Document:

EX-10.1

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

Exhibit 10.01 
 THIS
ENGINE LEASE AGREEMENT is made on      November, 2009 
 BETWEEN:- 

 

	(1)	RRPF ENGINE LEASING LIMITED, whose registered office is at 65 Buckingham Gate, London SW1E 6AT, England (Lessor); 

 

	(2)	ROLLS-ROYCE & PARTNERS FINANCE LIMITED, whose registered office is at 65 Buckingham Gate, London SW1E 6AT, England (RRPF); and

  

	(3)	CONCESIONARIA VUELA COMPAÑIA DE AVIACIÓN, S.A. de C.V., whose registered office is located at Prolongacion Paseo de la Reforma, No 490 1er Piso,
Colonia Santa Fe, Mexico City, Mexico (Lessee). 

 This Engine Lease Agreement is executed pursuant to the Master
Engine Lease Agreement (the Master Agreement) dated as of      November, 2009 between Lessor, RRPF and Lessee. 
 The parties hereto agree that Lessee will take the Engine (defined below) on lease from Lessor pursuant to this Engine Lease Agreement, which incorporates the terms of the Master Agreement, as amended,
varied or modified hereby, and together constituting a single contract applicable to the leasing of the Engine and shall hereinafter be referred to as the Lease. 
 Part 1 - Referenced Provisions. 
 For purposes of the Master Agreement
(“N/A” denotes non-applicability): 
 Agreed Value means *****; 

Assumed LIBOR means ***** per annum; 
 Assumed Rent means either (a) *****, if calculating Floating Rent or (b) ***** if calculating Fixed Rent; 
 Assumed Swap Rate means ***** per annum; 
 Current Swap Rate means (in
percentage terms) the actual five year US$ swap rate published in the Financial Times, as at the date falling 5 Business Days prior to the date on which Fixed Rent is due to become payable; 
 Delivery Location means: 
  

	(a)	the Engine Manufacturer’s facility in Connecticut, USA; or 

  

	(b)	such other location as Lessor and Lessee may agree in writing; 

 Deposit means *****; 
 Early Termination Date has the meaning given to
that term in paragraph (a) of Part 3 of this Engine Lease Agreement; 
 Early Termination Option has
the meaning given to that term in paragraph (a) of Part 3 of this Engine Lease Agreement; 
 Engine means:

  

	(a)	one International Aero Engines IAE V2527E-A5 engine in bare engine configuration, including transportation stand and MVP bag, having manufacturer’s serial number
V13183, together with all Parts installed thereon at Delivery and includes, where the context admits, the Technical Documents; and 

  

	(b)	all Parts; 

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

 Engine Manufacturer means International Aero Engines AG; 

Engine Threshold means *****; 

Fixed Rent means the amount calculated in accordance with Clause 6.2(d); 

Floating Rent means the Assumed Rent as adjusted in accordance with Clause 6.2(c); 

Floating Rental Adjustment Factor means the rental adjustment factor appearing adjacent to the relevant Rental Adjustment Date set out
below: 
  

			
	 Rental Adjustment Date
	 	 Floating Rental Adjustment Factor

		
	 Delivery Date
	 	***** x Purchase Price
		
	 11th February 2010
	 	***** x Purchase Price
		
	 11th August 2010
	 	***** x Purchase Price
		
	 11th February 2011
	 	***** x Purchase Price
		
	 11th August 2011
	 	***** x Purchase Price
		
	 11th February 2012
	 	***** x Purchase Price
		
	 11th August 2012
	 	***** x Purchase Price
		
	 11th February 2013
	 	***** x Purchase Price
		
	 11th August 2013
	 	***** x Purchase Price
		
	 11th February 2014
	 	***** x Purchase Price
		
	 11th August 2014
	 	***** x Purchase Price
		
	 11th February 2015
	 	***** x Purchase Price
		
	 11th August 2015
	 	***** x Purchase Price
		
	 11th February 2016
	 	***** x Purchase Price
		
	 11th August 2016
	 	***** x Purchase Price
		
	 11th February 2017
	 	***** x Purchase Price

 Full Engine Refurbishment has the meaning set out in the Annex; 

Management Programme means the latest issue of the Maintenance Management Plan for the V2500 – A5 engine agreed between the Engine
Manufacturer and Lessee and all service bulletins issued by the Engine Manufacturer with a compliance category of any of 6, 5, 4, 3, 2, or 1; 
 Maximum Flight Hours means 3,000 Flight Hours since the Engine’s most recent Qualifying Refurbishment; 
 Minimum Cyclic Life means 7,500 Cycles; 
 Purchase Price
means ***** (or such other amount as may be identified by way of an addendum to this Engine Lease Agreement); 

Qualifying Refurbishment has the meaning set out in the Annex; 
 Redelivery Location means Miami International Airport, United States of America or such other location as Lessor and Lessee may agree in writing; 

Release Form means an EASA Form 1 or FAA Form 8130 (or the equivalent); 

Relevant Documents means the Lease, the Acceptance Certificate, the Maintenance Reserves Letter, any Recognition Agreements or other third
party acknowledgments and all notices, consents, certificates and other documents to be issued or to be issued pursuant to any of the foregoing, in anyway related to the Engine and “Relevant Documents” means any one of such
documents; 
 Required Liability Amount means ***** (or, in the case of the war risk and allied perils policy only, *****);

