Document:

Amendment and Restatement Agreement dated as of August 1, 2011

 Exhibit 4.18 
 Amendment and Restatement Agreement 
 relating to an umbrella loan agreement dated 29 August
2006, as most recently amended and restated on 12 April 2010 and further amended on 22 October 2010 and 26 July 2011 
 Dated
1 August 2011 
 Baker & Spice Aviation Limited 
 (as Original Borrower) 
 Commercial Aviation Solutions Australia Pty. Ltd. as trustee for The
Aviation Solutions Unit Trust 
 (as CASA) 
 Coronet Aviation Australia Pty. Ltd. as trustee for The Barcom Aviation Unit Trust 
 (as
Coronet) 
 The Financial Institutions referred to herein 
 (as Senior Lenders) 
 The Financial Institutions referred to herein 

(as Junior Lenders) 
 Bank of Scotland plc

 (as Facility Agent) 
 Bank of
Scotland plc 
 (as Security Trustee) 
 Bank of Scotland plc 
 (as Hedging Bank) 

 Contents 
  

							
			
	 1
	 	Definitions and interpretation	  	 	2	  
			
	 2
	 	Amendment and Restatement	  	 	3	  
			
	 3
	 	Confirmations	  	 	3	  
			
	 4
	 	Change of Lease Manager	  	 	3	  
			
	 5
	 	Representations and warranties	  	 	4	  
			
	 6
	 	Undertakings	  	 	4	  
			
	 7
	 	Costs and expenses	  	 	6	  
			
	 8
	 	Governing law and jurisdiction	  	 	6	  
			
	 9
	 	Finance Documents	  	 	6	  
		
	 Schedule 1 – Part A - The Senior Lenders
	  	 	7	  
		
	 Schedule 1 – Part B - The Junior Lenders
	  	 	8	  
		
	 Schedule 2 – Form of Comfort Letter
	  	 	9	  
		
	 Schedule 3 – Form of Amended and Restated Umbrella Loan Agreement
	  	 	11	  

 Amendment and Restatement Agreement 
 Dated 1 August 2011 
 Between 

 

	(1)	Baker & Spice Aviation Limited, a limited liability company organised and existing under the laws of Ireland having its registered office at 70 Sir John
Rogerson’s Quay, Dublin 2, Ireland (the Original Borrower); 

  

	(2)	Commercial Aviation Solutions Australia Pty. Ltd. as trustee for The Aviation Solutions Unit Trust, a company incorporated and existing under applicable law of
Australia, having its principal place of business at Level 9 South, 161 Collins Street, Melbourne, Victoria 3000, Australia (CASA); 

  

	(3)	Coronet Aviation Australia Pty. Ltd. as trustee for The Barcom Aviation Unit Trust, a company incorporated and existing under applicable law of Australia, having
its principal place of business at Level 9 South, 161 Collins Street, Melbourne, Victoria 3000, Australia (Coronet, and together with the Original Borrower and CASA, the Borrowers); 

 

	(4)	The Financial Institutions named in Part A of Schedule 1 hereto (the Senior Lenders) and in Part B of Schedule 1 hereto (the Junior
Lenders); 

  

	(5)	Bank of Scotland plc, incorporated under the Companies Act 1985 and having its registered office at The Mound, Edinburgh, EH1 1YZ, United Kingdom, in its
capacity as facility agent of the Lenders (the Facility Agent which expression shall include its successors and assigns); 

  

	(6)	Bank of Scotland plc, incorporated under the Companies Act 1985 and having its registered office at The Mound, Edinburgh, EH1 1YZ, United Kingdom, in its
capacity as facility agent of the Lenders (the Hedging Bank which expression shall include its successors and assigns); and 

  

	(7)	Bank of Scotland plc, incorporated under the Companies Act 1985 and having its registered office at The Mound, Edinburgh, EH1 1YZ, United Kingdom, in its
capacity as security trustee for and on behalf of, amongst others, the Lenders (the Security Trustee which expression shall include its successors and assigns). 

 Recitals 
  

	A	This Agreement is supplemental to and amends an umbrella loan agreement dated 29 August 2006 among the Parties (as amended and restated on 5 December 2006,
12 June 2007 and 17 December 2007, further amended on 11 December 2008, further amended and restated on 12 April 2010 and further amended on 22 October 2010 and 26 July 2011) (the Umbrella Agreement) relating to
the financing of aircraft. 

  

	B	It is proposed that FLY will purchase all of the beneficial ownership interests of Judbury, the ASU Trust and GAHFL (the Transaction) and that upon consummation
of the Transaction GAAM will resign as Lease Manager and BBAM (US) and BBAM (Ireland) will be appointed as Lease Managers in their stead. 

  

	C	The Parties have agreed to enter into this Agreement to (i) amend and restate the Umbrella Agreement on the terms of this Agreement and (ii) provide for the
consent of the Finance Parties to various matters relating to the Transaction. 

 It is agreed: 
  

	1	Definitions and interpretation 

  

	1.1	Definitions 

 Words and
expressions defined in the Umbrella Agreement, as in effect on the date of this Agreement, shall have the same meanings in this Agreement. In addition, in this Agreement: 
 ASU Trust means The Aviation Solutions Unit Trust. 
 BBAM (Ireland)
means BBAM Aviation Services Limited, a limited liability company incorporated under the laws of Ireland. 
 BBAM (US)
means BBAM LLC, a limited liability company organised and existing under the laws of the State of Delaware. 
 Charges
means: 
  

	 	(a)	the mortgage of deposit of money dated 1 February 2011 between the Original Borrower as mortgagor and the Security Trustee as mortgagee; 

 

	 	(b)	the fixed and floating charge dated 19 March 2007 between CASA as chargor and the Security Trustee as chargee; and 

 

	 	(c)	the fixed and floating charge dated 5 November 2007 between Coronet as chargor and the Security Trustee as chargee. 

Completion Date means the date on which the Transaction is completed. 

Confirmation means the confirmation referred to in Clause 6.2 (Confirmation) to be given by the Facility Agent. 

December 2007 Amendment Agreement means the amendment and restatement agreement dated 17 December 2007 relating to the
Umbrella Agreement and entered into among the Parties. 
 Effective Date means the later of: 

 

	 	(a)	the earliest date on which the Facility Agent has received all of the items set out in Clause 6.1.2 (Undertaking of the Borrowers); and 

 

	 	(b)	the Completion Date. 

 FLY
means Fly Leasing Limited, an exempted company incorporated under the laws of Bermuda. 
 GAAM means Global Aviation Asset
Management Pty Ltd as trustee for The Global Aviation Asset Management Unit Trust. 
 GAHFL means Global Aviation Holdings
Fund Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands and an indirect beneficial owner of the Original Borrower. 
 Judbury means Judbury Investments Pty Ltd, an indirect beneficial owner of The Barcom Aviation Unit Trust. 

 Lease Management Agreement means the management agreement(s) in a form reasonably
satisfactory to the Facility Agent pursuant to which BBAM US and BBAM Ireland are to be appointed as Lease Managers. 
 Letter
of Comfort means a letter of comfort in the form set out in Schedule 2. 
 Parties means the parties to this
Agreement. 
 OB Share Charge means the Share Charge relating to the Original Borrower. 

 

	1.2	Interpretation 

 The
principles of interpretation set out in clause 1.2 (Interpretation) of the Umbrella Agreement shall apply to this Agreement, insofar as they are relevant to it, as they apply to the Umbrella Agreement. 

 

	1.3	Third party rights 

 The
provisions of clause 39 (Third party rights) of the Umbrella Agreement shall apply to this Agreement as they apply to the Umbrella Agreement. 
  

	2	Amendment and Restatement 

Each Party: 
  

	 	(a)	agrees that with effect from the Effective Date, the Umbrella Agreement shall be amended and restated so as to take effect in the form set out in Schedule 3;

  

	 	(b)	agrees that on and after the Effective Date, the amended and restated Umbrella Agreement set out in Schedule 3 shall be the Umbrella Agreement; and

  

	 	(c)	consents and agrees to the amendments referred to in Clause 2(a). 

  

	3	Confirmations 

 Each Party
confirms that, on and after the Effective Date: 
  

	 	(a)	the Umbrella Agreement as amended and restated by this Agreement, and the other Transaction Documents (including clause 4 (Lenders’ Payment Systems) of the
December 2007 Amendment Agreement), remain in full force and effect; and 

  

	 	(b)	the Security Documents to which it is a party continue to secure all liabilities which are expressed to be secured by them. 

 

	4	Change of Lease Manager 

  

	4.1	Consent of Facility Agent 

The Facility Agent consents, with effect from the Effective Date, to: 

 

	 	(a)	the appointment of BBAM (US) and BBAM (Ireland) as Lease Managers pursuant to the Lease Management Agreement following GAAM’s resignation as Lease Manager; and

  

	 	(b)	the execution by any Borrower of the Lease Management Agreement. 

	4.2	Acknowledgement 

 The
Borrowers acknowledge that any further change of Lease Manager will be subject to clause 15.4.1 (Lease managers) of the Umbrella Agreement. 
  

	5	Representations and warranties 

  

	5.1	Corporate Authorities 

Each Party represents and warrants to the other Parties that it has full power and authority to enter into, perform and deliver, and has
taken all necessary action to authorise its entry into, performance and delivery, of this Agreement. 
  

	5.2	Representations of the Borrowers 

  

	5.2.1	The Borrowers each hereby represent and warrant to the Financing Parties on the date of this Agreement on the terms of the representations and warranties in clause 17.1
(Borrower’s Representations and Warranties) of the Umbrella Agreement. 

  

	5.2.2	The Borrowers each hereby further represent and warrant to the Financing Parties that upon consummation of the Transaction and, if later, the Effective Date:

  

	 	(a)	FLY will be: 

  

	 	(i)	through its wholly owned subsidiaries Coral Aircraft Holdings Limited (an Irish company) and Opal Holdings Australia Pty Ltd (an Australian company), the sole
beneficial owner of Judbury and the ASU Trust; and 

  

	 	(ii)	through Coral Aircraft Holdings Limited, the sole beneficial owner of GAHFL; and 

 

	 	(b)	the Subsidiaries of Judbury and GAHFL will be the same as at the date of this Agreement, save that GAAM and its wholly owned Subsidiary GAAM UK Pty Ltd will as of the
Effective Date no longer be Subsidiaries of GAHFL. 

  

	6	Undertakings 

  

	6.1	Undertaking of the Borrowers 

  

	6.1.1	The Borrowers will procure that: 

  

	 	(a)	the Transaction is not consummated unless and until the Facility Agent has received all of the items set out in Clause 6.1.2; and 

 

	 	(b)	the Lease Management Agreement contains a provision whereby the lease management arrangements contained therein may be terminated upon the occurrence of an Event of
Default and that such clause should not be amended without the Security Trustee’s consent. 

  

	6.1.2	On or before the Completion Date: 

  

	 	(a)	the Original Borrower shall pay to the Facility Agent (for the account of the Lenders) a work fee of two hundred and fifty thousand Dollars ($250,000);

  

	 	(b)	the Original Borrower shall procure that FLY provides a duly executed Letter of Comfort to the Security Trustee; 

 

	 	(c)	the Original Borrower shall deliver or cause to be delivered to the Facility Agent a certified true copy of the Lease Management Agreement. 

	6.1.3	The Original Borrower will promptly and, in any event, within one (1) Business Day of such completion, notify the Facility Agent when completion of the Transaction
has occurred. 

  

	6.1.4	Within five (5) Business Days of the Effective Date: 

  

	 	(a)	the Original Borrower shall procure that the company secretary and each director of the Original Borrower provides to the Security Trustee a signed and undated letter
of resignation in the form set out in schedule 2 to the OB Share Charge and a signed and dated letter of authority in the form set out in the relevant part of schedule 3 to the OB Share Charge; 

 

	 	(b)	the Original Borrower shall deliver or cause to be delivered to the Facility Agent legal opinions (in form and substance satisfactory to the Facility Agent) of Matheson
Ormsby Prentice at 70 Sir John Rogerson’s Quay, Dublin 2, Ireland in respect of the due execution and delivery by the Original Borrower of this Agreement 

 

	 	(c)	CASA shall deliver or cause to be delivered to the Facility Agent a legal opinion (in form and substance satisfactory to the Facility Agent) of Mallesons Stephen
Jacques at Level 61, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW 2000, Australia in respect of the due execution and delivery by CASA of this Agreement; and 

 

	 	(d)	Coronet shall deliver or cause to be delivered to the Facility Agent a legal opinion (in form and substance satisfactory to the Facility Agent) of Mallesons Stephen
Jacques at Level 61, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW 2000, Australia in respect of the due execution and delivery by Coronet of this Agreement. 

 

	6.2	Confirmation 

 As soon as
reasonably practical following satisfactory receipt of the items set out in Clause 6.1.2, the Facility Agent shall confirm such receipt to the other Parties. 
  

	6.3	Further assurances regarding the Charges 

  

	6.3.1	The Parties note that each Charge contains references to bank accounts in GAAM’s name. As a consequence of the change of Lease Manager as contemplated in Recital
(B), it will be necessary to replace those accounts with accounts in the name of BBAM (Ireland) or BBAM (US) and to change the signatories to certain accounts subject to the security interests created pursuant to the Charges.

  

	6.3.2	Each Party shall enter into such further documents, deeds or agreements and undertake such actions as is necessary or desirable to amend the Charges to reflect the
matters referred to in Clause 6.3.1 and to maintain the effectiveness of the security interests created by the Charges following such amendment. 

  

	6.3.3	Each Borrower shall, if requested by the Facility Agent, deliver or cause to be delivered to the Facility Agent: 

 

	 	(a)	a legal opinion (in form and substance satisfactory to the Facility Agent) of legal counsel referred to in Clause 6.1.4(b) (in the case of the Original Borrower),
6.1.4(c) (in the case of CASA or Coronet) in respect of the due execution and delivery by that Borrower of any document, deed or agreement executed by that Borrower pursuant to Clause 6.3.2; and 

 

	 	(b)	a legal opinion (in form and substance satisfactory to the Facility Agent) of Mallesons Stephen Jacques at Level 61, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW
2000, Australia in respect of the enforceability of the security interest created pursuant to any Charge executed by that Borrower which is amended pursuant to Clause 6.3.2. 

	7	Costs and expenses 

 The
Original Borrower confirms that it shall be liable for all reasonable costs and expenses of the Finance Parties in relation to this Agreement (including with regard to any action required pursuant to Clause 6.3) in accordance with clause 8.5.2
(Expenses) of the Umbrella Facility, subject to any cap on legal fees agreed between the Facility Agent and the Original Borrower. 
  

	8	Governing law and jurisdiction 

  

	8.1	Governing Law 

 This
Agreement, together with any non-contractual obligations arising from or connected with it, is governed by English law. 
  

	8.2	Enforcement 

 The
provisions of clauses 36.2 (English Courts) to 36.6 (Non-Exclusive Submissions) (inclusive) of the Umbrella Agreement shall apply to this Agreement as they apply to the Umbrella Agreement. 

 

	9	Finance Documents 

 This
Agreement is a Finance Document. 
 This Agreement has been executed as a deed by the Parties and is intended to be and is delivered by them as
a deed on the date stated at the beginning of this Agreement. 

 Execution Pages 
  

									
	The Original Borrower	 		 		 		 	
					
	Signed and Delivered	 		 	)	 		 	
	for and on behalf of and as the deed of	 		 	)	 		 	
	Baker & Spice Aviation Limited	 		 	)	 	  
	 	
	by:	 		 	)	 	Lawfully appointed attorney	 	
					
	  
	 		 		 		 	
	Name of Attorney	 		 		 		 	
					
	in the presence of:	 		 		 		 	
					
	Witness Signature:	 		 		 		 	
					
	Witness Name:	 		 		 		 	
					
	Witness Address and Occupation:	 		 		 		 	
					
	CASA	 		 		 		 	
					
	Executed by the duly authorised attorney of	 		 	)	 		 	
	Commercial Aviation Solutions	 		 	)	 		 	
	Australia Pty. Ltd. as trustee for	 		 	)	 		 	
	The Aviation Solutions Unit Trust	 		 	)	 		 	
					
	  
	 		 		 		 	
	Name of Attorney	 		 		 		 	
					
	in the presence of:	 		 		 		 	
					
	Witness Signature:	 		 		 		 	
					
	Witness Name:	 		 		 		 	
					
	Witness Address and Occupation:	 		 		 		 	

									
	Coronet	 		 		 		 	
					
	Executed by the duly authorised attorney of	 		 	)	 		 	
	Coronet Aviation Australia Pty. Ltd.	 		 	)	 		 	
	as trustee for The Barcom Aviation Unit Trust	 		 	)	 		 	
					
	  
	 		 		 		 	
	Name of Attorney	 		 		 		 	
					
	in the presence of:	 		 		 		 	
					
	Witness Signature:	 		 		 		 	
					
	Witness Name:	 		 		 		 	
					
	Witness Address and Occupation:	 		 		 		 	
					
	The Facility Agent	 		 		 		 	
					
	Executed as a Deed by	 		 	)	 		 	
	Bank of Scotland plc	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	
					
	The Security Trustee	 		 		 		 	
					
	Executed as a Deed by	 		 	)	 		 	
	Bank of Scotland plc	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

									
	The Junior Lenders	 		 		 		 	
					
	Executed as a Deed by	 		 	)	 		 	
	Bank of Scotland plc	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	
					
	The Hedging Bank	 		 		 		 	
					
	Executed as a Deed by	 		 	)	 		 	
	Bank of Scotland plc	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	
					
	The Senior Lenders	 		 		 		 	
					
	Executed as a Deed by	 		 	)	 		 	
	Bank of Scotland plc	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	
					
	Executed as a Deed by	 		 	)	 		 	
	CommBank Europe Limited	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

									
	Executed as a Deed by	 		 	)	 		 	
	Commonwealth Bank of Australia	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

 Dated originally 29 August 2006 

(as most recently amended and restated on 1 August 2011) 

BAKER & SPICE AVIATION LIMITED 
 as Original Borrower 
 COMMERCIAL AVIATION SOLUTIONS AUSTRALIA PTY. LTD

 as TRUSTEE FOR THE AVIATION SOLUTIONS UNIT TRUST 

as a Borrower 

CORONET AVIATION AUSTRALIA PTY. LTD 
 as TRUSTEE FOR THE BARCOM AVIATION UNIT TRUST 
 as a Borrower 

THE FINANCIAL INSTITUTIONS REFERRED TO HEREIN 
 as Senior Lenders 
 THE FINANCIAL INSTITUTIONS REFERRED TO HEREIN

 as Junior Lenders 
 BANK OF SCOTLAND PLC 
 as Facility Agent 

BANK OF SCOTLAND PLC 
 as Security Trustee 
 and 

BANK OF SCOTLAND PLC 
 as Hedging Bank 
  

 
 amended and
restated umbrella loan agreement 
 relating to the financing of 

certain aircraft more fully detailed herein 

 
  

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
			
	 1.
	 	Definitions And Interpretation	  	 	3	  
			
	 2.
	 	Amount, Exclusion Of Joint Liability And Purpose Of The Loan	  	 	16	  
			
	 3.
	 	Disbursement Of The Loans	  	 	17	  
			
	 4.
	 	Interest	  	 	18	  
			
	 5.
	 	Repayment And Prepayment	  	 	19	  
			
	 6.
	 	Remarketing	  	 	22	  
			
	 7.
	 	Overdue Payments And Indemnification	  	 	23	  
			
	 8.
	 	Taxes And Expenses	  	 	23	  
			
	 9.
	 	Currency	  	 	25	  
			
	 10.
	 	Performance Procedure	  	 	25	  
			
	 11.
	 	Application Of Proceeds	  	 	26	  
			
	 12.
	 	Indemnities	  	 	30	  
			
	 13.
	 	Change In Circumstances	  	 	32	  
			
	 14.
	 	Security And Recourse	  	 	33	  
			
	 15.
	 	Undertakings	  	 	36	  
			
	 16.
	 	Information To Be Given By The Borrowers	  	 	41	  
			
	 17.
	 	Representations And Warranties	  	 	42	  
			
	 18.
	 	Events Of Default	  	 	43	  
			
	 19.
	 	Assignment Of Rights	  	 	45	  
			
	 20.
	 	Additional Parties	  	 	47	  
			
	 21.
	 	Communications	  	 	49	  
			
	 22.
	 	Conditions Precedent And Delayed Delivery	  	 	50	  
			
	 23.
	 	Facility Agent And Security Trustee	  	 	51	  
			
	 24.
	 	Facility Agent	  	 	53	  
			
	 25.
	 	Security Trustee	  	 	57	  
			
	 26.
	 	Intercreditor Arrangements	  	 	61	  
			
	 27.
	 	Turnover Of Receipts	  	 	62	  
			
	 28.
	 	Covenants Of Borrower, Junior Lenders And Hedging Bank	  	 	63	  
			
	 29.
	 	Junior Loan And Hedging Agreement Subordination	  	 	63	  
			
	 30.
	 	Release Of Security	  	 	64	  
			
	 31.
	 	Buy-Out Rights	  	 	65	  
			
	 32.
	 	Cure Rights	  	 	65	  
			
	 33.
	 	Mitigation, Consultation And Tax Credits	  	 	66	  
			
	 34.
	 	Confidentiality	  	 	67	  
			
	 35.
	 	Waiver	  	 	67	  
			
	 36.
	 	Governing Law And Jurisdiction	  	 	67	  
			
	 37.
	 	Partial Invalidity Or Unenforceability	  	 	68	  
			
	 38.
	 	Language - Amendments - Survival Of Indemnities	  	 	69	  
			
	 39.
	 	Third Party Rights	  	 	69	  
			
	 40.
	 	Joint And Several	  	 	69	  

  
 - i -

							
			
	 Schedule 1
	 	PART A THE EXISTING SENIOR LOANS AND THE SENIOR
LENDERS	  	 	68	  
			
	 Schedule 2
	 	FORM OF TRANSFER CERTIFICATE	  	 	70	  
			
	 Schedule 3
	 	CONDITIONS PRECEDENT	  	 	73	  
			
	 Schedule 4
	 	FORM OF NOTICE OF DRAWDOWN	  	 	74	  
			
	 Schedule 5
	 	FORM OF LESSOR PARENT LETTER	  	 	75	  
			
	 Schedule 6
	 	SENIOR LOAN REPAYMENT SCHEDULE	  	 	76	  
			
	 Schedule 7
	 	FORM OF FACILITY SUPPLEMENT	  	 	78	  
			
	 Schedule 8
	 	FORM OF SELECTION NOTICE	  	 	90	  
			
	 Schedule 9
	 	FORM OF RELEASE LETTER	  	 	91	  
			
	 Schedule 10
	 	FORM OF ACCESSION UNDERTAKING	  	 	92	  

  
 - ii -

 THIS LOAN AGREEMENT is made as a deed originally on 29 August 2006 and most recently amended and
restated on 1 August 2011 (this “Agreement”) 
 BETWEEN: 

 

	(1)	BAKER & SPICE AVIATION LIMITED, a limited liability company organised and existing under the laws of Ireland having its registered office at 70 Sir John
Rogerson’s Quay, Dublin 2, Ireland (the “Original Borrower”); 

  

	(2)	Commercial Aviation Solutions Australia Pty. Ltd. as trustee for The Aviation Solutions Unit Trust, a company incorporated and existing under applicable law of
Australia, having its principal place of business at Level 9 South, 161 Collins Street, Melbourne, Victoria 3000, Australia (a “Borrower”); 

 

	(3)	Coronet Aviation Australia Pty. Ltd. as trustee for The Barcom Aviation Unit Trust, a company incorporated and existing under applicable law of Australia, having
its principal place of business at Level 9 South, 161 Collins Street, Melbourne, Victoria 3000, Australia (a “Borrower”); 

  

	(4)	THE FINANCIAL INSTITUTIONS NAMED IN SCHEDULE 1 PART A HERETO (the “Original Senior Lenders”); 

 

	(5)	THE FINANCIAL INSTITUTIONS NAMED IN SCHEDULE 1 PART B HERETO (the “Original Junior Lenders”); 

 

	(6)	BANK OF SCOTLAND PLC whose head office is at The Mound, Edinburgh, EH1 1YZ in its capacity as facility agent of the Lenders (the “Facility
Agent”); 

  

	(7)	BANK OF SCOTLAND PLC whose head office is at The Mound, Edinburgh, EH1 1YZ, in its capacity as security trustee for and on behalf of, amongst others, the Lenders
(the “Security Trustee”); and 

  

	(8)	BANK OF SCOTLAND PLC whose head office is at The Mound, Edinburgh, EH1 1YZ, in its capacity as hedging bank (the “Hedging Bank”).

 WHEREAS: 
  

	(A)	Pursuant to the Sale Agreements, each Borrower (as defined below) has agreed to purchase the relevant Aircraft (as defined below). 

 

	(B)	The Senior Lenders have, subject to the provisions of this Agreement, agreed to provide finance to the Original Borrower and any New Borrower (as defined below) for a
portion of the purchase price of each of the Aircraft by means of the Senior Loans granted under this Agreement. 

  

	(C)	The Parties have, subject to the provisions of this Agreement, agreed to allow participation by the Junior Lenders in the financing of each of the Additional Aircraft
by means of the Junior Loans granted under this Agreement. 

  

	(D)	In order to secure the Loans to be granted under this Agreement, the Original Borrower and/or any New Borrower will execute the Security Documents to which it is
expressed to be a party. 

 NOW THEREFORE IT IS HEREBY AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement: 
 “2011 Amendment and Restatement Agreement” means the amendment and restatement agreement relating
to this Agreement dated 1 August 2011 and entered into among the parties to this Agreement. 

  
 - 3 -

 “2011 Restatement Date” means the date on which this Agreement was restated
pursuant to the 2011 Amendment and Restatement Agreement. 
 “Accession Undertaking” means an accession
undertaking substantially in the form of Schedule 10. 
 “Additional Aircraft” means the aircraft detailed in
each Facility Supplement and as more particularly described in the relevant Lease Agreement. 
 “Additional Lease
Agreement” means the lease agreements detailed in each Facility Supplement. 
 “Additional Facility”
means the Additional Senior Facilities and the Additional Junior Facilities. 
 “Additional Junior Facility”
means the junior facilities detailed in each Facility Supplement. 
 “Additional Junior Loan” means the junior
loan, made or to be made, under the additional Junior Facility, or the principal amount outstanding of that loan. 

“Additional Senior Facility” means the senior facilities detailed in each Facility Supplement. 

“Additional Senior Loan” means the senior loans made, or to be made, under the relevant Additional Senior Facility, or
the principal amount outstanding of that loan. 
 “Affected Person” has the meaning given to such term in Clause
13.4 (Exclusions to Indemnities and Increased Costs). 
 “Affiliates” means, in relation to any person, a
Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 

“Agents” means both of the Security Trustee and the Facility Agent and “Agent” means either one of them.

 “Aircraft” means, as the context may require, any or all of Aircraft 28071, Aircraft 28072 and any Additional
Aircraft. 
 “Aircraft 28071” means the Boeing 737-800 aircraft having manufacturer’s serial number 28071
and German Registration Mark D-ABAQ as more particularly described in the relevant Lease Agreement. 
 “Aircraft
28072” means the Boeing 737-800 aircraft having manufacturer’s serial number 28072 and German Registration Mark D-ABAR as more particularly described in the relevant Lease Agreement. 

“Aircraft Documentation” for an Aircraft, has the meaning given to such term or any equivalent term in the relevant Lease
Agreement. 
 “Aircraft Protocol” means the Protocol to the Convention on International Interests in Mobile
Equipment on Matters Specific to Aircraft Equipment, concluded in Cape Town, South Africa, on November 16, 2001 (using its English-language version). 
 “Airframe” means, for an Aircraft, the Aircraft together with all Parts relating to it, but excluding the Engines and the Aircraft Documentation. 

“Airframe Manufacturer” means, in relation to the Original Aircraft, The Boeing Company, a Delaware corporation and, in
relation to any Additional Aircraft, the aircraft manufacturer detailed in the relevant Facility Supplement. 

“Applicable Circumstance” has the meaning given to such term in Clause 14.6 (Definitions). 

“Applicable Law” includes, without limitation, (a) applicable laws, statutes, decrees, decree-laws, acts, codes,
legislation, treaties, conventions and similar instruments and, in respect of any of the foregoing, any instrument passed in substitution therefor or for the purposes of consolidation thereof with any other instrument or instruments, in each case,
as amended, 

  
 - 4 -

 
modified, varied or supplemented from time to time, (b) applicable final judgments, orders, determinations or awards of any court from which there is no right of appeal or if there is a
right of appeal such appeal is not prosecuted within the allowable time, and (c) applicable orders, guidelines, notices, guidance, rules and regulations of any state or government or any government entity having the force of law (or, if not
having the force of law, in respect of which compliance in the relevant jurisdiction is customary by banks and financial institutions). 
 “Applicable Margin” means: 
  

	 	(a)	in respect of the Senior Loan 28071 and the Senior Loan 28072, for: 

  

	 	(i)	any Interest Period starting on any date before (but not on) the Extension Date, one point five five per cent. (1.55%) per annum; or 

 

	 	(ii)	any Interest Period starting on or after the Extension Date, three point seven five per cent (3.75%); and 

 

	 	(b)	in respect of any Additional Facility means the applicable margin detailed in the relevant Facility Supplement. 

“Applicable Proceeds” means any and all amounts (other than (i) the indemnity amounts referred to in Clause 11.5
(Indemnity Payments), (ii) any amounts received pursuant to a distribution under Clause 11.2 (Application of Applicable Proceeds) or Clause 11.4 (Partial Loss Proceeds; Engines; Warranty Proceeds) or (iii) any amounts
received by the Hedging Bank pursuant to Clause 11.12 (Scheduled Swap Payments prior to the occurrence of a Swap Event)) received by any Lender, the Facility Agent, the Security Trustee, a Receiver or the Hedging Bank pursuant to this
Agreement or any other Transaction Document or in connection herewith or therewith whether by reason of the exercise of any powers hereunder or thereunder or otherwise. 
 “Approved Lease Agreement” means, for an Aircraft, a lease agreement (other than any Lease Agreement) between the Original Borrower and any lessee approved pursuant to Clause 6.4
(Remarketing). 
 “Assignee” has the meaning given to such term in Clause 19.3 (Assignments by
Lenders). 
 “Available Commitment” means in respect of each Loan, in relation to a Lender at any time prior
to the relevant Disbursement Date and save as otherwise provided herein, the amount set out opposite its name in Schedule 1 (The Senior Lenders) or Schedule 2 (The Junior Lenders) of each Facility Supplement. 

“Basle Paper” means the paper entitled “International Convergence of Capital Measurement and Capital Standards”
dated July 1988 and prepared by the Basle Committee on Banking Regulations and Supervision, as amended in November 1991. 

“Basle II Paper” means the paper entitled “International Convergence of Capital Measurement and Capital
Standards” dated June 2004 and prepared by the Basle Committee on Banking Supervision. 
 “BBAM (Ireland)”
means BBAM Aviation Services Limited, a limited liability company incorporated under the laws of Ireland. 
 “BBAM
(US)” means BBAM LLC, a limited liability company organised and existing under the laws of the State of Delaware. 

“Bill of Sale” means, in respect of an Aircraft, the full warranty bill of sale in respect of such Aircraft dated the
relevant Disbursement Date in favour of the relevant Borrower. 
 “Borrower” means, as the case may be, the
Original Borrower or any New Borrower. 
 “Borrower Account Charge” means each account charge in respect of the
relevant Borrower’s Dollar Rent Account, Borrower’s Non-Dollar Rent Account, Borrower’s Maintenance Reserve Account or relevant Borrower’s Collateral Account entered into, or to be entered into, as the context may require,
between any Borrower and the Security Trustee. 

  
 - 5 -

 “Borrower’s Collateral Account” means, in respect of a Borrower, the
Dollar account held with Lloyds Banking Group plc (or any Affiliate thereof in the United Kingdom) specified as such by that relevant Borrower to the Facility Agent from time to time. 

“Borrower’s Dollar Rent Account” means, in respect of an Aircraft, the Dollar account specified as such by the
relevant Borrower to the Facility Agent from time to time. 
 “Borrower’s Maintenance Reserve Account”
means, in respect of an Aircraft, the account specified on such by the relevant Borrower to the Facility Agent from time to time. 
 “Borrower’s Non-Dollar Rent Account” means, in respect of an Aircraft, any account denominated in a currency other than Dollars and specified as such by the relevant Borrower to the
Facility Agent from time to time. 
 “Business Day” means a day (other than a Saturday or a Sunday) on which
banks are open for business in London, Berlin, Hannover, New York and San Francisco. 
 “Cape Town Agreements”
means the Cape Town Convention as supplemented by the Aircraft Protocol, and any protocols, regulations, rules, orders, agreements, instruments, amendments, supplements, revisions or otherwise that have been or are later be made in connection with
the Cape Town Convention and/or the Aircraft Protocol by the Supervisory Authority or an appropriate “registry authority” (as defined in the Aircraft Protocol) or any other international or national body or authority (in each case, using
the English-language version). 
 “Cape Town Convention” means the Convention on International Interests in
Mobile Equipment, concluded in Cape Town, South Africa, on November 16, 2001 (using its English-language version). 

“Change in Law” means, in each case after the date of this Agreement (i) the introduction, abolition, withdrawal or
variation, of any Applicable Law, (ii) any change in the judicial or legislative interpretation of any Applicable Law or (iii) any change in the interpretation or application of, or any law, request, order, guideline, notice, guidance,
statement of policy or practice, rule or regulation of the nature referred to in paragraph (c) of the definition of Applicable Law. 
 “Collateral” means: 
  

	 	(a)	all of the Collateral as defined in, and the subject of, each Security Assignment; and 

 

	 	(b)	all other property subject to any Liens created by the Security Documents. 

 “Commitment Termination Date” means, in respect of each Additional Facility, the date specified in the relevant Facility Supplement. 

“Connected Party” has the meaning given to such term in Clause 15.3.6 (Adequacy of Collateral). 

“Consolidated Text” means the consolidated text of the Cape Town Convention and the Aircraft Protocol attached to
Resolution No. 1 of the Final Act of the Diplomatic Conference to adopt the Cape Town Convention and the Aircraft Protocol held at Cape Town from 29 October to 16 November, 2001; and in this Agreement, any reference to a provision or
part of the Consolidated Text is a reference to the provision or part of the Cape Town Convention and/or the Aircraft Protocol from which it is derived, the Cape Town Convention and the Aircraft Protocol being read and interpreted together as a
single instrument as required by Article 6(1) of the Cape Town Convention (in all cases, referring to the English language version). 
 “Contribution” means, as the context may require, in relation to a Lender and the Loans, the principal amount of the relevant Senior Loans owing to that Senior Lender or the principal
amount of Junior Loans owing to that Junior Lender, at any relevant time. 
 “Delegate” means any delegate,
agent, attorney or co-trustee appointed by the Security Trustee. 

  
 - 6 -

 “Delivery Date” means, for an Aircraft, the date on which the relevant
Borrower shall obtain title to such Aircraft pursuant to the relevant Bill of Sale. 
 “Deregistration Power of
Attorney” for an Aircraft, means any deregistration power of attorney given by a Lessee under the relevant Lease Agreement. 
 “Disbursement” has the meaning given to such term in Clause 3.1 (Application of the Loan). 
 “Disbursement Date” for a Loan, means the Delivery Date for the Aircraft to which such Loan relates. 
 “Dollars” and “$” mean the lawful currency for the time being of the United States of America and in respect of all payments to be made under this Agreement in Dollars,
mean funds which are for same day settlement in the New York Clearing House Interbank Payments System (or such other Dollar funds as may at the relevant time be customary for the settlement in New York City of international banking transactions
denominated in Dollars). 
 “Drawdown Notice” means, in respect of a Loan, a notice of drawdown in relation to
such Loan substantially in the form of Schedule 4 (Form of Notice of Drawdown). 
 “Early Repayment Fee”
means if a Loan is prepaid in accordance with Clause 5.6 (Prepayment-Voluntary) an amount in Dollars equal to the Applicable Margin that would have been payable by the relevant Borrower in the period from the date of such prepayment until
30 November 2008. 
 “Enforcement Action” means: 

 

	 	(a)	the taking of any steps to enforce or require the enforcement of any of the Collateral; 

 

	 	(b)	the making of any demand against any Borrower in relation to any guarantee, indemnity or other assurance against loss in respect of any Liabilities or exercising any
right to require any Borrower to acquire any Liability; 

  

	 	(c)	the exercise of any right of set off against any Borrower in respect of any Liabilities; 

 

	 	(d)	the suing for, commencing or joining of any legal or arbitration proceedings against any Borrower to recover or in respect of any Liabilities; 

 

	 	(e)	the entering into of any composition, assignment or arrangement with any Borrower; or 

 

	 	(f)	the petitioning, applying or voting for, or the taking of any steps (including the appointment of any liquidator, receiver, administrator or similar officer) in
relation to, the winding up, dissolution, administration or reorganisation of any Borrower or any suspension of payments or moratorium of any indebtedness of any Borrower, or any analogous procedure or step in any jurisdiction.

 “Engines” in relation to an Aircraft, has the meaning given to such term in the relevant Lease
Agreement. 
 “Engine Manufacturer” means, in relation to the Original Aircraft, CFM, a company organised and
existing under the laws of France and, in relation to any Additional Aircraft, the engine manufacturer detailed in the relevant Facility Supplement. 
 “Event of Default” means any of the events or circumstances described in Clause 18.1 (Events of Default). 
 “Event of Loss” for an Aircraft, has the meaning given to such term or any equivalent term in the relevant Lease Agreement. 

“Excess Amount Lender” has the meaning given to such term in Clause 11.10. 

“Existing Senior Loans” means, as the context may require, each of Senior Facility 28071 or Senior Facility 28072, or
both. 

  
 - 7 -

 “Expenses” means all losses, liabilities, costs, charges, expenses and
outgoings of whatever nature (including, without limitation, Taxes, stamp duties, registration fees and insurance premiums but excluding management time) suffered, incurred or paid by the Security Trustee or any Receiver in connection with and
pursuant to the exercise of the powers referred to in the Transaction Documents. 
 “Extension Conditions” for
an Aircraft, are as follows: 
  

	 	(a)	such Aircraft shall not be operated and shall be stored, insured, maintained and registered in accordance with the provisions contained in the relevant Lease Agreement
(as if the leasing of such Aircraft thereunder had not terminated) provided that, if at any time such Aircraft is grounded and stored, the relevant Borrower may substitute the insurance required under the relevant Lease Agreement with such
insurance as normal industry practice dictates but which shall, at least, conform with the amounts of insurance (including the amount of Stipulated Loss Value) required under the relevant Lease Agreement whilst it is in storage; and

  

	 	(b)	the Liens created in respect of such Aircraft pursuant to the Security Documents shall be preserved in accordance with the provisions contained in this Agreement and
the Security Documents. 

 “Extension Date” means 28 February 2011. 

“Facility” has the meaning given to such term in Clause 2.1 (Grant of the Facility). 

“Facility Majority Senior Lenders” means at any time, a Senior Lender or Senior Lenders whose contributions aggregate at
least fifty one per cent (51%) of the Senior Loans provided always that after the Senior Secured Obligations Discharge Date of each Senior Loan, the references to “Senior Lender” and “Senior Loan” herein shall mean
“Junior Lender” and “Junior Loan” and provided always that after the Junior Secured Obligations Discharge Date of each Junior Loan, the term “Facility Majority Senior Lenders” shall be construed to mean the Hedging
Bank. 
 “Facility Supplement” means, as the context may require, any or all of the facility supplements entered
into in accordance with this Agreement substantially in the form of Schedule 7. 
 “Final Disposition” means any
transfer of title of an Aircraft by the relevant Borrower to another person. 
 “Finance Documents” means this
Agreement, each Facility Supplement (if any), each Hedging Agreement (if any), Accession Undertakings, the Security Documents, the FLY Comfort Letter and the Lessor Parent Letters and all other documents, instruments, deeds or agreements which may
from time to time be agreed by the Borrowers and either Agent to be a Finance Document. 
 “Financed Aircraft”
means, at any time, those Aircraft in respect of which any Loan is outstanding at that time. 
 “Financing
Parties” means each of the Lenders, the Facility Agent, the Security Trustee and the Hedging Bank, and a “Financing Party” means any one of them. 
 “Fixed Rate” means the rate for the period after (and including) the relevant Fixed Rate Date (a) in relation to Senior Loan 28071 and Senior Loan 28072, fixed by the Facility Agent
in consultation with the Original Borrower and (b) in the case of any Loan in respect of an Additional Facility, as specified in the relevant Facility Supplement, if any. 
 “Fixed Rate Date” means (a) in relation to Senior Loan 28071 and Senior Loan 28072, 28 February 2007 (before but not on the Extension Date) or 28 February 2011 (after the
Extension Date) and (b) in the case of any Loan in respect of an Additional Facility, as specified in the relevant Facility Supplement, if any. 
 “Floating Rate Loans” means all Loans on which interest accrues on a floating rate basis. 

  
 - 8 -

 “FLY” means Fly Leasing Limited, an exempted company incorporated under the
laws of Bermuda. 
 “FLY Comfort Letter” means the letter given to the Financing Parties by FLY in the form of
schedule 2 (Form of Comfort Letter) to the 2011 Amendment and Restatement Agreement. 
 “Group” means, in
respect of the Original Borrower, the Original Borrower and its Affiliates, from time to time. 
 “Hedging
Agreement” means, in relation to an Aircraft and the Lease Agreement for such Aircraft and subject to any more particular definition in the Facility Supplement relating to such Aircraft, a swap agreement entered into by the relevant
Borrower and the Hedging Bank under which the Borrower pays to the Hedging Bank the amounts it is due to receive from the relevant Lessee under such Lease Agreement in the currency in which they are payable under the Lease Agreement and the Hedging
Bank pays to the Borrower the Dollar equivalent (calculated at a predetermined exchange rate) of such amounts, such swap agreement to incorporate the terms of a 1992 ISDA Master Agreement (Multicurrency – Cross Border) executed by the
Hedging Bank and such Borrower prior to the date of the swap agreement. 
 “Holding Company” means, in relation
to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 
 “Increased
Cost” has the meaning given to such term in Clause 13.2 (Increased Costs). 
 “Indemnitees”
means each of the Security Trustee, the Facility Agent, the Lenders, the Hedging Bank and their respective successors, directors, officers, servants and agents and “Indemnitee” shall be construed accordingly. 

“Interest Payment Date” means, for each Loan, each of the dates specified in column (1) of Schedule 6 (Senior
Loan Repayment Schedule) of this Agreement, Schedule 3 (Senior Loan Repayment Schedule) or Schedule 4 (Junior Loan Repayment Schedule) of any Facility Supplement. 

“Interest Period” means, for each Loan, each period for the calculation of interest in respect of such Loan ascertained
in accordance with Clause 4 (Interest). 
 “International Registry” means the registration facilities set
up under the Cape Town Agreements. 
 “Junior Lenders” means, as the context may require, any or all of the
Original Junior Lenders or any New Junior Lender. 
 “Junior Loan” means, as the context may require, any or all
of the Additional Junior Loans. 
 “Junior Secured Obligations Discharge Date” means the date of irrevocable
receipt by either the Security Trustee or the Facility Agent of repayment in full of the Junior Loan or, as the context may require, the Junior Loans, together with all other amounts then due and payable to the relevant Junior Lenders under the
Transaction Documents. 
 “Lease Agreement” means as the context may require, any or all of Lease Agreement
28071, Lease Agreement 28072 and any Additional Lease Agreement for so long as the leasing of the Aircraft thereunder has not terminated or any Approved Lease Agreement under which an Aircraft is being leased. 

