Document:

ex_101115.htm

Exhibit 4.1

 

EXECUTION VERSION

 

 

 

 

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

Dated as of November 28, 2017

 

To

 

INDENTURE

 

Dated as of January 24, 2013

 

 

 

 

 

7.25% SENIOR NOTES DUE 2027

 

 

 

 

 

JMP GROUP INC.,

 

As the Company,

 

JMP GROUP LLC

and

JMP INVESTMENT HOLDINGS LLC,

 

As Guarantors,

 

and

 

U.S. BANK NATIONAL ASSOCIATION

 

As Trustee

 

 

 

 

TABLE OF CONTENTS

 

Page

 

	
			ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE

				
			1

			
	 	
			Section 1.1

				
			Relationship With Base Indenture

				
			1

			
	 	
			Section 1.2

				
			Definitions

				
			2

			
	 	 	 	 
	
			ARTICLE 2 THE NOTES

				
			3

			
	 	
			Section 2.1

				
			Form and Dating

				
			3

			
	 	
			Section 2.2

				
			Issuance of Additional Notes

				
			4

			
	 	
			Section 2.3

				
			Registration, Transfer and Exchange

				
			4

			
	 	 	 	 
	
			ARTICLE 3 REDEMPTION AND PREPAYMENT

				
			5

			
	 	
			Section 3.1

				
			Notice of Redemption; Selection of Notes

				
			5

			
	 	
			Section 3.2

				
			Optional Redemption

				
			5

			
	 	
			Section 3.3

				
			Mandatory Redemption

				
			5

			
	 	 	 	 
	
			ARTICLE 4 THE SECURITIES

				
			5

			
	 	
			Section 4.1

				
			Dates and Methods to Be Established

				
			5

			
	 	 	 	 
	
			ARTICLE 5 DEFEASANCE AND COVENANT DEFEASANCE

				
			5

			
	 	
			Section 5.1

				
			Defeasance and Covenant Defeasance

				
			5

			
	 	 	 	 
	
			ARTICLE 6 REMEDIES

				
			6

			
	 	
			Section 6.1

				
			Events of Default

				
			6

			
	 	
			Section 6.2

				
			References to Section 5 of the Indenture

				
			8

			
	 	
			Section 6.3

				
			Acceleration of Maturity; Rescission and Annulment

				
			8

			
	 	
			Section 6.4

				
			Limitations on Suits

				
			9

			
	 	
			Section 6.5

				
			Waiver of Past or Existing Defaults

				
			10

			
	 	 	 	 
	
			ARTICLE 7 TRUSTEE

				
			10

			
	 	
			Section 7.1

				
			Notice of Defaults

				
			10

			
	 	 	 	 
	
			ARTICLE 8 REPORTS BY COMPANY

				
			10

			
	 	
			Section 8.1

				
			Reports by Company

				
			10

			
	 	 	 	 
	
			ARTICLE 9 SUPPLEMENTAL INDENTURES

				
			11

			
	 	
			Section 9.1

				
			Supplemental Indentures Without Consent of Holders

				
			11

			
	 	
			Section 9.2

				
			Supplemental Indentures With Consent of Holders

				
			12

			
	 	 	 	 
	
			ARTICLE 10 GUARANTEE OF THE NOTES

				
			14

			
	 	
			Section 10.1

				
			Guarantee of the Notes

				
			14

			
	 	
			Section 10.2

				
			Waiver of Diligence, Presentment, Demand for Payment, Etc

				
			15

			
	 	
			Section 10.3

				
			Execution and Delivery of Guarantee

				
			15

			
	 	
			Section 10.4

				
			Limitation of Guarantee

				
			15

			
	 	
			Section 10.5

				
			Release of Guarantors

				
			15

			
	 	
			Section 10.6

				
			Waiver of Subrogation

				
			16

			
	 	
			Section 10.7

				
			Severability

				
			16

			
	 	 	 	 
	
			ARTICLE 11 MISCELLANEOUS

				
			16

			
	 	
			Section 11.1

				
			Trust Indenture Act Controls

				
			16

			
	 	
			Section 11.2

				
			Governing Law, Waiver of Trial by Jury

				
			16

			
	 	
			Section 11.3

				
			Successors and Assigns

				
			17

			
	 	
			Section 11.4

				
			Separability Clause

				
			17

			
	 	
			Section 11.5

				
			Counterparts

				
			17

			
	 	
			Section 11.6

				
			Effect of Headings and Table of Contents

				
			17

			

 

i

 

 

FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of November 28, 2017, among JMP Group Inc., a Delaware corporation (the “Company”), JMP Group LLC, a Delaware limited liability company, and JMP Investment Holdings LLC, a Delaware limited liability company (together with JMP Group LLC, the “Guarantors”), and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”).

 

RECITALS

 

A.     The Company has executed and delivered to the Trustee an indenture, dated as of January 24, 2013 (the “Base Indenture”) providing for the issuance from time to time of one or more series of the Company’s debentures, notes or other evidences of indebtedness.

 

B.     The Company desires and has requested the Trustee pursuant to Section 9.1 of the Base Indenture to join with it in the execution and delivery of this Fourth Supplemental Indenture in order to supplement the Base Indenture (together with the Fourth Supplemental Indenture, the “Indenture”) as and to the extent set forth herein to provide for the issuance and the terms of the Notes.

 

C.     The execution and delivery of this Fourth Supplemental Indenture has been duly authorized by the respective board of directors or equivalent bodies of the Company and the Guarantors.

 

D.     Concurrent with the execution hereof, the Company has caused to be delivered to the Trustee an Opinion of Counsel and an Officer’s Certificate (both as defined in the Base Indenture) pursuant to Sections 1.2 and 9.3 of the Base Indenture.

 

E.     All conditions and requirements necessary to make this Fourth Supplemental Indenture a valid, binding and legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all respects duly authorized by the parties hereto.

 

NOW, THEREFORE, the Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the 7.25% Senior Notes due 2027 (the “Notes”):

 

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.1     Relationship With Base Indenture. The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Fourth Supplemental Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Fourth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture will govern and be controlling in respect of the Notes.

 

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The Trustee accepts the amendment of the Base Indenture effected by this Fourth Supplemental Indenture and agrees to execute the trust created by the Base Indenture as hereby amended, but only upon the terms and conditions set forth in this Fourth Supplemental Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee in the performance of the trust created by the Base Indenture.

 

Section 1.2     Definitions. Capitalized terms used herein without definition shall have the respective meanings set forth in the Base Indenture. The following terms have the meanings given to them in this Section 1.2 only for purposes of this Fourth Supplemental Indenture:

 

“Additional Notes” has the meaning assigned to such term in Section 2.2 hereof.

 

“Base Indenture” has the meaning set forth in the recitals to this Fourth Supplemental Indenture, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 

“DTC” has the meaning assigned to such term in Section 2.1(c) hereof.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Global Notes” means, individually and collectively, each of the Global Notes, in the form of Exhibit A hereto issued in accordance with Section 2.1 hereof.

 

“Guarantee” means the guarantee by the Guarantors as described in Section 10.1 hereof.

 

“Guarantors” has the meaning assigned to it in the recitals to this Fourth Supplemental Indenture.

 

“Indenture” means the Base Indenture, as supplemented by this Fourth Supplemental Indenture, governing the Notes, together, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 

“Initial Notes” means the first $50,000,000 aggregate principal amount of Notes issued under this Fourth Supplemental Indenture on the date hereof at a price equal to 100% of the aggregate principal amount thereof.

 

“Notes” has the meaning assigned to it in the recitals to this Fourth Supplemental Indenture.

 

“Prospectus” means the Prospectus dated April 28, 2017, as supplemented by the Prospectus Supplement dated November 20, 2017, pursuant to which the Notes were offered.

 

“SEC” means the Securities and Exchange Commission.

 

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“Significant Subsidiary” has the meaning assigned to such term in Regulation S-X under the Exchange Act.

 

“Fourth Supplemental Indenture” means this Fourth Supplemental Indenture, dated as of the date hereof, by and between the Company, the Guarantors and the Trustee, governing the Notes, as amended, supplemented or otherwise modified from time to time in accordance with the Base Indenture and the terms hereof.

 

ARTICLE 2

THE NOTES

 

Section 2.1     Form and Dating. (a) The Notes and the Trustee’s certificate of authentication included thereon will be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. Each Note shall have an executed notation of Guarantee from each of the Guarantors existing on the issue date endorsed thereon substantially in the form of Exhibit B. The Notes will be issued in registered form, without interest coupons, in denominations of integral multiples of $25 principal amount.

 

The terms and provisions contained in the Notes and the Guarantee will constitute, and are hereby expressly made, a part of this Fourth Supplemental Indenture, and the Company, the Guarantors and the Trustee, by their execution and delivery of this Fourth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. To the extent any provision of this Fourth Supplemental Indenture or any Note conflicts with the express provisions of the Base Indenture, the provisions of this Fourth Supplemental Indenture or the Notes, as the case may be, will govern and be controlling.

 

(b)     Notes issued in global form will be substantially in the form of Exhibit A attached hereto (including, with respect to any Global Note, the Global Note Legend thereon, and having an executed notation of Guarantee from each of the Guarantors endorsed thereon), and will be issued in permanent form. Each Note will represent such of the Outstanding Notes as will be specified therein and each will provide that it will represent the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Note to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Notes represented thereby will be made by the Trustee or the custodian of the Notes, at the direction of the Trustee, in accordance with written instructions given by the Holder thereof as required by Section 2.2 hereof. The Trustee shall reflect any increase in the principal amount of any Global Note in an amount equal to such increase on the schedule attached to such Global Note.

 

(c)     The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

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(d)     The Company initially appoints U.S. Bank National Association to act as Paying Agent with respect to the Notes.

 

(e)     The Notes shall not be:

 

(i)     exchangeable for nor convertible into the common stock of the Company or any other security;

 

(ii)     secured by any collateral; or

 

(iii)     issuable upon the exercise of warrants.

 

(f)     Both Section 4.2(2) of the Indenture relating to defeasance and Section 4.2(3) of the Indenture relating to covenant defeasance shall be applicable to the Notes.

 

(g)     The Company will not pay additional amounts on Notes held by a person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted.

 

Section 2.2     Issuance of Additional Notes. The Company will be entitled, upon delivery of an Officer’s Certificate and an Opinion of Counsel, to issue Additional Notes under the Base Indenture and this Fourth Supplemental Indenture on the same terms and conditions as the Initial Notes issued on the date hereof, other than with respect to the date of issuance, the issue price and interest accrued prior to the issue date (“Additional Notes”), and with the same CUSIP number as the Initial Notes, provided that such Additional Notes constitute part of the same issue as the Initial Notes for U.S. federal income tax purposes. The Initial Notes issued on the date hereof and any Additional Notes issued will be treated as a single class for all purposes under this Fourth Supplemental Indenture.

 

With respect to any Additional Notes, the Company will set forth in a resolution of its Board of Directors and an Officer’s Certificate, a copy of each which will be delivered to the Trustee, the following information:

 

(a)     the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Fourth Supplemental Indenture; and

 

(b)     the issue price, the issue date, the initial interest payment date and the CUSIP number of such Additional Notes.

 

Section 2.3     Registration, Transfer and Exchange. Section 3.5 of the Base Indenture shall be amended with respect to the Notes by deleting the reference to “90 days” in clause (i) of the third paragraph thereof and replacing it with “120 days.”

 

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ARTICLE 3

REDEMPTION AND PREPAYMENT

 

Section 3.1     Notice of Redemption; Selection of Notes. The Company will send, or cause to be sent, notice of any redemption at least 30 days but not more than 60 days before the date of redemption to each Holder of the Notes to be redeemed setting forth the information to be stated in such notice as provided in Section 11.4 of the Base Indenture. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by such method as the Trustee deems to be fair and appropriate in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances.

 

Section 3.2     Optional Redemption. The Company may, at its option, at any time and from time to time, on or after November 28, 2020, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the date of redemption. The Trustee shall reflect any decrease in the principal amount of any Global Note in an amount equal to such decrease on the schedule attached to such Global Note.

 

Section 3.3     Mandatory Redemption. The Company is not obligated to redeem or purchase any of the Notes pursuant to any sinking fund or analogous provision or at the option of any Holder.

 

ARTICLE 4

THE SECURITIES

 

Section 4.1     Dates and Methods to Be Established. Section 3.1(5) of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

 

“(5)     the date or dates and methods or methods by which principal on the Securities is payable;”

 

ARTICLE 5

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 5.1     Defeasance and Covenant Defeasance. Section 4.2 of the Base Indenture shall be amended by amending and restating subclause (3) thereof in its entirety with respect to the Notes as follows:

 

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“(3)     Upon the Company’s exercise of the above option applicable to this Section 4.2(3) with respect to any Securities of or within a series, the Company shall be released from its obligations to comply with any term, provision or condition under Section 8.1 with respect to such Securities (and, to the extent specified pursuant to Section 3.1, any other restrictive covenant added for the benefit of such Securities) on and after the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “covenant defeasance”), and such Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any covenant or by reason of reference in any such covenant to any other provision herein or in any other document, and such omission to comply shall not constitute a default or an Event of Default under Section 5.1(3) or Section 5.1(4), and the occurrence of any event described in Section 5.1(5) shall not be deemed to be an Event of Default with respect to the Notes; provided, however, that except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby; provided further, that the obligations of the Company with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 shall remain unsatisfied only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.2(4)(a) below; provided further, that notwithstanding a covenant defeasance with respect to Section 8.1, any Person to whom a sale, assignment, transfer, lease, conveyance or other disposition is made pursuant to Section 8.1, shall as a condition to such sale, assignment, transfer, lease, conveyance or other disposition, assume by an indenture supplemental hereto in form satisfactory to the Trustee, executed by such successor Person and delivered to the Trustee, the obligations of the Company to the Trustee under Section 6.7 and the second to the last paragraph of Section 4.2.”

 

ARTICLE 6

REMEDIES

 

Section 6.1     Events of Default. Section 5.1 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

 

“Section 5.1     Events of Default.

 

“Event of Default,” wherever used herein with respect to the Notes, means any one of the following events:

 

(1)     failure by the Company to pay the principal of any Note when due, whether at maturity, upon redemption or otherwise;

 

(2)     failure by the Company to pay an installment of interest on any Note when due, if the failure continues for 30 days after the date when due;

 

(3)     failure by the Company to comply with its obligations under Section 8.1 of this Indenture;

 

(4)     failure by the Company or any Guarantor to comply with any other term, covenant or agreement applicable to it contained in the Notes or the Indenture, if failure is not cured within 60 days after notice to the Company or such Guarantor, as applicable, by the Trustee or to the Trustee and the Company or such Guarantor, as applicable, by Holders of at least 25% in aggregate principal amount of the Notes then Outstanding;

 

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(5)     a default by the Company, any Guarantor or any of their respective Significant Subsidiaries in the payment when due, after the expiration of any applicable grace period, of principal of or interest on, indebtedness for money borrowed in the aggregate principal amount then outstanding of $10.0 million or more, or acceleration of the Company’s, any Guarantor’s or any of their Significant Subsidiaries’ indebtedness for money borrowed in such aggregate principal amount or more so that it becomes due and payable before the date on which it would otherwise have become due and payable;

 

(6)     failure by the Company, any Guarantor or any of their respective Significant Subsidiaries, within 30 days, to pay, bond or otherwise discharge any final, non-appealable judgments or orders for the payment of money the total uninsured amount of which for the Company, such Guarantor or any of their Significant Subsidiaries exceeds $10.0 million, which are not stayed on appeal;

 

(7)     a decree or order by a court having jurisdiction in the premises shall have been entered adjudging the Company, any Guarantor or any of their respective Significant Subsidiaries or any group of Subsidiaries of the Company or any Guarantor that, taken together, would constitute a Significant Subsidiary bankrupt or insolvent, or approving as properly filed a petition seeking liquidation or reorganization of the Company, any Guarantor or any of their respective Significant Subsidiaries or any group of Subsidiaries of the Company or any Guarantor that, taken together, would constitute a Significant Subsidiary under any applicable bankruptcy, insolvency, reorganization or other similar law, and such decree or order shall have continued unvacated and unstayed for a period of 90 days; an involuntary case shall be commenced under any applicable bankruptcy, insolvency, reorganization or other similar law in respect of the Company, any Guarantor or any of their respective Significant Subsidiaries or any group of Subsidiaries of the Company or any Guarantor that, taken together, would constitute a Significant Subsidiary and shall continue undismissed for a period of 90 days or an order for relief in such case shall have been entered and such order shall have remained in force unvacated and unstayed for a period of 90 days; or a decree or order of a court having jurisdiction in the premises shall have been entered for the appointment on the ground of insolvency or bankruptcy of a receiver, custodian, liquidator, trustee or assignee in bankruptcy or insolvency of the Company, any Guarantor or any of their respective Significant Subsidiaries or any group of Subsidiaries of the Company or any Guarantor that, taken together, would constitute a Significant Subsidiary or of such Person’s or Persons’ property, or for the winding up or liquidation of Person’s or Persons’ affairs, and such decree or order shall have remained in force unvacated and unstayed for a period of 90 days;

 

(8)     the Company, any Guarantor or any of their respective Significant Subsidiaries or any group of Subsidiaries of the Company or any Guarantor that, taken together, would constitute a Significant Subsidiary shall institute proceedings to be adjudicated a voluntary bankrupt, shall consent to the filing of a bankruptcy proceeding against it, shall file a petition or answer or consent seeking liquidation or reorganization under any applicable bankruptcy, insolvency, reorganization or other similar law, shall consent to the filing of any such petition or shall consent to the appointment on the ground of insolvency or bankruptcy of a receiver or custodian or liquidator or trustee or assignee in bankruptcy or insolvency of it or of its property, or shall make a general assignment for the benefit of creditors; and

 

7

 

 

(9)     any Guarantor denies or disaffirms in writing its obligations under Article 10 of the Fourth Supplemental Indenture or, except as permitted by the Indenture, said obligations are determined to be unenforceable or invalid or shall for any reason cease to be in full force and effect.”