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

 Scheduled Delivery Date means 15th November 2009 or such other date as may be agreed by the
parties in writing; 
 State of Incorporation in respect of RRPF and Lessor means England and in respect of Lessee means Mexico;

 State of Registration means Mexico or, if the Engine is sub-leased under Clause 9.6 of the Master Agreement, such other
jurisdiction in which registration of the Aircraft has been effected; 
 Term Date means 92 months after the Delivery Date
or, if Lessee exercises the Early Termination Option, the Early Termination Date; and 
 Termination Notice has the meaning given
to that term in paragraph (a) of Part 3 of this Engine Lease Agreement. 
 Part 2 – Engine Specific Maintenance and
Redelivery Obligations. 
 Lessee will not allow any Life Limited Parts to remain in the Engine upon release from a Qualifying Refurbishment
or Full Engine Refurbishment which has less than 10,000 Cycles remaining or such other limit as may be subsequently published in the then current issue of the time limits manual issued by the Engine Manufacturer. 

Part 3 – Modifications 
 For
the purposes of the leasing of the Engine pursuant to the Lease, the following modifications to the Master Agreement shall apply: 
  

	(a)	Early Termination Option 

Lessor grants Lessee the option to terminate the Lease Period on any date falling no earlier than 68 months after the Delivery Date
as notified by Lessee to Lessor (the Early Termination Date) (the Early Termination Option). The Early Termination Option is subject to: 
  

	 	(i)	Lessee providing Lessor notice in writing of its intention to exercise the Early Termination Option not later than 9 months before the Early Termination Date
(which notice shall be irrevocable) (the Termination Notice); 

  

	 	(i)	Lessee redelivering the Engine to Lessor on the Early Termination Date and in accordance with Clause 18 of the Master Agreement; 

 

	 	(iii)	Lessor not having terminated the Lease Period in accordance with Clause 16.2 of the Master Agreement on or before the Early Termination Date; and

  

	 	(iv)	no Default continuing under the Lease on the date of the Termination Notice or on the Early Termination Date. 

 

	(b)	Rent 

  

	 	(a)	The definition of “Daily Rate” in Schedule 8 is deleted and replaced with the following: 

“means (i) if Lessee has elected to pay Floating Rent, the Floating Rent divided by 30; or (ii) if Lessee has elected to
pay Fixed Rent, the Fixed Rent divided by 30;” 

	 	(b)	Clause 6.3 is deleted and replaced with the following: 

  

	 	“(a)	Lessee may elect, by providing irrevocable written notice to Lessor no later than 3 Business Days before the Scheduled Delivery Date, to pay Fixed Rent for the duration
of the Lease Period. If Lessee fails to make an election in accordance with the Lease, Lessee will pay Floating Rent. 

  

	 	(b)	Lessee will pay to Lessor, or to its order, on each Rent Date throughout the Lease Period, an instalment of Rent in advance (i) equal to the Floating Rent or the
Fixed Rent (as applicable); or (ii) calculated in accordance with Clause 6.2(f). 

  

	 	(c)	Unless Lessee elects to pay Fixed Rent, on each Rental Adjustment Date, the applicable Assumed Rent shall be adjusted by the addition (if positive) or the subtraction
(if negative) of the following calculation: 

 ((Actual LIBOR – Assumed LIBOR) x 100) x the
applicable Floating Rental Adjustment Factor. 
  

	 	(d)	If Lessee elects to pay Fixed Rent, the Fixed Rent shall be calculated by adjusting the applicable Assumed Rent by the addition (if positive) or the subtraction (if
negative) of the following calculation: 

 ((Current Swap Rate – Assumed Swap Rate) x 100) x
(0.000667 x the Purchase Price). 
 Lessor will notify Lessee no later than two Business Days prior to the Scheduled
Delivery Date of the amount of Fixed Rent payable. 
  

	 	(e)	Unless Lessee has elected to pay Fixed Rent, Lessor will notify Lessee no later than two Business Days prior to each Rental Adjustment Date of the amount of Floating
Rent payable on each Rent Date for the period commencing on such Rental Adjustment Date until the next Rental Adjustment Date. 

  

	 	(f)	The instalment of Rent payable on the Delivery Date (or, if required in accordance with Clause 5.1(c), the Scheduled Delivery Date) will be payable in advance on the
Delivery Date (or, if applicable, the Scheduled Delivery Date) and will be equal to the Daily Rate multiplied by the number of days in the period from the Delivery Date (or, if applicable, the Scheduled Delivery Date) to the day immediately
preceding the second Rent Date. The instalment of Rent due for the period starting on the last Rent Date shall be payable in advance on that Rent Date and will be equal to the Daily Rate multiplied by the number of days in the period from that
Rent Date to the Term Date.” 

  

	(c)	Lease Letter of Credit 

In lieu of the payment by Lessee of the Deposit in cash, Lessee may provide Lessor with a Lease Letter of Credit in the amount of the
Deposit in accordance with Clause 6.2 of the Master Agreement. 

 Part 4 - Execution 
 IN WITNESS WHEREOF each of the parties has executed this Engine Lease Agreement on the date stated above. 
  

									
	RRPF	  		  		  		  	
			
	RRPF ENGINE LEASING LIMITED	  		  	ROLLS-ROYCE & PARTNERS FINANCE LIMITED
					
	BY:	  	 /s/ Christopher Jackson
	  		  	BY:	  	 /s/ Christopher Jackson

					
	NAME:	  	Christopher Jackson	  		  	NAME:	  	Christopher Jackson
					
	TITLE:	  	Attorney-In-Fact	  		  	TITLE:	  	Attorney-In-Fact

  

			
	LESSEE
	
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. de C.V.
		
