Document:

EX-10.2

 Exhibit 10.2 

FORM OF AIRCRAFT DRY LEASE AGREEMENT 

THIS AIRCRAFT DRY LEASE AGREEMENT (this “Agreement”) is made and entered into effective as of
_________________________ (the “Effective Date”) between XB Partners LLC, a Delaware limited liability company (“Lessor”) and Blackstone Administrative Services Partnership L.P., a Delaware limited partnership
(“Lessee”) (collectively the “Parties”). 
 W I T N E S S E T H: 

WHEREAS, Lessor owns a 2005 Bombardier model
CL-600-2B16 (Challenger 604) aircraft, manufacturer’s serial number 5631 aircraft, with FAA Registration number N345XB, as described more fully in Section 1.1
below; and 
 WHEREAS, Lessor desires to dry lease the Aircraft to Lessee from time to time on a non-exclusive periodic basis; and Lessee desires to dry lease the Aircraft from Lessor from time to time. 

NOW, THEREFORE, in consideration of the promises and the mutual covenants and undertakings herein contained, the
Parties hereto do hereby agree as follows: 
 ARTICLE 1: LEASE AND TERM 

1.1.  Lease. Lessor hereby agrees to dry lease to Lessee, from time to time, and Lessee hereby agrees to dry
lease from Lessor, from time to time, one (1) 2005 Bombardier model CL-600-2B16 (Challenger 604) aircraft, manufacturer’s serial number 5631 aircraft, with FAA
Registration number N345XB (the “Airframe”), equipped with two (2) GE model CF34-3B engines bearing manufacturer’s serial numbers SNE950434 and SNE950433 (the
“Engines”), together with all components, accessions, systems, appliances, parts, instruments, accessories, furnishings, and any manufacturer’s or third-party warranties, any manufacturer service programs in connection with the
Aircraft and other equipment installed thereon or attached thereto on the date hereof, all specified avionics, equipment, spare parts and loose equipment and all logs, weight and balance documents, wiring diagrams, manuals and other records and
documentation pertaining to the operation and maintenance of such aircraft in Lessor’s possession or under its control (the foregoing, together with the Airframe and Engines, collectively, the “Aircraft”) to Lessee hereunder.
Changes to the U.S. registration mark of the Aircraft shall have no effect on this Agreement. 
 1.2.  Term and
Rental Periods. The Term of this Agreement (“Term”) shall commence on the Effective Date and shall be effective until the last calendar day of the fifth month following the Effective Date. Lessee may dry lease the Aircraft
pursuant to this Agreement for specific periods of time during the Term (“Rental Periods”). No Rental Period shall be for more than thirty (30) days. 

ARTICLE 2: RENTAL AND EXPENSES 

2.1.  Rental Payment. Lessee agrees to pay to Lessor an hourly rental fee for occupied business flight hours
at a rental rate of ___________________ ($__________) per flight hour (prorated for fractions) of operation during each Rental Period (the “Rental Payment”). The 

 
hourly rental fee may be adjusted by mutual agreement during the Term based on fair market pricing. Such rental fees include delays, detours, cancellations caused by weather, routing, maintenance
or other similar occurrences during each Rental Period, except that Lessor, at its sole discretion, may reduce the rental fees in the event of such occurrences. Lessee shall not be subject to any daily minimum Rental Payment on any day during the
Rental Period. 
 2.2.  Positioning, Repositioning. Lessor has incorporated the estimated cost of
positioning/repositioning flights into the Rental Payment, and any positioning/repositioning flights will not be part of the Rental Period and will be invoiced to Lessor’s account, even if Lessee commences or ends its Rental Period at a point
other than at Teterboro Airport (“Home Base”). 
 2.3.  Lessee Reimbursement for Fuel and
Incidental Charges. Lessee shall be responsible for fuel and incidental charges on occupied business flight hours during the Rental Period. Such Incidental Charges include but are not limited to hangaring and tie down charges away from the Home
Base, landing fees, federal excise taxes, airport taxes or similar charges, customs, immigration and similar charges related to international flights; and any additional insurance premiums required for specific flights during the Rental Period. In
the event any such charges are inadvertently made to Lessor by service providers, Lessee shall promptly reimburse Lessor for such costs. Lessor shall instruct service providers to invoice Lessee in the future. 

2.4.  Lessor Reimbursement for Certain Charges. Lessor has incorporated the cost for maintenance and repairs
into the Rental Payment. In the event any charges for maintenance are paid directly by Lessee, Lessor shall promptly reimburse Lessee for such cost, or deduct as an offset against Rental Payments such costs. 

2.5.  Invoicing and Payment. Lessor will send Lessee invoices for such payments as are due under this Article
for each Rental Period, using the form attached as Appendix A or other form at Lessor’s discretion. Lessee shall make payment by check or money order payable to “XB Partners LLC” payable upon receipt, or shall wire transfer funds to
the address specified on the invoice. 
 2.6.  Calculation of Hours of Operation. For purposes of Rental
Payments, hours of operation for each Rental Period shall be calculated (1) from the time the Aircraft takes off to the time it lands. 

2.7.  Taxes. All payments, including specifically Rental Payments made by Lessee hereunder, shall be made
free and clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, restrictions or conditions now or hereafter imposed by any governmental or taxing authority. Taxes which the Lessee may incur
while operating the Aircraft include, but are not limited to: fuel excise taxes, airport taxes, sales and use taxes, over flight fees or taxes, and customs duties, or other foreign taxes relating to international travel. Notwithstanding the
foregoing, Lessee shall only be liable for taxes on lease payments and not on the value of the Aircraft. 

  
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DRY LEASE - PAGE 2 OF 9 

 2.8.  Procedure to Request Rental of Aircraft. Lessee shall make
requests for rental of the Aircraft to Lessor either orally or in writing. Requests should be made as far in advance as possible before the intended commencement of the Rental Period. 

2.9.  Availability. Lessor is making the Aircraft available to Lessee for dry lease on an “as
available” basis only, and makes no guarantee or warranty with regard to Aircraft availability. Lessor will, in good faith, attempt to make the Aircraft available when it is not otherwise being used by Lessor, another lessee, or is unavailable
for maintenance or other reasons. 
 2.10.  Non-availability or Delay
Due to Unanticipated Causes. Lessor shall promptly notify Lessee in writing if the Aircraft cannot be delivered for a Rental Period due to an unanticipated delay, such as weather or mechanical related delays. Lessor shall not be responsible for
any loss, injury, damage, delay, or cancellation, or any consequential or incidental damages or costs incurred by Lessee caused by such delay or cancellation. 