“Lease Agreement 28071” means the lease agreement (MSN 28071) dated 14 August 2001 between Joachim Hunold &
Co. OHG and the Original Lessee in respect of Aircraft 28071 as novated and/or amended by (i) a lease novation and amendment agreement (MSN 28071) dated 31 October 2001 between Joachim Hunold & Co. OHG, Bellevue Aircraft Leasing
Limited and the Original Lessee (ii) a letter agreement dated 17 July 2002 between Bellevue Aircraft Leasing Limited and the Original Lessee, (iii) a lease novation and amendment agreement no.2 (MSN 28071) dated 13 December 2002
between Bellevue Aircraft Leasing Limited, Rainier Aircraft Leasing (Ireland) Limited and the Original Lessee, (iv) a deed of novation and amendment dated 20 December 2005 between Rainier Aircraft Leasing (Ireland) Limited, ACG Acquisition
Ireland 

  
 - 9 -

 
III Limited and the Original Lessee, (v) an amendment no.3 to lease agreement (MSN 28071) dated 14 June 2006 between ACG Acquisition Ireland III Limited and the Original Lessee,
(vi) a revised amendment no.3 to lease agreement (MSN 28071) dated 17 July 2006 between ACG Acquisition Ireland III Limited and the Original Lessee (vii) a lease novation and amendment agreement (MSN 28071) dated 1 September 2006
between ACG Acquisition Ireland III Limited, the Original Borrower and the Original Lessee and (viii) an amendment no.4 to lease agreement dated 22 October 2010 between the Original Borrower and the Original Lessor. 

“Lease Agreement 28072” means the lease agreement (MSN 28072) dated 14 August 2001 between Joachim Hunold &
Co. OHG and the Original Lessee in respect of Aircraft 28072 as novated and/or amended by (i) a lease novation and amendment agreement (MSN 28072) dated 31 October 2001 between Joachim Hunold & Co. OHG, Bellevue Aircraft Leasing
Limited and the Original Lessee, (ii) a letter agreement dated 17 July 2002 between Bellevue Aircraft Leasing Limited and the Original Lessee, (iii) a lease novation and amendment agreement no.2 (MSN 28072) dated 13 December 2002
between Bellevue Aircraft Leasing Limited, Rainier Aircraft Leasing (Ireland) Limited and the Original Lessee, (iv) a deed of novation and amendment dated 20 December 2005 between Rainier Aircraft Leasing (Ireland) Limited, ACG Acquisition
Ireland III Limited and the Original Lessee, (v) an amendment no.3 to lease agreement (MSN 28072) dated 14 June 2006 between ACG Acquisition Ireland III Limited and the Original Lessee, (vi) a revised amendment no.3 to lease agreement
(MSN 28072) dated 17 July 2006 between ACG Acquisition Ireland III Limited and the Original Lessee, (vii) a lease novation and amendment agreement (MSN 28072) dated 1 September 2006 between ACG Acquisition Ireland III Limited, the
Original Borrower and the Original Lessee and (viii) an amendment no.4 to lease agreement dated 22 October 2010 between the Original Borrower and the Original Lessor. 
 “Lease Documents” means each Lease Agreement, each Bill of Sale, any Letter of Credit, any Deregistration Power of Attorney and each Lease Novation Agreement. 

“Lease Event of Default” in respect of an Aircraft, has the meaning given to the term “Event of Default” or any
equivalent term in the relevant Lease Agreement. 
 “Lease Manager” means the entity or entities which manage
the Lease Agreements on behalf of the Borrowers, being BBAM (Ireland) and BBAM (US) as at the 2011 Restatement Date. 

“Lease Novation Agreement” means, in relation to a Lease Agreement, the lease novation agreement which makes the relevant
Borrower party to such Lease Agreement. 
 “Lease Termination Date” for an Aircraft, means the date on which the
leasing of such Aircraft under the relevant Lease Agreement terminates following a Lease Termination Event. 
 “Lease
Termination Event” for an Aircraft, means the occurrence of a Lease Event of Default for such Aircraft or any other event or circumstance (other than an Event of Loss) resulting in the termination of the leasing of such Aircraft under the
relevant Lease Agreement. 
 “Lenders” means, as the context may require, any or all of the Senior Lenders and
the Junior Lenders. 
 “Lending Office” means, in respect of a Lender, the office through which such Lender is
acting at the date hereof or as specified in the relevant Transfer Certificate or, in each case, such other office as such Lender shall from time to time notify the relevant Borrower as its Lending Office. 

“Lessee” means, as the context may require, the Original Lessee or any New Lessee. 

“Lessor Parent” means GAHF (Ireland) Limited (formerly known as Mayfair Aviation Holdings Limited). 

“Lessor Parent Letter” means the letter given to, or to be given to, as the case may be, the Financing Parties by the
Lessor Parent in respect of any Borrower substantially in the form of Schedule 5 (Form of Lessor Parent Letter). 

“Letter of Credit” means, in respect of an Aircraft, any letter of credit issued in accordance with the provisions of the
relevant Lease Agreement. 

  
 - 10 -

 “Liability” means, at any time, in respect of each Lender, the proportion
which its Contribution bears to the aggregate of each relevant Loan as at such time (or, prior to any Disbursement Date, the proportion which its Available Commitment bears to the maximum aggregate amount available for drawing under this Agreement)
and “Liabilities” shall be construed accordingly. 
 “LIBOR” means, in relation to any Loan:

  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for dollars for the Interest Period or the LIBOR Calculation Period (as the case may be) of that Loan) the arithmetic mean (rounded
upwards to four decimal places) of the rates as supplied to the Facility Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

as or about 11.00am (London time) on the Quotation Day for the offering of deposits in dollars and for a period comparable to the Interest
Period or the LIBOR Calculation Period (as the case may be) for that Loan. 
 “LIBOR Calculation Period” means
the relevant period under which floating rents are reset under the relevant Lease Agreement. 
 “Lien” means any
mortgage, pledge, lien, charge, encumbrance, hypothecation, lease, sublease, seizure, exercise of rights, security interest, judgment, writ, order or other claim or right of possession of any kind or nature whatsoever, however and wherever created
or arising and whether or not consensual (including any agreement or arrangement to give or effect any of the foregoing and any conditional sale or other title retention agreement). 

“Loan” means, as the context may require, any or all of the Senior Loans or the Junior Loans. 

“London Business Day” means a day, other than a Saturday or Sunday, on which banks are open for the transaction of
domestic and foreign exchange business in London. 
 “Losses” has the meaning given to such term in Clause 12.1
(General Indemnity) and the term “Loss” shall be construed accordingly. 
 “LTV Ratio”
has the meaning given to such term in Clause 15.3.1 (Adequacy of Collateral). 
 “Majority Senior
Lenders” means (i) if a Loan has not been advanced a Senior Lender or Senior Lenders whose Available Commitments aggregate at least fifty one per cent. (51%) of the aggregate Available Commitments of such Senior Loan (or if the
Available Commitments have been reduced to zero, aggregated at least fifty one per cent. (51%) of the aggregate Available Commitments immediately prior to the reduction); and (ii) at any other time, a Senior Lender or Senior Lenders whose
Contributions aggregate at least fifty one per cent. (51%) of such Loan provided always that after the Senior Secured Obligations Discharge Date, the references to “Senior Lender” and “Senior Loan” herein shall mean
“Junior Lender” or “Junior Loan” and provided always that after the Junior Secured Obligations Discharge Date, the term “Majority Senior Lenders” shall be construed to mean the Hedging Bank. 

“Market Value” means, in relation to an Aircraft, the market value of that Aircraft determined in accordance with Clause
15.3.2 (Adequacy of Collateral). 
 “Maturity Date” means in respect of Senior Facility 28071 or Senior
Facility 28072, 31 October 2012 and in respect of any other Loan the maturity date detailed in the relevant Facility Supplement. 
 “Mitigation Period” has the meaning given to such term in Clause 33.1 (Mitigation). 
 “Mortgage” means, in respect of an Aircraft, any mortgage, pledge or other security interest over any Borrower’s interest in such Aircraft, including, without limitation, in the case
of each Engine, any security transfer of title agreement (Sicherungsubereignungsvertrag) or other security interest, granted from time to time by the relevant Borrower in favour of the Security Trustee. 

  
 - 11-

 “New Borrower” means, in relation to any Additional Aircraft, the Borrower
detailed in the relevant Facility Supplement and the relevant Accession Undertaking. 
 “New Junior Lender”
means any lender designated as such in each Facility Supplement. 
 “New Lessee” means, in relation to any
Additional Aircraft, the lessee detailed in the relevant Facility Supplement or any other lessee under an Approved Lease Agreement. 
 “New Senior Lender” means any lender designated as such in each Facility Supplement. 
 “Original Aircraft” means, as the context may require, either or both of Aircraft 28071 and Aircraft 28072. 
 “Original Borrower” means Baker & Spice Aviation Limited. 

“Original Lessee” means Air Berlin PLC & Co. Luftverkehrs KG (formerly known as Air Berlin GmbH & Co.
Luftverkehrs KG) or any other lessee under an Approved Lease Agreement. 
 “Parts” in relation to an Aircraft
has the meaning given to such term in the relevant Lease Agreement. 
 “Permitted Liens” means any Lien:

  

	 	(a)	created by or pursuant to any Finance Document; and/or 

  

	 	(b)	created by or subsisting with the prior written consent of the Facility Agent; and/or 

 

	 	(c)	in relation to any Aircraft, materialmen’s, mechanics’, workmen’s, repairmen’s, employees’ or other like Liens arising in the ordinary course
of business securing amounts which are not overdue or which are being contested in good faith by appropriate proceedings which shall have effectively stayed any execution or other enforcement of such Liens, so long as such proceedings do not involve
any material risk of the sale, forfeiture or loss of any Aircraft or, except as provided by applicable law, any interest therein; and/or 

  

	 	(d)	in relation to any Aircraft, Liens for Taxes or flight charges not yet due or being contested in good faith by appropriate proceedings which shall have effectively
stayed any execution or other enforcement of such Liens, so long as such proceedings do not involve any risk of the sale, forfeiture or loss of any Aircraft or, except as provided by applicable law, any interest therein. 

“Qualifying Lender” means a Lender beneficially entitled to the interest payable by the relevant Borrower: 

 

	 	(a)	which is licensed, pursuant to Section 9 of the Central Bank Act, 1971, to carry on banking business in Ireland and whose facility office is located in Ireland and
which is carrying on a bona fide banking business in Ireland for the purposes of Section 246(3) of the Irish Taxes Consolidation Act, 1997 (the “TCA”); or 

 

	 	(b)	which is an authorised credit institution under the terms of the European Union Consolidation Directive (formerly the First European Union Banking Co-Ordination
Directive and the Second European Union Banking Co-Ordination Directive) and has duly established a branch in Ireland or has made all necessary notifications to its home state competent authorities required thereunder in relation to its intention to
carry on banking business in Ireland and such financial institution is recognised by the Revenue Commissioners in Ireland as carrying on a bona fide banking business in Ireland for the purposes of Section 246(3) of the TCA and has its facility
office located in Ireland; or 

  

	 	(c)	which is a company resident in a country with which Ireland has a double taxation treaty or resident in a member state of the European Communities (other than Ireland)
provided such company does not provide its commitment through a branch or agency in Ireland; or 

  
 - 12 -

	 	(d)	which is a body corporate which advances money in the ordinary course of a trade which includes the lending of money, provided that the interest is paid in
Ireland, the interest is taken into account in computing the trading income of that Lender and which has complied with the notification requirements under section 246(5) TCA. 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined, two Business Days before
the first day of that period unless market practice differs in the London interbank market in which case the Quotation Day will be determined by the Facility Agent in accordance with market practice in the London interbank market. 

“Receiver” means and includes any administrative receiver and any other receiver and/or manager of the whole or any part
of the undertaking and/or assets of the relevant mortgagor or assignor appointed under any of the Transaction Documents (and whether acting as agent for the relevant mortgagor or assignor or otherwise). 

“Reference Banks” means the principal London offices of Bank of Scotland plc, Citibank, N.A., HSBC Bank plc, Barclays
Bank PLC and The Royal Bank of Scotland plc. 
 “Release Letter” means, in respect of a Borrower, a release
letter in relation such Borrower substantially in the form of Schedule 9 (Form of Release Letter). 
 “Relevant
Event” means an Event of Default or any event which could, with the lapse of time, the giving of notice or the making of a determination or any combination thereof, become an Event of Default. 

“Relevant Rate of Interest” means the rate of interest determined by the Facility Agent to be one point five per cent.
(1.5%) per annum plus the Applicable Margin above LIBOR for the relevant period. 
 “Relevant Scheduled Swap Payment
Date” means each Scheduled Swap Payment Date prior to the occurrence of a Swap Event under the corresponding Hedging Agreement. 
 “Remarketing Notice” has the meaning given to it in Clause 6.1. 

“Remarketing Period” has the meaning given to it in Clause 6.2. 

“Remarketing Start Date” has the meaning given to it in Clause 6.1. 

“Rent” for an Aircraft, means any scheduled payment of rent payable by the relevant Lessee pursuant to the relevant Lease
Agreement. 
 “Repayment Instalment” means, in relation to a Loan and for an Interest Payment Date, the amount
specified in Schedule 6 (Senior Loan Repayment Schedule) of this Agreement and Schedules 3 (Senior Loan Repayment Schedule) and 4 (Junior Loan Repayment Schedule) of each Facility Supplement, as the case may be, opposite such
Interest Payment Date. 
 “Retained Amounts” has the meaning given to such term in Clause 15.4.2 (Adequacy of
Collateral). 
 “Sale Agreements” means the two (2) aircraft sale and purchase agreements pursuant to
which the Original Borrower agreed to purchase the Original Aircraft and any additional sale and purchase agreement for any Additional Aircraft detailed in the relevant Facility Supplement. 

“Scheduled Swap Payment” means in respect of each Hedging Agreement, each scheduled payment due to be made by the
relevant Borrower to the Hedging Bank in accordance with that Hedging Agreement. 
 “Scheduled Swap Payment
Date” means in respect of each Hedging Agreement, each scheduled payment date under that Hedging Agreement when a Scheduled Swap Payment is due to be made by the relevant Borrower to the Hedging Bank. 

“Screen Rate” means the British Bankers’ Association Interest Settlement Rate for dollars for the relevant period,
displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Facility Agent may specify another page or service displaying the appropriate rate after consultation with the relevant
Borrower and the Lenders. 

  
 - 13 -

 “Secured Obligations” means any and all moneys, liabilities and obligations
which are now or at any time hereafter may be expressed to be due, owing or payable by any Borrower or the Lessor Parent to any Financing Party, actually or contingently, pursuant to this Agreement and/or any other Finance Document or as a
consequence of any breach, non-performance, disclaimer or repudiation by any Borrower or the Lessor Parent (or by a liquidator, receiver, administrative receiver, administrator, examiner, or any similar officer in respect of any Borrower or the
Lessor Parent) of any of its obligations under the Finance Documents including, without limitation, any obligation or liability to pay damages (and any and all such moneys, liabilities and obligations of any Borrower or the Lessor Parent shall form
part of the Secured Obligations whether or not any Borrower is personally liable for the same and whether or not any recourse may be had with respect thereto against such Borrower or the Lessor Parent and/or its assets and (without limiting the
generality, of the foregoing) notwithstanding the limited recourse provisions of Clause 14 (Security and Recourse) or any similar provisions in any other Finance Document). 

“Secured Parties” means the Security Trustee, any Receiver or Delegate, the Facility Agent, each Lender and the Hedging
Bank. 
 “Security Assignment” means, in respect of an Aircraft, the security assignment entered into, or to be
entered into, as the context may require, between any Borrower and the Security Trustee in relation to such Aircraft. 

“Security Documents” means the Mortgages, the Security Assignments, the Borrower Account Charges, the Share Charge and
all other documents, instruments, deeds or agreements which may from time to time be executed in favour of the Security Trustee as security for the performance of the obligations of any Borrower or any Lessor Parent under the Transaction Documents.

 “Security Period” means the period from the date of execution of this Agreement to the date when all the
Secured Obligations have been satisfied in full. 
 “Selection Notice” means, in respect of an Additional
Facility, a selection notice substantially in the form of Schedule 8. 
 “Seller” means the seller under each of
the Sale Agreements as relevant. 
 “Senior Facility 28071” has the meaning given to such term in Clause 2.1
(Grant of the Facility). 
 “Senior Facility 28072” has the meaning given to such term in Clause 2.1
(Grant of the Facility). 
 “Senior Finance Parties” means, together, the Senior Lenders, the Facility
Agent and the Security Trustee. 
 “Senior Lenders” means, as the context may require, any or all of the
Original Senior Lenders or any New Senior Lenders. 
 “Senior Loan 28071” means a loan made, or to be made,
under Senior Facility 28071 or the principal amount outstanding of that loan. 
 “Senior Loan 28072” means a
loan made, or to be made, under Senior Facility 28072 or the principal amount outstanding of that loan. 
 “Senior
Loans” means, as the context may require, any or all of the Senior Loan 28071, Senior Loan 28072 and each Additional Senior Loan. 
 “Senior Secured Obligations Discharge Date” means the date of irrevocable receipt by either the Security Trustee or the Facility Agent of repayment in full of the Senior Loan or, as the
context may require, the Senior Loans, together with all other amounts then due and payable to the relevant Senior Finance Parties under the Transaction Documents. 

  
 - 14 -

 “Share Charge” means any and all of the charges over the shares of the
Borrowers entered into, or to be entered into, as the context may require, between the relevant Lessor Parent and the Security Trustee. 
 “State of Registration” means, in respect of the Original Aircraft, Germany and in respect of any Additional Aircraft, the state of registration so detailed in the relevant Facility
Supplement or, in either case, such other jurisdictions as the Security Trustee may approve in writing. 
 “Stipulated
Loss Value” for any Aircraft, has the meaning given to such term or any equivalent term in the relevant Lease Agreement. 
 “Subsidiary” means, in relation to the corporation concerned, a corporation in which it holds (directly or indirectly) for its benefit, but otherwise than by way of security alone,
securities: 
  

	 	(a)	to which are attached more than fifty per cent. (50%) of the votes that may be cast to elect directors of such corporation; and 

 

	 	(b)	the votes attached to which are sufficient, if exercised, to elect a majority of the directors of that corporation. 

“Swap Event” means in respect of each Hedging Agreement, either (a) an event of default (howsoever described) under
that Hedging Agreement having occurred and continuing, or (b) the designation of an Early Termination Date (as defined in such Hedging Agreement) under that Hedging Agreement as a result of the occurrence of an event of default (howsoever
described). 
 “Taxes” includes all present and future taxes, levies, imposts, duties, fees or charges of
whatever nature including, without limitation, any value added, stamp or registration or similar taxes at the rate applicable for the time being imposed by any national or local taxing authority or other agency or government together with interest
thereon and penalties in respect thereof and “Tax” and “Taxation” shall be construed accordingly. 
 “Termination Proceeds” means, in respect of any Aircraft, any Applicable Proceeds that constitute (i) a prepayment in whole or in part of the Loan relating to such Aircraft pursuant
to Clause 5.6 (Prepayment - Voluntary); (ii) a payment in respect of hull insurance following an Event of Loss of such Aircraft; (iii) any proceeds of sale of such Aircraft; and (iv) any amounts received by the Hedging Bank
pursuant to a termination of the Hedging Agreement relating to such Aircraft. 
 “Transaction Documents” means
each of the Finance Documents and the Lease Documents and all notices, acknowledgements, consents, certificates, instruments, deeds, charges and other documents and/or agreements issued or entered into or, as the case may be, to be issued or entered
into pursuant to any of the foregoing. 
 “Transfer Amount” means in relation to a Loan an amount equal to the
aggregate of the relevant Senior Loan, accrued interest on such Senior Loan (excluding any default interest accrued from the date of service of notice by the Junior Lenders requesting a transfer pursuant to Clause 31.1.1 of this Agreement) and all
other amounts due and payable to the Senior Financing Parties under this Agreement in relation to such Senior Loan and all other amounts which would be due and payable if the Borrowers had repaid such Senior Loan on the date on which the transfer of
the Senior Lenders’ rights is to take place under Clause 31.1.1 of this Agreement. 
 “Transfer
Certificate” means a transfer certificate substantially in the form of Schedule 2 (Form of Transfer Certificate). 
 “Transfer Date” means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Facility Agent executes the Transfer Certificate. 

 “Transferee” has the meaning given to such term in Clause 19.4 (Transfers by Lenders). 

  
 - 15 -

 “Trust Property” means (i) the Transaction Documents and the security,
powers, rights, titles, benefits and interests (both present and future) constituted by or conferred on the Security Trustee under or pursuant to the Transaction Documents and (ii) all moneys, property or other assets paid or transferred to or
vested in the Security Trustee or received or recovered by the Security Trustee pursuant to, or in connection with, any of the Transaction Documents. 
 “Warranty Proceeds” means the proceeds of all claims made under, or any other monies paid in relation to any warranty or product agreement of any manufacturer or supplier of the Aircraft.

  

	1.2	Interpretation 

 In this
Agreement, unless the context otherwise requires: 
  

	 	(a)	references to Clauses and Schedules are to be construed as references to the Clauses of, and Schedules to, this Agreement and references to this Agreement include the
Recitals and the Schedules; 

  

	 	(b)	references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this Agreement, that provision or that
document as in force for the time being and as amended, modified, restated, varied, novated, replaced or supplemented (including but not limited to, by any duly executed Facility Supplement) from time to time in accordance with the terms hereof or
thereof; 

  

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

  

	 	(d)	references to a person shall be construed as including, without limitation, references to an individual, firm, company, corporation or unincorporated body of persons;

  

	 	(e)	any reference to any enactment shall be deemed to include references to such enactment as re-enacted, amended or extended; and 

 

	 	(f)	any reference to any person includes any successor in title to it and any assignee and/or transferee in accordance with their respective interests and in the case of a
“Lender”, shall include its permitted Assignees and Transferees. 

  

	1.3	Headings 

 Clause headings
and the table of Contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. 
  

	2.	AMOUNT, EXCLUSION OF JOINT LIABILITY AND PURPOSE OF THE LOAN 

  

	2.1	Grant of the Facility 

The Lenders severally agree, upon the terms and subject to the conditions of this Agreement, to grant to the relevant Borrower:

  

	 	(a)	a senior loan facility in the amount of 25,350,000 Dollars (the “Senior Facility 28071”); 

 

	 	(b)	a senior loan facility in the amount of 25,350,000 Dollars (the “Senior Facility 28072”); 

 

	 	(c)	each Additional Senior Facility; and 

  

	 	(d)	each Additional Junior Facility, 

and the Senior Facility 28071, the Senior Facility 28072, each Additional Senior Facility and each Additional Junior Facility together,
the “Facility”. 
  

	2.2	Lender’s Obligations Several 

 The obligations under this Agreement of each Lender are several and not joint. Each of the Lenders is only responsible for that portion of the Loans specified opposite its name in Schedules 1 and 2 hereto
and of the corresponding schedules of any Facility Supplement. 

  
 - 16 -

	2.3	Purpose of the Loan 

  

	2.3.1	Senior Loan 28071 shall be made available only to finance the purchase of Aircraft 28071, provided that none of the Agents or the Lenders shall be obliged to
concern themselves with such application. 

  

	2.3.2	Senior Loan 28072 shall be made available only to finance the purchase of Aircraft 28072, provided that none of the Agents or the Lenders shall be obliged to
concern themselves with such application. 

  

	2.3.3	Any Loan in respect of an Additional Facility shall be made available only to finance the purchase of the Aircraft, as detailed in the relevant Facility Supplement,
provided that none of the Agents or the Lenders shall be obliged to concern themselves with such application. 

  

	2.4	Facility Supplement 

  

	2.4.1	Upon receipt of a Selection Notice in accordance with the provisions of this Agreement, the Facility Agent shall consider its terms and enter into good faith
negotiations with the Original Borrower to reach agreement on the terms and conditions of such relevant Additional Facility with fifteen (15) Business Days of such receipt, provided always that such agreement shall be within the sole discretion
of the Facility Agent. 

  

	2.4.2	Upon confirmation of agreement reached as per Clause 2.4.1, the Facility Agent shall prepare a Facility Supplement for such Additional Facilities and shall procure that
an execution version of a Facility Supplement is circulated to the relevant Borrower, the Security Trustee and each Lender not later than five (5) Business Day prior to the relevant Disbursement Date with a view to the parties thereto executing
the same and each Lender hereby authorises the Facility Agent to execute the Facility Supplement on its behalf. 

  

	2.4.3	Notwithstanding any time periods detailed in this Clause 2.4, no Lender shall be under any obligation to fund any Additional Facility until the relevant conditions of
Clause 22 (Conditions Precedent and Delayed Delivery) have been satisfied or waived in accordance with the terms thereof. 

  

	2.4.4	Each Facility Supplement shall, upon its execution, be supplemental to, and form part of, this Agreement. 

 

	2.5	No Partnership 

 This
Agreement shall not and shall not be construed as to constitute a partnership between the parties or any of them. 
  

	3.	DISBURSEMENT OF THE LOANS 

  

	3.1	Application of the Loans 

Subject to Clause 22 (Conditions Precedent and Delayed Delivery), one (1) Loan in respect of each Facility shall be made
available by each of the relevant Lenders in their respective proportions by a single disbursement in relation to the relevant Aircraft in cash (each such disbursement herein called a “Disbursement”) by payment to the Seller on
behalf and for the account of the relevant Borrower to partially satisfy the obligation of that Borrower to pay the purchase price under the relevant Sale Agreement. 
  

	3.2	Proportional Payments by the Lenders 

 All payments by the Lenders under this Agreement shall be effected in Dollars on the relevant date and, as far as practical, simultaneously in the proportions which each of the Lenders’ Available
Commitment bears to the aggregate amount of the Available Commitments. 
  

	3.3	Reduction of Available Commitment 

 If a Lender’s Available Commitment is reduced in accordance with the terms hereof after the Facility Agent has received a Drawdown Notice in respect of a Loan and such reduction was not taken into
account in the amount of such Loan requested in that Drawdown Notice, then the amount of such Loan shall be reduced accordingly. 

  
 - 17 -

	3.4	Conditions Precedent 

Promptly following receipt of the same, the Facility Agent shall confirm to each of the relevant Lenders that it has received from the
relevant Borrower all the documents mentioned in Clause 22 (Conditions Precedent and Delayed Delivery) in form and substance satisfactory to it. 
  

	3.5	Availability of Loans 

The Disbursements shall not be made after the Commitment Termination Date. 

 

	3.6	Cancellation of Available Commitments 

 Upon drawdown of each of the Loans in accordance with the terms of this Agreement any undrawn portion of the Available Commitments in relation to such Loan shall be automatically cancelled. 

 

	4.	INTEREST 

  

	4.1	Payment of Interest 

  

	4.1.1	The Borrower shall for each fixed rate Loan pay, on each Interest Payment Date, interest on the outstanding amount of such Loan in respect of each Interest Period for
such Loan: 

  

	 	(a)	for the period from the Disbursement Date for such Loan to but excluding the relevant Fixed Rate Date (if any), in an amount equal to the sum of LIBOR for the LIBOR
Calculation Period within which such Interest Period falls and the Applicable Margin; and 

  

	 	(b)	for the period after and including the relevant Fixed Rate Date (if any, or if there is no Fixed Rate Date, the Disbursement Date), at the Fixed Rate.

  

	4.1.2	The Borrower shall for each floating rate Loan, pay, on each Interest Payment Date, interest on the outstanding amount of such Loan in respect of each Interest Period
for each Loan in an amount of the sum of LIBOR and the Applicable Margin. 

  

	4.1.3	The Facility Agent will promptly notify the Lenders and the relevant Borrower of the determination of LIBOR for the relevant Loan. 

 

	4.2	Interest Periods 

 The
initial Interest Period in respect of each Loan will commence on (and include) the relevant Disbursement Date and terminate on (and exclude) the next following Interest Payment Date and each subsequent Interest Period will commence on (and include)
such Interest Payment Date and shall end on (and exclude) the next following Interest Payment Date. 
  

	4.3	Calculation of Interest 

Interest payable under this Clause 4 (Interest), Clause 7 (Overdue Payments and Indemnification) and other payments of an
annual nature under this Agreement shall accrue from day to day and be calculated on the basis of a year of three hundred and sixty (360) days and the actual number of days elapsed. 

 

	4.4	Absence of quotations 

Subject to Clause 4.5 (Market disruption), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank
does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 

 

	4.5	Market disruption 

  

	4.5.1	If a Market Disruption Event occurs in relation to a Loan for any Interest Period or LIBOR Calculation Period (as the case may be) then the rate of interest on each
Lender’s share of that Loan for the Interest Period or LIBOR Calculation Period (as the case may be) shall be the percentage rate per annum which is the sum of: 

  
 - 18 -

	 	(a)	the Margin; 

  

	 	(b)	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period or
LIBOR Calculation Period (as the case may be), to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select. Such Lender will consult with
the Borrowers (if practicable) and in any event shall provide the Borrower with reasonable details of the basis on which such Lender has determined such costs of funding but without prejudice to its right to fund from whatever source it may
reasonably select. 

  

	4.5.2	In this Agreement “Market Disruption Event” means: 

  

	 	(a)	at or about noon on the Quotation Day for the relevant Interest Period or LIBOR Calculation Period (as the case may be) the Screen Rate is not available and two or
fewer of the Reference Banks supplies a rate to the Facility Agent to determine LIBOR for the relevant Interest Period or LIBOR Calculation Period (as the case may be); or 

 

	 	(b)	before close of business in London on the Quotation Day for the relevant Interest Period or LIBOR Calculation Period (as the case may be), the Facility Agent receives
notifications from a Lender or Lenders (whose participations in a Loan exceed 33.3 per cent of that Loan) that the cost to it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR. 

 

	4.6	Alternative basis of interest or funding 

  

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

  

	4.6.2	Any alternative basis agreed pursuant to Clause 4.6.1 shall, with the prior consent of all the Lenders and each Borrower, be binding on all Parties.

  

	4.7	Non-application of Clauses 4.4 to 4.6 

 The provisions of Clauses 4.4, 4.5 and 4.6, shall not apply to any Loan which is outstanding as at 1 December 2007. 
  

	5.	REPAYMENT AND PREPAYMENT 

  

	5.1	Repayment of Loans 

Subject to Clause 6.4 (Remarketing) the Borrower shall: 

 

	5.1.1	repay the principal amount of each Loan in consecutive instalments on each Interest Payment Date for such Loan in the amount of the Repayment Instalment applicable to
such date; and 

  

	5.1.2	repay the outstanding amount of each Loan in a single instalment on the relevant Maturity Date. 

 

	5.2	Broken Funding Costs 

 In
the case of any repayment of any Loan on any date other than on the dates (and in the amounts) provided for in Clause 5.1 (Repayment of Loans) (any such date being the “Applicable Date”), each Borrower shall pay upon first
written demand to each of the relevant Lenders such amounts as the Facility Agent may certify as being the aggregate of: 
  

	 	(a)	if not paid on an Interest Payment Date, an amount equal to the amount (if any) by which (i) the additional interest which would have been payable on the amount so
received or recovered had it been received or recovered on the next succeeding Interest Payment Date exceeds (ii) the amount of interest which in the opinion of the Facility Agent would have been payable to the Facility Agent on such next
Interest Payment Date in respect of a Dollar deposit equal to the amount so received or recovered placed by it with a prime bank in London for a period starting on the second Business Day following the date of such receipt or recovery and ending on
such next Interest Payment Date; and 

  
 - 19 -

	 	(b)	the amount of any break cost (if any) payable by such Lender in connection with the breakage of any swap (internal or external) entered into by it in connection with
the fixing of the Fixed Rate. 

  

	5.3	Calculation of Broken Funding Costs 

 All amounts due under Clause 5.2 (Broken Funding Costs) shall be accompanied by a calculation in reasonable detail and shall be certified as correct by the Facility Agent or the relevant Lender, as
the case may be, which certification shall, in the absence of manifest error, constitute prima facie evidence of the contents thereof. 
  

	5.4	Prepayment - Lease Termination 

 If at any time: 
  

	5.4.1	an Event of Loss occurs in relation to an Aircraft, the relevant Loan, together with all interest accrued thereon and other amounts due in connection therewith to the
Lenders under this Agreement and any other Finance Document including, without limitation, any costs pursuant to Clause 5.2 (Broken Funding Costs), shall (without need for any notice) become due and payable on the date on which the Stipulated
Loss Value becomes due and payable under the relevant Lease Agreement; or 

  

	5.4.2	subject to Clause 5.5 (Cure Rights), a Lease Event of Default occurs in relation to an Aircraft and is continuing, the relevant Borrower shall, if so instructed
by the Facility Agent, immediately terminate the relevant Lease Agreement whereupon the provisions of Clause 5.4.3 shall apply. If the relevant Borrower is prevented from terminating the relevant Lease Agreement by any applicable law, the Borrower
will not be in breach of this provision provided that it shall have first obtained advice addressed to the Facility Agent and the Borrower from duly qualified legal advisors in the relevant jurisdiction in relation to the application and effect of
such applicable law (and such advice confirms that the Borrower is so prevented from effecting such termination) and the Borrower shall have taken such action (as may be permissible under applicable law and the relevant Lease Agreement) as the
Facility Agent may require to protect the Lenders’ position. If the circumstances change and the relevant Borrower is no longer being prevented from terminating the relevant Lease Agreement by any applicable law, the relevant Borrower shall
promptly inform the Facility Agent of such change and, provided such Lease Event of Default is continuing, if so instructed by the Facility Agent, shall immediately terminate the relevant Lease Agreement whereupon the provisions of Clause 5.4.3
shall apply; or 

  

	5.4.3	subject to Clause 6 (Remarketing), if a Lease Termination Event in relation to an Aircraft occurs, the Facility Agent shall, if so instructed by the Majority
Senior Lenders of the related Loan, be entitled by written notice to accelerate the relevant Loan whereupon such Loan, together with all interest accrued thereon and other amounts due in connection therewith under this Agreement and any other
Finance Document including, without limitation, any costs pursuant to Clause 5.2 (Broken Funding Costs) shall (without need for any notice) become immediately due and payable. 

 

	5.5	Cure Rights 

  

	5.5.1	If a Lessee fails to make payment of an instalment of Rent under a Lease Agreement (a “Rent Event”), the relevant Borrower may give notice to the
Facility Agent that it intends to cure such Rent Event in which event, not later than the later of: 

  

	 	(a)	three (3) Business Days after such instalment was due under such Lease Agreement and not paid; and 

 

	 	(b)	the next Interest Payment Date in respect of the relevant Loan, 

 the relevant Borrower shall pay to the Security Trustee from such Borrower’s own funds, a sum equal to the amount of the principal and interest on the relevant Loan as shall then be due and payable
hereunder provided that: 
  

	 	(A)	no Event of Default or Relevant Event under this Agreement has occurred and is continuing at such time; and 

  
 - 20 -

	 	(B)	prior to the occurrence of such Rent Event such Borrower shall not have effected a cure pursuant to this Clause 5.5 in relation to a Rent Event with respect to the
relevant Loan: 

  

	 	(i)	on four (4) successive occasions; or 

  

	 	(ii)	on any six (6) occasions (or such greater number of occasions as the Facility Agent may agree in writing with respect to any particular Aircraft).

  

	5.5.2	Provided that the provisos of Clause 5.5.1 do not apply, if the relevant Borrower gives notice under Clause 5.5.1 the Facility Agent shall have no right to accelerate
the Loan under Clause 5.4 (Prepayment—Lease Termination) unless and until the relevant Borrower fails to make the payments referred to in Clause 5.5.1 in accordance with the time periods specified in Clause 5.5.1. Any such cure payment
in compliance with this Clause 5.5 shall be deemed to remedy the relevant Rent Event and to remedy any resulting Lease Event of Default hereunder solely for the purpose of determining whether there exists a Lease Event of Default for the purposes of
this Agreement, but without relieving any Lessee of its obligations under any Lease Agreement. 

  

	5.6	Prepayment – Voluntary 

  

	5.6.1	A Borrower may, if it has given to the Facility Agent not less than three (3) Business Days’ irrevocable prior notice to that effect, cancel or prepay the
whole of the relevant Loan on the date specified in such notice together with all other amounts owing or which become due and owing to the Financing Parties or any of them under any Transaction Document including, without limitation, any costs
pursuant to Clause 5.2 (Broken Funding Costs). 

  

	5.6.2	Amounts prepaid may not be re-borrowed. 

  

	5.6.3	If such prepayment occurs before 30 November 2008 (other than due to an Event of Loss of the relevant Aircraft), the relevant Borrower shall pay the Early
Repayment Fee to the Facility Agent. Any prepayment which occurs after 30 November 2008 shall not be subject to the Early Repayment Fee. 

  

	5.7	Prepayment - Increased Costs 

 If any of the circumstances described in Clauses 8.2 (Tax Gross-Up), 8.4 (Tax Indemnity), 12.1 (General Indemnity), 12.3 (Default Indemnity) or 13.2 (Increased Costs)
arises in respect of a Loan and the relevant Lessee is not obliged to indemnify any Borrower for such sums pursuant to the relevant Lease Agreement then, subject to the provisions of Clause 33.1 (Mitigation), the relevant Borrower may by
notice in writing to the Facility Agent accelerate the repayment of such Loan whereupon such Loan, together with all interest accrued thereon and other amounts due under this Agreement and any other Finance Document including, without limitation,
any costs pursuant to Clause 5.2 (Broken Funding Costs), shall become due and payable to the relevant Lenders on the date specified in such notice. 
  

	5.8	Sale of Aircraft 

 If a
Borrower sells an Aircraft: 
  

	5.8.1	the relevant Borrower shall prepay the relevant Loan together with all interest accrued thereon and any other amounts due and owing under the Finance Documents in
connection with such Loan including, without limitation, any costs pursuant to Clause 5.2 (Broken Funding Costs) in respect of that Aircraft on the date of such sale and simultaneously with the release of the security over such Aircraft
constituted by the Security Documents in respect of that Aircraft provided that upon the sale of the last Aircraft to be subject to any Loan under this Agreement, the relevant Borrower shall in addition to amounts due and owing under this Clause,
pay any other amounts due and owing to any Financing Party under the Finance Documents; and 

  

	5.8.2	If such prepayment occurs before 30 November 2008 (other than due to an Event of Loss of the relevant Aircraft), the relevant Borrower shall pay the Early
Repayment Fee to the Facility Agent. Any prepayment which occurs after 30 November 2008 shall not be subject to the Early Repayment Fee. 

  
 - 21 -

	6.	REMARKETING 

  

	6.1	Remarketing Notice 

 If
the leasing of an Aircraft under the relevant Lease Agreement has been terminated whether by expiry or early termination and no Event of Default or Relevant Event has occurred and is continuing, the relevant Borrower may give written notice (a
“Remarketing Notice”) to be received no later than (i) in the case of a scheduled expiry, the scheduled expiry date of the lease or, as the case may be, (ii) in the case of an early termination, five (5) days after a
Lease Termination Date under the relevant Lease Agreement (the “Remarketing Start Date”). 
  

	6.2	Remarketing Period 

 If a
Borrower gives a Remarketing Notice in respect of an Aircraft, during the period from the Remarketing Start Date to the date falling six (6) months thereafter (the “Remarketing Period”) the following provisions shall apply:

  

	6.2.1	no principal in respect of the relevant Loan shall be repayable or payable; 

 

	6.2.2	interest on the outstanding balance of the relevant Loan shall be paid by the relevant Borrower on the due date thereof in accordance with Clause 4 (Interest);

  

	6.2.3	the relevant Borrower shall, at its expense, (i) as soon as it is aware that the relevant Lessee is not complying with its insurance obligations under the relevant
Lease Agreement, insure the relevant Aircraft in compliance with the relevant Extension Condition from the date that the relevant Lessee has ceased to insure such Aircraft and (ii) from the time it obtains possession of such Aircraft, procure
compliance with the remaining Extension Conditions; and 

  

	6.2.4	the relevant Borrower shall provide evidence satisfactory to the Facility Agent that it is using reasonable endeavours to remarket the relevant Aircraft as soon as
practicable and in any event prior to the expiry of the Remarketing Period. 

  

	6.3	Term of Remarketing Period 

The Facility Agent may, by written notice to the relevant Borrower, terminate the Remarketing Period upon the occurrence of any of the
following events and for so long as it may continue, whereupon the relevant Loan together with all other sums then expressed to be owing with respect thereto and to any other Finance Document including, without limitation, any costs pursuant to
Clause 5.2 (Broken Funding Costs) shall be due and payable on the date specified in such notice: 
  

	6.3.1	an Event of Default occurs; or 

  

	6.3.2	the relevant Borrower fails to procure compliance in any material respect with any of the Extension Conditions. 

 

	6.4	Remarketing 

 During the
Remarketing Period the relevant Borrower may: 
  

	6.4.1	request an approval for a new lease agreement to be entered into with the prior written consent of the Facility Agent (acting on the instructions of all Lenders having
a Liability in relation to such Aircraft if the Remarketing Period occurs following the scheduled expiry of the lease) and if such consent is given, such lease agreement shall become the Lease Agreement for the relevant Aircraft, and if the
remarketing of the relevant Aircraft occurs following a Lease Termination Event in relation to such Aircraft, the provisions of Clause 5.4 (Prepayment – Lease Termination) shall not apply; or 

 

	6.4.2	sell the relevant Aircraft in which event on the date of such sale the relevant Loan, together with all interest accrued thereon and other amounts due under this
Agreement and any other Finance Document to any Financing Party including, without limitation, any costs pursuant to Clause 5.2 (Broken Funding Costs), shall become due and payable to the Facility Agent provided that the relevant
Borrower shall not sell such Aircraft for an amount less than the amount of the relevant Loan together with accrued interest and any other amounts due to any Financing Party under this Agreement or any other Finance Document including, without
limitation, any costs pursuant to Clause 5.2 (Broken Funding Costs), without the prior written consent of the Security Trustee. 

  
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	6.5	Termination of Remarketing Period 

 At the end of the Remarketing Period, unless a new lease has been entered into in accordance with Clause 6.4.1 or the relevant Aircraft has been sold in accordance with Clause 6.4.2, the relevant Loan,
together with all interest accrued thereon and other amounts due under this Agreement or any other Finance Document including, without limitation, any costs pursuant to Clause 5.2 (Broken Funding Costs), shall become due and payable to the
Facility Agent. 
  

	7.	OVERDUE PAYMENTS AND INDEMNIFICATION 

  

	7.1	Default Interest 

 If any
amount due under this Agreement shall not be paid, for whatever reason, on its due date such amount shall bear interest from the due date for the payment thereof to the date on which such sum is paid in full (as well after as before judgment) at the
Relevant Rate of Interest. Such interest shall be due and payable on the last day of each period as determined by the Facility Agent. 
  