	BY:	 	 /s/ Alfonso Ascencio Triujeque

		
	NAME:	 	Alfonso Ascencio Triujeque
		
	TITLE:	 	General Counsel

 ANNEX 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission.EX-10.2

 Exhibit 10.02 
 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [*****]. A
complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 
 Execution Form

  
  
 ENGINE LEASE AGREEMENT (MSN V12671) 
  

 
 Dated as of 28 June, 2007

 between 
 Celestial Aviation Trading 50 Limited 
 as Lessor 

And 

Concesionaria Vuela Compania de Aviacion, S.A. de C.V. 
 as Lessee 
 in respect of one IAE V2527M-A5 Engine 

Serial No: V12671 
  

 
 incorporating
the provisions of an 
 ENGINE LEASE 
 COMMON TERMS AGREEMENT 
 Dated the same date as this Engine Lease
Agreement 
  
  

TO THE EXTENT THAT THIS ENGINE LEASE AGREEMENT CONSTITUTES CHATTEL PAPER (AS DEFINED IN THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN
ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS ENGINE LEASE AGREEMENT MAY BE CREATED THROUGH TRANSFER OR POSSESSION OF ANY COUNTERPART OTHER THAN THE ORIGINAL COUNTERPART, WHICH SHALL BE IDENTIFIED AS THE COUNTERPART DESIGNATED AS THE
ORIGINAL ON THE SIGNATURE PAGE OF THIS AGREEMENT BY GE COMMERCIAL AVIATION SERVICES LIMITED. 

  
 ENGINE LEASE
AGREEMENT    

 ENGINE LEASE AGREEMENT (MSN V12671) 

THIS ENGINE LEASE AGREEMENT is made on      June, 2007, 
 BETWEEN: 
 (1) CELESTIAL AVIATION TRADING 50 LIMITED, a company incorporated under
the Laws of Ireland, having its principal place of business and registered office at Aviation House, Shannon, County Clare, Ireland (“Lessor”); and 
 (2) CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A. DE C.V., a sociedad anonima de capital variable organized under the Laws of Mexico, having its principal place of business and chief executive
office at Prolongacion Paseo De La Reforma No. 490, Piso 1 (Edificio GE), Col. Santa Fe Pena Blanca, Del. Alvaro Obregon, Mexico, D.F. 01012 Mexico (“Lessee”). 
 WHEREAS: 
  

	(A)	Lessor as buyer wishes to purchase the Engine (as defined below) from Lessee as seller and Lessee as seller wishes to sell the Engine to Lessee as buyer, on the terms
and subject to the conditions provided in the Engine Purchase Agreement (as defined below); 

  

	(B)	Lessee wishes to lease the Engine (as defined below) from Lessor, and Lessor wishes to lease the Engine to Lessee, on the terms and subject to the conditions provided
herein; 

  

	(C)	GE Commercial Aviation Services Limited and Lessee have entered into the CTA (as defined below) in respect of commercial aircraft engines and related equipment that may
be leased from time to time by Lessee from Lessor; and 

  

	(D)	Lessor and Lessee wish to incorporate by reference such CTA into this Engine Lease Agreement. 

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions; Interpretation. Unless otherwise defined herein, words and expressions defined in the CTA have the same respective meanings for the purposes of this
Engine Lease Agreement. The construction provisions of Section 1.2 of the CTA shall apply to this Engine Lease Agreement. In this Engine Lease Agreement, the following capitalized words and expressions shall have the following meanings:

 Agreed Value shall have the meaning specified in Schedule B, Part 1 hereto. 

Annual Supplemental Rent Adjustment and Assumed Ratio have the meanings specified in Schedule B hereto. 

CTA means the Engine Lease Common Terms Agreement, dated as of the same date as this Engine Lease Agreement executed by Lessor and
Lessee (as in effect on the date hereof without, unless Lessor and Lessee otherwise expressly agree, giving any effect to any subsequent amendment, supplement, waiver or other modification thereto), and which forms part of this Engine Lease
Agreement. 
 Damage Notification Threshold shall have the meaning specified in Schedule B, Part I hereto. 

Deductible Amount shall have the meaning specified in Schedule B, Part I hereto. 

  
 ENGINE LEASE
AGREEMENT 2 

 Delivery Condition Requirements means the requirements specified in Part II of
Schedule A hereto. 
 Delivery Location means the State of Delaware, United States of America , or such other location
as Lessor and Lessee shall agree, as evidenced in the Certificate of Acceptance. 
 Deposit means all amounts payable
pursuant to Section 3.1 (Deposit) hereof. 
 Discount Rate shall have the meaning specified in Schedule B,
Part II hereto. 
 Engine means whether or not installed on any airframe, each engine of the manufacturer and model
specified in Part I of Schedule A which Lessor tenders to Lessee on the Delivery Date, together in each case with the LRU, accessories and the Engine Documents and Records as described in Part I of Schedule A hereto and tendered for
Delivery by Lessor to Lessee relating to such Engine and otherwise subject to the terms and conditions of this Lease. The term “Engine” includes, as of any date of determination, all the foregoing equipment then leased hereunder and
includes all modules and other Parts from time to time belonging to or installed in that Engine. 
 Engine Cycles
Restriction shall have the meaning specified in Schedule B, Part VI hereto. 
 Engine Flight Hours Restriction shall
have the meaning specified in Schedule B, Part VI hereto. 
 Engine LLP Supplemental Rent is defined in Schedule B
hereto. 
 Engine Purchase Agreement means the engine purchase agreement dated the same date as this Engine Lease
Agreement entered into by Lessee as seller and Lessor as buyer in respect of the Engine. 
 Engine Supplemental Rent is
defined in Schedule B hereto. 
 Final Delivery Date means December 31, 2007. 