 

Section 6.2     References to Section 5 of the Indenture. The Base Indenture shall be amended with respect to the Notes by (a) replacing each reference to “Section 5.1(5)” appearing therein with “Section 5.1(7)” and (b) replacing each reference to “Section 5.1(6)” appearing therein with “Section 5.1(8)”. For the avoidance of doubt, such amendments shall not apply to portions of the Base Indenture that are amended and restated pursuant to this Fourth Supplemental Indenture.

 

Section 6.3     Acceleration of Maturity; Rescission and Annulment. Section 5.2 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

 

“Section 5.2     Acceleration of Maturity; Rescission and Annulment.

 

(a)     If an Event of Default, other than an Event of Default referred to in Section 5.1(7) or (8) above with respect to the Company (but including an Event of Default referred to in Sections 5.1(7) or (8) with respect to a Significant Subsidiary, or group of Subsidiaries that in the aggregate would constitute a Significant Subsidiary, of the Company), has occurred and is continuing, either the Trustee, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding, by notice to the Company and the Trustee, may declare the principal of, and any accrued and unpaid interest on, all Notes to be immediately due and payable. In the case of an Event of Default referred to in Sections 5.1(7) or (8) above with respect to the Company (and not solely with respect to a Significant Subsidiary, or group of Subsidiaries that in the aggregate would constitute a Significant Subsidiary, of the Company), the principal of, and accrued and unpaid interest on, all Notes will automatically become immediately due and payable.

 

(b)     Notwithstanding paragraph (a) above, for the first 360 days immediately following an Event of Default relating to (i) the Company’s failure to file with the Trustee pursuant to Section 314(a)(1) of the Trust Indenture Act any documents or reports that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act or (ii) the Company’s failure to comply with its reporting obligations to the Trustee set forth under Section 7.4 of the Base Indenture, the sole remedy for any such Event of Default shall be the accrual of additional interest on the Notes at a rate per annum equal to (i) 0.25% of the outstanding principal amount of the Notes for the first 180 days following the occurrence of such Event of Default and (ii) 0.50% of the outstanding principal amount of the Notes for the next 180 days after the first 180 days following the occurrence of such Event of Default, in each case, payable quarterly at the same time and in the same manner as regular interest on the Notes. This additional interest will accrue on all outstanding Notes from, and including the date on which such Event of Default first occurs to, and including, the 360th day thereafter (or such earlier date on which such Event of Default shall have been cured or waived). In addition to the accrual of such additional interest, on and after the 360th day immediately following an Event of Default relating to such reporting obligations, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding may declare the principal amount of the Notes and any accrued and unpaid interest through the date of such declaration, to be immediately due and payable.

 

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(c)     The Holders of a majority in aggregate principal amount of the then Outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders of such Notes, rescind or annul any declaration or acceleration and its consequences, if (i) the rescission would not conflict with any order or decree, (ii) all existing Events of Default with respect to such Notes (except nonpayment of principal or interest that has become due solely because of the acceleration) have been cured or waived and (iii) the Company has paid or deposited with the Trustee a sum of money sufficient to pay (A) all overdue installments of interest on the Notes, (B) the principal of the Notes which have become due otherwise than by the declaration of acceleration or automatic acceleration and interest thereon at the rate or rates borne by or provided in the Notes, (C) interest upon overdue interest at the rate or rates prescribed therefor in the Notes and (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.”

 

Section 6.4     Limitations on Suits. Section 5.7 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

 

“Section 5.7     Limitations on Suits.

 

No Holder of the Notes shall have any right to bring a claim with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(1)     such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Notes;

 

(2)     the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to pursue the claim;

 

(3)     if requested, such Holder or Holders have furnished the Trustee security or an indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such request;

 

(4)     the Trustee for 60 days after its receipt of such notice, request and offer of security or indemnity has failed to pursue the claim, make such appointment or seek any other remedy; and

 

(5)     no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Notes;

 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or the Notes to affect, disturb or prejudice the rights of any other such Holders or Holders of the Notes, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.”

 

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Section 6.5     Waiver of Past or Existing Defaults. Section 5.13 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

 

“Section 5.13     Waiver of Past or Existing Defaults.

 

Holders of a majority in aggregate principal amount of the then Outstanding Notes by notice to the Trustee may on behalf of the Holders of all of such Notes waive an existing default or Event of Default with respect to the Notes and its consequences hereunder, except a continuing default or Event of Default with respect to such Notes in the payment of the principal of, or interest on, the Notes or a default or Event of Default in respect of any provision of this Indenture that cannot be modified or amended without the consent of the Holders of each Outstanding Note affected.

 

Upon any such waiver, such default or Event of Default with respect to such Notes shall cease to exist, and any Event of Default with respect to such Notes arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default with respect to such Notes or impair any right with respect to such Notes consequent thereon.”

 

ARTICLE 7

TRUSTEE

 

Section 7.1     Notice of Defaults. Section 6.3 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

 

“Section 6.3     Notice of Defaults.

 

If a default or Event of Default occurs and is continuing with respect to the Notes and if it is known by a Responsible Officer of the Trustee, the Trustee will mail to Holders of such Notes a notice of the default or Event of Default promptly but in any event within 30 days after a Responsible Officer of the Trustee has knowledge of the default or Event of Default. Except in the case of a default or Event of Default in payment of principal of or interest on any Note, the Trustee may withhold the notice if such default or Event of Default has been cured or waived or if and so long as a committee of Responsible Officers of the Trustee in good faith determines that withholding the notice is in the best interests of the Holders.”

 

ARTICLE 8

REPORTS BY COMPANY

 

Section 8.1     Reports by Company. Section 7.4 of the Base Indenture shall be amended with respect to the Notes by (a) deleting the “and” appearing at the end of subclause (3) thereof, (b) replacing the period appearing at the end of subclause (4) thereof with “; and”, (c) inserting immediately after subclause (4) thereof the following subclause (5) in its entirety as follows:

 

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“(5)     promptly notify the Trustee upon becoming aware of the occurrence of any default or Event of Default.”

 

and (d) inserting immediately before the last paragraph of Section 7.4, a new paragraph to read as follows:

 

“Notwithstanding anything herein to the contrary, the information, documents and reports required pursuant to this Section 7.4 may, at the option of the Company, instead be those of any direct or indirect parent entity of the Company so long as such parent entity becomes a guarantor of the Notes and such parent entity and the Company comply with the requirements of Rule 3-10 of Regulation S-X promulgated by the Commission (or any successor provision).”

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 9.1     Supplemental Indentures Without Consent of Holders. Section 9.1 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

 

“Section 9.1     Supplemental Indentures Without Consent of Holders.

 

Without the consent of any Holders of Notes, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form and substance satisfactory to the Trustee, for any of the following purposes:

 

(1)     to evidence the succession of another corporation to the Company and the assumption by any such successor of the covenants of the Company in the Indenture and in the Notes;

 

(2)     to add to the covenants of the Company or to surrender any right or power conferred on the Company pursuant to the Indenture;

 

(3)     to establish the form and terms of the Notes as permitted by the Indenture;

 

(4)     to evidence and provide for a successor Trustee under the Indenture or to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee;

 

(5)     to cure any ambiguity, to correct or supplement any provision in the Indenture that may be defective or inconsistent with any other provision of the Indenture or to make any other provisions with respect to matters or questions arising under the Indenture; provided that no such action pursuant to this clause shall adversely affect the interests of the Holders of Notes in any material respect;

 

11

 

 

(6)     to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue, authentication and delivery of the Notes under the Indenture;

 

(7)     to add any additional events of default with respect to the Notes;

 

(8)     to supplement any of the provisions of the Indenture as may be necessary to permit or facilitate the defeasance and discharge of the Notes, provided that such action does not adversely affect the interests of any Holder of an Outstanding Note in any material respect;

 

(9)     to make provisions with respect to the conversion or exchange rights of Holders of Notes;

 

(10)     to pledge to the Trustee as security for the Notes any property or assets;

 

(11)     to add guarantees in respect of the Notes;

 

(12)     to provide for certificated notes in addition to or in place of Global Notes;

 

(13)     to qualify the Indenture under the Trust Indenture Act;

 

(14)     to conform the text of the Indenture or the Notes to any provision of the “Description of Notes” set forth in the Prospectus, as modified by the Prospectus Supplement, to the extent that such provision, in the good faith judgment of the Company, was intended to be a verbatim recitation of a provision of the Indenture or the Notes; or

 

(15)     to make any other change that does not adversely affect the rights of Holders of Notes in any material respect.

 

The Trustee is hereby required to join with the Company and any guarantors in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.”

 

Section 9.2     Supplemental Indentures With Consent of Holders. Section 9.2 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

 

“Section 9.2     Supplemental Indentures With Consent of Holders.

 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or exchange offer for Notes), by Act of said Holders delivered to the Company and the Trustee, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee may enter into indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of Notes; provided, however, that no such supplemental indenture, without the consent of the Holder of each Outstanding Note affected thereby, shall:

 

12

 

 

(1)     change the Stated Maturity of the principal of, or any interest or additional amounts on, such Notes, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest or any additional amounts thereon, or change the redemption provisions or adversely affect the right of repayment at the option of the Holder, or change the place of payment or currency in which the principal of or any interest or additional amounts with respect to any Note is payable, or impair or affect the right of any Holder of Notes to institute suit for the payment after such payment is due (except a rescission and annulment of acceleration with respect to the Notes by the Holders of at least a majority in aggregate principal amount of the then Outstanding Notes of such series and a waiver of the payment default that resulted from such acceleration);

 

(2)     reduce the percentage of Outstanding Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver or reduce the quorum required for voting; or

 

(3)     modify any of the provisions of the sections of the Indenture relating to supplemental indentures with the consent of the Holders, waivers of past defaults or securities redeemed in part, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of each Holder affected thereby.

 

A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that shall have been included expressly and solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 

It shall not be necessary for any Act of Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

Upon the request of the Company, accompanied by a copy of a Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders of Securities as aforesaid, the Trustee shall join with the Company and any guarantors in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.”

 

13

 

 

ARTICLE 10

GUARANTEE OF THE NOTES

 

Section 10.1     Guarantee of the Notes. Subject to the provisions of this Article 10, each Guarantor, jointly and severally, by execution of this Fourth Supplemental Indenture, fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety (the “Guarantee”), to each Holder of the Notes, to the extent permitted by applicable law or regulation, (i) the due and punctual payment of the principal of and interest on each Note, when and as the same shall become due and payable, whether at maturity, by acceleration, by redemption or otherwise, the due and punctual payment of interest on the overdue principal of and interest on the Notes (including without limitation interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and obligations under Section 6.7 of the Base Indenture), to the extent lawful, and the due and punctual payment of all other obligations (including Additional Amounts) and due and punctual performance of all obligations of the Company to the Holders of the Notes or the Trustee all in accordance with the terms of the Notes and the Indenture, and (ii) in the case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor, by execution of this Fourth Supplemental Indenture, agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of any Note or the Indenture, any failure to enforce any provision of the Notes or the Indenture, any waiver, modification or indulgence granted to the Company with respect thereto by Holders of the Notes, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or such Guarantor.

 

Except as set forth in this Section 10.1, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation (other than as set forth in Section 10.4), impairment or termination for any reason (other than as set forth in Section 10.5), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the obligations set forth in this Section 10.1 or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by (a) the failure of any Holders of the Notes to assert any claim or demand or to enforce any right or remedy against the Company or any other person under the Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder; (e) the failure of any Holder of the Notes to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of the Company; (g) any default, failure or delay, willful or otherwise, in the performance of the obligations set forth herein, or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law or equity.

 

Each Guarantor also agrees to pay any and all fees, costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or the Holders in enforcing any rights under this Article.

 

14

 

 

Each Guarantor further agrees that its Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any resort be had by any Holder of the Notes to any security held for payment of the obligations set forth in this Section 10.1.

 

Section 10.2     Waiver of Diligence, Presentment, Demand for Payment, Etc. Each Guarantor hereby waives diligence, presentment, demand for payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to any Note and the indebtedness evidenced thereby and all demands whatsoever, and covenants that the obligations of such Guarantor set forth in Section 10.1 will not be discharged as to any Note except by payment in full of the principal thereof and interest thereon. Each Guarantor hereby agrees that, as between such Guarantor, on the one hand, and the Holders of the Notes and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 5 of the Base Indenture (as modified by this Fourth Supplemental Indenture with respect to the Notes) for the purposes of the obligations of such Guarantor set forth in Section 10.1, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in Article 5 of the Base Indenture (as modified by this Fourth Supplemental Indenture with respect to the Notes), such obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purpose of the obligations of such Guarantor set forth in Section 10.1.

 

Section 10.3     Execution and Delivery of Guarantee. To evidence its obligations set forth in Section 10.1, the Guarantor agrees that a notation thereof substantially in the form attached hereto as Exhibit B hereto may be endorsed on each Note authenticated and delivered by the Trustee. Each Guarantor hereby agrees that its Guarantee set forth in Section 10.1 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guarantee. If an officer whose signature is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee shall be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors.

 

Section 10.4     Limitation of Guarantee. The obligations of each Guarantor as set forth in this Article 10 are limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor, result in the obligations of such Guarantor hereunder not constituting a fraudulent conveyance or fraudulent transfer under federal or state law.

 

Section 10.5     Release of Guarantors. The obligations of each Guarantor set forth in Section 10.1 will be automatically and unconditionally released and discharged following the repayment in full of all outstanding principal of the Notes and the defeasance or satisfaction and discharge of the Notes as provided in Article 4 of the Base Indenture (as modified by this Fourth Supplemental Indenture with respect to the Notes), and in such case, the Company shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, together stating that all conditions precedent herein provided for relating to such transactions have been complied with and that such release is authorized and permitted hereunder. The Trustee shall execute any documents reasonably requested by the Company or any Guarantor in order to evidence the release of such Guarantor from its obligations under this Article 3. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, interest or Additional Amount, if any, on any of the obligation set forth in Section 10.1 is rescinded or must otherwise be restored by any Holder of the Notes upon the bankruptcy or reorganization of the Company or otherwise.

 

15

 

 

Section 10.6     Waiver of Subrogation. The Guarantor hereby irrevocably waives any claim or other rights which it may now or hereafter acquire against the Company that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under the Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of any Holder of the Notes against the Company, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full, such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the benefit of, the Holders of the Notes and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the Notes, whether matured or unmatured, in accordance with the terms of the Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and that the waiver set forth in this Section 10.6 is knowingly made in contemplation of such benefits.

 

Section 10.7     Severability. In case any provision of this Article 10 shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

ARTICLE 11

MISCELLANEOUS

 

Section 11.1     Trust Indenture Act Controls. If any provision of this Fourth Supplemental Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture Act, the imposed duties will control.

 

Section 11.2     Governing Law, Waiver of Trial by Jury. This Fourth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state. Each of the Company and the Trustee hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in any legal proceeding arising out of or relating to the Indenture, the Notes or the transactions contemplated hereby.

 

16

 

 

Section 11.3     Successors and Assigns. All covenants and agreements in this Fourth Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 11.4     Separability Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 11.5     Counterparts. This Fourth Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. The exchange of copies of this Fourth Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Fourth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Fourth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 11.6     Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

[Signature Pages Follow]

 

17

 

 

SIGNATURES

 

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

 

 

	
			 

				
			JMP GROUP INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Raymond S. Jackson

				
			 

			
	
			 

				
			 

				
			Name: Raymond S. Jackson

				
			 

			
	
			 

				
			 

				
			Title: Chief Financial Officer

				
			 

			

 

 

	
			 

				
			JMP GROUP LLC, as Guarantor

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Raymond S. Jackson	
			 

			
	
			 

				
			 

				
			Name: Raymond S. Jackson

				
			 

			
	
			 

				
			 

				
			Title: Chief Financial Officer

				
			 

			

 

 

	
			 

				
			JMP INVESTMENT HOLDINGS LLC, as Guarantor

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Raymond S. Jackson	
			 

			
	
			 

				
			 

				
			Name: Raymond S. Jackson

				
			 

			
	
			 

				
			 

				
			Title: Chief Financial Officer

				
			 

			

 

 

	
			 

				
			U.S. BANK NATIONAL ASSOCIATION, as Trustee

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				/s/ Michael M. Hopkins	
			 

			
	
			 

				
			 

				
			Name: Michael M. Hopkins

				
			 

			
	
			 

				
			 

				
			Title: Vice President

				
			 

			

 

[Signature Page to Fourth Supplemental Indenture]

 

 

 

 

EXHIBIT A

 

FORM OF FACE OF NOTE

 

[GLOBAL NOTE LEGEND]

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY NOTE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS NOTE SHALL BE A GLOBAL NOTE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

CUSIP No. 466273 109

ISIN US4662731094

 

JMP GROUP INC.

7.25% SENIOR NOTES DUE 2027

 

	No.___  	$_________
			As revised by the

			
			Schedule of Increases

			

			
			or Decreases attached hereto

			

			

   

 

Interest. JMP Group Inc., a Delaware corporation (herein called the “Company”), for value received, hereby promises to pay to ___________ or registered assigns, the principal sum of Fifty Million United States dollars (U.S. $50,000,000), as revised by the Schedule of Increases or Decreases attached hereto, on November 15, 2027 and to pay interest thereon from November 28, 2017 or from the most recent interest payment date to which interest has been paid or duly provided for, quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing February 15, 2018, at the rate of 7.25% per annum, until the principal hereof is paid or made available for payment. Interest shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture (as defined on the reverse hereof), be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the relevant record date for such interest, which shall be February 1, May 1, August 1 and November 1, as the case may be, next preceding such interest payment date.

 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Authentication. Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

A-1

 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

 

	
			 

				
			JMP GROUP INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				
			Name: 

				
			 

			
	
			 

				
			 

				
			Title:

				
			 

			

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture.