	7.2	Payment not Prejudicial 

The payment of interest by any Borrower pursuant to the foregoing provisions of this Clause 7 (Overdue Payments and
Indemnification) shall in no way prejudice or preclude any of the Lenders from making any other claims or pursuing any other rights and remedies that may be available to them as a matter of law or by the provisions of this Agreement and the
other Transaction Documents provided that no Lender shall be entitled to recover more than once in relation to the same loss. 
  

	8.	TAXES AND EXPENSES 

  

	8.1	Payments Without Deduction 

All amounts payable by any Borrower under this Agreement or any Transaction Document (whether of principal, fees, interest or otherwise)
shall be paid free and clear of and without deduction or withholding for or on account of any present or future income or other Taxes or withholdings of any nature whatsoever levied or imposed in any country (including any taxing authority therein
or thereof or any political or administrative sub-division thereof) from or through which any such amount is to be or may be paid by or on behalf of such Borrower, unless any such deduction, withholding or payment is required to be made by any
Applicable Law. 
  

	8.2	Tax Gross-Up 

 If:

  

	8.2.1	any deduction or withholding for or on account of Taxes is (or, on the making of the next payment to be made hereunder or under any other Finance Document, would be)
required to be made from any payment to be made to or for the account of any Lender or any Agent by any Borrower under this Agreement or any other Finance Document; or 

 

	8.2.2	any Agent is (or, on the making of the next payment to be made hereunder or under any other Finance Document, would be) required to make any deduction or withholding
for or on account of Taxes from any amount received or receivable by such Agent on any Lender’s behalf under this Agreement or any other Finance Document or from any payment required to be made by such Agent to a Lender hereunder or thereunder;
or 

  

	8.2.3	any Agent or any Lender or such Agent on behalf of any Lender is required to make any payment on account of Tax on or in relation to any amount received or receivable
under this Agreement and/or any other Finance Document by such Lender or such Agent or such Agent on behalf of any Lender (including without limitation any sum received or receivable under this Clause 8.2), 

then the relevant Borrower shall, subject to Clause 13.4 (Exclusions to Indemnities and Increased Costs), within three
(3) Business Days of demand from time to time of the relevant Lender or Agent (or the Facility Agent on its behalf) or, as the case may be, the Facility Agent, pay to the Facility Agent for its own account or for the account of the relevant
Lender or Agent: 

  
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	 	(x)	in the case of Clauses 8.2.1 or 8.2.2, such amounts as may be necessary to ensure that, after the making of all deductions or withholdings therein referred to, the
Facility Agent (in the case of a payment to the Facility Agent for its own account) or the relevant Lender or Agent to whom or for whose account the relevant payment is or is to be made receives and retains, free from any such deduction or
withholding, a net amount equal to the amounts it would have received and been so entitled to retain had no such deduction or withholding been made or required to be made, and/or 

 

	 	(y)	in the case of Clause 8.2.3, such amounts as may be necessary to indemnify each Agent and each Lender against the payment therein referred to together with any other
costs, losses, fees, expenses, liabilities or Taxes payable or incurred in connection therewith. 

 For the
purposes of this clause 8.2 (only), all references to a Finance Document shall be deemed not to include any Hedging Agreement. 
  

	8.3	Evidence of Payment of Tax 

The relevant Borrower shall deliver to the Facility Agent within thirty (30) days after it has made any payment hereunder from which
it is required by law or any competent authority to make any deduction or withholding, an original or certified copy of an official receipt, or such other evidence, if any, as is then customary, evidencing that such deduction or withholding has been
made and has been accounted for to the appropriate authorities. The certificate of the relevant Lender or, as the case may be, the relevant Agent certifying any deduction, withholding, payment or liability of the nature referred to in Clause 8.2
(Tax Gross-Up) and/or certifying that there has been demanded from, but not received from, such Borrower such amounts as are referred to in Clause 8.2 (Tax Gross-Up), as the case may be, shall include reasonable details of the
circumstances giving rise thereto and of the calculation of the amount thereof and shall be prima facie evidence. 
  

	8.4	Tax Indemnity 

 Subject to
Clause 13.4 (Exclusions to Indemnities and Increased Costs), the relevant Borrower shall pay and shall indemnify each Financing Party, on demand, from and against all transaction or registration Taxes (including any such Taxes imposed as a
consequence of the matters referred to in Clauses 12.1.1, 12.1.2 and 12.1.3) (collectively “Registration Duties and Taxes”) at any time payable in respect of this Agreement and the other Transaction Documents (other than any Hedging
Agreement) or any transaction hereunder or thereunder and against any penalty or additional liability or expense resulting from any failure to pay or any delay in paying the same. 

 

	8.5	Expenses 

 Whether or not
the Disbursement is advanced by the relevant Lenders to any Borrower pursuant to this Agreement, the relevant Borrower shall pay, on demand, to each Financing Party: 
  

	8.5.1	all legal expenses (subject to the agreed maximum) and all other agreed expenses incurred by each Financing Party in entering into the Transaction Documents relating to
the relevant Aircraft; 

  

	8.5.2	all reasonable and proper expenses (including, without limitation, legal, printing, and out-of-pocket expenses) incurred by each Financing Party in connection with any
amendment or extension of, or the granting of any waiver or consent under, any of the Transaction Documents relating to the relevant Aircraft requested by the relevant Borrower or, in the case of any amendment, agreed as a consequence of the
operation of Clause 33.1 (Mitigation); and 

  

	8.5.3	all expenses (including legal, survey and other costs) incurred by any Financing Party in contemplation of, or otherwise in connection with, the enforcement (after the
occurrence of an Event of Default or a Lease Event of Default) of, or preservation of any rights under, any of the Transaction Documents relating to the relevant Aircraft. 

All expenses payable pursuant to this Clause 8.5 shall be paid together with any value added tax or similar Tax thereon, and in the
currency in which the same are incurred by the Financing Party. Each Financing Party agrees that any demand under this Clause 8.5 shall set out in reasonable detail the nature and calculation of the amount claimed and shall be accompanied by such
supporting evidence as may be reasonably available. 

  
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	8.6	Refund by Lenders 

 To the
extent that any Lender receives an amount without any deduction or withholding in a situation where (i) the relevant Borrower was required by Applicable Law to make a deduction or withholding for and on account of Taxes and (ii) pursuant
to the provisions of Clause 8.2 (Tax Gross-Up) and 13.4 (Exclusion to Indemnity and Increased Costs), the relevant Borrower was not obliged to make an increase in or additional payment as contemplated in paragraph (x) of Clause
8.2 (Tax Gross-Up), such Lender shall as soon as practicable upon written request of such Borrower refund an amount equal to the deduction or withholding that should have been made to such Borrower, such payment to be made subject to any
deduction or withholding that such Lender is required to make in relation to such refund by Applicable Law. 
  

	9.	CURRENCY 

 All payments to
the Lenders under this Agreement shall be effected in Dollars with the exception of those payments which are, in the reasonable opinion of the Facility Agent, appropriate to be made in another currency, which shall be made in such other currency.

  

	10.	PERFORMANCE PROCEDURE 

  

	10.1	Manner of Payments 

 The
relevant Borrower shall be discharged from its payment obligations under this Agreement (including Clause 10.4 (Time and Place of Payments)) on making payments as directed by the relevant Lenders to the extent that the amounts due are
unconditionally placed at the disposal of the relevant Lenders as directed by them in the freely convertible lawful currencies stipulated for each payment under this Agreement on the accounts mentioned below and (subject as provided in Clause 8.2
(Tax Gross-Up)) free of any charges (other than any charges imposed by the recipient bank). 
  

	10.2	Payments to Facility Agent 

On each date when an amount is due from any Borrower under any Transaction Document to the Lenders, the Facility Agent, the Security
Trustee or any of them in Dollars or any other currency, then such Borrower shall make the same available before 11:00 am (New York time or in the case of any other currency, the time of the principal financial centre of the country of issue of the
relevant currency) by payment in Dollars or, as the case may be, such other currency and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment to,
in the case of Dollars, the account of the Facility Agent number              with The Bank of New York, New York (SWIFT Code: IRVTUS3N; ABA No. 021000018) for further credit to Bank
of Scotland International Services UK (SWIFT Code: BOFSGB2S), and, in the case of any other currency, to such account as is notified to the relevant Borrower by the Facility Agent at least five (5) Business Days prior to the relevant payment
(or in any case to such other account as the Facility Agent may have specified for this purpose by no less than five (5) Business Days’ prior written notice). 
  

	10.3	Payment of Loan 

 Upon
receipt of any amounts due from a Borrower to the Lenders, or any of them in accordance with Clause 10.2 (Payments to Facility Agent) in respect of the Loan, the Facility Agent shall make the same available to the relevant Lenders in the
proportion that their respective portion of the Loan bears to the total amount of the Loan. 
  

	10.4	Time and Place of Payments 

All payments to be made under this Agreement shall be made in full, without any set-off or counterclaim whatsoever and free and clear of
any deductions or withholdings unless such deduction or withholding is required to be made under Applicable Law, in the currency in which such payments are expressed to be denominated by the terms of this Agreement, where such amount is denominated
in Dollars by payment in Dollars and in same day funds (or in such other funds as may from time to time be customary in New York City for the settlement in New York City of international banking transactions in Dollars) and where such amount is
denominated in another currency in immediately available, freely transferable cleared funds. 
  

	10.5	Non-Business Days 

Whenever any payment of interest or principal (or any part thereof or any amount referable thereto including without limitation any amount
payable under Clause 8.2 (Tax Gross-Up)) scheduled for payment on an Interest Payment Date shall fall due on a day which is not a Business 

  
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Day or where an Interest Period or LIBOR Calculation Period would otherwise start or end on a day which is not a Business Day the due date of such payment or, as the case may be the start date
and/or end date of such interest Period or LIBOR Calculation Period shall be adjusted to the immediately following Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 

 

	10.6	Payments by the Agents 

An Agent shall not be obliged to make available to any Lender or to any Borrower or to make any payment on behalf of any Lender or any
Borrower of any sum which it is expecting to receive for the account of or from such Lender or from such Borrower hereunder until it has been able to establish that it has received such sum. If and to the extent that it does so but it transpires
that it had not then received the sum which it paid out: 
  

	10.6.1	the person (the “payer”) who should have paid such sum to the relevant Agent shall forthwith on demand of such Agent pay such sum to such Agent;

  

	10.6.2	if the payer fails to pay such sum to such Agent on demand the person who received such sum from such Agent shall forthwith on demand of such Agent refund such sum to
such Agent; and 

  

	10.6.3	the payer shall on request pay to such Agent the amount (as certified by such Agent) which will indemnify such Agent against any funding or other cost, loss, expense or
liability sustained or incurred by it as a result of paying out that sum before receiving it. 

  

	11.	APPLICATION OF PROCEEDS 

  

	11.1	Realisation of Applicable Proceeds 

 The Financing Parties and each Borrower shall co-operate with each other and with any Receiver under the Security Documents in realising the Applicable Proceeds or any part thereof and in ensuring that
the net proceeds realised under the Transaction Documents are paid to the Facility Agent to be applied in accordance with this Clause 11. 
  

	11.2	Application of Applicable Proceeds 

 Subject to Clause 11.12 (Scheduled Swap Payments prior to the occurrence of a Swap Event), all Applicable Proceeds (other than amounts to be applied in accordance with Clause 11.3 (Application
of Termination Proceeds)) shall be applied promptly following receipt in the following manner and order: 
  

	11.2.1	Firstly, in or towards payment of any Expenses incurred in connection with any Trust Property; 

 

	11.2.2	Secondly, in or towards payment to the Facility Agent and/or the Security Trustee of any amounts then due and owing to them under the Transaction Documents;

  

	11.2.3	Thirdly, in or towards payment to the Facility Agent for the account of each Senior Lender of its pro rata portion of all interest then due and owing to the
Senior Lenders under this Agreement in relation to the Loan relating to which the Applicable Proceeds were recovered, whether from Trust Property or any other source; 

 

	11.2.4	Fourthly, in or towards payment to the Facility Agent for the account of each Senior Lender of its pro rata portion of all principal then due and owing to such
Senior Lender under this Agreement in relation to the Loan relating to which the Applicable Proceeds were recovered, whether from Trust Property or any other source; 

 

	11.2.5	Fifthly, in or towards payment to the Facility Agent for the account of the Senior Lenders of any and all other amounts then due and owing to the Senior Lenders under
the Transaction Documents in relation to the Loan relating to which the Applicable Proceeds were recovered, whether from Trust Property or any other source; 

 

	11.2.6	Sixthly, in or towards payment to the Facility Agent for the account of each Junior Lender of its pro rata portion of all interest then due and owing to the
Junior Lenders under this Agreement in relation to the Loan relating to which the Applicable Proceeds were recovered, whether from Trust Property or any other source; 

  
 - 26 -

	11.2.7	Seventhly, in or towards payment to the Facility Agent for the account of each Junior Lender of its pro rata portion of all principal then due and owing to such
Junior Lender under this Agreement in relation to the Loan relating to which the Applicable Proceeds were recovered, whether from Trust Property or any other source; 

 

	11.2.8	Eighthly, in or towards payment to the Facility Agent for the account of the Junior Lenders of any and all other amounts then due and owing to the Junior Lenders under
the Transaction Documents in relation to the Loan relating to which the Applicable Proceeds were recovered, whether from Trust Property or any other source; 

 

	11.2.9	Ninethly, in or towards payment to the Facility Agent for the account of the Hedging Bank of all amounts then due and owing to the Hedging Bank under the Hedging
Agreement (if any) applicable to the Loan relating to which the Applicable Proceeds were recovered, whether from Trust Property or any other source; 

  

	11.2.10	Tenthly, in or towards payment to the Facility Agent for the account of each Senior Lender of its pro rata portion of all other interest then due and owing to
the Senior Lenders under this Agreement; 

  

	11.2.11	Eleventhly, in or towards payment to the Facility Agent for the account of each Senior Lender of its pro rata portion of all other principal then due and owing
to such Senior Lender under this Agreement; 

  

	11.2.12	Twelfthly, in or towards payment to the Facility Agent for the account of the Senior Lenders of any and all other amounts then due and owing to the Senior Lenders under
the Transaction Documents; 

  

	11.2.13	Thirteenthly, in or towards payment to the Facility Agent for the account of each Junior Lender of its pro rata of all other interest then due and owing to the
Junior Lenders under this Agreement; 

  

	11.2.14	Fourteenthly, in or towards payment to the Facility Agent for the account of each Junior Lender of its pro rata portion of all other principal then due and owing
to such Junior Lender under this Agreement; 

  

	11.2.15	Fifteenthly, in or towards payment to the Facility Agent for the account of the Junior Lenders of any and all other amounts then due and owing the Junior Lenders under
the Transaction Documents; 

  

	11.2.16	Sixteenthly, in or towards payment to the Facility Agent for the account of the Hedging Bank of any and all other amounts then due and owing to the Hedging Bank under
the Transaction Documents; and 

  

	11.2.17	Lastly, as to any surplus, in or towards payment to the relevant Borrower. 

 

	11.3	Application of Termination Proceeds 

 Provided that no Event of Default has occurred and is continuing (in which event the provisions of Clause 11.2 (Application of Applicable Proceeds) shall apply), all Termination Proceeds for an
Aircraft shall be applied in the following manner and order: 
  

	11.3.1	Firstly, in or towards payment of any Expenses incurred in connection with any Trust Property relating to such Aircraft; 

 

	11.3.2	Secondly, in or towards payment to the Facility Agent and/or the Security Trustee of any amounts then due and owing to them under the Transaction Documents in relation
to the Loan relating to such Aircraft; 

  

	11.3.3	Thirdly, in or towards payment to the Facility Agent for the account of each Senior Lender of its pro rata portion of all interest then due and owing to the
Senior Lenders under this Agreement in relation to the Loan relating to such Aircraft; 

  
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	11.3.4	Fourthly, in or towards payment to the Facility Agent for the account of each Senior Lender of its pro rata portion of all principal then due and owing to such
Senior Lender under this Agreement in relation to the Loan relating to such Aircraft; 

  

	11.3.5	Fifthly, in or towards payment to the Facility Agent for the account of the Senior Lenders of any and all other amounts then due and owing to the Senior Lenders under
the Transaction Documents in relation to the Loan relating to such Aircraft; 

  

	11.3.6	Sixthly, in or towards payment to the Facility Agent for the account of each Junior Lender of its pro rata portion of all interest then due and owing to the
Junior Lenders under this Agreement in relation to the Loan relating to such Aircraft; 

  

	11.3.7	Seventhly, in or towards payment to the Facility Agent for the account of each Junior Lender of its pro rata portion of all principal then due and owing to such
Junior Lender under this Agreement in relation to the Loan relating to such Aircraft; 

  

	11.3.8	Eighthly, in or towards payment to the Facility Agent for the account of the Junior Lenders of any and all other amounts then due and owing to the Junior Lenders under
the Transaction Documents in relation to the Loan relating to such Aircraft; 

  

	11.3.9	Ninethly, in or towards payment to the Facility Agent for the account of the Hedging Bank of all amounts then due and owing to the Hedging Bank under the Hedging
Agreement applicable to the Loan relating to such Aircraft; and 

  

	11.3.10	Lastly, as to any surplus, in payment of such surplus to the relevant Borrower. 

 

	11.4	Partial Loss Proceeds; Engines; Warranty Proceeds 

 Subject to the following, if any party hereto receives (i) any insurance proceeds (excluding any proceeds of third party liability policies) in respect of loss of or damage to any Aircraft not
amounting to an Event of Loss thereof, (ii) any insurance proceeds in respect of an Event of Loss of an Engine separate from the Event of Loss of an Airframe or (iii) any proceeds from any requisition of an Aircraft not amounting to an
Event of Loss, (iv) any Warranty Proceeds relating to an Aircraft or (v) any proceeds of a final disposition of an Engine separate from the final disposition of an Airframe, then in each case, they shall be paid to the relevant Borrower
or, if an Event of Default has occurred and is continuing, retained by or paid to the Facility Agent, in each case for application in accordance with the relevant Lease Agreement so long as no Lease Event of Default has occurred which is continuing.
If any such proceeds are received following the occurrence of a Lease Event of Default which is continuing, the recipient shall promptly pay the amount received to the Security Trustee and the Security Trustee shall retain the same until the first
to occur of (a) the relevant Loan becoming due and payable for any reason prior to its stated maturity, in which case the Security Trustee shall apply such amounts in accordance with the provisions of Clause 11.3 (Application of Termination
Proceeds) and (b) such Lease Event of Default being cured, remedied or waived, in each case to the satisfaction of the Security Trustee, in which case such amounts shall be paid to the relevant Borrower for application in accordance with
the relevant Lease Agreement. 
  

	11.5	Indemnity Payments 

Notwithstanding the foregoing provisions of this Clause 11 any moneys received by the Facility Agent or the Security Trustee which are
identifiable as amounts properly due to any Financing Party, any Borrower or third parties pursuant to the indemnity provisions of the Transaction Documents or otherwise shall be applied by the Facility Agent or, as the case may be, the Security
Trustee in payment to such Financing Party, such Borrower and/or such third parties. 
  

	11.6	Identity of Financing Parties 

 In considering at any time (and from time to time) the persons entitled to the benefit of any or all of the Applicable Proceeds the Facility Agent and the Security Trustee may to the extent that any such
information is not inconsistent with information on which the Facility Agent or, as the case may be, the Security Trustee is entitled to rely under this Clause 11, rely and act in reliance upon any information provided to the Facility Agent or, as
the case may be, the Security Trustee by any party to the Finance Documents so that the Facility Agent or, as the case may be, the Security Trustee shall have no liability or responsibility to any party as a consequence of placing reliance on and
acting in reliance upon any such information unless the Facility Agent or, as the case may 

  
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be, the Security Trustee has actual knowledge that such information is inaccurate or incorrect (for which purpose the Facility Agent or, as the case may be, the Security Trustee shall not be
treated as having actual knowledge of any matter of which the corporate finance, corporate lending, loan administration or any other department or division outside the agency division of the Facility Agent or, as the case may be, the Security
Trustee (or equivalent department of the person for the time being acting as the Facility Agent or, as the case may be, the Security Trustee) may become aware in the context of corporate finance, advisory, lending or loan administration activities
from time to time undertaken by the Facility Agent or, as the case may be, the Security Trustee for any Borrower or any of its Subsidiaries or affiliates). 
  

	11.7	Information to Facility Agent and Security Trustee 

 Each of the Financing Parties and the other parties hereto shall provide the Facility Agent and the Security Trustee with such written information as it may reasonably require for the purpose of carrying
out its duties and obligations under this Agreement and/or the Finance Documents and, in particular, with such directions in writing as may reasonably be required so as to enable the Facility Agent or, as the case may be, the Security Trustee to
apply the Applicable Proceeds, in each case as contemplated by this Clause 11. 
  

	11.8	Currency Conversion 

 If
any Applicable Proceeds are received by an Agent otherwise than in Dollars and such Applicable Proceeds are, in accordance with the provisions of this Clause 11 to be applied in or towards the satisfaction of a debt denominated in Dollars, they
shall, as soon as practicable after receipt, be applied by such Agent in the purchase of Dollars at such exchange rate as is then reasonably available to such Agent and the Dollars so purchased shall be applied pursuant to this Clause 11.

  

	11.9	Further Assurance 

 The
parties hereto shall enter into such further documents, deeds or agreements as the Security Trustee may from time to time deem necessary or desirable to give effect to the provisions of this Clause 11. 

 

	11.10	Redistribution of Payments 

If: 
  

	11.10.1	any particular sum (a “Due Sum”) becomes payable pursuant hereto or pursuant to a Hedging Agreement by any Borrower to any of the Lenders or the
Hedging Bank; and 

  

	11.10.2	the full amount of such Due Sum is not paid in accordance with the provisions of this Agreement; and 

 

	11.10.3	any Lender or the Hedging Bank (an “Excess Amount Lender”) receives or recovers by way of set-off, counterclaim, combination of accounts, legal
proceedings or other action all or any part of such Due Sum which is owed to such Excess Amount Lender; and 

  

	11.10.4	the proportion which such Excess Amount Lender has so received or recovered of that share of the Due Sum actually owed to such Excess Amount Lender exceeds the
proportion so received or recovered by any other Lender or Hedging Bank which is also owed a share of such Due Sum (the amount of the excess an “Excess Amount”), 

then: 
  

	 	(a)	such Excess Amount Lender shall pay to the Facility Agent an amount equal to such Excess Amount; and 

 

	 	(b)	an amount equal to the Excess Amount shall be deemed not to have been paid by the payer to or received or recovered by the Excess Amount Lender but paid to the Facility
Agent by the relevant Borrower and shall be distributed by the Facility Agent in accordance with the provisions of this Agreement as if originally received by the Facility Agent. 

  
 - 29 -

	11.11	Recoveries Through Legal Proceedings 

 Notwithstanding the provisions of Clause 11.10 (Redistribution of Payments) no Excess Amount Lender shall be obliged to share any amount which it receives or recovers pursuant to legal proceedings
taken by it to recover any sum owing to it hereunder or any Transaction Document with any other party which has a legal right to, but does not, join in such proceedings to enforce its rights in the same or another court (unless the proceedings
instituted by the Excess Amount Lender are instituted by it without prior notice having been given to such party through the Facility Agent). 
  

	11.12	Scheduled Swap Payments prior to the occurrence of a Swap Event 

 In respect of each Hedging Agreement, the Hedging Bank shall be entitled to receive and retain the Applicable Proceeds on each Relevant Scheduled Swap Payment Date from the Borrower Non-Dollar Rent
Account in an amount sufficient to pay the Scheduled Swap Payment due to the Hedging Bank on such date, and shall not be required to pay such Applicable Proceeds to the Facility Agent (for application in accordance with Clause 11.2 (Application
of Applicable Proceeds)). 
  

	12.	INDEMNITIES 

  

	12.1	General Indemnity 

 Each
Borrower agrees at all times, whether before, during or after the Security Period, to indemnify and hold harmless each Indemnitee on its first written demand from and against all costs, expenses, losses, claims, actions, suits, penalties, fines and
damages (in this Clause 12.1 together referred to as “Losses”) which may be incurred by, imposed on or asserted against any of the Indemnitees and/or any of their respective directors, officers, servants, agents and employees at any
time relating to or arising out of: 
  

	12.1.1	any Aircraft, any Airframe, any Engine or engine installed on any Aircraft, any Part, any Aircraft Documentation or any other thing delivered under any Transaction
Document (including Clause 15.2.2); 

  

	12.1.2	the acceptance, delivery, lease, sublease, registration, deregistration, ownership, re-registration, possession, repossession, presence, operation, location, condition,
use or non-use, control, management, airworthiness, overhaul, replacement, existence, ownership, storage, preparation, installation, testing, manufacture, design, modification, alteration, maintenance, repair, re-lease or sale, return, transfer,
exportation, importation, abandonment or other disposition of, or the imposition of any Lien (or the incurrence of any liability to refund or pay over any amount as the result of any such Lien) on, any Aircraft, any Airframe, any Engine or engine,
any Part or any other thing delivered under any Transaction Document (whether on the ground or in the air) or any interest therein regardless of when the same arises; 

 

	12.1.3	any design, article or material in any Aircraft, any Engine or any Part or its operation or use constituting an infringement of patent, copyright, trademark, design or
other proprietary right or a breach of any obligation of confidentiality owed to any person, 

 provided
that the relevant Borrower shall not have the liability to an Indemnitee pursuant to this Clause 12.1 (General Indemnity) in respect of any Loss which is suffered by such Indemnitee: 

 

	 	(i)	as a result of any breach by such Indemnitee of any of its express obligations under any of the Transaction Documents (but excluding any breach in consequence of a
failure by any other party to a Transaction Document to perform any of its obligations thereunder); 

  

	 	(ii)	as a result of any fraud, gross negligence or wilful misconduct of such Indemnitee with respect to any of the transactions contemplated by, or the performance of any of
its obligations under the Transaction Documents to which it is a party; 

  

	 	(iii)	which constitutes the normal administrative or operative internal costs and expenses of such Indemnitee; 

 

	 	(iv)	in respect of taxes (it being understood that Clauses 8.2 (Tax Gross-Up), 8.4 (Tax Indemnity) and 13.4 (Exclusions to Indemnities and Increased
Costs) and any equivalent provisions in the Hedging Agreements provide for any Borrower’s liability in respect of all such matters); or 

  
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	 	(v)	to the extent that any Borrower or any Lessee has satisfied the relevant Loss pursuant to any other provision of the Transaction Documents. 

 

	12.2	Funding Indemnity 

 In the
event that a Drawdown Notice is served and the Disbursement Date does not occur on the date specified therein as being the proposed Disbursement Date, the Borrowers hereby jointly and severally agree fully to indemnify each Financing Party on its
first demand against any cost, loss (other than loss of profits) or expense which such Financing Party actually suffers or incurs for any reason other than the gross negligence or wilful misconduct of such Financing Party, in breaking deposits or
redeploying funds at a rate lower than the rate which such Financing Party would have received had drawdown occurred on the proposed drawdown date. Such Financing Party shall, at the cost of the Borrowers, take reasonable steps to mitigate such
costs, losses and expenses. Any indemnity payments made under this Clause 12.2 will be made by the Borrowers to each Financing Party in the currency in which the relevant cost, loss or expense was suffered or incurred, to such account as may be
notified the Borrowers by such Financing Party, free and clear of any set-off, deduction or withholding whatsoever. 
 For the
purposes of this clause 12.2 (only), all references to a Finance Party shall be deemed to exclude the Hedging Bank. 
  

	12.3	Default Indemnity 

 Each
Borrower agrees to indemnify each Indemnitee against, and to pay promptly on demand to each Indemnitee from time to time all amounts which such Indemnitee certifies to be necessary to compensate it for, any costs, losses (other than loss of
profits), expenses, penalties, claims, liabilities, premiums or damages suffered or incurred by it as a consequence of or in connection with: 
  

	12.3.1	any default in punctual payment by the relevant Lessee to such Borrower of any amount under the relevant Lease Agreement when due or expressed to be due; or

  

	12.3.2	any default in punctual payment to the Financing Parties or any of them of any payments due under the other Transaction Documents when due or expressed to be due; or

  

	12.3.3	the occurrence or continuance of any Event of Default or any Lease Event of Default. 

 

	12.4	Currency Indemnity 

 If
any sum due from a Borrower under this Agreement or any order or judgment given or made in relation hereto or thereto has to be converted from the currency (the “First Currency”) in which the same is payable hereunder or under such
order or judgment into another currency (the “Second Currency”) for the purpose of (i) making or filing a claim or proof against such Borrower or (ii) obtaining an order or judgment in any court or other tribunal or
(iii) enforcing any order or judgment given or made in relation hereto or thereto, such Borrower shall as a separate and independent obligation indemnify and hold harmless the Financing Party to whom such sum is due from and against any loss
suffered as a result of any discrepancy between (a) the rate of exchange used for such purpose to convert the sum in question from the First Currency into the Second Currency and (b) the rate or rates of exchange at which such persons to
whom such sum is due may in the ordinary course of business purchase the First Currency with the Second Currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. No payment to be
made under this Agreement or pursuant to any judgment or order of any court in respect thereof or otherwise shall operate to discharge any obligation of the payer unless and until payment shall have been received in the currency in which such
payment was required to be made under this Agreement. 
  

	12.5	Claims 

 Each Indemnitee
agrees that any demand by it under Clause 12.1 (General Indemnity), Clause 12.2 (Funding Indemnity) and Clause 12.3 (Default Indemnity) shall specify in reasonable detail the nature and calculation of the amount claimed and
shall be accompanied by such supporting evidence as may be reasonably available. 

  
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	13.	CHANGE IN CIRCUMSTANCES 

  

	13.1	Illegality 

 If:

  

	13.1.1	any Change in Law renders it unlawful for any Lender (an “Affected Lender”) to contribute to a Loan or to maintain or fund its portion of a Loan or any
part thereof, or to perform any of its obligations or to exercise any of its rights, under this Agreement or any of the other Transaction Documents; or 

  

	13.1.2	either (i) as a result of a Change in Law this Agreement or any of the other Transaction Documents (other than any Hedging Agreement) shall cease to constitute the
legally valid, binding and enforceable obligations of the parties thereto or (ii) the Liens expressed to be constituted by any of the Security Documents do not constitute or shall cease to constitute first priority Liens over or in respect of
the assets expressed to be the subject thereof, 

 the provisions of Clause 33.1 (Mitigation) shall apply
and if no mutually acceptable agreement to mitigate or avoid such unlawfulness can be reached by the end of the Mitigation Period then either any Borrower or the Facility Agent (on the instructions of the Majority Senior Lenders of the related Loan)
may by notice to the other prepay or accelerate respectively the Loan in which event: 
  

	 	(i)	the Lenders shall not at any time after such date be obliged to make any part of the relevant Loan available hereunder and the amount of their (or its) Available
Commitments in such respect shall be immediately reduced to zero; and 

  

	 	(ii)	the relevant Borrower shall on such date repay the relevant outstanding Loan together with accrued interest thereon and all other amounts owing to any Financing Party
in connection with any Finance Document including, without limitation, any costs pursuant to Clause 5.2 (Broken Funding Costs). 

  

	13.2	Increased Costs 

 If there
is any Change in Law (including, without limitation, which imposes, modifies or deems applicable any reserve asset, special deposit, capital adequacy or other requirements against assets held by, or deposits in or for the account of, or loans by an
office of a Lender) and if as a result: 
  

	13.2.1	the cost to a Lender of making, funding or maintaining its portion of the Loans is increased, or 

 

	13.2.2	the amount of any principal, interest or other amount payable to a Lender hereunder and/or under any other Transaction Document is reduced, or 

 

	13.2.3	a Lender makes any payment or foregoes any interest or other return on or calculated by reference to the gross amount of any sum receivable by it hereunder and/or under
any other Transaction Document, or 

  

	13.2.4	a Lender is unable to obtain the rate of return on its overall capital which it would have been able to obtain in relation to the transactions contemplated by the
Transaction Documents prior to the Change in Law, 

 then and in each such case: 

 

	 	(i)	such Lender shall promptly notify the Facility Agent of the event giving rise thereto (specifying in reasonable detail the amount of such cost, such reduction, such
payment or such interest or other return foregone or such reduction in such rate of return (or such proportion of such reduction as is attributable to its obligations under the relevant Transaction Documents referred to above) (together
“Increased Cost”) and the calculation thereof) and the provisions of Clause 33.1 (Mitigation) shall apply; and 

  

	 	(ii)	if no mutually acceptable agreement to mitigate or avoid the Increased Cost can be reached by the end of the Mitigation Period the relevant Borrower shall within three
(3) Business Days pay an amount equal to such Increased Cost (or such part thereof which has not thereby been mitigated or avoided) to the Facility Agent (for account of the relevant Lender), 

  
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 and, for the avoidance of doubt, the implementation of the provisions of Basle II Paper
shall constitute a Change of Law for the purposes of this Agreement provided that each Lender shall act in good faith in relation to the implementation thereof and shall not discriminate in its treatment of the Loans and other loans made by
it. Each Lender hereby confirms that it currently applies a one hundred per cent. (100%) risk weighting to the Loans. 
  

	13.3	Claims for Increased Costs 

A Lender intending to make a claim pursuant to Clause 13.2 (Increased Costs) shall promptly notify the Facility Agent which shall
promptly forward a copy of such notice (which shall specify in reasonable detail the nature and calculation of the amount claimed) to the relevant Lessee, the relevant Borrower and each of the other Lenders. 

 

	13.4	Exclusions to Indemnities and Increased Costs 

 The provisions of Clauses 8.2 (Tax Gross-Up), 8.4 (Tax Indemnity) and 13.2 (Increased Costs) shall not apply to and no Borrower shall have any liability to a Lender or an Agent (an
“Affected Person”) in respect of any Tax or Increased Cost to the extent that such Tax or Increased Cost: 
  

	13.4.1	is a Tax on such Affected Person’s overall net or gross income, receipts, profits or gains or capital net worth howsoever computed; 

 

	13.4.2	is imposed or suffered as a result of any breach by such Affected Person of any of its express obligations under any of the Transaction Documents (but excluding any
breach in consequence of a failure by any other party to a Transaction Document to perform any of its obligations thereunder); or 

  

	13.4.3	is imposed or suffered as a result of any misrepresentation made by such Affected Person contained in any of the Transaction Documents to which it is a party (but
excluding any misrepresentation in consequence of a misrepresentation by any other party to a Transaction Document or a failure by any other party to a Transaction Document to perform any of its obligations thereunder); or 

 

	13.4.4	is imposed or suffered as a result of any fraud, gross negligence or wilful misconduct by such Affected Person with respect to any of the transactions contemplated by,
or the performance of any of its obligations under the Transaction Documents to which it is a party; or 

  

	13.4.5	is imposed or suffered as a result of any failure by such Affected Person to make any filing required by Applicable Law within the time limits prescribed by Applicable
Law or reasonably requested by any Borrower (subject to the relevant Borrower giving sufficient time and sufficient information necessary to enable such filing to be made and save to the extent that such failure arises as a consequence of any act or
omission of any other party to the Transaction Document). 

  

	14.	SECURITY AND RECOURSE 

  

	14.1	Security 

 Each Borrower,
as security for its and the other Borrowers’ obligations hereunder, is willing to assign to the Security Trustee and create a Lien for the benefit of the Lenders and the Agents, pursuant to the Security Assignments, in and over its rights,
title and interest under the Transaction Documents in favour of the Security Trustee as trustee for, inter alia, the relevant Lenders and the Hedging Bank and is willing to execute the relevant Mortgage. In recognition of each Borrower’s
willingness to do such acts and things, the Lenders and the Hedging Bank are prepared to limit their recourse against any Borrower under this Agreement as provided in this Clause 14 (Security and Recourse). 

 

	14.2	Limitation on Recourse 

Notwithstanding the provisions of any of this Agreement or the other Transaction Documents to the contrary, but subject to Clause 14.3
(Continuing Obligations), all amounts payable or expressed to be payable by any Borrower to a Financing Party for, in respect of or in connection with its obligations, covenants, representations, warranties, indemnities or other contractual

  
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assurances for a Loan which are owed to the Security Trustee, the Facility Agent, the Lenders or the Hedging Bank under, pursuant to or in connection with this Agreement and the other Transaction
Documents shall be limited to and only be made or payable from: 
  

	14.2.1	the recovery from any Borrower of all sums that are paid to or recovered by any Borrower (or any person claiming through or on behalf of any Borrower) pursuant to any
sale of an Aircraft or pursuant to any provision of any Lease Agreement or as a result of the enforcement of the Security Documents (except to the extent that such Borrower is not entitled to retain such sums as against any third party by virtue of
any law, including as a result of any judgment or order of any court or in any bankruptcy of such third party); and 

  

	14.2.2	the realisation of any proceeds from the enforcement of any security granted to the Security Trustee, the Facility Agent, any of the Lenders and/or the Hedging Bank
under the Security Documents (except to the extent that such Borrower is not entitled to retain such sums as against any third party by virtue of any law, including as a result of any judgement or order of any court or in any bankruptcy of such
third party), 

 and the Security Trustee, the Facility Agent, the Lenders and the Hedging Bank irrevocably and
unconditionally agree that they shall look solely to such rights and sums for payments to be made by any Borrower under this Agreement and the other Transaction Documents (save as provided in Clause 14.3 (Continuing Obligations)) and that
they shall not otherwise take or pursue any judicial or other steps or proceedings or exercise any other right or remedy that they might otherwise have against any Borrower or any of its other assets except: 

 

	 	(i)	to the extent such judgment or similar order is a necessary procedural step to enable the realisation of the full benefit of the security and rights granted in the
Transaction Documents to obtain (but not enforce) a declaratory judgment or similar order as to the obligations of such Borrower expressed to be assumed hereunder or under any other Transaction Documents; or 

 

	 	(ii)	to the extent such claim or proof is a necessary procedural step to enable the realisation of the full benefit of the security and rights granted in the Transaction
Documents, to make or file a claim or proof in any bankruptcy, insolvency, winding-up, liquidation, reorganisation, amalgamation or dissolution of such Borrower, but not to take proceedings to instigate such bankruptcy, insolvency or other similar
situation. 

  

	14.3	Continuing Obligations 

Notwithstanding the provisions of Clause 14.2 (Limitation on Recourse), each Borrower acknowledges, undertakes and agrees with the
Security Trustee, the Facility Agent, the Lenders and the Hedging Bank that: 
  

	14.3.1	each of its obligations under this Agreement and the other Transaction Documents to which it is a party is a continuing obligation, shall not be extinguished by reason
of any inability of the Security Trustee, the Facility Agent, the Lenders or the Hedging Bank to enforce such obligations as a result of the limitation on recourse contained in Clause 14.2 (Limitation on Recourse), or by the performance in
part of any such obligation and is (and shall remain) due to be performed on the date on which it is expressed by the terms of this Agreement or any other Transaction Document to become due to be performed and interest shall accrue on any unpaid
amount hereunder in accordance with the provisions of this Agreement (although the provisions of Clause 14.2 (Limitation on Recourse) shall apply to such accrued interest); and 

 

	14.3.2	it will forthwith upon receipt of any money under or pursuant to any Transaction Document pay the same to the Facility Agent; and 

 

	14.3.3	the Security Trustee shall be fully entitled to take any such steps as may be available to it to enforce its rights under this Agreement and the other Transaction
Documents in accordance with the terms thereof (subject always to the foregoing provisions of Clause 14.2 (Limitation on Recourse)). 

  
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	14.4	Exceptions to Limited Recourse 

 Notwithstanding the foregoing provisions of this Clause 14 (Security and Recourse), if: 
  

	14.4.1	any Applicable Circumstance (as defined in Clause 14.6 below) occurs other than as a consequence of any action or omission on the part of any other party to any
Transaction Document; or 

  

	14.4.2	any amount or additional amount becomes payable pursuant to Clauses 8.2 (Tax Gross-Up), 8.4 (Tax Indemnity) or 13.2 (Increased Costs) or any amount
or additional amount becomes payable under any Hedging Agreement pursuant to Section 2(d) (Deduction or Withholding for Tax) or Section 4(e) (Payment of Stamp Tax) of the 1992 ISDA Master Agreement incorporated into such
Hedging Agreement; or 

  

	14.4.3	any Borrower is obliged to take any action under this Agreement or the other Finance Documents provided that in relation to any obligation of such Borrower
(including without limitation under any covenant or undertaking for further assurances or similar provision) involving expenditure on such Borrower’s part either the relevant Lessee or any Financing Party has put such Borrower in funds or
indemnified such Borrower in a manner and on terms reasonably satisfactory to it to enable it to fulfil such obligation and the foregoing shall apply notwithstanding that the relevant obligation may be expressed (in whatever terms) to be at such
Borrower’s or any other person’s cost or at no cost to such Borrower or any other person, 

 then such
Borrower shall remain personally and fully liable as provided in this Agreement or any other Transaction Document to which it is a party for: 
  

	 	(a)	in the case of 14.4.1, any and all Losses which, pursuant to this Agreement, such Borrower is obliged to indemnify any Financing Party for, if and to the extent
incurred by such Financing Party as a result of such Applicable Circumstance; or 

  

	 	(b)	in the case of Clause 14.4.2 or 14.4.3, such amount, additional amount, cost or expense, 

and in each case, the Security Trustee, the Facility Agent, the relevant Lenders and the Hedging Bank shall be at liberty to pursue all of
their rights and remedies against such Borrower and all of its assets for any such Losses or amounts as so provided without restriction in the event of any such circumstance. 

 

	14.5	Action by any Borrower 

Notwithstanding anything provided in this Agreement or any of the other Transaction Documents to which any Borrower is a party, no
Borrower shall have any obligation to take any affirmative or other action requested by the Security Trustee or any other person to enforce, exercise, protect or preserve any rights, remedies, powers, privileges or interests against the relevant
Lessee under or with respect to, or to give effect to, the Transaction Documents (other than the giving of notices or the making of demands provided for in the Transaction Documents) unless indemnified to its reasonable satisfaction in respect of
any Losses which it may thereby suffer or incur or unless such action is to rectify or otherwise in connection with an Event of Default or Relevant Event. 
  

	14.6	Definitions 

 For the
purposes of this Clause 14 (Security and Recourse): 
 “Applicable Circumstance” means any of (i) to
(iii) below: 
  

	 	(i)	the fraudulent or wilful misconduct or gross negligence of a Borrower with respect to any aspect of the transactions contemplated by, or the performance of any of its
obligations under, this Agreement or any of the other Transaction Documents to which it is a party; or 

  

	 	(ii)	a Borrower’s wilful failure to account to the Facility Agent, any Lender, the Hedging Bank or the Security Trustee for any sum received by such Borrower which
constitutes a part of the Collateral or is otherwise due and owing to a Financing Party by such Borrower hereunder; or 

  
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	 	(iii)	any breach of the covenant by a Borrower contained in Clause 15.2.1 (other than as a result of a failure by any other party to the Transaction Documents to perform
their obligations thereunder). 

  

	15.	UNDERTAKINGS 

  

	15.1	Preservation of Security 

Each Borrower covenants and agrees that, from the date of this Agreement until all its and all the other Borrowers’ liabilities under
this Agreement have been discharged it will not (otherwise than as expressly contemplated by the Transaction Documents) (i) do anything or take any action or (ii) omit to take any action which it knows or (iii) ought reasonably to
have known, in each case which would or may have the effect of prejudicing the absolute and first priority entitlement of the Security Trustee as trustee for the relevant Lenders against a liquidator, receiver, administrator or similar officer or
official, to all rights, moneys and property expressed to be mortgaged, assigned, charged or pledged to the Security Trustee as trustee for the relevant Lenders by such Borrower pursuant to the Security Documents to which it is a party. 

