	 	14.16.4	take, or to require any Obligor to take, any step to perfect its title to any of the Collateral or to render the Security created by the Security Documents effective or to secure the creation of any ancillary Security
under any law or regulation; or 

  

	 	14.16.5	require any further assurance in relation to any Security Document. 

  

	14.17	Insurance by Security Trustee 

  

	 	14.17.1	The Security Trustee shall not be obliged: 

  

	 	(a)	to insure any of the Collateral; 

  

	 	(b)	to require any other person to maintain any insurance; or 

  

	 	(c)	to verify any obligation to arrange or maintain insurance contained in any Transaction Document or any Lease Document, 

and the Security Trustee shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any
such insurance. 

  
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	 	14.17.2	Where the Security Trustee is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material
fact relating to the risk assumed by such insurers or any other information of any kind, unless the Agent requests it to do so in writing and the Security Trustee fails to do so within fourteen days after receipt of that request. 

 

	14.18	Custodians and nominees 

 The Security Trustee may appoint and pay any person to act as a
custodian or nominee on any terms in relation to any asset of the trust as the Security Trustee may determine, including for the purpose of depositing with a custodian this Deed or any document relating to the trust created under this Deed and the
Security Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Deed or be bound to
supervise the proceedings or acts of any person. 
  

	14.19	No obligation to hold Security created by the Security Documents 

 Notwithstanding
anything to the contrary in any Transaction Document, the Security Trustee is not obliged to hold and/or enforce any Security created by the Security Documents if it considers to do so would be contrary to its internal policies or would expose it to
any liability (including reputational or environmental liability). In such circumstances, the Security Trustee may delegate or appoint a co-trustee in respect of the relevant Security, which delegate or co-trustee shall assume the responsibilities
of the Security Trustee in respect of the relevant Security and the obligations owed to the parties hereunder as if named herein as Security Trustee. The Security Trustee will not be required to provide an indemnity to such Delegate, be responsible
for their actions or the consequences of any delay in the identification or appointment of such Delegate and the Parties acknowledge and agree that the provisions of Clause 15.2 (Delegation) shall apply to the appointment of any such
Delegate. 
  

	14.20	Acceptance of title 

 The Security Trustee shall be entitled to accept without enquiry,
and shall not be obliged to investigate, any right and title that any Obligor may have to any of the Collateral and shall not be liable for, or bound to require any Obligor to remedy, any defect in its right or title. 

 

	14.21	Winding up of trust 

 If the Security Trustee, with the written approval of the Agent
determines that: 
  

	 	14.21.1	all of the Secured Obligations and all other obligations secured by the Security Documents have been fully and finally discharged; and 

 

	 	14.21.2	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Transaction Documents, 

  
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 then the trusts set out in this Deed shall be wound up and the Security Trustee shall release,
without recourse, representation or warranty, all of the Security created by the Security Documents and the rights of the Security Trustee under each of the Security Documents 

 

	14.22	Obligors: Power of Attorney 

 Each Obligor irrevocably appoints the Security Trustee to
be its attorney to do anything which that Obligor has authorised the Security Trustee or any other Party to do under this Deed or is itself required to do under this Deed but has failed to do (and the Security Trustee may delegate that power on such
terms as it sees fit). Such power of attorney shall only be exercisable following the occurrence of an Enforcement Event which is continuing. 
  

	14.23	Powers supplemental to Trustee Acts 

 The rights, powers, authorities and discretions
given to the Security Trustee under or in connection with the Transaction Documents shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Trustee by law or regulation or
otherwise. 
  

	14.24	Disapplication of Trustee Acts and Law of Property Act 

  

	 	14.24.1	Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation to the trusts constituted by this Deed. Where there are any inconsistencies between the Trustee Act 1925 or the
Trustee Act 2000 and the provisions of this Deed, the provisions of this Deed shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Deed shall constitute
a restriction or exclusion for the purposes of that Act. 

  

	 	14.24.2	The restrictions contained in Section 93 and Section 103 of the Act shall not apply to this Deed or to the exercise by the Security Trustee of its right to consolidate all or any of the Security Interests
created pursuant to the Security Documents with any other security in existence at any time or to its power of sale, which powers may be exercised by the Security Trustee without notice to any Obligor at the time, or at any time after, any Security
created by the Security Documents has become enforceable. The powers in relation to the Security Interests conferred by Security Documents on the Security Trustee or on any Receiver of the Collateral or any part of the Collateral shall be in
addition to and not in substitution for the powers conferred on mortgagees or receivers under the Act, and, where there is any ambiguity or conflict between the powers contained in the Act and those conferred by this Deed, the terms of this Deed
shall prevail. 

  

	14.25	Perpetuity period 

 The perpetuity period under the rule against perpetuities, if
applicable to this Deed and the trusts created hereunder, shall be the period of one hundred and twenty-five (125) years from the date of this Deed. 

  
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	14.26	Obligors’ waiver 

 To the extent permitted under applicable law and subject to
Clause 8 (Application of Proceeds), each Collateral Party waives all rights it may otherwise have to require that the Collateral be enforced in any particular order or manner or at any particular time or that any sum received or recovered
from any person, or by virtue of the enforcement of any of the Collateral or of any other security interest, which is capable of being applied in or towards discharge of any of the Secured Obligations is so applied. 

 

	15.	CHANGE OF SECURITY TRUSTEE AND DELEGATION 

  

	15.1	Resignation of the Security Trustee 

  

	 	15.1.1	The Security Trustee may resign by giving 30 days notice to the Lenders and the Borrower, in which case the Agent (after consultation with the Borrower and having discussed any concerns of the Borrower in respect of the
identity of the successor Security Trustee) may appoint a successor Security Trustee. 

  

	 	15.1.2	If the Agent has not appointed a successor Security Trustee in accordance with sub-clause 15.1.1 within 30 days after notice of resignation was given, the retiring Security Trustee (after consultation with the Borrower
and at the cost of the Borrower) may appoint a successor Security Trustee. The Security Trustee is not bound to supervise or be responsible in any way for any loss incurred by reason of misconduct or default on the part of the successor Security
Trustee. 

  

	 	15.1.3	If the Security Trustee wishes to resign because it has concluded that it is no longer appropriate for it to remain as security trustee and the Security Trustee is entitled to appoint a successor Security Trustee under
sub-clause 15.1.2, the Security Trustee may after consulting with the Borrower (if it concludes that it is necessary to do so in order to persuade the proposed successor Security Trustee to become a Party to this Deed as Security Trustee) agree
(subject to the provisions of the Facility Agreement) with the proposed successor Security Trustee amendments to this Clause 15 and any other term of this Deed dealing with the rights or obligations of the Security Trustee consistent with the
current market practice for the appointment and protection of corporate trustees, and the Borrower shall pay all fees and expenses the due and owing to the resigning Security Trustee prior to the effectiveness of its resignation. 

 

	 	15.1.4	The retiring Security Trustee shall make available to the successor Security Trustee such documents and records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of
performing its functions as Security Trustee. 

  

	 	15.1.5	The Security Trustee’s resignation shall only take effect upon (i) the appointment of a successor and (ii) the transfer of all of the Collateral to that successor. 

 

	 	15.1.6	 Upon the appointment of a successor Security Trustee, the retiring Security Trustee shall be discharged from any further obligation in respect of the

  
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Transaction Documents but shall remain entitled to the benefit of Clause 14 (The Security Trustee). Its successor and each of the other Parties shall have the same rights and
obligations amongst themselves as they would have had if that successor had been an original Party. 

  

	 	15.1.7	The Agent may, by notice to the Security Trustee, require it to resign in accordance with sub-clause 15.1.1. In this event, the Security Trustee shall resign in accordance with sub-clause 15.1.1.

  

	15.2	Delegation 

  

	 	15.2.1	The Security Trustee may, at any time, delegate (including by power of attorney) to any person for any period, all or any of the rights, powers and discretions vested in it by any of the Transaction Documents.

  

	 	15.2.2	The delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security Trustee may think fit in the interest of the Secured Parties and the
Security Trustee shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate. 

 

	15.3	Additional trustees 

  

	 	15.3.1	The Security Trustee may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it (i) if it considers that appointment to be in the interests of the
Secured Parties or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Trustee deems to be relevant or (iii) for obtaining or enforcing any judgment in any jurisdiction, and the
Security Trustee shall give prior notice to the Parties of any appointment. 

  

	 	15.3.2	Any person so appointed (subject to the terms of this Deed) shall have the rights, powers and discretions (not exceeding those conferred on the Security Trustee by this Deed) and the duties and obligations that are
conferred or imposed by the instrument of appointment. 

  

	 	15.3.3	The remuneration that the Security Trustee may pay to that person, and any costs and expenses incurred by that person in performing its functions as a result of that appointment shall, for the purposes of this Deed, be
treated as costs and expenses incurred by the Security Trustee. 

  

	16.	CHANGES TO SECURED PARTIES 

  

	16.1	Change of Party 

 No party may assign any of its rights and benefits or transfer any of
its rights, benefits and obligations in respect of this Deed or the Transaction Documents except as permitted by this Clause 16. 

  
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	16.2	Change of Lender 

  

	 	16.2.1	A Lender may assign any of its rights and benefits or transfer any of its rights, benefits and obligations or sub-participate all or a portion of its interest in respect of any Transaction Documents to which it is a
party if that assignment, transfer or sub-participation is in accordance with the terms of the Facility Agreement and any assignee, transferee or sub-participant permitted by this Clause 16.2 has executed and delivered to the Security Trustee
and the Borrower a Proceeds Deed Accession Undertaking. 

  

	 	16.2.2	Any Prospective Increase Lender will, on the relevant Increase Date, execute and deliver to the Security Trustee and the Borrower a Proceeds Deed Accession Undertaking. 

 

	16.3	Change of Agent 

 Any person which becomes the Agent as defined in, and in accordance
with, the terms of the Facility Agreement, shall at the same time accede to this Deed by executing and delivering to the Security Trustee and the Borrower a Proceeds Deed Accession Undertaking. 

 

	16.4	Proceeds Deed Accession Undertaking 

 With effect from the date of acceptance by the
Security Trustee and the Borrower of a Proceeds Deed Accession Undertaking (which shall in each case be accepted as soon as reasonably practicable after receipt by it of a duly completed Proceeds Deed Accession Undertaking) or, if later the date
specified in that Proceeds Deed Accession Undertaking: 
  

	 	16.4.1	any Party ceasing entirely to be a Lender and/or Agent shall be discharged from further obligations towards the Security Trustee and other Parties under this Deed and their respective rights against one another shall be
cancelled (except in each case for those obligations and rights which arose prior to that date); and 

  

	 	16.4.2	as from that date, the replacement or new Lender and/or Agent shall assume the same obligations, and become entitled to the same rights, as if it had been an original Party to this Deed. 

 

	16.5	Additional Parties 

 Each of 

 

	 	16.5.1	the Finance Parties (other than the Security Trustee) appoints the Security Trustee; and 

  

	 	16.5.2	each Subordinated Party and the Obligors (other than the Borrower) appoints the Borrower, 

 to
receive on its behalf each Proceeds Deed Accession Undertaking delivered to the Security Trustee and the Borrower and to accept and sign it if it is complete and appears on its face to be authentic and duly executed and until accepted and signed by
the Security Trustee and the Borrower that document shall not be effective. 

  
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	17.	CHANGES TO OBLIGORS OR SUBORDINATED PARTIES 

  

	17.1	Obligors 

 No Obligor shall be entitled to assign any of its rights and benefits or
transfer any of its rights, benefits and obligations in respect of this Deed or the Transaction Documents without the prior written consent of the Security Trustee except as permitted by this Clause 17; and 

 

	17.2	New Owners and the New Intermediate Lessors 

 The Borrower shall procure that each entity
that becomes an Owner (or, if applicable, an Owner Trustee) or that becomes an Intermediate Lessor in respect of an Aircraft shall accede to this Deed on or before the date on which it acquires any interest in the Aircraft by executing and
delivering to the Security Trustee and the Borrower a Proceeds Deed Accession Undertaking. 
  

	17.3	New Subordinated Party 

 The Borrower shall procure that each entity that becomes a
Subordinated Party shall accede to this Deed on or before the date on which it enters into the relevant Subordinated Agreement by executing and delivering to the Security Trustee and the Borrower a Proceeds Deed Accession Undertaking. 

 

	17.4	Proceeds Deed Accession Undertaking 

 With effect from the date of acceptance by the
Security Trustee and the Borrower of a Proceeds Deed Accession Undertaking (which shall be accepted as soon as reasonably practicable after receipt by it of a duly completed Proceeds Deed Accession Undertaking) or, if later the date specified in
that Proceeds Deed Accession Undertaking, as from that date, the new Obligor shall assume the same obligations, and become entitled to the same rights, as if it had been an original Party to this Deed. 

 

	17.5	Additional Parties 

 Each of 

 

	 	17.5.1	the Finance Parties (other than the Security Trustee) appoints the Security Trustee; and 

  

	 	17.5.2	each Subordinated Party and the Obligors (other than the Borrower) appoints the Borrower, 

 to
receive on its behalf each Proceeds Deed Accession Undertaking delivered to the Security Trustee and the Borrower and to accept and sign it if it is complete and appears on its face to be authentic and duly executed and until accepted and signed by
the Security Trustee and the Borrower that document shall not be effective. 

  
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	17.6	Resignation of an Obligor 

  

	 	17.6.1	The Borrower may request that an Owner or Intermediate Lessor (the “Resigning Obligor”) ceases to be an Obligor at any time after the Aircraft Specific Collateral relating to the Aircraft owned and/or
leased (as applicable) by such Resigning Obligor has been released by the Security Trustee in accordance with this Deed. 

  

	 	17.6.2	The Security Trustee shall accept an Obligor Resignation Letter if no Relevant Event is continuing or would result from the acceptance of the Obligor Resignation Letter (and the Borrower and the Resigning Obligor
confirm that this is the case) whereupon the Resigning Obligor shall cease to be an Obligor and shall have no further rights or obligations under the Transaction Documents. 

 

	17.7	Information and dealing 

 Each Party shall provide to the Security Trustee from time to
time (through the Agent if relevant) any information that the Security Trustee may reasonably specify as being necessary or desirable to enable the Security Trustee to perform its functions as Security Trustee. Each Lender shall deal with the
Security Trustee exclusively through the Agent and shall not deal directly with the Security Trustee. 
  

	17.8	Disclosure 

 The Borrower consents, until such time as all of the Secured Obligations
owed by it to the Lenders have been discharged in full, to the disclosure by any of the Lenders to each other of such information concerning the Obligors as any Lender shall see fit except to the extent that disclosure of such information would
contravene Clause 21 (Confidentiality). 
  

	18.	NOTICES 

  

	18.1	Communications in writing 

 Any communication to be made under or in connection with this
Deed shall be made in writing and, unless otherwise stated, may be made by fax, electronic mail (if applicable) or letter. 
  

	18.2	Addresses 

 The address, fax number and (if applicable) email address (and the department
or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Transaction Documents is: 

 

	 	18.2.1	identified with its name below; or 

  

	 	18.2.2	specified on the Proceeds Deed Accession Undertaking to which it is a party, 

 or any substitute
details which that Party may notify to the Security Trustee and the Agent (or the Security Trustee may notify to the other Parties, if a change is made by 

  
 - 37 - 

 
the Security Trustee) by not less than five (5) Business Days’ notice and promptly upon receipt of any notification of any new or changed details, the Agent shall notify the other
Parties. 
  

	18.3	Delivery 

  

	 	18.3.1	Any communication or document made or delivered by one person to another under or in connection with the Transaction Documents will only be effective: 

 

	 	(a)	if by way of fax, when received in legible form; or 

  

	 	(b)	if by way of letter, when it has been left at the relevant address provided such delivery was by way of an internationally reputable courier company which retains proof of delivery; 

 

	 	18.3.2	Any communication or document to be made or delivered to the Representatives will be effective only when actually received by the Representatives and then only if it is expressly marked for the attention of the
department or officer identified with the Representatives’ signature below (or any substitute department or officer as the Representatives shall specify for this purpose). 

 

	 	18.3.3	Any communication or document made or delivered to the Borrower in accordance with this Clause 18.3 will be deemed to have been made or delivered to the Guarantor. 

 

	18.4	English language 

  

	 	18.4.1	Any notice given under or in connection with any Transaction Document must be in English. 

  

	 	18.4.2	All other documents provided under or in connection with any Transaction Document must be: 

  

	 	(a)	in English; or 

  

	 	(b)	if not in English, and if so required by the Representatives, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or
other official document. 

  

	18.5	Electronic communication 

  

	 	18.5.1	Any communication to be made by one person to another under or in connection with the Transaction Documents may be made by electronic mail or other electronic means, if such persons: 

 

	 	(a)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  
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	 	(b)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	 	(c)	notify each other of any change to their address or any other such information supplied by them. 

  

	 	18.5.2	Any electronic communication made by one person to another under or in connection with the Transaction Documents will be effective only when actually received in readable form and in the case of any electronic
communication made to the Representatives only if it is addressed in such a manner as the Representatives shall specify for this purpose. 

  

	19.	PRESERVATION 

  

	19.1	Partial invalidity 

 If, at any time, any provision of this Deed is or becomes illegal,
invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of that provision under the law of any other
jurisdiction will in any way be affected or impaired. 
  