ARTICLE 3: OPERATION OF AIRCRAFT BY LESSEE 

3.1.  Operational Control. During each Rental Period, Lessee is and shall be the sole operator of the
Aircraft and has sole operational control of the Aircraft. During each Rental Period, Lessee is responsible for operating the Aircraft in accordance and compliance with all laws, ordinances and regulations relating to the possession, use, operation,
or maintenance of the Aircraft, including, but not limited to, Part 91 of the Federal Aviation Regulations (“FAR”). 

3.2.  Selection of Flight Crew. Lessee shall select and hire its own flight crew provided that the pilots
shall be professionally trained and qualified, shall be familiar with and licensed to operate the Aircraft, and shall have current medical certificates, and recurrent training. 

3.3.  Care and Use. Lessee shall use and operate the Aircraft in a careful and proper manner. Lessee shall
operate the Aircraft in accordance with the flight manual and all manufacturer’s suggested operating procedures. Lessee shall not operate, use, or maintain the Aircraft in violation of any airworthiness certificate, license, or registration
relating to the Aircraft, or contrary to any law or regulation. 
 3.4.  Limits of Operations. Lessee
expressly warrants and agrees that it shall not operate the Aircraft outside the geographic limits set forth in the Insurance Policies (defined below), or otherwise operate the Aircraft in a way that would violate or compromise the Insurance
Policies. Lessee shall use the Aircraft only for and on account of its business, and will not use the Aircraft for the purpose of providing transportation of passengers or cargo in air commerce for compensation or hire (except in accordance with the
provisions of FAR 91.501), or for any illegal purpose. 
 3.5.  Documentation. Lessee shall complete
required flight logs, maintenance logs, or other recording entries required by the FAR during any Rental Period. 

3.6.  Maintenance and Repair. Lessor, at its own cost and expense, will promptly repair or replace all parts,
appliances, components, instruments, accessories, and furnishings that are installed in or attached to the Aircraft (herein called “Parts”) that may from time to time become 

  
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DRY LEASE - PAGE 3 OF 9 

 
worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair, or permanently rendered unfit for use for any reason whatsoever during a Rental Period. Further, Lessor shall
reimburse Lessee for any mechanics liens or other costs incurred by Lessee associated with non-routine repairs or maintenance made during a Rental Period, provided that: (1) such repairs shall be made by
an FAA approved repair facility; and (2) Lessor shall approve in advance such repairs or maintenance. Lessee covenants to repair any damage beyond ordinary wear and tear caused by Lessee’s use of the Aircraft. 

3.7.  Right to Inspect. Lessor and its authorized representatives shall, at all reasonable times, have the
right to enter the premises where the Aircraft may be located for the purpose of inspecting and examining the Aircraft, its condition, use and operation, and the books and records of Lessee relating thereto to ensure Lessee’s compliance with
its obligations under this Lease. Notwithstanding the foregoing rights, Lessor has no duty to inspect and shall not incur any liability or obligation by reason of not making any such inspection. 

ARTICLE 4: INSURANCE AND LIABILITY 

4.1.  Primary Liability and Property Damage Insurance. Lessor shall maintain in effect, at its own expense,
third party Aircraft liability insurance, passenger legal liability insurance, and property damage liability insurance during the Term in such amounts as are customary for similarly situated aircraft. Each liability policy shall be primary without
right of contribution from any other insurance that is carried by Lessee, and expressly shall provide that all the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each
insured. 
 4.2.  Insurance Against Physical Damage. Lessor shall maintain in effect, at its own expense, all-risk ground and flight Aircraft hull insurance covering the Aircraft. Any such insurance shall be during the Term for an amount customary for a similar aircraft. 

4.3.  Lessee As Named Insured. All insurance policies carried by Lessor in accordance with this Article (the
“Insurance Policies”) shall name Lessee as a named insured. 
 4.4.  Deductible. Any
Insurance Policy carried by Lessor in accordance with this Article may be subject to a deductible amount which is customary under policies insuring similar aircraft similarly situated. Lessor warrants and agrees that in the event of an insurable
claim, Lessor will bear the costs up to the deductible amount. 
 4.5.  Additional Insurance for Lessee.
Lessee may, at its discretion, obtain additional insurance covering its operation of the Aircraft. 

4.6.  Certificate of Insurance. Upon request, Lessor shall deliver to Lessee a certificate of insurance
evidencing the insurance required to be maintained by Lessor under this Article. 
 4.7.  Mutual Waiver of
Liability Claims. Except as specifically set forth in this Agreement, Lessor and Lessee each hereby agree that each shall hold harmless the other Party, and the other Party’s respective officers, directors, agents, employees, servants,
attorneys, insurers, coinsurers, reinsurers, indemnitors, parents, subsidiaries, affiliates, predecessors, 

  
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successors, and assigns from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses, including reasonable legal fees and
expenses, of whatsoever kind and nature including, without limitation, personal injury or death (“Liabilities”), that could be asserted by that Party against the other Party directly or indirectly (including but not limited to
claims raised against that Party by any third-party, employee, agent, or other person or entity not a party to the Agreement) arising out of the lease, sublease, possession, rental, use, condition, operation, transportation, return, storage or
disposition of the Aircraft or any part thereof (including, without limitation, Liabilities in any way relating to or arising out of latent or other defects, whether or not discoverable by a Party or any other person, injury to persons or property,
or strict liability in tort), provided, however, that neither Party shall be required to hold harmless the other Party for Liabilities resulting from the gross negligence or willful misconduct of the other Party. 

ARTICLE 5: WARRANTIES AND DISCLAIMERS 

5.1.  Lessor’s Warranty. Lessor warrants that (1) the Aircraft shall be delivered to Lessee in
airworthy condition; (2) the Aircraft is properly registered in accordance with U.S. law; and (3) Lessor is a citizen of the United States of America as set forth in 49 U.S.C. Section 40102(15) and the regulations thereunder. 