Indemnitee means each of Lessor, Owner, General Electric Capital Corporation and GECAS and their respective successors and
permitted assigns, and each of their respective shareholders, subsidiaries, affiliates, partners, contractors, directors, officers, representatives, agents and employees. 
 Interest Rate is defined in Schedule B, Part II hereto. 
 Lease means
and includes this Engine Lease Agreement, Schedules A and B and the Common Terms Agreement. 
 Lessor’s Account is
defined in Section 3.3 herein. 
 LRU means line replaceable units. 

Manufacturer means the manufacturer of the Engine or any separate item of equipment, as the case may be, as set forth on
Schedule A hereto. 
 Minimum Component Calendar Life is defined in Schedule B, Part IV. 

Minimum Engine Cycles is defined in Schedule B, Part VI. 
 Minimum Engine Flight Hours is defined in Schedule B, Part VI. 

  
 ENGINE LEASE
AGREEMENT 3 

 Minimum Liability Coverage is defined in Schedule B, Part I. 

Modification Approval Amount is defined in Schedule B, Part 

Owner means Lessor. 
 Pre-Approved Bank means any bank organized under the laws of the United States or any State thereof, or the New York branch of a major international bank, in each case (a) for only so long as
its long-term Dollar denominated unsecured debt (or if it does not have long-term unsecured Dollar denominated debt, its parent corporation’s long-term unsecured Dollar denominated debt) carries a rating from S&P of A+ or better, and
(b) so long as each Letter of Credit issued by any such bank to Lessor permits drawings thereunder by facsimile. 

Pre-Approved Sub-Lessee means any of the following operators: TACA International Airlines, S.A. 

Redelivery Location means the GE On-Wing Support at London Heathrow, or at Lessee’s option, a storage location of Lessor in
the continental United States that is acceptable to Lessor. 
 Related Airframe means the airframe operated by Lessee
bearing the Manufacturer’s Serial Number as notified by Lessee to Lessor in the Recognition of Rights Agreement or the Technical Report. 
 Related Airframe Type means an Airbus A319 on which the Engine may be installed. 
 Rent is defined in Schedule B, Part II. 
 Rent Commencement Date
means the date on which Lessor tenders the Engine under Section 4.3.(a) (Delivery and Acceptance) of the CTA and the Lessee Conditions Precedent are met or could reasonably be expected to be met if the Delivery of the Engine had
occurred. 
 Scheduled Delivery Date means
29th June, 2007. 

Scheduled Delivery Month means June, 2007. 
 Scheduled Expiry Date means the date falling sixty eight months (68) after the Rent Commencement Date (or in the event that such date is a day that is not a Business Day, the immediately
preceding Business Day), which date shall be specifically set forth in the Certificate of Acceptance. 
 Spares Deductible
Amount is defined in Schedule B, Part I. 
 Tax Indemnitee means each of Owner, Lessor, and each member of the
consolidated group of which Lessor and Owner is a member for United States Federal income tax purposes, and their successors and permitted assigns. 
  

	2.	LEASING 

  

	2.1	Term. Subject to the terms and conditions of the Lease, Lessor will lease the Engine to Lessee and Lessee will take delivery of and lease the Engine from Lessor
in accordance with the Lease for the duration of the Term. Lessee shall evidence such Delivery and acceptance by executing and delivering a Certificate of Acceptance as provided in Clause 4.3 of the Common Terms Agreement. 

  
 ENGINE LEASE
AGREEMENT 4 

	3.	PAYMENTS 

  

	3.1	Deposit; Rent; Supplemental Rent; Lessee shall pay to Lessor the Deposit, Rent and Supplemental Rent as provided in the CTA and as set forth in Schedule B, Part
II (Deposit), Part III (Rent) and Part V (Supplemental Rent), respectively. 

  

	3.2	Lessor’s Maintenance Contribution: Lessor shall pay to Lessee Lessor’s Maintenance Contribution in accordance with Section 7.2 of the CTA.

  

	3.3	Lessor’s Bank Account: For the purposes of Section 5.5 (Payments) of the CTA, Lessor’s bank account and wire transfer particulars, to which
all payments to Lessor shall be made by Lessee, are at the date hereof (“Lessor’s Account”): 

  

			
	Transfer to:	  	*****
	ABA No:	  	*****
	SWIFT Code:	  	*****
		
	For Account Of: *****	  	
	SWIFT Code:	  	*****
	*****	  	
	For Credit To:	  	*****
	Account No:	  	*****

  

	3.4	Subpart F Benefits: The provisions of Schedule B, Part IV shall apply under this Lease. 

 

	4.	CONDITION OF THE ENGINE AT DELIVERY 

 On the Delivery Date, as a condition to Lessee’s obligation to accept delivery thereof, the Engine shall be in the condition provided in Part II of Schedule A hereto. Lessor shall coordinate
with Lessee, in anticipation of delivery of the Engine, in the exercise of Lessor’s inspection rights under the purchase agreement relating to the Engine. 
  