	19.2	Remedies and waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Party, any right or remedy under this Deed shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies
provided in this Deed are cumulative and not exclusive of any rights or remedies provided by law. 
  

	19.3	Waiver of defences 

 The provisions of this Deed will not be affected by an act,
omission, matter or thing which, but for this Clause 19.3, would reduce, release or prejudice the subordination and priorities in this Deed including: 
  

	 	19.3.1	any time, waiver or consent granted to, or composition with any person; 

  

	 	19.3.2	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any Collateral; 

  

	 	19.3.3	any incapacity or lack of power, authority or legal personality or dissolution or change in the members or status of any person; 

  

	 	19.3.4	any amendment (however fundamental) or replacement of a Transaction Document or any other document or security; 

  
 - 39 - 

	 	19.3.5	any unenforceability, illegality or invalidity of any obligation of any person under any Transaction Document or any other document or security; or 

 

	 	19.3.6	any intermediate payment or discharge of any of the Secured Obligations in whole or in part. 

  

	19.4	Priorities not affected 

 Except as otherwise provided in this Deed the priorities
referred to in Clause 2 (Ranking and Priority) and Clause 8 (Application of Proceeds) will: 
  

	 	19.4.1	not be affected by any reduction or increase in the principal amount secured by the Collateral in respect of the Secured Obligations of the Lenders or by any intermediate reduction or increase in, amendment or variation
to any of the Transaction Documents, or by any variation or satisfaction of, any of the Secured Obligations or any other circumstances; 

  

	 	19.4.2	apply regardless of the order in which or dates upon which the Transaction Documents and this Deed are executed or registered or notice of them is given to any person; and 

 

	 	19.4.3	secure the Secured Obligations in the order specified, regardless of the date upon which any of the Secured Obligations arise or of any fluctuations in the amount of any of the Secured Obligations outstanding.

  

	20.	COUNTERPARTS 

 This Deed may be executed in any number of counterparts, and this has the
same effect as if the signatures on the counterparts were on a single copy of this Deed. 
  

	21.	CONFIDENTIALITY 

  

	 	21.1.1	At all times during the continuance of this Deed and the other Transaction Documents and after the termination hereof (howsoever caused), each of the parties hereto or any person who becomes a party hereto, whether or
not any such party or person ceases to be a party hereto, shall not, without the express prior written consent of the other parties, issue any press release in relation to the transactions evidenced by this Deed and the other Transaction Documents,
or disclose to any other person (other than another party to a Transaction Document), the Transaction Documents or the business, financial or other covenants and/or information contained in or supplied in connection with this Deed or any other
Transaction Document and the transactions contemplated hereby or thereby or any other agreement entered into after the date hereof by any party hereto or in connection with this Deed or any other Transaction Document, or release synopses, summaries,
explanations, copies or drafts of any such document which disclose or reveal the identity of the parties or the terms thereof (or any of them) provided, that, subject to sub-clause 21.1.2, the parties shall be entitled, without any
such consent, to disclose (to the extent reasonably required): 

  

	 	(a)	in connection with any proceedings arising out of or in connection with this Deed or any of the other Transaction Documents; or 

  
 - 40 - 

	 	(b)	if required to do so by an order of a court of competent jurisdiction whether in pursuance of any procedure for discovery of documents or otherwise or by an order of any arbitral tribunal; or 

 

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

  

	 	(d)	to any fiscal, monetary, tax, regulatory, supervisory, governmental or other competent authority or any stock exchange on which its shares may be listed; or 

 

	 	(e)	to the auditors, legal, insurance or other professional advisors or insurers or underwriters of any member of the group of companies of which such party is a member and to any potential assignee or transferee,
provided, that the recipient is obliged to keep the relevant information confidential; or 

  

	 	(f)	to any Affiliate; or 

  

	 	(g)	if required to do so in order to obtain any permits, consents, licences which such Party is required to obtain pursuant to, or for the purposes of the Transaction Documents; or 

 

	 	(h)	if any of the same is or shall become publicly known otherwise than as a result of a breach of such Party of this Clause 21; or 

  

	 	(i)	to any potential assignee or transferee of, or participant with, its rights under this Deed or any of the other Transaction Documents or any other person proposing to enter into contractual arrangements with it in
relation to this Deed or any of the other Transaction Documents, subject to it obtaining an undertaking from such potential assignee, transferee or participant or other person in corresponding terms to this Clause 21; or 

 

	 	(j)	in any manner expressly permitted by any of the Transaction Documents. 

  

	 	21.1.2	Each Finance Party acknowledges that it will further be bound by the following additional confidentiality provisions: 

  

	 	(a)	in respect of any Portfolio Lease in respect of which American Airlines Inc. is the Portfolio Lessee, any Lease Documents in respect of such Portfolio Lease and any Portfolio Lessee Information provided in respect of
such Portfolio Lease (together, the “American Airlines Information”), prior to the disclosure of any American Airlines Information to any potential assignee or transferee of a Finance Party, unless otherwise agreed by the Lessor, a
non-disclosure agreement must be entered into by such potential assignee or transferee with the Lessor and/or Owner Participant and/or Owner Trustee and/or American Airlines Inc. (as applicable) in respect of such American Airlines Information;

  
 - 41 - 

	 	(b)	in respect of any Portfolio Lease in respect of which PT Lion Mentari (or any affiliate of PT Lion Mentari) is the Portfolio Lessee, any Lease Documents in respect of such Portfolio Lease and any Portfolio Lessee
Information provided in respect of such Portfolio Lease (together, the “PT Lion Information”): 

  

	 	(i)	disclosure of such PT Lion Information may only be made where such recipient shall be (and the person making the disclosure shall procure that such recipient is) under a legal or professional or contractual obligation
to treat such information as confidential or, in the case of PT Lion Information which is financial information, a non-disclosure agreement is in place between the recipient and the Portfolio Lessee (save in the case of financial information which
is to be disclosed to any Finance Party in which case such Finance Party need only be subject to similar confidentiality undertakings to those provided for in this paragraph (b)) and, without limiting the generality of the above, the recipient shall
ensure that such PT Lion Information will not be disclosed to any person (other than auditors, legal or other professional advisors) based in or resident in or is physically or habitually located in Indonesia; and 

 

	 	(ii)	notwithstanding anything else contained in this clause, without the prior written consent of the Portfolio Lessee, PT Lion Information cannot be disclosed to: 

 

	 	(A)	any entity or person (including any entity or person (including employees, agents, partners, shareholders, contractors, directors of the same or any person associated or connected with any Finance Party) so long as such
entity or person is based in or resident in or is physically or habitually located in Indonesia (“Restricted Persons”); or 

  

	 	(B)	any entity or person (including employees, agents, partners, shareholders, contractors, directors of the same or any person associated or connected with any Finance Party) where the disclosure of such information to
such entity or person is reasonably likely to result in further disclosure to Restricted Person; and 

  

	 	(c)	if the Portfolio Lease in respect of any Unidentified Aircraft or Permitted Substitute Aircraft or any Replacement Lease contains confidentiality provisions that are more onerous that those set out in sub-clause 21.1.1,
each Finance Party agrees to consider, acting reasonably, whether it is willing to provide further confidentiality covenants, and the terms of any such covenants, in respect of any information provided in connection with such Portfolio Lease. Any
such additional covenants will be entered into as a supplement to the Facility Agreement. 

  
 - 42 - 

	 	21.1.3	Notwithstanding anything to the contrary set forth herein or in any other agreement to which the parties hereto are parties or by which they are bound, the obligations of confidentiality contained herein and therein, as
they relate to the Transaction Documents (the “Transaction”), shall not apply to the US federal tax structure or US federal tax treatment of the Transaction, and each party hereto (and any employee, representative, or agent of any
party hereto) may disclose to any and all persons, without limitation of any kind, the US federal tax structure and US federal tax treatment of the Transaction. The preceding sentence is intended to cause the transaction to be treated as not having
been offered under conditions of confidentiality for purposes of Section 1.6011-4(b)(3) (or any successor provision) of the Treasury Regulations promulgated under Section 6011 of the Internal Revenue Code of 1986, as amended, and shall be
construed in a manner consistent with such purpose. In addition, each party hereto acknowledges that it has no proprietary or exclusive rights to the US federal tax structure of the Transaction or any US federal tax matter or US federal tax idea
related to the Transaction. 

  

	22.	AMENDMENTS AND WAIVERS 

 Each of the Parties hereby agrees that the terms of Clause 32
(Amendments and Waivers) of the Facility Agreement apply to this Deed as if set out in full herein, mutatis mutandis. 
  

	23.	GOVERNING LAW 

 This Deed and any non-contractual obligations arising out of or in
connection with it, are governed by and construed in accordance with English law. 
  

	24.	ENFORCEMENT 

  

	24.1	Jurisdiction of English courts 

  

	 	24.1.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute relating to non-contractual obligations arising from or in connection with this
Deed, or a dispute regarding the existence, validity or termination of this Deed or the consequences of its nullity) (a “Dispute”). 

  

	 	24.1.2	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	 	24.1.3	This Clause 24.1 is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions. 

  
 - 43 - 

	24.2	Service of Process 

  

	 	24.2.1	Without prejudice to any other mode of service allowed under any relevant law, each Obligor and each Subordinated Party: 

  

	 	(a)	irrevocably appoints Bolt Burdon, Providence House, Providence Place, Islington, London, N1 0NT, England (or such other address as the process agent may notify to the Security Trustee) (or its replacement registered
office from time to time), as its agent for service of process in relation to any proceedings before the English courts in connection with this Deed; and 

  

	 	(b)	agrees that failure by a process agent to notify any Obligor of the process will not invalidate the proceedings concerned. 

  

	24.3	Waiver of Immunity 

 Each Obligor and each Subordinated Party waives generally all
immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of: 
  

	 	24.3.1	the giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; and 

  

	 	24.3.2	the issue of any process against its assets or revenues for the enforcement of a judgment or, in an action in rem, for the arrest, detention or sale of any of its assets and revenues. 

This Deed has been entered into on the date stated at the beginning of this Deed and has been executed as a deed by the Parties and is intended to be and
is delivered by them as a deed on the date specified above. 

  
 - 44 - 

 SCHEDULE 1 

FORM OF PROCEEDS DEED ACCESSION UNDERTAKING 
  

	To:	[Insert full name of current Borrower and the Security Trustee], for themselves and each of the other Parties to the Proceeds Deed referred to below. 

THIS UNDERTAKING is made on [date] by [insert full name of new Lender/Agent/Obligor/Subordinated Party] (the “Acceding
[Lender/Agent/Obligor/Owner/Intermediate Lessor]”) in relation to the proceeds deed dated [—] 2014 between [—] as Borrower, [—] as Security Trustee, Deutsche Bank AG, London Branch, National Australia Bank Limited and HSBS Bank plc as Joint Lead Arrangers, [—] as Agent, the
Owners named therein, the Intermediate Lessors named therein, the Subordinated Parties named therein, the Lenders named therein and Avolon Aerospace Leasing Limited, as Guarantor, (the “Proceeds Deed”). Terms defined in the Proceeds
Deed shall bear the same meanings when used in this Undertaking. 
 In consideration of the Acceding [Lender/Agent/Obligor/Subordinated Party] being
accepted as [a/an] [Lender/Agent/Obligor] for the purposes of the Proceeds Deed, the Acceding [Lender/Agent/Obligor/Subordinated Party] hereby confirms that, as from [date], it intends to be party to the Proceeds Deed as [a/an]
[Lender/Agent/Obligor/Subordinated Party], undertakes to perform all the obligations expressed in the Proceeds Deed to be assumed by [a/an] [Agent/Lender/Obligor/Subordinated Party] and agrees that it shall be bound by all the
provisions of the Proceeds Deed, as if it had been an original party to the Proceeds Deed. 
 For the purpose of Clause 18.2 (Addresses) of the
Proceeds Deed, the notice details of the Acceding [Lender/Agent/ Obligor/Subordinated Party] are as follows 
  

			
	Address:	 	—
		
	Fax:	 	—
	Email:	 	—
	Attention:	 	—

 This Undertaking and any non-contractual obligations arising out of or in connection with it shall be governed by and
construed in accordance with English law. 
 THIS UNDERTAKING has been entered into on the date stated above. 

[Intentionally left blank] 

  
 - 45 - 

			
	 EXECUTED as a DEED by
	  	)
	 [Acceding [Lender/Agent/Obligor
	  	)
	 /Subordinated Party]]
	  	)
	 acting by:
	  	)
	 in the presence of:
	  	)

  

			
	 Signature of witness:
	 	  

		
	 Name of Witness:
	 	
		
	 Name of Witness:
	 	

 Accepted by the Security Trustee: 

[                          
              ] 
  

			
	 By:
	 	  

		
	 Title:
	 	  

		
	 Date:
	 	

 Accepted by the Borrower: 

[                          
               ] 
  

			
	 By:
	 	  

		
	 Title:
	 	  

		
	 Date:
	 	

  
 - 46 - 

 SCHEDULE 2 

FORM OF OBLIGOR RESIGNATION LETTER 
  

			
	From:	 	[Borrower] and [Resigning Obligor]
		
	To:	 	[—], as Security Trustee
		
	Dated:	 	[—]

 Dear Sirs 
 Proceeds Deed
dated [—] 2014 (the “Deed”) 
  

	1.	We refer to the Deed. This is an Obligor Resignation Letter. Terms defined in the master definitions schedule appended to the Deed have the same meaning in this Obligor Resignation Letter unless given a different
meaning in this Obligor Resignation Letter. 

  

	2.	Pursuant to Clause 17.6 (Resignation of an Obligor) of the Proceeds Deed, we request that [Resigning Obligor] be released from its obligations as an Obligor under the Agreement. 

 

	3.	We confirm that: 

  

	3.1	no Relevant Event is continuing or would result from the acceptance of this request; and 

  

	3.2	the conditions set out in sub-clauses 17.6.1 and 17.6.2 of the Proceeds Deed have been fully complied with. 

  

	3.3	This Obligor Resignation Letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. 

 

					
	 The Borrower
	 		 	[Resigning Obligor]
			
	  
	 		 	  

	 [Borrower]
	 		 	For and on behalf of [Resigning Obligor]
	 Name:
	 		 	Name:
	 Title:
	 		 	Title:

  
 - 47 - 

 SCHEDULE 3 

APPENDIX A – MASTER DEFINITIONS SCHEDULE 

  
 - 48 - 

 PART A 

DEFINITIONS 
 “Acceleration
Event” means any event or circumstance specified in clause 8.5 (Acceleration Events) of the Facility Agreement. 
 “Acceptable
Bank” means a bank in respect of which the long-term unsecured debt has a credit rating of equal to or better than A- from S&P and/or A- from Fitch and/or A3 from Moody’s. 

“Account Bank” means Deutsche Bank Trust Company Americas or, in the case of the Identified Aircraft in respect of which the Portfolio Lessee
is American Airlines Inc., Wells Fargo Bank Northwest, National Association, or any such other Acceptable Bank as may be agreed in writing by the Agent in respect of any Account. 

“Acceptable Guarantee” means a guarantee which: 
  

	(a)	is a payment and performance guarantee; 

  

	(b)	is expressly irrevocable and unconditional and with an express waiver of defences provided by the guarantee thereunder; 

  

	(c)	is expressed to be payable within five (5) Business Days or less of demand; 

  

	(d)	does not contain any rights of set-off for the benefit of the guarantor thereunder; and 

  

	(e)	is governed by New York law or English law; 

 and in respect of which: 

 

	(i)	the Security Trustee has received legal opinions to which it is an addressee (in a form compliant with the Standard and otherwise with respect to, without limitation, the guarantor’s corporate authorisations, the
validity and enforceability of the guarantee and compliance with enforcement requirements) from legal counsel (selected by the Lessor applying the Standard) in the jurisdiction which the guarantee is expressed to be governed by and the jurisdiction
of incorporation of the guarantor thereunder; and 

  

	(ii)	all filing and other requirements, including, without limitation, translations, which are a condition to such guarantee being valid, binding and enforceable and identified in the legal opinions contemplated in paragraph
(i) above have been fulfilled. 

 provided that in respect of the Identified Aircraft referenced as aircraft 10 in Schedule 2
(The Identified Aircraft) of the Facility Agreement, the guarantee to be provided by Joint Stock Company “Aeroflot Russian Airlines” in respect of the obligations of “Dobrolet” Limited Liability Company under the Portfolio
Lease attributable to such Aircraft, will not fail to constitute an Acceptable Guarantee solely as a result of it being subject to a maximum limit of US$57,000,000. 

“Accounts” means the Borrower Accounts, the Owner Accounts and the Intermediate Lessor Accounts (and “Account” means any of
them). 
 “Act” means the Law of Property Act 1925. 

  
 - 49 - 

 “Administration Agreement” means any management or administration or similar agreement that is
entered into by the Borrower or the Intermediate Lessor (if any) in respect of any Obligor that is an Orphan Entity, in form and substance satisfactory to the Security Trustee, and to which the Security Trustee will be a party. 

“Affected Lease Election Notice” has the meaning given to such term in clause 20.18.2 of the Facility Agreement. 

“Affiliate” means, in relation to any person, any other person which, directly or indirectly, controls or is controlled by or is under common
control with such person. 
 “Agent” means Deutsche Bank Trust Company Americas. 