 

	15.2	Continuing Undertakings 

Each Borrower undertakes as follows: 
  

	15.2.1	the business of such Borrower is and will continue to be restricted to the leasing of any Aircraft and the other transactions contemplated in respect thereof by the
Transaction Documents (including Clause 15.2.2); 

  

	15.2.2	it has not entered into, and will not, without the prior written approval of the Facility Agent enter into, any contract or agreement with any person, and has not
otherwise created or incurred, and will not, without the prior written approval of the Facility Agent otherwise create or incur, any liability to any person, in each case other than (i) as provided for, or contemplated by, the Transaction
Documents executed or to be executed by it, (ii) such liabilities with respect to Taxes, ordinary costs and overhead expenses as have arisen or may arise in the ordinary course of its business as referred to in Clause 15.2.1 or
(iii) contracts relating to corporate management, legal, insurance and technical advice and, in the event of any Lease Termination Event, the remarketing (for lease or sale) of an Aircraft; 

 

	15.2.3	it will obtain or cause to be obtained, maintain in full force and effect and comply in all material respects with the conditions and restrictions (if any) imposed in,
or in connection with, every consent, authorisation, licence or approval of governmental or public bodies or authorities or courts and do, or cause to be done, all other acts and things, which may from time to time be necessary or desirable under
Applicable Law for the continued due performance of all its obligations under the Transaction Documents; 

  

	15.2.4	it will promptly discharge or procure the discharge of all or any Taxes which are payable by it from time to time provided that, to the extent that, pursuant to
a Lease Agreement, it is entitled to be indemnified by a Lessee in respect of a Tax and has made a demand on such Lessee for indemnification, such Borrower shall only be obliged to discharge such Tax when so indemnified; 

 

	15.2.5	it will not amend or terminate any Transaction Document to which it is a party without the prior written consent of the Facility Agent; 

 

	15.2.6	it will, if necessary (and subject to being indemnified for any cost or expense in so doing), take such actions and execute such additional documentation as the
Security Trustee may reasonably require to perfect any or all of the Liens granted to the Security Trustee by the Security Documents; 

  

	15.2.7	upon the Disbursement Date, such Borrower shall: 

  

	 	(a)	hold the legal title to, and own the entire beneficial interest in the relevant Aircraft free from all Liens and other interests and rights of every kind created by or
through it, except for those created by the Transaction Documents; and 

  
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	 	(b)	not create or permit to arise any Lien over any other of its assets, present or future, except for those created by the Transaction Documents; 

 

	15.2.8	other than pursuant to the relevant Lease Agreement, it will not transfer, lease or otherwise dispose of: 

 

	 	(a)	any Aircraft; or 

  

	 	(b)	all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or 

 

	 	(c)	any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation;

  

	15.2.9	it will not incur any liability or obligation except liabilities and obligations under the Transaction Documents or as otherwise contemplated in Clause 15.2.2;

  

	15.2.10	it will provide the Facility Agent with details of any legal or administrative action involving such Borrower, the relevant Lessor Parent, the relevant Aircraft, any
Lease Agreement, the relevant Lessee or the Insurances promptly after becoming aware that such action is instituted or it becoming apparent to such Borrower that it is likely to be instituted, unless it is clear that the legal or administrative
action cannot be considered material in the context of any Finance Document; 

  

	15.2.11	it will maintain its place of business at the address stated at the commencement of this Agreement or any other registered office in its country of incorporation
notified to the Facility Agent and shall not establish, or do anything as a result of which it would be deemed to have, a place of business in any country other than its country of incorporation; 

 

	15.2.12	it will, prior to an Event of Default, at least thirty (30) days prior to its inspection of the Aircraft pursuant to the applicable Lease, notify the Security
Trustee of such inspection and at the request of the Security Trustee permit the Security Trustee or its authorised representative to jointly inspect such Aircraft (at the Security Trustee’s cost) provided at all times the Security Trustee or
its authorised representative shall act in accordance with the terms of the Lease. Alternatively, if the Security Trustee does not elect to inspect such Aircraft, such Borrower shall provide the Security Trustee with copies of all inspection reports
(at such Borrower’s cost) obtained as a result of such Borrower’s inspections of such Aircraft and, following the occurrence of an Event of Default which is continuing, allow the Security Trustee to inspect such Aircraft at all reasonable
times (at such Borrower’s cost) in accordance with the relevant provisions of the relevant Lease Agreement and such Borrower shall provide the Security Trustee with all reasonable assistance so that the Security Trustee can exercise such right;

  

	15.2.13	it will, as soon as practicable after receiving the request, provide the Facility Agent with any additional financial or other information relating:

  

	 	(a)	to such Borrower, any Lease, the relevant Lessee or the Insurances; 

  

	 	(b)	to any Aircraft, any Engine, any engine installed on an Airframe, or any Part, and the use, location, operation, insurance, maintenance and condition of any Aircraft,
any Engine and any Part, including the hours remaining on any Aircraft and any Engine until the next scheduled check, inspection, overhaul or shop visit, as the case may be; or 

 

	 	(c)	to any other matter relevant to, or to any provision of, a Transaction Document; 

 which: 
  

	 	(i)	may be reasonably requested by an Agent or any Lender at any time; 

  

	 	(ii)	where relevant, it is entitled to receive under the terms of the relevant Lease Agreement; and 

  
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	 	(iii)	in the case of information to be provided pursuant to Clause 15.2.13(b), it has received from the relevant Lessee provided it has made reasonable efforts to obtain the
same from the relevant Lessee; 

  

	15.2.14	it will not, without the consent of the Facility Agent, to the extent its consent is necessary under the relevant Lease Agreement, consent to any change in the State of
Registration, any change in the insurance provisions contained in any Lease Agreement or grant any waiver in respect of any such provisions or in respect of the Lease Agreement (to which it is a party) generally; 

 

	15.2.15	it will, as soon as it is aware, immediately notify the Facility Agent of the occurrence of a Lease Event of Default; and 

 

	15.2.16	it will, at all times during the Security Period: 

  

	 	(a)	not issue a deregistration power of attorney, deregistration and export request authorisation or similar instrument with respect to the relevant Aircraft, relevant
Airframe or any Engine except as required by the Finance Documents and without the Facility Agent’s prior written consent; 

  

	 	(b)	not make and or consent to the filing of any entry on the International Registry against the relevant Aircraft, relevant Airframe or any Engine without the prior
written consent of the Facility Agent; and 

  

	 	(c)	at its own cost, promptly do all that is reasonably requested of it by the Facility Agent to ensure that the relevant interests of the relevant Lenders in connection
with the relevant Aircraft, Airframe and Engines are registered and continue to be registered at the International Registry. 

  

	15.2.17	that for as long as the Letter of Credit (if any) is renewable on an annual basis or otherwise expires prior to the Letter of Credit Validity Date (as defined in the
relevant Lease Agreement) and: 

  

	 	(a)	if the relevant Lessee does not provide a replacement Letter of Credit in accordance with the terms of the relevant Lease Agreement not later than thirty (30) days
prior to the expiry of the Letter of Credit; and 

  

	 	(b)	if requested in writing by the Security Trustee, 

 such Borrower will, to the extent permitted under the relevant Lease Agreement and the relevant Letter of Credit, make a call under the Letter of Credit in the amount directed by the Security Trustee (not
being an amount in excess of the amount calleable under the Letter of Credit) and promptly place all proceeds of such call into such Borrower’s Dollar Rent Account as directed by the Security Trustee. If at any time the term of any Letter of
Credit is extended to the Letter of Credit Validity Date (as defined in the relevant Lease Agreement) such Borrower shall be under no further obligations under this Clause 15.2.17. 

 

	15.2.18	it will, at all times while any sums remain outstanding under this Agreement during the term of the relevant Lease Agreement, procure that the relevant Lessee pays all
its Rent: 

  

	 	(a)	denominated in Dollars into the relevant Borrower’s Dollar Rent Account; and 

 

	 	(b)	denominated in a currency other than Dollars into the relevant Borrower’s Non-Dollar Rent Account. 

 

	15.3	Adequacy of Collateral 

  

	15.3.1	If following repayment in full of the Loans relating to an Aircraft either: 

 

	 	(a)	the number of Financed Aircraft is eight (8) or fewer; or 

  
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	 	(b)	the number of different operators to whom the Financed Aircraft are leased is three (3) or fewer, 

and the ratio (the “LTV Ratio”) of (i) the total principal outstanding under the Loans relating to the Financed
Aircraft (taking into account any break costs or break gains which would be payable if those Loans were to be repaid in full on the date of calculation) to (ii) the then aggregate Market Value of the Financed Aircraft (determined in accordance
with Clause 15.3.2) together with the aggregate current credit balance of each Borrower’s Collateral Account is eighty per cent (80%) or greater, then 
  

	 	(y)	in the case of a repayment of Loans relating to an Aircraft other than as a result of a Final Disposition of, or an Event of Loss relating to, that Aircraft, the
relevant Borrower shall pay an amount calculated in accordance with Clause 15.3.5 into the relevant Borrower’s Collateral Account; or 

  

	 	(z)	in all other circumstances, or if the relevant Borrower so elects, the Security Trustee may retain from the surplus Termination Proceeds relating to the relevant
Aircraft which would otherwise be payable to the relevant Borrower following application in accordance with Clause 11.2 or 11.3 such amount as is necessary to reduce the LTV Ratio to less than eighty per cent (80%) and will pay such retained
amount into the relevant Borrower’s Collateral Account. 

  

	15.3.2	The “market value” of an Aircraft shall be determined as the mean average of the then current market values for that Aircraft determined by Ascend, Avitas and
ASG (or other ISTAT certified appraisers as chosen by the Facility Agent if any of the aforementioned appraisers have ceased trading) on the basis of half life values unless the Borrower possesses full and adequate maintenance reserves in cash or
under a letter of credit, in which case the basis will be full-life values. If full and adequate maintenance reserves are not held but nevertheless the relevant Borrower holds some level of maintenance reserves (by way of a Letter of Credit or
cash), the value of those maintenance reserves will be taken into account for the purposes of determining “market value”. 

  

	15.3.3	If at any time the adequacy of the collateral is tested (in the circumstances set out in Clause 15.3.1) the LTV Ratio is less than eighty per cent (80%) and
provided no Relevant Event is at that time continuing, the Security Trustee will permit the Borrowers to withdraw such amounts from the relevant Borrower’s Collateral Account(s) so that, following such withdrawal the LTV Ratio is eighty per
cent (80%). 

  

	15.3.4	If at any time the number of Financed Aircraft increases to nine or more or the number of different operators to whom the Financed Aircraft are leased increases to four
or more and, in each case, provided no Relevant Event is at that time continuing, the Security Trustee will permit the Borrowers to withdraw the balance of each Borrower’s Collateral Account, other than any amounts paid into such accounts
pursuant to Clause 15.4. 

  

	15.3.5	Notwithstanding anything in any Transaction Document to the contrary, a sale of an Aircraft (a Connected Party Aircraft) to a Connected Party (as defined in
Clause 15.3.6) of a Borrower will not be a Final Disposition for the purposes of this Clause 15.3 and in such circumstances the relevant Borrower would (if the circumstances require) be obliged to make a payment into a Borrower’s Collateral
Account in accordance with Clause 15.3.1(y) an amount which is the lesser of: 

  

	 	(a)	such amount as is necessary to reduce the LTV Ratio to less than eighty per cent (80%); and 

 

	 	(b)	an amount which is equal to the lesser of: 

  

	 	(i)	the amount which is fifteen per cent (15%) of the aggregate principal amount of the outstanding Loans in respect of the Connected Party Aircraft at the time of its
sale to a Connected Party; and 

  

	 	(ii)	 the amount which is ninety-two point five per cent (92.5%) of the market value of the Connected Party Aircraft (determined in accordance with
Clause 15.3.2) less the aggregate principal amount of the outstanding Loans in respect of the Connected Party Aircraft, 

  
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	 	and for the purposes of this Clause 15.3.5(b), the aggregate principal amounts of the outstanding Loans in respect of a Connected Party Aircraft shall (unless otherwise
agreed in writing by the parties to the relevant Facility Supplement) be determined as at the time of its sale to a Connected Party using the then current amortization profile for that Connected Party Aircraft. 

 

	15.3.6	A “Connected Party” is: 

  

	 	(a)	a person who directly or indirectly owns or controls: 

  

	 	(i)	more than fifty per cent (50%) of the issued share capital of the relevant Borrower, BBAM (Ireland), BBAM (US) or FLY; 

 

	 	(ii)	more than fifty per cent (50%) of the voting rights in respect of the relevant Borrower, BBAM (Ireland), BBAM (US) or FLY; or 

 

	 	(iii)	more than fifty per cent (50%) of the beneficial interest in the relevant Aircraft prior to the sale; 

 

	 	(b)	a person who is more than fifty per cent (50%) directly or indirectly owned or controlled by a person who is, or a group of persons who taken together would be, a
Connected Party under Clause 15.3.6(a); or 

  

	 	(c)	a person who was prior to the sale of the relevant Aircraft more than fifty per cent (50%) directly or indirectly owned or controlled by a person who was, or a
group of persons who taken together would have been, a Connected Party under Clause 15.3.6(a). 

  

	15.3.7	For the purposes of this Clause 15.3, any operator together with its Affiliates shall constitute one operator. 

 

	15.4	Lease managers 

  

	15.4.1	Each Borrower undertakes that it shall not change the Lease Manager without the prior written consent of the Facility Agent, such consent not to be unreasonably
withheld having regard to the experience, resources, skills and general standing of the proposed new entity. 

  

	15.4.2	Without prejudice to any other rights which may accrue to the Finance Parties, if a Borrower changes a Lease Manager in breach of its undertaking in Clause 15.4.1, the
Security Trustee may retain as security for the Secured Obligations all amounts payable under the Transaction Documents to the Borrowers exceeding those amounts used on a monthly basis to meet the Repayment Instalments on all outstanding Loans as
and when due (such retained amounts being referred to as the “Retained Amounts”). 

  

	15.4.3	The Retained Amounts will be applied against the amortization of any Floating Rate Loans. 

 

	15.4.4	If no Floating Rate Loans remain outstanding, any Retained Amounts shall be paid into a Borrower’s Collateral Account on a “cash-lock-up basis” until the
Facility Agent consents to the relevant change of Lease Manager in accordance with Clause 15.4.1, at which time the Facility Agent will permit the relevant Borrower to withdraw from the relevant Borrower’s Collateral Account an amount equal to
the Retained Amounts which have not been applied pursuant to Clause 15.4.3 or Clause 15.5.3. 

  

	15.5	Borrower’s Collateral Accounts 

  

	15.5.1	If: 

  

	 	(a)	a Borrower is required to make a payment into the relevant Borrower’s Collateral Account; 

  
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	 	(b)	any Retained Amounts are to paid into a Borrower’s Collateral Account; or 

 

	 	(c)	the Security Trustee requests that a Borrower opens and maintains a Borrower’s Collateral Account, 

and at that time the relevant Borrower does not maintain a Borrower’s Collateral Account, the relevant Borrower shall (at its own
cost) as soon as reasonably practicable (and, in any event within ten (10) Business Days or such longer period as the Security Trustee may agree) following the obligation to pay into such account arising or the request from the Security
Trustee, as the case may be: 
  

	 	(x)	open an account with Lloyds Banking Group plc, or an Affiliate thereof in the United Kingdom, designate such account as its “Borrower’s Collateral
Account” and ensure that ten Dollars ($10) is credited to such account; 

  

	 	(y)	execute and deliver to the Facility Agent a fixed charge over such account, in form and substance acceptable to the Security Trustee; and 

 

	 	(z)	deliver or cause to be delivered to the Facility Agent legal opinions (in form and substance satisfactory to the Facility Agent) of: 

 

	 	(i)	legal counsel in that Borrower’s jurisdiction of incorporation acceptable to the Facility Agent in respect of the due execution and delivery by that Borrower of
the fixed charge referred to in Clause 15.5.1(y); and 

  

	 	(ii)	legal counsel in the jurisdiction whose laws are stated to govern the fixed charge referred to in Clause 15.5.1(y) acceptable to the Facility Agent (which in England
shall be Denton Wilde Sapte LLP) in respect of that fixed charge. 

  

	15.5.2	The Security Trustee shall procure that interest accrues on each Borrower’s Collateral Account at a minimum annual rate of 1 month LIBOR minus zero point one per
cent (0.1%) and that accrued interest shall be credited to the relevant account on a monthly basis. 

  

	15.5.3	Any amounts from time to time standing to the credit of a Borrower’s Collateral Account (including any interest that may have accrued thereon) which are not
otherwise characterized as Retained Amounts in accordance with Clause 15.4.2 shall, at the relevant Borrower’s election, be applied against the amortization of any Floating Rate Loans. 

 

	16.	INFORMATION TO BE GIVEN BY THE BORROWERS 

  

	16.1	Provision of Information 

Each Borrower undertakes for as long as it is indebted by reason of this Agreement: 

 

	16.1.1	to inform the Facility Agent immediately it becomes aware of the loss of the relevant Aircraft or of the occurrence of any other event constituting an Event of Loss of
the relevant Aircraft; 

  

	16.1.2	as soon as they are available and in any event within one hundred and eighty (180) days after the end of each financial year, to provide the Facility Agent (with
sufficient copies for each of the relevant Lenders) with the audited financial accounts for itself for that financial year and the audited consolidated accounts of the relevant Lessor Parent for that financial year; and 

 

	16.1.3	to inform the Facility Agent and the Security Trustee immediately it becomes aware of any Lien (other than Permitted Liens) which may be created or may arise over or in
respect of the relevant Aircraft. 

  
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	17.	REPRESENTATIONS AND WARRANTIES 

  

	17.1	Borrower’s Representations and Warranties 

 Each Borrower hereby represents and warrants: 
  

	17.1.1	it is a limited liability company duly incorporated and validly existing and in good standing under the laws of its country of incorporation and has the corporate power
to own its assets and carry on its business as it is being conducted; 

  

	17.1.2	it has the corporate power to enter into and perform, and has taken all necessary corporate action to authorise the entry into, performance and delivery of, the
Transaction Documents to which it is or will be a party and the transactions contemplated by the Transaction Documents; 

  

	17.1.3	each Transaction Document to which it is or will be a party has been duly authorised, executed and delivered by it and constitutes legal, valid and binding obligations
of it, enforceable in accordance with their respective terms, except insofar as enforceability may be limited (i) by applicable bankruptcy and similar laws affecting creditors’ rights generally, (ii) by general principles of equity or
(iii) in relation to matters of law only, as specifically stated in any legal opinion issue to the Financing Parties in connection with such Transaction Document; 

 

	17.1.4	in any proceedings taken in its country of incorporation in relation to the Finance Documents to which it is a party, the choice of English law as the governing law of
such documents, and any judgment obtained in England, will be recognised and enforced; 

  

	17.1.5	the entry into and performance by it of, and the transactions contemplated by, the Transaction Documents do not and will not: (i) conflict with any laws binding on
it; or (ii) conflict with the constitutional documents of it; or (iii) conflict with or result in default under any document which is binding upon it or any of its assets nor result in the creation of any Lien over any of its assets
(except for the Liens constituted by the Security Documents); 

  

	17.1.6	all authorisations, consents, registrations and notifications required in connection with the entry into, performance, validity and enforceability of, the Transaction
Documents and the transactions contemplated by the Transaction Documents, have been (or will on or before the first Disbursement Date have been) obtained or effected (as appropriate) and are (or will on their being obtained or effected be) in full
force and effect; 

  

	17.1.7	it is subject to civil commercial law with respect to its obligations under this Agreement and neither it nor any of its assets is entitled to any right of immunity,
and the entry into and performance of the Transaction Documents to which it is or will constitute private and commercial acts; 

  

	17.1.8	the obligations of it under the Finance Documents rank at least pari passu with all other present and future unsecured and unsubordinated obligations (including
contingent obligations) of it, with the exception of such obligations as are mandatorily preferred by law and not by virtue of any contract; 

  

	17.1.9	no litigation, arbitration or administrative proceedings are pending or threatened against it which if adversely determined would, in the reasonable opinion of the
Facility Agent, have a material adverse effect on its ability to perform its obligations under the Transaction Documents; 

  

	17.1.10	no Event of Default or Relevant Event has occurred and is continuing or might result from the entry into or performance of the Transaction Documents by it or the making
of any Drawdown; 

  

	17.1.11	it has not entered into any contract or agreement with any person and has not otherwise created or incurred any liability to any person other than (i) pursuant to
and as permitted by the Transaction Documents; and (ii) liabilities with respect to taxes, ordinary operating costs, legal fees and disbursements and overhead expenses as have arisen in the ordinary course of carrying on its business as
contemplated by this Agreement, none of which are overdue; 

  
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	17.1.12	all payments which it is liable to make under the Transaction Documents may be made without deduction or withholding for or on account of any tax payable under its
country of incorporation’s law; 

  

	17.1.13	there has been no material adverse change in its financial position or state of affairs from that disclosed in the latest version of its audited financial accounts;

  

	17.1.14	it has paid all Taxes applicable to, or imposed on or in relation to it, its business or (so far as it is aware or ought reasonably to be aware) the relevant Aircraft
that are due and payable by it; and 

  

	17.1.15	under its country of incorporation’s law, it is not necessary that any of the Finance Documents be filed, recorded or enrolled with any court or other authority in
that jurisdiction, or that any stamp, registration or similar tax be paid on or in relation to any of the Finance Documents or any of the transactions contemplated by the Finance Documents. 

 

	17.2	Lenders’ Representations and Warranties 

 Each Lender hereby represents and warrants that they are a Qualifying Lender. 
  

	18.	EVENTS OF DEFAULT 

  

	18.1	Events of Default 

 Each
of the following events shall constitute an Event of Default: 
  

	18.1.1	a failure by any Borrower to pay any sum due and payable under this Agreement within five (5) Business Days of the due date for the payment thereof; or

  

	18.1.2	any Borrower gives any consent or waiver of the type referred to in Clause 15.2.14 without the consent of the Facility Agent or, during any period when such Borrower is
obliged to comply with the Extension Conditions, such Borrower fails to insure the relevant Aircraft in accordance with the Extension Conditions; or 

  

	18.1.3	any Lessor Parent breaches any term of any Lessor Parent Letter or FLY breaches any term of the FLY Comfort Letter; or 

 

	18.1.4	any Borrower breaches its obligations under (i) or (ii) of Clause 15.1 (Preservation of Security); or 

 

	18.1.5	any Borrower breaches its obligations under (iii) of Clause 15.1 (Preservation of Security) and, but only if such default is capable of remedy, such default
shall continue for more than fifteen (15) days after the occurrence thereof without being remedied to the satisfaction of the relevant Lenders; or 

  

	18.1.6	any Borrower breaches its obligations under Clauses 15.2.17 or 15.2.18; or 

 

	18.1.7	a default by any Borrower other than as specified in Clauses 18.1.1, 18.1.2, 18.1.4, 18.1.5 or 18.1.6, in the performance of or compliance with any other agreement,
condition or provision hereof or of any of the Finance Documents (other than any Hedging Agreement) and, but only if such default is capable of remedy, such default shall continue for more than thirty (30) days after the occurrence thereof
without being remedied to the satisfaction of the relevant Lenders; or 

  

	18.1.8	any representation or warranty made by any Borrower under or in connection with this Agreement or any of the other Transaction Documents (other than any Hedging
Agreement) to which the such Borrower is a party shall prove to have been false or incorrect in any material respect on the date as of which it was made and such representation or warranty and but only if such false or incorrect representation or
warranty is capable of being corrected, such Borrower fails to correct such misrepresentation within thirty (30) days of becoming aware of it; or 

  
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	18.1.9	any Borrower shall (i) admit in writing its inability to pay its debts generally as they become due, (ii) file a voluntary petition for bankruptcy or a
voluntary petition or an answer seeking reorganisation in a proceeding under any bankruptcy laws (as now or hereafter in effect) or an answer admitting the material allegations of a petition filed against such Borrower in any such proceeding, or
such Borrower shall by voluntary petition, answer or consent, seek relief under the provisions of any other now existing or future bankruptcy or other similar law providing for the reorganisation or winding-up of corporations, or providing for an
agreement, composition, extension or adjustment with its creditors, (iii) make a general assignment for the benefit of creditors, (iv) consent to the appointment of a receiver, administrator, administrative receiver, examiner, trustee,
liquidator or the like of itself or of a substantial part of its property or (v) cease or threaten to cease to carry on business; or 

  

	18.1.10	the commencement of a proceeding or a case, without the application or consent of any Borrower in any court of competent jurisdiction, which shall not be struck out
within sixty (60) days of commencement and which seeks: (i) the liquidation, reorganisation, dissolution, winding-up, or composition or readjustment of debts of such Borrower, (ii) the appointment of a trustee, receiver,
administrator, administrative receiver, examiner, custodian, liquidator or the like of such Borrower of all or any substantial part of the properties of such Borrower or (iii) similar relief in respect of such Borrower under any law providing
for the relief of debtors, or an order for relief against such Borrower shall be entered in an involuntary case under such bankruptcy law; or 

  

	18.1.11	the occurrence of any event analogous to any of the events specified in paragraphs 18.1.9 or 18.1.10 above occurs in any jurisdiction; 

 

	18.1.12	any of the Security Documents is repudiated; 

  

	18.1.13	an Event of Default (as defined in the relevant Hedging Agreement) occurs under any Hedging Agreement in respect of any Borrower; or 

 

	18.1.14	any Borrower ceases to be a direct or indirect Subsidiary of FLY. 

  

	18.2	Acceleration of Loans 

  

	18.2.1	Should any of the events described in Clause 18.1 (Events of Default) occur then the Facility Agent shall, if so instructed by the Facility Majority Senior
Lenders, be entitled without having to resort to any legal procedure whatsoever to declare that an Event of Default has occurred under Clause 18.1 (Events of Default) and (i) if a Loan has not yet been advanced, declare that the
Available Commitments in respect of such Loan shall be reduced to zero (whereupon the same shall be reduced to zero) or (ii) if a Loan has been advanced, declare that such Loan shall become immediately due and payable (whereupon the same shall
become immediately due and payable). Upon any such declaration the Security Trustee shall be entitled to exercise any such rights as are expressly afforded to it pursuant to the Security Documents. 

 

	18.2.2	In addition to the rights and remedies granted to the Facility Agent and/or the Security Trustee pursuant to Clause 18.2.1, should the Facility Agent make such
declaration referred to in Clause 18.2.1, the rights and remedies set out in Clause 18.2.3 shall be available to the Finance Parties provided that each Borrower agrees and acknowledges that such remedies shall not in any way limit, prejudice or
adversely affect, the rights or remedies expressed to be available to the Finance Parties under Clause 18.2.1 or any other terms of the Finance Documents and or available to them under any provision of the Cape Town Agreements.

  

	18.2.3	Each Borrower agrees to the exercise by the Finance Parties of any right or remedy expressed to be available to the Finance Parties under the Finance Documents, and or
available to them under any provision of the Cape Town Agreements. 

  

	18.2.4	No failure by a Finance Party to follow any procedure (including, without limitation, giving notice to any interested party) arising under the Cape Town Agreements, or
any applicable law, for the exercise or enforcement of any right or remedy available to a Finance Party under the Cape Town Agreements and or this Clause 18.2, shall in any way limit, prejudice or adversely affect, the rights or remedies expressed
to be available to the Finance Parties under the Finance Documents. 

  
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	18.2.5	All Events of Default shall be defaults under the Security Documents for the purposes of Article 17 of the Consolidated Text. If any Security Assignment or any Mortgage
becomes enforceable for any other reason, that reason shall also be a default under a Security Assignment or a Mortgage for the purposes of Article 17 of the Consolidated Text. 

 

	18.2.6	A default under Article 17 of the Consolidated Text in relation to any Security Document shall give the Security Trustee all of the rights and remedies specified in
Articles 12 – 15, 20 and 23 – 25 of the Consolidated Text that are applicable to a security agreement. 

  

	18.3	Notification of Events of Default 

 Any notification under Clause 18.2 (Acceleration of Loans) shall be sent to any Borrower by registered airmail letter, fax or cable without any other formality or legal decision. 

 

	19.	ASSIGNMENT OF RIGHTS 

  

	19.1	Assignment by the Borrowers 

 No Borrower shall assign any rights or transfer any obligations arising from this Agreement without the prior written consent of all the Lenders. 

 

	19.2	Assignments and Transfers by Lenders 

 Each of the Lenders shall be entitled to assign or transfer its rights, benefits and/or obligations under and in connection with this Agreement in whole or in part as provided below. Any expenses caused
by an assignment or transfer (including, for the avoidance of doubt, any expenses of the relevant Borrower or the relevant Lessee) will be borne by the respective Lender unless such assignment or transfer is requested by, or in connection with any
mitigation process agreed with, the relevant Borrower or as a result of any breach by such Borrower or the relevant Lessee of any Transaction Document, in which case such expenses will be borne by such Borrower. In this event all provisions of this
Agreement shall inure to the benefit of such Assignee or Transferee. The Facility Agent shall notify such Borrower of any such assignment or transfer. 
  

	19.3	Assignments by Lenders 

Each Lender may assign all or any part of its rights under this Agreement and the other Transaction Documents to any other person (an
“Assignee”) by notice to (but without the consent of) the relevant Borrower provided always that no such assignment shall be contrary to any Applicable Law. 

 

	19.4	Transfers by Lenders 

Each Lender (an “Existing Lender”) may transfer all or any part of its rights, benefits and/or obligations under this
Agreement and any other Transaction Document to another person (a “Transferee”) by notice to (but without the consent of) the relevant Borrower provided always that no such transfer shall be contrary to any Applicable Law.
Any such transfer shall be effected upon five (5) Business Days’ prior notice by delivery to the Facility Agent of a duly executed and duly completed Transfer Certificate in which event, on the transfer date specified in such Transfer
Certificate, to the extent that they are expressed to be the subject of the novation established by the Transfer Certificate: 
  

	 	(a)	the Existing Lender and the other parties to this Agreement shall be released from further obligations towards one another under this Agreement and the other
Transaction Documents and their respective rights against one another under this Agreement and the other Transaction Documents shall be cancelled (such rights and obligations being referred to in this Clause 19.4 (Transfers by Lenders) as
“discharged rights and obligations”); 

  

	 	(b)	the Transferee and the other parties to this Agreement shall assume obligations towards one another and/or acquire rights against one another which differ from such
discharged rights and obligations only insofar as they are exercisable by or against the Transferee in place of the Existing Lender. 

  
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 The Facility Agent shall promptly notify the other parties hereto of the receipt by it of
any Transfer Certificate and shall promptly deliver a copy of such Transfer Certificate to the relevant Borrower. 
  

	19.5	Reliance on Transfer Certificates 

 The Facility Agent and any Borrower shall be fully entitled to rely on any Transfer Certificate delivered to the Facility Agent in accordance with the foregoing provisions of this Clause 19 which is
complete and regular on its face as regards its contents and purportedly signed on behalf of the existing Lender and the Transferee and neither the Facility Agent nor such Borrower shall have any liability or responsibility to any party as a
consequence of placing reliance on and acting in accordance with any such Transfer Certificate if it proves to be the case that the same was not authentic or duly authorised. 

 

	19.6	Execution of Transfer Certificates 

 Each Borrower, the Security Trustee and each Lender irrevocably authorises the Facility Agent to counter-sign each Transfer Certificate on its behalf without any further consent of, or consultation with,
such Borrower, the Security Trustee or such Lender. 
  

	19.7	Further Assurance 

 If any
Lender assigns all or any part of its rights or benefits or transfers all or any of its obligations as provided in Clauses 19.3 (Assignments by Lenders) or 19.4 (Transfers by Lenders) the relevant Borrower undertakes, immediately on
being requested to do so by the relevant Lender, to enter into such documents as may be necessary or desirable to transfer to the Assignee or the Transferee, as the case may be, all or the relevant part of the Lender’s interest in this
Agreement and the other Transaction Documents and all relevant references in this Agreement and the other Transaction Documents to such Lender shall thereafter be construed as a reference to such Lender and/or its Assignee or Transferee as the case
may be to the extent of their respective interests. 
  

	19.8	Disclosure of Information 

Subject to Clause 34 (Confidentiality) any Lender may disclose to a potential Assignee or Transferee or to any other person who may
propose entering into contractual relations with such Lender in relation to this Agreement such information about any Borrower as such Lender shall consider appropriate provided that such potential Assignee or Transferee or other person
provides, prior to any disclosure, a confidentiality undertaking in favour of the relevant Borrower in corresponding terms to Clause 34 (Confidentiality). 
  

	19.9	Change of Lending Office 

Each Lender shall lend through its office at the address specified in Schedule 1 Part A (The Senior Lenders), Schedule 1 Part B
(The Junior Lenders) of this Agreement or Schedules 1 (The Senior Lenders) or 2 (The Junior Lenders) of any Facility Supplement or in any relevant Transfer Certificate or through any other office of such Lender selected from
time to time by such Lender through which such Lender wishes to lend for the purposes of this Agreement, as the case may be. If the office through which a Lender is lending is changed pursuant to this Clause 19.9, such Lender shall notify the
Facility Agent no later than five (5) Business Days’ prior to such change which notice shall include the details of any consequent change in its account for payments. Such notice shall be signed by a duly authorised officer of the relevant
Lender and the Facility Agent shall notify the relevant Borrower and the Security Trustee upon receipt of such notice. 
  

	19.10	No Increased Costs 

Notwithstanding the other provisions of this Agreement if at any time after (i) any assignment or transfer by any Lender and/or any
Agent of all or any part of its rights, benefits and/or obligations hereunder or (ii) any change by a Lender in its Lending Office or by any Agent in the office through which it acts for the purposes of the Transaction Documents, there arises
any cost, increased cost or Tax (each an “Expense”) which either (a) arises as a result of such assignment, transfer or change; or (b) would not have been incurred, or is greater than the amount that would have been
incurred, had such assignment, transfer or change not been made, whether or not as a result of Change in Law, then in each case the relevant Borrower shall not be obliged to pay the amount of such Expense or the amount by which such Expense is
greater than the Expense that would have been incurred had no such assignment, transfer or change been made unless such assignment, transfer or change is made at the request of the relevant Borrower or as a result of the application of Clause 33.1
(Mitigation). 

  
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	19.11	Transfer Fee 

 In the
event that any Lender assigns or transfers all or any part of its rights, benefits and/or obligations under and pursuant to and in connection with this Agreement and the other Transaction Documents in accordance with the terms hereof at any time
after six months of the date of this Agreement, it shall pay to the Facility Agent an administration fee of $1,000 in connection therewith on the date of such assignment or transfer. 

 

	19.12	Transfers by Hedging Bank 

The Hedging Bank shall be entitled to transfer by way of novation all (but not some part only) of its rights, benefits and obligations
under and in connection with all (but not less than all) of the Hedging Agreements to any party which it may choose provided that such party shall accede to this Agreement by executing an Accession Undertaking. Any expenses caused by a transfer
(including, for the avoidance of doubt, any expenses of the relevant Borrower) will be borne by the Hedging Bank unless such assignment or transfer is requested by, or in connection with any mitigation process agreed with, the relevant Borrower or
as a result of any breach by such Borrower or the relevant Lessee of any Transaction Document, in which case such expenses will be borne by such Borrower. 
  

	20.	ADDITIONAL PARTIES 

  

	20.1	New Junior Lenders - Conditions of Appointment 

 The Original Borrower may request in a Selection Notice that an additional Junior Lender shall participate in a Loan for the purpose of assisting in the acquisition of title to an Aircraft to be subject
to the terms hereunder. That person shall become a Junior Lender if: 
  

	20.1.1	all the Senior Lenders in such Loan approve the addition of that person; 

  

	20.1.2	in accordance with Clause 29 (Junior Loan Subordination) all obligations incurred by any Borrower to the Junior Lender are fully subordinate to those incurred by
such Borrower(s) to the Senior Lenders; 

  

	20.1.3	the Original Borrower delivers to the Facility Agent an original duly completed and executed Accession Undertaking in respect of such Junior Lender;

  

	20.1.4	the Original Borrower confirms that no Event of Default is continuing or would occur as a result of that person becoming a Junior Lender; and 

 

	20.1.5	the accession of such person as a Junior Lender would not result in any party having any liability under Clauses 8.2 (Tax Gross-Up), 12 (Indemnities) or
13 (Increased Costs) and no event or circumstance of the nature described in Clauses 5.4 (Prepayment - Lease Termination) or 5.7 (Prepayment - Increased Costs) would occur on a consequence of such accession.

  

	20.2	New Senior Lenders - Conditions of Appointment 

 The Original Borrower may request in a Selection Notice that an additional Senior Lender shall participate in a Loan for the purposes of assisting in the acquisition of title to an Aircraft to be subject
to the terms hereunder. That person shall become a Senior Lender if: 
  

	20.2.1	all the Senior Lenders in such Loan approve the addition of that person; 

  

	20.2.2	the Original Borrower delivers to the Facility Agent an original duly completed and executed Accession Undertaking in respect of such Senior Lender;

  

	20.2.3	the Original Borrower confirms that no Event of Default is continuing or would occur as a result of that person becoming a Senior Lender; and 

 

	20.2.4	the accession of such person as a Senior Lender would not result in any party having any liability under Clauses 8.2 (Tax Gross Up), Clause 12
(Indemnities) or 13 (Increased Costs) and no event or circumstance of the nature described in Clauses 5.4 (Prepayment - Lease Termination) or 5.7 (Prepayment - Increased Costs) would occur as a consequence of such
accession. 

  
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	20.3	New Borrower - Conditions of Appointment 

 The Original Borrower may request in a Selection Notice that a new person becomes a New Borrower for the purposes of acquiring title to an Aircraft to be the subject of a Loan hereunder. That person shall
become a New Borrower if: 
  

	20.3.1	all the Lenders in such Loan approve the addition of that person; 

  

	20.3.2	the Original Borrower delivers to the Facility Agent a duly completed and executed original Accession Undertaking in respect of the New Borrower;

  

	20.3.3	the Original Borrower confirms that no Event of Default is continuing or would occur as a result of that person becoming a New Borrower; 

 

	20.3.4	the Facility Agent has received all of the documents and other evidence listed in Part B of Schedule 3 (Conditions Precedent) in relation to that New Borrower,
each in form and substance satisfactory to the Facility Agent; 

  

	20.3.5	the accession of such person as a New Borrower would not result in any party having any liability under Clauses 8.2 (Tax Gross Up), Clause 12
(Indemnities) or 13.2 (Increased Costs) and no event or circumstance of the nature described in Clauses 5.4 (Prepayment - Lease Termination) or 5.7 (Prepayment - Increased Costs) would occur as a consequence of such
accession; and 

  

	20.3.6	The Facility Agent shall notify the Original Borrower and the relevant Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to
it) all the documents and other evidence listed in Schedule 3 (Conditions Precedent). 

  

	20.4	Additional Parties Acceptance 

 Each of the Parties appoints the Security Trustee to receive on its behalf each Accession Undertaking delivered to the Security Trustee and to accept and sign it if, in the Security Trustee’s
opinion, it is complete and appears on its face to be authorised and duly executed and until accepted and signed by the Security Trustee that document shall not be effective. 

 

	20.5	Resignation of any Borrower 

  

	20.5.1	The Original Borrower may request that any New Borrower ceases to be a Borrower if all of the Aircraft owned by such New Borrower and the subject of a Loan hereunder
are the subject of a Final Disposition and/or such Loan(s) are repaid or prepaid in full in accordance with Clause 5 (Repayment and Prepayment), by delivering to the Facility Agent a Release Letter. 

 

	20.5.2	The Facility Agent shall accept such Release Letter and notify the remaining Borrowers and the relevant Lenders of its acceptance if: 

 

	 	(a)	no Event of Default is continuing or would result from the acceptance of the relevant Borrower Release Letter (and the Original Borrower has confirmed this is the
case); and 

  

	 	(b)	that the resigning New Borrower is under no actual or contingent obligations as a Borrower under any of the Transaction Documents, 

whereupon that the resigning New Borrower shall cease to be a Borrower and shall have no further rights or obligations under the
Transaction Documents. 
  

	20.6	Repetition of Representations 

 Delivery of a Accession Undertaking constitutes confirmation by the New Borrower that the representations and warranties in Clause 17.1 (Borrower’s Representation and Warranties) are true and
correct in relation to it as at the relevant Delivery Date as if made by reference to the facts and circumstances then existing. 
  

	20.7	Limitation on Indemnity by New Borrowers 

 If the Original Borrower notifies the Facility Agent that the assumption by a proposed New Borrower of the obligations contained in Clause 12 (Indemnities) would be contrary to any applicable law
or would result in such New Borrower being insolvent under any applicable law, 

  
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the Original Borrower and the Facility Agent shall consult in good faith to determine whether a basis exists for such proposed New Borrower to become a party hereto without assuming such
obligations (it being acknowledged in particular that the absence of such obligations may not prejudice the validity and enforceability of the Security to be created such New Borrower in respect of the Secured Obligations). If such a basis can be
agreed the New Borrower may accede to this Agreement and the relevant Accession Undertaking shall be amended to exclude the assumption of such obligations. 
  

	21.	COMMUNICATIONS 

  

	21.1	Notices 

 Every notice,
request, direction or other communication under this Agreement shall: 
  

	21.1.1	be in writing delivered personally or by first-class prepaid letter (airmail if available) or fax; 

 

	21.1.2	be deemed to have been received: 

  

	 	(i)	in the case of a fax, on confirmation by the recipient of actual receipt or, if earlier, on actual or deemed receipt by the recipient of a confirmation letter; and

  

	 	(ii)	in the case of a letter when delivered personally or ten (10) days after it has been put into the post; and 

 

	21.1.3	be sent: 

  

	 	(i)	to the Security Trustee and/or the Facility Agent at: 

 Bank of Scotland plc 
 6th Floor 

33 Old Broad Street 
 London EC2N 1HZ 
 England 

Facsimile: +44 20 7158 3180 
 Attention: Head of Aircraft Finance 
  

	 	(ii)	to the Original Borrower at: 

Baker & Spice Aviation Limited 
 West Pier 
 Dun Laoghaire 

County Dublin 

Ireland 

Facsimile: +353 1 231 1901 
 Attention: General Counsel 
 With a copy to: 

Address: BBAM, LLC 
 525 Market Street, 33rd Floor 
 San Francisco 

CA 94105 

Facsimile: +415 618 3337 
 Attention: General Counsel 
  

	 	(iii)	to any New Borrower at the name, address and other contact details specified in the relevant Facility Supplement, 

or to such other address or fax number as is notified by the relevant Borrower to the Facility Agent (or vice versa). 

  
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	21.2	Notices via Facility Agent 

Every notice, request, demand or other communication under this Agreement to be given by any party to any Borrower, the Hedging Bank or
any of the Lenders shall be given to the Facility Agent for onward transmission. 
  