5.2.  Lessor’s Disclaimer of Warranties. EXCEPT AS SPECIFICALLY PROVIDED HEREIN, LESSOR NEITHER MAKES
NOR SHALL BE DEEMED TO HAVE MADE AND HEREBY EXPRESSLY DISCLAIMS, AND LESSEE EXPRESSLY WAIVES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE VALUE, CONDITION, WORKMANSHIP, DESIGN, OPERATION, MERCHANTABILITY OR FITNESS FOR USE FOR A
PARTICULAR PURPOSE OF THE AIRCRAFT, AS TO THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN
TORT OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF. 

5.3.  Lessee’s Representation Regarding Selection. Lessee represents and warrants that: (1) it has
selected the Aircraft based on its own judgment and disclaims any reliance upon statements or representations not part of this Agreement; and (2) that the Aircraft is of a size, design and capacity selected by Lessee and is suitable for
Lessee’s intended use. 
 5.4.  Lessee Warranty Regarding Operation. Lessee represents and warrants
that it shall only operate the Aircraft under the terms, conditions, and restrictions, as set forth in this Agreement. 
 ARTICLE 6:
MISCELLANEOUS 
 6.1.  Title. Title to the Aircraft shall remain vested in Lessor during the Lease Term
and the Aircraft shall be registered at the FAA in the name of Lessor. Lessee shall have no right, title or interest in or to the Aircraft except as expressly provided herein and shall take no action that would impair the continued registration of
the Aircraft at the FAA in the name of Lessor. Lessee 

  
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DRY LEASE - PAGE 5 OF 9 

 
shall not file or record this Agreement with the FAA. Lessee shall do or cause to be done any and all acts and things which may be required to perfect and preserve the interest and title of
Lessor to the Aircraft within any jurisdiction in which Lessee may operate the Aircraft, and Lessee shall also do or cause to be done any and all acts and things which may be required under the terms of any other agreement, treaty, convention, pact
or by any practice, customs or understanding involving any country or state in which Lessee may operate, as may be necessary or helpful, or as Lessor may reasonably request, to perfect and preserve the rights of Lessor within the jurisdiction of any
such country or state. 
 6.2.  Liens. Except as provided herein, Lessee will not directly or indirectly
create, incur, assume or suffer to exist any liens on or with respect to (1) the Aircraft or any part thereof; (2) Lessor’s title thereto; or (3) any interest of Lessor therein. Lessee will promptly, at its own expense, take such
action as may be necessary to discharge any such lien. Lessee may incur the following liens: (i) the respective rights of Lessor and Lessee as herein provided; (ii) liens created by Lessor; (iii) liens for taxes either not yet due or
being contested by Lessee in good faith; and (iv) inchoate materialmen’s, mechanics’, workmen’s, repairmen’s, employees’ or other like liens arising in the ordinary course of business of Lessee, or Parties acting on
behalf of Lessee insofar as such actions relate to the Aircraft and are not inconsistent with this Agreement, not delinquent, and for the payment of which adequate reserves have been provided. 

6.3.  Defaults. 

(a)  Each of the following events shall constitute an “Event of Default” hereunder (whatever the reason
for such event of default and whether it shall be voluntary or involuntary, or come about or be effected by operation of law, or be pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): (1) if Lessee shall fail to pay when due any sum under this Agreement and such failure shall continue for a period of three business days after oral, facsimile, electronic mail or written notice has been given
by Lessor to Lessee; (2) if Lessee shall fail to perform any covenant or agreement contained herein, and such failure shall continue for a period of fifteen (15) calendar days after notice thereof shall have been given in writing;
(3) if any representation or warranty made by Lessee in this Agreement or any agreement, document or certificate delivered by the Lessee in connection herewith is or shall become incorrect in any material respect; (4) if Lessee shall
operate the Aircraft in violation of any applicable law, regulation, rule or order of any governmental authority having jurisdiction thereof or shall operate the Aircraft when the insurance required hereunder shall not be in effect; (5) if any
proceedings shall be commenced under any bankruptcy, insolvency, reorganization, readjustment of debt, receivership or liquidation law or statute of any jurisdiction; or (6) if any such proceedings shall be instituted against either Party and
shall not be withdrawn or terminated within thirty (30) calendar days after their commencement. 
 (b)  Upon
the occurrence of any Event of Default Lessor may, at its option, exercise any or all remedies available at law or in equity, including, without limitation, any or all of the following remedies, as Lessor in its sole discretion shall elect:
(1) by notice in writing to terminate this Agreement immediately, whereupon all rights of the Lessee to the use or possession of the Aircraft or any part thereof shall absolutely cease and terminate but Lessee

  
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DRY LEASE - PAGE 6 OF 9 

 
shall remain liable as hereinafter provided; and thereupon Lessee, if so requested by Lessor, shall at its expense promptly return the Aircraft and Aircraft Documentation as required by this
Agreement or Lessor, at its option, may enter upon the premises where the Aircraft or Aircraft Documentation are located and take immediate possession of and remove the same by summary proceedings or otherwise. Lessee specifically authorizes
Lessor’s entry upon any premises where the Aircraft or Aircraft Documentation may be located for the purpose of, and waives any cause of action it may have arising from, a peaceful retaking of the Aircraft or Aircraft Documentation; or
(2) perform or cause to be performed any obligation, covenant or agreement of Lessee hereunder. Lessee agrees to pay all costs and expenses incurred by Lessor for such performance and acknowledges that such performance by Lessor shall not be
deemed to cure said Event of Default. 
 (c)  Lessee shall be liable for all costs, charges and expenses,
including reasonable legal fees and disbursements, incurred by Lessor by reason of the occurrence of any Event of Default or the exercise of Lessor’s remedies with respect thereto. No remedy referred to herein is intended to be exclusive, but
each shall be cumulative and in addition to any other remedy referred to above or otherwise available to Lessor at law or in equity. Lessor shall not be deemed to have waived any default, Event of Default or right hereunder unless the same is
acknowledged in writing by duly authorized representative of Lessor. No waiver by Lessor of any default or Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or subsequent default or Event of Default. The
failure or delay of Lessor in exercising any rights granted it hereunder upon any occurrence of any such right upon the continuation or recurrence of any such contingencies or similar contingencies, and any single or partial exercise of any
particular right by Lessor shall not exhaust the same or constitute a waiver of any other right provided herein. 