“Aggregate Net Price” means at the relevant time the aggregate Net Price paid by each Owner of, if applicable, Owner Trustee (or on its
behalf) to take title to each Aircraft. 
 “Agreed Form” means, in respect of any document, the form of such document attached to the
Agreed Form Document Side Letter. 
 “Agreed Form Document Side Letter” means a side letter entered into on or about the date hereof
between the Borrower, the Agent and the Security Trustee and attaching agreed versions of certain documents required to be provided by the Borrower as conditions to Utilisations of the Facility. 

“Agreed Value” means in respect of any Aircraft, as at any date, the greatest of (a) an amount in Dollars which equals 115 per
cent. (115%) of the outstanding principal amount of the Loan for such Aircraft and (b) such greater amount as may be directed in writing by the Borrower. 

“Aircraft” means any or all, as the context may require, of the Identified Aircraft and the Unidentified Aircraft for as long as any Secured
Obligations are outstanding with respect to such Aircraft. 
 “Aircraft Specific Collateral” means, in respect of an Aircraft, the
Collateral constituted by the Security Documents entered into by the Obligors or any of them in respect of such Aircraft. 
 “Aircraft Specific
Collateral Release Event” means, in respect of an Aircraft: 
  

	(a)	an Aircraft Specific Prepayment Event has occurred; and 

  

	(b)	the Agent has received prepayment of the relevant Loan in full in accordance with clause 8.5 (Acceleration Events) of the Facility Agreement as a result of the occurrence of the Aircraft Specific Prepayment Event
together with any other amount required to be paid to the Finance Parties or to any Account pursuant to such clause or under the Transaction Documents. 

“Aircraft Specific Prepayment Event” means, in respect of any Aircraft: 

 

	(i)	any Acceleration Event of the nature described in sub-clauses 8.5.1(a), 8.5.1(b), 8.5.1(e), 8.5.1(f), 8.5.1(g), 8.5.1(h) or 8.5.1(i) of the Facility Agreement which relates to such Aircraft, and 

  
 - 50 - 

	(ii)	if the Agent determines that such Acceleration Event does not affect all of the Aircraft, but does affect such Aircraft, any Acceleration Event of the nature described in sub-clauses 8.5.1(c) or 8.5.1(d) of the Facility
Agreement. 

 “Airframe” means, with respect to each Aircraft, any “airframe” (and for so long as an Aircraft is
subject to a Portfolio Lease “Airframe” shall have the meaning given to such term in such Portfolio Lease, if applicable). 
 “Airframe
Warranties Agreement” means any airframe warranties agreement, or other equivalent document, that is entered into, or to be entered into, in respect of an Aircraft by, amongst others, the Owner of the Aircraft, the Security Trustee and the
Airframe manufacturer, it being agreed that such an agreement is not required as long as the Security Trustee has obtained the benefit of the warranties by way of a Security Document and the same has been acknowledged in writing by the Airframe
manufacturer. 
 “Anti-Bribery Law” means the Prevention of Corruption Acts 1889-2010 (POCA) as amended from time to time, and any other
applicable law of similar purpose and scope. 
 “ASCEND Valuation” means, in respect of an Aircraft, at any time, the lowest of:
(a) the Base Value of such Aircraft; and (b) the Market Value of such Aircraft, in each case on full life condition provided that the Portfolio Lease for such Aircraft is fully reserved or has full life return conditions and otherwise on a
maintenance adjusted basis as stated by ASCEND Worldwide Limited (or such other aircraft appraiser as the Agent may select (acting reasonably) in the event ASCEND Worldwide Limited ceases to provide the required valuations); 

“ASCEND Valuation Letter” means, in respect of an Aircraft, a desktop appraisal addressed to, inter alios, the Agent, from ASCEND Worldwide
Limited (or such other aircraft appraiser as the Agent may select (acting reasonably) in the event ASCEND Worldwide Limited ceases to provide the required valuations), setting out the ASCEND Valuation for such Aircraft, which shall be dated on or
after the date falling thirty (30) days before the relevant Utilisation Date in respect of such Aircraft. 
 “Assignment Agreement”
means an agreement substantially in the form set out in Part C (Form of Assignment Agreement) of Schedule 7 (Changes to the Lenders) of the Facility Agreement, or any other form agreed between the Agent and the Borrower. 

“Assignment of Insurances” means, in respect of an Aircraft, each assignment of insurances that may from time to time be entered into between
a Portfolio Lessee and/or any Sub-Lessee, as assignor, and the Owner (or, if applicable, Owner Trustee) and/or Intermediate Lessor of such Aircaft, as assignee, in relation to the benefit of the Insurances (other than liability insurances) and the
benefit of any Assignment of Insurances where the Lessee or any Sub-lessee is the assignee, together with all notices and acknowledgements to be given or issued thereunder. 

“Assignment of Reinsurances” means, in respect of an Aircraft, each assignment of reinsurances that may from time to time be entered into
between the relevant Insurer, as assignor, and the Owner (or, if applicable, Owner Trustee) and/or Intermediate Lessor of such Aircraft, as assignee, or the Lessee or any Sub-Lessee, as assignee, in relation to the benefit of the Insurances (to the
extent of the reinsurances, other than liability reinsurances), together with all notices and acknowledgements to be given or issued thereunder; 

  
 - 51 - 

 “Authorisations” means each and every approval, waiver, authorisation, consent, licence,
certificate or order of, or registration with, or requirement for the giving of prior notice to, or the taking of any action in respect of, any Government Entity having jurisdiction over any Obligor or the Aircraft. 

“Availability Period” means: 
  

	(a)	in respect of an Identified Aircraft, the period beginning with the date hereof and ending at 2 p.m., London time, on 30 June 2015; and 

 

	(b)	in respect of an Unidentified Aircraft, the period beginning with the date hereof and ending at 5 p.m., London time, on the date falling eighteen (18) months after the date of the Facility Agreement,

 provided that in each case, if the delivery of the Aircraft from the relevant manufacturer to the Owner (or, if applicable, the
Owner Trustee) is delayed beyond the final day of the Availability Period for such Aircraft as a result of such manufacturer being unable to deliver the Aircraft, then solely in respect of such Aircraft, the Availability Period shall be extended and
shall end on the earliest of: 
  

	(i)	the date on which the manufacturer makes the Aircraft available for delivery to the Owner (or, if applicable, the Owner Trustee), and 

 

	(ii)	in the case of each Aircraft other than the Hainan Identified Aircraft, the date falling three months after the last day of the unextended Availability Period for such Aircraft, and in the case of the Hainan Identified
Aircraft, the date falling six months after the last day of the unextended Availability Period for such Hainan Identified Aircraft. 

“Available Facility” means, at any time, the amount of the Total Commitments at such time less the aggregate amounts of each Loan advanced
under the Facility Agreement at such time. 
 “Aviation Authority” means any Government Entity which under the laws of the State of
Registration from time to time has control over civil aviation or the registration, airworthiness or operation of an Aircraft. 
 “Balloon
Amount” means, in respect of a Loan, the balance of the principal of the Loan that would be outstanding on the Final Repayment Date if the Loan were to amortise to zero: 

 

	(i)	in the case of each Loan, other than any Loan attributable to a Quarterly Rent Aircraft, monthly in arrears; and 

  

	(ii)	in the case of any Loan attributable to a Quarterly Rent Aircraft, quarterly in arrears, 

 and in each case
using an annuity repayment profile of a term of thirteen (13) years from the date of the original delivery of the related Aircraft from the manufacturer. 

“Base Value” means, in respect of an Aircraft, the relevant appraiser’s opinion of the underlying economic value of such Aircraft in an
open, unrestricted, stable market environment with a reasonable balance of supply and demand, and assumes full consideration of its “highest and best use”. An aircraft’s Base Value is founded on the historical trend of values and in
the projection of value trends and presumes an arm’s-length, cash transaction between willing, able and knowledgeable parties, acting prudently, with an absence of duress and with a reasonable period of time available for marketing. 

  
 - 52 - 

 “Basel III” means: 
  

	(i)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December
2010, each as amended, supplemented or restated; 

  

	(ii)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the
Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	(iii)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

“Beneficial Interest Security Assignment” means, in respect of any Aircraft that will be owned under an owner trust structure, the beneficial
interest security assignment to be entered into by the Owner Participant in respect of such Aircraft, as assignor, and the Security Trustee, as assignee, in respect of the Owner Participant’s rights in and to the owner trust agreement in
respect of the Aircraft. 
 “Bill of Sale” means, in respect of any Aircraft, the bill of sale pursuant to which legal title to such
Aircraft is transferred to the relevant Owner (or, if applicable, the Owner Trustee). 
 “Borrower” means Avolon Aerospace (Funding 4)
Limited. 
 “Borrower Account Control Agreement” means the account control agreement(s) to be entered into by the Borrower, the Security
Trustee and the Account Bank in respect of the Borrower Accounts. 
 “Borrower Account Pledge” means the account pledge(s) in respect of
the Borrower Accounts between the Borrower and the Security Trustee. 
 “Borrower Accounts” means the Borrower Collection Account and the
Borrower Lease Reserve Account. 
 “Borrower Collection Account” means the account with the Account Bank specified as such in the Borrower
Account Pledge. 
 “Borrower Lease Reserve Account” means the account with the Account Bank specified as such in the Borrower Account
Pledge. 
 “Borrower Security Agreement” means the security agreement entered into, or to be entered into, as the context may require,
between the Security Trustee and the Borrower in relation to the Borrower’s rights in respect of (i) the Aircraft, (ii) the Master Servicing Agreement and (iii) each Subordinated Contribution Agreement between the Borrower and an
Owner or, if applicable, Owner Trustee. 

  
 - 53 - 

 “Borrower Share Charge” means the share charge, pledge or analogous instrument entered into, or
to be entered into, as the context may require, between the Guarantor and the Security Trustee, as the case may be, in respect of one hundred per cent. (100%) of the issued share capital of the Borrower. 

“Break Costs” means, in respect of each Loan (or portion thereof) or any Unpaid Sum accruing interest at a floating rate, the amount (if any)
by which: 
  

	(a)	the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or an Unpaid Sum to the last day of the current Interest Period in respect of
that Loan or such Unpaid Sum, had that Loan or such Unpaid Sum received been paid on the last day of that Interest Period; 

 exceeds: 

 

	(b)	the amount which that Lender would be able to obtain by placing an amount equal to that part of that Loan or such Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a period
starting on the Business Day following receipt or recovery (except in the case of all or part of a Loan where a Lender has received not less than two (2) Business Days’ prior notice of the relevant prepayment (including the amount thereof)
in which case such period shall start on the date of such receipt or recovery) and ending on the last day of the current Interest Period. 

“Break Gain” means, in respect of a Loan (or portion thereof) or any Unpaid Sum accruing interest at a floating rate, the amount (if any) by
which: 
  

	(a)	amount which a Lender obtains by placing an amount equal to the principal amount of its participation in such Loan or Unpaid Sum received by it otherwise than on the due day for payment on deposit with a leading bank in
the Relevant Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period; 

exceeds: 
  

	(b)	the interest which that Lender should have received for the period from the date of receipt of all or any part of its participation in such Loan or such Unpaid Sum to the last day of the current Interest Period in
respect of such Loan or such Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business: 

 

	(a)	for the purposes of determining LIBOR, in London and New York City; 

  

	(b)	for the purposes of making payments in Dollars, in London and New York City; and 

  

	(c)	for all other purposes, New York, Paris, Dublin, Sydney and London. 

 “Cap Rate (strike)”
means the rate agreed in accordance with paragraph 5.1(a) the Hedging Strategy Letter. 

  
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 “Cap Transaction” has the meaning given to it in the Hedging Strategy Letter. 

“Cape Town Convention” means the Convention on International Interests in Mobile Equipment and the Protocol thereto on Matters Specific to
Aircraft Equipment signed at Cape Town on 16 November 2001 (using its English language version). 
 “Capital Adequacy Requirement”
means, in each case after the date of the Facility Agreement, any new request from or new requirement of any central bank or other fiscal, financial services, monetary or other competent official authority relating to the implementation, abolition,
withdrawal, variation, change in interpretation or implementation or making of any new or further interpretation relating to maintenance or adequacy of capital by or in respect of any Lender (including, without limitation, a new request or new
requirement which affects the manner in which such Lender allocates capital resources to its obligations under any of the Transaction Documents) and whether or not any such request or requirement has the force of law (but, if not having the force of
law, compliance with which is customary in the relevant jurisdiction). 
 “Cash” means, at any time, cash at bank denominated in dollars or
euro credited to an account in the name of a member of the Group and to which a member of the Group is alone beneficially entitled and for so long as: 
  

	(a)	that cash is repayable on demand; 

  

	(b)	repayment of that cash is not contingent on the prior discharge of any other indebtedness of any member of the Group or of any other person whatsoever or on the satisfaction of any other condition; 

 

	(c)	there is no security over that cash (other than any security constituted by a netting or set-off arrangement arising as a result of the general terms and conditions of the relevant financial institutions applicable to
bank accounts); and 

  

	(d)	such cash is freely and immediately available to be applied in accordance with the instructions of the Guarantor (or any other member of the Group) in repayment or prepayment of the Loans, 

subject, in each case, to any customary notification requirements of the relevant bank for the withdrawal, such period to be in line with the relevant
bank’s policies for the particular type of account from which the withdrawal may be made. 
 “Cash Equivalent Investments” means: 

 

	(a)	debt securities issued by, or unconditionally guaranteed by the United States of America, the United Kingdom, France or Germany in each case rated PI (Moody’s) or Al (S&P) (each a “Relevant
Country”) which are not convertible into any other form of security and having not more than three months to final maturity; 

  

	(b)	debt securities which are not convertible into any other form of security, and having not more than three months to final maturity, rated PI (Moody’s) or Al (S&P) and which are not issued or guaranteed by any
member of the Group; 

  
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	(c)	certificates of deposit having not more than three months to maturity issued by, and acceptances by, banking institutions authorised under applicable legislation of a Relevant Country rated PI (Moody’s) or Al
(S&P); and 

  

	(d)	cash held in term deposits having not more than three (3) months to final maturity; 

  

	(d)	other securities (if any) approved in writing by the Agent, 

 in each case denominated in dollars or euro and
to which the Guarantor is alone beneficially entitled. 
 “Change in Law” means, in each case after the date of this Deed, any
implementation, introduction, abolition, withdrawal or variation of any applicable law, regulation, published practice or concession or official directive, ruling, request, notice, guideline, statement of policy or practice statement by any central
bank, Tax, fiscal, monetary, governmental, local, revenue, international, national, supranational or other competent authority or agency (including, without limitation, any Government Entity) (whether or not having the force of law but in respect of
which compliance by banks or other persons in the relevant jurisdiction is generally customary) or any change in any interpretation, or the introduction or making of any new or further interpretation, or any new or different interpretation by any
court, tribunal, governmental, local, revenue, international, national, supranational, Tax, fiscal, monetary or other competent authority (including, without limitation, any Government Entity) of any law or compliance with any new or different
request or direction (including any request or requirement made or imposed after the date hereof relating to the maintenance of capital) (in either case whether or not having the force of law but in respect of which compliance by banks or other
persons in the relevant jurisdiction is generally customary) from any central bank, Tax, fiscal, governmental, local, revenue, international, national, supranational, monetary or other authority (including, without limitation, any Government
Entity). For the avoidance of doubt, the implementation of Basel III, CRD IV and Dodd Frank shall constitute a Change in Law for the purposes of the Transaction Documents. 

“Charged Portfolio” means the Shares and the Related Assets. 

“Collateral” means all of the property, rights, title, benefits, interests, assets, accounts and proceeds which are subject, or expressed to
be subject, to the Security Interests created, or expressed to be created, by any Obligor pursuant to the Security Documents. 
 “Collateral
Party” means the Borrower, the Guarantor, each Owner, each Owner Trustee and each Intermediate Lessor. 
 “Collateral Rights”
means all of the rights, powers and remedies of any Secured Party provided by any Security Document or by law. 
 “Collection Accounts”
means each account with the relevant Account Bank specified as such in the Borrower Account Pledge, each Owner Account Pledge and each Intermediate Lessor Account Pledge including the Borrower Collection Account and each Owner Collection Account and
Intermediate Lessor Collection Account. 
 “COMI” means centre of main interest (as defined in the EC Regulation 1346/2000 of 29 May
2000 on insolvency proceedings (the “Regulation 1346/2000”). 

  
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 “Commitment” means: 
  

	(a)	in relation to an Original Lender, the aggregate of (i) the amount set out opposite its name under the heading “Total Commitment” in Schedule 1 (The Original Lenders) of the Facility Agreement, as
the case may be, (ii) the amount of any other Commitment transferred to such Original Lender under such Facility Agreement, and (iii) if applicable, any amount by which the Commitment of such Original Lender has been increased after the
acceptance by the Agent of an Increase Notice in accordance with Clause 2.2 (Increase in Total Commitments) of the Facility Agreement; and 

  

	(b)	in relation to any other Lender, the aggregate of (i) the amount of any Commitment transferred to it under the Facility Agreement, and (ii) if applicable, any amount by which the Commitment of such other
Lender has been increased after the acceptance by the Agent of an Increase Notice in accordance with Clause 2.2 (Increase in Total Commitments) of the Facility Agreement, 

in each case, to the extent not cancelled, reduced or transferred by it under such Facility Agreement. 