	22.	CONDITIONS PRECEDENT AND DELAYED DELIVERY 

  

	22.1	Conditions Precedent 

Each Loan shall only become available to the relevant Borrower if: 

 

	22.1.1	the Facility Agent shall have received not later than 12.00 noon (London time) on the third (3rd) Business Day before the proposed date for the making of the Loan
(or such shorter period as may be agreed by the Facility Agent) a Drawdown Notice for such Loan duly completed and signed by such Borrower; 

  

	22.1.2	the Facility Agent shall have received in form and substance satisfactory to the relevant Lenders copies of (i) all documentation to be delivered to the relevant
Borrower pursuant, and as a condition, to the relevant Lease Novation Agreement or relevant Lease Agreement and (ii) each of the documents listed in Schedule 3, in respect of such Loan, either on or before the relevant Disbursement Date;

  

	22.1.3	if the rentals under the corresponding Lease Agreement are denominated in a currency other than Dollars, the Hedging Bank and the Borrower shall have entered into a
Hedging Agreement in relation to the rentals under such Lease Agreement on terms satisfactory to the Hedging Bank and the Facility Agent; 

  

	22.1.4	all of the other conditions precedent of the obligations of the parties under the Finance Documents, in respect of such Loan, shall have been complied to the
satisfaction of, or waived by, the Facility Agent; 

  

	22.1.5	there shall have been no material adverse change in the business or financial condition of any Borrower or any Lessee after the date of this Agreement; and

  

	22.1.6	no Event of Default, Relevant Event or any Lease Event of Default has occurred and is continuing. 

Once served, the relevant Drawdown Notice is irrevocable and shall oblige the relevant Borrower to borrow the relevant Loan in the amount
and on the date specified therein. 
  

	22.2	Delayed Delivery 

  

	22.2.1	In relation to a Loan, the relevant Drawdown Notice once given shall be irrevocable and the relevant Borrower shall be bound to borrow such Loan in accordance
therewith, except as otherwise provided in this Agreement. 

  

	22.2.2	Subject to any agreement to the contrary and to the provisions of Clause 3 (Disbursement of the Loan), if for any reason (other than a breach by a Lender or
the Facility Agent of its obligations under this Agreement) a Loan is not advanced on the date specified in the relevant Drawdown Notice (the “Expected Disbursement Date”), the relevant Borrower shall on demand pay to the Facility
Agent for the account of each relevant Lender such amount (if any) as such Lender may certify in writing to be necessary to compensate it under Clause 12.2 (Funding Indemnity) hereof provided however that if: 

 

	 	(i)	the relevant Borrower has notified the Facility Agent by 2pm (London time) on the Expected Disbursement Date that such Loan cannot be advanced on the Expected
Disbursement Date because the conditions precedent in this Clause 22 (Conditions Precedent and Delayed Delivery) cannot be satisfied as a result of the failure of the relevant Seller to deliver the relevant Aircraft to the relevant Borrower
for any reason; and 

  

	 	(ii)	the relevant Borrower reasonably expects that such conditions will be satisfied within ten (10) Business Days (or such longer period as the Facility Agent and such
Borrower shall agree) (in this Clause 22.2 (Delayed Delivery), the “Cut-off Date”), 

  
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 then, notwithstanding any instructions to the contrary in the relevant Drawdown Notice and
subject to the continued satisfaction of the other conditions precedent which are to be satisfied prior to the delivery of the relevant Aircraft (and unless otherwise agreed in writing by the parties hereto), the amount payable under Clause 12.2
(Funding Indemnity) shall (subject to Clause 22.2.4) not be payable and the Loan shall be disbursed to an overnight deposit account maintained with the Facility Agent for the account of the relevant Lenders at the overnight rate offered by
the Facility Agent for Dollars for each day falling during the period from and including the Expected Disbursement Date to but excluding the earlier to occur of the Cut-off Date and the Disbursement Date. 

 

	22.2.3	If such conditions precedent are subsequently satisfied on or before the Cut-off Date (or such other later date as the relevant Borrower and the relevant Lenders may
agree), the Loan shall be made on the Disbursement Date and: 

  

	 	(i)	such Loan shall be deemed to have been advanced to the relevant Borrower on the relevant Expected Disbursement Date for all purposes of this Agreement and the other
Transaction Documents; and 

  

	 	(ii)	the Facility Agent shall pay to the relevant Borrower any interest which has accrued on such Loan while on deposit as contemplated by Clause 22.2.2 provided that the
Facility Agent, in its sole discretion, shall determine the amount of such interest and has no obligation to maximise the amount of interest accrued on such Loan. 

 

	22.2.4	If such conditions precedent cannot be satisfied on or before the Cut-off Date, then such Loan shall be deemed not to have been advanced but the relevant Borrower shall
be obliged on the next Business Day following the Cut-off Date (the “Delivery Cancellation Date”) to pay to the Facility Agent for the account of the relevant Lenders, an amount equal to: 

 

	 	(i)	the amount of interest that would have accrued on the Loan had it been advanced on the Expected Disbursement Date, but become prepayable on the Delivery Cancellation
Date; and 

  

	 	(ii)	any amounts that would have become due under Clause 12.2 (Funding Indemnity) if the Loan had been advanced on the Expected Disbursement Date, but become
prepayable on the Delivery Cancellation Date. 

 Subject to the receipt of the foregoing amounts, the Facility
Agent shall pay to the relevant Borrower any interest which has accrued on the Loan while on deposit in accordance with Clause 22.2.2, provided that the Facility Agent, in its sole discretion, shall determine the amount of such interest and has no
obligation to maximise the amount of interest accrued on such Loan. 
  

	23.	FACILITY AGENT AND SECURITY TRUSTEE 

  

	23.1	Appointment of Facility Agent 

 Each Lender irrevocably appoints the Facility Agent as its agent for the purposes of the Loan and the Transaction Documents and authorises the Facility Agent (whether or not by or through employees or
agents) to take such action on their behalf and to exercise such rights, remedies, powers and discretions as are specifically delegated to the Facility Agent by this Agreement and the Transaction Documents, together with such powers and discretions
as are reasonably incidental thereto. The Facility Agent shall not, however, have any duties, obligations or liabilities to the Lenders beyond those expressly stated in this Agreement and the Transaction Documents. The Facility Agent shall act in
accordance with, and the Facility Agent’s appointment shall be on the terms set out in, Clause 24 (Facility Agent). 

  
 - 51 -

	23.2	Appointment of Security Trustee 

 Each of the Financing Parties irrevocably appoints the Security Trustee as its security trustee of the Trust Property for the purposes of this Agreement and the Transaction Documents on the terms set out
in this Agreement. 
  

	23.3	Delegation of Powers to Security Trustee 

 By virtue of the appointment set out above, each of the Financing Parties hereby authorises the Security Trustee (whether or not by or through its employees as agents) to take such action on its behalf
and to exercise such powers as are specifically delegated to the Security Trustee by this Agreement together with such powers and rights as are reasonably incidental thereto. The Security Trustee shall act in accordance with, and the Security
Trustee’s appointment shall be on the terms set out in, Clause 25 (Security Trustee). 
  

	23.4	Declaration of Trust 

 The
Security Trustee hereby accepts its appointment under Clause 23.2 (Appointment of Security Trustee) as trustee in relation to the Trust Property with effect from the date of this Agreement and irrevocably acknowledges and declares that from
such date it holds the same on trust for the Financing Parties and that it shall apply, and deal with, the Trust Property in accordance with the provisions of this Agreement. 

 

	23.5	Perpetuities 

 The trusts
constituted or evidenced by this Agreement shall remain in full force and effect until whichever is the earlier of the expiration of a period of eighty (80) years from the date of this Agreement, and receipt by the Security Trustee of written
confirmation from the Financing Parties that all the obligations and liabilities for which the Transaction Documents are constituted as security have been discharged in full. The parties to this Agreement declare that the perpetuity period
applicable to this Agreement shall, for the purposes of the Perpetuities and Accumulations Act 1964 be a period of eighty (80) years from the date of this Agreement. 

 

	23.6	Rights of Security Trustee under Applicable Law 

 In its capacity as trustee in relation to the Transaction Documents, the Security Trustee shall, without prejudice to any of the powers and immunities conferred upon trustees by law (and to the extent not
inconsistent with the provisions of this Agreement or any of the Transaction Documents), have all the same powers as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Trustee by this Agreement
and/or any of the Transaction Documents. 
  

	23.7	Effect of Deed 

 It is
agreed between all parties to this Agreement that in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed to be constituted by this Agreement, the relationship of the Financing Parties to the
Security Trustee shall in the case of each of the trusts constituted hereby be construed simply as one of principal and agent but, to the fullest extent permissible under the laws of each and every such jurisdiction, this Agreement shall have full
force and effect as between the parties. 
  

	23.8	Trustee Act 2000 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation to the trusts constituted by this
Agreement. Where there are any inconsistencies between the Trustee Act 1925 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee
Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000. 
  

	23.9	No Independent Enforcement by Financing Parties 

 Save as expressly permitted by the terms of any Transaction Document, none of the Financing Parties shall have any independent power to enforce any of the Transaction Documents, to exercise any rights
and/or powers or to grant any consents or releases under or pursuant to any of the Transaction Documents or otherwise have direct recourse to the security constituted by any of the Transaction Documents except that each Financing Party shall have
the independent power to enforce, exercise rights and/or powers or grant consents or releases under or pursuant to this Agreement. 

  
 - 52 -

	23.10	Acceleration of Loan 

None of the Financing Parties shall have any independent power to take any steps to accelerate or demand repayment of the Loan, to
exercise any rights or powers pursuant to the Transaction Documents or to grant any consents or releases under the Transaction Documents relating to or in connection with the occurrence or existence of an Event of Default. 

 

	23.11	Common Agent and Security Trustee 

 Notwithstanding that the Facility Agent and the Security Trustee may from time to time be the same legal entities, the Facility Agent and the Security Trustee have each entered into this Agreement in
their separate capacities as facility agent for the Lenders and as security trustee for the Financing Parties under and pursuant to the Transaction Documents; provided always that, where this Agreement provides for the Facility Agent or the
Security Trustee to communicate with or provide instructions to any of the Facility Agent or the Security Trustee while the Facility Agent and the Security Trustee are the same or related entities, it will not be necessary for there to be any such
formal communication or instructions notwithstanding that this Agreement provides in certain cases for the same to be in writing. 
  

	23.12	Know Your Customer 

  

	23.12.1	Each Borrower shall, at its own cost, as soon as practicable upon the request of either Agent or any Lender or the Hedging Bank supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by such Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective Transferee in relation to which consent, if necessary, has been given) or the
Hedging Bank (for itself or on behalf of any prospective transferee of the Hedging Bank) in order for such Agent, such Lender, the Hedging Bank or such prospective Transferee to carry out checks which are required pursuant to any anti-money
laundering laws and regulations applicable to it or its affiliates and be satisfied with the results thereof. 

  

	23.12.2	Each Lender shall promptly upon the request of either Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by such
Agent (for itself) in order for such Agent to carry out checks which are required pursuant to any anti-money laundering laws and regulations applicable to it or its affiliates and be satisfied with the results thereof. 

 

	24.	FACILITY AGENT 

  

	24.1	Performance by Facility Agent 

  

	24.1.1	The Facility Agent shall (i) exercise any right, power, authority or discretion vested in it as Facility Agent in this Agreement or any other Transaction Document
in accordance with any instructions given to it by the Majority Senior Lenders of the related Loan or, if it relates to all of the Loans, the Facility Majority Senior Lenders (or, if so instructed by the relevant Majority Senior Lenders, refrain
from exercising any right, power, authority or discretion vested in it as Facility Agent) and (ii) not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with such an instruction of the relevant
Majority Senior Lenders. 

  

	24.1.2	Unless a contrary indication appears in this Agreement or any other Transaction Document, any instructions given by the Majority Senior Lenders of the related Loan or,
if it relates to all of the Loans, the Facility Majority Senior Lenders will be binding on all the Lenders of the related Loan or Loans. 

  

	24.1.3	The Facility Agent may refrain from acting in accordance with the instructions of the relevant Majority Senior Lenders (or, if appropriate, the relevant Lenders) or
under Clause 24.1.4 until it has received such security as it may require for any cost, loss or liability (together with any associated indirect tax) which it may incur in complying with the instructions. 

 

	24.1.4	In the absence of instructions from the relevant Majority Senior Lenders, (or, if appropriate, the relevant Lenders) the Facility Agent may act (or refrain from taking
action) as it considers to be in the best interest of the relevant Lenders. 

  
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	24.1.5	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating
to any Transaction Document. 

  

	24.2	Amendments to Transaction Documents 

  

	24.2.1	Subject to Clause 23.9 (No Independent Enforcement by Financing Parties) and Clause 23.2.2, the Facility Agent may, with the consent of the Majority Senior
Lenders of the related Loan or, if it relates to all of the Loans, the Facility Majority Senior Lenders (or if and to the extent expressly authorised by the other provisions of this Agreement or any other Transaction Document) amend, modify or
otherwise vary in each such case with the agreement of the relevant Borrower or waive breaches of, or defaults under, or otherwise excuse performance of, any provision of this Agreement or any Transaction Document (other than any Hedging Agreement)
provided that no amendment or waiver which relates to the rights or obligations of an Agent may be effected without the consent of that Agent and no amendment or waiver which relates to the rights or obligations of the Hedging Bank may be
effected without the consent of the Hedging Bank. Any such action so authorised and effected by the Facility Agent shall be promptly notified to the relevant Lenders of the related Loan by the Facility Agent and shall be binding on each such Lender.

  

	24.2.2	Except with the prior written consent of all the relevant Lenders of the related Loan, the Facility Agent shall not nor shall it authorise any other person to agree
with the other parties thereto any amendment to any Transaction Document which would (i) extend the due date or reduce the amount of any payment under any Transaction Document, (ii) change the currency in which any amount is payable under
any Transaction Document, (iii) increase any Lender’s Contribution, (iv) change the definition of “Lenders” or “Majority Senior Lenders” in Clause 1.1 (Definitions), (v) change Clause 23.9 (No
Independent Enforcement by Financing Parties) or this Clause 24.2.2 or any provision of this Agreement or the Transaction Documents which provides for the consent of all of the relevant Lenders of the related Loan to be obtained or
(vi) reduce any margin or interest rate, pursuant to this Agreement. 

  

	24.3	Rights of Facility Agent 

With respect to its own Contribution (if any) in the Loan the Facility Agent shall have the same rights and powers under this Agreement
and the Transaction Documents as any other Lender and may exercise the same as though it were not performing the duties and functions delegated to it (as agent) under this Agreement or, as the case may be, the Transaction Documents, and the term
“Lender” shall, unless the context otherwise indicates, include the Facility Agent. Neither this Agreement nor any of the Transaction Documents shall (nor shall the same be construed so as to) constitute a partnership between the
parties or any of them or so as to establish a fiduciary relationship between the Facility Agent (in any capacity) and any other person. 
  

	24.4	No Obligations to Other Parties 

 The Facility Agent shall not: 
  

	24.4.1	be obliged to make any enquiry as to any default by any Borrower or any Lessee in the performance or observance of any of the provisions of any of the Transaction
Documents or as to the existence of a default unless the Facility Agent has actual knowledge thereof or has been notified in writing thereof, by a Lender in which case the Facility Agent shall promptly notify the Lenders of the relevant event or
circumstances; 

  

	24.4.2	be liable to any Lender of the related Loan for any action taken or omitted under or in connection with this Agreement or any of the Transaction Documents or the Loan
except in the case of the gross negligence or wilful misconduct of the Facility Agent; or 

  

	24.4.3	notwithstanding any other provision of this Agreement and any other Transaction Documents to the contrary, be obliged to do or omit to do anything if it would or might
in its reasonable opinion constitute a breach of law or any duty of confidentiality. 

 For the purposes of this
Clause 24 the Facility Agent shall not be treated as having actual knowledge of any matter of which the corporate finance or leasing or any other division outside the agency division of the Facility Agent (or equivalent department of the person for
the time 

  
 - 54 -

 
being acting as the Facility Agent) may become aware in the context of corporate finance or advisory activities from time to time undertaken by the Facility Agent for any Borrower, any Lessee or
any of their respective associates. In acting as Facility Agent for the Lenders, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.
If information is received by another division or department of the Facility Agent, it may be treated as confidential to that division or department and the Facility Agent shall not be deemed to have notice of it. 

 

	24.5	Communications 

 The
Facility Agent shall promptly notify each Lender of the related Loan of the contents of each notice, certificate, document or other communication received by it from any Borrower or any Lessee under or pursuant to any of the Transaction Documents.
The Facility Agent may disclose to any other party to this Agreement, any information it reasonably believes it has received as Facility Agent under this Agreement. 
  

	24.6	Identity of Lenders 

 The
Facility Agent may deem and treat (a) each Lender as the person entitled to the benefit of the Contribution of such Lender for all purposes of the Transaction Documents unless and until a notice of assignment of such Lender’s Contribution
or any part thereof shall have been filed with the Facility Agent and (b) the office set opposite the name of each Lender in Schedule 1 (The Senior Lenders) and Schedules 1 (The Senior Lenders) and 2 (The Junior Lenders) of
each Facility Supplement (if any) as such Lender’s Lending Office unless and until a written notice of change of facility office shall have been received by the Facility Agent not later than five (5) Business Days prior to such change; and
the Facility Agent may act upon any such notice unless and until the same is superseded by a further such notice. 
  

	24.7	No Reliance on Facility Agent 

 Each Lender acknowledges that it has not relied on any statement, opinion, forecast or other representation made by the Facility Agent to induce it to enter into any of the Transaction Documents and that
it has made and will continue to make, without reliance on the Facility Agent and based on such documents as it considers appropriate, its own appraisal of the creditworthiness of any Borrower and any Lessee and its own independent investigation of
the financial condition and affairs of such Borrower and such Lessee, in connection with the making and continuation of the Loan. The Facility Agent shall not have any duty or responsibility, either initially or on a continuing basis, to provide the
Lenders with any credit or other information with respect to such Borrower or such Lessee, whether coming into its possession before the making of the relevant advance or at any time or times thereafter, other than as provided in Clause 24.4.1. The
Facility Agent shall not have any duty or responsibility for the completeness or accuracy of any information given by any Borrower or any Lessee in connection with or pursuant to any of the Transaction Documents, whether the same is given to the
Facility Agent and passed on by it to the Lenders or otherwise. 
  

	24.8	No Responsibility for Other Parties 

 The Facility Agent shall not have any responsibility to any Lender: 
  

	24.8.1	on account of the failure of any Borrower or any Lessee to perform their respective obligations under any of the Transaction Documents; or 

 

	24.8.2	for the financial condition of any Borrower or any Lessee; or 

  

	24.8.3	for the completeness or accuracy of any statements, representations or warranties in any of the Transaction Documents or any document delivered under this Agreement or
any of the other Transaction Documents (save for those made by the Facility Agent); or 

  

	24.8.4	for the execution, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of this Agreement or any of the other Transaction
Documents or of any certificate, report or other document executed or delivered under this Agreement or any of the other Transaction Documents; or 

  

	24.8.5	otherwise in connection with any Loan or the negotiation of any Transaction Document; or 

  
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	24.8.6	for acting (or, as the case may be, refraining from acting) in accordance with the instructions of the Lenders and/or in accordance with any provision of any
Transaction Document; or 

  

	24.8.7	to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Facility Agent that it
is solely responsible for any such checks it is required to carry out and that it may not rely on any such checks made by, or any statement in relation to such checks made by the Facility Agent; or 

 

	24.8.8	unless mandatorily required by Applicable Laws and regulations to which the Facility Agent is subject, to provide any certification, document or information (except
information relating to itself) that may be required for any anti-money laundering due diligence purpose (any such certification, document or information to be provided by any Borrower or any Lessee to the relevant Lender directly notwithstanding
that a request for such certification, document or information may be made through the Facility Agent); or 

  

	24.8.9	to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

The Facility Agent shall be entitled to rely on any communication, instrument or document believed by it to be genuine and correct and to
have been signed or sent by the proper person and shall be entitled to rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected or approved by it. 

 

	24.9	No Restriction on Other Business 

 The Facility Agent and each of the relevant Lenders may, without any liability to account to any of the other Financing Parties, accept deposits from, lend money to, and generally engage in any kind of
banking or trust business with, or be the owner or holder of any shares or other securities of any Borrower, any Lessee or any of their respective Subsidiaries or affiliates or any of the other Financing Parties as if it were not the Facility Agent
or, as the case may be, a Lender. 
  

	24.10	Indemnification of Facility Agent 

 Each Lender shall reimburse the Facility Agent (rateably in accordance with its Liability, to the extent the Facility Agent is not reimbursed by any Borrower or any Lessee) for the charges, losses and
expenses incurred by it in connection with the preparation and execution of this Agreement and the Transaction Documents and/or in contemplation of, or otherwise in connection with, the enforcement of, or the preservation of any rights under, or in
carrying out its duties under this Agreement and the Transaction Documents including (in each case) the fees and expenses of legal or other professional advisers which the Facility Agent may engage as it considers necessary or desirable from time to
time. Each Lender shall indemnify the Facility Agent (rateably in accordance with its Liability) against all liabilities, damages, costs and claims whatsoever suffered or incurred by the Facility Agent in connection with the Transaction Documents or
the performance of its duties under the Transaction Documents or any action taken or omitted by the Facility Agent under the Transaction Documents, unless such liabilities, damages, costs or claims arise from the Facility Agent’s own gross
negligence or wilful misconduct. If any party owes an amount to the Facility Agent under this Agreement or any of the other Transaction Documents the Facility Agent may, after giving notice to that party, deduct an amount not exceeding that amount
from any payment to that party which the Facility Agent would otherwise be obliged to make under this Agreement or any of the other Transaction Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes
of this Agreement and the other Transaction Documents, that party shall be regarded as having received any amount so deducted. 
  

	24.11	Retirement of Facility Agent 

  

	24.11.1	 The Facility Agent may retire from its appointment as Facility Agent under this Agreement and the Transaction Documents having given not less than
thirty (30) days notice of its intention to do so to each Lender in relation to each Loan and each Borrower; provided always that no such retirement shall take effect unless there has been appointed by the Lenders in relation to each
Loan as a successor any reputable and experienced bank or financial institution nominated by the Facility Agent. If the Facility Agent has made a nomination, but it has not been accepted, the Facility Agent

  
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may nominate one of the Lenders. If such Lender either does not accept such appointment or, after thirty (30) days, such appointment has not been made the Facility Agent’s resignation
shall nevertheless become effective from that date and thereafter the role of Facility Agent shall be suspended and all references herein or in any other Transaction Document to “Facility Agent” shall be deemed replaced with references to
the Facility Majority Senior Lenders until such time (if any) as the Facility Majority Senior Lenders appoint a successor Facility Agent which accepts such appointment. 

 

	24.11.2	All costs associated with such retirement shall be for the account of the retiring Facility Agent unless it is as a consequence of an agreement reached pursuant to
Clause 33.1 (Mitigation) in which case all such costs shall be for the account of the Borrowers. Upon any such successor as aforesaid being appointed, the retiring Facility Agent shall be discharged from any further obligation under this
Agreement and the Transaction Documents and its successor and each of the other parties to this Agreement and the Transaction Documents shall have the same rights and obligations among themselves as they would have had if such successor had been a
party to this Agreement in place of the retiring Facility Agent provided that the retiring Facility Agent shall remain entitled to the benefit of Clause 23 (Facility Agent and Security Trustee) and this Clause 24 to the extent it
relates to any action or obligation during such period as it acted as Facility Agent. 

  

	24.12	Removal of Facility Agent 

  

	24.12.1	The Facility Majority Senior Lenders may at any time require the Facility Agent to retire from its appointment as Facility Agent under this Agreement and the other
Transaction Document without giving any reason upon having given to the Facility Agent and each Borrower not less than thirty (30) days’ prior written notice to such effect. The Facility Agent agrees to co-operate in giving effect to such
resignation in accordance with any such notice duly received by it and, in such connection, shall execute all such deeds and documents as all the Lenders may reasonably require in order to provide for (a) such resignation, (b) the
appointment of a successor facility agent and (c) the transfer of the rights and obligations of the Facility Agent under this Agreement and the other Transaction Documents to such successor, in each case in a legal, valid and binding manner.
The Lenders agree that any such removal of the Facility Agent shall not take effect unless a reputable and experienced bank or financial institution has been appointed as the successor facility agent. 

 

	24.12.2	The Lenders agree that all costs associated with such removal shall be borne by the Lenders rateably in accordance with their respective liabilities. Upon any such
successor as aforesaid being appointed, the removed Facility Agent shall be discharged from any further obligation under this Agreement and the other Transaction Documents and its successor and each of the other parties to this Agreement and the
other Transaction Documents shall have the same rights and obligations among themselves as they would have had if such successor had been a party to this Agreement in place of the removed Facility Agent provided that the removed Facility
Agent shall remain entitled to the benefit of Clause 23 (Facility Agent and Security Trustee) and this Clause 24 to the extent it relates to any action or obligation during such period as it acted as Facility Agent. 

 

	25.	SECURITY TRUSTEE 

  

	25.1	Obligations of Security Trustee 

 The Security Trustee shall have no duties, obligations or liabilities to any of the parties by whom it has been appointed or any other party hereto beyond those expressly stated in this Agreement and
specifically (but without prejudice to the generality of the foregoing) the Security Trustee shall not be obliged to take any action or exercise any rights, remedies or powers under or pursuant to this Agreement beyond those which it is specifically
instructed in writing to take or exercise as provided in Clause 25.5 (Action under Transaction Documents) and then only to the extent stated in such specific written instructions. 

  
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	25.2	Use of Agents 

 The
Security Trustee may, in the conduct of any trusts constituted by this Agreement, instead of acting personally, employ and pay any agent (whether being a lawyer, chartered accountant or any other person) to transact or concur in transacting any
business and to do or concur in doing any acts required to be done by the Security Trustee (including the receipt and payment of money). Any such agent engaged in any profession or business shall be entitled to be paid all usual professional and
other charges for business transacted and acts done by him or any partner or employee of his in connection with such trusts. The Security Trustee shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or
omission of any such agent if the Security Trustee shall have exercised reasonable care in the selection of such agent. 
  

	25.3	Performance by Security Trustee 

  

	25.3.1	Subject to Clause 25.4 (Determination of Issues), the Security Trustee shall (i) exercise any right, power, authority or discretion vested in it as Security
Trustee in this Agreement or any other Transaction Document in accordance with any instructions given to it by the Majority Senior Lenders of the related Loan or, if it relates to all of the Loans, the Facility Majority Senior Lenders (or, if so
instructed by the relevant Majority Senior Lenders, refrain from exercising any right, power, authority or discretion vested in it as Security Trustee) and (ii) not be liable for any act (or omission) if it acts (or refrains from taking any
action) in accordance with such an instruction of the relevant Majority Senior Lenders. 

  

	25.3.2	Unless a contrary indication appears in this Agreement or any other Transaction Document, any instructions given by the Majority Senior Lenders of the related Loan or,
if it relates to all of the Loans, the Facility Majority Senior Lenders will be binding on all the Lenders of the related Loan or Loans. 

  

	25.3.3	The Security Trustee may refrain from acting in accordance with the instructions of the relevant Majority Senior Lenders (or, if appropriate, the relevant Lenders) or
under Clause 25.3.4 until it has received such security as it may require for any cost, loss or liability (together with any associated indirect tax) which it may incur in complying with the instructions. 

 

	25.3.4	In the absence of instructions from the relevant Majority Senior Lenders, (or, if appropriate, the relevant Lenders) the Security Trustee may act (or refrain from
taking action) as it considers to be in the best interest of the relevant Lenders. 

  

	25.3.5	The Security Trustee is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings
relating to any Transaction Document. 

  

	25.4	Determination of Issues 

In its capacity as trustee in relation to the Transaction Documents, the Security Trustee shall have full power to determine all questions
and doubts arising in relation to the interpretation or application of any of the provisions of this Agreement or any of the Transaction Documents as it affects the Security Trustee and every such determination (whether made upon a question actually
raised or implied in the acts or proceedings of the Security Trustee) shall be conclusive and shall bind all the other parties to this Agreement. 
  

	25.5	Action under Transaction Documents 

 If an Event of Default or Lease Event of Default shall occur and be continuing, then subject to being indemnified to its satisfaction in accordance with Clause 25.8 (Indemnification by Lenders upon
Enforcement), the Security Trustee shall ensure that the appropriate person takes such action (including, without limitation, the exercise of all rights and/or powers and the granting of consents or releases) or, as the case may be, refrains
from taking such action under or pursuant to the Transaction Documents as the Majority Senior Lenders of the related Loan or, if it relates to all of the Loans, the Facility Majority Senior Lenders shall specifically direct the Security Trustee
(such direction, in the case of directions of the relevant Lenders, being given in writing through the Facility Agent). Unless and until the Security Trustee shall have received such directions or instructions, the Security Trustee shall not be
required to ensure that any action is taken under any of the Transaction Documents. 

  
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	25.6	Instructions of Lenders 

The Security Trustee shall be entitled (and bound) to assume that any directions received by it from the Facility Agent under or pursuant
to this Agreement or any of the relevant Transaction Documents are the directions of the relevant Lenders (in the case of the directions of the Facility Agent) or the directions of the Facility Agent itself acting pursuant to the provisions of the
Transaction Documents. The Security Trustee shall not be liable to the Financing Parties (or any of them) for any action taken or omitted under or in connection with this Agreement or any of the Transaction Documents in accordance with any such
directions unless caused by the gross negligence or wilful misconduct of the Security Trustee. 
  

	25.7	Notification of Relevant Events 

 Each of the parties hereto agrees that as soon as practicable upon becoming aware of the same, it will give written notice to the Facility Agent of any Relevant Event, whereupon the Facility Agent shall
thereupon give notice of the same to the Lenders and the Security Trustee. 
  

	25.8	Indemnification by Lenders upon Enforcement 

 Without prejudice to Clause 11 (Application of Proceeds), each Lender shall reimburse the Security Trustee, rateably in accordance with its Liability, to the extent the Security Trustee is not
reimbursed by any other party for the charges and expenses incurred by the Security Trustee in contemplation of, or otherwise in connection with, the enforcement or attempted enforcement of, or the preservation or attempted preservation of any
rights under, any of the Transaction Documents or in carrying out its duties under this Agreement and/or any of the Transaction Documents including (in each case) the fees and expenses of legal or other professional advisers. 

 

	25.9	Indemnification by Lenders 

Without prejudice to Clause 11 (Application of Proceeds), each Lender shall indemnify the Security Trustee, rateably in accordance
with its Liability, to the extent the Security Trustee is not reimbursed by any other entity, against all liabilities, damages, costs and claims whatsoever suffered or incurred by the Security Trustee in connection with any of the Transaction
Documents or the performance of its duties under this Agreement and/or any of the Transaction Documents or any action taken or omitted by the Security Trustee under any of the Transaction Documents or this Agreement, unless such liabilities,
damages, costs or claims arise from the Security Trustee’s own gross negligence or wilful misconduct. 
  

	25.10	No Obligation to Act 

 The
Security Trustee shall not be obliged: 
  

	25.10.1	to request any certificate or opinion under any Transaction Document unless so required in writing by the Facility Agent in which case the Security Trustee shall
promptly make the appropriate request of the relevant party; or 

  

	25.10.2	to make any enquiry as to any default by any party in the performance or observance of any provision of any of the Transaction Documents or as to whether any event or
circumstance has occurred as a result of which the security constituted by any of the Transaction Documents shall have or may become enforceable. 

  

	25.11	No Responsibility to Provide Information 

 The Security Trustee shall not have any duty or responsibility, either initially or on a continuing basis: 
  

	25.11.1	subject to Clause 25.16 (Communications), to provide any of the Financing Parties with any information with respect to any Borrower whenever coming into its
possession; or 

  

	25.11.2	to investigate or make any enquiry into the title of any party to the Applicable Proceeds or any part thereof. 

 

	25.12	No Responsibility for Other Parties 

 The Security Trustee shall not have any responsibility to any of the Financing Parties (a) on account of the failure of any other party to perform any of its or their obligations under any of the
Transaction Documents, (b) for the financial condition of any Borrower or any Lessee (c) for the completeness or accuracy of any statements, representations or warranties in any of the Transaction Documents or any document delivered under
any of the Transaction Documents, (d) for the execution, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of any of the Transaction Documents or of any certificate, report or other document executed or
delivered under any of the Transaction Documents, (e) to investigate or make any 

  
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enquiry into the title of any party to the Applicable Proceeds or any part thereof, (f) for the failure to register any of the Transaction Documents on any register with any authority, court
or relevant body, (g) for the failure to take or require any Borrower, any Lessee, any Airframe Manufacturer, any Engine Manufacturer, any lessee or any provider of insurances or reinsurances, to take any steps to render any of the Applicable
Proceeds effective or to secure the creation of any ancillary charge under the laws of the jurisdiction concerned or (h) otherwise in connection with the Transaction Documents or their negotiation or for acting (or, as the case may be,
refraining from acting) in accordance with the directions of the Facility Agent or the Majority Senior Lenders of the related Loan or, if it relates to all of the Loans, the Facility Majority Senior Lenders given pursuant to the terms of the
Transaction Documents or in reliance upon information provided by the Facility Agent or the Financing Parties pursuant to the terms of the Transaction Documents or otherwise. 

 

	25.13	Reliance on Communications 

The Security Trustee shall be entitled to rely on any communication, instrument or document believed by it to be genuine and correct and
to have been signed or sent by the proper person and shall be entitled to rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected or approved by it. 

 

	25.14	Safekeeping of Security Documents 

 The Security Trustee shall be entitled to place all Security Documents and other deeds, certificates and other documents relating thereto or any of them in any safe deposit, safe or receptacle selected by
the Security Trustee or with any solicitor or firm of solicitors and may make any such arrangements as it thinks fit for allowing each Financing Party access to, or its solicitors or auditors possession of, such documents when necessary or
convenient, and the Security Trustee shall not be responsible for any loss incurred in connection with any such deposit, access or possession, unless such loss arose from the Security Trustee’s own gross negligence. 

 

	25.15	No Obligation to Act in Breach of Applicable Law 

 The Security Trustee may refrain from doing anything which would, or might in its reasonable opinion, be contrary to any law of any jurisdiction or any directive, regulation or regulatory requirement of
any state (or any agency thereof) or which would or might render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive, regulation or regulatory requirement. 

 

	25.16	Communications 

 The
Security Trustee shall notify the Facility Agent as soon as is reasonably practicable, of the contents of any communication received by it from any Borrower or any Lessee pursuant to any Transaction Document. The Security Trustee shall have no
obligation to notify any Borrower or any Lessee of the contents of any communication received by it under any Transaction Document. 
  

	25.17	No Restriction on Other Business 

 The Security Trustee and each of the Lender may, without any liability to account to any of the other Financing Parties, accept deposits from, lend money to, and generally engage in any kind of trust or
banking business with, or be the owner or holder of any shares or other securities of, any Borrower, any Lessee or any of their respective Subsidiaries or affiliates or any of the other Financing Parties as if it were not the Security Trustee or, as
the case may be, a Lender. The Security Trustee shall not be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

 

	25.18	Right of Security Trustee 

With respect to its own participation in the Transaction Documents, the Security Trustee shall have the rights and powers thereunder and
under the Transaction Documents of a lender and may each exercise the same as though it were not performing the duties and functions delegated to it under this Agreement. 

 

	25.19	Retirement of Security Trustee 

 The Security Trustee may retire from its appointment as Security Trustee under this Agreement without giving any reason having given not less than thirty (30) days notice of its intention to do so to
the Financing Parties and each Borrower; provided always that no such retirement shall take effect unless such retirement relates to all the trusts constituted and evidenced by this Agreement and a successor Security Trustee in respect of all
trusts constituted and evidenced by this Agreement has been appointed by instrument in writing signed by the Security Trustee: 
  

	25.19.1	a trust corporation, bank or financial institution nominated by the Facility Majority Senior Lenders; or 

  
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	25.19.2	failing such a nomination, any trust corporation, bank or financial institution nominated by the Security Trustee after consultation with the Financing Parties and each
Borrower and with the consent of the Facility Majority Senior Lenders, 

 and, in either case, such successor
security trustee shall have duly accepted such appointment by delivering to the Facility Agent and each Borrower written confirmation (in a form acceptable to the Facility Agent) of such acceptance agreeing to be bound by this Agreement in the
capacity of Security Trustee as if it had been an original party to this Agreement. All costs associated with such retirement shall be for the account of the retiring Security Trustee unless it is as a consequence of an agreement reached pursuant to
Clause 33 (Mitigation) in which case all such costs shall be for the account of the Borrowers. 
  

	25.20	Removal of Security Trustee 

 The Facility Majority Senior Lenders may at any time require the Security Trustee to retire from its appointment as Security Trustee with respect to all of the trusts constituted and evidenced by this
Agreement without giving any reason upon having given to the Security Trustee and each Borrower not less than thirty (30) days’ prior written notice to such effect. The Security Trustee agrees to co-operate in giving effect to such
resignation in accordance with any such notice duly received by it and, in such connection, shall execute all such deeds and documents as the Facility Agent may reasonably require in order to provide for (a) such resignation, (b) the
appointment of a successor security trustee and trustee in accordance with Clause 25.19 (Retirement of Security Trustee) and (c) the transfer of the rights and obligations of the Security Trustee under this Agreement to such successor,
in each case in a legal, valid and binding manner. The Lenders agree that any costs associated with such removal (including in relation to any such deeds or documents previously referred to in this Clause 25.20) shall be borne by the Lenders
rateably in accordance with their respective liabilities. 
  

	25.21	Discharge of Retiring Security Trustee 

 Upon any successor to the Security Trustee being appointed pursuant to Clause 25.19 (Retirement of Security Trustee) or Clause 25.20 (Removal of Security Trustee), the retiring Security
Trustee shall be discharged from any further obligation under the Transaction Document and its successor and each of the other parties to this Agreement shall have the same rights and obligations among themselves as they would have had if such
successor had been a party to the Transaction Document in place of the retiring Security Trustee provided that the retiring Security Trustee shall remain entitled to the benefit of Clause 23 (Facility Agent and Security Trustee) and
this Clause 25 to the extent it relates to any action or obligation during such period as it acted as Security Trustee. 
  

	26.	INTERCREDITOR ARRANGEMENTS 

  

	26.1	General Restriction on Enforcement of Security 

  

	26.1.1	Except as permitted by this Clause 26 (Intercreditor Arrangement), no Secured Party shall take any Enforcement Action at any time. 

 

	26.1.2	Except as permitted by Clause 29.2 (No Acceleration), no Junior Lender shall accelerate any Junior Loan. 

 

	26.2	Enforcement Action 

 After
the occurrence of a Relevant Event each of the Secured Parties irrevocably authorises the Security Trustee to: 
  

	26.2.1	take any Enforcement Action (subject to the terms of this Agreement); 

  

	26.2.2	demand, sue, prove and give receipt for any or all of the Secured Obligations; 

 

	26.2.3	collect and receive all distributions on, or on account of, any or all of the Secured Obligations; and 

  
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	26.2.4	file claims, take proceedings and do all other things the Security Trustee considers reasonably necessary to recover the Secured Obligations. 

 

	26.3	Facility Agent’s directions 

 The Security Trustee will enforce the Collateral and undertake Enforcement Action (or refrain from doing so) as directed by the Facility Agent acting on the instructions of the Majority Senior Lenders of
the related Loan or, if it relates to all of the Loans, the Facility Majority Senior Lenders. At all times after the request to commence enforcement has been issued and subject to the terms of this Agreement, the Security Trustee will act on the
directions of the Facility Agent (acting on the instructions of the Majority Senior Lenders of the related Loan or, if it relates to all of the Loans, the Facility Majority Senior Lenders) who shall be entitled to give directions and do any other
things in relation to the enforcement of the Collateral (including in connection with but not limited to, the disposal, collection or realisation of assets subject to the Collateral) that it considers appropriate including (without limitation)
determining the timing and manner of any Enforcement Action against any particular person or asset. 
  

	26.4	Junior Lenders’ waiver 

 Until the Senior Secured Obligations Discharge Date has occurred and to the extent permitted under applicable law and subject to Clause 11 (Application of Proceeds), each Junior Lender waives all
rights it may otherwise have to require that the Collateral be enforced in any particular order or manner or at any particular time or that any sum received or recovered from any person, or by virtue of the enforcement of any of the Collateral or of
any other security interest, which is capable of being applied in or towards discharge of any of the Secured Obligations is so applied. 
  

	26.5	Hedging Bank’s waiver 

Until the Junior Secured Obligations Discharge Date has occurred and to the extent permitted under applicable law and subject to Clause 11
(Application of Proceeds), the Hedging Bank waives all rights it may otherwise have to require that the Collateral be enforced in any particular order or manner or at any particular time or that any sum received or recovered from any person,
or by virtue of the enforcement of any of the Collateral or of any other security interest, which is capable of being applied in or towards discharge of any of the Secured Obligations is so applied. 

 

	26.6	Secured Parties’ actions 

 The Secured Parties will do all things that the Security Trustee reasonably requests in order to give effect to this Clause 26 and, if the Security Trustee is not entitled to take any of the actions
contemplated by this Clause 26 or if the Security Trustee requests any Secured Party to take that action, that Secured Party will (subject to being indemnified for any Losses it may suffer as a consequence of such action on terms reasonably
satisfactory to it) undertake those actions itself in accordance with the reasonable instructions of the Security Trustee. 
  

	27.	TURNOVER OF RECEIPTS 

  

	27.1	Turnover by the Secured Parties 

 Subject to Clause 27.2 (Permitted assurance and receipts) if at any time prior to the discharge in full of the Secured Obligations, any Finance Party receives or recovers: 

 

	27.1.1	any payment or distribution of, or on account of or in relation to, any of the Secured Obligations which is not permitted by Clause 11 (Application of
Proceeds); 

  

	27.1.2	any amount by way of set-off in respect of any of the Secured Obligations owed to them (which, for the avoidance of doubt, does not include any amount received by the
Hedging Bank by virtue of the payment netting or close-out netting provisions of any Hedging Agreement); 

  

	27.1.3	the proceeds of any enforcement of any Collateral except in accordance with Clause 11 (Application of Proceeds); or 

 

	27.1.4	any distribution in cash or in kind made as a result of the occurrence of an insolvency event in respect of any Borrower which relates to any of the Secured
Obligations, 

 that Finance Party will pay an amount equal to that receipt or recovery to the Security Trustee, to
be held on trust by the Security Trustee for application in accordance with the terms of this Agreement. 

  
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	27.2	Permitted assurance and receipts 

 Nothing in this Agreement shall restrict the ability of any Lender to: 
  

	27.2.1	arrange with any person any assurance against loss in respect of, or reduction of its credit exposure to, any Borrower (including assurance by way of credit based
derivative, insurance policy or sub-participation); or 

  

	27.2.2	to receive or recover any sum in respect of its Secured Obligations as a result of any assignment or transfer permitted by Clause 19 (Assignment of Rights),

 and that Lender shall not be obliged to account to any other Party for any sum received by it as a result of
that action. 
  

	28.	COVENANTS OF BORROWER, JUNIOR LENDERS AND HEDGING BANK 

  

	28.1	Borrower and Junior Lenders 

 Each Borrower and the Junior Lenders (if any) covenant in favour of each other Party that they shall not, without the prior written consent of the Facility Agent, (i) make or cause or permit to be
made any amendment or modification to any Junior Loan; (ii) amend, vary, modify, supplement, restate, novate or replace or agree to any amendment, variation, modification, supplement, restatement, novation or replacement of any Junior Loan; or
(iii) except in the case of the Security Documents grant (in the case of such Borrower) or accept (in the case of the Junior Lenders) any Liens (other than Permitted Liens) in respect of any amounts due under this Agreement. 