 

	
			Date of authentication: 

				
			U.S. BANK NATIONAL ASSOCIATION, as the Trustee

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				
			Authorized Signatory

				
			 

			
	
			 

				
			 

				
			 

				
			 

			

    

A-2

 

 

FORM OF REVERSE OF NOTE

 

Indenture. This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of January 24, 2013, as supplemented by the Fourth Supplemental Indenture, dated as of November 28, 2017 (as so supplemented, herein called the “Indenture”), among the Company, JMP Group LLC, a Delaware limited liability company, and JMP Investment Holdings LLC, a Delaware limited liability company, as Guarantors, and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $50,000,000.

 

Place of Payment. Payments of the principal of and interest on the Notes shall be made in U.S. Dollars at the office of the Paying Agent. However, the Company may make any payments in respect of the Notes by check or wire transfer payable in U.S. Dollars. The Company may mail an interest check to the Holder’s last address. Notwithstanding the foregoing, so long as a Note is registered in the name of a Depositary or its nominee, all payments thereon shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee.

 

Optional Redemption. The Notes of this series are subject to redemption at the Company’s option, at any time and from time to time, on or after November 28, 2020, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the date of redemption. If the date of redemption is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business on such interest record date, and no additional interest is payable to Holders whose Notes will be subject to redemption by the Company. Unless the Company defaults in payment of the redemption price, on and after the date of redemption, interest shall cease to accrue on the Notes or the portions thereof called for redemption.

 

Except as set forth above, the Notes will not be redeemable by the Company prior to maturity and will not be entitled to the benefit of any sinking fund.

 

Defaults and Remedies. If an Event of Default with respect to Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Notes at the time outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

A-3

 

 

Covenants. The Indenture contains customary covenants that require the Company to pay the principal and interest on the Notes when due and provide the Trustee with a copy of the reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.

 

Denominations, Transfer and Exchange. The Notes of this series are issuable only in registered form, without interest coupons, in denominations of integral multiples of $25. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any transfer or exchange of any Note, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Persons Deemed Owners. Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Miscellaneous. The Indenture and this Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state.

 

All terms used in this Note and not defined herein shall have the meanings assigned to them in the Indenture.

 

A-4

 

 

SCHEDULE OF INCREASES OR DECREASES

 

The following increases or decreases in this Note have been made:

 

	
			Date of Exchange

				 	
			Amount of

			increase in

			Principal 

			Amount of

			this Note 

				 	 	
			Amount of

			decrease in

			Principal Amount of

			this Note 

				 	 	
			Principal

			Amount of

			this Note

			following 

			each decrease

			or increase 

				 	 	
			Signature of

			authorized

			signatory of

			Trustee 

				 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

A-5

 

 

EXHIBIT B

 

FORM OF NOTATION OF GUARANTEE

 

The Guarantors (as defined in the Fourth Supplemental Indenture, dated as of November 28, 2017, as such may be amended or supplemented, among JMP Group Inc., JMP Group LLC, JMP Investment Holdings LLC and U.S. Bank National Association, as trustee (the “Fourth Supplemental Indenture”)) each hereby, jointly and severally, unconditionally and irrevocably guarantees as a primary obligor and not merely as a surety (such guarantee to be referred to herein as the “Guarantee”), to each of the Holders and to the Trustee and their respective successors and assigns, that (i) the principal of and interest on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at maturity, by acceleration or otherwise, and interest on the overdue principal, if any, and interest on any interest, if any, to the extent lawful, of the Notes and all other obligations of the Company to the Holders or the Trustee under the Indenture or thereunder will be promptly paid in full or performed, all in accordance with the terms under the Indenture and thereof; and (ii) in case of any extension of time of payment or renewal of any of the Notes or of any such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at maturity, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 10.4 of the Fourth Supplemental Indenture. The obligations of each Guarantor to the Holders of Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 10 of the Fourth Supplemental Indenture and reference is hereby made to the Fourth Supplemental Indenture for the precise terms of this Guarantee. 

 

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Base Indenture, dated as of January 24, 2013, between JMP Group Inc. and U.S. Bank National Association, as Trustee, as amended and supplemented by the Fourth Supplemental Indenture.

 

No stockholder, officer, director or incorporator, as such, past, present or future, of each Guarantor shall have any liability under this Guarantee by reason of his or its status as such stockholder, officer, director or incorporator.

 

This Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York.

 

This Guarantee is subject to release upon the terms set forth in the Indenture.

 

This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Notes upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized signatories.

 

B-1

 

 

	
			 

				
			GUARANTORS:

				
			 

			
	 	 	 
	 	 	 
	 	JMP GROUP LLC	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				
			Name:

				
			 

			
	
			 

				
			 

				
			Title:

				
			 

			

 

 

	
			 

				
			JMP INVESTMENT HOLDINGS LLC

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				 	
			 

			
	
			 

				
			 

				
			Name: 

				
			 

			
	
			 

				
			 

				
			Title:

				
			 

			

 

B-2EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 TRUST
SUPPLEMENT NO. 2017-1AA 
 Dated as of November 28, 2017 

between 
 SPIRIT AIRLINES, INC.

 and 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, 
 as Trustee, 

To 
 PASS THROUGH TRUST
AGREEMENT 
 Dated as of August 11, 2015 

Spirit Airlines Pass Through Trust 2017-1AA 

Spirit Airlines Pass Through Certificates, 

Series 2017-1AA 

  

					
		  		  	 Trust Supplement No. 2017-1AA

(Spirit 2017-1 EETC)

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 Article I DEFINITIONS
	  	 	2	 
	 Section 1.01
	 	Definitions	  	 	2	 
		
	 Article II DECLARATION OF TRUST
	  	 	8	 
	 Section 2.01
	 	Declaration of Trust	  	 	8	 
	 Section 2.02
	 	Permitted Activities	  	 	8	 
		
	 Article III THE CERTIFICATES
	  	 	8	 
	 Section 3.01
	 	The Certificates	  	 	8	 
	 Section 3.02
	 	Terms and Conditions	  	 	8	 
		
	 Article IV ISSUANCE AND TRANSFER OF THE CLASS AA CERTIFICATES
	  	 	11	 
	 Section 4.01
	 	Issuance of Class AA Certificates	  	 	11	 
	 Section 4.02
	 	Legends	  	 	11	 
	 Section 4.03
	 	Book-Entry Provisions for Global Certificates	  	 	12	 
		
	 Article V DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS
	  	 	14	 
	 Section 5.01
	 	Statements to Certificateholders	  	 	14	 
		
	 Article VI DEFAULT
	  	 	15	 
	 Section 6.01
	 	Purchase Rights of Certificateholders	  	 	15	 
		
	 Article VII THE TRUSTEE
	  	 	18	 
	 Section 7.01
	 	Delivery of Documents; Delivery Dates	  	 	18	 
	 Section 7.02
	 	Withdrawal of Deposits	  	 	20	 
	 Section 7.03
	 	The Trustee	  	 	20	 
	 Section 7.04
	 	Representations and Warranties of the Trustee	  	 	20	 
	 Section 7.05
	 	Trustee Liens	  	 	21	 
		
	 Article VIII ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS
	  	 	21	 
	 Section 8.01
	 	Amendment of Sections 5.02, 6.07, 7.09, 8.04, 9.01, 12.01 and 12.02 of the Basic Agreement	  	 	21	 
	 Section 8.02
	 	Supplemental Agreements Without Consent of Class AA Certificateholders	  	 	21	 
	 Section 8.03
	 	Supplemental Agreements with Consent of Class AA Certificateholders	  	 	22	 
	 Section 8.04
	 	Consent of Trustees for Amendment of Section 6.01	  	 	23	 
	 Section 8.05
	 	Notice to Rating Agencies	  	 	23	 
		
	 Article IX MISCELLANEOUS PROVISIONS
	  	 	23	 
	 Section 9.01
	 	Final Termination Date	  	 	23	 
	 Section 9.02
	 	Basic Agreement Ratified	  	 	23	 
	 Section 9.03
	 	Governing Law	  	 	23	 
	 Section 9.04
	 	Counterparts	  	 	23	 
	 Section 9.05
	 	Intention of Parties	  	 	23	 
	 Section 9.06
	 	Submission to Jurisdiction	  	 	24	 
	 Section 9.07
	 	Successor and Assigns	  	 	24	 
	 Section 9.08
	 	Normal Commercial Relations	  	 	24	 
	 Section 9.09
	 	No Recourse against Others	  	 	24	 

 EXHIBITS 

					
	Exhibit A	  	-	  	Form of Certificate
	Exhibit B	  	-	  	DTC Letter of Representations
	Exhibit C	  	-	  	Amendments to Basic Agreement

  

					
		  	i	  	 Trust Supplement No. 2017-1AA

(Spirit 2017-1 EETC)

 Page 

SCHEDULES 

					
	Schedule I	  	-	  	Series AA Equipment Notes, Principal Amounts, Maturities and Aircraft
	Schedule II	  	-	  	Note Documents

  

					
		  	ii	  	 Trust Supplement No. 2017-1AA

(Spirit 2017-1 EETC)

 TRUST SUPPLEMENT NO. 2017-1AA 

This TRUST SUPPLEMENT NO. 2017-1AA, dated as of November 28, 2017 (as amended from time to
time, the “Trust Supplement”), between SPIRIT AIRLINES, INC., a Delaware corporation (together with any successor in interest pursuant to Section 5.02 of the Basic Agreement, the “Company” or “Spirit”), and
WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (together with any successor in interest and any successor or other trustee appointed as provided in the Basic Agreement, the “Trustee”) under the Pass
Through Trust Agreement, dated as of August 11, 2015, between the Company and Wilmington Trust, National Association (the “Basic Agreement”). 

W I T N E S S E T H: 

WHEREAS, the Basic Agreement, which is unlimited as to the aggregate face amount of Certificates that may be issued and authenticated
thereunder, has heretofore been executed and delivered; 
 WHEREAS, Spirit has obtained commitments from Airbus S.A.S. for the delivery
scheduled on or prior to October 31, 2018 of the 12 aircraft described in Schedule I (the “Aircraft”), and Spirit wishes to finance the Aircraft pursuant to the NPA; 

WHEREAS, pursuant to each Indenture, Spirit will issue on a recourse basis three series of Equipment Notes secured by the related Aircraft and
may issue one or more series of Additional Equipment Notes and one or more series of Refinancing Equipment Notes; 
 WHEREAS, the Trustee
shall hereby declare the creation of the Class AA Trust (as defined below) for the benefit of Holders of the Class AA Certificates (as defined below) to be issued in respect of such Class AA Trust, and the initial Holders of the
Class AA Certificates, as grantors of such Class AA Trust, by their respective acceptances of the Class AA Certificates, shall join in the creation of the Class AA Trust with the Trustee; 

WHEREAS, all Certificates to be issued by the Class AA Trust will evidence Fractional Undivided Interests in the Class AA Trust and
will have no rights, benefits or interests in respect of any other separate Trust or the property held therein; 
 WHEREAS, the Escrow Agent
and the Underwriters have contemporaneously herewith entered into an Escrow Agreement with the Escrow Paying Agent pursuant to which the Underwriters will deliver to the Escrow Agent the proceeds from the sale of the Class AA Certificates, and
have irrevocably instructed the Escrow Agent to withdraw and pay funds from such proceeds upon request and proper certification by the Trustee to purchase Series AA Equipment Notes pursuant to the NPA and the applicable Participation Agreements from
time to time prior to the Delivery Period Termination Date; 
 WHEREAS, the Escrow Agent on behalf of the Class AA Certificateholders
has contemporaneously herewith entered into a Deposit Agreement with the Depositary under which the Deposits referred to therein will be made and from which Deposits it will withdraw funds to allow the Trustee to purchase Series AA Equipment Notes
from time to time prior to the Delivery Period Termination Date; 
 WHEREAS, pursuant to the terms and conditions of the Basic Agreement, as
supplemented by this Trust Supplement, the NPA and the Participation Agreements, the Trustee on behalf of the Class AA Trust shall from time to time purchase the Series AA Equipment Notes issued by the Company pursuant to the Indentures
relating to the Aircraft having the identical interest rate as, and final maturity dates not later than the final Regular Distribution Date of, the Class AA Certificates issued hereunder and shall hold such Series AA Equipment Notes in trust
for the benefit of the Class AA Certificateholders; 
  

  

					
		  		  	 Trust Supplement No. 2017-1AA

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 WHEREAS, pursuant to the terms and conditions of the Intercreditor Agreement referred to in
Section 3.02(i) hereof, the Trustee and the other parties thereto will agree to the terms of subordination set forth therein; 

WHEREAS, all of the conditions and requirements necessary to make this Trust Supplement, when duly executed and delivered, a valid, binding
and legal instrument in accordance with its terms and for the purposes herein expressed, have been done, performed and fulfilled, and the execution and delivery of this Trust Supplement in the form and with the terms hereof have been in all respects
duly authorized; 
 WHEREAS, the Basic Agreement, as supplemented by this Trust Supplement, is subject to the provisions of the Trust
Indenture Act and shall, to the extent applicable, be governed by such provisions; 
 NOW, THEREFORE, in consideration of the mutual
agreements herein contained, and of other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. Unless otherwise specified herein or the context otherwise requires, capitalized terms used but
not defined herein, including in the recitals hereto, shall have the respective meanings set forth, and shall be construed and interpreted in the manner described, in the Basic Agreement. As used herein, the term “Agreement” shall mean the
Basic Agreement, as supplemented by this Trust Supplement. For all purposes of the Basic Agreement as supplemented by this Trust Supplement, the following capitalized terms have the following meanings (any term used herein which is defined in both
this Trust Supplement and the Basic Agreement shall have the meaning assigned thereto in this Trust Supplement for purposes of the Basic Agreement as supplemented by this Trust Supplement). 

Account: Has the meaning specified in the Deposit Agreement. 

Additional Certificateholder: Has the meaning specified in the Intercreditor Agreement. 

Additional Certificates: Has the meaning specified in the Intercreditor Agreement. 

Additional Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

Additional Trust: Has the meaning specified in the Intercreditor Agreement. 

Additional Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

Affiliate: Has the meaning specified in the Intercreditor Agreement. 

Agreement: Has the meaning specified in the first paragraph of Section 1.01 of this Trust Supplement. 

Aircraft: Has the meaning specified in the recitals to this Trust Supplement and any Replacement Aircraft (as defined in
the applicable Indenture) in replacement thereof in accordance with the applicable Indenture. 
 Applicable Funding
Date: Has the meaning specified in Section 7.01(b) of this Trust Supplement. 

  

					
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 Applicable Notice of Purchase Withdrawal: Has the meaning specified in the
Escrow Agreement. 
 Applicable Participation Agreement: Has the meaning specified in Section 7.01(b) of this
Trust Supplement. 
 Basic Agreement: Has the meaning specified in the preamble to this Trust Supplement. 

Business Day: Has the meaning specified in the Intercreditor Agreement. 

Certificate: Means a Class AA Certificate, a Class A Certificate or a Class B Certificate, as applicable.

 Certificate Buy-Out Event: Has the meaning specified in the Intercreditor
Agreement. 
 Certificateholder: Means, with respect to any Class of Certificates, the Person in whose name a
Certificate is registered in the Register for the Certificates of such Class. 
 Class: Has the meaning specified in
the Intercreditor Agreement. 
 Class AA Certificateholder: Means, at any time, any
Certificateholder of one or more Class AA Certificates. 
 Class AA Certificates: Has the
meaning specified in Section 3.01 of this Trust Supplement. 
 Class AA Liquidity Facility:
Has the meaning specified in the Intercreditor Agreement. 
 Class AA Liquidity Provider: Has the
meaning specified in the Intercreditor Agreement. 
 Class AA Trust: Has the meaning specified in
Section 2.01 of this Trust Supplement. 
 Class A Certificateholder: Has the meaning specified
in the Intercreditor Agreement. 
 Class A Certificates: Has the meaning specified in the
Intercreditor Agreement. 
 Class A Trust: Has the meaning specified in the Intercreditor
Agreement. 
 Class A Trust Agreement: Has the meaning specified in the Intercreditor Agreement.

 Class A Trustee: Has the meaning specified in the Intercreditor Agreement. 

Class B Certificateholder: Has the meaning specified in the Intercreditor Agreement. 

Class B Certificates: Has the meaning specified in the Intercreditor Agreement. 

Class B Trust: Has the meaning specified in the Intercreditor Agreement. 

Class B Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

Class B Trustee: Has the meaning specified in the Intercreditor Agreement. 

Code: Means the Internal Revenue Code of 1986, as amended. 

Company: Has the meaning specified in the preamble to this Trust Supplement. 

Corporate Trust Office: Has the meaning specified in the Intercreditor Agreement. 

  

					
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 Cut-off Date: Has the meaning
specified in Section 3.02(b) of this Trust Supplement. 
 Definitive Certificates: Has the meaning specified in
Section 4.01(e) of this Trust Supplement. 
 Delivery Period Termination Date: Has the meaning specified in the
NPA. 
 Deposit Agreement: Means, subject to Section 5 of the NPA, the Deposit Agreement (Class AA), dated as of
the date hereof, relating to the Class AA Certificates between the Depositary and the Escrow Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

Depositary: Means, subject to Section 5 of the NPA, Citibank, N.A. 

Deposits: Has the meaning specified in the Deposit Agreement. 

Distribution Date: Means a Regular Distribution Date or a Special Distribution Date. 

DTC: Has the meaning specified in Section 3.02(f) of this Trust Supplement. 

DTC Participants: Has the meaning specified in Section 4.01(b) of this Trust Supplement. 

Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

ERISA: Means the Employee Retirement Income Security Act of 1974, as amended. 