“Competitor” means (a) any commercial aircraft leasing company, (b) any Affiliate of any commercial aircraft leasing company or
(c) any joint venture or other person in relation to which any commercial aircraft leasing company has a strategic or economic interest, provided that if, on or before the date hereof, any Lender has agreed with the Guarantor a list of
potential assignees and transferees to which such Lender intends to seek to assign or transfer a portion of its Commitments, then any person on such list will be deemed not to be a Competitor for the purposes of paragraphs (b) and (c). 

“Compliance Certificate” means a certificate substantially in the form of schedule 14 (Form of Compliance Certificate) of the Facility
Agreement. 
 “Compulsory Acquisition” means requisition for title or other compulsory acquisition, capture, seizure, deprivation,
confiscation or detention for any reason of an Aircraft by any Government Entity, whether in the state of registration of that Aircraft or otherwise, whether de facto or de jure, but shall exclude requisition for use or hire not
involving requisition of title. 
 “Concentration Limit Event” means that, at the relevant time, a breach of the Concentration Limit
Requirements has occurred and is continuing. 
 “Concentration Limit Requirements” means the requirements set out in schedule 12
(Concentration Limit Requirements) of the Facility Agreement. 
 “Conditional Buyer” means, in respect of the Peach Identified
Aircraft, the “Buyer” under the conditional sale agreement entered into in respect of such Aircraft between the Peach Japanese Titleholder and such Conditional Buyer. 

“Consolidated Tangible Net Worth” means, with respect to any person, the amount calculated as: 

 

	(i)	the consolidated net worth (i.e., assets minus liabilities) of the Guarantor and its consolidated subsidiaries, plus 

  
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	(ii)	to the extent not otherwise included in such consolidated net worth, unsecured subordinated debt of such person and its consolidated subsidiaries; provided that, any such subordinated debt is on terms that
require that: 

  

	 	(1)	sums owing in respect of such debt are only payable to the extent that the payer has cash available to make the payment at the relevant time and the making of such payment will not result in such person becoming
insolvent or unable to pay its debts as they fall due and the creditor in respect of any such subordinated debt (the “sub-debt creditor”) agrees with such person that it will not, if such conditions are not met, (A) be entitled
to demand payment or commence proceedings or exercise any other remedies in relation to the debt or (B) take any step or action with a view to the commencement of any insolvency proceeding with respect to such person; 

 

	 	(2)	the sub-debt creditor will not institute against such person, or join any other person in instituting against such person, any insolvency proceeding or other proceedings in relation to the debt, demand payment or
exercise any other remedies with respect to the debt so long as any Loan or other amounts due from the Borrower under the Transaction Documents shall be outstanding or there shall not have elapsed one year plus one day since the last day on which
any such Loans or other amounts shall be outstanding; 

  

	 	(3)	the sub-debt creditor agrees with such person that its claim against such person will rank behind the claims of all other creditors of such person (the “senior creditors”); and 

 

	 	(4)	no senior creditor shall be required to provide the sub-debt creditor with any notice, buy-out rights, the benefit of any waiting period, or take or omit to take any other actions pursuant to the terms of such unsecured
subordinated debt in order for such senior creditor to demand payment or commence proceedings or exercise any other remedies in relation to the applicable senior debt or take any step or action with a view to the commencement of any insolvency
proceeding, 

 minus 
  

	(iii)	the consolidated intangibles of such person and its consolidated subsidiaries, including, without limitation, goodwill, trademarks, trade names, copyrights, patents, patent allocations, licenses and rights in any of the
foregoing and other items treated as intangibles in accordance with IFRS; 

 provided that, for purposes of this definition, the effect
of any gains or losses resulting from any hedging or swap transactions entered into by the relevant person or any of its subsidiaries attributable to movements in the mark-to-market valuation of such transactions, shall be excluded. 

“Converted Fixed Rate Lease” means any Portfolio Lease pursuant to which the relevant Portfolio Lessee has elected during the lease term to
fix the “Basic Rent” (howsoever defined in such Portfolio Lease) in accordance with the terms of such Portfolio Lease for each remaining date upon which such Basic Rent is payable, from the date on which the Basic Rent is fixed up until
the scheduled date of termination of the leasing of the Aircraft under such Portfolio Lease 

  
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 “COPA Head Lease” means, with respect to each COPA Identified Aircraft, the aircraft lease
agreement between the Owner and the COPA Trustee with respect to such Aircraft. 
 “COPA Identified Aircraft” means the Aircraft numbered 3
and 4 in Schedule 2 (The Aircraft) of the Facility Agreement. 
 “COPA Trustee” means Wells Fargo Northwest, National Association,
not in its individual capacity but solely as trustee. 
 “Core Lease Provisions” means the requirements set out in Schedule 13 (Core
Lease Provisions) of the Facility Agreement provided always that a Portfolio Lease does not need to contain the exact wording set out therein or use the same terminology as long as it reflects the substance and intent of such requirements. 

“CRD IV” means: 
  

	(i)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; and 

 

	(ii)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms,
amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. 

 “Credit Support Documents” means any
guarantee or indemnity or similar credit support agreement provided to an Owner, an Owner Trustee or an Intermediate Lessor (as beneficiary) guaranteeing or supporting any Portfolio Lessee’s obligation under any Portfolio Lease, but not
including any Letter of Credit. 
 “Credit Support Provider” means any person that provides support pursuant to any Credit Support
Document. 
 “Crystallisation Event” means the occurrence of an Event of Default or an Enforcement Event. 

“Default” means an Event of Default or any event or circumstance which would (with the giving of notice or the expiry of a grace period) be
an Event of Default. 
 “Delegate” means any delegate, agent, attorney or co-trustee appointed by the Security Trustee. 

“Deregistration Power of Attorney” means, in relation to an Aircraft, a power of attorney granted by the Portfolio Lessee, the Intermediate
Lessor or the Owner (or Owner Trustee, if applicable), as the case may be, in respect of the deregistration and export of such Aircraft from the State of Registration. 

“Designee Letter” means, in respect of an Aircraft, (a) a certified designee appointment in respect of any IDERA that relates to such
Aircraft, to be provided by the Lessor of such Aircraft in favour of the Security Trustee, or (b) any alternative arrangement agreed between 

  
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the Security Trustee and the Borrower in order to allow the Lessor to delegate its rights under the relevant IDERA to the Security Trustee and which will be recognised in the relevant State of
Registration. 
 “Dodd Frank” means the Dodd-Frank Wall Street Reform and Consumer Protection Act or any law or regulation made under, or
connected with, that Act. 
 “EASA” means the European Aviation Safety Authority established by the European Parliament and the Council of
the European Union under Regulation (EC) Number 159/2002 and any successor thereto, and such expression includes the Joint Aviation Authorities (“JAA”), an associated body of the European Civil Aviation Conference. 

“Enforcement Action” means: 
  

	(a)	the taking of any steps to enforce or require the enforcement of any of the Collateral; 

  

	(b)	the making of any demand against any Obligor in relation to any guarantee, indemnity or other assurance against loss in respect any of the Secured Obligations or exercising any right to require any Obligor to acquire
any of the Secured Obligations; 

  

	(c)	the exercise of any right of set-off against any Obligor in respect of any of the Secured Obligations; 

  

	(d)	the suing for, commencing or joining of any legal or arbitration proceedings against any Obligor to recover or in respect of any of the Secured Obligations; 

 

	(e)	the entering into of any composition, assignment or arrangement with any Obligor; or 

  

	(f)	the petitioning, applying or voting for, or the taking of any steps (including the appointment of any liquidator, receiver, administrator or similar officer) in relation to, the winding up, bankruptcy, examinership,
dissolution, administration or reorganisation of any Obligor or any suspension of payments or moratorium of any indebtedness of any Obligor, or any analogous procedure or step in any jurisdiction. 

“Enforcement Event” means the acceleration of any Loan following the occurrence of an Event of Default or any Loan not being paid when due
following the occurrence of an Acceleration Event. 
 “Engine” means any engine, whether installed on an Aircraft or not, but which is the
legal property of the Owner (or, if applicable, the Owner Trustee) in accordance with a Portfolio Lease. 
 “Engine Warranties Agreement”
means any engine warranties agreement, or other equivalent document, that is entered into, or to be entered into, in respect of an Engine by, amongst others, an Owner, the Security Trustee and the Engine manufacturer, it being agreed that such an
agreement is not required as long as the Security Trustee has obtained the benefit of the warranties by way of a Security Document and the same has been acknowledged in writing by the Engine manufacturer. 

  
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 “Equity Contribution Proportion” means as of any date the amount (expressed as a percentage)
equal to: 
 (1- (A/B)) x 100 
 where: 

 

			
	A =	  	the aggregate principal amount outstanding on all of the Loans as at such date; and
		
	B =	  	the Aggregate Net Price.

 “European Union” means the economic and political union established in 1993 by the Maastricht Treaty, with
the aim of achieving closer economic and political union between member states that are primarily located in Europe. 
 “Event of Default”
means any event or circumstance specified as such in clause 21 (Events of Default) of the Facility Agreement. 
 “Existing Aircraft”
has the meaning ascribed to it in clause 6.1 (Conditions to Substitution) of the Facility Agreement. 
 “Existing Aircraft Collateral Release
Date” has the meaning ascribed to it in sub-clause 6.5.2 of the Facility Agreement. 
 “Expenses” means: 

 

	(a)	the costs and expenses referred to in: 

  

	 	(i)	clause 17 (Initial Costs and Expenses) of the Facility Agreement; and 

  

	 	(ii)	clause 16.7 (Transaction Costs and Expenses) of the Facility Agreement; and 

  

	(b)	in relation to the Security Documents, the costs and expenses referred to therein. 

 “FAA”
means the Federal Aviation Administration of the United States of America. 
 “Facility” means the term loan facility made available under
the Facility Agreement. 
 “Facility Agreement” means the facility agreement entered into or to be entered into, as the context may
require, between, amongst others, the Lenders, the Agent, the Security Trustee and the Borrower dated on or about the date hereof in respect of the Aircraft. 

“Facility Office” means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or,
following that date, by not less than five (5) Business Days’ written notice) as the office or offices through which it will perform its obligations under the Facility Agreement. 

“FATCA” means: 
  

	(a)	sections 1471 to 1474 of the US Internal Revenue Code of 1986 (the “Code”) or any associated regulations or other official guidance; 

 

	(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the
implementation of paragraph (a) above; or 

  
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	(c)	any agreement pursuant to the implementation of paragraph (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

 “FATCA Application Date” means: 
  

	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

  

	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; 

  

	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraph (a) or (b) above, 1 January 2017; 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in
FATCA after the date of this Deed. 
 “FATCA Deduction” means a deduction or withholding from a payment under a Transaction Document
required by FATCA. 
 “FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction. 

“FATCA FFI” means a foreign financial institution as defined under FATCA which, if any Party is not a FATCA Exempt Party, could be required
to make a FATCA Deduction. 
 “FATCA Protected Lender” means any Lender irrevocably designated as a “FATCA Protected Lender” by
the Borrower by notice to that Lender and the Agent at least six months prior to the earliest FATCA Application Date for a payment by a Party to that Lender (or to the Agent for the account of that Lender). 

“Fee Letters” means any letter between any of the Agent, any Joint Lead Arranger, the Security Trustee and/or the Lender(s), on the one hand,
and the Borrower and/or the Guarantor, on the other hand (and in the case of the Agent and the Security Trustee, including for the avoidance of doubt the fee proposal dated 23 June 2014 between Avolon Aerospace Leasing Limited and Deutsche Bank
AG, London Branch), which (where applicable) is expressed by the terms thereof to be a “Fee Letter” for the purposes of the Transaction Documents. 

“Fees” means any fees payable pursuant to any relevant Fee Letter. 

  
 - 62 - 

 “Final Disposition” means, with respect to an Aircraft, either: 

 

	(a)	the completion of a sale by the Owner (or, if applicable, the Owner Trustee) or (following the occurrence of an Enforcement Event) the Security Trustee, against payment in full in cash, of all its right, title and
interest in and to such Aircraft; or 

  

	(b)	the entering into by the Owner (or, if applicable, the Owner Trustee) or (following the occurrence of an Enforcement Event) the Security Trustee of any finance lease (or other arrangement) in respect of such Aircraft,
pursuant to which, upon payment in full of the amounts provided for therein by the lessee or bailee, the Owner (or, if applicable, the Owner Trustee) or the Security Trustee (as the case may be) shall be obliged to transfer title to such Aircraft to
such lessee or bailee (but excluding for the avoidance of doubt any arrangement whereby any lessor has an option to transfer title to such Aircraft but has no obligation to do so). 

“Final Disposition Proceeds” means the aggregate amount of all consideration received by or on behalf of the Borrower, an Owner (or,
if applicable, an Owner Trustee) or (following the occurrence of an Enforcement Event) the Security Trustee as proceeds of any Final Disposition of any Aircraft, including without limitation: 

 

	(a)	the amount of any cash received in respect of any Final Disposition of any Aircraft; 

  

	(b)	the amount of any proceeds as and when received of any Final Disposition under any finance lease of any Aircraft; or 

  

	(c)	the amount of any advance payment, deposit or analogous payment paid by a person entering into an arrangement for any Final Disposition of any Aircraft under a contract of offer to purchase or otherwise acquire any
Aircraft which has been withdrawn, terminated or cancelled or has lapsed, to the extent that the Borrower, the Owner (or, if applicable, the Owner Trustee) or the Security Trustee (as the case may be) is entitled to and does retain any such amount
free from any liability to any person to refund the amount thereof or to account to any person in respect thereof. 

 “Final Repayment
Date” means, in respect of a Loan, the earliest of: 
  

	(a)	the date falling ninety six (96) months after the Utilisation Date for such Loan; and 

  

	(b)	30 June 2023. 

 “Finance Parties” means, together, the Lenders, the Security
Trustee, the Joint Lead Arrangers and the Agent (and “Finance Party” means any of them). 
 “Financial
Indebtedness” means any indebtedness for or in respect of: 
  

	(a)	monies borrowed; 

  

	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  
 - 63 - 

	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with IFRS, be treated as a finance or capital lease; 

 

	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non recourse basis); 

  

	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	(g)	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 marked to market
value shall be taken into account); 

  

	(h)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial
institution; 

  

	(i)	any amount raised by the issue of redeemable shares; 

  

	(j)	any amount of any liability under an advance or deferred purchase agreement if one of the primary reasons behind the entry into such purchase agreement is to raise finance; and 

 

	(k)	(without double counting) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above. 

“First Quarterly Repayment Date” means: 
  

	(a)	in the case of any Aircraft that, as at the Utilisation Date attributable to such Aircraft, is a Quarterly Rent Aircraft, the first date that: 

 

	 	(i)	falls on the 28th day of a calendar month; and 

  

	 	(ii)	falls after the next date for payment of “Basic Rent” (howsoever defined) under the Portfolio Lease attributable to such Quarterly Rent Aircraft to fall after such Utilisation Date; and

  

	(b)	in the case of any Aircraft that becomes a Quarterly Rent Aircraft in accordance with Clause 6.1(h)(ii) or 20.18.3(h)(ii) of the Facility Agreement, the first Repayment Date under any Loan to fall after the next date
for payment of “Basic Rent” (howsoever defined) under the Portfolio Lease attributable to such Quarterly Rent Aircraft after the Substitution Date for such Aircraft or the date of commencement of the leasing of such Aircraft
pursuant to the Replacement Lease, as applicable, 

 provided that if such First Quarterly Repayment Date would otherwise fall on a day
which is not a Business Day, that Repayment Date will instead fall on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 

“Fitch” means Fitch Ratings Inc. 

“Fixed Interest Rate” means the Fixed Rate plus the Margin. 

  
 - 64 - 

 “Fixed Rate” means, in respect of a Fixed Rate Loan, the “fixed
rate” of interest in respect of a Notional Swap for such Fixed Rate Loan determined in accordance with clause 9.3 (Establishment of Fixed Rate) of the Facility Agreement.  

“Fixed Rate Lease” means: 
  

	(a)	any Portfolio Lease where the calculation of “Basic Rent” (howsoever defined in such Portfolio Lease), is fixed in respect of each date upon which such Basic Rent is payable from the applicable date of the
commencement of the leasing of the Aircraft pursuant to such Portfolio Lease until the scheduled date of termination of such leasing; and 

  

	(b)	any Converted Fixed Rate Lease. 

 “Fixed Rate Loan” means, at any given time, any Loan
that is attributable to an Aircraft in respect of which the Portfolio Lease is a Fixed Rate Lease provided that such term will not include any Hedged Loan. 

“Fixed Rate Notice” has the meaning ascribed to it in Clause 9.2.1 of the Facility Agreement. 

“Floating Rate” means the sum of (a) LIBOR; and (b) the Margin. 

“Floating Rate Lease” means any Portfolio Lease where the calculation of “Basic Rent” (howsoever defined), provides for an
adjustment to take account of changes in the applicable floating rate of interest prevailing on each date on which such Basic Rent is payable. 

“Floating Rate Loan” means, at any given time: 
  

	(a)	any Loan that is attributable to an Aircraft in respect of which the Portfolio Lease is a Floating Rate Lease; and 

  

	(b)	any Hedged Loan. 