 

	28.2	Borrower and Hedging Bank 

Each Borrower and the Hedging Bank covenant in favour of each other Party that they shall not, without the prior written consent of the
Facility Agent, (i) make or cause or permit to be made any amendment or modification to any Hedging Agreement; (ii) amend, vary, modify, supplement, restate, novate or replace or agree to any amendment, variation, modification, supplement,
restatement, novation or replacement of any Hedging Agreement other than as permitted by Clause 19.12 (Transfers by Hedging Bank); or (iii) except in the case of the Security Documents grant (in the case of such Borrower) or accept (in
the case of the Hedging Bank) any Liens (other than Permitted Liens) in respect of any amounts due under any Hedging Agreement. 
  

	29.	JUNIOR LOAN AND HEDGING AGREEMENT SUBORDINATION 

  

	29.1	Junior Loan Subordination 

Each of the Junior Lender hereby undertakes in favour of the Senior Finance Parties that it’s rights under, in and to this Agreement,
the other Transaction Documents are, and shall at all times until the Senior Secured Obligations Discharge Date has occurred, be subject and subordinated to the rights of the Senior Lenders and the Security Trustee in, to and under this Agreement
and the other Transaction Documents and that no amounts shall be payable to it under the Transaction Documents otherwise than in accordance with the terms of this Agreement until the Senior Secured Obligations Discharge Date has occurred.

  

	29.2	Junior Loans: No Acceleration 

 Each of the Junior Lenders hereby undertakes in favour of the Senior Finance Parties that unless and until the relevant Senior Loan has been accelerated or the relevant Senior Secured Obligations
Discharge Date has occurred, it will not accelerate any Junior Loan or any part thereof (including, without limitation, upon the occurrence of an Event of Default in respect of any Junior Loan). 

 

	29.3	Junior Loans: Directions to Borrower 

 Each of the Junior Lenders hereby undertakes in favour of the Senior Finance Parties that until the Senior Secured Obligations Discharge Date has occurred, it will not instruct or direct any Borrower to
exercise any right, power, authority or discretion vested in it, under, or in connection with any Transaction Document or refrain from exercising any right, power, authority or discretion vested in it thereunder, and each of the Junior Lenders
hereby agrees and acknowledges that any Borrower shall only accept such instructions from the Facility Agent (acting solely on the instructions of the Majority Senior Lenders of the related Loan or, if it relates to all of the Loans, the Facility
Majority Senior Lenders). 

  
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	29.4	Junior Loans: Sharing of Additional Security 

 Until the Senior Secured Obligations Discharge Date has occurred, none of the Junior Lender will accept any Lien or guarantee from any Borrower or any Lessee or any other person in respect of any amounts
due under this Agreement or any other amounts or obligations arising under any Transaction Document (except for the Security Documents) unless the benefit thereof is extended pro rata to the Facility Agent and the Facility Lenders with
respect to the amounts due to them under the Transaction Documents or such Junior Lender agrees in writing that any proceeds of such Lien or guarantee will be applied in accordance with the terms of this Agreement. 

 

	29.5	Hedging Agreement Subordination 

 The Hedging Bank hereby undertakes in favour of the Senior Finance Parties and the Junior Lenders that it’s rights under, in and to this Agreement, the Hedging Agreements and the other Transaction
Documents are, and shall at all times until the Junior Secured Obligations Discharge Date has occurred, be subject and subordinated to the rights of the Senior Lenders, the Junior Lenders and the Security Trustee in, to and under this Agreement and
the other Transaction Documents and that no amounts shall be payable to it under the Transaction Documents otherwise than in accordance with the terms of this Agreement until the Junior Secured Obligations Discharge Date has occurred. 

 

	29.6	Hedging Agreements: Acceleration 

 The Hedging Bank shall, if so requested by the Facility Agent (acting on the instructions of the Majority Senior Lenders) following the occurrence of an Event of Default (as defined in a Hedging
Agreement) in respect of the Borrower or a Termination Event (as defined in a Hedging Agreement), terminate the Hedging Agreement in whole or part. 
  

	29.7	Hedging Agreements: Directions to Borrower 

 The Hedging Bank hereby undertakes in favour of the Senior Finance Parties and the Junior Lenders that until the Junior Secured Obligations Discharge Date has occurred, it will not instruct or direct any
Borrower to exercise any right, power, authority or discretion vested in it, under, or in connection with any Transaction Document or refrain from exercising any right, power, authority or discretion vested in it thereunder, and the Hedging Bank
hereby agrees and acknowledges that any Borrower shall only accept such instructions from the Facility Agent (acting solely on the instructions of the Majority Senior Lenders of the related Loan or, if it relates to all of the Loans, the Facility
Majority Senior Lenders). 
  

	29.8	Hedging Agreements: Sharing of Additional Security 

 Until the Junior Secured Obligations Discharge Date has occurred, the Hedging Bank will not accept any Lien or guarantee from any Borrower or any Lessee or any other person in respect of any amounts due
under any Hedging Agreement or any other amounts or obligations arising under any Transaction Document (except for the Security Documents) unless the benefit thereof is extended pro rata to the Facility Agent, the Senior Lenders, the Junior
Lenders and the Hedging Bank with respect to the amounts due to them under the Transaction Documents or the Hedging Bank agrees in writing that any proceeds of such Lien or guarantee will be applied in accordance with the terms of this Agreement.

  

	30.	RELEASE OF SECURITY 

  

	30.1	Release of Mortgage 

Subject to Clause 30.3 (Counsel’s advice), if at any time any Borrower has repaid or prepaid in full a Loan (and all other
amounts expressed to be due and payable at such time including under the corresponding Hedging Agreement) then, provided that no Event of Default is then continuing, the Financing Parties shall, at the request and cost of that Borrower, take
such action as that Borrower may reasonably require for the discharge and release of the Mortgage in respect of the relevant Aircraft the subject of such Loan and cancel and terminate any other Security Documents creating security over such Aircraft
(without recourse to or warranty by any Financing Party). 
  

	30.2	Release of Collateral 

Subject to Clause 30.3 (Counsel’s advice), the Financing Parties agree that upon repayment and payment to the relevant Lenders
fully, finally and indefeasibly of each Loan under this Agreement and all other amounts of the Secured Obligations then due and owing to the Financing Parties then, provided that no relevant Commitment is in force, the Financing Parties will
promptly 

  
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confirm to the Security Trustee that the Collateral is released from any security constituted by the Security Documents (without recourse to or warranty by any Financing Party), save to the
extent such security has previously been released in accordance with Clause 30.1, and the Security Trustee (at the cost of the relevant Borrower) will execute such agreements, give such notices and do such other things as the relevant Borrower may
reasonably request to give effect to such release. 
  

	30.3	Counsel’s advice 

 No
Financing Party shall be required to release any Mortgage or any part of the Collateral if a Financing Party has been advised by relevant legal counsel (to be approved by the relevant Borrower) that, by reason of the application of any bankruptcy,
insolvency or other applicable laws affecting creditors’ rights and the discharge of obligations, any Financing Party will or will become likely to be obliged to pay to or account to any liquidator or trustee in bankruptcy any amount
corresponding to all or any part of the amount paid in or towards such discharge. 
  

	31.	BUY-OUT RIGHTS 

 The
Facility Agent and the Senior Lenders severally hereby agree with the Junior Lenders that: 
  

	31.1.1	following the occurrence of a Lease Event of Default which is continuing, the Senior Lenders of the related Loan shall, if requested by the Junior Lenders of the
related Loan, transfer all of their rights and interests under this Agreement and the other Transaction Documents in relation to the Loan relating to the Aircraft subject to the Lease Event of Default to the relevant Junior Lenders against payment
of the Transfer Amount (to be made by the relevant Junior Lenders within three (3) Business Days of the relevant Junior Lenders’ request) whereupon each relevant Senior Lender shall forthwith deliver to the relevant Junior Lenders a
Transfer Certificate in accordance with this Agreement and give written notice to the Lessee of such transfer, and the Facility Agent shall promptly comply with its obligations under Clause 19 (Assignment of Rights) and Schedule 2 (Form of
Transfer Certificate) with respect to such transfer; and 

  

	31.1.2	the Senior Lenders of the related Loan shall only be obliged to transfer all of their rights and interests under this Agreement and the other Transaction Documents in
relation to the Loan relating to the Aircraft subject to the Lease Event of Default to the relevant Junior Lenders in accordance with Clause 31.1.1 if, on or before the proposed Transfer Date, the Junior Lenders have exercised their rights under
Clause 31.1.1. 

  

	32.	CURE RIGHTS 

 The Senior
Lenders of a Loan severally hereby agree with the Junior Lenders of such Loan that the Junior Lenders of such Loan shall have the right but not the obligation to elect to cure any Lease Event of Default relating to such Loan (which is curable) at
any time from the occurrence of a Lease Event of Default to and excluding the date which is thirty (30) days following the date of receipt of the Notice of Default in respect of such Lease Event of Default in respect thereof unless the Junior
Lenders of such Loan have previously effected cures with respect to six (6) Lease Events of Default relating to such Loan during the Lease Period. Accordingly, if the relevant Lessee fails to pay any amount comprising any Rent under the
relevant Lease Agreement, the Senior Lenders of such Loan will accept as adequate cure of that failure, payment by the Junior Lenders of such Loan to the Facility Agent of an amount equal to the corresponding amount then due and payable by any
Borrower to the Senior Lenders of such Loan under the Transaction Documents (and, for the avoidance of doubt, the corresponding obligations of the relevant Borrower to the Senior Lenders of such Loan under this Agreement shall be discharged pro
tanto and the obligations of the relevant Borrower to the Junior Lenders of such Loan shall be increased by a corresponding amount and be payable on demand to the Junior Lenders of such Loan by the relevant Borrower). 

  
 - 65 -

	33.	MITIGATION, CONSULTATION AND TAX CREDITS 

  

	33.1	Mitigation 

 If any party
hereto becomes aware of any circumstances (“Circumstances”) which would result in: 
  

	33.1.1	any subjection to Tax or any deduction or withholding of the nature referred to in Clauses 8.2 (Tax Gross-Up) or 8.4 (Tax Indemnity); or

  

	33.1.2	any cost, reduction in rate of return, increased cost or liability (each an “Increased Cost”) for any such person of the nature referred to in Clause
13.2 (Increased Costs); or 

  

	33.1.3	any illegality (including, without limitation, any illegality of the nature referred to in Clause 13.1 (Illegality) having a material adverse effect on any of
the Transaction Documents to which any such person is a party and/or the transactions contemplated thereby; or 

  

	33.1.4	any equivalent provision to Clauses 33.1.1, 33.1.2 or 33.1.3 in any Lease Agreement, 

then such party shall notify the Facility Agent thereof (and the Facility Agent shall promptly notify each of the other relevant parties)
and if any party so requests (and at the expense of the party making such request), each Borrower and the relevant Financing Parties shall consult in good faith with each other and, if so requested, the relevant Lessee, for a period (the
“Mitigation Period”) of up to fifteen (15) days (or in the case of any unlawfulness as referred to above, such shorter period as is reasonably permissible having regard to the rights, interests and position of the relevant
Lenders, the Agents and each Borrower under such Transaction Documents) with a view to each party hereto taking such steps as may be open to it to mitigate the effects of such Circumstances and/or re-structure the transactions contemplated by the
Transaction Documents with a view to avoiding such Circumstances provided that no party shall be under any obligation to take any such action or other steps if to do so would or would be likely to involve it in any unlawful activity or would
involve it in any loss, cost, liability or expense or Tax disadvantage unless indemnified by any other party to its satisfaction or if, in the opinion of such party (acting reasonably), to do so might be prejudicial to it. 

 

	33.2	Consultation Regarding Indemnity Claims 

 Each of the Indemnitees hereby agrees that, in circumstances where any Borrower is required to make a tax or general indemnity payment to such Indemnitee under any provision of this Agreement which
payment is to be funded by a payment from the relevant Lessee under a Lease Agreement, so long as no Lease Event of Default has occurred and is continuing, such Indemnitee will consult in good faith with the relevant Lessee in accordance with the
relevant Lease Agreement with a view to such Indemnitee (or the relevant Lessee and such Indemnitee together) taking action to challenge or contest the relevant tax or indemnity payment, provided that such Indemnitee will have no obligation to agree
to taking action to challenge or contest the relevant tax or indemnity provision. 
  

	33.3	Tax Credits 

 If any
Borrower makes a payment under Clause 8.2 (Tax Gross-Up) or under any other tax indemnity provision of this Agreement and a Lender determines in its absolute discretion that it has received or been granted a credit against or relief or
remission for, or repayment of, any Tax paid or payable by it in respect of or which takes account of the deduction, withholding or other matter giving rise to such payment, such Lender shall, to the extent it determines that it can do so without
prejudice to the retention of the amount of such credit, relief, remission or repayment, pay to such Borrower such amount as such Lender shall have determined to be attributable to such deduction or withholding or other matter and which will leave
such Lender (after such payment) in a position which it determines to be no better or worse than it would have been in if such Borrower had not been required to make such deduction or withholding or such other matter had not arisen. Nothing herein
contained shall: 
  

	33.3.1	oblige such Lender to claim any credit, relief, remission or repayment within any particular time; 

 

	33.3.2	interfere with the right of such Lender to arrange its Tax or other affairs in whatever manner it thinks fit; 

 

	33.3.3	oblige such Lender to disclose any information relating to its Tax or other affairs or any computations in respect thereof; 

  
 - 66 -

	33.3.4	require such Lender to do anything that it determines would or may prejudice its ability to benefit from any other credit, relief, remission or repayment to which it
may be entitled; or 

  

	33.3.5	require such Lender to give any priority as to the order in which it allocates to any person or class of persons any such credit, relief, remission or repayment.

  

	34.	CONFIDENTIALITY 

  

	34.1	Confidentiality 

 At all
times during the continuance of this Agreement and after the termination thereof, each of the parties hereto shall, and shall procure that their respective officers, employees and agents shall, keep confidential and shall not, without the prior
written consent of each other party hereto, disclose to any third party any Transaction Document or any information, reports or documents relating to the transactions contemplated by any Transaction Document save that each party shall be entitled,
to disclose any Transaction Document or, any such information, reports or documents: 
  

	34.1.1	in connection with any proceedings arising out of or in connection with this Agreement or any of the other Transaction Documents to the extent that such party may
consider necessary to protect its interest; or 

  

	34.1.2	to any investor or potential investor of any Borrower; or 

  

	34.1.3	to any potential assignee or transferee of its rights under this Agreement or any of the other Transaction Documents, subject to it obtaining an undertaking from such
potential assignee or transferee in corresponding terms to this Clause 34; or 

  

	34.1.4	if required to do so by an order of a court of competent jurisdiction whether in pursuance of any procedure for discovering documents or otherwise; or

  

	34.1.5	pursuant to any Applicable Law; or 

  

	34.1.6	if obliged by Applicable Law to do so at any time, to any fiscal, monetary, tax, governmental or other competent authority; or 

 

	34.1.7	to its auditors, legal, tax or other professional advisers. 

  

	35.	WAIVER 

  

	35.1	No Set-Off 

 No Borrower
shall be entitled to deduct any sum which may be due to it or any other Borrower from the Lenders (or any of them) howsoever arising from any sum payable by it or any other Borrower under or in connection with this Agreement. No Borrower shall be
entitled to refuse or to postpone performance of any payment or other obligations under this Agreement by reason of any claim which it may have or may consider that it has against the Lenders (or any of them) under or in connection with this
Agreement or any other agreement with any of the Lenders. 
  

	35.2	Rights Cumulative 

 No
failure to exercise nor any delay in exercising on the part of the Facility Agent, the Security Trustee, the Hedging Bank or any of the Lenders any right or remedy under this Agreement or any of the Transaction Documents or in connection herewith or
therewith shall operate as a waiver thereof nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or of any other right or remedy. The rights and remedies herein provided are cumulative and not
exclusive of any rights and remedies provided by or arising out of operation of law. 
  

	36.	GOVERNING LAW AND JURISDICTION 

  

	36.1	Governing Law 

 This
Agreement, and any non-contractual obligations arising from or connected with it, shall be governed by and construed in accordance with the laws of England. 

  
 - 67 -

	36.2	English Courts 

 Each
Borrower irrevocably agrees for the benefit of each Financing Party that the courts of England shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any disputes, which may arise out of or in connection with this
Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts. 
  

	36.3	Service of Process 

 Each
Borrower agrees that the process by which any suit, action or proceeding is begun in England may be served on it by being delivered to Clifford Chance Secretaries Limited at 10 Upper Bank Street, London, E14 5JJ, England. If the appointment of the
persons mentioned in this Clause 36.3 ceases to be effective each Borrower shall immediately appoint a further person in England to accept service of process on its behalf in England and, failing such appointment by each Borrower, the Facility Agent
shall be entitled to appoint such a person by notice to the relevant Borrower. Nothing contained herein shall affect the right to serve process in any other manner permitted by law. 

 

	36.4	Other Courts 

Notwithstanding Clause 36.2 (English Courts), each Financing Party reserves the right to institute any legal action or proceedings
arising out of or in connection with this Agreement in the courts of any other jurisdiction where assets of any Borrower may be found, whether concurrently or not, and each Borrower hereby irrevocably submits to the jurisdiction of each such court.

  

	36.5	Consent to Enforcement 

Each Borrower hereby consents generally in respect of any legal action or proceedings arising out of or in connection with this Agreement
to the giving of any relief or the issue of any process in connection with such action or any legal action or proceedings including without limitation the making, enforcement or execution against any property whatsoever (irrespective of its intended
use) of any order or judgment which may be made or given in such action or proceedings. 
  

	36.6	Non-Exclusive Submissions 

The submissions to the jurisdiction of the courts referred to in this Clause 36 shall not (and shall not be construed so as to) limit the
right of any Financing Party to take proceedings against any Borrower in any other court of competent jurisdiction nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction
(whether concurrently or not) if and to the extent permitted by Applicable Law. 
  

	36.7	Discharge of Obligations 

No payments to any Financing Party hereunder (or pursuant to any award or judgment or order of the court of otherwise) shall operate as a
complete and full discharge of the obligations of any Borrower in respect of which it was made unless and until such payment in full shall have been received in the currency of account of such obligation and to the extent that the amount of any such
payment shall on any necessary conversion into the currency of account in which the payment fell due fall short of the amount of the relevant obligation expressed in such currency of account, the relevant Borrower shall remain indebted to the
relative Financing Party(ies) in such sum as shall upon conversion into the currency of account in which the payment fell due equal the amount of the shortfall. 
  

	37.	PARTIAL INVALIDITY OR UNENFORCEABILITY 

  

	37.1	Partial Invalidity 

 If at
any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity
or enforceability of such provision under the law of any other jurisdiction shall in any case be affected or impaired thereby. 
  

	37.2	Implementation of Provisions 

 Any provisions which may prove to be or become invalid, illegal or unenforceable in whole or in part shall so far as is permissible in law be implemented in accordance with the spirit and purpose of this
Agreement. 

  
 - 68 -

	38.	LANGUAGE - AMENDMENTS - SURVIVAL OF INDEMNITIES 

  

	38.1	Counterparts 

 This
Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts each of which when executed and delivered shall constitute an original but all counterparts shall together constitute but one and the
same instrument. 
  

	38.2	Amendments 

 All
amendments to this Agreement shall be made in writing. 
  

	38.3	Communications in English 

All communications hereunder shall be in English and if any of the documents mentioned in or required under this Agreement shall not be in
the English language a certified English translation shall be attached (which in the event of any conflict shall prevail). 
  

	38.4	Continuing Indemnities 

The indemnities in favour of the Lenders, the Security Trustee, the Hedging Bank and/or the Facility Agent contained in this Agreement
shall continue in full force and effect in accordance with their terms notwithstanding any breach by the Lenders, or any of them, the Security Trustee, the Hedging Bank or the Facility Agent and not withstanding repayment of the Loan in full
together with accrued interest thereon and any and all other amounts that may have become due and payable hereunder. 
  

	39.	THIRD PARTY RIGHTS 

 The
parties do not intend that any term of this Agreement shall be enforceable solely by virtue of the Contracts (Rights of Third Parties) Act 1999 (the “Act”) by any person who is not a party to this Agreement provided that:

  

	 	(a)	each Indemnitee may enforce its rights under Clause 12 (Indemnities) in accordance with the terms of the Act; 

 

	 	(b)	the parties may rescind, waive, vary, release, assign, novate or otherwise dispose of any of their respective rights and obligations under this Agreement without the
consent of any Indemnitee or any other person who is not a party to this Agreement (save as otherwise expressly agreed in this Agreement or any other Transaction Document). 

 

	40.	JOINT AND SEVERAL 

 The
obligations and liabilities of the Borrowers hereunder and the Transaction Documents are joint and several. 
 IN WITNESS WHEREOF this
Agreement has been executed as a deed by the duly authorised representatives of the parties hereto on the date first written above. 

  
 - 69 -

 EXECUTION PAGES 

(LOAN AGREEMENT) 
  

									
	The Borrowers	 		 		 		 	
					
	SIGNED SEALED AND DELIVERED	 		 	)	 		 	
	AS A DEED by the duly authorised attorney of	 		 	)	 		 	
	BAKER & SPICE AVIATION LIMITED	 		 	)	 		 	
	by:	 		 	)	 		 	
		 		 	)	 	  
	 	
		 		 	)	 	Title: Attorney-in-fact	 	
		 		 	)	 	Name:	 	

 in the presence of: 

Witness Signature: 
 Witness Name: 

Witness Address and Occupation: 

									
					
	EXECUTED by COMMERCIAL AVIATION	 		 	)	 		 	
	SOLUTIONS AUSTRALIA PTY. LTD.	 		 	)	 		 	
	as trustee for The Aviation Solutions Unit	 		 	)	 		 	
	Trust in accordance with section 127(1) of the	 		 	)	 		 	
	Corporations Act 2001 (Cwlth) by authority	 		 	)	 		 	
	of its directors:	 		 	)	 		 	
		 		 	)	 		 	
					
	  
	 		 		 	  
	 	
	Signature of director	 		 		 	Signature of director/company secretary	 	
					
	  
	 		 		 	  
	 	
	 Name of director (block letters)
	 		 		 	Name of director/company secretary (block letters)

 

									
					
	EXECUTED by CORONET AVIATION	 		 	)	 		 	
	AUSTRALIA PTY. LTD	 		 	)	 		 	
	as trustee for The Barcom Aviation Unit	 		 	)	 		 	
	Trust in accordance with section 127(1) of the	 		 	)	 		 	
	Corporations Act 2001 (Cwlth) by authority	 		 	)	 		 	
	of its directors:	 		 	)	 		 	
		 		 	)	 		 	
					
	  
	 		 		 	  
	 	
	Signature of director	 		 		 	Signature of director/company secretary	 	
					
	  
	 		 		 	  
	 	
	 Name of director (block letters)
	 		 		 	Name of director/company secretary (block letters)

  
 - 70 -

 EXECUTION PAGES 

(LOAN AGREEMENT) 
  

									
	The Facility Agent	 		 		 		 	
					
	EXECUTED AS A DEED by	 		 	)	 		 	
	BANK OF SCOTLAND PLC	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

  

									
	The Security Trustee	 		 		 		 	
					
	EXECUTED AS A DEED by	 		 	)	 		 	
	BANK OF SCOTLAND PLC	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

  

									
	The Hedging Bank	 		 		 		 	
					
	EXECUTED AS A DEED by	 		 	)	 		 	
	BANK OF SCOTLAND PLC	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

  
 - 71 -

 EXECUTION PAGES 

(LOAN AGREEMENT) 
  

									
	The Senior Lenders	 		 		 		 	
					
	EXECUTED AS A DEED by	 		 	)	 		 	
	BANK OF SCOTLAND PLC	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

  

									
	EXECUTED AS A DEED by	 		 	)	 		 	
	COMMBANK EUROPE LIMITED	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

  

									
	EXECUTED AS A DEED by	 		 	)	 		 	
	COMMONWEALTH BANK OF AUSTRALIA	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

  

									
	The Junior Lenders	 		 		 		 	
					
	EXECUTED AS A DEED by	 		 	)	 		 	
	BANK OF SCOTLAND PLC	 		 	)	 		 	
	acting by:	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
					
	Signature:	 		 		 		 	
					
	Name:	 		 		 		 	
					
	Title:	 		 		 		 	

  
 - 72 -Loan Agreement dated as of November 14, 2007

 Exhibit 4.19 

 
 GLOBAL AVIATION HOLDINGS FUND LIMITED 

as Sponsor 

GAHF (IRELAND) LIMITED 
 as Borrower 
 CALEDONIAN AVIATION HOLDINGS LIMITED 

as Purchaser 
 and

 NORDDEUTSCHE LANDESBANK GIROZENTRALE 
 as Initial Lender, Facility Agent and Security Trustee 
  

 
 LOAN
AGREEMENT 
 relating to 
 Twenty (20) Airbus and Boeing Aircraft 
  

 
  

 CONTENTS 

 

							
	CLAUSE	 	 	  	PAGE	 
			
	1.	 	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
			
	2.	 	 THE FACILITY
	  	 	22	  
			
	3.	 	 ADVANCES
	  	 	22	  
			
	4.	 	 INTEREST
	  	 	23	  
			
	5.	 	 MARKET DISRUPTION
	  	 	24	  
			
	6.	 	 REPAYMENT
	  	 	25	  
			
	7.	 	 PREPAYMENT AND CANCELLATION
	  	 	26	  
			
	8.	 	 FEES
	  	 	27	  
			
	9.	 	 REPRESENTATIONS
	  	 	27	  
			
	10.	 	 COVENANTS
	  	 	28	  
			
	11.	 	 EVENTS OF DEFAULT
	  	 	28	  
			
	12.	 	 DEFAULT INTEREST
	  	 	30	  
			
	13.	 	 CURRENCY INDEMNITY; PREPAYMENT INDEMNITY; FUNDING INDEMNITY
	  	 	30	  
			
	14.	 	 INDEMNITIES RELATING TO THE AIRCRAFT
	  	 	31	  
			
	15.	 	 TAXES
	  	 	33	  
			
	16.	 	 INCREASED COSTS
	  	 	35	  
			
	17.	 	 CONSULTATION AND MITIGATION
	  	 	36	  
			
	18.	 	 PAYMENTS AND CALCULATIONS
	  	 	37	  
			
	19.	 	 SET-OFF AND REDISTRIBUTION OF PAYMENTS
	  	 	39	  
			
	20.	 	 APPLICATION OF RECEIPTS AND RECOVERIES
	  	 	40	  
			
	21.	 	 SUBORDINATION
	  	 	44	  
			
	22.	 	 COSTS AND EXPENSES
	  	 	45	  
			
	23.	 	 CONFIDENTIALITY
	  	 	45	  
			
	24.	 	 ENFORCEMENT OF AND OTHER ACTION UNDER THE TRUST DOCUMENTS
	  	 	46	  
			
	25.	 	 APPOINTMENT AND POWERS OF THE SECURITY TRUSTEE
	  	 	47	  
			
	26.	 	 DECLARATION OF TRUST, SUPPLEMENTAL PROVISIONS
	  	 	47	  
			
	27.	 	 CHANGE OF SECURITY TRUSTEE
	  	 	49	  
			
	28.	 	 FACILITY AGENT
	  	 	50	  
			
	29.	 	 COMMON FACILITY AGENT AND SECURITY TRUSTEE
	  	 	51	  
			
	30.	 	 REPRESENTATIVES
	  	 	52	  
			
	31.	 	 TRANSFERS
	  	 	54	  
			
	32.	 	 MISCELLANEOUS
	  	 	57	  
			
	33.	 	 NOTICES
	  	 	58	  
			
	34.	 	 RECOURSE
	  	 	59	  
			
	35.	 	 GOVERNING LAW AND JURISDICTION
	  	 	60	  

					
		
	 SCHEDULE 1 - IRISH AIRCRAFT COMPANIES
	  	 	62	  
		
	 SCHEDULE 2 - AIRCRAFT
	  	 	63	  
		
	 SCHEDULE 3 - LEASE ARRANGEMENTS
	  	 	67	  
		
	 SCHEDULE 4 - LOAN AND ADVANCES
	  	 	77	  
		
	 SCHEDULE 5 - REPRESENTATIONS AND WARRANTIES
	  	 	119	  
		
	 SCHEDULE 6 - COVENANTS
	  	 	122	  
		
	 SCHEDULE 7 - CONDITIONS PRECEDENT AND SUBSEQUENT
	  	 	137	  
		
	 SCHEDULE 8 - CAPE TOWN CONVENTION
	  	 	143	  
		
	 SCHEDULE 9 - FORM OF DRAWDOWN NOTICE
	  	 	145	  
		
	 SCHEDULE 10 - FORM OF TRANSFER CERTIFICATE
	  	 	146	  
		
	 SCHEDULE 11 - FORM OF COMPLIANCE CERTIFICATE
	  	 	148	  
		
	 SCHEDULE 12 - FORM OF ACCESSION AGREEMENT
	  	 	149	  

 THIS AGREEMENT is made on 14 November 2007 

BETWEEN: 
  

	(1)	GLOBAL AVIATION HOLDINGS FUND LIMITED, an exempted company incorporated and existing under the laws of the Cayman Islands (the “Sponsor”);

  

	(2)	GAHF (IRELAND) LIMITED, a private limited company incorporated and existing under the laws of Ireland (the “Borrower”);

  

	(3)	CALEDONIAN AVIATION HOLDINGS LIMITED, a private limited company incorporated and existing under the laws of Ireland (the “Purchaser”);

  

	(4)	NORDDEUTSCHE LANDESBANK GIROZENTRALE, a public law banking institution organised and existing under the laws of the Federal Republic of Germany, as initial
lender (in such capacity, the “Initial Lender”); 

  

	(5)	NORDDEUTSCHE LANDESBANK GIROZENTRALE, a public law banking institution organised and existing under the laws of the Federal Republic of Germany, as facility
agent for and on behalf of the Lenders (in such capacity, the “Facility Agent”); and 

  

	(6)	NORDDEUTSCHE LANDESBANK GIROZENTRALE, a public law banking institution organised and existing under the laws of the Federal Republic of Germany, as security
agent and trustee for and on behalf of the Finance Parties (in such capacity, the “Security Trustee”). 

RECITAL: 
 The Lenders are willing, on
the terms and subject to the conditions contained in this Agreement, to provide the Borrower with a commercial financing facility which may be utilised by the Borrower so as to assist the Purchaser in the partial financing of its acquisition of the
issued share capital of Hobart Aviation pursuant to the Share Sale and Purchase Agreement. 
 IT IS AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Agreement, the following words and expressions shall, except where the context otherwise requires, have the following respective meanings:

 “Accession Agreement” means an accession agreement in the form of Schedule 12 whereby an
Obligor accedes to this Agreement. 
 “Advance” means, in relation to an Aircraft, the advance made or to be
made by the Lenders to the Borrower in relation to such Aircraft on the Drawdown Date pursuant to and in accordance with the provisions of this Agreement, as specified in Part B of Schedule 4, and, at any time after the Drawdown Date, the principal
amount thereof outstanding from time to time. 
 “Affiliate” means, in relation to any person, a Subsidiary of
that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 
 “Agreement”
means this agreement (including the Recital and the Schedules). 

  
 -1-

 “Aircraft” means each of the twenty (20) aircraft set out in Schedule
2, being designated for the purposes of this Agreement as “Aircraft 1”, “Aircraft 2”, “Aircraft 3”, “Aircraft 4”, “Aircraft 5”, “Aircraft 6”, “Aircraft 7”, “Aircraft 8”,
“Aircraft 9”, “Aircraft 10”, “Aircraft 11”, “Aircraft 12”, “Aircraft 13”, “Aircraft 14”, “Aircraft 15”, “Aircraft 16”, “Aircraft 17”, “Aircraft 18”,
“Aircraft 19” and “Aircraft 20” respectively. 
 “Aircraft Mortgages” means, in relation to
an Aircraft: 
  

	 	(a)	the English Law Aircraft Mortgage relating to such Aircraft; 

  

	 	(b)	the Local Law Aircraft Mortgage relating to such Aircraft (if any); 

  

	 	(c)	in relation to each of Aircraft 12 and Aircraft 18, any Lien over such Aircraft that is executed pursuant to or in connection with paragraph 13 of Schedule 6; and

  

	 	(d)	any other Lien over such Aircraft that is executed pursuant to or in connection with paragraph 6 of Schedule 6, 

(each, an “Aircraft Mortgage”). 
 “Airframe” means, in relation to an Aircraft, the airframe for such Aircraft as specified in Schedule 2. 
 “Airframe Manufacturer” means: 
  

	 	(a)	in relation to each of Aircraft 1 to Aircraft 8 inclusive, Aircraft 12 to Aircraft 14 inclusive and Aircraft 18 to Aircraft 20 inclusive, Airbus S.A.S.; and

  

	 	(b)	in relation to each of Aircraft 9 to Aircraft 11 inclusive and Aircraft 15 to Aircraft 17 inclusive, The Boeing Company. 

“Applicable Rate” means: 
  

	 	(a)	in relation to each Floating Rate Advance, the rate of interest that is the sum of LIBOR, the Margin and the Funding Costs; and 

 

	 	(b)	in relation to each Fixed Rate Advance, the fixed rate of interest specified in Part B of Schedule 4 as applicable to such Fixed Rate Advance (which fixed rate of
interest includes the Margin and the Funding Costs). 

 “Appraised Current Market Value” means, in
relation to an Aircraft and any date of determination, the average of the three (3) desk-top appraised Base Values of such Aircraft given by the Appraisers as at a date falling not more that three (3) months prior to such date of
determination. 
 “Appraisers” means, together, Airclaims Limited, AVITAS and AVAC or any other internationally
recognised and reputable appraiser of commercial aircraft agreed by the Borrower and the Facility Agent (acting on the instructions of all of the Lenders) (each, an “Appraiser”). 

“Authorisation” means an authorisation, consent, approval, licence, exemption, filing or similar item. 

“Availability Period” means the period from and including the date of this Agreement to and including the Availability
Termination Date. 

  
 -2-

 “Availability Termination Date” means the earlier of
(a) 31 December 2007 or such later date as may be agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders) and (b) the date on which the Available Facility is reduced to zero or cancelled in
accordance with the terms hereof. 
 “Available Facility” means an amount of up to US$720,000,000 (seven hundred
and twenty million Dollars). 
 “Aviation Authority” means all and any of the authorities, government
departments, committees or agencies which under the laws of the State of Registration may from time to time: 
  

	 	(a)	have control or supervision of civil aviation in the State of Registration; or 

 

	 	(b)	have jurisdiction over the registration, airworthiness or operation of, or other matters relating to, the Aircraft. 

“Bank Guarantee” means the irrevocable standby letter of credit relating to certain obligations of the Borrower under
this Agreement issued by the Bank Guarantor in favour of Security Trustee on the Drawdown Date. 
 “Bank
Guarantor” means Australia and New Zealand Banking Group Limited. 
 “Base Value” means, in relation to
an Aircraft, the underlying economic value of an aircraft of the same type and specification as such Aircraft, as determined by the Appraisers on the assumption that such Aircraft is in the return condition required by the terms of the Lease
Agreement for such Aircraft. 
 “Basel II Framework” means the framework relating to capital adequacy
requirements and regulatory supervision set out in the paper entitled “International Convergence of Capital Measurement and Capital Standards: A Revised Framework – Comprehensive Version” published in June 2006 by the Basel Committee
on Banking Supervision. 
 “Borrowed Money” means indebtedness incurred by any Obligor in respect of
(a) money borrowed, (b) any amount raised pursuant to the issue of any bond, note, loan stock, debenture or similar instrument, (c) any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent,
(d) receivables sold or discounted (otherwise than on a non-recourse basis), (e) deferred payments for assets or services acquired (to the extent that payment is deferred for at least thirty (30) days after the date of supply) if one
of the primary reasons behind the deferral is to raise finance, (f) rental payments under and any amounts payable on termination of leases or hire purchase contracts (whether in respect of aircraft, land, machinery, equipment or otherwise) with
a term which, either by extension or otherwise, may exceed one year, (g) swaps, forward exchange contracts, futures and other derivative transactions entered into in connection with protection against or benefit from fluctuation in any rate or
price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account), (h) any other transaction (including, without limitation, forward sale or purchase agreements) having the
commercial effect of a borrowing or raising of money or any of (b) to (g) above, and (i) (without double counting) guarantees or other assurances against financial loss in respect of indebtedness of any person falling within any of
paragraphs (a) to (h) above. 

  
 -3-

 “Breakage Profits” means: 

 

	 	(a)	in relation to any Floating Rate Advance (or any part of it) and for so long as interest thereon is calculated by reference to a floating rate of interest, the amount
(if any) by which: 

  

	 	(i)	the amount which a Lender is able to obtain by placing an amount equal to the principal amount received by it on deposit with a leading bank in the London interbank
market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period in respect of such Floating Rate Advance; 

exceeds: 
  

	 	(ii)	the interest (such interest to exclude the Margin and the Funding Costs) which such Lender should have received for the period from the date of receipt of all or any
part of its participation in the Loan to the last day of the current Interest Period in respect of such Floating Rate Advance, had the principal amount received been paid on the last day of such Interest Period; or 

 

	 	(b)	in relation to any Fixed Rate Advance (or any part of it) and for so long as interest thereon is calculated by reference to a fixed rate of interest, the amount
calculated in accordance with the standard ISDA formula (reflecting the concepts outlined in the “Market Quotation” Second Method definition). 

 “Business Day” means a day, other than a Saturday or Sunday, on which banks are open for the transaction of business of the nature required by the Transaction Documents in London,
Hannover, New York and Dublin provided that: 
  

	 	(a)	in relation to a day on which a payment is to be made under a Transaction Document in Dollars, such day needs only be a day on which banks are open for foreign exchange
business in New York; and 

  

	 	(b)	in relation to the definition of Quotation Day for an interest rate based on LIBOR, such day needs only be a day on which banks are open for foreign exchange business
in London. 

 “Cape Town Convention” means the Convention on International Interests in Mobile
Equipment (the “Convention”) and the Protocol thereto on Matters Specific to Aircraft Equipment (the “Protocol”) adopted in Cape Town on 16 November 2001. 

“Change in Law” means any change in, deletion from, amendment or addition to or introduction of, any applicable law,
regulation or official directive (whether or not having the force of law, but in respect of which compliance by banks or other financial institutions in the relevant jurisdiction is generally customary) or any change in the interpretation or
administration of any thereof by any court, tribunal or other competent authority, in each case from that existing as at the date of this Agreement. 
 “Commitment” means, save as otherwise provided herein: 
  

	 	(a)	in relation to the Initial Lender, the amount of US$720,000,000 (seven hundred and twenty million Dollars); and 

 

	 	(b)	in the case of any other Lender, the amount of Commitment transferred to it under this Agreement, in each case to the extent not cancelled, reduced or transferred by it
in accordance with the terms of this Agreement. 

  
 -4-

 “Company Guarantee” means, in relation to each Obligor (other than the
Borrower, the Sponsor and each Irish Holding Company), the guarantee relating to the obligations of the Borrower under this Agreement entered into or to be entered into between such Obligor and the Security Trustee. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 11 or in such other form as
may be agreed by the Borrower and the Facility Agent. 
 “Compulsory Acquisition” means the requisition of title
or other compulsory acquisition, requisition, appropriation, expropriation, deprivation or confiscation for any reason of an Aircraft by any Governmental Authority or other competent authority, whether de jure or de facto, but shall exclude
requisition for use or hire not involving requisition of title. 
 “Consultation Period” has the meaning
ascribed thereto in Clause 17.2. 
 “Cross Acceleration Event” means the default by any Obligor in the
performance of any obligation in respect of indebtedness for Borrowed Money in an aggregate amount of more than ten million Dollars (US$10,000,000) (or the equivalent thereof in any other currency), as a result of which the holder of such
indebtedness for Borrowed Money accelerates or demands repayment of such indebtedness for Borrowed Money. 
 “Cut-Off
Date” means the date that falls ten (10) Business Days after the Drawdown Date. 
 “Damage Notification
Threshold” means, in relation to any Aircraft (or any Engine or any Part relating to such Aircraft), an amount equal to the greater of (a) US$250,000 (two hundred and fifty thousand Dollars) and (b) such amount as may be specified
in the Operative Lease Agreement relating to such Aircraft. 
 “Default Interest Period” has the meaning
ascribed thereto in Clause 12.1. 
 “Default Rate” has the meaning ascribed thereto in Clause 12.2. 

“Deutsche Bank Equity Bridge Facility” means a bridge financing facility provided or to be provided by Deutsche Bank AG
to the Borrower pending completion of any IPO. 
 “Disclosure Letter” means the letter provided or to be
provided by the Borrower to the Facility Agent on or before the Drawdown Date with respect to the Irish Group Companies and the financing arrangements for the Irish Group Companies. 

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

“Drawdown Date” means the date on which all of the Advances are or are to be made, which date shall be a Business Day.

 “Drawdown Notice” means a notice from the Borrower substantially in the form set out in Schedule 9 or in such
other form as may be agreed by the Borrower and the Facility Agent. 

  
 -5-

 “Engines” means, in relation to an Aircraft, the engines for such Aircraft
as specified in Schedule 2 (each, an “Engine”). 
 “Engine Manufacturer” means: 

 

	 	(a)	in relation to each of Aircraft 2, Aircraft 7, Aircraft 8, Aircraft 12, Aircraft 15, Aircraft 16 and Aircraft 17, CFM International, Inc.; 

 

	 	(b)	in relation to each of Aircraft 1, Aircraft 9, Aircraft 10 and Aircraft 11, CFM International, S.A.; 

 

	 	(c)	in relation to each of Aircraft 3, Aircraft 4, Aircraft 5, Aircraft 6, Aircraft 13, Aircraft 14 and Aircraft 18, IAE International Aero Engines AG; and

  

	 	(d)	in relation to each of Aircraft 19 and Aircraft 20, Rolls-Royce plc. 

 “English Law Aircraft Mortgage” means, in relation to an Aircraft, the English law mortgage relating to such Aircraft entered into or to be entered into between the Owner of such Aircraft
(or, in the case of Aircraft 17, the Owner Trustee) and the Security Trustee. 
 “Event of Default” means any of
the events or circumstances specified in Clause 11.1. 
 “Excepted Property” means all of the right, title and
interest of each Obligor in and to any and all indemnity payments that may from time to time be payable to such Obligor for its own account pursuant to any Lease Document. 
 “Existing Financing” means the existing financing of the Aircraft by Norddeutsche Landesbank Girozentrale. 
 “Expenses” means the aggregate at any relevant time (to the extent that the same have not been received or recovered by any Finance Party or any Receiver) of: 

 

	 	(a)	all losses, liabilities, claims, costs, charges, expenses and outgoings of whatever nature (including, without limitation, Taxes, stamp duties, registration fees and
insurance premiums) suffered, incurred or paid by any Finance Party or any Receiver in connection with the exercise, preservation or enforcement of any right, power or remedy under or in relation to any Transaction Document; and

  

	 	(b)	interest on all such losses, liabilities, claims, costs, charges, expenses and outgoings from the date on which the same were suffered, incurred or paid by any Finance
Party or any Receiver until the date of receipt or recovery (whether before or after judgment) at the Default Rate for the applicable period. 