6.4  Successors and Assigns. This Agreement shall be binding upon Lessor, Lessee, and their respective
successors and assigns, except that Lessee may not assign or transfer any of its rights hereunder except with the prior written consent of Lessor. Subject to the foregoing, this Lease shall inure to the benefit of Lessor and Lessee and their
respective successors and assigns. 
 6.5.  Notices. All notices and other communications under this
Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt or refusal to accept receipt) by delivery in person, by facsimile or electronic mail (with a simultaneous confirmation copy sent by first
class mail properly addressed and postage prepaid), or by a reputable overnight courier service, addressed as follows: 
  

			
	 If to Lessor:
	  	 XB Partners LLC

		  	 Corporate Trust Center

		  	 1209 Orange Street

		  	 Wilmington, Delaware 19801

		  	 Attn: 

		  	 Telephone:

		  	 Facsimile:

		  	 Email:

  
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DRY LEASE - PAGE 7 OF 9 

			
	 If to Lessee:
	  	 Blackstone Administrative Services Partnership, LP

		  	 345 Park Avenue, 44th Floor

		  	 New York, NY 10154

		  	 Attn: 

		  	 Telephone:

		  	 Facsimile:

		  	 Email:

 or at such other address as either Party may designate in writing. Any notice hereunder shall be effective
upon delivery. 
 6.6.  Entire Agreement. This Agreement constitutes the final, complete, and exclusive
statement of the terms of the agreement between the Parties pertaining to the subject matter of this Agreement and supersede all prior and contemporaneous understandings, including any prior written agreements of the Parties pertaining to the
matters hereof.      
 6.7.  Severability. If any provision of this Agreement is found
to be prohibited or unenforceable in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or
unenforceability in one jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, each Party hereto hereby waives any provision of law that renders any provision
hereof prohibited or unenforceable in any respect. 
 6.8.  Amendments and Modifications. The terms of this
Agreement shall not be waived, varied, contradicted, explained, amended or changed in any other manner except by an instrument in writing, executed by both Parties. 

6.9.  Choice of Law. This Agreement shall in all respects be governed by, and construed in accordance with,
the laws of the State of New York (disregarding any Conflict of Laws rule which might result in the application of the laws of any other jurisdiction), including all matters of construction, validity, and performance. 

6.10.  Force Majeure. No Party shall be liable for any failure to perform its obligations in connection with
any action described in this Agreement, if such failure results from any act of God, riot, war, civil unrest, flood, earthquake, or other cause beyond such Party’s reasonable control (including any mechanical, electronic, or communications
failure, but excluding failure caused by a Party’s financial condition or negligence). 

6.11.  Execution. This Lease may be executed in counterparts, each of which when so executed shall be deemed
to be an original, and such counterparts together shall constitute one and the same instrument. Signatures transmitted by facsimile, .pdf, or any other electronic means shall constitute original signatures.     

ARTICLE 7: TRUTH IN LEASING 

7.1.  Representation Regarding Maintenance. DURING THE LAST TWELVE MONTHS THE AIRCRAFT HAS BEEN MAINTAINED
AND INSPECTED UNDER 

  
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DRY LEASE - PAGE 8 OF 9 

 
FEDERAL AVIATION REGULATION PART 91 AND UNDER PART 135 (AS OF 15 MARCH 2013). LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT COMPLIES WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS CONTAINED IN
THE ABOVE LISTED FEDERAL AVIATION REGULATION FOR LESSEE’S USE OF THE AIRCRAFT UNDER THIS LEASE. 

7.2.  Representation Regarding Operational Control. LESSEE, WHOSE NAME AND ADDRESS APPEAR HEREIN, IS
RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT UNDER THE LEASE. LESSEE HEREBY CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH THE FEDERAL AVIATION REGULATIONS APPLICABLE TO THE AIRCRAFT. 

7.3.  Information from FAA. LESSEE UNDERSTANDS THAT AN EXPLANATION OF FACTORS BEARING ON OPERATIONS CONTROL
AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT OFFICE, OR AIR CARRIER DISTRICT OFFICE. 

7.4.  FAA Notification: in accordance with FAR 91.23. The Parties shall take the following actions
upon execution of this Agreement: (1) a copy of this Agreement shall be placed aboard the Aircraft; (2) a copy of this agreement will be mailed to the FAA Aircraft Registration Branch, Attn: Technical Section, P.O. Box 25724, Oklahoma
City, OK 73125 within 24 hours of execution; and (3) the FAA will be notified at least 48 hours prior to the first flight of any aircraft under this Agreement. 

(Signature page follows) 

  
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 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
in their names and on their behalf by their duly authorized officers, effective as of the Effective Date. 
 XB Partners
LLC 
 As Lessor 
  

							
		 	 By:
	  	  
	  	
				
		 	 Name:
	  	  
	  	
				
		 	 Title:
	  	  
	  	

  

Blackstone Administrative Services Partnership, LP 

As Lessee 
  

							
		 	 By:
	  	  
	  	
				
		 	 Name:
	  	  
	  	
				
		 	 Title:
	  	  
	  	

 Signature Page 

Aircraft Dry Lease Agreement 

Blackstone – XB Partners 

 
APPENDIX A 

XB Partners LLC 

INVOICE 

To      ______________________ 

          ______________________ 

          ______________________ 

Date: _______       
  

			
	 Payable: Payable
upon receipt
  

	
Ref Contract:         Aircraft Dry Lease Agreement between XB Partners
LLC and Blackstone Administrative Services Partnership, LP (“Lease”) dated ____________________.

	 
	
Rental Period:    _________ to ________

	 
	
Description                  
                                         
                                         
Amount
 ______________________________________________________________________

	 	 
	 1. Rental Payment
	 	 $_________      

	 rental fee ($ _________ per flight hour of
operation)
	 	 
	 	 
	 2. Other Costs: (see paragraph 2.3 of
Lease)
	 	 $_________      

	 	 
	
Description               
                                     
Cost
	 	 
	
____________________________________________
	 	 
	
____________________________________________
	 	 
	
____________________________________________
	 	 
	
____________________________________________
	 	 
	 
	
_______________________________________________________________________

	 	 
	 TOTAL THIS
INVOICE
  
	 	
$_________EX-10.3

 Exhibit 10.3 

FORM OF AIRCRAFT DRY LEASE AGREEMENT 

THIS AIRCRAFT DRY LEASE AGREEMENT (this “Agreement”) is made and entered effective as of
______________________ (the “Effective Date”) between GBBX Associates LLC, a Delaware limited liability company, WLBX LLC, Delaware limited liability company, together as (“Lessor”) and Blackstone Administrative
Services Partnership L.P., a Delaware limited partnership (“Lessee”) (collectively the “Parties”). 
 W
I T N E S S E T H: 
 WHEREAS, Lessor owns a 2010 Bombardier model CL-600-2B16 (Challenger 605) aircraft, manufacturer’s serial number 5852 aircraft, with FAA Registration number N267DW, as described more fully in Section 1.1 below; and 

WHEREAS, Lessor desires to dry lease the Aircraft to Lessee from time to time on a
non-exclusive periodic basis; and Lessee desires to dry lease the Aircraft from Lessor from time to time. 