	5.	CONDITION OF THE EQUIPMENT AT REDELIVERY 

 On the Return Occasion, Lessee shall redeliver the Engine to Lessor at the location specified in the CTA and at such redelivery the Engine shall be in the condition provided in the CTA, including Part 2
of Schedule 6 (Procedure and Operating Condition at Redelivery), the CTA. 
  

	6.	NAMEPLATE INSCRIPTION 

Lessee shall install a Nameplate on the Engine to read: 
 “THIS ENGINE IS OWNED BY CELESTIAL AVIATION TRADING 50 LIMITED, AS OWNER, AND IS LEASED TO CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A. DE C.V. AND MAY NOT BE OPERATED BY ANY OTHER PERSON WITHOUT
THE CONSENT OF OWNER” 

  
 ENGINE LEASE
AGREEMENT 5 

	7.	ADDRESSES FOR NOTICES 

The addresses and facsimile and numbers of Lessor and Lessee are as follows: 

Lessor: 

c/o: GECAS 

Aviation House 

Shannon 
 County
Clare 
 Ireland 
 Attention: Contracts Leader 
 Facsimile: + 353 61 706867 

Lessee: 

Prolongacion Paseo De La Reforma No. 490 
 Piso 1 (Edificio GE) 
 Col. Santa Fe Pena Blanca 

Del. Alvaro Obregon 
 Mexico, D.F. 01012 Mexico 
 Attention: Director Jurídico 

Facsimile: + 5255 616460 
  

	8.	THE SCHEDULES AND COMMON TERMS AGREEMENT 

 ALL THE PROVISIONS OF SCHEDULES A AND B HERETO, AND THE CTA, ARE INCORPORATED BY REFERENCE HEREIN AND ARE PART OF THIS ENGINE LEASE AGREEMENT AS IF THEY WERE SET OUT IN FULL HEREIN. WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, BY ITS SIGNATURE BELOW, EACH OF LESSOR AND LESSEE ACKNOWLEDGES AND AGREES THAT THE LEASE OF THE ENGINE HEREUNDER IS ON AN “AS IS, WHERE IS” BASIS AND THAT THE DISCLAIMERS,
EXCULPATIONS AND LIMITATIONS OF LIABILITY, INDEMNITIES, THE CHOICE OF NEW YORK LAW AS THE GOVERNING LAW, THE SUBMISSION TO PERSONAL JURISDICTION IN NEW YORK, AND THE WAIVER OF ANY RIGHT TO A TRIAL BY JURY PROVIDED FOR IN THE CTA ARE INCORPORATED
HEREIN BY SUCH REFERENCE AND ARE PART OF THIS ENGINE LEASE AGREEMENT AS IF THE SAME WERE SET OUT IN FULL HEREIN. 
  

	9.	NO AMENDMENT EXCEPT IN WRITING 

 No provision of this Lease, including any provision of Schedule A, Schedule B or the CTA, may be amended, rescinded, changed, waived, discharged, terminated or otherwise modified in any way
whatsoever, except in writing signed by both parties. 

  
 ENGINE LEASE
AGREEMENT 6 

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Engine Lease Agreement,
on the date shown at the beginning of this Engine Lease Agreement. 
  

			
	LESSOR:
	
	CELESTIAL AVIATION TRADING 50 LIMITED
		
	By:	 	 /s/ Mauricio Fuchs

		
	Name:	 	Mauricio Fuchs
		
	Title:	 	Attorney-in-fact
	
	LESSEE:
	
	CONCESIONARIA VUELA COMPANIA DE AVIACION, S.A. DE C.V.
		
	By:	 	 /s/ Alfonso Ascencio Triujeque

		
	Name:	 	Alfonso Ascencio Triujeque
		
	Title:	 	General Counsel

  
 ENGINE LEASE
AGREEMENT 7 

 SCHEDULE A 
 PART I-ENGINE AND RELATED EQUIPMENT DESCRIPTION 
 ENGINE 

 

			
	Manufacturer:	  	IAE International Aero Engines AG
		
	Model:	  	V2527M-A5
		
	Manufacturer’s Serial Number:	  	V12671
		
	QEC Manufacturer:	  	N/A
		
	Nose Cowl Manufacturer:	  	N/A
		
	Engine Bag:	  	P/No. IAE6R19563
		
	QEC:	  	N/A
		
	LRU:	  	Reference V12671 VSL
		
	Other Accessories:	  	Reference V12671 VSL
		
	Engine Documents and Records:	  	Listed in Part 1 below.

 The engine serial number stated above is that advised to Lessor by Manufacturer. If Manufacturer advises of any change to
any serial number, the new number will be deemed inserted under “Engine Serial Number” above. 
 ENGINE DOCUMENTS AND RECORDS

  

	 	1.	Engine Records 

  

	 	•	 	 FAA 8130 

  

	 	•	 	 IAE Certificate of Conformity 

  

	 	•	 	 IAE VSL Data Report 

  
 ENGINE LEASE
AGREEMENT 8 

 PART II-DELIVERY CONDITION REQUIREMENTS 
 Set forth below is a description of the condition in which the Engine must be in order for Lessee to be obligated to accept the Engine under the Lease. It is solely a description of such condition
precedent and shall not be construed as a representation, warranty or agreement of any kind whatsoever, express or implied, by Lessor with respect to the Engine or its condition, all of which have been disclaimed by Lessor and waived by Lessee as
set forth in the Lease, including in the CTA. 
 Delivery Condition Requirements: 

The Engine shall be new, ex-factory certificated for operation at 27,000 pounds with engine stand, engine cover, LRU, other accessories and Engine
Documents and Records as listed herein. 