 “Extension Option” means the option of the Borrower with respect to the Extension Option Aircraft pursuant to Clause 6.2. 

“Extension Option Aircraft” means either or both or Aircraft 19 and Aircraft 20. 

“Extension Option Guarantee” means, in relation to an Extension Option Aircraft, any guarantee relating to certain
financial obligations of the Borrower under this Agreement that is executed in favour of the Security Trustee after the date of this Agreement as a result of the operation of paragraph 1 of Part B of Schedule 6. 

  
 - 6 -

 “Facility” means the secured commercial loan facility granted to the
Borrower pursuant to Clause 2.1. 
 “Fee Letters” means the fee letter dated of even date herewith and entered
into between the Borrower and the Facility Agent and any other fee letter relating to the transactions contemplated by the Transaction Documents and entered into from time between any Obligor and any Finance Party (each, a “Fee
Letter”). 
 “Fees” means the upfront fee payable by the Borrower to the Facility Agent on or before
the Drawdown Date and any other fee payable from time to time by any Obligor to any Finance Party in relation to the transactions contemplated by the Transaction Documents, in each case only as expressly contemplated by the Fee Letters. 

“Final Repayment Date” means the fifth (5th) anniversary of the Drawdown Date (subject always to the provisions of Clause 6.2 with respect to the Advances
for the Extension Option Aircraft). 
 “Finance Parties” means, together, the Lenders, the Facility Agent and
the Security Trustee (each, a “Finance Party”). 
 “Finance Party Lien” means any Lien to the
extent the same arises in respect of (a) a debt, liability or other obligation (whether financial or otherwise) of any Finance Party (other than any such Lien created pursuant to the Transaction Documents), (b) any breach by any Finance
Party of its express obligations under any Transaction Document or (c) any act or omission of any Finance Party not related to the transactions contemplated by the Transaction Documents (but in the case of each of (a), (b) and
(c) above, excluding any Lien to the extent the same arises as a result of any act, omission, default or misrepresentation or the gross negligence or wilful misconduct of any Obligor). 

“Fixed Rate Advances” means the Advances for each of the Aircraft, other than Aircraft 13, Aircraft 14, Aircraft 18,
Aircraft 19 and Aircraft 20 (each, a “Fixed Rate Advance”). 
 “Floating Rate Advances” means
the Advances for each of Aircraft 13, Aircraft 14, Aircraft 18, Aircraft 19 and Aircraft 20 (each, a “Floating Rate Advance”). 
 “Funding Costs” means zero point two five per cent. (0.25%) per annum. 
 “Governmental Authority” means (a) any national government, political sub-division thereof, or local jurisdiction therein whether de facto or de jure and/or (b) any board,
commission, department, division, organ, instrumentality, court or agency thereof, howsoever constituted and/or (c) any association, organisation or institution of which any entity mentioned in (a) or (b) above is a member or who is
controlled directly or indirectly thereby (and for these purposes “control” shall mean the power to direct its management and its policies whether through the ownership of voting capital, by contract or otherwise). 

“Guarantees” means, together, the Company Guarantees, the Bank Guarantee, any IPO Replacement Guarantee and any Extension
Option Guarantee (each, a “Guarantee”). 

  
 - 7 -

 “Hobart Aviation” means Hobart Aviation Holdings Limited (formerly Lease
Corporation International Limited), a private limited company incorporated and existing under the laws of Ireland. 

“Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it
is a Subsidiary. 
 “Illegality Event” means the occurrence of any of the following events or circumstances as a
result of any Change in Law: 
  

	 	(a)	it becomes unlawful or impossible without breaching any applicable law (i) for any Obligor to perform any of its obligations under any Transaction Documents to
which it is a party, or (ii) for any Finance Party to exercise any of its rights or powers in relation to any Obligor under any Transaction Documents to which it is a party; or 

 

	 	(b)	it becomes unlawful or impossible without breaching any applicable law for any Lender to fund, maintain or give effect to its obligations with respect to the Facility
or an Advance; or 

  

	 	(c)	all or any material part of any Transaction Document to which any Obligor is a party becomes void, illegal, invalid, unenforceable or of limited force and effect in
respect of the performance by such Obligor of any obligation thereunder; or 

  

	 	(d)	any Lien constituted by any of the Security Documents or the indebtedness secured thereby (i) is or becomes deemed under applicable law discharged (other than by
payment), varied or deferred or (ii) loses any stated or applicable priority and such event, in the opinion of the Facility Agent (acting reasonably and on the instructions of an Instructing Group), has a material adverse effect on the
interests, rights or position of any of the Finance Parties under any Transaction Document; or 

  

	 	(e)	any Authorisation required in relation to any Obligor by applicable law for the validity or legality of any Transaction Document to which any Obligor is a party or the
performance thereof by any Obligor is withdrawn or ceases, for any reason, to be in full force and effect or is not renewed or obtained when required and such event, in the opinion of the Facility Agent (acting reasonably and on the instructions of
an Instructing Group), has or might have a material adverse effect on the interests, rights or position of any of the Finance Parties under any Transaction Document, 

unless, in each case, such event or circumstance is or occurs as a result of an Event of Default. 

“Increased Costs” has the meaning ascribed thereto in Clause 16. 

“Indemnitee” has the meaning ascribed thereto in Clause 14.1. 

“Instructing Group” means: 
  

	 	(a)	if the Loan is not then outstanding, a Lender or Lenders whose Commitments aggregate more than sixty six point six six per cent. (66.66%) of the Total Commitments
(or, if the Total Commitments have been reduced to zero, aggregated more than sixty six point six six per cent. (66.66%) of the Total Commitments immediately prior to the reduction); or 

  
 -8-

	 	(b)	at any other time, a Lender or Lenders whose participation in the Loan aggregates more than sixty six point six six per cent. (66.66%) of the amount of the Loan.

 “Insurances” means, in relation to an Aircraft, all policies and contracts of insurance
maintained or required to be maintained in relation to such Aircraft in accordance with the terms of this Agreement and/or the Operative Lease Agreement relating to such Aircraft. 

“Insurance Proceeds” means any and all amounts payable in consequence of any claim under the Insurances (other than third
party liability insurances). 
 “Interest Period” means each period for the calculation of interest in relation
to the Advances, as determined pursuant to Clause 4.3 and Clause 4.4. 
 “IPO” means any issue of equity or
other capital raising by the IPO Entity, currently contemplated as an initial public offering on the Australian Securities Exchange before 30 June 2008. 
 “IPO Accounting Principles” means generally accepted accounting principles in the jurisdiction of incorporation of the IPO Entity. 

“IPO Entity” means Global Aviation Leasing Limited, the issuer of the equity or other capital under the IPO. 

“IPO Group” means the IPO Entity and its Subsidiaries from time to time. 

“IPO Replacement Date” means the date upon which (a) the IPO Replacement Guarantee is executed in favour of the
Security Trustee and (b) the other conditions set out in paragraph 3 of Part B of Schedule 7 are satisfied. 
 “IPO
Replacement Guarantee” means any guarantee replacing the Bank Guarantee that is executed by the IPO Entity in favour of the Security Trustee after the date of this Agreement as a result of the operation of paragraph 3 of Part B of Schedule
6. 
 “Irish Aircraft Companies” means the Irish-incorporated companies specified in Schedule 1 (each, an
“Irish Aircraft Company”). 
 “Irish Group Companies” means, together, Temple Aviation Holdings
Limited (being the owner of the entire issued share capital of the Borrower on the date hereof), the Borrower, any Irish-incorporated Affiliate of any such company from time to time and any other Irish Related Company from time to time (other than
the Purchaser, the Irish Holding Companies and the Irish Aircraft Companies) (each, an “Irish Group Company”). 

“Irish Holding Companies” means, together, Churchill Aviation Limited, Drake Aviation Limited, Goa Aviation Limited,
Marlborough Aviation Limited, Montgomery Aviation Limited, Mumbai Aviation Limited, Nelson Aviation Limited and Roosevelt Holdings Limited, each an Irish-incorporated limited liability company (each, an “Irish Holding Company”).

  
 -9-

 “Irish Insolvency Event” means any commencement (or the likelihood of any
commencement) of Irish examinership proceedings with respect to any Irish Group Company. 
 “Irish Related
Company” has the meaning ascribed to the term “related company” in section 4 of the Companies (Amendment) Act 1990. 
 “L/C Issuer” means any person that provides a Letter of Credit from time to time. 
 “Lease Agreement” means: 
  

	 	(a)	in relation to each Aircraft, the lease agreement specified as such in Part A of Schedule 3; 

 

	 	(b)	in relation to each of Aircraft 7, Aircraft 8, Aircraft 9, Aircraft 10, Aircraft 11 and Aircraft 16, the Sub-Lease Agreement relating to such Aircraft, and, in relation
to Aircraft 16, the sub-sub-lease agreement for such Aircraft specified in Part A of Schedule 3; 

  

	 	(c)	in relation to any Aircraft, any Subsequent Lease Agreement relating to such Aircraft. 

“Lease Documents” means, in relation to an Aircraft, the Lease Agreement relating to such Aircraft, the Lease Support
Documents relating to such Aircraft, any Lease Management Agreement relating to such Aircraft, any Remarketing Agreement relating to such Aircraft, all other documents, notices, consents, acknowledgements and certificates from time to time entered
into pursuant thereto or in connection therewith and each other document designated as such in writing by the Borrower and the Security Trustee (each, a “Lease Document”). 

“Lease Event of Default” has, in relation to an Aircraft, the meaning ascribed to the term “Event of Default”
(or to any similar or analogous term) in the Operative Lease Agreement relating to such Aircraft. 
 “Lease
Guarantee” means, in relation to an Aircraft: 
  

	 	(a)	the guarantee (if any) executed before the date of this Agreement in support of the Lessee’s obligations under the Lease Agreement relating to such Aircraft, as
specified in Part B of Schedule 3; and 

  

	 	(b)	any guarantee or similar instrument (other than a Letter of Credit) executed after the date of this Agreement in support of the Lessee’s obligations under the
Operative Lease Agreement relating to such Aircraft. 

 “Lease Guarantor” means any person that
provides a Lease Guarantee from time to time. 
 “Lease Maintenance Reserve Amounts” means, in relation to an
Aircraft, all amounts paid or payable from time to time by way of maintenance reserves or maintenance adjustment by the Lessee of such Aircraft under the Operative Lease Agreement relating to such Aircraft. 

“Lease Manager” means, in relation to any Aircraft and the Lease Management Agreement for such Aircraft, Global Aviation
Asset Management Pty Ltd. and/or such other person as may from time to time be appointed as the lease manager in relation to such Aircraft with the prior written consent of the Security Trustee. 

  
 -10-

 “Lease Management Agreement” means, in relation to an Aircraft, any lease
management (or similar) agreement relating to such Aircraft entered into from time to time between the Lease Manager, an Obligor and/or any other person. 
 “Lease Rental Account” means, in relation to an Aircraft, the designated account for the payment of Lease Rental Amounts with respect to such Aircraft, as specified in Part C of Schedule
3. 
 “Lease Rental Amounts” means, in relation to an Aircraft, all amounts of rental paid or payable from time
to time by the Lessee of such Aircraft under the Operative Lease Agreement relating to such Aircraft. 
 “Lease Security
Amounts” means, in relation to an Aircraft, all amounts of any deposit and / or the proceeds of any Letter of Credit or Lease Guarantee from time to time, in each case securing the obligations of the Lessee of such Aircraft under the
Operative Lease Agreement relating to such Aircraft. 
 “Lease Support Documents” means, in relation to an
Aircraft, any Letter of Credit, any Lease Guarantee, any Lessee Security Agreement and any other document specified as such in Part B of Schedule 3, in each case relating to such Aircraft (each, a “Lease Support Document”).

 “Lenders” means, together, the Initial Lender and its and any subsequent Transferees (each, a
“Lender”). 
 “Lending Office” means (a) in relation to the Initial Lender, its office at
the address specified in Clause 33.3, (b) in relation to any other Lender, its office at the address specified in the Transfer Certificate whereby such Lender becomes a Party or (c) in the case of any Lender, such other office or offices
as it may from time to time notify to the Facility Agent and the Borrower. 
 “Lessee” means, in relation to an
Aircraft, each person that is specified as such in Schedule 2 and any other operator of such Aircraft from time to time pursuant to and in accordance with the provisions of the Lease Agreement relating to such Aircraft and this Agreement.

 “Lessee Refinancing Notification Letter” means, in relation to each Aircraft, the letter to be provided by
the Owner of such Aircraft to the Lessee of such Aircraft on or before the Drawdown Date whereby such Owner notifies such Lessee of certain matters with respect to the refinancing of such Aircraft. 

“Lessee Security Agreement” means, in relation to an Aircraft: 

 

	 	(a)	the security assignment (if any) executed before the date of this Agreement by the Lessee of such Aircraft in favour of the Owner of such Aircraft, as specified in Part
B of Schedule 3; and 

  

	 	(b)	any security assignment executed after the date of this Agreement by the Lessee of such Aircraft in favour of the Owner of such Aircraft. 

  
 -11-

 “Letter of Credit” means, in relation to an Aircraft: 

 

	 	(a)	each letter of credit (if any) issued before the date of this Agreement in support of the Lessee’s obligations under the Lease Agreement relating to such Aircraft,
as specified in Part B of Schedule 3; and 

  

	 	(b)	any letter of credit issued after the date of this Agreement in support of the Lessee’s obligations under the Operative Lease Agreement relating to such Aircraft.

 “LIBOR” means, in relation to any amount denominated in Dollars or any other currency on which
interest for a given period is to accrue: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for the period of that amount) the arithmetic means of the rates (rounded upwards to four decimal places) as supplied to the Facility
Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

 as of 11.00
a.m. on the Quotation Day for the offering of deposits in Dollars or such other currency for a period comparable to the relevant period of the relevant amount. 
 “Lien” means any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, trust arrangement or security interest of any kind or any other right, agreement or
arrangement having a similar effect (including without limitation title transfer and/or retention arrangements and rights of possession or detention). 
 “Loan” means the aggregate amount of the Advances from time to time. 
 “Loan Documents” means, together, this Agreement, the Fee Letters, the Guarantees, all other documents, notices, consents, acknowledgements and certificates from time to time entered into
pursuant thereto or in connection therewith and each other document designated as such in writing by the Borrower and the Security Trustee (each, a “Loan Document”). 

“Local Law Aircraft Mortgage” means: 
  

	 	(a)	in relation to each of Aircraft 1 and Aircraft 2, the French law mortgage relating to such Aircraft entered into or to be entered into between the Owner of such
Aircraft and the Security Trustee; 

  

	 	(b)	in relation to each of Aircraft 7 and Aircraft 8, the Finnish law mortgage relating to such Aircraft entered into or to be entered into between the Owner of such
Aircraft and the Security Trustee; 

  

	 	(c)	in relation to Aircraft 15, the Omani law mortgage relating to such Aircraft entered into or to be entered into between the Owner of such Aircraft and the Security
Trustee; and 

  

	 	(d)	in relation to each of Aircraft 16 and Aircraft 17, the Chinese law mortgage relating to such Aircraft entered into or to be entered into between (i) in the case
of Aircraft 16, the Owner of such Aircraft and the Security Trustee and (ii) in the case of Aircraft 17, the Owner Trustee and the Security Trustee. 

  
 -12-

 “Losses” means any losses, costs, charges, expenses, interest, fees,
payments, demands, liabilities, claims, penalties, fines, damages, adverse judgements, orders or other monetary sanctions but excludes Taxes. 
 “LTV Ratio” means, in relation to any Advance, the Aircraft that corresponds to such Advance and any date of determination, the proportion borne by (a) the outstanding amount of such
Advance on such date to (b) the Appraised Current Market Value of such Aircraft on such date, expressed as a percentage. 

“Margin” means zero point nine five per cent. (0.95%) per annum. 

“Net Sale Proceeds” means, in relation to a sale or other disposal of an Aircraft, the amount actually received by an
Obligor, the Security Trustee, a Receiver or any other person on its behalf from a purchaser of such Aircraft after deducting the costs and expenses incurred in connection with such sale or other disposal including without limitation, Taxes,
broker’s commissions, redelivery costs, marketing expenses, reconfiguration and maintenance expenses, legal costs, storage, insurance, registration fees and any other Expenses, in each case incurred pursuant to the terms of the sale or other
disposal of such Aircraft. 
 “Obligors” means, together, the Sponsor, the Borrower, the Purchaser, each Irish
Aircraft Company, each Aircraft Holding Company and each other person designated as such in writing by the Borrower and the Security Trustee (each, an “Obligor”). 

“Operative Lease Agreement” means: 
  

	 	(a)	in relation to each Aircraft (other than Aircraft 16), the lease agreement specified as the “Lease Agreement” in Part A of Schedule 3; and

  

	 	(b)	in relation to Aircraft 16, the Sub-Lease Agreement relating to such Aircraft. 

 “Original Repayment Schedule” means the repayment schedule relating to the Advances set forth in Part A of Schedule 4. 

“Owner” means, in relation to an Aircraft, the Irish Aircraft Company that is specified as the owner of such Aircraft in
Schedule 2. 
 “Owner Account Pledge Agreement” means, in relation to an Aircraft, the German law pledge
agreement relating to, inter alia, the Lease Rental Account for such Aircraft entered into or to be entered into between the Owner of such Aircraft and the Security Trustee. 

“Owner Security Agreement” means: 
  

	 	(a)	in relation to each of Aircraft 3 to Aircraft 6 inclusive, Aircraft 9 to Aircraft 11 inclusive, Aircraft 13 to Aircraft 15 inclusive and Aircraft 18 to Aircraft 20
inclusive, the English law security agreement relating to such Aircraft entered into or to be entered into between the Owner of such Aircraft and the Security Trustee; 

 

	 	(b)	in relation to each of Aircraft 1, Aircraft 2, Aircraft 12 and Aircraft 16, the New York law security agreement relating to such Aircraft entered into or to be entered
into between the Owner of such Aircraft and the Security Trustee; 

  
 -13-

	 	(c)	in relation to each of Aircraft 7 and Aircraft 8, each of (i) the English law security agreement relating to such Aircraft entered into or to be entered into
between the Owner of such Aircraft and the Security Trustee and (ii) the New York law security agreement relating to such Aircraft entered into or to be entered into between the Owner of such Aircraft and the Security Trustee; and

  

	 	(d)	in relation to Aircraft 17, each of (i) the English law security agreement relating to such Aircraft entered into or to be entered into between the Owner Trustee
and the Security Trustee and (ii) the New York law security agreement relating to the beneficial interest with respect to such Aircraft entered into or to be entered into between the Owner of such Aircraft and the Security Trustee.

 “Owner Trustee” means Wells Fargo Bank Northwest, National Association, a national banking
association organised and existing under the laws of the State of Utah, United States of America. 
 “Part” has,
in relation to an Aircraft, the meaning ascribed thereto in the Operative Lease Agreement relating to such Aircraft. 

“Parties” means, together, the parties to this Agreement from time to time (each, a “Party”).

 “Percentage” means, in relation to a Lender, the proportion borne by such Lender’s participation in the
Loan to the amount of the Loan, expressed as a percentage. 
 “Permitted Liens” means any of the following:

  

	 	(a)	Liens expressly permitted by or constituted by any Transaction Document; 

  

	 	(b)	airports’, air navigation authorities’, airport hanger keepers’, materialmen’s, mechanics’, workmen’s repairmen’s, employees’ or
other like Liens arising in the ordinary course of business by statute or by operation of applicable law securing amounts, which are not overdue or which are being contested in good faith by appropriate proceedings (and for which adequate reserves
exist or, when required in order to pursue such proceedings, an adequate bond has been provided), so long as such proceedings or the continued existence of the relevant Lien do not involve any risk of the sale, forfeiture or loss of the Aircraft or
any interest therein; 

  

	 	(c)	Liens for taxes (including fees or charges of any airport or air navigation authority) not yet assessed or if assessed either not yet due and payable or if due and
payable being contested by in good faith by appropriate proceedings (and for which adequate reserves exist or, when required in order to pursue such proceedings, an adequate bond has been provided), so long as such proceedings or the continued
existence of the relevant Lien do not involve any risk of the sale, forfeiture or loss of the Aircraft or any interest therein; 

  

	 	(d)	Liens arising out of judgements or awards with respect to which an appeal or proceeding for review is being prosecuted in good faith (and for which adequate reserves
exist or, when required in order to pursue such proceedings, an adequate bond has been provided), so long as such proceedings or the continued existence of the relevant Lien do not involve any risk of the sale, forfeiture or loss of the Aircraft or
any interest therein; 

  
 -14-

	 	(e)	salvage or similar rights of insurers under the Insurances; 

  

	 	(f)	any other Lien created with the prior written consent of each Representative; and 

 

	 	(g)	any Finance Party Lien. 

“Prepayment Date” means, in relation to any Prepayment Event, the date on which such Prepayment Event occurs. 

“Prepayment Event” means the occurrence of any of the following events in relation to an Aircraft: 

 

	 	(a)	any Obligor (or any other person on its behalf) completes any sale of such Aircraft to any other person; or 

 

	 	(b)	any payment consequent upon the occurrence of a Total Loss in relation to such Aircraft pursuant to the Lease Agreement relating to such Aircraft becomes due and
payable by the Lessee of such Aircraft. 

 “Proceeds” means any Net Sale Proceeds, any Insurance
Proceeds, any Lease Rental Amounts, any Lease Security Amounts, any Lease Maintenance Reserve Amounts, any Warranty Proceeds, any Requisition Compensation and any other amounts (other than amounts relating to Excepted Property) received by any Party
(other than pursuant to Clause 20) or a Receiver pursuant to any Transaction Document whether or not by reason of the exercise of their respective powers thereunder or with respect thereto or otherwise. 

“Qualifying Lender” means, in relation to an Advance, a Lender which is beneficially entitled to interest payable in
relation to such Advance and which is: 
  

	 	(a)	treated as a resident of a Treaty State for the purposes of a Treaty; or 

  

	 	(b)	     

  

	 	(i)	a company that is resident in a member state of the European Union (other than Ireland) for tax purposes in such member state or that is resident in a Treaty State for
tax purposes in such Treaty State; 

  

	 	(ii)	a corporation that is incorporated under the laws of the United States of America provided that such entity is subject to federal tax in the United States of America on
its worldwide income; or 

  

	 	(iii)	a limited liability company (LLC) that is incorporated under the laws of the United States of America provided that (x) each ultimate recipient of such interest is
(A) treated as a resident of a Treaty State for the purposes of a Treaty or (B) resident in a member state of the European Union (other than Ireland) for tax purposes in such member state and (y) the business conducted through such
limited liability company is so structured for market reasons and not for tax avoidance purposes, 

 in each case
provided that such Lender is not carrying on a trade or business in Ireland through an agency or branch with which the interest payments made in relation to such Advance are connected; or 

  
 -15-

	 	(c)	the holder of a licence for the time being in force granted under section 9 of the Irish Central Bank Act 1971 and whose Lending Office is located in Ireland, or an
authorised credit institution under the terms of EU Council Directive 2000/12/EC of 20 March 2000 which has duly established a branch in Ireland or has made all necessary notifications to its home state competent authorities required thereunder
in relation to its intention to carry on banking business in Ireland, in each case provided that it is carrying on a bona fide banking business in Ireland with which the interest payments made in relation to such Advance are connected; or

  

	 	(d)	a body corporate which is resident in Ireland for the purposes of Irish tax or which carries on a trade in Ireland through a branch or agency: 

 

	 	(i)	which makes such Advance in the ordinary course of a trade which includes the lending of money; and 

 

	 	(ii)	in whose hands any interest payable in respect of such Advance is taken into account in computing the trading income of the company; and 

 

	 	(iii)	which has complied with all of the provisions of Section 246(5)(a) of the Taxes Consolidation Act, 1997 of Ireland as amended (“the Taxes Act”),
including making the appropriate notifications thereunder to the Revenue Commissioners of Ireland and the relevant Lender has not ceased to be a company to which Section 246(5)(a) applies; or 

 

	 	(e)	a qualifying company within the meaning of Section 110 of the Taxes Act. 

 “Quotation Day” means, in relation to any period for which an interest rate is to be determined based on LIBOR, the date falling two (2) London Business Days before the first day of
that period (or such later time as the Facility Agent may agree), unless market practice differs in the London interbank market for a currency, in which case the Quotation Day will be determined by the Facility Agent in accordance with market
practice in the London interbank market (and if quotations would normally be given by leading banks in the London interbank market on more than one day, the Quotation Day will be the last of those days). 

“Receiver” means and includes any administrative receiver and any other receiver and/or manager of the whole or any part
of the undertaking and/or assets of the relevant mortgagor or assignor appointed under any of the Trust Documents (and whether acting as agent for the relevant mortgagor or assignor or otherwise). 

“Recourse Event of Default” means any Event of Default under Clause 11.1(d). 

“Recourse Obligations” means any obligation of any Relevant Obligor under any of paragraphs 5 (No prejudice to
interests), 8 (Amendments to Transaction Documents), 11 (Negative Pledge), 15 (Operation of AIrcraft), 16 (Leasing, Re-Leasing and Sale), 18 (Lease Maintenance Reserves and Security
Deposits), 19 (Lease Documents), 20 (Ownership), 21 (No other business), 22 (No other liabilities), 23 (Conduct of Business) and 24 (Irish Group Companies) of Part A of
Schedule 6, in each case to the extent that breach of such obligation cannot be caused by acts or omissions of persons other than any Relevant Obligor. 
 “Reference Banks” means the principal London offices of Norddeutsche Landesbank Girozentrale, Barclays Bank PLC and Deutsche Bank AG or such other

  
 -16-

 
bank or banks as may from time to time be appointed by the Facility Agent in consultation with the Lenders and (prior to the occurrence of an Event of Default that is continuing) the Borrower
(each, a “Reference Bank”). 
 “Relevant Obligor” means each Obligor that is, or becomes after
the date of this Agreement, a Party. 
 “Relevant Persons” means, together, the Obligors, each Lessee, each
Lease Guarantor, each L/C Issuer, each Airframe Manufacturer and each Engine Manufacturer (each, a “Relevant Person”). 
 “Remarketing Agent” means, in relation to any Aircraft and the Remarketing Agreement for such Aircraft, Global Aviation Asset Management Pty Ltd. and/or such other person as may from time
to time be appointed as the remarketing agent in relation to such Aircraft with the prior written consent of the Security Trustee. 
 “Remarketing Agreement” means, in relation to an Aircraft, any remarketing (or similar) agreement relating to such Aircraft entered into from time to time between the Remarketing Agent,
an Obligor and/or any other person. 
 “Repayment Date” means each of the dates set forth in the Repayment
Schedule provided that if any such date is not a Business Day, it shall be the next succeeding Business Day, unless such next succeeding Business Day falls in the next calendar month in which case such date shall be the immediately preceding
Business Day. 
 “Repayment Schedule” means the Original Repayment Schedule and any repayment schedule
substituted therefor pursuant to Clause 6.3. 
 “Representatives” means, together, the Facility Agent and the
Security Trustee (each, a “Representative”). 
 “Requisition Compensation” means all moneys and
other compensation from time to time payable in respect of any Compulsory Acquisition. 
 “Screen Rate” means in
relation to LIBOR and any period in relation thereto, the British Bankers’ Association Interest Settlement Rate for the relevant currency and for the relevant period displayed on the appropriate page of the Reuters screen. If no such page or
service is available, the Facility Agent may specify another page or service displaying the appropriate rate after consultation with the Lenders and (prior to the occurrence of an Event of Default that is continuing) the Borrower. 

“Secured Obligations” means (a) any and all moneys and financial liabilities which are (or which are expressed to
be) now or at any time hereafter due, owing or payable by any Obligor to any Finance Party in any currency, actually or contingently, with another or others, as principal or surety, on any account whatsoever under or in relation to any Transaction
Document, including as a consequence of any breach, non-performance, disclaimer or repudiation by any Obligor (or by a liquidator, receiver, administrative receiver, administrator or any similar officer in respect of such Obligor) of any of such
Obligor’s obligations under or in relation to any Transaction Document, and (b) any and all obligations which are (or which are expressed to be) now or at any time hereafter to be performed by any Obligor in favour of any Finance Party
under or in relation to any Transaction Document (and any and all such moneys, liabilities and obligations of any Obligor shall form part of the Guaranteed Obligations (i) whether or not such Obligor is personally liable for the same and
whether or not any recourse may be had with respect thereto against such Obligor and/or its assets and (ii) (without limiting the foregoing) notwithstanding the limited recourse provisions of Clause 34). 

  
 -17-

 “Security Documents” means, together, the Share Charges, the Aircraft
Mortgages for all of the Aircraft, the Owner Security Agreements for all of the Aircraft, the Owner Account Pledge Agreements for all of the Aircraft, each other document executed by any Obligor or any other person in favour of any Finance Party
(directly or indirectly) so as to provide security for the Secured Obligations and each other document designated as such in writing by the Borrower and the Security Trustee (each, a “Security Document”). 

“Security Period” means the period commencing on the date hereof and terminating on the date upon which all of the
Secured Obligations have been discharged. 
 “Share Charge” means, in relation to each Obligor (other than the
Borrower and the Sponsor), the Irish law share charge relating to the shares of such Obligor entered into or to be entered into between the owner(s) of the entire issued share capital of such Obligor and the Security Trustee. 

“Share Sale and Purchase Agreement” means the agreement relating to the sale and purchase of the entire issued share
capital of Hobart Aviation dated 26 October 2007 and entered into between Lease Corporation International (Aviation) Limited, Arabella Group Limited, the Purchaser and the Sponsor. 

“State of Registration” has, in relation to an Aircraft, the meaning ascribed to such term (or to any similar or
analogous term) in the Operative Lease Agreement relating to such Aircraft. 
 “Sub-Lease Agreement” means, in
relation to each of Aircraft 7, Aircraft 8, Aircraft 9, Aircraft 10, Aircraft 11 and Aircraft 16, the lease agreement specified as such in Part A of Schedule 3. 
 “Sub-Lessee” means, in relation to each of Aircraft 7, Aircraft 8, Aircraft 9, Aircraft 10, Aircraft 11 and Aircraft 16, the person specified as such in Part A of Schedule 3. 

“Subsequent Lease Agreement” has the meaning ascribed thereto in paragraph 16(d) of Part A of Schedule 6. 

“Subsequent Security Documents” means: 
  

	 	(a)	the English Law Aircraft Mortgages; 

  

	 	(b)	the Local Law Aircraft Mortgages; 

  

	 	(c)	the Owner Security Agreements (together with the related notices and acknowledgements); 

 

	 	(d)	the Owner Account Pledge Agreements (together with the related notices and acknowledgements); 

 

	 	(e)	the Share Charges executed in relation to the Irish Holding Companies and the Owners; and 

 

	 	(f)	the Company Guarantees executed by the Irish Aircraft Companies, 

  
 -18-

 (each, a “Subsequent Security Document”). 

“Subsidiary” means: 
  

	 	(a)	in relation to any company that is incorporated under the laws of Ireland, a subsidiary within the meaning of section 155 of the Companies Act 1963; and

  

	 	(b)	in relation to any company or corporation that is not incorporated under the laws of Ireland, a company or corporation: 

 

	 	(i)	which is controlled, directly or indirectly, by the first mentioned company or corporation; or 

 

	 	(ii)	more than half the issued voting share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or

  

	 	(iii)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation under the laws of its jurisdiction of incorporation, 

and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is
able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 
 “Surplus
Proceeds” has the meaning ascribed thereto in Clause 20.6. 
 “Taxes” means all present and future
taxes, levies, imposts, withholdings, deductions, duties or charges of any nature whatsoever, and wheresoever imposed or withheld, including (without limitation) value added tax or any other tax in respect of added value and any franchise, transfer,
sales, use, business, occupation, excise, personal property, real property, stamp or other tax imposed by any national or regional taxing or fiscal authority or agency, together with any penalties, additions to tax, fines or interest thereon; and
“Tax” and “Taxation” shall be construed accordingly. 
 “Total Commitments” means the
aggregate of the Commitments. 
 “Total Loss” has, in relation to an Aircraft or an Engine, the meaning ascribed
to such term (or to any similar or analogous term) in the Operative Lease Agreement relating to such Aircraft. 
 “Total
Loss Payment Date” means, in relation to an Aircraft, the date following the occurrence of a Total Loss in relation to such Aircraft upon which the Lessee of such Aircraft becomes obliged to make any consequent payment pursuant to the
provisions of the Operative Lease Agreement relating to such Aircraft. 
 “Total Loss Proceeds” means, in
relation to an Aircraft, the Insurance Proceeds payable in respect of a Total Loss in relation to such Aircraft. 

“Transaction Documents” means, together, the Loan Documents, the Security Documents, the Lease Documents, all other
documents, notices, consents, acknowledgements and certificates from time to time entered into pursuant thereto or in connection therewith and each other document designated as such in writing by the Borrower and the Security Trustee (each, a
“Transaction Document”). 

  
 -19-

 “Transfer Certificate” means a certificate substantially in the form set
out in Schedule 10 or in such other form as may be agreed by the Borrower and the Facility Agent. 

“Transferee” means a person to whom a Lender transfers all or part of its rights and obligations under this Agreement and
the other Transaction Documents to which it is a party upon and subject to the terms and conditions set out in Clause 31. 

“Treaty State” means a jurisdiction having a double taxation agreement with Ireland that is in effect (a
“Treaty”). 
 “Trusts” means the trusts constituted in favour of the Finance Parties pursuant
to the Trust Documents. 
 “Trust Documents” means, together, the Security Documents and each other Transaction
Document that forms part of the collateral under a Security Document (each, a “Trust Document”). 

“Trust Property” means (a) the Trust Documents and the security, powers, rights, titles, benefits and interests
(both present and future) constituted by and conferred on the Security Trustee under or pursuant to the Trust Documents and (b) all Proceeds and any other moneys, property or other assets paid or transferred to or vested in the Security Trustee
or received or recovered by the Security Trustee pursuant to, or in connection with, any of the Trust Documents. 

“Unpaid Sum” has the meaning ascribed thereto in Clause 12.1. 

“Warranties” means, in relation to an Aircraft, any and all warranties given by the applicable Airframe Manufacturer, the
applicable Engine Manufacturer or any other person in relation to such Aircraft (including its Engines and its Parts). 

“Warranty Proceeds” means, in relation to an Aircraft, the proceeds of all claims made under or any other monies paid in
relation to any Warranties for such Aircraft. 
  

	1.2	Unless otherwise specified and except where the context otherwise requires, any reference in this Agreement to: 

 

	 	(a)	any person shall be construed so as to include its successors and permitted assigns and permitted transferees in accordance with their respective interests;

  

	 	(b)	any document (including this Agreement and each other Transaction Document) shall be construed as a reference to such document as amended, restated, supplemented,
varied or novated from time to time in accordance with its terms; 

  

	 	(c)	any provision of law shall be construed as a reference to that provision as amended, supplemented, varied, re-enacted, replaced or restated from time to time;

  

	 	(d)	 any “applicable law” includes, without limitation, (i) applicable laws, acts, codes, conventions, decrees, decree-laws,
legislation, statutes, treaties and 

  
 -20-

	 	
similar instruments, (ii) applicable final judgments, orders, determinations or awards of any court from which there is no right of appeal (or, if there is a right of appeal, such appeal is
not prosecuted within the allowable time) and (iii) applicable directives, guidance, guidelines, notices, orders, regulations and rules of any Governmental Authority (whether or not having the force of law but with which, if not having the
force of law, compliance is customary); 

  

	 	(e)	a “Clause” shall be construed as a reference to a clause of this Agreement; 

 

	 	(f)	“continuing” shall, in relation to an Event of Default or a Lease Event of Default, be construed as a reference to an Event of Default or a Lease Event
of Default which has not been waived or remedied in accordance with the terms of this Agreement or of the relevant Lease Agreement, as the case may be; 

  

	 	(g)	the “equivalent” on any date in one currency (the “first currency”) of an amount denominated in another currency (the “second
currency”) is a reference to the amount of the first currency which could be purchased with the amount of the second currency at the spot rate of exchange quoted by the Facility Agent at or about 11.00 a.m. on such date for the purchase of
the first currency with the second currency for delivery on such date; 

  

	 	(h)	“indebtedness” means indebtedness for or in respect of money borrowed or any other obligation (whether incurred as principal or surety) for the payment
or repayment of money, whether present or future, actual or contingent; 

  

	 	(i)	a “month” is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next succeeding
calendar month save that, where any such period would otherwise end on a day which is not a Business Day, it shall end on the next succeeding Business Day, unless that day falls in the calendar month succeeding that in which it would otherwise have
ended, in which case it shall end on the immediately preceding Business Day, provided that, if a period starts on the last Business Day in a calendar month or if there is no numerically corresponding day in the month in which that period
ends, that period shall end on the last Business Day in that later month (and references to “months” shall be construed accordingly); 

  

	 	(j)	a “person” shall be construed as a reference to any association, company, corporation, firm, Governmental Authority, individual, joint venture,
partnership (including any limited partnership and any limited liability partnership) or trust (in each case whether or not having separate legal personality); 

 

	 	(k)	“repay” (or any derivative form thereof) shall, subject to any contrary indication, be construed to include “prepay” or (as the case
may be, the corresponding derivative form thereof); 

  

	 	(l)	a “Schedule” shall be construed as a reference to a schedule to this Guarantee; 

 

	 	(m)	a “successor” shall be construed so as to mean a successor in title of a person and any person who under the applicable laws of its jurisdiction of
incorporation or domicile has assumed the rights and obligations of such person or to which, under such laws or by agreement or otherwise, such rights and obligations have been transferred; 

  
 -21-

	 	(n)	“VAT” shall be construed as a reference to value added tax, goods and services tax or any other tax of a similar nature and any tax which replaces any
such tax or is levied in addition to any such tax; and 

  

	 	(o)	the “winding-up”, “dissolution”, “administration” or “re-organisation” of a person shall be
construed so as to include any equivalent or analogous proceedings under the applicable law of the jurisdiction in which such person is incorporated or formed or any jurisdiction in which such person carries on business including the seeking of
liquidation, winding-up, examination, reorganisation, dissolution, administration, arrangement, adjustment, protection or relief of debtors. 

  

	1.3	Clause and Schedule headings shall be ignored in the interpretation of this Agreement. 

 

	1.4	Any reference in this Agreement to a time of day shall, unless a contrary indication appears, be a reference to London time. 

 

	2.	THE FACILITY 

  

	2.1	The Lenders hereby grant to the Borrower, upon the terms and subject to the conditions hereof, a secured financing facility in relation to the Aircraft in an amount
equal to the Available Facility to be utilised by way of twenty (20) Advances as herein provided. 

  

	2.2	Each Lender will, subject to the provisions of this Agreement, participate in the Facility in the amount of its Commitment. 

 

	2.3	The Borrower shall apply the Advances made or to be made to it in or towards the partial financing by the Borrower of the Purchaser’s acquisition of the issued
share capital of Hobart Aviation pursuant to the Share Sale and Purchase Agreement, but none of the Finance Parties shall be obliged to concern itself with any such application. 

 

	2.4	The obligations of the Lenders hereunder are several. The failure by a Lender to perform its obligations hereunder shall not relieve the Borrower or any other Lender
from their respective obligations under this Agreement, nor shall any Finance Party be liable for the failure by such Lender to perform its obligations hereunder. 

 

	2.5	The rights of each Lender are several and any debt arising hereunder at any time from the Borrower to any of the other Parties shall be a separate and independent debt.
Each Lender shall be entitled to protect and enforce its individual rights arising out of this Agreement independently of any other Party (so that it shall not be necessary for any Party to be joined as an additional party in any proceedings for
this purpose). 

  

	3.	ADVANCES 

  

	3.1	 If the Borrower wishes to draw down the Advances under this Agreement, the Borrower shall deliver a single Drawdown Notice to the Facility Agent. The
Facility Agent shall, promptly (but in any event no later than 11.00 a.m. two (2) Business Days before the proposed Drawdown Date or such later time as the Facility Agent

  
 -22-

	 	
may agree) upon receipt of the Drawdown Notice, send a copy thereof to each of the Lenders. The Drawdown Notice must be delivered to the Facility Agent by no later than 10.00 a.m. two
(2) Business Days prior to the proposed Drawdown Date (or such later time as the Facility Agent may agree). 

  

	3.2	The Advances: 

  

	 	(a)	must be made during the Availability Period; 

  

	 	(b)	must be made together on the Drawdown Date; and 

  

	 	(c)	must be made in Dollars. 

  

	3.3	Each Advance for an Aircraft shall be in the amount specified in Part B of Schedule 4 with respect to such Aircraft. 

 

	3.4	As conditions to the making of the Advances, the conditions precedent detailed in Part A of Schedule 7 shall have been satisfied (or waived or postponed) in accordance
with the terms thereof. 

  

	3.5	If the conditions to the making of the Advances shall have been satisfied (or waived or postponed) in accordance with the provisions of Clause 3.4, the Lenders shall
make the Advances pro rata to their Commitments on the Drawdown Date. 

  

	3.6	Immediately upon the making of the Advances, the Available Facility shall be cancelled and the Commitments shall be reduced to zero, in each case automatically and
without further act. 

  

	3.7	As conditions to the ongoing availability of the Facility, the conditions subsequent detailed in Part B of Schedule 7 shall have been satisfied (or waived or postponed)
in accordance with the terms thereof. 

  

	3.8	Each Party hereby agrees that a failure to satisfy any of the conditions subsequent referred to in Clause 3.7 in accordance with the provisions thereof shall (to the
extent not waived or postponed in accordance with the provisions thereof) constitute an immediate Event of Default. 

  

	4.	INTEREST 

  

	4.1	Interest shall accrue on each Advance during each Interest Period relating thereto at the Applicable Rate for such Advance during such Interest Period.

  

	4.2	Interest calculated as set out in Clause 4.1 shall be due and payable in arrear on the outstanding amount of each Advance from time to time on each Repayment Date.

  

	4.3	The duration of each Interest Period in relation to the Advances will be one (1) month, subject always to the provisions of Clause 4.4. 

 

	4.4	Each Interest Period relating to the Advances shall start on (and include) the last day of the preceding such Interest Period and shall end on (but exclude) the next
succeeding Repayment Date provided that the first Interest Period for the Advances shall begin on (and include) the Drawdown Date and the final Interest Period for the Advances shall end on (but exclude) the Final Repayment Date.

  
 -23-

	5.	MARKET DISRUPTION 

  

	5.1	If a floating rate of interest accrues on a Floating Rate Advance or any Unpaid Sum and: 

 

	 	(a)	LIBOR is to be determined by reference to the Reference Banks and at or about 11.00 a.m. on the Quotation Day for an Interest Period applicable to such Floating Rate
Advance none or only one of the Reference Banks supplies a rate for the purpose of determining LIBOR for the relevant Interest Period; or 

  

	 	(b)	before the close of business in London on the Quotation Day for such Floating Rate Advance or such Unpaid Sum, the Facility Agent has been notified by a Lender or each
of a group of Lenders to whom in aggregate sixty six point six six per cent. (66.66%) or more of such Floating Rate Advance or Unpaid Sum is owed that the cost to such Lender or such group of Lenders of obtaining matching deposits for such
Floating Rate Advance or such Unpaid Sum in the London interbank bank would be in excess of the LIBOR rate, 

 then
the Facility Agent shall notify the other Parties of such event and, notwithstanding anything to the contrary in this Agreement, Clause 5.2 shall apply to such Floating Rate Advance or such Unpaid Sum. 