NOW, THEREFORE, in consideration of the promises and the mutual covenants and undertakings herein contained, the
Parties hereto do hereby agree as follows: 
 ARTICLE 1: LEASE AND TERM 

1.1.  Lease. Lessor hereby agrees to dry lease to Lessee, from time to time, and Lessee hereby agrees to dry
lease from Lessor, from time to time, one (1) 2010 Bombardier model CL-600-2B16 (Challenger 605) aircraft, manufacturer’s serial number 5852 aircraft, with FAA
Registration number N267DW (the “Airframe”), equipped with two (2) GE model CF34-3B engines bearing manufacturer’s serial numbers SN-950934
and SN-950935 (the “Engines”), together with all components, accessions, systems, appliances, parts, instruments, accessories, furnishings, and any manufacturer’s or third-party
warranties, any manufacturer service programs in connection with the Aircraft and other equipment installed thereon or attached thereto on the date hereof, all specified avionics, equipment, spare parts and loose equipment and all logs, weight and
balance documents, wiring diagrams, manuals and other records and documentation pertaining to the operation and maintenance of such aircraft in Lessor’s possession or under its control (the foregoing, together with the Airframe and Engines,
collectively, the “Aircraft”) to Lessee hereunder. Changes to the U.S. registration mark of the Aircraft shall have no effect on this Agreement. 

1.2.  Term and Rental Periods. The Term of this Agreement (“Term”) shall commence on the
Effective Date and shall be effective until the last calendar day of the fifth month following the Effective Date. Lessee may dry lease the Aircraft pursuant to this Agreement for specific periods of time during the Term (“Rental
Periods”). No Rental Period shall be for more than thirty (30) days. 
 ARTICLE 2: RENTAL AND EXPENSES 

2.1.  Rental Payment. Lessee agrees to pay to Lessor an hourly rental fee for occupied business flight hours
at a rental rate of ______________________ ($_________) per flight hour 

 
(prorated for fractions) of operation during each Rental Period (the “Rental Payment”). The hourly rental fee may be adjusted by mutual agreement during the Term based on fair
market pricing. Such rental fees include delays, detours, cancellations caused by weather, routing, maintenance or other similar occurrences during each Rental Period, except that Lessor, at its sole discretion, may reduce the rental fees in the
event of such occurrences. Lessee shall not be subject to any daily minimum Rental Payment on any day during the Rental Period. 

2.2.  Positioning, Repositioning. Lessor has incorporated the estimated cost of positioning/repositioning
flights into the Rental Payment, and any positioning/repositioning flights will not be part of the Rental Period and will be invoiced to Lessor’s account, even if Lessee commences or ends its Rental Period at a point other than at Teterboro
Airport (“Home Base”). 
 2.3.  Lessee Reimbursement for Fuel and Incidental Charges.
Lessee shall be responsible for fuel and incidental charges on occupied business flight hours during the Rental Period. Such Incidental Charges include but are not limited to hangaring and tie down charges away from the Home Base, landing fees,
federal excise taxes, airport taxes or similar charges, customs, immigration and similar charges related to international flights; and any additional insurance premiums required for specific flights during the Rental Period. In the event any such
charges are inadvertently made to Lessor by service providers, Lessee shall promptly reimburse Lessor for such costs. Lessor shall instruct service providers to invoice Lessee in the future. 

2.4.  Lessor Reimbursement for Certain Charges. Lessor has incorporated the cost for maintenance and repairs
into the Rental Payment. In the event any charges for maintenance are paid directly by Lessee, Lessor shall promptly reimburse Lessee for such cost, or deduct as an offset against Rental Payments such costs.     

2.5.  Invoicing and Payment. Lessor will send Lessee invoices for such payments as are due under this Article
for each Rental Period, using the form attached as Appendix A or other form at Lessor’s discretion. Lessee shall make payment by check or money order payable to “GBBX Associates LLC, WLBX LLC” payable upon receipt, or shall wire
transfer funds to the address specified on the invoice. 
 2.6.  Calculation of Hours of Operation. For
purposes of Rental Payments, hours of operation for each Rental Period shall be calculated (1) from the time the Aircraft takes off to the time it lands. 

2.7.  Taxes. All payments, including specifically Rental Payments made by Lessee hereunder, shall be made
free and clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, restrictions or conditions now or hereafter imposed by any governmental or taxing authority. Taxes which the Lessee may incur
while operating the Aircraft include, but are not limited to: fuel excise taxes, airport taxes, sales and use taxes, over flight fees or taxes, and customs duties, or other foreign taxes relating to international travel. Notwithstanding the
foregoing, Lessee shall only be liable for taxes on lease payments and not on the value of the Aircraft. 

  
 BLACKSTONE
DRY LEASE - PAGE 2 OF 9 

 2.8.  Procedure to Request Rental of Aircraft. Lessee shall make
requests for rental of the Aircraft to Lessor either orally or in writing. Requests should be made as far in advance as possible before the intended commencement of the Rental Period. 

2.9.  Availability. Lessor is making the Aircraft available to Lessee for dry lease on an “as
available” basis only, and makes no guarantee or warranty with regard to Aircraft availability. Lessor will, in good faith, attempt to make the Aircraft available when it is not otherwise being used by Lessor, another lessee, or is unavailable
for maintenance or other reasons. 
 2.10.  Non-availability or Delay
Due to Unanticipated Causes. Lessor shall promptly notify Lessee in writing if the Aircraft cannot be delivered for a Rental Period due to an unanticipated delay, such as weather or mechanical related delays. Lessor shall not be responsible for
any loss, injury, damage, delay, or cancellation, or any consequential or incidental damages or costs incurred by Lessee caused by such delay or cancellation. 