 “Free Cash” means the sum of Cash and Cash Equivalent Investments held by
the Guarantor at any given time. 
 “GAAP” means the generally accepted accounting principles in the United States of America in effect
from time to time. 
 “Geneva Convention” means the Convention for the International Recognition of Rights in Aircraft, signed (ad
referendum) at Geneva, Switzerland, on 19 June 1948, and amended from time to time, but excluding the terms of any adhesion thereto or ratification thereof containing reservations to which the United States of America does not accede.

 “Governing Law” (unless otherwise specified) means the laws of England. 

“Government Entity” means and includes: 
  

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

  
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	(b)	any board, commission, department, division, organ, instrumentality, court, agency authority or regulatory body of any entity referred to in (a) above, however constituted, and 

 

	(c)	any association, organisation or institution (international or otherwise) of which any entity mentioned in (a) or (b) above is a member or to whose jurisdiction any thereof is subject or in whose activities
any thereof is a participant. 

 “Government Guarantee” means an Acceptable Guarantee (or other guarantee, undertaking
of support or similar document acceptable to the Lenders in their sole discretion) from the national government, or department or division of government authorised to bind the applicable state, of the State of Registration or State of Incorporation
of the Portfolio Lessee. 
 “Group” means the Guarantor and its Affiliates. 

“Guarantee” means the guarantee and indemnity granted under Clause 10 (Guarantee and indemnity) of this Deed. 

“Guaranteed Obligor” means each of the Borrower, each Owner, each Owner Trustee and each Intermediate Lessor. 

“Guaranteed Portfolio Leases” means a Portfolio Lease which is entered with an airline which is: 

 

	(a)	neither a Part I Airline or a Part II Airline, but the obligations of the Portfolio Lessee thereunder are guaranteed pursuant to an Acceptable Guarantee pursuant to which the guarantor thereunder is a Part I Airline or
a Part II Airline; or 

  

	(b)	a Part II Airline, but the obligations of the Portfolio Lessee thereunder are guaranteed pursuant to an Acceptable Guarantee pursuant to which the guarantor thereunder is a Part I Airline. 

“Guarantor Original Financial Statements” means the Guarantor’s audited consolidated financial statements for the financial year
ended 31 December 2012. 
 “Hainan Identified Aircraft” means the Identified Aircraft referenced as aircraft 11 in
schedule 2 (The Identified Aircraft) of the Facility Agreement; 
 “Hedge Agreement Form” means an
interest rate exchange agreement denominated in dollars, in the form of the ISDA Master Agreement published in 2002 (as it may from time to time be amended, supplemented or substituted) by, and incorporating by reference therein the definitions and
provisions contained in the 2006 ISDA Definitions (as the same may from time to time be amended, supplemented or substituted) of, the International Swaps and Derivatives Association, Inc., together with any swap confirmations delivered in connection
with any such agreement. The Hedging Agreements shall be governed by English law. In the event of any inconsistency, the Transaction Documents shall prevail over the terms of the Hedging Agreements. 

“Hedged Loan” means, at any given time, any Loan that is attributable to an Aircraft in respect of which the Portfolio Lease is a
Fixed Rate Lease but in respect of which the Borrower has entered into a Cap Transaction in accordance with Clause 9.3.2 of the Facility Agreement and the Hedging Principles. 

  
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 “Hedging Agreement Termination Event” means any event or circumstance pursuant to which
any Hedging Agreement is terminated in accordance with its terms. 
 “Hedging Agreements” means each hedging agreement, in
the Hedge Agreement Form, entered into or to be entered into, as the context may require, between the Hedging Counterparties and an Obligor, and each a Hedging Agreement. 

“Hedging Counterparties” means any counterparty to a hedging agreement in the Hedge Agreement Form, entered into, or to be entered
into, as the context may required, by an Obligor in accordance with the Hedging Principles. 
 “Hedging Principles” means the
principles agreed with respect to the hedging of any Loan pursuant to Clause 9.3.2 of the Facility Agreement, as set out in the Hedging Strategy Letter. 

“Hedging Strategy Letter” means the hedging strategy letter to be entered into on or about the date hereof between the Borrower, the
Agent, the Guarantor and the Arrangers. 
 “Identified Aircraft” means any or all, as the context may require, of the
Aircraft specified in Schedule 2 (The Identified Aircraft) to the Facility Agreement. 
 “IDERA”
means, in respect of any jurisdiction in which it is possible to register an International Interest, an irrevocable deregistration an export authorisation (in the form annexed to the Protocol). 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002. 

“Increased Costs” means: 
  

	(a)	a reduction in the rate of return from any Loan or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	(b)	an additional or increased cost which is not otherwise contemplated or provided for under the Transaction Documents and which does not constitute ordinary and usual overhead expenses of the relevant Finance Party; or

  

	(c)	a reduction of any amount due and payable under any Transaction Document, 

 which is incurred or suffered by a
Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Transaction Document. 

“Increase Date” means the date on which any proposed increase in the Commitments occurs pursuant to Clause 2.2
(Increase in Total Commitments) of the Facility Agreement. 
 “Increase Notice” means a notice in the
form set out in Schedule 19 (Form of Increase Notice) of the Facility Agreement. 
 “Indemnitee” means each of the
Agent, the Joint Lead Arrangers, the Security Trustee and the Lenders and their respective successors, permitted assigns, subsidiaries, permitted transferees, officers, directors, and shareholders. 

  
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 “Insurance Proceeds” means any and all amounts payable in consequence of a claim under
any of the Insurances, other than amounts payable in consequence of a claim under the liability insurances. 
 “Insurances”
means, in respect of an Aircraft, any and all contracts or policies of insurance (including reinsurance) to be maintained under the relevant Portfolio Lease, this Deed or pursuant to the relevant Owner Security Agreement in relation to the relevant
Aircraft. 
 “Insurer” means any insurer (or reinsurer) in respect of any of the Insurances. 

“Interest Period” means: 
  

	(a)	in relation to each Loan, each period determined in accordance with clause 10.1 (Length of Interest Periods) of the Facility Agreement; and 

 

	(b)	in relation to an Unpaid Sum, each period determined in accordance with clause 9.5 (Default interest) of the Facility Agreement. 

“Interest Rate” means with respect to a Loan (i) the Fixed Interest Rate, and/or (ii) the Floating Rate, as applicable.

 “Intermediate Lessor” means any entity that which is not an Owner or an Owner Trustee, that has entered into a Portfolio
Lease as “Lessor” thereunder which, for the avoidance of doubt, will not include the COPA Trustee. 
 “Intermediate Lessor
Accounts” means, the Collection Account and the Lease Reserve Account, in each case, in respect of which the Intermediate Lessor is the account holder. 

“Intermediate Lessor Account Pledge” means, in respect of each Intermediate Lessor, the account pledge(s) entered into, or to be
entered into, as the context may require, between such Intermediate Lessor and the Security Trustee in respect of the Intermediate Lessor Accounts. 

“Intermediate Lessor Account Control Agreement” means, in respect of each Intermediate Lessor, the account control agreement(s) to be
entered into by such Intermediate Lessor, the Security Trustee and the Account Bank in respect of the Intermediate Lessor Accounts. 

“Intermediate Lessor Collection Account” means, in respect of each Intermediate Lessor, the account with the Account Bank specified as
such in the relevant Intermediate Lessor Account Pledge entered into by such Intermediate Lessor; 
 “Intermediate Lessor Lease
Agreement” means, in respect of each Aircraft, the lease agreement entered into, or to be entered into, as the context may require, between an Owner (or an Owner Trustee, if applicable) and an Intermediate Lessor providing for the leasing
of such Aircraft to such Intermediate Lessor. 
 “Intermediate Lessor Security Agreement” means, in respect of each Aircraft,
the security Agreement entered into, or to be entered into, as the context may require, between an Intermediate Lessor and the Security Trustee in respect of among other things, the Portfolio Lease relating to such Aircraft. 

“Intermediate Lessor Share Charge” means, in respect of an Intermediate Lessor, the share charge entered into, or to be entered into,
as the context may require, between the Borrower and the Security Trustee in respect of the entire issued share capital of the Intermediate Lessor. 

  
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 “International Interest” has the meaning ascribed to such term under the Cape Town
Convention. 
 “International Registry” means the registry established pursuant to the Cape Town Convention. 

“Irish Law Mortgage” means, in respect of an Aircraft, a first priority mortgage of the relevant Owner’s rights, title and
interest in respect of such Aircraft governed by Irish law. 
 “Japanese Law Mortgage” means a first priority mortgage of the
Peach Japanese Titleholder’s rights, title and interest in respect of the Peach Identified Aircraft governed by Japanese law. 

“Japanese Law Security Assignment” means a security assignment, governed by Japanese law, of the Conditional Buyer’s rights,
title and interest in respect of, inter alia, the title-holding arrangement pursuant to which the Peach Japanese Titleholder holds title to the Peach Identified Aircraft. 

“Law” means and includes (a) any statute, decree, constitution, regulation, sanction, order, judgment or other directive of any
Government Entity; (b) any treaty, pact, compact or other agreement to which any Government Entity is a signatory or party; (c) any judicial or administrative interpretation or application of any Law described in (a) or
(b) above; and (d) any amendment or revision of any Law described in (a), (b) or (c) above. 
 “Lease
Documents” means, with respect to an Aircraft: 
  

	(a)	the Portfolio Lease together with any related Credit Support Documents, Letters of Credit and any ancillary agreements referred to therein; and 

 

	(b)	any document, instrument or memorandum which amends, supplements, substitutes, replaces, varies or novates all or any part of any of the documents referred to in this definition (including this paragraph (b)).

 “Lease Reserve Account” means each account in respect of which the Borrower or the Owner (or, if applicable, the
Owner Trustee) or the Intermediate Lessor (as applicable) is account holder and into which the relevant Portfolio Lessee is required to pay Maintenance Reserve Payments or Security Deposit Payments and specified as that in the applicable Borrower
Account Pledge or Owner Account Pledge or Intermediate Lessor Account Pledge. 
 “Legal Opinions” means the
legal opinions referred to in Schedule 3 (Conditions Precedent) Part B (Conditions to Utilisation) and Schedule 6 (Aircraft Substitution and Replacement Lease Documents) of the Facility Agreement. 

“Lenders” means: 
  

	(a)	any Original Lender; and 

  

	(b)	any bank, financial institution, trust, fund, or other entity which has become a Party in accordance with clause 22 (Changes to the Lenders) of the Facility Agreement, 

  
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 which in each case has not ceased to be a Party to the Facility Agreement in accordance with the terms of this
Facility Agreement. 
 “Lessor” means, in respect of any Aircraft, the relevant Obligor which enters into the Portfolio Lease in
respect of such Aircraft with a Portfolio Lessee. 
 “Letter of Credit” means any letter of credit naming an Obligor as
beneficiary, in each case issued or provided by any person to support the obligations of a Portfolio Lessee under any Portfolio Lease. 

“Letter of Credit Provider” means any bank or other institution that issues and/or confirms a Letter of Credit. 

“LIBOR” means, in relation to any amount denominated in any currency for any period for which a determination is to be made under the
Facility Agreement or any other Transaction Document: 
  

	(a)	the applicable Screen Rate; or 

  

	(b)	if no Screen Rate for LIBOR is available for the relevant period, the rate will be determined by linear interpolation of the two closest periods (to the same number of decimal places as the two relevant Screen Rates)
determined by the Agent; or 

  

	(c)	if no Screen Rate is available for the relevant currency, the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks as the rate which they
are prepared to offer to leading banks in the London interbank market for deposits in that currency and for a comparable period, 

 in each
case, as of 11 a.m. (London time) on the Quotation Date and provided that, in each case, that where such offered rate is negative, it shall be deemed to be zero for the purposes of this definition. 

“Loans” means each loan made pursuant to a Utilisation of the Facility or the principal amount outstanding for the time being of such
loan, and each shall be a “Loan”. 
 “Loan Amount” means, in respect of a Loan, the amount advanced to the
Borrower pursuant to such Loan on the relevant Utilisation Date; 
 “Loan Supplement” means, in respect of a Loan, the Loan
Supplement (substantially in the form attached as Schedule 5 to the Facility Agreement), entered into between the Agent and the Borrower on or before the Utilisation Date for such Loan, which will specify, inter alia, the Repayment Schedule for such
Loan; 
 “Losses” means any losses (including Taxes), costs, charges, documented and properly incurred expenses, interest
(including default interest), fees (including, without limitation, legal fees and VAT thereon), payments, demands, liabilities, claims, actions, proceedings, penalties, damages, adverse judgments, orders or other sanctions (and
“Loss” shall be construed accordingly). 

  
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 “Maintenance Reserve Payments” means any amounts (howsoever described) paid, or to be
paid, as the context may require, under any Lease Document to any Obligor in connection with the anticipated performance of maintenance on any Aircraft and any end-of-lease compensation payments under the relevant Lease Document, whether such
amounts are paid by the Portfolio Lessee, any Credit Support Provider or any Letter of Credit Provider; 
 “Majority Fixed Rate
Lenders” means, in respect of any Fixed Rate Loan at any given time, a Lender or Lenders that hold more than fifty point zero one per cent. (50.1%) of the aggregate of the principal amounts then outstanding under such Fixed Rate Loan
and the Swap MTMs in respect of such Fixed Rate Loan at such time. 
 “Majority Lenders” means: 

 

	(a)	if a Loan is not then outstanding, a Lender or Lenders whose Commitments under the Facility Agreement aggregate more than fifty point zero one per cent. (50.1%) of the Total Commitments under the Facility Agreement
(or, if the Total Commitments under the Facility Agreement have been reduced to zero, aggregated more than fifty point zero one per cent. (50.1%) of the Total Commitments under the Facility Agreement immediately prior to the reduction); or

  

	(b)	at any other time, a Lender or Lenders that hold more than fifty point zero one per cent. (50.1%) of the aggregate of the principal amounts then outstanding under the Loans at such time and the Swap MTMs in respect
of any Fixed Rate Loans at such time. 

 “Market Disruption Event” has the meaning given to such term in sub-clause
11.2.2 of the Facility Agreement. 
 “Market Value” means, in respect of an Aircraft, the appraiser’s opinion of the
most likely trading price that may be generated for such Aircraft (at the time that such opinion is given) under the market conditions that are perceived to exist at such time. Market Value assumes that the aircraft is valued for its highest, best
use, that the parties to the hypothetical transaction are willing, able, prudent and knowledgeable, and under no unusual pressure for a prompt sale, and that the transaction would be negotiated in an open and unrestricted market on an
arm’s-length basis, for cash or equivalent consideration, and given an adequate amount of time for effective exposure to prospective buyers. Market Value reflects the state of supply and demand in the market that exists at the time. 

“Margin” means two point one five per cent. (2.15%) per annum. 

“Master Servicing Agreement” means the agreement dated on or about the date hereof between the Servicer and the Borrower relating to
the servicing of the Aircraft, with such servicing agreement and the rights and interests of the Servicer being subject and subordinate to the rights and interests of the Secured Parties under the Transaction Documents; 

“Material Lease Event of Default” means: 
  

	(a)	a Portfolio Lease Event of Default in relation to a scheduled payment, where such Portfolio Lease Event of Default has occurred and has been continuing for a period of longer than six (6) consecutive months during
the Portfolio Lease term; and 

  
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	(b)	a Portfolio Lease Event of Default that is continuing where the relevant Portfolio Lessee has created or permitted to exist any Security Interest in breach of its obligation under the relevant Portfolio Lease and which
has not been cured within sixty (60) days of the Lessor becoming aware of such Portfolio Lease Event of Default which such cure will be satisfactory to the Agent (acting reasonably) and may include the Borrower and/or Guarantor posting
collateral in favour of the Security Trustee to the Security Trustee’s satisfaction, acting reasonably, for a value equivalent to the Security Interest; and 

  

	(c)	any other Portfolio Lease Event of Default which has a material adverse effect on the value of the Aircraft and which has not been cured within 60 days of the Lessor becoming aware of such Portfolio Lease Event of
Default, which such cure will be satisfactory to the Agent (acting reasonably) and may include the Borrower and/or Guarantor posting collateral in favour of the Security Trustee to the Security Trustee’s satisfaction, acting reasonably, against
such diminution in value, 

 and, for the avoidance of doubt, the parties acknowledge that the insolvency of the Lessee will not in itself
constitute a “Material Lease Event of Default”; 
 “Maximum Off-Lease Period” has the meaning ascribed to such term in
sub-clause 20.20.2 of the Facility Agreement. 
 “Minimum Liability Amount” means the higher of: 

 

	(a)	in respect of a Permitted Narrow-body Aircraft (and subject to Clause 20.17.1(b) of the Facility Agreement) an amount equal to $500,000,000; or 

 

	(b)	in respect of the Permitted Wide-body Aircraft, an amount equal to $900,000,000; or 

  

	(c)	the lowest amount permissible under applicable law. 

 “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: 
  

	(a)	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; 

  

	(b)	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. 

The above rules will only apply to the last Month of any period. 

“Moody’s” means Moody’s Investor Services Inc. 

“Mortgage” means, in respect of an Aircraft, the Irish Law Mortgage (if the Owner, other than the Owner Participant, of such Aircraft
is incorporated in Ireland or the Cayman Islands) or the New York Law Mortgage (if the Owner Trustee of such Aircraft is incorporated in the United States of America) in respect of such Aircraft or a Japanese Law Mortgage (if the Aircraft is the
Peach Identified Aircraft). 