  
 ENGINE LEASE
AGREEMENT 9 

 SCHEDULE A 
 PART III-RETURN CONDITION REQUIREMENTS 
 In addition to and supplementing Lessee’s
obligations set forth in Clause 12 and Schedule 6 of the Common Terms Agreement, Lessee shall redeliver the Engine to Lessor on the Return Occasion meeting the following requirements: 

 

	(1)	Section 1.3(a) of Schedule 6 to the CTA shall be deleted and replaced with the following: 

 “(a) Each Engine Flight Hour and Engine Cycle controlled Hard Time Component shall have not more than the Minimum Hard Time Component Flight Hours and shall have not less than the Minimum Hard Time
Component Cycles of life remaining to the next expected Engine Refurbishment based on the Manufacturer’s mean time between removals for such Engine and shall be supported by appropriate certification documentation indicating TSN, CSN, TSO and
CSO such as JAR form 1 or FAA form 8130-1; for this purpose “Hard Time Component” means any component which has a limited on-wing life in accordance with the Maintenance Programme and which can have life fully restored through
appropriate maintenance; 
  

	(2)	Section 1.4(a) of Schedule 6 to the CTA shall be deleted and replaced with the following: 

 “(a) have not more than the Minimum Engine Flight Hours life remaining to the next expected removal and each of the LLPs shall have not less than the Minimum Engine Cycles release life remaining. The
expected life remaining will be determined by the inspection and checks accomplished by Lessor in accordance with the Lease, including the Manufacturer’s maintenance planning document;” 

 

	(3)	Section 1.4(g) of Schedule 6 to the CTA shall be deleted and shall be replaced by the following paragraph (g): 

“(g) immediately prior to redelivery, will have the required EGT Margin, the EGT Margin shall be of a level , and the Engine shall otherwise be in a
condition, consistent with the EGTM as at last performance restoration minus the expected deterioration for the hours and cycles accrued since the last performance restoration. The Engine will have performance characteristics consistent with engines
of a similar age and time since performance restoration in the return condition, and expected EGTM deterioration according to the Manufacturer’s statistics. This, together with other performance characteristics, will be determined by a full
performance test run in either (i) a test cell in accordance with the Manufacturer’s procedures or (ii) at Lessor’s option on-wing engine performance run in accordance with Test No. 13 (Task 71-00-00-700-011 of the Aircraft
Maintenance Manual) including vibration survey in accordance with Test No. 8 (Task 71-00-00-700-022-A of the Aircraft Maintenance Manual) to successfully demonstrate the take-off power in accordance with the limits shown in Manufacturer’s
manual; report 04 (Take Off) should be obtained during acceptance on-wing performance run in order to calculate EGT Margin for the Engine, as per SIL 057 latest revision instructions, and confirmed that it is consistent with the Engine Flight Hours
and Engine Cycles operated by the Engine since its last Engine Refurbishment but in any event, no less than 30° C at maximum rated take-off power. After satisfactory completion of the full performance test cell run or on-wing engine performance
run (whichever is applicable), the Engine’s fuel and oil systems should be long term preserved for a 365 day period and will have completed a full unrestricted (all-ports) Video/DVD (preferred) borescope inspection, at Lessee’s cost, which
will demonstrate compliance with the Manufacturer’s requirements. Lessee will correct, at its cost, any discrepancies found in the test and/or borescope inspections. In correcting any such discrepancies, no deferred items or repetitive
inspections will be acceptable upon completion of the required repairs. In all cases, the engine condition monitoring (ECM) data will be available for Lessor’s review, will cover periods of installation sufficient to have initialized a baseline
on the trend plot and will exhibit no abnormal trends or acceleration in the deterioration of the performance of the Engine. 

  
 ENGINE LEASE
AGREEMENT 10 

 SCHEDULE B 
 COMMERCIAL TERMS 
 The definitions and other commercial and financial terms set forth in
this Schedule B shall apply to the leasing of the Engine under the Lease. 
 The commercial and financial information contained in this
Schedule B are considered by Lessor and Lessee as proprietary and confidential. Lessor and Lessee shall, and any of their assignees, upon becoming such shall agree that they shall, treat this Schedule B as proprietary and confidential
and will not, without the prior written consent of the other, disclose or cause to be disclosed, the terms hereof or thereof to any Person, except to its agents, representatives, advisors, employees, counsel, underwriters, auditors, investors,
financing parties, head lessors and sublessees as necessary or appropriate for the leasing transaction which is the subject hereof, or except (a) as may be required by applicable Law or pursuant to an order, or a valid and binding request,
issued by any court or other Government Entity having jurisdiction over Lessor, Lessee or the assignee of either of them, as the case may be, or (b) as necessary to enable Lessor or its assignee to make transfers, assignments or other
dispositions to potential transferees, assignees or participants of its interest in and to the Lease. 
 In connection with any such disclosure
or any filing of the information contained herein or therein pursuant to any such applicable Law, Lessor, Lessee or the assignee of either of them, as the case may be, shall request and use its best reasonable efforts to obtain confidential
treatment of this Schedule B and the other party will cooperate in making and supporting any such request for confidential treatment. 