ARTICLE 3: OPERATION OF AIRCRAFT BY LESSEE 

3.1.  Operational Control. During each Rental Period, Lessee is and shall be the sole operator of the
Aircraft and has sole operational control of the Aircraft. During each Rental Period, Lessee is responsible for operating the Aircraft in accordance and compliance with all laws, ordinances and regulations relating to the possession, use, operation,
or maintenance of the Aircraft, including, but not limited to, Part 91 of the Federal Aviation Regulations (“FAR”). 

3.2.  Selection of Flight Crew. Lessee shall select and hire its own flight crew provided that the pilots
shall be professionally trained and qualified, shall be familiar with and licensed to operate the Aircraft, and shall have current medical certificates, and recurrent training. 

3.3.  Care and Use. Lessee shall use and operate the Aircraft in a careful and proper manner. Lessee shall
operate the Aircraft in accordance with the flight manual and all manufacturer’s suggested operating procedures. Lessee shall not operate, use, or maintain the Aircraft in violation of any airworthiness certificate, license, or registration
relating to the Aircraft, or contrary to any law or regulation. 
 3.4.  Limits of Operations. Lessee
expressly warrants and agrees that it shall not operate the Aircraft outside the geographic limits set forth in the Insurance Policies (defined below), or otherwise operate the Aircraft in a way that would violate or compromise the Insurance
Policies. Lessee shall use the Aircraft only for and on account of its business, and will not use the Aircraft for the purpose of providing transportation of passengers or cargo in air commerce for compensation or hire (except in accordance with the
provisions of FAR 91.501), or for any illegal purpose. 
 3.5.  Documentation. Lessee shall complete
required flight logs, maintenance logs, or other recording entries required by the FAR during any Rental Period. 

3.6.  Maintenance and Repair. Lessor, at its own cost and expense, will promptly repair or replace all parts,
appliances, components, instruments, accessories, and furnishings that are installed in or attached to the Aircraft (herein called “Parts”) that may from time to time become 

  
 BLACKSTONE
DRY LEASE - PAGE 3 OF 9 

 
worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair, or permanently rendered unfit for use for any reason whatsoever during a Rental Period. Further, Lessor shall
reimburse Lessee for any mechanics liens or other costs incurred by Lessee associated with non-routine repairs or maintenance made during a Rental Period, provided that: (1) such repairs shall be made by
an FAA approved repair facility; and (2) Lessor shall approve in advance such repairs or maintenance. Lessee covenants to repair any damage beyond ordinary wear and tear caused by Lessee’s use of the Aircraft. 

3.7.  Right to Inspect. Lessor and its authorized representatives shall, at all reasonable times, have the
right to enter the premises where the Aircraft may be located for the purpose of inspecting and examining the Aircraft, its condition, use and operation, and the books and records of Lessee relating thereto to ensure Lessee’s compliance with
its obligations under this Lease. Notwithstanding the foregoing rights, Lessor has no duty to inspect and shall not incur any liability or obligation by reason of not making any such inspection. 

ARTICLE 4: INSURANCE AND LIABILITY 

4.1.  Primary Liability and Property Damage Insurance. Lessor shall maintain in effect, at its own expense,
third party Aircraft liability insurance, passenger legal liability insurance, and property damage liability insurance during the Term in such amounts as are customary for similarly situated aircraft. Each liability policy shall be primary without
right of contribution from any other insurance that is carried by Lessee, and expressly shall provide that all the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each
insured. 
 4.2.  Insurance Against Physical Damage. Lessor shall maintain in effect, at its own expense, all-risk ground and flight Aircraft hull insurance covering the Aircraft. Any such insurance shall be during the Term for an amount customary for a similar aircraft. 

4.3.  Lessee As Named Insured. All insurance policies carried by Lessor in accordance with this Article (the
“Insurance Policies”) shall name Lessee as a named insured. 
 4.4.  Deductible. Any
Insurance Policy carried by Lessor in accordance with this Article may be subject to a deductible amount which is customary under policies insuring similar aircraft similarly situated. Lessor warrants and agrees that in the event of an insurable
claim, Lessor will bear the costs up to the deductible amount. 
 4.5.  Additional Insurance for Lessee.
Lessee may, at its discretion, obtain additional insurance covering its operation of the Aircraft. 

4.6.  Certificate of Insurance. Upon request, Lessor shall deliver to Lessee a certificate of insurance
evidencing the insurance required to be maintained by Lessor under this Article. 
 4.7.  Mutual Waiver of
Liability Claims. Except as specifically set forth in this Agreement, Lessor and Lessee each hereby agree that each shall hold harmless the other Party, and the other Party’s respective officers, directors, agents, employees, servants,
attorneys, insurers, coinsurers, reinsurers, indemnitors, parents, subsidiaries, affiliates, predecessors, 

  
 BLACKSTONE
DRY LEASE - PAGE 4 OF 9 

 
successors, and assigns from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs and expenses, including reasonable legal fees and
expenses, of whatsoever kind and nature including, without limitation, personal injury or death (“Liabilities”), that could be asserted by that Party against the other Party directly or indirectly (including but not limited to
claims raised against that Party by any third-party, employee, agent, or other person or entity not a party to the Agreement) arising out of the lease, sublease, possession, rental, use, condition, operation, transportation, return, storage or
disposition of the Aircraft or any part thereof (including, without limitation, Liabilities in any way relating to or arising out of latent or other defects, whether or not discoverable by a Party or any other person, injury to persons or property,
or strict liability in tort), provided, however, that neither Party shall be required to hold harmless the other Party for Liabilities resulting from the gross negligence or willful misconduct of the other Party. 

ARTICLE 5: WARRANTIES AND DISCLAIMERS 

5.1.  Lessor’s Warranty. Lessor warrants that (1) the Aircraft shall be delivered to Lessee in
airworthy condition; (2) the Aircraft is properly registered in accordance with U.S. law; and (3) Lessor is a citizen of the United States of America as set forth in 49 U.S.C Section 40102(15) and the regulations thereunder. 