  
 - 72 - 

 “Net Price” means in respect of an Aircraft, the aggregate amount which is equal to:

  

	(a)	for an Aircraft, purchased pursuant to a purchase agreement between the Guarantor and a manufacturer the final contract price for that Aircraft on delivery thereof from the manufacturer (including for this purpose any
buyer furnished equipment), after deduction of all applicable credit memoranda and exclusive of any capitalised interest; plus 

  

	(b)	for any other Aircraft, the purchase price payable by the Owner for such Aircraft under the related purchase agreement. 

“New York law Mortgage” means, in respect of an Aircraft, a mortgage of the Owner Trustee’s rights, title and interest in respect of
such Aircraft governed by New York law. 
 “Notice of Default” has the meaning given to such term in Clause 5 (Notice of Relevant
Default) of the Proceeds Deed. 
 “Notional Rate” means, in respect of: 

 

	(a)	in respect of a Floating Rate Loan (other than a Hedged Loan) and the “Basic Rent” pursuant to a Floating Rate Lease, an assumed rate equal to the mid-swap rate for a period equal to, or if that is not
possible, as close as possible to, the weighted average life (or, if applicable, remaining life) of the relevant Loan; 

  

	(c)	in respect of a Hedged Loan, the Cap Rate (strike) agreed for the Cap Transaction entered into in respect of such Hedged Loan in accordance with Clause 9.3.2 of the Facility Agreement and the Hedging Principles;

  

	(c)	in respect of a Fixed Rate Loan, the Fixed Rate applicable to such Fixed Rate Loan; and 

  

	(d)	in respect of the “Basic Rent” pursuant to a Fixed Rate Lease, the actual fixed rate agreed in accordance with such Fixed Rate Lease. 

“Notional Swap” means, in respect of any Fixed Rate Loan, a notional interest rate swap which the relevant Lender will be deemed to have
entered into, in accordance with clause 9.3 (Establishment of Fixed Rate) of the Facility Agreement, which is deemed to be governed by the Swap Form the provisions of which would provide, among other things, for the exchange on each Repayment
Date in respect of a Fixed Rate Loan of: 
  

	(a)	LIBOR for each relevant Interest Period, calculated on an actual over 360-day basis, on a notional amount equal to the principal amount of such Fixed Rate Loan scheduled to be outstanding the first day of the Interest
Period ending on such on such Repayment Date (which such amount would have been paid by the swap counterparty had an interest rate swap actually been entered into); with 

 

	(b)	a “fixed rate” of interest calculated on an actual over 360-day basis in respect of such notional amount (which such amount would have been paid by the Lender if an interest rate swap actually had entered
into). 

 “Obligor Resignation Letter” means a letter substantially in the form of Schedule 2 (Form of Obligor Resignation
Letter) to the Proceeds Deed. 

  
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 “Obligors” means, collectively, (i) the Borrower, (ii) the Guarantor, and
(ii) for so long as such person has any interest in an Aircraft, each and any Owner, Owner Trustee and Intermediate Lessor (each an “Obligor”). 

“Off-Lease” has the meaning given to such term in clause 20.20 (Off-Lease Aircraft) of the Facility Agreement; 

“Off-Lease Period” means any period during which an Aircraft is Off-Lease. 

“Original Lenders” means each of the persons named in schedule 1 (The Original Lenders) of the Facility Agreement. 

“Orphan Entity” means any entity, all the shares of which are owned by a professional trust company and which is managed by such professional
trust company pursuant to the Administration Agreement in respect of such entity. 
 “Owner” means, in respect of an Aircraft, the holder
(subject to the Security Documents) of the legal and beneficial title to such Aircraft, provided that in the case of any Aircraft title to which is held under an owner trust structure or a conditional sale structure, “Owner” will
refer, respectively, to the Owner Participant or the Conditional Buyer. 
 “Owner Accounts” means, in respect of an Owner (or, if
applicable, Owner Trustee), the Collection Account and the Lease Reserve Account in respect of which such Owner (or, if applicable, Owner Trustee) is the account holder. 

“Owner Account Control Agreement” means, in respect of each Owner (or, if applicable, Owner Trustee), the account control agreement(s)
entered into, or to be entered into, as the context may require, between such Owner (or, if applicable, Owner Trustee), the Security Trustee and the Account Bank in respect of the Owner Accounts. 

“Owner Account Pledge” means, in respect of each Owner (or, if applicable, Owner Trustee), the account pledge(s) entered into, or to
be entered into, as the context may require, between such Owner (or, if applicable, Owner Trustee) and the Security Trustee in respect of the Owner Accounts. 

“Owner Collection Account” means, in respect of each Owner (or, if applicable, Owner Trustee), the account with the Account Bank specified as
such in the relevant Owner Account Pledge entered into by such Owner; 
 “Owner Participant” means, in respect of an Aircraft, the holder
(subject to the Security Documents) of the beneficial title to such Aircraft in accordance with the terms of an owner trust agreement entered into in respect of such Aircraft. 

“Owner Security Agreement” means in respect of each Aircraft, a security agreement entered into or to be entered into, as the context may
require in respect of such Aircraft between the Owner or, if applicable the Owner Trustee, and the Security Trustee. 
 “Owner Share
Charge” means, in respect of each Owner, the share charge entered into, or to be entered into, as the context may require, between the Borrower and the Security Trustee in respect of one hundred per cent. of the entire issued share capital
of such Owner. 

  
 - 74 - 

 “Owner Trustee” means, in respect of an Aircraft, the holder (subject to the Security Documents)
of the legal title to such Aircraft in accordance with the terms of an owner trust agreement entered into in respect of such Aircraft, though not in its individual capacity but solely as owner trustee. 

“Part I Airline” means an airline listed in Part I of Schedule 11 (Permitted Airlines) of the Facility Agreement. 

“Part II Airline” means an airline listed in Part II of Schedule 11 (Permitted Airlines) of the Facility Agreement. 

“Part II Airline Event” means more than one Aircraft is (or will be) subject to a Part II Airline Portfolio Lease and the aggregate amount of
principal outstanding in respect of Loans relating to Aircraft which are (or will be) leased pursuant to Part II Airline Portfolio Leases is more than fifteen per cent. (15%) of the aggregate principal outstanding pursuant to all Loans. 

“Part II Airline Portfolio Lease” means a Portfolio Lease entered into with a Part II Airline or a Guaranteed Portfolio Lease under which the
relevant guarantor is a Part II Airline. 
 “Party” means, in the context of any Transaction Document, the persons who are signatories to
such Transaction Document (or who have otherwise become party to such Transaction Document by, succession, transfer, assignment, novation or similar in accordance with such Transaction Document). 

“Payment Reference Date” means the Business Day falling five (5) Business Days prior to the relevant Repayment Date. 

“Peach Identified Aircraft” means the Identified Aircraft referenced as aircraft 1 in schedule 2 (The Identified Aircraft) of the
Facility Agreement; 
 “Peach Japanese Titleholder” means ANATC Pegasus Leasing Co, Ltd a corporation formed under the laws of Japan having
its registered office at 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo 105-7140, Japan. 
 “Permitted Aircraft” means either a Permitted
Narrow-body Aircraft or a Permitted Wide-body Aircraft. 
 “Permitted Narrow-body Aircraft” means an Airbus A319 aircraft, Airbus A320
aircraft, Airbus A321 aircraft, Airbus A319 NEO aircraft, Airbus A320 NEO aircraft, Airbus A321 NEO aircraft, Boeing 737-800 aircraft, Boeing 737-800 MAX aircraft or Boeing 737-900 MAX aircraft; 

“Permitted Narrow-body Airline” means any of the airlines listed in Part I or Part II of Schedule 11 (Permitted Airlines) of the
Facility Agreement. 
 “Permitted Security Interest” means: 
  

	(a)	the Security Interests created by the Security Documents; 

  

	(b)	in respect of any Aircraft, any Security Interest which the relevant Portfolio Lessee is permitted to create in accordance with the terms of the relevant Portfolio Lease; and 

  
 - 75 - 

	(c)	liens for Taxes which are either not yet assessed or, if assessed, not yet due or being contested in good faith by appropriate proceedings (where adequate provision has been made for their payment and provided
that such proceedings do not involve any risk that the Aircraft will be sold, forfeited or lost); 

  

	(d)	any Security Interests that arise in contravention of the obligations of a Portfolio Lessee under the related Portfolio Lease; and 

  

	(e)	any banker’s right of set-off. 

 “Permitted Substitute Aircraft” means a Permitted
Aircraft which: 
  

	(a)	is less than five years old from the date it was delivered “ex-factory new”; 

  

	(b)	is leased pursuant to lease with a Permitted Wide-body Airline (in the case of a Permitted Wide-body Aircraft) or a Permitted Narrow-body Airline (in the case of a Permitted Narrow-body Aircraft), which complies with
the Core Lease Provisions; and 

  

	(c)	is not habitually based and/or registered in a Prohibited Country and could not be so based and/or registered pursuant to the terms of such lease. 

“Permitted Wide-body Aircraft” means an Airbus A330-200 aircraft, Airbus A330-300 aircraft, Boeing 777-300ER aircraft, Boeing B787-8
aircraft, Boeing B787-9 aircraft, Boeing B787-10 aircraft or, provided that: 
  

	(a)	any such aircraft has a production line number 50 (or a lower line number if the Agent agrees) or later in the A350 production line (of any variant); and 

 

	(b)	at the relevant time, no other Airbus A350 aircraft are “Aircraft” for the purposes of the Facility Agreement, 

an Airbus A350-900 or Airbus A350-1000. 
 “Permitted
Wide-body Airline” means any of the airlines listed in Part I of Schedule 11 (Permitted Airlines) of the Facility Agreement, provided that (i), at the relevant time it, is operating and has operated one or more widebody aircraft for
a minimum of twenty-four (24) consecutive months prior to the relevant Utilisation Date, Substitution Date or the date on which the Replacement Lease is entered into (as applicable) for such Unidentified Aircraft and (ii) such airline is
not Philippine Airlines or Kuwait Airways. 
 “Portfolio Lease” means in respect of each Aircraft, the lease agreement between the relevant
Portfolio Lessee and the relevant Owner (or, if applicable, the Owner Trustee) or Intermediate Lessor and which in the case of each COPA Identified Aircraft will, for the avoidance of doubt, mean the relevant COPA Head-Lease. 

“Portfolio Lease Event of Default” means the occurrence of any “event of default” (howsoever defined) under a Portfolio Lease. 

  
 - 76 - 

 “Portfolio Lessee” means: 

 

	(a)	in respect of an Identified Aircraft, the persons listed in column 2 (Portfolio Lessee) of schedule 2 (The Identified Aircraft) of the Facility Agreement corresponding to such Identified Aircraft and any
Replacement Lessee for such Aircraft (in each case for so long as they remain lessee of such Aircraft) pursuant to a Portfolio Lease, provided that for each of the COPA Identified Aircraft, the “Portfolio Lessee” will be the COPA Trustee;
and 

  

	(b)	in respect of each Unidentified Aircraft, the “Lessee” under the Portfolio Lease relating to such Unidentified Aircraft on the Utilisation Date relating to that Aircraft and any Replacement Lessee in respect
thereof (in each case for so long as they remain lessee of such Aircraft) pursuant to a Portfolio Lease, 

 provided always that, subject to
the other provisions of the Transaction Documents and unless otherwise agreed by the Agent in writing, a Portfolio Lessee will, in each case, be either: 
  

	(x)	one of the airlines listed in Schedule 11 to the Facility Agreement; or 

  

	(y)	the person identified as the “Lessee” under a Guaranteed Portfolio Lease. 

 “Portfolio Lessee
Information” means, in respect of any Portfolio Lessee, the information provided by such Portfolio Lessee or Credit Support Provider pursuant to the relevant Lease Documents including, but not limited to, any financial statements,
projections and/or profit forecasts. 
 “Portfolio Report” means a report to be issued to the Lenders pursuant to clause 19.3
(Aircraft/Portfolio Lessee Information) of the Facility Agreement substantially in the form set out in Schedule 10 (Form of Portfolio Report) of the Facility Agreement. 

“Prepayment Fee” has the meaning given thereto in clause 8.2 (Voluntary prepayment of Loan) of the Facility Agreement. 

“Proceeds Deed” means the proceeds deed entered into, or to be entered into, as the context may require, between, amongst others, the
Borrower, the Guarantor and the Secured Parties. 
 “Proceeds Deed Accession Undertaking” means an undertaking substantially in the form of
Schedule 1 (Form of Proceeds Deed Accession Undertaking) to the Proceeds Deed. 
 “Prohibited Country” means, in respect of an
Aircraft, any state, country or jurisdiction which is subject from time to time to sanctions pursuant to any United Nations Sanctions Order, European Union imposed sanction, US Export Controls, the United Kingdom Export of Goods (Control) Order
1992, the Dual-Use and Related Goods (Export Control) (Amendment) Regulations 1997 pursuant to the European Communities Act 1972 or any statutory modification or re-enactment thereof or successor thereto, the effect of which, unless any applicable
consents or licences have been obtained in relation to the Aircraft, prohibits the Borrower, the relevant Owner (or, if applicable, the Owner Trustee) or the relevant Portfolio Lessee from exporting to and/or consigning for use of the Aircraft in
that country. 
 “Prospective Increase Lender” has the meaning ascribed to it in Clause 2.2.1(c) of the Facility Agreement. 

  
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 “Protocol” means the Protocol to the Cape Town Convention On Matters Specific To Aircraft
Equipment signed in November 2001, which is sometimes also referred to as the “Aircraft Equipment Protocol”. 
 “Quarter
Date” means 31 March, 30 June, 30 September and 31 December of each year. 
 “Quarterly Rent Aircraft” means,
at any given time, each Aircraft in respect of which the “Basic Rent” under the Portfolio Lease attributable to such Aircraft and howsoever defined thereunder, is payable on a quarterly basis including, as of the date hereof, the Xiamen
Identified Aircraft. 
 “Qualifying Lender” means a Lender beneficially entitled to interest payable in relation to a Loan and which is:

 (a) 
  

	 	(i)	a body corporate that is resident for the purposes of tax in a member state of the European Union (other than Ireland) or in a territory with which Ireland has concluded a double taxation agreement that is in effect by
virtue of section 826(1) of the TCA or in a territory with which Ireland has signed a double taxation agreement which will come into effect once all the ratification procedures set out in section 826(1) of the TCA have been completed (residence for
these purposes to be determined in accordance with the laws of the territory of which such Lender claims to be resident) where that member state or territory imposes a tax that generally applies to interest receivable in that member state or
territory by companies from sources outside that member state or territory; 

  

	 	(ii)	a body corporate where the interest payable: 

  

	 	(A)	is exempted from the charge to income tax under a double taxation agreement that is in effect by virtue of section 826(1) of the TCA on the date that interest is paid; or 

 

	 	(B)	would be exempted from the charge to income tax under a double taxation agreement if such double taxation agreement was in effect by virtue of Section 826(1) of the TCA on the date that interest is paid;

  

	 	(iii)	a United States of America (U.S.) corporation; provided that, the U.S. corporation is incorporated in the U.S. and subject to U.S. tax on its worldwide income; or 

 

	 	(iv)	a U.S. Limited Liability Company (LLC); provided that, the ultimate recipients of the interest would be Qualifying Lenders within paragraph (a)(i), (a)(ii) or (a)(iii) of this definition and the business
conducted through the LLC is so structured for market reasons and not for tax avoidance purposes; 

 provided that, in
each case at (a)(i), (a)(ii), (a)(iii) or (a)(iv) such Lender is not carrying on a trade or business in Ireland through an agency or branch with which such Loan is connected; 
  

	(b)	 the holder of a licence for the time being in force granted under section 9 of the Irish Central Bank Act 1971 and whose Lending Office is located in
Ireland, or an 

  
 - 78 - 

	 	
authorised credit institution under the terms of EU Council Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 (as amended) which has duly established a
branch in Ireland or has made all necessary notifications to its home state competent authorities required thereunder in relation to its intention to carry on banking business in Ireland, in each case, provided that, it is carrying on a
bona fide banking business in Ireland with which the interest payments made in relation to a Loan are connected; 

  

	(c)	a body corporate which is resident in Ireland for the purposes of Irish tax or which carries on a trade in Ireland through a branch or agency: 

 

	 	(i)	which makes such Loan in the ordinary course of a trade which includes the lending of money; 

  

	 	(ii)	the interest payable is paid in Ireland; 

  

	 	(iii)	in whose hands any interest payable in respect of such Loan is taken into account in computing the trading income of the company; and 

 

	 	(iv)	which has complied with all of the provisions of Section 246(5)(a) of the TCA, including making the appropriate notifications thereunder to the Revenue Commissioners of Ireland and such Lender has not ceased to be
a company to which Section 246(5)(a) applies; 

  

	(d)	a qualifying company within the meaning of Section 110 of the TCA and the interest is paid in Ireland; or 

  

	(e)	an investment undertaking within the meaning of section 739B of the TCA and the interest is paid in Ireland; 

“Quiet Enjoyment Undertaking” means a quiet enjoyment undertaking substantially in the form agreed in accordance with the terms of the
Facility Agreement; 
 “Quotation Date” means, in relation to any period for which an interest rate is to be determined under any
Transaction Document, the day (which in accordance with market practice prevailing at the date hereof would be two (2) Business Days prior to the first day of that period) on which quotations would ordinarily be given by prime banks in the
London interbank market for deposits in Dollars (or the currency of any unpaid sum) for the delivery on the first day of that period, provided that, if, for any such period, quotations would ordinarily be given on more than one date, the Quotation
Date for that period shall be the last of those dates. 
 “Receiver” means any receiver appointed under the terms of any Security Document.