PART I PART I-CASUALTY OCCURRENCE DEFINITIONS 
 Agreed Value *****, it being agreed, however, that, notwithstanding the foregoing, the Agreed Value shall be ***** on and with effect from each anniversary of the Delivery Date during the Term,
provided that during each 12 month period leading up to each such anniversary of the Delivery Date, the Engine shall have been operated for at least 1,000 Engine Flight Hours. 
 Damage Notification Threshold means *****. 
 Deductible Amount means *****.

 Minimum Liability Coverage means *****, except that for war risk liability purposes, the Minimum Liability Coverage amount shall not
be less than *****. 
 Spares Deductible Amount means *****. 
 PART II        DEPOSIT; DISCOUNT RATE; LC AMOUNT; INTEREST RATE 
 Deposit: The amount of the Deposit required by Section 3.1 hereof shall be payable at the following times and in the following amounts. Lessee shall pay Lessor a Deposit in cash in the sum of
***** which shall be payable no later than two (2) Business Days prior to Delivery. 
 Discount Rate means ***** per annum.

 Interest Rate: The Interest Rate shall be the “prime rate” as quoted in the Wall Street Journal from time to time
during the applicable period plus ***** per annum, but not to exceed the maximum amount permitted by Law. 

  
 ENGINE LEASE
AGREEMENT 11 

 PART III        RENT 

The Rent payable in respect of each Rental Period during the Term shall be payable in sixty eight (68) consecutive monthly instalments, in advance on
each Rent Date. 
 The Rent payable in respect of the first Rental Period during the Term will be calculated as follows and shall be the same
amount for each Rental Period thereafter: 
 ***** 
 Where: 
 ***** 
 ***** 
 T means the interest rate (expressed as a number rather than a percentage) in respect of a
5.5 year U.S. dollar fixed interest rate swap as quoted on Bloomberg Page IRSB (on the ask side of the page) and obtained by Lessor on the Quotation Date; provided that if no rate is quoted on such Bloomberg page for the relevant swap then such rate
shall be obtained by linear interpolation of the rates (to two decimal places) of the two swap rates having a maturity closest (one longer, one shorter) to 5.5 years on that Bloomberg screen; 
 ***** 
 Quotation Date means the date falling two Business Days before the Delivery Date.

 PART IV        TAX DEFINITIONS; SPECIAL TAX INDEMNITY 

Lessor/Owner Tax Jurisdiction means Ireland. 
 Subpart F Benefits and Indemnity 
 Lessor has assumed that neither Lessor nor any of the Tax
Indemnitees will be subject to United States income tax under Subpart F of the United States Internal Revenue Code of 1986, as amended with respect to income from the Lease nor will the Engine be treated as “United States property” for the
purposes of Subpart F of the such Code (“Subpart F Benefits”). 
 (a) Usage Covenant: To support Lessor’s or other applicable Tax
Indemnitee’s entitlement to the Subpart F Benefits, Lessee agrees that in each calendar year during the Term: 
 (i) the Engine will be
located outside the United States more than 50 per cent of the time; or 
 (ii) more than 50 per cent of the miles traversed in the
use of the Engine will be traversed outside the United States. 
 For the purpose of (i) and (ii) above, reference to the United
States includes the Commonwealth of Puerto Rico and for (ii) above, any flight between two points in the United States, without an intervening stop in a foreign jurisdiction of at least 12 hours, is considered to be a flight traversed entirely
within the United States. 

  
 ENGINE LEASE
AGREEMENT 12 

 Lessee will make available to Lessor any records relating to the use and location of the Engine that Lessor
may reasonably request to fulfil Lessor’s or any Tax Indemnitees’ tax reporting, filing, audit or litigation requirements and will otherwise reasonably co-operate with any requests of Lessor with respect to compliance with requirements for
the Subpart F Benefits. 
  

	(b)	(i) Indemnity for breach of usage covenant: The remedy for the breach of any of the covenants contained in this clause shall be the right to receive the indemnity
payments specified in this paragraph (b) from Lessee. Any such indemnity payments will be due within 30 days after Lessee’s receipt of a written request from Lessor certifying that there has been a loss of Subpart F Benefits describing in
reasonable detail the circumstances of such loss, the amount of such loss and the breach causing such loss. 

 (ii)
Lessee’s indemnity obligation in respect of a breach of the covenant contained in paragraph (a) above, shall, subject to Clause 5.10 of the Common Terms Agreement, be the actual amount of Subpart F Benefits lost or disallowed (including
any interest, penalties, and additions to tax payable as a result of the breach, reduced, however, by any tax benefits ultimately realized by Lessor or any of the Tax Indemnitees as a result of the loss or disallowance of such Subpart F Benefits,
including but not limited to the exclusion of previously taxed income from the income of the Lessor or any of the Tax Indemnitees for United States income tax purposes upon a distribution from Lessor; provided that after taking into account any tax
benefits realized by Lessor or other Tax Indemnitees, neither Lessor nor the Tax Indemnitees will be worse off than they would have been had there been no loss or disallowance of the Subpart F Benefits. 