ERISA Plan: Means (i) a retirement plan or other employee benefit plan or arrangement, including for this purpose
an individual retirement account, annuity or Keogh plan, that is subject to Title I of ERISA or Section 4975 of the Code or (ii) any other entity whose underlying assets are deemed to include the assets of any plan or arrangement described
in (i) above by virtue of the U.S. Department of Labor regulation in 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA (or any successor to such regulation). 

Escrow Agent: Means, initially, Wilmington Trust Company, a Delaware trust company, and any replacement or successor
therefor appointed in accordance with the Escrow Agreement. 
 Escrow Agreement: Means the Escrow and Paying Agent
Agreement (Class AA), dated as of the date hereof, relating to the Class AA Certificates, among the Escrow Agent, the Escrow Paying Agent, the Trustee and the Underwriters, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms. 
 Escrow Paying Agent: Means the “Paying Agent” as defined in
the Escrow Agreement. 
 Escrow Period Termination Date: Has the meaning specified in Section 5.01(c)(i) of this
Trust Supplement. 
 Escrow Receipt: Means a receipt substantially in the form annexed to the Escrow Agreement
representing a fractional undivided interest in the funds held in escrow thereunder. 
 Event of Default: With respect
to any Indenture, has the meaning specified in Section 4.01 of such Indenture. 
 Event of Loss Withdrawal: Has
the meaning specified in the Escrow Agreement. 
 Final Withdrawal: Has the meaning specified in the Escrow Agreement.

  

					
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 Final Withdrawal Date: Has the meaning specified in the Escrow Agreement.

 Fractional Undivided Interests: Has the meaning specified in the Intercreditor Agreement. 

Funding Date: Has the meaning specified in the NPA. 

Funding Notice: Has the meaning specified in the NPA. 

Global Certificate: Has the meaning specified in Section 4.01(b) of this Trust Supplement. 

Holder: Means a Certificateholder. 

Indenture: Has the meaning specified in the Intercreditor Agreement. 

Indirect Participants: Has the meaning specified in Section 4.01(b) of this Trust Supplement. 

Intercreditor Agreement: Has the meaning specified in Section 3.02(j) of this Trust Supplement. 

Issuance Date: Has the meaning specified in Section 7.01(a) of this Trust Supplement. 

Junior Additional Certificateholder: Means, with respect to any Additional Certificateholder exercising its right to
purchase Certificates under Section 6.01 of this Trust Supplement, any holder of any class of Additional Certificates that rank junior, in priority of payment of “Expected Distributions” for such class under the Intercreditor
Agreement, to the class of Additional Certificates held by such Additional Certificateholder. 
 Liquidity Provider:
Has the meaning specified in the Intercreditor Agreement. 
 Loan Trustee: Means, with respect to any Indenture, the
bank, trust company or other financial institution designated as loan trustee thereunder, and any successor to such loan trustee. 

Note Documents: Means, collectively, the Participation Agreements, the Indentures, each Indenture Supplement (as defined
in any Indenture), the Airframe Warranties Agreement (as defined in any Indenture) and the Equipment Notes. 
 Notice of
Purchase Withdrawal: Has the meaning specified in the Deposit Agreement. 
 NPA: Means the Note Purchase
Agreement, dated as of the date hereof, among the Trustee, the Class A Trustee, the Class B Trustee, the Company, the Escrow Agent, the Escrow Paying Agent and the Subordination Agent, providing for, among other things, the purchase of
Series AA Equipment Notes by the Trustee on behalf of the Class AA Trust, as the same may be amended, supplemented or otherwise modified from time to time, in accordance with its terms. 

Operative Agreements: Has the meaning specified in the Intercreditor Agreement. 

Other Agreements: Means (i) the Class A Trust Agreement, (ii) the Class B Trust Agreement,
(iii) any Additional Trust Agreement and (iv) any Refinancing Trust Agreement. 
 Other Trustees: Means the
trustees under the Other Agreements, and any successor or other trustee appointed as provided therein. 

  

					
		  	5	  	 Trust Supplement No. 2017-1AA

(Spirit 2017-1 EETC)

 Other Trusts: Means the Class A Trust, the Class B Trust, any
Additional Trust or Trusts, or any Refinancing Trust or Trusts, in each case created by the applicable Other Agreement. 

Participation Agreement: Has the meaning specified in the Intercreditor Agreement. 

Paying Agent: Means, with respect to the Class AA Certificates, the paying agent maintained and appointed for such
Class AA Certificates pursuant to Section 7.12 of the Basic Agreement. 
 Person: Means any individual,
corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 

Plan: Means (i) an ERISA Plan or (ii) such a plan or arrangement which is a foreign, church or governmental
plan or arrangement exempt from Title I of ERISA and Section 4975 of the Code but subject to a Similar Law. 
 Pool
Balance: Means, as of any date, (i) the original aggregate face amount of the Class AA Certificates less (ii) the aggregate amount of all distributions made as of such date in respect of the Class AA Certificates or in
respect of Deposits other than distributions made in respect of interest or Premium or reimbursement of any costs or expenses incurred in connection therewith. The Pool Balance as of any date shall be computed after giving effect to any distribution
with respect to unused Deposits, the payment of principal, if any, of the Series AA Equipment Notes or payment with respect to other Trust Property and the distribution thereof to be made on such date. 

Pool Factor: Means, as of any Distribution Date, the quotient (rounded to the seventh decimal place) computed by
dividing (i) the Pool Balance by (ii) the original aggregate face amount of the Class AA Certificates. The Pool Factor as of any Distribution Date shall be computed after giving effect to any distribution with respect to unused
Deposits, payment of principal, if any, of the Series AA Equipment Notes or payment with respect to other Trust Property and the distribution thereof to be made on that date. 

Premium: Has the meaning specified in the Intercreditor Agreement. 

Prospectus Supplement: Means the final prospectus supplement, dated November 13, 2017, relating to the offering of
the Certificates. 
 Rating Agencies: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Certificateholder: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Certificates: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Trust: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

Regular Distribution Date: Has the meaning specified in Section 3.02(c) of this Trust Supplement. 

  

					
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(Spirit 2017-1 EETC)

 Replacement Deposit Agreement: Has the meaning specified in the NPA. 

Replacement Depositary: Has the meaning specified in the NPA. 

Replacement Liquidity Facility: Has the meaning specified in the Intercreditor Agreement. 

Replacement Liquidity Provider: Has the meaning specified in the Intercreditor Agreement. 

Responsible Officer: Has the meaning specified in the Intercreditor Agreement. 

Scheduled Payment: Has the meaning specified in the Intercreditor Agreement. 

Securities Act: Means the Securities Act of 1933, as amended. 

Series AA Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

Similar Law: Means a foreign, federal, state, or local law which is substantially similar to the prohibited transaction
provisions of Title I of ERISA or Section 4975 of the Code. 
 Special Distribution Date: Means, with respect to
the Class AA Certificates, each date on which a Special Payment is to be distributed as specified in this Agreement. 

Special Payment: Means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment
Note or the Collateral (as defined in any Indenture). 
 Special Payments Account: Means, with respect to the
Class AA Certificates, the account or accounts created and maintained for such series pursuant to Section 4.01(b) of the Basic Agreement (as modified by Section 7.01(c) of this Trust Supplement) and this Trust Supplement. 

Spirit: Has the meaning specified in the preamble to this Trust Supplement. 

Subordination Agent: Has the meaning specified in the Intercreditor Agreement. 

Triggering Event: Has the meaning specified in the Intercreditor Agreement. 

Trust: Means the Class AA Trust, the Class A Trust or the Class B Trust, as applicable. 

Trust Indenture Act: Means the Trust Indenture Act of 1939, as amended. 

Trust Property: Means (i) subject to the Intercreditor Agreement, the Series AA Equipment Notes held as the
property of the Class AA Trust, all monies at any time paid thereon and all monies due and to become due thereunder, (ii) funds from time to time deposited in the Certificate Account and the Special Payments Account and, subject to the
Intercreditor Agreement, any proceeds from the sale by the Trustee pursuant to Article VI of the Basic Agreement of any Equipment Notes and (iii) all rights of the Class AA Trust and the Trustee, on behalf of the Class AA Trust,
under the Intercreditor Agreement, the Escrow Agreement, the NPA and the Class AA Liquidity Facility, including, without limitation, all rights to receive certain payments thereunder, and all monies paid to the Trustee on behalf of the
Class AA Trust pursuant to the Intercreditor Agreement or the Class AA Liquidity Facility, provided that rights with respect to the Deposits or under the Escrow Agreement, except for the right to direct withdrawals for the purchase
of Series AA Equipment Notes to be held herein, will not constitute Trust Property. 

  

					
		  	7	  	 Trust Supplement No. 2017-1AA

(Spirit 2017-1 EETC)

 Trust Supplement: Has the meaning specified in the preamble hereto. 

Trustee: Has the meaning specified in the preamble to this Trust Supplement. 

Underwriters: Means Citigroup Global Markets, Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC
and Barclays Capital Inc. 
 Underwriting Agreement: Means the Underwriting Agreement, dated November 13, 2017,
among the Underwriters and the Company, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

Withdrawal Certificate: Has the meaning specified in the Escrow Agreement. 

ARTICLE II 
 DECLARATION
OF TRUST 
 Section 2.01 Declaration of Trust. The Trustee hereby declares the creation of a Trust, designated the
“Spirit Airlines Pass Through Trust 2017-1AA” (the “Class AA Trust”), for the benefit of the Holders of the Class AA Certificates to be issued in respect of such Class AA
Trust, and the initial Holders of the Class AA Certificates, as grantors of such Class AA Trust, by their respective acceptances of the Class AA Certificates, join in the creation of such Class AA Trust with the Trustee. The
Trustee, by the execution and delivery of this Trust Supplement, acknowledges its acceptance of all right, title and interest in and to the Trust Property to be acquired pursuant to Section 7.01(b) of this Trust Supplement, the NPA and the
Participation Agreements and the Trustee will hold such right, title and interest for the benefit of all present and future Holders of the Class AA Certificates, upon the trusts set forth in the Basic Agreement and this Trust Supplement. The
provisions of this Section 2.01 supersede and replace the provisions of Sections 2.03 of the Basic Agreement, with respect to the Class AA Trust. 

Section 2.02 Permitted Activities. The Class AA Trust may only engage in the transactions contemplated by the Operative
Agreements, subject to Section 9.05 of this Trust Supplement. 
 ARTICLE III 

THE CERTIFICATES 

Section 3.01 The Certificates. There is hereby created a series of Certificates to be issued under this Agreement designated as
“Spirit Airlines Pass Through Certificates, Series 2017-1AA” (the “Class AA Certificates”). Each Class AA Certificate represents a Fractional Undivided Interest in the
Class AA Trust created hereby. The Class AA Certificates shall be the only instruments evidencing a Fractional Undivided Interest in the Class AA Trust. The Class AA Certificates do not represent indebtedness of the Class AA
Trust, and references herein to interest accruing on the Class AA Certificates are included for purposes of computation only. 

Section 3.02 Terms and Conditions. The terms and conditions applicable to the Class AA Certificates and the Class AA
Trust are as follows: 
 (a) The aggregate face amount of the Class AA Certificates that may be authenticated and delivered under this
Agreement (except for Class AA Certificates authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Class AA Certificates pursuant to Sections 3.03, 3.04, 3.05 and 3.06 of the Basic
Agreement and Section 4.03 of this Trust Supplement) is $247,099,000. 

  

					
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 (b) The “Cut-off Date” is the earlier of
(i) the day after the Delivery Period Termination Date, and (ii) the date on which a Triggering Event occurs. 
 (c) The
distribution dates with respect to any payment of Scheduled Payments (each such distribution date, a “Regular Distribution Date”) shall be February 15 and August 15 of each year, commencing on August 15, 2018, until payment
of all of the Scheduled Payments to be made under the Equipment Notes has been made; provided, however, that, if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day
without additional interest. The principal amount of the Series AA Equipment Notes to be held by the Class AA Trust is scheduled for payment on February 15 and August 15 in certain years, commencing on August 15, 2018 and ending
on the applicable date specified under the heading “Maturity” on Schedule I with respect to the related Aircraft, as set out in Schedule III to the NPA. 

(d) The Special Distribution Date with respect to the Class AA Certificates means any Business Day on which a Special Payment is to be
distributed pursuant to this Agreement. 
 (e) At the Escrow Agent’s request under the Escrow Agreement, the Trustee shall affix the
corresponding Escrow Receipt to each Class AA Certificate. In any event, any transfer or exchange of any Class AA Certificate shall also effect a transfer or exchange of the related Escrow Receipt. Prior to the Final Withdrawal Date, no
transfer or exchange of any Class AA Certificate shall be permitted unless the corresponding Escrow Receipt is attached thereto and also is so transferred or exchanged. By acceptance of any Class AA Certificate to which an Escrow Receipt
is attached, each holder of such a Class AA Certificate acknowledges and accepts the restrictions on transfer of the Escrow Receipt as set forth herein, in such Escrow Receipt, and in the Escrow Agreement. 

(f) The Class AA Certificates shall be in the form attached hereto as Exhibit A, shall be Book-Entry Certificates (subject to
Section 3.05(d) of the Basic Agreement and Section 4.03 of this Trust Supplement), and shall be subject to the conditions set forth in the Letter of Representations between the Class AA Trust and The Depository Trust Company and any
successor agency thereto (“DTC”), as initial Clearing Agency, attached hereto as Exhibit B. 
 (g) The proceeds of the offering of
Class AA Certificates issued by the Class AA Trust and related Escrow Receipts shall be deposited in the Accounts and shall be used in accordance with the Escrow Agreement, the Deposit Agreement and the NPA to acquire from time to time the
Series AA Equipment Notes described in Schedule I that relate to the Aircraft and to the Note Documents described in Schedule II. 
 (h)
Any Person acquiring or accepting a Class AA Certificate or an interest therein will, by such acquisition or acceptance, be deemed to (i) represent and warrant to the Company, the Loan Trustees and the Trustee that either (1) no
assets of a Plan or any trust established with respect to a Plan have been used to purchase or hold Class AA Certificates or an interest therein or (2) the purchase and holding of Class AA Certificates or interests therein by such
Person are exempt from the prohibited transaction restrictions of ERISA and the Code or provisions of Similar Law pursuant to one or more prohibited transaction statutory or administrative exemptions or similar exemptions under Similar Law and
(ii) direct the Trustee to invest the assets held in the Trust pursuant to, and take all other actions contemplated by, the terms and conditions of the Basic Agreement, this Trust Supplement, the Intercreditor Agreement, the Deposit Agreement,
the Escrow Agreement, the NPA, and each Participation Agreement. 
 (i) Any Person who is an ERISA Plan and is acquiring or accepting a
Class AA Certificate or an interest therein will, by such acquisition or acceptance, be deemed to represent and warrant to the Company, the Loan Trustees and the Trustee that the decision to acquire or accept the Class AA Certificate or
interest therein has been made by a duly authorized fiduciary of the ERISA Plan 

  

					
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that (i) is independent (as that term is used in 29 C.F.R. 2510.3-21(c)(1)) of the Company and its Affiliates and there is no financial
interest, ownership interest, or other relationship, agreement or understanding or otherwise that would limit its ability to carry out its fiduciary responsibility to the ERISA Plan; (ii) is a bank, insurance carrier, registered
investment adviser, a registered broker-dealer, or an independent fiduciary that holds, or has under management or control, total assets of at least $50 million (in each case, as specified in 29 C.F.R.
2510.3-21(c)(1)(i)(A)-(E)); (iii) is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including, without
limitation, with respect to the decision to acquire or accept the Class AA Certificate or interest therein); (iv) has been fairly informed that the Company and its Affiliates have not and will not undertake to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the acquisition or acceptance of the Class AA Certificate or interest therein; (v) has been fairly informed that the Company and its Affiliates have
financial interests in the ERISA Plan’s acquisition or acceptance of the Class AA Certificate or interest therein, which interests may conflict with the interest of the ERISA Plan, as more fully described in the offering materials;
(vi) is a fiduciary under ERISA or the Code, or both, with respect to the decision to acquire or accept the Class AA Certificate or interest therein and is responsible for exercising (and has exercised) independent judgment in
evaluating whether to invest the assets of the ERISA Plan in the Class AA Certificate or interest therein; and (vii) is not paying the Company or any of its Affiliates, any fee or other compensation directly for the provision of
investment advice (as opposed to other services) in connection with the ERISA Plan’s acquisition or acceptance of the Class AA Certificate or interest therein. 

(j) The Class AA Certificates will be subject to the following Intercreditor Agreement (and to the extent the terms thereof (including the
definitions of defined terms) are inconsistent with the terms of this Agreement, such Intercreditor Agreement shall control): that certain Intercreditor Agreement, dated as of the date hereof, among Wilmington Trust, National Association, as
Trustee, as Class A Trustee and as Class B Trustee, Commonwealth Bank of Australia, New York Branch, as each Liquidity Provider, and Wilmington Trust, National Association, as Subordination Agent thereunder (as may be amended, supplemented
or otherwise modified from time to time in accordance with its terms, the “Intercreditor Agreement”). Under Article VI hereof, the Holders of the Class A Certificates, the Class B Certificates, Additional Certificates (if issued)
or Refinancing Certificates (if issued) shall have the rights upon the occurrence of a Certificate Buy-Out Event set forth therein. The Trustee and, by acceptance of any Class AA Certificate, each
Certificateholder thereof, agrees to be bound by all of the provisions of the Intercreditor Agreement, including the subordination provisions of Section 9.09 thereof. 

(k) The Class AA Certificates have the benefit of the Deposit Agreement and the Escrow Agreement. 

(l) The Class AA Certificates will have the benefit of the following liquidity facility: that certain Revolving Credit Agreement (2017-1AA), dated as of the date hereof, between Wilmington Trust, National Association, as Subordination Agent under the Intercreditor Agreement, as agent and trustee for the Class AA Trust, and the
Class AA Liquidity Provider. 
 (m) The Responsible Party is the Company. 