 “Reference Banks” means the principal London offices of Deutsche Bank AG, London Branch, National Australia Bank Limited and HSBC Bank
plc, London Branch or such other banks as may be appointed from time to time by the Agent in consultation with the Lenders and with the prior approval of the Borrower (acting reasonably). 

“Regulations” means any Law or regulation, official directive or recommendation, mandatory requirement or contractual undertaking which
applies to Lessee or the Aircraft and any Law or regulation, official directive or recommendation or mandatory requirement which applies to a Lessor or any Finance Party. 

  
 - 79 - 

 “Related Assets” means all dividends, interest and other monies payable in respect of any of the
Shares and all other rights, benefits and proceeds in respect of or derived from the Shares (whether by way of redemption, bonus, preference, option, substitution, conversion or otherwise). 

“Related Indemnitee” means, with respect to any Indemnitee, any shareholder, officer, director, assign, transferee, successor or subsidiary
of such Indemnitee. 
 “Relevant Default” means (a) an Event of Default or (b) a Default pursuant to Clause 21.1
(Non-payment), 21.6 (Insolvency), or 21.7 (Insolvency Proceedings) of the Facility Agreement. 
 “Relevant Event”
means any Default or Event of Default. 
 “Relevant Interbank Market” means the London interbank market. 

“Relevant Jurisdiction” means the Cayman Islands, Ireland, England, and: 

 

	(a)	in relation to any Obligor, the jurisdiction of incorporation and COMI of such Obligor; 

  

	(b)	the jurisdiction where any asset subject to or intended to be subject to a Security Interest created pursuant to any Security Document is situated at the time of creation of such Security Interest; and

  

	(c)	the jurisdiction whose laws govern the perfection of any of the Security Documents. 

 “Remarketing and
Recovery Expenses” means (a) all costs and expenses (including legal fees and the fees and costs of any remarketing agent, technical or other advisers which the Security Trustee may reasonably deem necessary), Losses, Taxes,
liabilities, obligations or fees incurred or suffered by any of the Finance Parties in relation to the repossession and remarketing of any Aircraft including without limitation repossessing, remarketing, reconfiguring, repainting, insuring, storing,
repairing, overhauling, performing maintenance checks on (including, without limitation, a “C” Check or the next sequential higher level check in accordance with the relevant manufacturer’s maintenance planning document) any
Aircraft, any Airframe and/or any Engine or in relation to putting any Aircraft, any Airframe and/or any Engine into a condition required in relation to any proposed sale or lease thereof; together with interest on all amounts referred to above as
calculated by the Agent from the date such amounts were incurred to the date of payment of such amounts at the rate specified in clause 9.5 (Default interest) of the Facility Agreement. 

“Repayment Date” means, subject to Clause 5.7 (Repayment Schedules) of the Facility Agreement, each of: 

(a) 
  

	 	(i)	in respect of each Loan other than any Loan that is attributable to a Quarterly Rent Aircraft, the 28th day of each calendar month, starting on the first such date to
fall after the Utilisation Date for such Loan and ending on the final such date to fall before the Final Repayment Date for such Loan; or 

  
 - 80 - 

	 	(ii)	in respect of any Loan that is attributable to a Quarterly Rent Aircraft, the first Repayment Date for such Loan will fall on the relevant First Quarterly Repayment Date and each subsequent Repayment Date for such Loan
(other than the Final Repayment Date) will fall on the 28th day of the third full calendar month after the immediately preceding Repayment Date, ending on the final such date to fall before the
Final Repayment Date for such Loan; and 

  

	(b)	the Final Repayment Date for such Loan, 

 provided that if a Repayment Date would otherwise fall on a
day which is not a Business Day, that Repayment Date will instead fall on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 

“Repayment Schedule” means the repayment schedule to be prepared by the Agent, in consultation with the Borrower, pursuant to clause 5.7
(Loan Supplement) of the Facility Agreement, or any replacement repayment schedule prepared in accordance therewith. 
 “Repeating
Representations” means each of the representations set out in clauses 18.1 (Status), 18.4 (Power and authority), 18.12 (Ownership of the Borrower, the Owners and the Intermediate Lessors), 18.13 (No Immunity) and
18.14 (Private and Commercial Acts) of the Facility Agreement. 
 “Replacement Lease” means each replacement lease entered into by
the Borrower, an Owner (or, if applicable, an Owner Trustee) or an Intermediate Lessor (as the case may be), as lessor, in accordance with clause 7 (Repayment) of the Facility Agreement; 

“Replacement Lessee” means a lessee (being a Portfolio Lessee) under any Replacement Lease. 

“Representatives” means each of the Agent and the Security Trustee. 

“Requisition Proceeds” means any monies or other compensation receivable by any Obligor from any Government Entity in relation to any
Aircraft, in the event of its requisition for title, confiscation, restraint, detention, forfeiture or compulsory acquisition or seizure or requisition for hire by or under the order of any such government or public or local authority. 

“Resigning Obligor” has the meaning given to that term in sub-clause 17.6.1 of the Proceeds Deed. 

“S&P” means Standard and Poors Corporation. 

“Sanctions”: The term “Sanctions” refers to: (i) United Nations sanctions imposed pursuant to any United Nations Security
Council Resolution; (ii) U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); (iii) EU restrictive measures implemented pursuant to any EU Council or
Commission Regulation or Decision adopted pursuant to a Common Position in furtherance of the EU’s Common Foreign and Security Policy; and (iii) UK sanctions enacted by statutory instrument pursuant to the United Nations Act 1946 or the
European Communities Act 1972; and (iv) any other sanctions laws and regulations applicable to any party to the Transaction Documents or to any Aircraft.” 

  
 - 81 - 

 “Sanctions Target” means a target or subject of any Sanctions, including, without limitation,
any person or entity designated as a Specially Designated National and Blocked Person or included in the annex to the Executive Order by OFAC”. 

“Screen Rate” means the London interbank offered rate administered by the ICE Benchmark Administration Limited (or any other person which
takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate). If the agreed page is replaced or service ceases
to be available, the Agent, may specify another page or service displaying the appropriate rate after consultation with the Borrower and the Lenders, respectively; 

“Secured Obligations” means any and all monies, liabilities and obligations (whether actual or contingent, whether now existing or hereafter
arising, whether or not for the payment of money and including, without limitation, any obligation or liability to pay damages) from time to time owing to any of the Secured Parties by the Obligors pursuant to any Transaction Document. 

“Secured Obligations Discharge Date” means the date of receipt by the Agent of repayment in full of all of the Loans, together with all other
amounts then due and payable to the Finance Parties under the Transaction Documents and corresponding notice in writing of the same to the Security Trustee. 

“Secured Parties” means the Finance Parties. 

“Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or
arrangement having a similar effect. 
 “Security Agreement” means the Borrower Security Agreement, together with each and any Owner
Security Agreement and/or Intermediate Lessor Security Agreement. 
 “Security Deposit Payments” means any amounts (howsoever described)
paid, or to be paid, as the context may require, under any Lease Document to any Obligor to secure the obligations of such Portfolio Lessee to the relevant Obligor under the relevant Lease Documents, whether such amounts are paid by the Portfolio
Lessee, any Credit Support Provider or any Letter of Credit Provider; 
 “Security Documents” means (i) the Borrower Share Charge, the
Borrower Security Agreement, the Borrower Account Pledge and Borrower Account Control Agreement, (ii) in respect of each Owner, other than an Owner Participant (but only for so long as such person holds an interest in an Aircraft) each Owner
Security Agreement, each Mortgage, each Owner Account Pledge and Owner Account Control Agreement and each Owner Share Charge entered into by or in respect of such Owner, (iii) in respect of each Owner Trustee and Owner Participant (but only for
so long as such person holds an interest in an Aircraft) each Owner Security Agreement, each Mortgage, each Owner Account Pledge, each Owner Account Control Agreement and each Beneficial Interest Security Assignment, (iv) in respect of each
Intermediate Lessor (but only for so long as such person has an interest in an Aircraft), each Intermediate Lessor Security Agreement and each Intermediate Lessor Account Pledge and Intermediate Lessor Account Control Agreement and each Intermediate
Lessor Share Charge entered into by or in respect of such Intermediate Lessor, (iv) each Security Power of Attorney, (v) any other document, instrument or agreement which is 

  
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agreed in writing by the Borrower and the Security Trustee to be a “Security Document” and (vi) each and every notice, acknowledgement, certificate or document delivered or
required to be delivered under any of the foregoing (and “Security Document” means any of them). 
 “Security Interest”
means any mortgage, charge, pledge, lien, hypothecation, lease, title retention, assignment, trust arrangement, right of possession or detention or security interest of any kind, howsoever created or arising. 

“Security Period” means the period commencing on the date of the Facility Agreement and expiring on the Secured Obligations Discharge Date.

 “Security Power of Attorney” means the applicable security power of attorney to be provided by each Owner (or, if applicable, the Owner
Trustee) or Intermediate Lessor in respect of any letter of credit provided by a Lessor in the Agreed Form. 
 “Security Trust” means the
trust constituted over the Collateral as referred to in sub-clause 14.1.1 of the Proceeds Deed. 
 “Security Trustee” means Deutsche Bank
Trust Company Americas. 
 “Servicer” means Avolon Aerospace Leasing Limited. 

“Servicer Termination Event” means the Servicer has ceased to be, or announces (to any Finance Party or generally) that it intends to cease
to be, engaged in aircraft leasing or aircraft management. 
 “Servicing Agreement Accession Undertaking” means a deed of accession
to the Master Servicing Agreement to be entered into in respect of each Aircraft between the Servicer and the relevant Owner (or, if applicable, the Owner Trustee) of such Aircraft; 

“Shares” has the meaning given to it in the relevant Borrower Share Charge, Owner Share Charge or Intermediate Lessor Share Charge (as
applicable). 
 “Specified Time” means a time determined in accordance with schedule 9 (Timetables) of the Facility Agreement, as
the case may be. 
 “Standard” means, in relation to any particular issue or matter, reasonable care and diligence in a manner consistent
with good operating lessor industry practice as applicable to experienced operating lessors of commercial passenger aircraft. 
 “S&P”
means Standard & Poor’s Corporation. 
 “State of Registration” means, in respect of an Aircraft, the jurisdiction in which
the Aircraft is registered from time to time. 
 “Sub-Lease” means any sub-lease of an Aircraft from time to time entered into by a
Portfolio Lessee, as lessor, in accordance with the terms of the relevant Portfolio Lease. 
 “Sub-Lessee” means the lessee under any
Sub-Lease. 

  
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 “Subordinated Agreement” means each Subordinated Contribution Agreement, the Master Servicing
Agreement and any replacement servicing agreement entered into by any Obligor in accordance with sub-clause 20.17.3 of the Facility Agreement. 

“Subordinated Contribution” means, in respect of an Aircraft, (i) the amount which is the difference between the loan utilised or to be
utilised pursuant to the Facility Agreement in respect of such Aircraft and the Net Price to be paid by the Owner (or, if applicable, the Owner Trustee) in respect of the Aircraft provided or to be provided by the relevant Subordinated Contributor,
(ii) any contribution made by Borrower to the Owner (or, if applicable, the Owner Trustee) in an amount up to the Net Price of the Aircraft, to be used by the Owner (or, if applicable, the Owner Trustee) to purchase the Aircraft, and
(iii) any other contribution made by the Guarantor to the Borrower in accordance with a Subordinated Contribution Agreement in order to facilitate the payment by the Borrower of any amounts due and payable by the Borrower under the Transaction
Documents. 
 “Subordinated Contribution Agreement” means each agreement between the Guarantor and the Borrower and between the Borrower
and an Owner (or, if applicable, the Owner Trustee) pursuant to which the Subordinated Contribution is made available to, as applicable, the Borrower or the relevant Owner (or, if applicable, the Owner Trustee). 

“Subordinated Party” means the Servicer, any replacement servicer appointed by any Obligor to manage any of the Aircraft in accordance with
sub-clause 20.17.3 of the Facility Agreement and any person (a “Subordinated Contributor”) that enters into a Subordinated Contribution Agreement in order to make a Subordinated Contribution available to the Borrower, Owner or, if
applicable, Owner Trustee. 
 “Subordination Acknowledgement” has the meaning ascribed to it in clause 3.1 of Schedule 13 (Core Lease
Provisions) of the Facility Agreement. 
 “Substitution Date” means the date on which the proposed Permitted Substitute Aircraft
becomes an Aircraft for the purposes of the Facility Agreement, pursuant to Clause 6 (Aircraft Substitution) of the Facility Agreement. 

“Substitution Longstop Date” means the date falling six (6) months after the Existing Aircraft Collateral Release Date. 

“Swap Breakage Gain” means, in respect of any Fixed Rate Loan, the relevant Swap Break Amount if such Swap Break Amount is a negative number.

 “Swap Breakage Loss” means, in respect of any Fixed Rate Loan, the relevant Swap Break Amount if such Swap Break Amount is a positive
number. 
 “Swap Break Amount” means, with respect to any deemed termination or partial termination of a Notional Swap and as of any date
of determination thereof, an amount calculated in relation to that Notional Swap then deemed to be in effect in accordance with the Close-out Amount (as defined in the Swap Form). For the purposes hereof, the Lender will be the Determining Party (as
defined in the Swap Form). 
 “Swap Form” means an interest rate exchange agreement denominated in dollars, in the form of the ISDA Master
Agreement published in 2002 (as it may from time to time be amended, supplemented or substituted) by, and incorporating by reference therein the definitions and 

  
 - 84 - 

 
provisions contained in the 2000 ISDA Definitions (as the same may from time to time be amended, supplemented or substituted) of, the International Swap and Derivatives Association, Inc.,
together with any swap confirmations delivered in connection with any such agreement. The Swap Form shall be deemed to be governed by English law. In the event of inconsistency, the Transaction Documents shall prevail over the terms of the Swap
Form. 
 “Swap MTM” means, in relation to any Notional Swap and any date, the Swap Break Amount that would be determined in accordance with
the terms of the Swap Form if such Notional Swap were deemed to be terminated in full or part (as the context may require) on that date. If the Swap MTM is a negative number the Swap MTM shall be deemed to be zero for the purposes of the Transaction
Documents; 
 “Taxes” shall mean any and all present and future sales, use, personal property, customs, value added, turnover, stamp,
interest equalisation, income, profits or gains, gross receipts, or other taxes, levies, imposts, duties, fees, withholdings assessments or other charges, together with any penalties, fines, surcharges, additions to tax, or interest thereon imposed,
levied, or assessed by, or otherwise payable to, any Government Entity and “Tax” and “Taxation” shall be construed accordingly. 

“Tax Credit” has the meaning given to that term in sub-clause 13.3.1 of the Facility Agreement. 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under any Transaction Document, other than a FATCA
Deduction. 
 “Tax Payment” means either the increase in a payment made by the Borrower to a Finance Party under clause 13.1 (Tax
gross-up) of the Facility Agreement, or a payment under clause 13.2 (Tax indemnity), clause 13.5 (Stamp Taxes) or clause 13.6 (Value Added Tax) of the Facility Agreement. 

“TCA” means the Taxes Consolidation Act 1997 of Ireland 

“Third Parties Act” means the Contracts (Rights of Third Parties) Act 1999. 

“Total Commitments” means the aggregate of the Commitments. 

“Total Loss” with respect to any Aircraft (i) has the meaning given to it or any analogous term in the Portfolio Lease in relation to
such Aircraft or (ii) otherwise, if the Aircraft is not subject to a Portfolio Lease, means any of the following events: 
  

	(a)	the actual, constructive, compromised, agreed or arranged total loss of the relevant Aircraft, airframe or engine (including any damage of such Aircraft, airframe or engine which results in an insurance settlement on
the basis of a total loss); 

  

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

 

	(c)	any Compulsory Acquisition of the relevant Aircraft, airframe or engine; 

  

	(d)	the hijacking, theft or disappearance of the relevant Aircraft, airframe or engine which results in the loss of possession thereof by the Portfolio Lessee for ninety (90) consecutive days or more; or

  
 - 85 - 

	(e)	other than where a requisition constitutes a Total Loss under paragraph (c) above, the requisition for use of the relevant Aircraft, airframe or engine by any Government Entity which results in the loss of
possession thereof by the Portfolio Lessee for one hundred and twenty (120) consecutive days or more. 