5.2.  Lessor’s Disclaimer of Warranties. EXCEPT AS SPECIFICALLY PROVIDED HEREIN, LESSOR NEITHER MAKES
NOR SHALL BE DEEMED TO HAVE MADE AND HEREBY EXPRESSLY DISCLAIMS, AND LESSEE EXPRESSLY WAIVES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE VALUE, CONDITION, WORKMANSHIP, DESIGN, OPERATION, MERCHANTABILITY OR FITNESS FOR USE FOR A
PARTICULAR PURPOSE OF THE AIRCRAFT, AS TO THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN
TORT OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF. 

5.3.  Lessee’s Representation Regarding Selection. Lessee represents and warrants that: (1) it has
selected the Aircraft based on its own judgment and disclaims any reliance upon statements or representations not part of this Agreement; and (2) that the Aircraft is of a size, design and capacity selected by Lessee and is suitable for
Lessee’s intended use. 
 5.4.  Lessee Warranty Regarding Operation. Lessee represents and warrants
that it shall only operate the Aircraft under the terms, conditions, and restrictions, as set forth in this Agreement. 
 ARTICLE 6:
MISCELLANEOUS 
 6.1.  Title. Title to the Aircraft shall remain vested in Lessor during the Lease Term
and the Aircraft shall be registered at the FAA in the name of Lessor. Lessee shall have no right, title or interest in or to the Aircraft except as expressly provided herein and shall take no action that would impair the continued registration of
the Aircraft at the FAA in the name of Lessor. Lessee 

  
 BLACKSTONE
DRY LEASE - PAGE 5 OF 9 

 
shall not file or record this Agreement with the FAA. Lessee shall do or cause to be done any and all acts and things which may be required to perfect and preserve the interest and title of
Lessor to the Aircraft within any jurisdiction in which Lessee may operate the Aircraft, and Lessee shall also do or cause to be done any and all acts and things which may be required under the terms of any other agreement, treaty, convention, pact
or by any practice, customs or understanding involving any country or state in which Lessee may operate, as may be necessary or helpful, or as Lessor may reasonably request, to perfect and preserve the rights of Lessor within the jurisdiction of any
such country or state. 
 6.2.  Liens. Except as provided herein, Lessee will not directly or indirectly
create, incur, assume or suffer to exist any liens on or with respect to (1) the Aircraft or any part thereof; (2) Lessor’s title thereto; or (3) any interest of Lessor therein. Lessee will promptly, at its own expense, take such
action as may be necessary to discharge any such lien. Lessee may incur the following liens: (i) the respective rights of Lessor and Lessee as herein provided; (ii) liens created by Lessor; (iii) liens for taxes either not yet due or
being contested by Lessee in good faith; and (iv) inchoate materialmen’s, mechanics’, workmen’s, repairmen’s, employees’ or other like liens arising in the ordinary course of business of Lessee, or Parties acting on
behalf of Lessee insofar as such actions relate to the Aircraft and are not inconsistent with this Agreement, not delinquent, and for the payment of which adequate reserves have been provided. 

6.3.  Defaults. 

(a)  Each of the following events shall constitute an “Event of Default” hereunder (whatever the reason
for such event of default and whether it shall be voluntary or involuntary, or come about or be effected by operation of law, or be pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): (1) if Lessee shall fail to pay when due any sum under this Agreement and such failure shall continue for a period of three business days after oral, facsimile, electronic mail or written notice has been given
by Lessor to Lessee; (2) if Lessee shall fail to perform any covenant or agreement contained herein, and such failure shall continue for a period of fifteen (15) calendar days after notice thereof shall have been given in writing;
(3) if any representation or warranty made by Lessee in this Agreement or any agreement, document or certificate delivered by the Lessee in connection herewith is or shall become incorrect in any material respect; (4) if Lessee shall
operate the Aircraft in violation of any applicable law, regulation, rule or order of any governmental authority having jurisdiction thereof or shall operate the Aircraft when the insurance required hereunder shall not be in effect; (5) if any
proceedings shall be commenced under any bankruptcy, insolvency, reorganization, readjustment of debt, receivership or liquidation law or statute of any jurisdiction; or (6) if any such proceedings shall be instituted against either Party and
shall not be withdrawn or terminated within thirty (30) calendar days after their commencement. 
 (b)  Upon
the occurrence of any Event of Default Lessor may, at its option, exercise any or all remedies available at law or in equity, including, without limitation, any or all of the following remedies, as Lessor in its sole discretion shall elect:
(1) by notice in writing to terminate this Agreement immediately, whereupon all rights of the Lessee to the use or possession of the Aircraft or any part thereof shall absolutely cease and terminate but Lessee

  
 BLACKSTONE
DRY LEASE - PAGE 6 OF 9 

 
shall remain liable as hereinafter provided; and thereupon Lessee, if so requested by Lessor, shall at its expense promptly return the Aircraft and Aircraft Documentation as required by this
Agreement or Lessor, at its option, may enter upon the premises where the Aircraft or Aircraft Documentation are located and take immediate possession of and remove the same by summary proceedings or otherwise. Lessee specifically authorizes
Lessor’s entry upon any premises where the Aircraft or Aircraft Documentation may be located for the purpose of, and waives any cause of action it may have arising from, a peaceful retaking of the Aircraft or Aircraft Documentation; or
(2) perform or cause to be performed any obligation, covenant or agreement of Lessee hereunder. Lessee agrees to pay all costs and expenses incurred by Lessor for such performance and acknowledges that such performance by Lessor shall not be
deemed to cure said Event of Default. 
 (c)  Lessee shall be liable for all costs, charges and expenses,
including reasonable legal fees and disbursements, incurred by Lessor by reason of the occurrence of any Event of Default or the exercise of Lessor’s remedies with respect thereto. No remedy referred to herein is intended to be exclusive, but
each shall be cumulative and in addition to any other remedy referred to above or otherwise available to Lessor at law or in equity. Lessor shall not be deemed to have waived any default, Event of Default or right hereunder unless the same is
acknowledged in writing by duly authorized representative of Lessor. No waiver by Lessor of any default or Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or subsequent default or Event of Default. The
failure or delay of Lessor in exercising any rights granted it hereunder upon any occurrence of any such right upon the continuation or recurrence of any such contingencies or similar contingencies, and any single or partial exercise of any
particular right by Lessor shall not exhaust the same or constitute a waiver of any other right provided herein. 