(n) The Company, any other obligor upon the Class AA Certificates, and any Affiliate of any thereof may acquire, tender for, purchase,
own, hold, become the pledgee of and otherwise deal with any Class AA Certificate. 
 (o) The “particular sections of the Note
Purchase Agreement”, for purposes of clause (3) of Section 7.07 of the Basic Agreement, are Section 4.02 of each Participation Agreement. 

  

					
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 ARTICLE IV 

ISSUANCE AND TRANSFER OF THE CLASS AA CERTIFICATES 

Section 4.01 Issuance of Class AA Certificates. (a) The Class AA Certificates will be issued in
minimum denominations of $2,000 (or such other denomination that is the lowest integral multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) and integral multiples of $1,000 in excess thereof, except that one
Certificate may be issued in a different denomination. Each Class AA Certificate shall be dated the date of its authentication. 
 (b)
The Class AA Certificates shall be issued initially in the form of one or more global Certificates in definitive, fully registered form without interest coupons, substantially in the form of Exhibit A hereto (each, a “Global
Certificate”), duly executed and authenticated by the Trustee as hereinafter provided. Each Global Certificate will be registered in the name of a nominee for DTC for credit to the account of members of, or participants in, DTC (“DTC
Participants”) or to the account of indirect participants that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (“Indirect Participants”), and will be deposited with the Trustee,
as custodian for DTC. The aggregate face amount of a Global Certificate may from time to time be decreased by adjustments made on the records of DTC or its nominee, or of the Trustee, as custodian for DTC or its nominee, as hereinafter provided,
which adjustments shall be conclusive as to the aggregate face amount of any such Global Certificate. 
 (c) [Reserved] 

(d) [Reserved] 
 (e) Certificated
Certificates in registered form shall be issued in substantially the form set forth as Exhibit A hereto (the “Definitive Certificates”) and shall be in fully registered form and shall be typed, printed, lithographed or engraved or produced
by any combination of these methods or may be produced in any other manner, all as determined by the officers executing such Definitive Certificates, as evidenced by their execution of such Definitive Certificates. 

Section 4.02 Legends. (a) Each Global Certificate shall bear the following legend on the face thereof: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 (b) Each Class AA Certificate shall
bear the following legend on the face thereof: 
 BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) NO ASSETS OF A PLAN
OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN HAVE BEEN USED TO PURCHASE OR HOLD THIS CERTIFICATE OR 

  

					
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AN INTEREST HEREIN OR (B) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE OR
PROVISIONS OF SIMILAR LAW PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR SIMILAR EXEMPTIONS UNDER SIMILAR LAW. 

FURTHER, BY ITS ACQUISITION HEREOF, A HOLDER WHO IS AN ERISA PLAN REPRESENTS THAT THE DECISION TO ACQUIRE OR ACCEPT THIS CERTIFICATE OR
INTEREST HEREIN HAS BEEN MADE BY A DULY AUTHORITZED FIDUCIARY OF THE ERISA PLAN THAT (A) IS INDEPENDENT (AS THAT TERM IS USED IN 29 C.F.R. 2510-3-21(c)(1)) OF THE
COMPANY AND ITS AFFILIATES AND THERE IS NO FINANCIAL INTEREST, OWNERSHIP INTEREST, OR OTHER RELATIONSHIP, AGREEMENT OR UNDERSTANDING OR OTHERWISE THAT WOULD LIMIT ITS ABILITY TO CARRY OUT ITS FIDUCIARY RESPONSIBILITY TO THE ERISA PLAN; (B) IS A
BANK, INSURANCE CARRIER, REGISTERED INVESTMENT ADVISER, A REGISTERED BROKER-DEALER, OR AN INDEPENDENT FIDUCIARY THAT HOLDS, OR HAS UNDER MANAGEMENT OR CONTROL, TOTAL ASSETS OF AT LEAST $50 MILLION (IN EACH CASE, AS SPECIFIED IN 29 C.F.R. 2510.3-21(c)(1)(i)(A)-(E)); (C) IS CAPABLE OF EVALUATING INVESTMENT RISKS INDEPENDENTLY, BOTH IN GENERAL AND WITH REGARD TO PARTICULAR TRANSACTIONS AND INVESTMENT STRATEGIES (INCLUDING, WITHOUT LIMITATION, WITH
RESPECT TO THE DECISION TO ACQUIRE OR ACCEPT THIS CERTIFICATE OR INTEREST HEREIN); (D) HAS BEEN FAIRLY INFORMED THAT THE COMPANY AND ITS AFFILIATES HAVE NOT AND WILL NOT UNDERTAKE TO PROVIDE IMPARTIAL INVESTMENT ADVICE, OR TO GIVE ADVICE IN A
FIDUCIARY CAPACITY, IN CONNECTION WITH THE ACQUISITION OR ACCEPTANCE OF THIS CERTIFICATE OR INTEREST HEREIN; (E) HAS BEEN FAIRLY INFORMED THAT THE COMPANY AND ITS AFFILIATES HAVE FINANCIAL INTERESTS IN THE ERISA PLAN’S ACQUISITION OR
ACCEPTANCE OF THIS CERTIFICATE OR INTEREST HEREIN, WHICH INTERESTS MAY CONFLICT WITH THE INTEREST OF THE ERISA PLAN, AS MORE FULLY DESCRIBED IN THE OFFERING MATERIALS; (F) IS A FIDUCIARY UNDER ERISA OR THE CODE, OR BOTH, WITH RESPECT TO THE
DECISION TO ACQUIRE OR ACCEPT THIS CERTIFICATE OR INTEREST HEREIN AND IS RESPONSIBLE FOR EXERCISING (AND HAS EXERCISED) INDEPENDENT JUDGMENT IN EVALUATING WHETHER TO INVEST THE ASSETS OF THE ERISA PLAN IN THIS CERTIFICATE OR INTEREST HEREIN; AND
(G) IS NOT PAYING FOR THE COMPANY OR ANY OF ITS AFFILIATES, ANY FEE OR OTHER COMPENSATION DIRECTLY FOR THE PROVISION OF INVESTMENT ADVICE (AS OPPOSED TO OTHER SERVICES) IN CONNECTION WITH THE ERISA PLAN’S ACQUISITION OR ACCEPTANCE OF THIS
CERTIFICATE OR INTEREST HEREIN. 
 CERTAIN TERMS USED IN THE FOREGOING PARAGRAPHS SHALL HAVE THE MEANINGS SPECIFIED IN THE AGREEMENT. 

Section 4.03 Book-Entry Provisions for Global Certificates. (a) DTC Participants shall have no rights under this Agreement
with respect to any Global Certificate held on their behalf by DTC, or the Trustee as its custodian, and DTC may be treated by the Trustee and any agent of the Trustee as the absolute owner of such Global Certificate for all purposes whatsoever.
Notwithstanding the 

  

					
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	foregoing, nothing herein shall prevent the Trustee or any agent of the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or shall impair, as between DTC and its DTC
Participants, the operation of customary practices governing the exercise of the rights of a holder of any Class AA Certificate. Upon the issuance of any Global Certificate, the Registrar or its duly appointed agent shall record Cede &
Co. or another nominee of DTC as the registered holder of such Global Certificate.

 (b) Transfers of any Global Certificate shall be limited to transfers of such Global Certificate in whole, but
not in part, to nominees of DTC, its successor or such successor’s nominees. Beneficial interests in Global Certificates may be transferred in accordance with the rules and procedures of DTC and the provisions of Section 4.02 of this Trust
Supplement. Beneficial interests in Global Certificates shall be delivered to all beneficial owners thereof in the form of Definitive Certificates, if (i) DTC notifies the Trustee in writing that it is no longer willing or able to discharge
properly its responsibilities as depositary for the Global Certificates, and a successor depositary is not appointed by the Trustee within 90 days of such notice, (ii) the Company, at its option, advises the Trustee in writing that it
elects to terminate the book-entry system through DTC or (iii) after the occurrence and during the continuance of an Event of Default, Class AA Certificateholders with Fractional Undivided Interests aggregating not less than a majority in
interest in the Class AA Trust advise the Trustee, the Company and DTC through DTC Participants in writing that the continuation of a book-entry system through DTC (or a successor thereto) is no longer in the Class AA
Certificateholders’ best interests. Neither the Company nor the Trustee shall be liable if the Company or the Trustee is unable to locate a qualified successor clearing system. 

(c) [Reserved] 
 (d) In connection
with the transfer of the entire amount of a Global Certificate to the beneficial owners thereof pursuant to paragraph (b) of this Section 4.03, such Global Certificate shall be deemed to be surrendered to the Trustee for cancellation, and
the Trustee shall execute, authenticate and deliver to each beneficial owner, in exchange for the beneficial interest thereof in such Global Certificate, an equal aggregate face amount of Definitive Certificates of authorized denominations, in each
case as such beneficial owner and related aggregate face amount shall have been identified and otherwise set forth (together with such other information as may be required for the registration of such Definitive Certificates) in registration
instructions that shall have been delivered by or on behalf of DTC to the Trustee. None of the Company, the Registrar, the Paying Agent nor the Trustee shall be liable for any delay in delivery of such registration instructions and each such Person
may conclusively rely on, and shall be protected in relying on, such registration instructions. Upon the issuance of any Definitive Certificate, the Trustee shall recognize the Person in whose name such Definitive Certificate is registered in the
Register as a Certificateholder hereunder. 
 (e) The registered Holder of a Global Certificate may grant proxies and otherwise authorize any
Person, including DTC Participants and Persons that may hold interests through DTC Participants, to take any action which a Holder is entitled to take under this Agreement or the Class AA Certificates. 

(f) Neither the Company, nor the Trustee, nor the Registrar, nor the Paying Agent shall have any responsibility or liability for: (i) any
aspect of the records relating to or payments made on account of beneficial ownership interests in the Global Certificates, (ii) maintaining, supervising or reviewing any records relating to such beneficial ownership interests or (iii) the
performance by DTC, any DTC Participant or any Indirect Participant of their respective obligations under the rules, regulations and procedures creating and affecting DTC and its operation or any other statutory, regulatory, contractual or customary
procedures governing their obligations. 

  

					
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 ARTICLE V 

DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS 

Section 5.01 Statements to Certificateholders. (a) On each Regular Distribution Date and Special Distribution Date, the
Trustee will include with each distribution to the Class AA Certificateholders a statement, giving effect to the distribution to be made on such Regular Distribution Date or Special Distribution Date, setting forth the following information
(per $1,000 aggregate face amount of Class AA Certificates as to clauses (ii), (iii), (iv) and (v) below): 

(i) the aggregate amount of funds distributed on such Distribution Date under this Agreement and the Escrow Agreement,
indicating the amount, if any, allocable to each source (including any portion thereof paid by the Class AA Liquidity Provider); 

(ii) the amount of such distribution under this Agreement allocable to principal and the amount allocable to Premium (if any);

 (iii) the amount of such distribution under this Agreement allocable to interest (including any portion thereof paid by
the Class AA Liquidity Provider); 
 (iv) the amount of such distribution under the Escrow Agreement allocable to
interest, if any; 
 (v) the amount of such distribution under the Escrow Agreement allocable to unused Deposits, if any; and

 (vi) the Pool Balance and the Pool Factor. 

With respect to the Class AA Certificates registered in the name of DTC or its nominee, on the Record Date prior to each Regular
Distribution Date and Special Distribution Date, the Trustee will request that DTC post on its Internet bulletin board a securities position listing setting forth the names of all the DTC Participants reflected on DTC’s books as holding
interests in the Class AA Certificates on such Record Date. On each Regular Distribution Date and Special Distribution Date, the Trustee will mail to each such DTC Participant whose name has been provided by DTC the statement described above
and will make available additional copies as requested by such DTC Participants for forwarding to holders of interests in the Class AA Certificates. 

(b) Within a reasonable period of time after the end of each calendar year but not later than the latest date permitted by law, the Trustee
shall furnish to each Person who at any time during such calendar year was a Class AA Certificateholder of record a statement containing the sum of the amounts determined pursuant to clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v)
above for such calendar year or, in the event such Person was a Class AA Certificateholder of record during a portion of such calendar year, for the applicable portion of such year, and such other items as are readily available to the Trustee
and which a Class AA Certificateholder may reasonably request as necessary for the purpose of such Certificateholder’s preparation of its United States federal income tax returns or foreign income tax returns. With respect to Class AA
Certificates registered in the name of DTC or its nominee, such statement and such other items shall be prepared on the basis of information supplied to the Trustee by the DTC Participants and shall be delivered by the Trustee to such DTC
Participants to be available for forwarding by such DTC Participants to the holders of beneficial interests in the Class AA Certificates. 

(c) Promptly following: 

(i) the Delivery Period Termination Date, or, if later, the date of any Final Withdrawal (the later of such dates, the
“Escrow Period Termination Date”), if there has been, on 

  

					
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or prior to the Escrow Period Termination Date, (A) any change in the information set forth in clauses (y) and (z) below from that set forth on page
S-54 of the Prospectus Supplement, or (B) any early redemption or purchase of, or any default in the payment of principal or interest in respect of, any of the Series AA Equipment Notes held in the
Class AA Trust, any Event of Loss Withdrawal or any Final Withdrawal, and 
 (ii) the date of any early redemption or
purchase of, or any default in the payment of principal or interest in respect of, any of the Series AA Equipment Notes held in the Class AA Trust, in either case described in this clause (ii), occurring after the Escrow Period Termination
Date, 
 the Trustee shall furnish to Class AA Certificateholders of record on such date a statement setting forth (x) the
expected Pool Balances for each subsequent Regular Distribution Date following the Delivery Period Termination Date or the date of such early redemption, purchase or default, (y) the related Pool Factors for such Regular Distribution Dates and
(z) the expected principal distribution schedule of the Series AA Equipment Notes, in the aggregate, held as Trust Property at the date of such notice. With respect to the Class AA Certificates registered in the name of DTC, on the
Delivery Period Termination Date or the date of such early redemption, purchase or default, the Trustee will request from DTC a securities position listing setting forth the names of all DTC Participants reflected on DTC’s books as holding
interests in the Class AA Certificates on such date. The Trustee will mail (or in the case of Global Certificates, send electronically in accordance with DTC’s applicable procedures) to each such DTC Participant the statement described
above and will make available additional copies as requested by such DTC Participant for forwarding to holders of interests in the Class AA Certificates. 

(d) If the aggregate principal payments scheduled for a Regular Distribution Date prior to the Delivery Period Termination Date differ from the
amount thereof set forth for the Class AA Certificates on page S-54 of the Prospectus Supplement, by no later than the 15th day prior to such Regular Distribution Date, the Trustee shall mail (or in the case of Global Certificates, send
electronically in accordance with DTC’s applicable procedures) written notice of the actual amount of such scheduled payments to the Class AA Certificateholders of record as of a date within 15 Business Days prior to the date of mailing or
sending, as applicable. 
 (e) The provisions of this Section 5.01 supersede and replace the provisions of Section 4.03 of the
Basic Agreement in their entirety with respect to the Class AA Trust. 
 ARTICLE VI 

DEFAULT 

Section 6.01 Purchase Rights of Certificateholders. (a) By acceptance of its Class AA Certificate, each Class AA
Certificateholder agrees that at any time after the occurrence and during the continuation of a Certificate Buy-Out Event: 

(i) so long as no Class B Certificateholder or Additional Certificateholder has elected to exercise its rights to purchase
the Class AA Certificates and the Class A Certificates pursuant to, and given notice of such election in accordance with, this Section 6.01(a) (upon such election and notification thereof, the right specified in this
Section 6.01(a)(i) shall be suspended and (x) upon consummation of the purchase pursuant to such election, be terminated with respect to such Certificate Buy-Out Event, or (y) upon failure to
consummate such purchase on the proposed purchase date, such right shall be revived), each Class A Certificateholder (other than the Company or any of its Affiliates) shall have the right to purchase, at the purchase price set forth herein,
all, but not less than all, of the Class AA Certificates upon ten days’ prior written irrevocable notice to the Trustee, the Class A Trustee and each other Class A Certificateholder,

  

					
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on the third Business Day following the expiration of such ten-day notice period, provided that (A) if prior to the end of such ten-day period any other Class A Certificateholder(s) (other than the Company or any of its Affiliates) notifies such purchasing Class A Certificateholder that such other Class A Certificateholder(s)
want(s) to participate in such purchase, then such other Class A Certificateholder(s) (other than the Company or any of its Affiliates) may join with the purchasing Class A Certificateholder to purchase all, but not less than all, of the
Class AA Certificates pro rata based on the Fractional Undivided Interest in the Class A Trust held by each such Class A Certificateholder and (B) upon consummation of such purchase no Class A Certificateholder shall have a
right to purchase the Class AA Certificates pursuant to this Section 6.01(a)(i) during the continuance of such Certificate Buy-Out Event, 

(ii) so long as no Additional Certificateholder has elected to exercise its rights to purchase Certificates pursuant to, and
given notice of such election in accordance with, this Section 6.01(a) (upon such election and notification thereof, the right specified in this Section 6.01(a)(ii) shall be suspended and (x) upon consummation of the purchase pursuant
to such election, be terminated with respect to such Certificate Buy-Out Event, or (y) upon failure to consummate such purchase on the proposed purchase date, such right shall be revived), each
Class B Certificateholder (other than the Company or any of its Affiliates) shall have the right to purchase, at the purchase price set forth herein and in the Class A Trust Agreement, respectively, all, but not less than all, of the
Class AA Certificates and the Class A Certificates upon ten days’ prior written irrevocable notice to the Trustee, the Class A Trustee, the Class B Trustee and each other Class B Certificateholder, on the third Business
Day following the expiration of such ten-day notice period, provided that (A) if prior to the end of such ten-day period any other Class B
Certificateholder(s) (other than the Company or any of its Affiliates) notifies such purchasing Class B Certificateholder that such other Class B Certificateholder(s) want(s) to participate in such purchase, then such other Class B
Certificateholder(s) (other than the Company or any of its Affiliates) may join with the purchasing Class B Certificateholder to purchase all, but not less than all, of the Class AA Certificates and the Class A Certificates pro rata
based on the Fractional Undivided Interest in the Class B Trust held by each such Class B Certificateholder and (B) upon consummation of such purchase no Class B Certificateholder shall have a right to purchase the Class AA
Certificates and the Class A Certificates pursuant to this Section 6.01(a)(ii) during the continuance of such Certificate Buy-Out Event, 