 “Total Loss
Date” with respect to any Aircraft (i) has the meaning given to it or any analogous term in the Portfolio Lease in relation to such Aircraft or (ii) otherwise, if the Aircraft is not subject to a Portfolio Lease, means: 

 

	(a)	in the case of the actual loss of an Aircraft, airframe or engine or its destruction, damage beyond repair or being permanently rendered unfit for normal use for any reason whatsoever, the date on which the loss,
destruction, damage or being permanently rendered unfit for normal use occurred (or if not known, the date on which such Aircraft, airframe or engine was last heard of); 

 

	(b)	in the case of the constructive, compromised, agreed or arranged total loss of an Aircraft, Airframe or Engine, the earlier of (i) the date which is sixty (60) consecutive days after the date on which notice
claiming that Total Loss was issued to the relevant Insurers and (ii) the date on which the relevant Insurers agree an insurance settlement on the basis of a total loss; 

 

	(c)	in the case of the Compulsory Acquisition of an Aircraft, airframe or engine, the date on which that takes effect; 

  

	(d)	in the case of the hijacking, theft or disappearance of an Aircraft, airframe or engine, the date which falls ninety (90) consecutive days after the Portfolio Lessee first lost possession thereof; or

  

	(e)	in the case of the requisition for use of an Aircraft, airframe or engine by any Government Entity which is not a Compulsory Acquisition, the date which falls one hundred and twenty (120) consecutive days after the
Portfolio Lessee first lost possession thereof. 

 “Total Loss Payment Date” means, in respect of an Aircraft, the earlier to
occur of (a) the date falling ninety (90) days after the Total Loss Date or, if later, final day of the period provided for under the relevant Portfolio Lease for the payment by the Portfolio Lessee of the “agreed value” (or
similar amount, howsoever described) following a Total Loss, provided that any such period has been agreed in accordance with the Standard and (b) the date on which the relevant Portfolio Lessee, the relevant Owner (or, if applicable, the Owner
Trustee) or (following the occurrence of an Enforcement Event) the Security Trustee receives the relevant Insurance Proceeds or, as the case may be, the relevant Requisition Proceeds. 

“Total Loss Proceeds” means al Insurance Proceeds payable in respect of a Total Loss. 

“Transaction Documents” means (i) the Facility Agreement, the Proceeds Deed, each Fee Letter, any Hedging Agreement, the Hedging
Strategy Letter, each Intermediate Lessor Lease Agreement, the Security Documents, the Agreed Form Document Side Letter, each Administration Agreement, each Utilisation Request, each Airframe Warranties Agreement, each Engine Warranties Agreement
and (ii) any other document, instrument or agreement which is agreed in writing by the Borrower and the Agent to be a Transaction Document (and “Transaction Document” means any of them). 

  
 - 86 - 

 “Transfer Certificate” means a certificate substantially in the form set out in Part B (Form
of Transfer Certificate) of Schedule 7 (Changes to the Lenders) of the Facility Agreement, or any other form agreed between the Agent and the Borrower. 

“Transfer Date” means, in relation to a transfer, the later of: 
  

	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	(b)	the date on which the Agent executes the Transfer Certificate. 

 “Unidentified Aircraft” means
any aircraft which is not an Identified Aircraft and is specified in clause 3 of a Utilisation Request as being an “Unidentified Aircraft” in accordance with terms of the Facility Agreement. 

“Unidentified Aircraft Criteria” means: 
  

	(a)	an aircraft which is a Permitted Aircraft and which has been or will be delivered “ex-factory new” during 2011, 2012, 2013, 2014, 2015 or 2016; 

 

	(b)	an aircraft whose State of Registration is not a jurisdiction which is a Prohibited Country; and 

  

	(c)	an aircraft which is subject to a Portfolio Lease with a Portfolio Lessee which is: 

  

	 	(i)	if the aircraft is a Permitted Narrow-body Aircraft, a Permitted Narrow-body Airline, or any other airline acceptable to the Agent (acting reasonably); and 

 

	 	(ii)	if the aircraft is a Permitted Wide-body Aircraft, a Permitted Wide-body Airline or any other airline acceptable to the Agent (acting reasonably), 

and in each case, such aircraft lease agreement complies with the Core Lease Provisions. 

“Unpaid Sum” means any sum due and payable to any Finance Party but unpaid by the Borrower under the Transaction Documents. 

“Utilisation” means any utilisation of the Facility, as the context may require. 

“Utilisation Date” means in relation to a Utilisation, the date on which such Utilisation is, or is to be, made. 

“Utilisation Request” means, in relation to a Utilisation, a notice substantially in the form set out in Schedule 4 (Form of Utilisation
Request) of the Facility Agreement, specifying the Aircraft to which such Utilisation Request relates. 
 “VAT” means any value added
Tax, goods and services Tax or similar Tax. 
 “Warranty Property” means all of the right, title and interest, present and future, of any
Obligor in, to and under all warranties relating to any Aircraft, engine or part in existence from time to time, including any warranties or undertakings in respect of the maintenance performed on any Aircraft or any part thereof. 

  
 - 87 - 

 “Warranty Proceeds” means all proceeds received by any Obligor in relation to the Warranty
Property. 
 “Xiamen Identified Aircraft” means the Identified Aircraft with reference number 2 in schedule 2 (The Identified
Aircraft) of the Facility Agreement. 

  
 - 88 - 

 PART B 

INTERPRETATION 
  

	1.	Unless a contrary indication appears any reference to: 

  

	1.1	the “Borrower”, the “Guarantor”, any “Secured Party”, any “Hedging Counterparty”, any “Finance Party”, any “Lender”,
any “Subordinated Party” any “Obligor”, any “Party”, the “Agent” or the “Security Trustee” shall be construed so as to include its successors in title, permitted
assigns and permitted transferees; 

  

	1.2	“assets” includes present and future properties, revenues and rights of every description; 

  

	1.3	“control” when used with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise and the terms “controlling” and “controlled” shall be construed accordingly; 

  

	1.4	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	1.5	“own”, “owned”, “ownership” or “acquired”, in the context of an Aircraft, includes the acquisition or holding of legal title to such aircraft by any
Owner, the acquisition or holding of beneficial title to such aircraft by any Owner where legal title is held by a trust company. 

  

	1.6	a “subsidiary” means a subsidiary within the meaning of Section 736 of the Companies Act 1985; 

  

	1.7	a “Transaction Document” or “Security Document” or any other agreement or instrument is a reference to that Transaction Document, Security Document or other agreement or instrument as
amended, restated, supplemented or novated; 

  

	1.8	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust or partnership (whether or not having separate legal personality) of two
or more of the foregoing; 

  

	1.9	a “law” or “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or
supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	1.10	a provision of law is a reference to that provision as amended or re-enacted; 

  

	1.11	a time of day is a reference to London time; and 

  

	1.12	a “class of creditors” is a reference to a generic class of creditor by type (eg secured, unsecured or trade creditors) and not an individual syndicate of lenders. 

  
 - 89 - 

	2.	Section, Clause, Part and Schedule headings contained in any Transaction Document are for ease of reference only. 

  

	3.	Words importing the plural shall also include the singular and vice versa. 

  

	4.	A Default, an Event of Default, a Relevant Event, an Acceleration Event, an Enforcement Event or a Concentration Limit Event is “continuing” if it has not been remedied or waived. 

 

	5.	“USD”, “$”, “Dollars” and “dollars” denote lawful currency of the United States of America. 

 

	6.	“MM” means millions. 

  

	7.	Where the word “relevant” is used in relation to an Account in the Transaction Documents, it shall refer in relation to an Obligor, to the Account held in the name of such Obligor. 

  
 - 90 - 

 EXECUTION PAGE 
  

							
	 The Borrower
	 				    	
			
	 EXECUTED as a DEED by
	 	 	)	  	    	
	 AVOLON AEROSPACE (FUNDING 4)
	 	 	)	  	    	/s/ Tom Gathercole
	 LIMITED
	 	 	)	  	    	Tom Gathercole
	 acting by:
	 	 	)	  	    	Authorised Signatory
	 in the presence of:
	 	 	)	  	    	

 Signature of witness: /s/ Lucy Sheehan 

Name of Witness: Lucy Sheehan 
  

			
	 Address:
	  	The Oval, Building 1, Shelbourne Road,
		  	Ballsbridge, Dublin 4, Ireland.
	 Fax:
	  	+ 353 1485 3242
	 Email:
	  	notices@avolon.aero
	 Attention:
	  	The Directors

 with a copy to: Avolon Aerospace Leasing Limited 
  

			
	 Address:
	  	The Oval, Building 1, Shelbourne Road,
		  	Ballsbridge, Dublin 4, Ireland.
	 Fax:
	  	+ 353 1485 3242
	 Email:
	  	notices@avolon.aero
	 Attention:
	  	Chief Operating Officer

  
 - 91 - 

							
	 The Guarantor
	 				    	
			
	 EXECUTED as a DEED by
	 	 	)	  	    	
	 AVOLON AEROSPACE LEASING
	 	 	)	  	    	/s/ Tom Gathercole
	 LIMITED
	 	 	)	  	    	Tom Gathercole
	 acting by:
	 	 	)	  	    	Authorised Signatory
	 in the presence of:
	 	 	)	  	    	

 Signature of witness: /s/ Lucy Sheehan 

Name of Witness: Lucy Sheehan 
  

			
	 Address:
	  	The Oval, Building 1, Shelbourne Road,
		  	Ballsbridge, Dublin 4, Ireland.
	 Fax:
	  	+ 353 1485 3242
	 Email:
	  	notices@avolon.aero
	 Attention:
	  	The Directors

  
 - 92 - 

							
	 The Agent
	 				  	
			
	 EXECUTED as a DEED by
	 	 	)	  	  	
	 DEUTSCHE BANK TRUST
	 	 	)	  	  	
	 COMPANY AMERICAS
	 	 	)	  	  	
		 	 	)	  	  	
	 By its authorised signatories:
	 	 	)	  	  	

  

	
	 /s/ Melissa Sadler

	Signature
	
	 Melissa Sadler, Vice President

	Name
	
	 /s/ Youngmi Park

	Signature
	
	 Youngmi Park, Vice President

	Name

  

			
	Deutsche Bank Trust Company Americas
	Trust and Agency Services
	 Address:
	  	60 Wall Street, 16th Floor
		  	MS NYC60-1630
		  	New York, New York 10005
	 Fax No:
	  	(646) 961-3317
	 Attention:
	  	Administrative Agency Services, Avolon Aerospace Funding (4) Limited

  
 - 93 - 

							
	 The Joint Lead Arrangers
	 				    	
			
	 EXECUTED as a DEED by
	 	 	)	  	    	
	 DEUTSCHE BANK AG, LONDON
	 	 	)	  	    	/s/ Zach Veitch
	 BRANCH
	 	 	)	  	    	/s/ Richard Moody
	 acting by:
	 	 	)	  	    	
	 in the presence of:
	 	 	)	  	    	

			
		
	 Signature of witness:
	  	  

		
	 Name of Witness:
	  	

  

			
	 Address:
	  	Winchester House
		  	1 Great Winchester Street
		  	London EC2N 2DB
	 Fax No:
	  	++44 (0) 207 547 1675/ ++44 (0) 207 545 4638
	 Email:
	  	Jose.Fernandez-pirla@db.com / Alison.hatch@db.com
	 Attention:
	  	Structured Finance – Transportation / Loan Operations

  
 - 94 - 

					
	 EXECUTED as a DEED by
	 	)	    	
	 NATIONAL AUSTRALIA BANK
	 	)	    	/s/ Gregory J. Hampton
	 LIMITED
	 	)	    	Gregory J. Hampton
	 acting by:
	 	)	    	
	 in the presence of:
	 	)	    	
			
	 Signature of witness: /s/ Jackson Flint
	 		    	
	
	 Name of Witness: Jackson Flint, Associate, Aircraft Financing & Leasing

  

			
	 Address:
	  	Level 25 255 George Street Sydney NSW 2000
	 Fax No:
	  	+61 2 9237 1877
	 Attention:
	  	Mr Greg Hampton
		  	 Head of Asset Finance and Leasing

  
 - 95 - 

					
	 EXECUTED as a DEED by
	 	)	    	
	 HSBC BANK PLC
	 	)	    	
	 acting by: Naresh Manjanata
	 	)	    	/s/ Naresh Manjanata
	 in the presence of:
	 	)	    	

 Signature of witness: /s/ Davis Szmuklol 

Name of Witness: David Szmuklol 
  

	
	 Address: 8 Canada Square, London E14 5HQ

	 Fax: 00 44 207 991 4410

	 Email: gareth.owen-conway@hsbcib.com

	 Attention: Gareth Owen-Conway

  
 - 96 - 

							
	 The Lenders
	 				    	
			
	 EXECUTED as a DEED by
	 	 	)	  	    	
	 DEUTSCHE BANK AG, LONDON
	 	 	)	  	    	/s/ Zach Veitch
	 BRANCH
	 	 	)	  	    	/s/ Richard Moody
	 acting by:
	 	 	)	  	    	
	 in the presence of:
	 	 	)	  	    	

			
		
	Signature of witness:	  	  

		
	 Name of Witness:
	  	

  

			
	 Address:
	  	Winchester House
		  	1 Great Winchester Street
		  	London EC2N 2DB
	 Fax No:
	  	++44 (0) 207 547 1675/ ++44 (0) 207 545 4638
	 Email:
	  	Jose.Fernandez-pirla@db.com / Alison.hatch@db.com
	 Attention:
	  	Structured Finance – Transportation / Loan Operations

  
 - 97 - 

					
	EXECUTED as a DEED by	 	)	    	
	NATIONAL AUSTRALIA BANK	 	)	    	/s/ Gregory J. Hampton
	LIMITED acting through its Offshore	 	)	    	Gregory J. Hampton
	Business Unit	 	)	    	Head of Aircraft Finance & Leasing
	acting by:	 	)	    	
			
	in the presence of:	 	)	    	
	
	Signature of witness: /s/ Jackson Flint
	
	Name of Witness: Jackson Flint, Associate, Aircraft Finance & Leasing

  

			
	 Address:
	  	Level 25 255 George Street Sydney NSW 2000
	 Fax No:
	  	+61 2 9237 1877
	 Attention:
	  	Mr Greg Hampton
		  	Head of Asset Finance and Leasing

  
 - 98 - 

							
	 EXECUTED as a DEED by
	 	 	)	  	    	
	 HSBC BANK PLC
	 	 	)	  	    	
	 acting by: Naresh Manjanath
	 	 	)	  	    	/s/ Naresh Manjanath
	 in the presence of:
	 	 	)	  	    	
			
	 Signature of witness: /s/ David Semuller
	 				    	
			
	 Name of Witness: David Semuller
	 				    	

  

	
	 Address: 8 Canada Square, London E14 5HQ

	 Fax: 00 44 207 991 4410

	 Email: gareth.owen-conway@hsbcib.com

	 Attention: Gareth Owen-Conway

  
 - 99 - 

 The Subordinated Parties 
  

							
	 EXECUTED as a DEED By
	 	 	)	  	    	
	 AVOLON AEROSPACE (FUNDING 4)
	 	 	)	  	    	/s/ Tom Gathercole
	 LIMITED
	 	 	)	  	    	Tom Gathercole
	 acting by:
	 	 	)	  	    	Authorised Signatory
	 in the presence of:
	 	 	)	  	    	

 Signature of witness: /s/ Lucy Sheehan 

Name of Witness: Lucy Sheehan 
  

			
	 Address:
	  	The Oval, Building 1, Shelbourne Road,
		  	Ballsbridge, Dublin 4, Ireland.
	 Fax:
	  	+ 353 1485 3242
	 Email:
	  	notices@avolon.aero
	 Attention:
	  	The Directors

 with a copy to: Avolon Aerospace Leasing Limited 
  

			
	 Address:
	  	The Oval, Building 1, Shelbourne Road,
		  	 Ballsbridge, Dublin 4, Ireland.

	 Fax:
	  	+ 353 1485 3242
	 Email:
	  	notices@avolon.aero
	 Attention:
	  	Chief Operating Officer

  
 - 100 - 

							
	 EXECUTED as a DEED By
	 	 	)	  	    	
	 AVOLON AEROSPACE LEASING
	 	 	)	  	    	/s/ Tom Gathercole
	 LIMITED
	 	 	)	  	    	Tom Gathercole
	 acting by:
	 	 	)	  	    	Authorised Signatory
	 in the presence of:
	 	 	)	  	    	
			
	 Signature of witness:/s/ Lucy Sheehan
	 				    	
			
	 Name of Witness: Lucy Sheehan
	 				    	

  

			
	Address:	  	The Oval, Building 1, Shelbourne Road,
		  	 Ballsbridge, Dublin 4, Ireland.

	Fax:	  	+ 353 1485 3242
	Email:	  	notices@avolon.aero
	Attention:	  	Chief Operating Officer

  
 - 101 - 

 The Security Trustee 
  

							
	 EXECUTED as a DEED By
	 	 	)	  	  	
	 DEUTSCHE BANK TRUST
	 	 	)	  	  	
	 COMPANY AMERICAS
	 	 	)	  	  	
		 	 	)	  	  	
	 By its authorised signatories:
	 	 	)	  	  	

  

	
	 /s/ Vincent Pham

	 Signature

	
	 Vincent Pham, Vice President

	 Name

	
	 /s/ Rafael Gimarino

	 Signature

	
	 Rafael Gimarino, Authorised Signer

	 Name

  

			
	Deutsche Bank Trust Company Americas
	Trust and Agency Services
	Address:	  	60 Wall Street, 16th Floor
		  	Mail Stop: NYC60 - 1630
		  	New York, NY 10005
	Fax:	  	732-578-4636
	Attention:	  	Project Finance, Avolon Aerospace Funding (4) Limited

  
 - 102 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]