PART V        SUPPLEMENTAL RENT 
 The Supplemental Rent payable will be determined with reference to the following: 
 Annual
Supplemental Rent Adjustment means in the case of: (i) the ***** per annum and (ii) Engine LLP Supplemental Rent, the year on year increase in the total price of the entire LLP stack as determined from OEM IAE2500-A5 LLP catalogue list
prices. 
 Assumed Ratio means a 1.8 hour to one cycle ratio (1.8:1). 
 Assumed Ratio Adjustment: For the purposes of Section 5.4 (Supplemental Rent) of the CTA, any adjustment from the Assumed Ratio shall be based upon the following table: 

 

																													
	 Ratio:
	  	 	1.2	  	  	 	1.4	  	  	 	1.6	  	  	 	1.8	  	  	 	2.0	  	  	 	2.2	  	  	 	2.4	  
								
	 Engine Supplemental
	  				  				  				  				  				  				  			
								
	 Rent Rate:
	  	 	*****	  	  	 	*****	  	  	 	*****	  	  	 	*****	  	  	 	*****	  	  	 	*****	  	  	 	*****	  

 Engine LLP Supplemental Rent means in respect of the LLP for each Engine ***** for each Engine Cycle operated by
that Engine during that calendar month or any part of such calendar month during the Term. 
 Engine Supplemental Rent: Notwithstanding
the provisions of Section 5.4(a) of the Common Terms Agreement, Lessee shall not be required to pay Engine Supplemental Rent in relation to each calendar month in respect of the leasing of the Engine. Instead, on the Expiry Date, Lessee shall
pay Lessor an amount equal to the Engine Supplemental Rent Rate multiplied by the number of Engine Flight Hours operated by the Engine during the Term since new or, if later, since the last Engine Full Performance Restoration Shop Visit. For the
avoidance of doubt, paragraphs (b) and (c) of Section 5.4 of the Common Terms Agreement apply to Engine Supplemental Rent payable by Lessee under this Engine Lease Agreement. For the avoidance of doubt, the provisions of
Section 7.2(a)(ii)(Engine Refurbishment) of the Common Terms Agreement shall not apply with respect to any Engine Supplemental Rent payments made by Lessee. 

  
 ENGINE LEASE
AGREEMENT 13 

 Engine Supplemental Rent Rate: means in respect of the Engine, ***** for each Engine Flight Hour (or
fraction thereof) operated by that Engine, regardless of whether the Engine is operated at a thrust rating of 24,000 lbs or 27,000 lbs during the Term. 
  

					
	PART VI	 		 	MAINTENANCE AND RETURN CONDITION DEFINITIONS; MAINTENANCE PAYMENTS AT REDELIVERY; AIRWORTHINESS DIRECTIVE SHARING PAYMENTS

 AD Compliance Period means the 180 days following redelivery of the Engine in compliance with Section 12
(Return of Engines) of the CTA. 
 EGT Margin means the margin which will remain following the Engine Flight Hours and Engine Cycles
actually operated by the Engine since the last defined Engine Full Performance Restoration Shop Visit, and established by deduction of the EGT margin consumed from the EGT margin restored at the Engine Full Performance Restoration Shop Visit. The
EGT margin consumed since the last Engine Full Performance Shop Visit will be mutually agreed between Lessor and Lessee, but in no event will be greater than the Manufacturer’s data on the expected EGTM deterioration curve and the position of
the Engine on the curve at redelivery. 
 Engine Cycles Restriction means not less than 7,500 Engine Cycles of expected life
remaining to its next scheduled removal. 
 Engine Flight Hours Restriction means no more than 3,000 Engine Flight Hours since the last
Engine Full Performance Restoration Shop Visit. 
 Engine Full Performance Restoration Shop Visit means an Engine Refurbishment that
includes the following: 
 Shop Visit Workscope 
  

			
	Module:	 	Hot Section Refurbishment
	Fan Module	 	L3
	Low Pressure Compressor	 	L2
	Internal Gearbox/Front Bearing Compartment	 	L1
	Fan Case and Fan Frame	 	L2
	High Pressure Compressor Module	 	L2.3 or higher
	Diffuser	 	L2
	Combustor	 	L3
	No. 4 Bearing Compartment	 	L3
	Nozzle Guide Vane Group	 	L3
	High Pressure Turbine Module	 	L3
	Low Pressure Turbine Module	 	L1
	Turbine Exhaust Case	 	L2
	External Gear Box	 	L1

 Minimum Component Calendar Life is not applicable to this Engine Lease Agreement. 

Minimum Engine Cycles means not less than 7,500 Engine Cycles of expected life remaining to any LLP replacement. 

Minimum Engine Flight Hours means no more than 3,000 Engine Flight Hours since the last Engine Refurbishment consisting of a an Engine Full
Performance Restoration Shop Visit. 

  
 ENGINE LEASE
AGREEMENT 14 

 Minimum Hard Time Component Cycles is not applicable to this Engine Lease Agreement. 

Minimum Hard Time Component Flight Hours is not applicable to this Engine Lease Agreement. 

Modification Approval Amount means *****. 
 PART VII        INDEMNITY 
 Section 10 of the
Common Terms Agreement shall, for the purposes of this Engine Lease Agreement only, be amended as follows: 
  

	(a)	In Section 10(a), the for avoidance of doubt provision in respect of “ownership” shall not prejudice Lessor’s rights as buyer to compensation from
Lessee as seller for any losses arising under the Engine Purchase Agreement incurred by Lessor in relation to any defect in its title to the Engine acquired from Lessee as seller; 

 

	(b)	Section 10(b)(iv) relating to exclusions from Lessee’s indemnity obligations to the extent that a Loss is caused by an event which occurs before the
commencement of the Term, shall not apply to this Engine Lease Agreement since Lessor is acquiring title to the Engine from Lessee as seller pursuant to the terms of the Engine Purchase Agreement. 

  
 ENGINE LEASE
AGREEMENT 15

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