(iii) if any Additional Certificates are issued by an Additional Trust, so long as no Junior Additional Certificateholder (if
any) has elected to exercise its rights to purchase Certificates pursuant to, and given notice of such election in accordance with, this Section 6.01(a) (upon such election and notification thereof, the right specified in this
Section 6.01(a)(iii) shall be suspended and (x) upon consummation of the purchase pursuant to such election, be terminated with respect to such Certificate Buy-Out Event, or (y) upon failure to
consummate such purchase on the proposed purchase date, such right shall be revived), each Additional Certificateholder (other than the Company or any of its Affiliates) shall have the right (which shall not expire upon any purchase of the
Class AA Certificates or the Class AA Certificates and Class A Certificates pursuant to clause (i) or (ii) above, respectively) to purchase all, but not less than all, of the Class AA Certificates, the Class A
Certificates, the Class B Certificates and any Additional Certificates ranked senior, in priority of payment of “Expected Distributions” therefor under the Intercreditor Agreement, to the Additional Certificates held by the purchasing
Additional Certificateholder upon ten days’ prior written irrevocable notice to the Trustee, the Class A Trustee, the Class B Trustee, the trustee of any Additional Trust with respect to any Additional Certificates that rank senior,
in priority of payment of “Expected Distributions” therefor under the Intercreditor Agreement, to the Additional Certificates held by the purchasing Additional Certificateholder and each other Additional Certificateholder of the same
class, on the third Business Day following the 

  

					
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expiration of such ten-day notice period, provided that (A) if prior to the end of such ten-day period
any other Additional Certificateholder(s) of such class (other than the Company or any of its Affiliates) notifies such purchasing Additional Certificateholder that such other Additional Certificateholder(s) want(s) to participate in such purchase,
then such other Additional Certificateholder(s) (other than the Company or any of its Affiliates) may join with the purchasing Additional Certificateholder to purchase all, but not less than all, of the Class AA Certificates, the Class A
Certificates, the Class B Certificates and such senior Additional Certificates pro rata based on the Fractional Undivided Interest in the applicable Additional Trust held by each such Additional Certificateholder and (B) upon consummation
of such purchase no Additional Certificateholder of such class shall have a right to purchase the Class AA Certificates, the Class A Certificates, the Class B Certificates and such senior Additional Certificates pursuant to this
Section 6.01(a)(iii) during the continuance of such Certificate Buy-Out Event, and 

(iv) if any Refinancing Certificates are issued, each Refinancing Certificateholder shall have the same right (subject to the
same terms and conditions) to purchase Certificates pursuant to this Section 6.01(a) (and to receive notice in connection therewith) as the Holders of the Class that such Refinancing Certificates refinanced. 

The purchase price with respect to the Class AA Certificates shall be equal to the Pool Balance of the Class AA Certificates,
together with accrued and unpaid interest in respect thereof to the date of such purchase, and any other amounts then due and payable to the Class AA Certificateholders under this Agreement, the Intercreditor Agreement, the Escrow Agreement,
any Series AA Equipment Note held as the property of the Class AA Trust or the related Indenture and Participation Agreement or on or in respect of the Class AA Certificates but without any Premium, provided, however, that if
such purchase occurs after (x) a record date specified in Section 2.03 of the Escrow Agreement relating to the distribution of unused Deposits and/or accrued and unpaid interest on Deposits and prior to or on the related distribution date
under the Escrow Agreement, such purchase price shall be reduced by the aggregate amount of unused Deposits and/or interest to be distributed under the Escrow Agreement (which deducted amounts shall remain distributable to, and may be retained by,
the Class AA Certificateholders as of such record date) or (y) the Record Date relating to any Distribution Date, such purchase price shall be reduced by the amount to be distributed hereunder on such related Distribution Date (which
deducted amounts shall remain distributable to, and may be retained by, the Class AA Certificateholders as of such Record Date); provided further that no such purchase of Class AA Certificates pursuant to this
Section 6.01(a) shall be effective unless the purchaser(s) shall certify to the Trustee that contemporaneously with such purchase, such purchaser(s) is purchasing, pursuant to the terms of this Agreement, the Class A Trust Agreement, the
Class B Trust Agreement, the applicable Additional Trust Agreement (if any) or the applicable Refinancing Trust Agreement (as the case may be), and the Intercreditor Agreement, all of the Class AA Certificates, the Class A
Certificates, the Class B Certificates and, if applicable, the Additional Certificates that rank senior, in priority of payment of “Expected Distributions” therefor under the Intercreditor Agreement, to the Additional Certificates
held by the purchasing Additional Certificateholder(s) and, if applicable, the Refinancing Certificates that are senior to the securities held by such purchaser(s). Each payment of the purchase price of the Class AA Certificates referred to in
the first sentence of this paragraph shall be made to an account or accounts designated by the Trustee and each such purchase shall be subject to the terms of this Section 6.01(a). Each Class AA Certificateholder agrees by its acceptance
of its Class AA Certificate that it will, upon payment from such Class A Certificateholder(s), Class B Certificateholder(s), Additional Certificateholder(s) or Refinancing Certificateholder(s), as the case may be, of the purchase
price set forth in the first sentence of this paragraph, forthwith sell, assign, transfer and convey to the purchaser(s) thereof (without recourse, representation or warranty of any kind except as to its own acts) all of the right, title, interest
and obligation of such Class AA Certificateholder in this Agreement, the Escrow 

  

					
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Agreement, the Deposit Agreement, the Intercreditor Agreement, the Class AA Liquidity Facility, the NPA, the Note Documents and all Class AA Certificates and Escrow Receipts held by
such Class AA Certificateholder (excluding all right, title and interest under any of the foregoing to the extent such right, title or interest is with respect to an obligation not then due and payable as respects any action or inaction or
state of affairs occurring prior to such sale) and the purchaser(s) shall assume all of such Class AA Certificateholder’s obligations under this Agreement, the Escrow Agreement, the Deposit Agreement, the Intercreditor Agreement, the
Class AA Liquidity Facility, the NPA, the Note Documents and all such Class AA Certificates and Escrow Receipts. The Class AA Certificates will be deemed to be purchased on the date payment of the purchase price is made
notwithstanding the failure of any Class AA Certificateholder to deliver any Class AA Certificate and, upon such a purchase, (i) the Class AA Certificateholders shall have no further rights with respect to the Class AA
Certificates and (ii) if the purchaser(s) shall so request, each such Class AA Certificateholder will comply with all the provisions of Section 3.04 of the Basic Agreement and the applicable provisions of this Trust Supplement to
enable new Class AA Certificates to be issued to the purchaser(s) in such denominations otherwise authorized under this Agreement as it shall request. All charges and expenses in connection with the issuance of any such new Class AA
Certificates shall be borne by the purchaser(s) thereof. 
 (b) This Section 6.01 supplements and, to the extent inconsistent with any
provision of Section 6.01(b) of the Basic Agreement, replaces the provisions of Section 6.01(b) of the Basic Agreement. Notwithstanding anything to the contrary set forth herein or in any Operative Agreement, the provisions of this
Section 6.01 may not be amended in any manner without the consent of each Class AA Certificateholder, each Class A Certificateholder, each Class B Certificateholder and each Additional Certificateholder (if any) or, as the case
may be, Refinancing Certificateholder (if any) (in each case, other than the Company or any of its Affiliates in its respective capacity as a Certificateholder) that would be adversely affected thereby; provided that the purchase price under
this Section 6.01 (as in effect on the date hereof) for any Certificate held by the Company or any of its Affiliates shall not be modified without the prior written consent of the Company. For the avoidance of doubt, if a Certificate Buy-Out Event ceases to exist and another Certificate Buy-Out Event occurs and is continuing, the purchase rights set forth in Section 6.01(a) shall be revived
notwithstanding any exercise of such rights during the continuance of any preceding Certificate Buy-Out Event. 

ARTICLE VII 
 THE
TRUSTEE 
 Section 7.01 Delivery of Documents; Delivery Dates. (a) The Trustee is hereby directed (i) to execute
and deliver the Intercreditor Agreement, the Escrow Agreement and the NPA on or prior to the date of the initial issuance of the Class AA Certificates (the “Issuance Date”), each in the form delivered to the Trustee by the Company,
and (ii) subject to the respective terms thereof, to perform its obligations thereunder. Upon request of the Company and the satisfaction or waiver of the closing conditions specified in the Underwriting Agreement, the Trustee shall execute,
deliver, authenticate, issue and sell Class AA Certificates in authorized denominations equaling in the aggregate the amount set forth, with respect to the Class AA Trust, in Schedule I to the Underwriting Agreement evidencing the entire
ownership interest in the Class AA Trust, which amount equals the maximum aggregate principal amount of Series AA Equipment Notes which may be purchased from time to time by the Trustee pursuant to the NPA. Except as provided in
Sections 3.03, 3.04, 3.05 and 3.06 of the Basic Agreement or Section 4.03 of this Trust Supplement, the Trustee shall not execute, authenticate or deliver Class AA Certificates in excess of the aggregate amount specified in this
paragraph. The provisions of this Section 7.01(a) supersede and replace the first three sentences of Section 2.02(a) of the Basic Agreement and the first sentence of Section 3.02(a) of the Basic Agreement, with respect to the
Class AA Trust. 

  

					
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 (b) On or after the Issuance Date, the Company may deliver from time to time, and in accordance
with Section 1(b) of the NPA, to the Trustee a Funding Notice relating to one or more Series AA Equipment Notes. After receipt of such a Funding Notice and in any case no later than one Business Day prior to a Funding Date as to which such
Funding Notice relates (the “Applicable Funding Date”), the Trustee shall (as and when specified in the Funding Notice) deliver to the Escrow Agent the Withdrawal Certificates and related Applicable Notices of Purchase Withdrawal, as
contemplated by Section 1.02(c) of the Escrow Agreement and by such Funding Notice. The Trustee shall (as and when specified in such Funding Notice), subject to the conditions set forth in Section 2 of the NPA, enter into and perform its
obligations under the Participation Agreement specified in such Funding Notice (the “Applicable Participation Agreement”) and cause such certificates, documents and legal opinions relating to the Trustee to be duly delivered as required by
the Applicable Participation Agreement. If at any time prior to the Applicable Funding Date, the Trustee receives from the Company a notice pursuant to the first sentence of Section 1(f) of the NPA, then the Trustee shall give notice to the
Depositary (with a copy to the Escrow Agent) of the cancellation of such Notice of Purchase Withdrawal relating to such Deposit or Deposits on such Applicable Funding Date as contemplated by Section 2.3 of the Deposit Agreement. Upon
satisfaction of the conditions specified in the NPA and the Applicable Participation Agreement, the Trustee shall purchase the applicable Series AA Equipment Notes with the proceeds of the withdrawals of one or more Deposits made on the Applicable
Funding Date in accordance with the terms of the Deposit Agreement and the Escrow Agreement. The purchase price of such Series AA Equipment Notes shall equal the principal amount of such Series AA Equipment Notes. Amounts withdrawn from such Deposit
or Deposits in excess of the purchase price of the Series AA Equipment Notes or to the extent not applied on the Applicable Funding Date to the purchase price of the Series AA Equipment Notes shall be
re-deposited by the Trustee with the Depositary on the Applicable Funding Date in accordance with the terms of the Deposit Agreement. The provisions of this Section 7.01(b) supersede and replace the last
sentence of Section 2.02(a) of the Basic Agreement and the provisions of Section 2.02(b) of the Basic Agreement with respect to the Class AA Trust, and no provisions of the Basic Agreement relating to Postponed Notes and
Section 2.02(b) of the Basic Agreement shall apply to the Class AA Trust. 
 (c) With respect to the Class AA Trust,
Section 4.01(b) of the Basic Agreement is superseded and replaced in its entirety with the following: “The Trustee shall establish and maintain on behalf of the Class AA Certificateholders a Special Payments Account as one or more
accounts, which shall be non-interest bearing except as provided in Section 4.04 of the Basic Agreement. The Trustee shall hold the Special Payments Account in trust for the benefit of the Class AA
Certificateholders and shall make or permit withdrawals therefrom only as provided in the Agreement or the Intercreditor Agreement. On each day when one or more Special Payments are made to the Trustee under the Intercreditor Agreement, the Trustee,
upon receipt thereof, shall immediately deposit the aggregate amount of such Special Payments in the Special Payments Account.” 
 (d)
With respect to the Class AA Trust, the second through fifth sentences of Section 4.02(c) of the Basic Agreement shall be superseded and replaced in their entirety with the following sentence: “Subject to the provisions of the
Intercreditor Agreement: (i) in the event of redemption or purchase of Series AA Equipment Notes held in the Class AA Trust, such notice shall be mailed (or in the case of Global Certificates, sent electronically in accordance with
DTC’s applicable procedures) not less than 15 days prior to the Special Distribution Date for the Special Payment resulting from such redemption or purchase, which Special Distribution Date shall be the date of such redemption or purchase; and
(ii) in the case of any other Special Payments, such notice of Special Payment shall be mailed (or in the case of Global Certificates, sent electronically in accordance with DTC’s applicable procedures) as soon as practicable after the
Trustee has confirmed that it has received funds for such Special Payment and shall state the Special Distribution Date for such Special Payment, which shall occur 15 days after the date of such notice of Special Payment or (if such 15th day is not
practicable) as soon as practicable thereafter.” 

  

					
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 (e) With respect to the Class AA Trust, clause (ii) of the sixth sentence of
Section 4.02(c) of the Basic Agreement shall be amended by deleting in its entirety the parenthetical phrase “(taking into account any payment to be made by the Company pursuant to Section 2.02(b)).” 

Section 7.02 Withdrawal of Deposits. If any Deposits remain outstanding on the Business Day next succeeding the Cut-off Date, the Trustee shall promptly give the Escrow Agent notice, as contemplated by clause (ii) of Section 1.02(f) of the Escrow Agreement, that the Trustee’s obligation to purchase Series AA
Equipment Notes under the NPA has terminated and the Cut-off Date has occurred. 
 Section 7.03
The Trustee. (a) Subject to Section 7.04 of this Trust Supplement and Section 7.15 of the Basic Agreement, the Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Trust Supplement, the Intercreditor Agreement, the Deposit Agreement, the NPA or the Escrow Agreement or the due execution hereof or thereof by the Company or the other parties thereto (other than the Trustee), or for or in respect of the recitals
and statements contained herein or therein, all of which recitals and statements are made solely by the Company or the other parties thereto (other than the Trustee), except that the Trustee hereby represents and warrants that each of this Trust
Supplement, the Basic Agreement, each Class AA Certificate, the Intercreditor Agreement, the NPA and the Escrow Agreement has been executed and delivered by one of its officers who is duly authorized to execute and deliver such document on its
behalf. 
 (b) In addition to the requirements in Section 7.08 of the Basic Agreement, the Trustee shall at all times be a bank or trust
company, organized and doing business under the laws of the United States or any state thereof, a substantial part of the business of which consists of (i) receiving deposits and making loans or (ii) exercising fiduciary powers similar to
those permitted to national banks by the Comptroller of the Currency, and which is subject to supervision and examination by state or federal authority having supervision over banking institutions. 

Section 7.04 Representations and Warranties of the Trustee. The Trustee hereby represents and warrants that: 

(a) the Trustee has full power, authority and legal right to execute, deliver and perform this Trust Supplement, the Intercreditor Agreement,
the Escrow Agreement, the NPA, the Class AA Certificates and the Note Documents to which it is or is to become a party and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Supplement, the
Intercreditor Agreement, the Escrow Agreement, the NPA, the Class AA Certificates and the Note Documents to which it is or is to become a party; 

(b) the execution, delivery and performance by the Trustee of this Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the
NPA, the Class AA Certificates and the Note Documents to which it is or is to become a party (i) will not violate any provision of any United States federal law governing its banking powers or the law of the state of the United States
where it is located governing the banking and trust powers of the Trustee or any order, writ, judgment, or decree of any court, arbitrator or governmental authority applicable to the Trustee or any of its assets, (ii) will not violate any
provision of the articles of association or by-laws of the Trustee, and (iii) will not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the
creation or imposition of any lien on any properties included in the Trust Property pursuant to the provisions of, any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or lien could
reasonably be expected to have an adverse effect on the Trustee’s performance or ability to perform its duties hereunder or thereunder or on the transactions contemplated herein or therein; 

(c) the execution, delivery and performance by the Trustee of this Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the
NPA, the Class AA Certificates and the Note Documents to which it is or is to become a party will not require the authorization, consent, or approval 

  

					
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of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency of the United States or the state of the United
States where it is located regulating the banking and corporate trust activities of the Trustee; and 
 (d) this Trust Supplement, the
Intercreditor Agreement, the Escrow Agreement, the NPA, the Class AA Certificates and the Note Documents to which it is or is to become a party have been, or will be, as applicable, duly executed and delivered by the Trustee and constitute, or
will constitute, as applicable, the legal, valid and binding agreements of the Trustee, enforceable against it in accordance with their respective terms; provided, however, that enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and (ii) general principles of equity. 

Section 7.05 Trustee Liens. The Trustee in its individual capacity agrees, in addition to the agreements contained in
Section 7.17 of the Basic Agreement, that it will at its own cost and expense promptly take any action as may be necessary to duly discharge and satisfy in full any Trustee’s Liens on or with respect to the Trust Property which are
attributable to the Trustee in its individual capacity and which are unrelated to the transactions contemplated by the Intercreditor Agreement or the NPA. 