6.4  Successors and Assigns. This Agreement shall be binding upon Lessor, Lessee, and their respective
successors and assigns, except that Lessee may not assign or transfer any of its rights hereunder except with the prior written consent of Lessor. Subject to the foregoing, this Lease shall inure to the benefit of Lessor and Lessee and their
respective successors and assigns. 
 6.5.  Notices. All notices and other communications under this
Agreement shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt or refusal to accept receipt) by delivery in person, by facsimile or electronic mail (with a simultaneous confirmation copy sent by first
class mail properly addressed and postage prepaid), or by a reputable overnight courier service, addressed as follows: 
  

			
	 If to Lessor:
	  	 GBBX Associates

		  	 WLBX LLC

		  	 321 Broadway

		  	 Saratoga Springs, NY 12866

		
		  	 Attn:     

		  	 Telephone:

		  	 Facsimile:

		  	 Email:

  
 BLACKSTONE
DRY LEASE - PAGE 7 OF 9 

			
		
	 If to Lessee:
	  	 Blackstone Administrative Services Partnership, LP

		  	 345 Park Avenue, 44th Floor

		  	 New York, NY 10154

		  	 Attn: 

		  	 Telephone:

		  	 Facsimile:

		  	 Email:

 or at such other address as either Party may designate in writing. Any notice hereunder shall be effective
upon delivery. 
 6.6.  Entire Agreement. This Agreement constitutes the final, complete, and exclusive
statement of the terms of the agreement between the Parties pertaining to the subject matter of this Agreement and supersede all prior and contemporaneous understandings, including any prior written agreements of the Parties pertaining to the
matters hereof.      
 6.7.  Severability. If any provision of this Agreement is found
to be prohibited or unenforceable in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or
unenforceability in one jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, each Party hereto hereby waives any provision of law that renders any provision
hereof prohibited or unenforceable in any respect. 
 6.8.  Amendments and Modifications. The terms of this
Agreement shall not be waived, varied, contradicted, explained, amended or changed in any other manner except by an instrument in writing, executed by both Parties. 

6.9.  Choice of Law. This Agreement shall in all respects be governed by, and construed in accordance with,
the laws of the State of New York (disregarding any Conflict of Laws rule which might result in the application of the laws of any other jurisdiction), including all matters of construction, validity, and performance. 

6.10.  Force Majeure. No Party shall be liable for any failure to perform its obligations in connection with
any action described in this Agreement, if such failure results from any act of God, riot, war, civil unrest, flood, earthquake, or other cause beyond such Party’s reasonable control (including any mechanical, electronic, or communications
failure, but excluding failure caused by a Party’s financial condition or negligence). 

6.11.  Execution. This Lease may be executed in counterparts, each of which when so executed shall be deemed
to be an original, and such counterparts together shall constitute one and the same instrument. Signatures transmitted by facsimile, .pdf, or any other electronic means shall constitute original signatures.     

ARTICLE 7: TRUTH IN LEASING 

  
 BLACKSTONE
DRY LEASE - PAGE 8 OF 9 

 7.1.  Representation Regarding Maintenance. DURING THE LAST
TWELVE MONTHS THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FEDERAL AVIATION REGULATION PART 91 AND UNDER PART 135 (AS OF 15 MARCH 2013). LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT COMPLIES WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS
CONTAINED IN THE ABOVE LISTED FEDERAL AVIATION REGULATION FOR LESSEE’S USE OF THE AIRCRAFT UNDER THIS LEASE. 

7.2.  Representation Regarding Operational Control. LESSEE, WHOSE NAME AND ADDRESS APPEAR HEREIN, IS
RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT UNDER THE LEASE. LESSEE HEREBY CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH THE FEDERAL AVIATION REGULATIONS APPLICABLE TO THE AIRCRAFT. 

7.3.  Information from FAA. LESSEE UNDERSTANDS THAT AN EXPLANATION OF FACTORS BEARING ON OPERATIONS CONTROL
AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE, GENERAL AVIATION DISTRICT OFFICE, OR AIR CARRIER DISTRICT OFFICE. 

7.4.  FAA Notification: in accordance with FAR 91.23. The Parties shall take the following actions
upon execution of this Agreement: (1) a copy of this Agreement shall be placed aboard the Aircraft; (2) a copy of this agreement will be mailed to the FAA Aircraft Registration Branch, Attn: Technical Section, P.O. Box 25724, Oklahoma
City, OK 73125 within 24 hours of execution; and (3) the FAA will be notified at least 48 hours prior to the first flight of any aircraft under this Agreement. 

(Signature page follows) 

  
 BLACKSTONE
DRY LEASE - PAGE 9 OF 9 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
in their names and on their behalf by their duly authorized officers, effective as of the Effective Date. 
 GBBX
Associates LLC 
 WLBX LLC 

As Lessor 
  

							
		 	 By:
	  	  
	  	
				
		 	 Name:
	  	  
	  	
				
		 	 Title:
	  	  
	  	

 Blackstone Administrative Services
Partnership, LP 
 As Lessee 
  

							
		 	 By:
	  	  
	  	
				
		 	 Name:
	  	  
	  	
				
		 	 Title:
	  	  
	  	

  
 Signature Page 

Aircraft Dry Lease Agreement 

Blackstone – GBBX/WLBX 

 
APPENDIX A 

GBBX Associates LLC 

WLBX LLC 

INVOICE 

To      ______________________ 

          ______________________ 

          ______________________ 

Date: _________       

 

Payable: Payable upon receipt
  

 

Ref Contract: Aircraft Dry Lease Agreement between GBBX Associates LLC, WLBX LLC, and Blackstone
Administrative Services Partnership, LP (“Lease”) dated ________________. 
  

			
	
	 Rental Period:    _________ to ________

	
	
Description                  
                                         
                                         
Amount

                    
                                         
                                         
                                      

		
	 1. Rental Payment
	 	 $_________      

	 rental fee ($ _________ per flight hour of operation)
	 	
		
	 2. Other Costs: (see paragraph 2.3 of Lease)
	 	 $_________      

		
	
Description                  
                                         
 Cost
	 	
	 ____________________________________________
	 	
	 ____________________________________________
	 	
	 ____________________________________________
	 	
	 ____________________________________________
	 	
	
	
                   
                                         
                                         
                                       

		
	 TOTAL THIS INVOICE

 
	 	 $_________

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