ARTICLE VIII 

ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS 

Section 8.01 Amendment of Sections 5.02, 6.07, 7.09, 8.04, 9.01, 12.01 and 12.02 of the Basic Agreement. For purposes of this
Agreement, the Basic Agreement shall be deemed amended as follows: 
 (a) Section 5.02 of the Basic Agreement shall be deemed amended
and restated in its entirety to read as set forth in Part A of Exhibit C. 
 (b) Section 6.07 of the Basic Agreement shall be deemed
amended and restated in its entirety to read as set forth in Part B of Exhibit C. 
 (c) Section 7.09 of the Basic Agreement shall be
deemed amended by amending and restating the second sentence of subsection (e) thereof in its entirety to read as set forth in Part C of Exhibit C. 

(d) Section 8.04 of the Basic Agreement shall be deemed amended by amending and restating subsection (a) thereof in its entirety to
read as set forth in Part D of Exhibit C. 
 (e) Section 9.01 of the Basic Agreement shall be deemed amended by amending and restating
clause (4) thereof in its entirety to read as set forth in Part E of Exhibit C. 
 (f) Section 12.01 of the Basic Agreement shall
be deemed amended and restated in its entirety to read as set forth in Part F of Exhibit C. 
 (g) Section 12.02 of the Basic Agreement
shall be deemed amended and restated in its entirety to read as set forth in Part G of Exhibit C. 
 Section 8.02 Supplemental
Agreements Without Consent of Class AA Certificateholders. Without limitation of Section 9.01 of the Basic Agreement (for the avoidance of doubt, as amended by Section 8.01 above), under the terms of, and subject to
the limitations contained in, such Section 9.01 of the Basic Agreement, the Company may (but will not be required to), and the Trustee (subject to Section 9.03 of the Basic Agreement) shall, at the Company’s request, at any time and

  

					
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from time to time, enter into (or, in the case of the Deposit Agreement, consent to) and, if applicable, request the Escrow Agent and Escrow Paying Agent to enter into (i) one or more
agreements supplemental to the Escrow Agreement, the NPA or the Deposit Agreement, for any of the purposes set forth in clauses (1) through (9) of such Section 9.01, and (without limitation of the foregoing or Section 9.01 of the
Basic Agreement) (a) clauses (2) and (3) of such Section 9.01 shall also be deemed to include the Company’s obligations under (in the case of clause (2)), and the Company’s rights and powers conferred by (in the
case of clause (3)), the NPA and any Participation Agreement, (b) references in clauses (4) and (6) of such Section 9.01 to “any Intercreditor Agreement or any Liquidity Facility” shall also be deemed to refer
to “the Intercreditor Agreement, the Class AA Liquidity Facility, the Escrow Agreement, the NPA, any Participation Agreement or the Deposit Agreement”, and (c) references to “any Intercreditor Agreement or any Liquidity
Facility” in clause (7) of such Section 9.01 shall also be deemed to refer to “the Intercreditor Agreement, the NPA, any Indenture, the Class AA Liquidity Facility, the Escrow Agreement, the Deposit Agreement or any
Participation Agreement”, (ii) one or more agreements supplemental to any Operative Agreement, the NPA, the Escrow Agreement or the Deposit Agreement to provide for the formation of one or more Additional Trusts in existence at any one
time, the issuance of one or more Classes of Additional Certificates from time to time, the purchase by any Additional Trust of applicable Additional Equipment Notes and other matters incidental thereto or as otherwise contemplated by
Section 2.01(b) of the Basic Agreement, all as provided in Section 4(a)(v) of the NPA and Section 8.01(d) of the Intercreditor Agreement, and (iii) one or more agreements supplemental to any Operative Agreement, the NPA, the
Escrow Agreement or the Deposit Agreement to provide for the formation of one or more Refinancing Trusts, the issuance of one or more Classes of Refinancing Certificates, the purchase by any Refinancing Trust of applicable Refinancing Equipment
Notes and other matters incidental thereto or as otherwise contemplated by Section 2.01(b) of the Basic Agreement, all as provided in Section 4(a)(v) of the NPA and Section 8.01(c) of the Intercreditor Agreement. In addition, the
following provisions of Section 9.01 of the Basic Agreement shall be amended, with respect to the Class AA Trust, as follows: (A) Section 9.01(5) of the Basic Agreement shall be amended by inserting the phrase “(or to
facilitate any listing of any Certificates on any exchange or quotation system) or any requirement of DTC or like depositary,” after the phrase “any exchange or quotation system on which the Certificates of any series are listed” but
before the phrase “or of any regulatory body”; (B) Section 9.01(6) of the Basic Agreement shall be amended by inserting the phrase “to establish or” after the phrase “to such extent as shall be necessary” but
before the phrase “to continue”; and (C) Section 9.01(7) of the Basic Agreement shall be amended by replacing the phrase “and to add to or change” with the phrase “, or to evidence the substitution of a Liquidity
Provider with a Replacement Liquidity Provider or to provide for a Replacement Liquidity Facility or to incorporate appropriate mechanics for multiple instruments for a Replacement Liquidity Facility for a single Trust, all as provided in any
Intercreditor Agreement; or to evidence the substitution of a Depositary with a Replacement Depositary or to provide for a Replacement Deposit Agreement, all as provided in the NPA; or to evidence and provide for the acceptance of appointment by a
successor Escrow Agent or successor Escrow Paying Agent under the Escrow Agreement; or to provide multiple Liquidity Facilities with respect to one or more Trusts; or to add to or change”. 

Section 8.03 Supplemental Agreements with Consent of Class AA Certificateholders. Without limitation of
Section 9.02 of the Basic Agreement, the provisions of Section 9.02 of the Basic Agreement shall apply to agreements or amendments for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of the Escrow Agreement, the Deposit Agreement, the Class AA Liquidity Facility or the NPA or modifying in any manner the rights and obligations of the Class AA Certificateholders under the Escrow Agreement, the Deposit Agreement, the
Class AA Liquidity Facility or the NPA; provided that the provisions of Section 9.02(1) of the Basic Agreement shall be deemed to include reductions in any manner of, or delay in the timing of, any receipt by the Class AA
Certificateholders of payments upon the Deposits. 

  

					
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 Section 8.04 Consent of Trustees for Amendment of Section 6.01.
Notwithstanding any provision in Section 8.02 or Section 8.03 of this Trust Supplement to the contrary, no amendment or modification of Section 6.01 of this Trust Supplement shall be effective unless the trustee for each Class of
Certificates affected by such amendment or modification shall have consented thereto. 
 Section 8.05 Notice to Rating Agencies.
Promptly following its receipt of each amendment, consent, modification, supplement or waiver contemplated by this Article VIII, the Trustee shall send a copy thereof to each Rating Agency. 

ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.01 Final Termination Date. The respective obligations and responsibilities of the Company and the Trustee created hereby
and the Class AA Trust created hereby shall terminate upon the distribution to all Class AA Certificateholders and the Trustee of all amounts required to be distributed to them pursuant to this Agreement and the disposition of all property
held as part of the Trust Property; provided, however, that in no event shall the Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, Sr., the
father of John F. Kennedy, former President of the United States, living on the date of this Trust Supplement. 
 Notice of any termination
of the Class AA Trust, specifying the applicable Regular Distribution Date (or applicable Special Distribution Date, as the case may be) upon which the Class AA Certificateholders may surrender their Class AA Certificates to the
Trustee for payment of the final distribution and cancellation, shall be mailed (or in the case of Global Certificates, sent electronically in accordance with DTC’s applicable procedures) promptly by the Trustee to the Class AA
Certificateholders not earlier than 60 days and not later than 15 days preceding such final distribution. 
 Section 9.02 Basic
Agreement Ratified. Except and so far as herein expressly provided, all of the provisions, terms and conditions of the Basic Agreement are in all respects ratified and confirmed; and the Basic Agreement and this Trust Supplement shall be taken,
read and construed as one and the same instrument. To the extent that any provisions of the Basic Agreement are superseded by any provisions of this Trust Supplement, any reference to such provisions of the Basic Agreement herein or in the Basic
Agreement shall be deemed to be to such provisions of this Trust Supplement. 
 Section 9.03 Governing Law. THIS AGREEMENT HAS
BEEN DELIVERED IN THE STATE OF NEW YORK AND THIS AGREEMENT AND THE CLASS AA CERTIFICATES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

Section 9.04 Counterparts. This Trust Supplement may be executed in any number of counterparts (and each of the parties shall
not be required to execute the same counterpart). Each counterpart of this Trust Supplement including a signature page or pages executed by each of the parties hereto shall be an original counterpart of this Trust Supplement, but all of such
counterparts together shall constitute one instrument. 
 Section 9.05 Intention of Parties. The parties hereto intend that the
Class AA Trust be classified for United States federal income tax purposes as a grantor trust under Subpart E, Part I, Subchapter J, Chapter 1 of Subtitle A of the Code, and not as a trust or association taxable as a corporation or as
a partnership. Each Certificateholder of, and each Person acquiring a beneficial interest in, a Class AA Certificate, by its acceptance of its Class AA Certificate or a beneficial interest therein, 

  

					
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 agrees to treat the Class AA Trust as a grantor trust for all United States federal, state and local income
tax purposes. The Trustee shall not be authorized or empowered to do anything that would cause the Class AA Trust to fail to qualify as a grantor trust for such tax purposes (including as subject to this restriction, acquiring any Aircraft by
bidding the Equipment Notes relating thereto or otherwise, or taking any action with respect to any such Aircraft once acquired). 

Section 9.06 Submission to Jurisdiction. Each of the parties hereto, to the extent it may do so under applicable law, for purposes
hereof and of all other Operative Agreements hereby (i) irrevocably submits itself to the non-exclusive jurisdiction of the courts of the State of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding arising out of this Agreement, the subject matter hereof
or any of the transactions contemplated hereby brought by any party or parties hereto or thereto, or their successors or permitted assigns and (ii) waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such
suit, action or proceeding, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof or any of the transactions
contemplated hereby may not be enforced in or by such courts. 
 Section 9.07 Successor and Assigns. All covenants, agreements,
representations and warranties in this Agreement by the Trustee and the Company shall bind and, to the extent permitted hereby, shall inure to the benefit of and be enforceable by their respective successors and assigns, whether so expressed or not.
Any request, notice, direction, consent, waiver or other instrument or action by any Class AA Certificateholder shall bind the successors and assigns of such Class AA Certificateholder. 

Section 9.08 Normal Commercial Relations. Anything contained in this Agreement to the contrary notwithstanding, the Trustee and
any Class AA Certificateholder, or any bank or other Affiliate of any such party, may conduct any banking or other financial transactions, and have banking and other commercial relationships, with the Company fully to the same extent as if this
Agreement were not in effect, including without limitation the making of loans or other extensions of credit to the Company for any purpose whatsoever, whether related to any of the transactions contemplated hereby or otherwise. 

Section 9.09 No Recourse against Others. No past, present or future director, officer, employee, agent, member, manager, trustee
or stockholder, as such, of the Company or any successor Person shall have any liability for any obligations of the Company or any successor Person, either directly or through the Company or any successor Person, under the Class AA Certificates
or this Agreement or for any claim based on, in respect of or by reason of such obligations or their creation, whether by virtue of any rule of law, statute or constitutional provision of by the enforcement of any assessment or by any legal or
equitable proceeding or otherwise. By accepting a Class AA Certificate, each Class AA Certificateholder agrees to the provisions of this Section 9.09 and waives and releases all such liability. Such waiver and release shall be part of
the consideration for the issue of the Class AA Certificates. 
 [Remainder of Page Intentionally Blank; Signature Pages Follow]

  

  

					
		  	24	  	 Trust Supplement No. 2017-1AA

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 IN WITNESS WHEREOF, the parties have caused this Trust Supplement to be duly executed by their
respective officers thereto duly authorized as of the date first written above. 
  

			
	SPIRIT AIRLINES, INC.
		
	By:	 	 /s/ Edward Christie

		 	Name:  Edward Christie
		 	Title:    Executive Vice President and
		 	             Chief Financial Officer

 Signature Page 

  

					
		  		  	 Trust Supplement No. 2017-1AA

(Spirit 2017-1 EETC)

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Jacqueline Solone

		 	Name: Jacqueline Solone
		 	Title:   Vice President

 Signature Page 

  

					
		  		  	 Trust Supplement No. 2017-1AA

(Spirit 2017-1 EETC)

 EXHIBIT A to 

TRUST SUPPLEMENT NO. 2017-1AA 

FORM OF CERTIFICATE 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 

BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) NO ASSETS OF A PLAN OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN HAVE
BEEN USED TO PURCHASE OR HOLD THIS CERTIFICATE OR AN INTEREST HEREIN OR (B) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE OR
PROVISIONS OF SIMILAR LAW PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR SIMILAR EXEMPTIONS UNDER SIMILAR LAW. 

FURTHER, BY ITS ACQUISITION HEREOF, A HOLDER WHO IS AN ERISA PLAN REPRESENTS THAT THE DECISION TO ACQUIRE OR ACCEPT THIS CERTIFICATE OR
INTEREST HEREIN HAS BEEN MADE BY A DULY AUTHORITZED FIDUCIARY OF THE ERISA PLAN THAT (A) IS INDEPENDENT (AS THAT TERM IS USED IN 29 C.F.R. 2510-3-21(c)(1)) OF THE
COMPANY AND ITS AFFILIATES AND THERE IS NO FINANCIAL INTEREST, OWNERSHIP INTEREST, OR OTHER RELATIONSHIP, AGREEMENT OR UNDERSTANDING OR OTHERWISE THAT WOULD LIMIT ITS ABILITY TO CARRY OUT ITS FIDUCIARY RESPONSIBILITY TO THE ERISA PLAN; (B) IS A
BANK, INSURANCE CARRIER, REGISTERED INVESTMENT ADVISER, A REGISTERED BROKER-DEALER, OR AN INDEPENDENT FIDUCIARY THAT HOLDS, OR HAS UNDER MANAGEMENT OR CONTROL, TOTAL ASSETS OF AT LEAST $50 MILLION (IN EACH CASE, AS SPECIFIED IN 29 C.F.R. 2510.3-21(c)(1)(i)(A)-(E)); (C) IS CAPABLE OF EVALUATING INVESTMENT RISKS INDEPENDENTLY, BOTH IN GENERAL AND WITH REGARD TO PARTICULAR TRANSACTIONS AND INVESTMENT STRATEGIES (INCLUDING, WITHOUT LIMITATION, WITH
RESPECT TO THE DECISION TO ACQUIRE OR ACCEPT THIS CERTIFICATE OR INTEREST HEREIN); (D) HAS BEEN FAIRLY INFORMED THAT THE COMPANY AND ITS AFFILIATES HAVE NOT AND WILL NOT UNDERTAKE TO PROVIDE IMPARTIAL INVESTMENT ADVICE, OR TO GIVE ADVICE IN A
FIDUCIARY CAPACITY, IN CONNECTION WITH THE ACQUISITION OR ACCEPTANCE OF THIS CERTIFICATE OR INTEREST HEREIN; (E) HAS BEEN FAIRLY INFORMED 

 

	* 	 This legend to appear on Book-Entry Certificates to be deposited with The Depositary Trust Company.

  

					
		  		  	 Trust Supplement No. 2017-1AA

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THAT THE COMPANY AND ITS AFFILIATES HAVE FINANCIAL INTERESTS IN THE ERISA PLAN’S ACQUISITION OR ACCEPTANCE OF THIS CERTIFICATE OR INTEREST HEREIN, WHICH INTERESTS MAY CONFLICT WITH THE
INTEREST OF THE ERISA PLAN, AS MORE FULLY DESCRIBED IN THE OFFERING MATERIALS; (F) IS A FIDUCIARY UNDER ERISA OR THE CODE, OR BOTH, WITH RESPECT TO THE DECISION TO ACQUIRE OR ACCEPT THIS CERTIFICATE OR INTEREST HEREIN AND IS RESPONSIBLE FOR
EXERCISING (AND HAS EXERCISED) INDEPENDENT JUDGMENT IN EVALUATING WHETHER TO INVEST THE ASSETS OF THE ERISA PLAN IN THIS CERTIFICATE OR INTEREST HEREIN; AND (G) IS NOT PAYING FOR THE COMPANY OR ANY OF ITS AFFILIATES, ANY FEE OR OTHER
COMPENSATION DIRECTLY FOR THE PROVISION OF INVESTMENT ADVICE (AS OPPOSED TO OTHER SERVICES) IN CONNECTION WITH THE ERISA PLAN’S ACQUISITION OR ACCEPTANCE OF THIS CERTIFICATE OR INTEREST HEREIN. 

CERTAIN TERMS USED IN THE FOREGOING PARAGRAPHS SHALL HAVE THE MEANINGS SPECIFIED IN THE AGREEMENT. 

  

					
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 [GLOBAL CERTIFICATE]† 
 SPIRIT AIRLINES PASS THROUGH TRUST 2017-1AA 
 SPIRIT AIRLINES PASS THROUGH CERTIFICATE,
SERIES 2017-1AA 
 Final Expected Regular Distribution Date: February 15, 2030 

evidencing a fractional undivided interest in the
Trust,                       

the property of which includes or will include,
among                       

other things, certain Equipment Notes each secured
by                       

an Aircraft owned by Spirit Airlines,
Inc.                                         
   
  

					
	Certificate No.             	  	$                 Fractional Undivided Interest representing 0.0004046960934686100% of the Trust per $1,000 face amount	  	             CUSIP No. 84858W AA4

 

            ISIN No. US84858WAA45

 THIS CERTIFIES THAT
                , for value received, is the registered owner of a
$                (                dollars) Fractional Undivided Interest (or such lesser
amounts as shall be the aggregate outstanding face amount hereof as set forth in the records of the Trustee) in the Spirit Airlines Pass Through Trust, Series 2017-1AA (the “Trust”) created by
WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (together with any successor in interest and any successor or other trustee appointed pursuant to the Trust Supplement referred to below, the “Trustee”) under a Pass Through Trust
Agreement, dated as of August 11, 2015 (the “Basic Agreement”), between Wilmington Trust, National Association and Spirit Airlines, Inc., a Delaware corporation (together with any successor in interest pursuant to Section 5.02 of
the Basic Agreement, the “Company”), as supplemented by Trust Supplement No. 2017-1AA thereto dated as of November 28, 2017 (collectively with the Basic Agreement, and as may be amended
from time to time, the “Agreement”), between the Trustee and the Company, a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in the Agreement. This Certificate is one of the duly authorized Certificates designated as “Spirit Airlines Pass Through Certificates, Series 2017-1AA” (herein called
the “Certificates”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement. By virtue of its acceptance hereof, the Certificateholder of this Certificate assents to and agrees to be bound
by all of the provisions of the Agreement and the Intercreditor Agreement, including the subordination provisions of Section 9.09 of the Intercreditor Agreement. The Trust Property is expected to include certain Equipment Notes and includes all
rights of the Trust and the Trustee, on behalf of the Trust, to receive any payments under the Intercreditor Agreement and the Class AA Liquidity Facility. Each issue of the Equipment Notes will be secured by, among other things, a security
interest in the Aircraft owned by the Company. 
 The Certificates represent Fractional Undivided Interests in the Trust and the Trust
Property, and will have no rights, benefits or interest in respect of any other separate trust established pursuant to the terms of the Basic Agreement for any other series of certificates issued pursuant thereto. 

Subject to and in accordance with the terms of the Agreement and the Intercreditor Agreement, from funds then available to the Trustee, there
will be distributed on each February 15 and August 15 (each, a “Regular Distribution Date”), commencing on August 15, 2018, to the Person in whose name this Certificate is registered at the close of business on the 15th day
preceding the Regular Distribution Date, an amount in respect of the Scheduled Payments on the Series AA Equipment Notes due on such Regular Distribution Date, the receipt of which has been confirmed by the Trustee, equal to 

 
  

	† 	 To be included on the face of each Global Certificate.

  

					
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the product of the percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Scheduled Payments. Subject to and in accordance with the terms of the
Agreement and the Intercreditor Agreement, in the event that Special Payments on the Series AA Equipment Notes are received by the Trustee, from funds then available to the Trustee, there shall be distributed on the applicable Special Distribution
Date, to the Person in whose name this Certificate is registered at the close of business on the 15th day preceding the applicable Special Distribution Date, an amount in respect of such Special Payments on the Series AA Equipment Notes, the receipt
of which has been confirmed by the Trustee, equal to the product of the percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Special Payments so received. If a Regular Distribution Date or Special
Distribution Date is not a Business Day, distribution shall be made on the immediately following Business Day and no interest shall accrue during the intervening period. The Trustee shall mail (or in the case of Global Certificates, send
electronically in accordance with DTC’s applicable procedures) notice of each Special Payment and the Special Distribution Date therefor to the Certificateholder of this Certificate. 

Distributions on this Certificate will be made by the Trustee by check mailed to the Person entitled thereto, without the presentation or
surrender of this Certificate or the making of any notation hereon, except that with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distributions shall be made by wire transfer. Except
as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after notice mailed (or in the case of Global Certificates, sent electronically in accordance with DTC’s applicable
procedures) by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Trustee specified in such notice. 

The Certificates do not represent a direct obligation of, or an obligation guaranteed by, or an interest in, the Company, the Trustee, the
Subordination Agent, any Loan Trustee or any Affiliate of any thereof. The Certificates are limited in right of payment, all as more specifically set forth on the face hereof and in the Agreement. All payments or distributions made to
Certificateholders under the Agreement shall be made only from the Trust Property and only to the extent that the Trustee shall have sufficient income or proceeds from the Trust Property to make such payments in accordance with the terms of the
Agreement. Each Certificateholder of this Certificate, by its acceptance hereof, agrees that it will look solely to the income and proceeds from the Trust Property to the extent available for any payment or distribution to such Certificateholder
pursuant to the terms of the Agreement and that it will not have any recourse to the Company, the Trustee, the Loan Trustees or any Affiliate of any thereof except as otherwise expressly provided in the Agreement, in any Note Document or in the
Intercreditor Agreement. This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby. A copy
of the Agreement may be examined during normal business hours at the principal office of the Trustee, and at such other places, if any, designated by the Trustee, by any Certificateholder upon request. 

The Agreement permits, with certain exceptions therein provided, the amendment thereof, and the modification of the rights and obligations of
the Company and the rights of the Certificateholders under the Agreement, at any time by the Company and the Trustee with the consent of the Certificateholders holding Certificates evidencing Fractional Undivided Interests aggregating not less than
a majority in interest in the Trust. Any such consent by the Certificateholder of this Certificate shall be conclusive and binding on such Certificateholder and upon all future Certificateholders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the
Certificateholders of any of the Certificates. 

  

					
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 As provided in the Agreement and subject to certain limitations set forth therein, the transfer
of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee in its capacity as Registrar, or by any successor Registrar, duly endorsed or
accompanied by a written instrument of transfer in form satisfactory to the Trustee and the Registrar, duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same aggregate Fractional Undivided Interest in the Trust will be issued to the designated transferee or transferees. 

The Certificates are issuable only as registered Certificates without coupons in minimum denominations of $2,000 (or such other denomination
that is the lowest integral multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) Fractional Undivided Interest and integral multiples of $1,000 in excess thereof except that one Certificate may be issued in a different
denomination. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of authorized denominations evidencing the same aggregate Fractional Undivided Interest in the
Trust, as requested by the Certificateholder surrendering the same. 
 No service charge will be made for any such registration of transfer
or exchange, but the Trustee shall require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

The Company, the Trustee, the Registrar and any Paying Agent shall deem and treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes, and none of the Company, the Trustee, the Registrar or any such agent shall be affected by any notice to the contrary. 

Each Certificateholder and Person with a beneficial interest herein, by its acceptance of this Certificate or such interest, agrees to treat
the Trust as a grantor trust for all U.S. federal, state and local income tax purposes. 
 The obligations and responsibilities created by
the Agreement and the Trust created thereby shall terminate upon the distribution to Certificateholders of all amounts required to be distributed to them pursuant to the Agreement and the disposition of all property held as part of the Trust
Property. 
 Any Person acquiring or accepting this Certificate or an interest herein will, by such acquisition or acceptance, be deemed to
(a) represent and warrant to the Company, the Loan Trustees and the Trustee that either: (i) no assets of a Plan or any trust established with respect to a Plan have been used to purchase or hold this Certificate or an interest herein or
(ii) the purchase and holding of this Certificate or interest herein by such Person are exempt from the prohibited transaction restrictions of ERISA and the Code or provisions of Similar Law pursuant to one or more prohibited transaction
statutory or administrative exemptions or similar exemptions under Similar Law and (b) direct the Trustee to invest the assets held in the Trust pursuant to, and take all other actions contemplated by, the terms and conditions of the Basic
Agreement, this Trust Supplement, the Intercreditor Agreement, the Deposit Agreement, the Escrow Agreement, the NPA, and each Participation Agreement. 

Any Person who is an ERISA Plan and is acquiring or accepting this Certificate or an interest herein will, by such acquisition or acceptance,
be deemed to represent and warrant to the Company, the Loan Trustees and the Trustee that the decision to acquire or accept this Certificate or interest herein has been made by a duly authorized fiduciary of the ERISA Plan that (i) is
independent (as that term is used in 29 C.F.R. 2510.3-21(c)(1)) of the Company and its Affiliates and there is no financial interest, ownership interest, or other relationship, agreement or understanding or
otherwise that would limit its ability to carry out its fiduciary responsibility to the ERISA Plan; (ii) is a bank, insurance carrier, registered investment adviser, a registered broker-dealer, or an independent fiduciary that holds, or has
under management or control, total assets of at least $50 million (in each case, as specified in 29 C.F.R. 

  

					
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2510.3-21(c)(1)(i)(A)-(E)); (iii) is capable of evaluating investment risks independently, both in general and with regard to particular transactions and
investment strategies (including, without limitation, with respect to the decision to acquire or accept this Certificate or interest herein); (iv) has been fairly informed that the Company and its Affiliates have not and will not undertake to
provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the acquisition or acceptance of this Certificate or interest herein; (v) has been fairly informed that the Company and its Affiliates have
financial interests in the ERISA Plan’s acquisition or acceptance of this Certificate or interest herein, which interests may conflict with the interest of the ERISA Plan, as more fully described in the offering materials; (vi) is a
fiduciary under ERISA or the Code, or both, with respect to the decision to acquire or accept this Certificate or interest herein and is responsible for exercising (and has exercised) independent judgment in evaluating whether to invest the assets
of the ERISA Plan in this Certificate or interest herein; and (vii) is not paying the Company or any of its Affiliates, any fee or other compensation directly for the provision of investment advice (as opposed to other services) in connection
with the ERISA Plan’s acquisition or acceptance of this Certificate or interest herein. 
 THIS CERTIFICATE AND THE AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

Unless the certificate of authentication hereon has been executed by the Trustee, by manual signature, this Certificate shall not be entitled
to any benefit under the Agreement or be valid for any purpose. 

  

					
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 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed. 

 

			
	SPIRIT AIRLINES PASS THROUGH TRUST 2017-1AA
		
	By:	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 	as Trustee
		
	By:	 	  

		 	Title:

 Dated: 

  

					
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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Agreement. 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Officer

  

					
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 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 

 

                          
                                         
    
 Please print or typewrite name and address including zip code of assignee 

 

                          
                                         
    
 the within Certificate and all rights thereunder, hereby irrevocably constituting and appointing
                                         
                attorney to transfer said Certificate on the books of the Trustee with full power of substitution in the premises. 

 

			
	 Date:
                                         
                       
	  	                                      
                          
		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.
		
		  	SIGNATURE GUARANTEE:
                                         
   

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

					
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 EXHIBIT B to 

TRUST SUPPLEMENT NO. 2017-1AA 

DTC LETTER OF REPRESENTATIONS 

  

					
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 EXHIBIT C to 

TRUST SUPPLEMENT NO. 2017-1AA 

AMENDMENTS TO BASIC AGREEMENT 
 Part A

 Section 5.02. Consolidation, Merger, Etc. The Company shall not consolidate with or merge into any other
Person or convey, transfer or lease substantially all of its assets as an entirety to any Person, unless: 
 (i) the
successor or transferee entity shall, if and to the extent required under Section 1110 in order that any Loan Trustee continues to be entitled to any benefits of Section 1110 with respect to any Aircraft, be a holder of an air carrier
operating certificate issued by the Secretary of Transportation pursuant to Chapter 447 of Title 49 of the United States Code for aircraft capable of carrying ten or more individuals or 6,000 pounds or more of cargo, and shall execute and deliver to
the Trustee an agreement containing the express assumption by such successor or transferee entity of the due and punctual performance and observance of each covenant and condition of the Note Documents, the NPA and this Agreement to be performed or
observed by the Company; and 
 (ii) the Company shall deliver to the Trustee a certificate signed by a Responsible Officer
of the Company stating that such consolidation, merger, conveyance, transfer or lease and the assumption agreement mentioned in clause (i) above comply with this Section 5.02. 

Upon any consolidation or merger, or any conveyance, transfer or lease of substantially all of the assets of the Company as an
entirety in accordance with this Section 5.02, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under the Note Documents, the NPA and this Agreement with the same effect as if such successor Person had been named as the Company herein. 

Part B 
 Section 6.07.
Certificateholders May Not Bring Suit Except Under Certain Conditions. A Certificateholder of any series shall not have the right to institute any suit, action or proceeding at law or in equity or otherwise with respect to this Agreement, the
related Trust Supplement or the Certificates or otherwise, or for the appointment of a receiver or for the enforcement of any other remedy under this Agreement, the related Trust Supplement or the Certificates or otherwise, unless: 

 

	 	(1)	such Certificateholder previously shall have given written notice to the Trustee of a continuing Event of Default; 

  

	 	(2)	Certificateholders holding Certificates of such series evidencing Fractional Undivided Interests aggregating not less than 25% of the related Trust shall have requested the Trustee in writing to institute such action,
suit or proceeding and shall have offered to the Trustee indemnity as provided in Section 7.03(e); 

  

					
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	 	(3)	the Trustee shall have refused or neglected to institute any such action, suit or proceeding for 60 days after receipt of such notice, request and offer of indemnity; and 

 

	 	(4)	no Direction inconsistent with such written request shall have been given to the Trustee during such 60-day period by either Certificateholders holding Certificates of such series
evidencing Fractional Undivided Interests aggregating not less than a majority in interest in the related Trust or the Controlling Party under the related Intercreditor Agreement. 

Except to the extent provided in any applicable Intercreditor Agreement or in any applicable Trust Supplement, it is understood
and intended that no one or more of the Certificateholders of any series shall have any right in any manner whatsoever hereunder or under the related Trust Supplement or under the Certificates of such series to (i) surrender, impair, waive,
affect, disturb or prejudice any property in the Trust Property of the related Trust, or the lien of any related Indenture on any property subject thereto, or the rights of the Certificateholders of such series or the holders of the related
Equipment Notes, (ii) obtain or seek to obtain priority over or preference with respect to any other such Certificateholder of such series or (iii) enforce any right under this Agreement, the related Trust Supplement or under the
Certificates of such series, except in the manner provided in this Agreement and for the equal, ratable and common benefit of all the Certificateholders of such series. 

Part C 
 Provided that
there is a bank or trust company in a U.S. jurisdiction where there are no Avoidable Taxes that is willing to act as Trustee and is eligible to act as Trustee under Section 7.08 and the applicable provisions of any Trust Supplement, the Company
shall promptly appoint a successor Trustee of such Trust in a jurisdiction where there are no Avoidable Taxes. 
 Part D 

(a) file with the Trustee, within 30 days after the Company files the same with the SEC, copies of the annual reports and of
the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the Company is not required to file information, documents or reports pursuant to either of such sections, then to file with the Trustee and the SEC, in accordance with
rules and regulations prescribed by the SEC, such supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security listed and
registered on a national securities exchange as may be prescribed in such rules and regulations; 
 Part E 

(4) (A) to cure any ambiguity or to correct any mistake or inconsistency contained in this Basic Agreement or in any related
Trust Supplement, any Intercreditor Agreement or any Liquidity Facility; or (B) to make or modify any other provision in regard to matters or questions arising under this Basic Agreement or any related Trust Supplement, any Intercreditor
Agreement or any Liquidity Facility as the Company may deem necessary or desirable and that will not materially adversely affect the interests of the related Certificateholders; or (C) to correct or

  

					
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supplement the description of any property constituting property of any Trust or the description of any Aircraft, and to reflect the substitution of another aircraft for any Aircraft; or 

Part F 

Section 12.01. Limitation on Rights of Certificateholders. (a) The insolvency, death or incapacity of any
Certificateholder of any series shall not operate to terminate this Agreement or the related Trust, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or commence any proceeding in
any court for a partition or winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. No Certificateholder of any series shall be entitled to revoke the related Trust. 

(b) No transfer, by operation of law or otherwise, of any Certificate or other right, title and interest of any
Certificateholder in and to the applicable Trust Property or under the related Trust shall operate to terminate the Trust or entitle such Certificateholder or any successor or transferee of such Certificateholder to an accounting or to the transfer
to it of legal title to any part of such Trust Property. 
 Part G 

Section 12.02. Liabilities of Certificateholders. The Certificateholders of each series shall not be personally
liable for obligations of the related Trust, the Fractional Undivided Interests represented by the Certificates of such series shall be nonassessable for any losses or expenses of such Trust or for any reason whatsoever, and the Certificates of such
series upon authentication thereof by the Trustee pursuant to Section 3.02 are and shall be deemed fully paid. No Certificateholder of such series shall have any right (except as expressly provided herein) to vote or in any manner otherwise
control the operation and management of the related Trust Property, the related Trust, or the obligations of the parties hereto, nor shall anything set forth herein, or contained in the terms of the Certificates of such series, be construed so as to
constitute the Certificateholders of such series from time to time as partners or members of an association. 

  

					
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 SCHEDULE I to 

TRUST SUPPLEMENT NO. 2017-1AA 

SERIES AA EQUIPMENT NOTES, 

PRINCIPAL AMOUNTS, MATURITIES AND AIRCRAFT 
  

									
	 Initial Principal

Amount of Series

AA Equipment

Notes*
	 	  	 Maturity
	  	 Aircraft**
	  	 Manufacturer Serial

Number**

	 	$ 18,774,000	 	  	February 15, 2030	  	A320-200	  	8018
	 	18,774,000	 	  	February 15, 2030	  	A320-200	  	8021
	 	18,816,000	 	  	February 15, 2030	  	A320-200	  	8012
	 	22,924,000	 	  	February 15, 2030	  	A321-200	  	8114
	 	22,924,000	 	  	February 15, 2030	  	A321-200	  	8047
	 	22,924,000	 	  	February 15, 2030	  	A321-200	  	8115
	 	22,940,000	 	  	February 15, 2030	  	A321-200	  	8141
	 	22,940,000	 	  	February 15, 2030	  	A321-200	  	8160
	 	18,963,000	 	  	February 15, 2030	  	A320-200	  	8176
	 	19,005,000	 	  	February 15, 2030	  	A320-200	  	TBD
	 	19,005,000	 	  	February 15, 2030	  	A320-200	  	TBD
	 	19,110,000	 	  	February 15, 2030	  	A320-200	  	TBD

  

	*	Subject to adjustment as provided in the NPA. 

	**	Subject to substitution as provided in the NPA. 

  

					
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 SCHEDULE II to 

TRUST SUPPLEMENT NO. 2017-1AA 

NOTE DOCUMENTS 

Participation Agreement 
 Indenture

 Airframe Warranties Agreement (as defined in any applicable Indenture) 

For each of the aircraft listed in Schedule I. 

  

					
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