 

	5.2	If Clause 5.1(a) applies to such Floating Rate Advance already outstanding, the duration of the relevant Interest Period shall be one (1) month. If either Clause
5.1(a) or Clause 5.1(b) applies to such Floating Rate Advance already outstanding or an Unpaid Sum, the rate of interest applicable to such Floating Rate Advance or such Unpaid Sum during the relevant Interest Period shall be the rate per annum
which is the sum of: 

  

	 	(a)	the Margin; and 

  

	 	(b)	the rate per annum determined by the Facility Agent to be that which reflects the cost to each Lender of funding from whatever sources it may select (acting reasonably)
its proportion of such Floating Rate Advance or such Unpaid Sum during such Interest Period. 

 If (a) either
of those events mentioned in Clause 5.1(a) or Clause 5.1(b) occurs in relation to such Floating Rate Advance already outstanding or an Unpaid Sum or (b) by reason of circumstances affecting the London interbank market during any period of three
(3) consecutive Business Days occurring prior to the Quotation Date for an Interest Period LIBOR is not available for Dollars to prime banks in the London Interbank market, then if the Facility Agent or the Borrower so requires, the Facility
Agent and the Borrower shall enter into negotiations with a view to agreeing a substitute basis for (i) determining the rates of interest from time to time applicable to such Floating Rate Advance or such Unpaid Sum and/or (ii) upon which
such Floating Rate Advance or such Unpaid Sum may be maintained (whether in Dollars or some other currency) thereafter and any such substitute basis that is agreed shall take effect in accordance with its terms and be binding on each Party for so
long as the relevant circumstances subsist provided that the Facility Agent may not agree any such substitute basis without the prior consent of each Lender. 

  
 -24-

	6.	REPAYMENT 

  

	6.1	Subject to the provisions of Clause 6.2, the Borrower shall repay each Advance in instalments on the Repayment Dates in the respective amounts set forth opposite the
Repayment Dates in the Repayment Schedule. 

  

	6.2	The Borrower shall be entitled, upon not less than thirty (30) days notice in writing to the Facility Agent, to extend the Final Repayment Date for either or both
of the Extension Option Aircraft to 19 October 2018 (in the case of Aircraft 19) and 20 December 2018 (in the case of Aircraft 20). 

  

	6.3	The Facility Agent shall prepare a substitute repayment schedule to replace the existing Repayment Schedule: 

 

	 	(a)	subject to the provisions of Clause 6.4, if the Borrower exercises its Extension Option pursuant to Clause 6.2; 

 

	 	(b)	subject to the provisions of Clause 6.5, in the circumstances contemplated by Clause 6.5; 

 

	 	(c)	if the Borrower prepays the Loan in part pursuant to Clause 7.2(b); 

  

	 	(d)	if the Borrower prepays an Advance in part pursuant to Clause 7.8; or 

  

	 	(e)	if the Borrower prepays a Lender’s Percentage of an Advance pursuant to Clause 7.3 or Clause 7.5, 

which substitute repayment schedule will be agreed by the Borrower and the Facility Agent (acting on the instructions of all of the
Lenders) and then executed by the Borrower and the Facility Agent in substitution for the existing Repayment Schedule, and shall for all purposes hereof become the Repayment Schedule. 

 

	6.4	If the Borrower exercises its Extension Option pursuant to Clause 6.2 in relation to an Extension Option Aircraft, the substitute repayment schedule prepared by the
Facility Agent pursuant to Clause 6.3(a) shall reflect the following principles: 

  

	 	(a)	if the Extension Option Aircraft is Aircraft 19: 

  

	 	(i)	that the outstanding amount of the Advance for such Aircraft on the originally scheduled Final Repayment Date will be an amount of US$80,000,000 (eighty million
Dollars); 

  

	 	(ii)	that the Final Repayment Date for such Aircraft will be extended to 19 October 2018; and 

 

	 	(iii)	that the outstanding amount of the Advance for such Aircraft on the extended Final Repayment Date will be US$25,502,765.19 (twenty five million five hundred and two
thousand seven hundred and sixty five Dollars and nineteen cents); and 

  

	 	(b)	if the Extension Option Aircraft is Aircraft 20: 

  

	 	(i)	that the outstanding amount of the Advance for such Aircraft on the originally scheduled Final Repayment Date will be an amount of US$80,000,000 (eighty million
Dollars); 

  
 -25-

	 	(ii)	that the Final Repayment Date for such Aircraft will be extended to 20 December 2018; and 

 

	 	(iii)	that the outstanding amount of the Advance for such Aircraft on the extended Final Repayment Date will be US$23,671,072.43 (twenty three million six hundred and seventy
one thousand and seventy two Dollars and forty three cents, 

 provided that the requirements of paragraph 1
of Part B of Schedule 6 are satisfied with respect to the related Extension Option Guarantee. 
  

	6.5	If any Lease Agreement that provides for full life return condition is terminated and replaced with a Subsequent Lease Agreement that does not provide for full life
return condition, the Repayment Schedule (to the extent relating to the Advance for such Aircraft) will be adjusted so as to reflect the resulting adjusted (and increased) LTV Ratio applicable to such Advance and such Aircraft (as determined by the
Facility Agent, acting reasonably). 

  

	6.6	The Borrower may not reborrow any part of an Advance that is repaid or prepaid. 

 

	7.	PREPAYMENT AND CANCELLATION 

  

	7.1	The Borrower shall not repay or prepay all or any part of an Advance or cancel all or any part of the Available Facility except at the times and in the manner expressly
provided herein. 

  

	7.2	The Borrower may: 

  

	 	(a)	prepay in full the Loan by not less than thirty (30) days’ prior written notice to the Facility Agent; and 

 

	 	(b)	prepay in part the Loan by not less than fifteen (15) days’ prior written notice to the Facility Agent provided that any partial prepayment
(i) shall be in an amount of at least ten million Dollars (US$10,000,000) or an integral multiple thereof and (ii) shall be applied, as between the Advances, on a pro rata and pari passu basis and in inverse order of maturity
with respect to the remaining instalments of each Advance. 

  

	7.3	If (a) the Borrower and the Facility Agent fail to reach agreement in relation to any Floating Rate Advance or an Unpaid Sum in accordance with the provisions of
Clause 5.2, (b) any sum payable to any Lender is required to be increased pursuant to Clause 15.2 or (c) any Lender claims indemnification from the Borrower under Clauses 15.3 or 16.1, the Borrower may, whilst such circumstances continue,
by not less than five (5) Business Days’ prior written notice to the Facility Agent (which notice shall be irrevocable), prepay (i) in the case of paragraph (a), each affected Floating Rate Advance in full and (ii) in the case of
paragraphs (b) and (c), the relevant Lender’s Percentage of each affected Advance or such Unpaid Sum. 

  

	7.4	If there occurs any Prepayment Event, the Advance relating to the Aircraft in respect of which such Prepayment Event occurs shall, ipso facto, automatically
become prepayable in full on the applicable Prepayment Date. 

  

	7.5	 If there occurs any Illegality Event in relation to which the provisions of Clause 17 are to apply and no agreement is reached prior to the expiry of
the applicable Consultation Period in accordance with the provisions thereof, the Facility Agent shall 

  
 -26-

	 	
be entitled to require that the Borrower prepay (a) in the case of any Illegality Event other than any Illegality Event referred to in paragraph (b) of the definition thereof, each
affected Advance in full and (b) in the case of any Illegality Event referred to in paragraph (b) of the definition thereof, the relevant Lender’s Percentage of each Advance, in each case by not less than ten (10) Business
Days’ (or such shorter period that ends on or prior to the date on which the relevant Illegality Event takes effect) notice in writing to the Borrower, whereupon the Borrower shall be obliged to effect such prepayment on such date.

  

	7.6	If the Facility Agent believes (based on written advice received from a reputable Irish law firm), as a result of any commencement (or the likelihood of any
commencement) of Irish examinership proceedings with respect to any Irish Group Company, that there is a material risk that an examiner will be appointed by any person to any Obligor, the Facility Agent shall be entitled to require by written notice
that the Borrower prepay the Loan in full on the date specified in the written notice. 

  

	7.7	If the Borrower becomes obliged to prepay in part each Advance (other than the Relevant Advance, as defined in Clause 20.4) pursuant to Clause 20.6, the Borrower shall
prepay in part each such Advance on the date of application of Surplus Proceeds pursuant to Clause 20.6, the amount of which partial prepayment shall in relation to each such Advance be equal to a percentage of the Surplus Proceeds that equals the
proportion borne by such Advance to the amount of the Loan (expressed as a percentage). The Facility Agent shall consult with the Borrower in relation to any Advance that is to be prepaid pursuant to this Clause 7.7 with respect to the minimisation
of any indemnity payment that the Borrower would be required to make pursuant to Clause 13.2 if a prepayment of such Advance were made. 

  

	7.8	Any prepayment notice given by the Borrower pursuant to Clause 7.2 or Clause 7.3 shall be irrevocable, shall specify the date upon which such prepayment is to be made
and the amount of such prepayment and shall oblige the Borrower to make the prepayment in the amount and on the date therein specified. 

  

	7.9	The Borrower shall be obliged to make any prepayment of an Advance (in full or in part) pursuant to this Clause 7 together with any accrued interest on the amount
prepaid and all other amounts due and owing, or becoming due and payable, at the time of prepayment by the Borrower to any of the Finance Parties under the Transaction Documents including, without limitation, any and all amounts payable pursuant to
Clause 13.2 (but otherwise without premium or penalty). 

  

	8.	FEES 

 The Borrower shall
pay, or procure the payment of, the Fees specified in the Fee Letters at the time and in the manner required by the terms thereof. 
  

	9.	REPRESENTATIONS 

  

	9.1	Each Relevant Obligor hereby makes the representations and warranties set out in Schedule 5. 

 

	9.2	The Initial Lender hereby (a) represents and warrants that it is a Qualifying Lender, which representation and warranty shall be made on the date of this Agreement
and on the Drawdown Date and (b) confirms that it is a Qualifying Lender for such purpose by virtue of the criterion set out in paragraphs (a) and/or (b)(i) of the definition of such term. 

  
 -27-

	10.	COVENANTS 

 Each Relevant
Obligor hereby covenants in the terms of the covenants set out in Schedule 6. 
  

	11.	EVENTS OF DEFAULT 

  

	11.1	The occurrence of any of the following events shall constitute an Event of Default for the purposes of this Agreement: 

 

	 	(a)	the failure by any Obligor to pay to any Finance Party any amount of principal or interest payable by it under any Transaction Document on the due date for payment
thereof in the currency and in the manner specified and such failure continues unremedied for a period of three (3) Business Days; or 

  

	 	(b)	the failure by any Obligor to pay to any Finance Party any amount (other than of principal or interest under this Agreement) under any Transaction Document on the due
date for payment thereof in the currency and in the manner specified and such failure continues unremedied for a period of five (5) Business Days after written notice of such failure has been given to the relevant Obligor or, in the case of any
amount due on demand, after the relevant demand has been made; or 

  

	 	(c)	the failure by any Obligor duly to perform or comply with any of its other obligations under any Transaction Document (other than any of the Recourse Obligations) and,
if capable of remedy, such failure is not remedied within thirty (30) days of written notice from the Facility Agent requiring such remedy having been given to the relevant Obligor and in the opinion of the Facility Agent (acting on the
instructions of the Instructing Group, acting reasonably) such failure has or is likely to have a material adverse effect on the interests, rights or position of any of the Finance Parties under any Transaction Document; or 

 

	 	(d)	the failure by any Obligor duly to perform or comply with any of the Recourse Obligations; or 

 

	 	(e)	any breach of either of the financial covenants set out in paragraph 1 of Part C of Schedule 6, which breach is not remedied to the satisfaction of the Facility Agent
within five (5) Business Days of its occurrence; or 

  

	 	(f)	any representation, warranty or statement made or deemed to be made by any Obligor in any Transaction Document proves to be untrue or incorrect in any material respect
when made or deemed to be made or repeated and in the opinion of the Facility Agent (acting on the instructions of the Instructing Group, acting reasonably) such event has or is likely to have a material adverse effect on the interests, rights or
position of any of the Finance Parties under any Transaction Document; or 

  

	 	(g)	any Obligor repudiates any Transaction Document or does or causes to be done any act or thing evidencing an intention to repudiate any Transaction Document; or

  

	 	(h)	 any Obligor (other than the Owner Trustee) is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors
with a view to the general readjustment or rescheduling of its indebtedness (other 

  
 -28-

	 	
than for the purposes of a solvent re-organisation approved by the Facility Agent acting on the instructions of the Instructing Group, acting reasonably), suspends payments of its debts or makes
a general assignment for the benefit of or a composition with its creditors; or 

  

	 	(i)	any Obligor (other than the Owner Trustee) takes any corporate action or other steps are taken or legal proceedings are started by any Obligor (other than the Owner
Trustee) for its winding-up, dissolution (other than a dissolution of a dormant Obligor), examinership, administration, bankruptcy or re-organisation (other than a solvent re-organisation approved by the Facility Agent acting on the instructions of
the Instructing Group, acting reasonably); or 

  

	 	(j)	any execution or distress is levied against, or an encumbrancer takes possession of the whole or any material part of, the property, undertaking or assets of any
Obligor (other than the Owner Trustee) and such execution, distress or possession is not discharged or stayed within thirty (30) days of having been so effected provided that any such event shall not constitute an Event of Default if it
is being contested with due diligence, in good faith and on reasonable grounds and adequate reserves have been made against such action and such execution, distress or possession is, in any event, discharged within sixty (60) days of having
been so effected; or 

  

	 	(k)	a receiver, administrator, administrative receiver, trustee, examiner or similar officer is appointed in respect of any Obligor (other than the Owner Trustee) or all,
or a material part, of the property, undertaking or assets of any Obligor (other than the Owner Trustee), and such appointment is not discharged within thirty (30) days of such appointment having been made; or 

 

	 	(l)	any event occurs with respect to any Obligor (other than the Owner Trustee) in any jurisdiction to which such Obligor is subject which has an effect equivalent or
similar to any of the events mentioned in Clauses 11.1(h), (i), (j) or (k); or 

  

	 	(m)	any Obligor (other than the Owner Trustee) suspends, ceases, or makes a public announcement or otherwise threatens in writing to suspend or cease, to carry on all or a
substantial part of its business and such suspension or cessation, in the opinion of the Facility Agent (acting on the instructions of the Instructing Group, acting reasonably) has or is likely to have a material adverse effect on the ability of any
Obligor to perform its obligations under any Transaction Document provided that the Total Loss of an Aircraft or the sale of an Aircraft as expressly permitted by paragraph 16(e) of Part A of Schedule 6 shall not constitute an Event of
Default under this Clause 11.1(m); or 

  

	 	(n)	there occurs any Cross Acceleration Event. 

  

	11.2	If any of the events referred to in Clause 11.1 occurs and is continuing, the Facility Agent may: 

 

	 	(a)	declare that the Available Facility shall be cancelled forthwith whereupon the same shall be cancelled and the Commitments shall be reduced to zero and no further
Advance shall be made; and/or 

  
 -29-

	 	(b)	declare that any or all of the Advances shall become immediately repayable together with any accrued interest thereon and all other amounts then due and owing, or then
becoming due and payable, by the Borrower or any other Obligor to the Finance Parties under the Transaction Documents (including, without limitation, any and all amounts payable pursuant to Clause 13.2); and/or 

 

	 	(c)	instruct the Security Trustee to enforce its rights and those of the other Finance Parties under all or any Transaction Document to which the Borrower is a party.

  

	12.	DEFAULT INTEREST 

  

	12.1	If any sum due and payable by an Obligor to any Finance Party under this Agreement or under any other Transaction Document is not paid on the due date therefor or if
any sum due and payable by such Obligor under any judgment of any court in favour of any Finance Party in connection herewith or therewith is not paid on the date of such judgment, the period beginning on (and including) such due date or, as the
case may be, the date of such judgment and ending on (but excluding) the date upon which the obligation of such Obligor to pay such sum (the balance thereof for the time being unpaid being herein referred to as an “Unpaid Sum”) is
discharged shall be divided into successive periods, each having a duration selected by the Facility Agent (acting reasonably) and each of which (other than the first) shall start on (and include) the last day of the preceding such period and shall
end on (but exclude) the first day of the next succeeding such period (each, a “Default Interest Period”). 

  

	12.2	During each Default Interest Period an Unpaid Sum shall bear interest at the rate per annum (the “Default Rate”) which is the aggregate from time to
time of one point five zero per cent. (1.50%) per annum and the Applicable Rate from day to day during such period. 

  

	12.3	Any interest which shall have accrued under Clause 12.2 in respect of an Unpaid Sum shall be immediately due and payable and shall be paid by the relevant Obligor on
the last day of the relevant Default Interest Period or on such other date or dates as the Facility Agent may specify by written notice to the relevant Obligor. 

 

	13.	CURRENCY INDEMNITY; PREPAYMENT INDEMNITY; FUNDING INDEMNITY 

  

	13.1	If any sum due from an Obligor to any of the Finance Parties under any Transaction Documents or any order or judgment given or made in relation thereto has to be
converted from the currency (the “first currency”) in which the same is payable thereunder or under such order or judgment into another currency (the “second currency”) for the purpose of (a) making or filing a
claim or proof against such Obligor, (b) obtaining an order or judgment in any court or other tribunal or (c) enforcing any order or judgment given or made in relation thereto, such Obligor shall, as a separate and independent obligation,
indemnify and hold harmless each of the persons to whom such sum is due from and against any loss suffered as a result of any discrepancy between (i) the rate of exchange used for such purpose to convert the sum in question from the first
currency into the second currency and (ii) the rate or rates of exchange at which such person may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole
or in part, of any such order, judgment, claim or proof. 

  
 -30-

	13.2	The Borrower hereby indemnifies and undertakes to indemnify each Lender upon its first demand against all Losses (other than loss of margin) that it actually suffers or
incurs as a result of any repayment or prepayment of all or part of any Advance, including without limitation (a) all Losses (other than loss of margin) suffered or incurred in liquidating or re-deploying deposits from or with third parties
acquired or entered into to effect or maintain its portion of such Advance or any part or parts thereof or incurred in relation to arrangements entered into by such Lender with any other person for the purpose of or to facilitate its funding of such
Advance following any prepayment of all or part of such Advance and (b) all Losses (other than loss of margin) suffered or incurred as a consequence of terminating, unwinding and/or closing out any currency exchange and/or interest rate
exchange arrangements entered into in relation to all or part of such Advance (and such Lender agrees that it will, subject to the provisions of Clause 20, pay to the Borrower on an after tax basis the amount of any Breakage Profits that it
determines (acting reasonably) are directly attributable thereto). 

  

	13.3	The Borrower hereby indemnifies and undertakes to indemnify each Lender upon its first demand against any Losses that it actually suffers or incurs as a result of its
funding or making arrangements to fund its proportion of an Advance made to the Borrower if such Advance is not made by reason of the operation of any one or more of the provisions hereof. 

 

	13.4	Any claim for indemnity under Clauses 13.2 or 13.3 shall be accompanied by a written statement from the claimant certifying the amount claimed is necessary to reimburse
the claimant and setting out the basis of calculation of the amount claimed. 

  

	14.	INDEMNITIES RELATING TO THE AIRCRAFT 

  

	14.1	The Borrower shall at all times indemnify and keep indemnified each of the Finance Parties and their respective directors, officers, employees, permitted assignees and
agents (each, an “Indemnitee”) against: 

  

	 	(a)	all Losses relating to, or arising directly or indirectly in any manner whatsoever from, the condition, testing, design, manufacture, purchase, delivery, import,
export, registration, ownership, existence, possession, control, use, leasing, sub-leasing, operation, maintenance, repair, refurbishment, insurance, storage, service, modification, overhaul, replacement, removal, re-delivery, sale or disposal of an
Aircraft (to the extent that the Borrower is the borrower in relation to such Aircraft) or any part thereof or otherwise in connection with such Aircraft or any part thereof or relating to loss or destruction or damage to any property, or death or
injury of, or other loss of whatsoever nature suffered by, any person caused by, relating to, or arising from or out of (in each case whether directly or indirectly) any of the foregoing matters; 

 

	 	(b)	all Losses which may at any time be imputed, charged or brought on the grounds that any article or material in such Aircraft or the design, operation or use thereof
constitutes an infringement of any patent or other intellectual property right or any other right whatsoever; 

  

	 	(c)	all Losses which may at any time be incurred in preventing or seeking to prevent the arrest, seizure, confiscation, taking in execution, impounding, forfeiture or
detention of such Aircraft or any part thereof, or in securing the release thereof; and 

  

	 	(d)	all Losses in connection with and following any Total Loss in relation to such Aircraft. 

  
 -31-

	14.2	The indemnity in Clause 14.1 shall not extend to any claim by an Indemnitee: 

 

	 	(a)	which would not have occurred but for any representation by such Indemnitee in the Transaction Documents being incorrect; or 

 

	 	(b)	which would not have occurred but for the failure by such Indemnitee (or any of its directors, officers, employees or agents) to perform or observe any express
agreement, covenant or condition in any Transaction Document to be performed or observed by it; or 

  

	 	(c)	to the extent, and only to the extent, that it results from the gross negligence, recklessness or wilful default of such Indemnitee (or any of its directors, officers,
employees or agents); or 

  

	 	(d)	to the extent, and only to the extent, that such claim results from acts or events wholly unconnected with this Agreement which occur with respect to an Aircraft prior
to the Drawdown Date for such Aircraft or after the time when either the security constituted by the Security Documents relating to such Aircraft is released or such Aircraft is sold pursuant to the terms of the Transaction Documents; or

  

	 	(e)	to the extent, and only to the extent, that it is, in the reasonable opinion of such Indemnitee, a normal administrative or operating cost or expense (but excluding any
costs and expenses caused directly by the occurrence of an Event of Default); or 

  

	 	(f)	to the extent, and only to the extent, that such Indemnitee is otherwise actually indemnified in relation to such claim pursuant to any other provision of this
Agreement or any of the other Transaction Documents. 

  

	14.3	Each Relevant Obligor shall be entitled, after notice to the Facility Agent, to take such action as it may think fit to avoid, reduce or defend such Losses as are
specified in Clause 14.1 or to recover the same from any third party including, without limitation, insurers, provided that (a) such action is not contrary to the provisions of any Transaction Document, (b) each of the Finance
Parties shall have been indemnified and secured to the satisfaction of the Facility Agent (acting reasonably) by a Relevant Obligor against all potential Losses they might suffer as a result of such action and (c) there shall not have then
occurred and be continuing an Event of Default. A Relevant Obligor shall not be entitled to take such action in the name of an Indemnitee unless such Indemnitee shall have consented thereto in writing, such consent not to be unreasonably withheld or
delayed. 

  

	14.4	Notwithstanding anything to the contrary expressed or implied in this Agreement and subject only to Clause 14.2, the indemnities contained in this Clause 14 shall
continue in full force and effect notwithstanding any breach by any person of the terms of this Agreement or any other Transaction Document, the repayment in full of the Advances, the termination of the leasing of the Aircraft pursuant to the Lease
Agreements, the sale or other disposal of the Aircraft or the repudiation by any person of all or any provisions of this Agreement or any other Transaction Document. 

  
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	15.	TAXES 

  

	15.1	In this Agreement: 

  

	 	(a)	“Protected Party” means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in
relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Transaction Document. 

  

	 	(b)	“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 

 

	 	(c)	“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Transaction Document. 

 

	 	(d)	“Tax Payment” means either the increase in a payment made by the Borrower to a Finance Party under Clause 15.2 or a payment under Clause 15.3.

  

	15.2	Tax gross up 

  

	 	(a)	The Borrower shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

 

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

  

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

  

	 	(d)	The Borrower is not required to make an increased payment to a Lender under Clause 15.2(c) for a Tax Deduction in respect of tax imposed by Ireland from a payment of
interest on the Loan if, on the date on which the payment falls due, the payment could have been made to the relevant Lender without a Tax Deduction if it was a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying
Lender other than as a result of any Change in Law. 

  

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

  

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

  
 -33-

	15.3	Tax indemnity 

  

	 	(a)	The Borrower shall (within three (3) Business Days of demand by the Facility Agent) pay to a Protected Party (or to the Facility Agent for the account of that
Protected Party) an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Transaction Document.

  

	 	(b)	Clause 15.3(a) shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party (A) under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the
jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes or (B) under the law of the jurisdiction in which that Finance Party’s Lending Office is located in respect of amounts received or
receivable in that jurisdiction, if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or 

 

	 	(ii)	to the extent a loss, liability or cost is compensated for by an increased payment under Clause 15.2. 

 

	 	(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise
to the claim, following which the Agent shall notify the Borrower. 

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 15.3, notify the Facility Agent. 

 

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

 

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

 

	 	(b)	that Finance Party has obtained, utilised and retained that Tax Credit, 

 the Finance Party shall pay an amount to the Borrower which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not
been required to be made by the Borrower. 
  

	15.5	All amounts set out or expressed to be payable under a Transaction Document by an Obligor to a Finance Party which (in whole or in part) constitute the consideration
for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply, and accordingly, subject to Clause 15.7, if VAT is chargeable on any supply made by a Finance Party to an Obligor under a Transaction Document, the
Borrower shall pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to the Borrower).

  

	15.6	 If VAT is chargeable on any supply made by one Finance Party (the ‘supplier’) to another (the ‘recipient’) under a Transaction
Document, and an Obligor is required by the terms of any Transaction Document to pay an amount equal to the consideration for such supply to the supplier (rather than being required to reimburse the recipient in respect of that consideration), the
Borrower will procure that such Obligor shall 

  
 -34-

	 	
also pay to the supplier at the same time an amount equal to the amount of such VAT. The recipient will promptly pay to such Obligor (or the Borrower on its behalf) an amount equal to any credit
or repayment from the relevant tax authority which it reasonably determines relates to the VAT chargeable on that supply. 

  

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

  

	16.	INCREASED COSTS 

  

	16.1	Subject to Clause 16.3, the Borrower shall (within three (3) Business Days of demand by the Facility Agent) pay to the Facility Agent (for the account of the
affected Lender) the amount of any Increased Costs incurred by such Lender or any of its Affiliates as a result of (a) any Change in Law or (b) compliance with any applicable law or regulation made after the date of this Agreement.

  

	16.2	In this Agreement “Increased Costs” means: 

  

	 	(a)	a reduction in the rate of return from the Facility or on a Lender’s (or any of its Affiliate’s) overall capital; 

 

	 	(b)	an additional or increased cost; or 

  

	 	(c)	a reduction of any amount due and payable under any Transaction Document, 

 which (other than by reason of any Taxes) is incurred or suffered by a Lender or any of its Affiliates to the extent that it is attributable to that Lender funding or performing its obligations under any
Transaction Document. 
  

	16.3	Clause 16.2 shall not apply to any Increased Cost to the extent that such Increased Cost is attributable to the implementation or application of, or compliance with,
the Basel II Framework (whether such implementation, application or compliance is by a government, regulator, any Lender or any of its Affiliates) provided that the impact of the implementation, application or compliance was, in the opinion
of the affected Lender (acting reasonably), known to or reasonably foreseeable by the affected Lender on the date of this Agreement. The Parties agree and acknowledge that the impact of the implementation and application of, and compliance with, the
following are known to and reasonably foreseeable by the Lenders on the date of this Agreement: (a) the paper entitled “A New Capital Adequacy Framework” dated June 1999 by the Basel Committee on Banking Supervision in its form as at
the date of this Agreement, (b) the consultative papers in respect of the new Basel Capital Accord issued by the Basel Committee on Banking Supervision in January 2001 and April 2003 in their form as at the date of this Agreement and
(c) the consultation paper entitled “CP3: Directive on Risk Based Capital Requirements for Credit Institutions and Investment Firms” published by the European Commission. 

 

	16.4	If requested by the Facility Agent, the Borrower will discuss in good faith with the Facility Agent and/or any Lender the actual impact of the Basel II Framework on
such Lender and will consider in good faith any proposals made by the Facility Agent and/or such Lender with respect to the available coverage from the Borrower for Increased Costs. 

  
 -35-

	16.5	If any Lender makes a claim pursuant to Clause 16.1, then the Borrower may prepay such Lender’s Percentage of the Loan in accordance with the provisions of Clause
7.3. 

  

	17.	CONSULTATION AND MITIGATION 

  

	17.1	If any of the following events or circumstances shall arise after the date hereof: 

 

	 	(a)	there occurs any Illegality Event; or 

  

	 	(b)	the Borrower is required to make any payment, or a Finance Party makes any claim for payment, in any of the circumstances referred to in Clauses 15.2, 15.3 or 16.1; or

  

	 	(c)	any Obligor suffers any Tax liability as a consequence of its execution of any Transaction Document, the performance by it of its obligations under any Transaction
Document or otherwise in connection therewith and/or the transactions contemplated thereby, 

 then, provided
that there shall not then have occurred and be continuing any Event of Default and without in any way limiting, reducing or otherwise qualifying the rights of any Obligor or any Finance Party, or the obligations of any Obligor, under any
provision of any Transaction Document, any affected Party shall, promptly upon becoming aware of the same, notify the Borrower and the Security Trustee (provided that a failure by a Finance Party to give any such notification shall not
(x) in any way limit, reduce or otherwise qualify any of its rights or any obligations of any Obligor under any provision of the Transaction Documents or (y) create any liability as against any Obligor or any of the other Finance Parties)
and, at no cost to any Finance Party, the Security Trustee shall consult in good faith with each relevant other Party for the Consultation Period and each Party shall take such reasonable steps as may be agreed by the Borrower and the Security
Trustee and as may be open to it and/or them (subject to each of the Finance Parties first being indemnified or otherwise secured to its satisfaction (acting reasonably) for all Losses involved in the taking of any such reasonable step) to mitigate
the effects of such circumstances (including, in relation to a Lender, the transfer of its Lending Office to another jurisdiction or the transfer of any relevant Lender’s rights and obligations under the Transaction Documents to a New Lender
(as defined in Clause 31.2), the replacement of an Obligor or the restructuring of the transactions contemplated by the Transaction Documents subject, in each case, to the provisos set forth below) in a manner which will avoid the circumstance in
question, in each case, on terms acceptable to the Borrower and the Security Trustee provided that:  
  

	 	(i)	no Finance Party shall be under any obligation to take any such action if, in its reasonable opinion acting in good faith, to do so would have an adverse effect on its
business, operations or financial condition or the financial basis under which, amongst other things, the Transaction Documents have been entered into or would entail any material cost or expense to such Finance Party (unless, in the case of any
material adverse effect on such financial basis, or cost or expense, such Finance Party shall have been indemnified or otherwise secured to its satisfaction, acting reasonably); 

  
 -36-

	 	(ii)	no Finance Party shall be obliged to take any action if an Event of Default shall have occurred and be continuing; and 

 

	 	(iii)	no Finance Party shall be under any obligation to achieve any particular result or shall incur any liability to any Obligor or any other person by virtue of the steps
taken or such steps resulting in less than complete mitigation. 

  

	17.2	For the purposes of Clause 17.1, “Consultation Period” shall mean the period commencing on the date of the relevant notification and ending on the
earlier of: 

  

	 	(a)	the date on which there occurs any Event of Default; and 

  

	 	(b)	in the case of any Illegality Event, the date which falls thirty (30) Business Days thereafter or, if earlier, the date which falls five (5) days prior to the
date on which such Illegality Event takes effect or, if it has already taken effect, immediately (and, for the avoidance of doubt, if such Illegality Event has already taken effect there shall be no Consultation Period); and

  

	 	(c)	in the case of any circumstance referred to in Clauses 17.1(b) or 17.1(c), the date which falls forty-five (45) days thereafter. 

 

	18.	PAYMENTS AND CALCULATIONS 

  

	18.1	Each repayment of, or payment in respect of, an Advance or an Unpaid Sum or a part thereof shall be made in the currency in which such Advance or such Unpaid Sum is
denominated. 

  

	18.2	Each payment pursuant to Clauses 14.1, 15.2, 15.3 or Clause 16.1 shall be made in the currency specified by the person claiming thereunder. 

 

	18.3	On each date when an amount is due from any Obligor under any Transaction Document to any Finance Party in Dollars or any other currency, then such Obligor shall make
the same available before 11.00am (New York time or, in the case of any currency other than Dollars, the time of the principal financial centre of the country of issue of the relevant currency) by payment in Dollars or, as the case may be, such
other currency and in same day funds (being, in the case of Dollars, funds settled through the New York Clearing House Interbank Payment System on a same day basis or such other funds as may for the time being be customary for the settlement in New
York of international banking transactions in Dollars or, in the case of any other currency, funds settled as is customary for such currency in the principal financial centre for such currency) to, in the case of Dollars, the account as specified
below and, in the case of any other currency, to any other account notified to such Obligor by the Facility Agent at least five (5) Business Days prior to the relevant payment: 

 

					
	JP Morgan Chase Bank, New York	  	
	SWIFT Code:	  	CHASUS33	  	
	Account Number:	  		  	
	Account Name:	  	Norddeutsche Landesbank Girozentrale, Hannover, Germany
	Reference:	  	

 or such other account as the Facility Agent may have specified for this purpose by no less than five
(5) Business Days’ prior written notice. 

  
 -37-

	18.4	Promptly upon receipt of any payment under Clause 18.3 which is made for the account of any Finance Party, the Facility Agent shall make available to the relevant
Finance Party its proportion of such amount by transfer to such account of such Finance Party as such Finance Party shall have previously notified to the Facility Agent. 

 

	18.5	All payments made by an Obligor under any Transaction Document to or for account of any Finance Party shall be made free and clear of and without deduction or
withholding for or on account of any set-off or counterclaim. 

  

	18.6	The Advances shall be made available by the Lenders paying their relevant proportion to the Facility Agent who in turn shall make each amount available to the Borrower.

  

	18.7	Where a sum is to be paid under any Transaction Document by the Facility Agent for account of another person, the Facility Agent shall not be obliged to make the same
available to that other person until it has been able to establish to its satisfaction that it has actually received such sum, but if it does make the same available and it proves to be the case that it had not actually received the sum it paid out,
then the person to whom such sum was so made available shall on request refund the same to the Facility Agent and the person who should have made the same available to the Facility Agent shall forthwith pay the Facility Agent an amount sufficient to
reimburse the Facility Agent for any amount it may have been required to pay out by way of interest on moneys borrowed to fund the sum in question during the period beginning on the date for payment thereof and ending on the date on which it
receives the same. 

  

	18.8	Whenever any payment under this Agreement shall fall due on a day which is not a Business Day the due date of such payment shall be the next succeeding Business Day
unless such next succeeding Business Day shall fall in the next calendar month in which case the due date shall be the immediately preceding Business Day. 

  

	18.9	Interest payable to any Finance Party under any Transaction Document shall accrue from day to day and on the basis of a year of three hundred and sixty (360) days
and the actual number of days elapsed. 

  

	18.10	Each Lender shall maintain in accordance with its usual practice accounts evidencing the amounts from time to time lent by and owing to it hereunder and of its
contingent liabilities assumed pursuant hereto. 

  

	18.11	The Facility Agent shall maintain on its books a control account or accounts in which shall be recorded (a) the amount of each Advance and each Lender’s share
therein, (b) the amount of any principal, interest or other sums due or to become due from the Borrower to the Lenders and each Lender’s share therein and (c) the amount of any sum received or recovered by the Facility Agent hereunder
and each Lender’s share therein. 

  

	18.12	In any legal action or proceeding arising out of or in connection with this Agreement, the entries made in the account or accounts maintained pursuant to Clause 18.11
shall be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded. 

  

	18.13	A certificate of a Lender as to (a) the amount by which a sum payable to it hereunder is to be increased under Clause 15.2 or (b) the amount for the time
being required to indemnify it against any such cost or liability as is mentioned in Clauses 15.3 or 16.1, shall be prima facie evidence of the amount payable under Clause 15.2, 15.3 or 16.1, as the case may be. 

  
 -38-

	19.	SET-OFF AND REDISTRIBUTION OF PAYMENTS 

  

	19.1	The Borrower authorises each Lender to apply any credit balance to which the Borrower is entitled on any account of the Borrower with such Lender in satisfaction of any
sum due and payable from the Borrower to such Lender under any Transaction Document but unpaid and in relation to which any relevant grace period has expired. For this purpose each Lender is entitled to purchase with the moneys standing to the
credit of any such account such other currencies as may be necessary to effect such application. No Lender shall be obliged to exercise any right given to it by this Clause. 

 

	19.2	If, at any time, the proportion which any Lender (a “Recovering Lender”) has received or recovered (whether by payment, the exercise of a right of
set-off or combination of accounts or otherwise) in respect of its proportion of any payment (a “relevant payment”) required to be made under this Agreement by the Borrower for account of such Recovering Lender and one or more other
Lenders is greater (the proportion of such receipt or recovery giving rise to such excess proportion being herein called an “excess amount”) than the proportion thereof so received or recovered by the Lender or Lenders so receiving
or recovering the smallest proportion thereof, then: 

  

	 	(a)	such Recovering Lender shall inform the Facility Agent of such receipt or recovery and pay to the Facility Agent an amount equal to such excess amount;

  

	 	(b)	there shall thereupon fall due from the Borrower to such Recovering Lender an amount equal to the amount paid out by such Recovering Lender pursuant to Clause 19.2(a)
the amount so due being, for the purposes hereof, treated as if it were an unpaid part of such Recovering Lender’s proportion of such relevant payment; and 

 

	 	(c)	the Facility Agent shall treat the amount received by it from such Recovering Lender pursuant to Clause 19.2(a) as if such amount had been received by it from the
Borrower in respect of such relevant payment and shall pay the same to the persons entitled thereto (including such Recovering Lender), pro rata to their respective entitlements thereto in accordance with Clause 20. 

 

	19.3	If any sum (a “relevant sum”) received or recovered by a Recovering Lender in respect of any amount owing to it by the Borrower becomes repayable and
is repaid by such Recovering Lender otherwise than as expressly contemplated in this Agreement or any of the other Transaction Documents, then: 

  

	 	(a)	each Lender which has received a share of such relevant sum by reason of the implementation of Clause 19.2 shall, upon request of the Facility Agent, pay to the
Facility Agent for account of such Recovering Lender an amount equal to its share of such relevant sum; and 

  

	 	(b)	there shall thereupon fall due from the Borrower to each such Lender an amount equal to the amount paid out by it pursuant to Clause 19.3(a), the amount so due being,
for the purposes hereof, treated as if it were the sum payable to such Lender against which such Lender’s share of such relevant sum applied. 

  
 -39-

	20.	APPLICATION OF RECEIPTS AND RECOVERIES 

  

	20.1	Realisation of Trust Property 

 Each Party shall co-operate with each other and with any Receiver under the Trust Documents in realising the Trust Property or any part thereof and in ensuring that the Proceeds realised under the Trust
Documents are applied in accordance with this Clause 20. 
  

	20.2	Application of Amounts before an Event of Default 

 All amounts (other than Net Sale Proceeds, Insurance Proceeds, Lease Security Amounts and Lease Maintenance Reserve Amounts) that are received in relation to an Aircraft prior to the occurrence of an
Event of Default that is continuing (other than pursuant to this Clause 20) pursuant to the Transaction Documents (or by reason of the exercise of any of the powers thereunder or with respect thereto) shall be applied in the following manner and
order: 
  

	 	(a)	Firstly, in or towards payment to the Facility Agent for the account of the Lenders of all interest (including, without limitation, default interest) then due and
payable by the Borrower in relation to the Loan to the Lenders under or pursuant to this Agreement to be applied on a pro rata and pari passu basis; 

 

	 	(b)	Secondly, in or towards payment to the Facility Agent for the account of the Lenders of all principal then due and payable by the Borrower in relation to the Loan to
the Lenders under or pursuant to this Agreement to be applied on a pro rata and pari passu basis; 

  

	 	(c)	Thirdly, in or towards payment to the Facility Agent for the account of the Lenders of any and all amounts (other than principal, interest and Fees) then due and
payable by any Obligor to any Finance Party under or pursuant to any Transaction Document to be applied on a pro rata and pari passu basis; 

  

	 	(d)	Fourthly, in or towards payment of any and all Fees then due and payable by any Obligor to any Finance Party; 

 

	 	(e)	Fifthly, in or towards payment to either Representative of any and all amounts (other than Fees) then due and payable by any Obligor to such Representative under or
pursuant to any Transaction Document; and 

  

	 	(f)	Sixthly, as to any surplus, in accordance with the directions given by the Borrower. 

 

	20.3	Application of Proceeds (other than Net Sale Proceeds and Insurance Proceeds) after an Event of Default 

All Proceeds (other than Net Sale Proceeds and Insurance Proceeds) that are received in relation to an Aircraft after the occurrence of an
Event of Default that is continuing (other than pursuant to this Clause 20) pursuant to the Transaction Documents (or by reason of the exercise of any of the powers thereunder or with respect thereto) shall be applied in the following manner and
order: 
  

	 	(a)	Firstly, in or towards payment of any Expenses incurred in connection with any Trust Property (to the extent attributable to the Advance relating to such Aircraft (the
“Relevant Advance”)); 

  
 -40-

	 	(b)	Secondly, in or towards payment to the Facility Agent for the account of the Lenders of all interest (including, without limitation, default interest) then due and
payable (or then becoming due and payable) by the Borrower in relation to the Relevant Advance to the Lenders under or pursuant to this Agreement to be applied on a pro rata and pari passu basis; 

 

	 	(c)	Thirdly, in or towards payment to the Facility Agent for the account of the Lenders of all principal then due and payable (or then becoming due and payable) by the
Borrower in relation to the Relevant Advance to the Lenders under or pursuant to this Agreement to be applied on a pro rata and pari passu basis; 

 

	 	(d)	Fourthly, in or towards payment to the Facility Agent for the account of the Lenders of any and all amounts (other than principal, interest and Fees) then due and
payable (or then becoming due and payable) by any Obligor in relation to the Relevant Advance to any Finance Party under or pursuant to any Transaction Document to be applied on a pro rata and pari passu basis;

  

	 	(e)	Fifthly, in or towards payment of any and all Fees then due and payable (or then becoming due and payable) by any Obligor in relation to the Relevant Advance;

  

	 	(f)	Sixthly, in or towards payment to either Representative of any and all amounts (other than Fees) then due and payable (or then becoming due and payable) by any Obligor
in relation to the Relevant Advance to such Representative pursuant to any Transaction Document; 

  

	 	(g)	Seventhly, in relation to an Advance other than the Relevant Advance, in or towards payment of any amounts relating to such other Advance and referred to in Clauses
20.3(a) to 20.3(f) inclusive in the order, priority and manner of application set out therein mutatis mutandis as if such references were to amounts relating to such other Advance; and 

 

	 	(h)	Eighthly, as to any surplus, in accordance with the directions given by the Borrower, 

provided that, in the case of any Lease Security Amount and any Lease Maintenance Reserve Amount, the Lease Agreement relating to
the relevant Aircraft permits the application of such amount in or towards the satisfaction of an obligation of the Lessee under such Lease Agreement. 
  

	20.4	Application of Net Sale Proceeds and Total Loss Proceeds 

 All Net Sale Proceeds and Total Loss Proceeds that are received in relation to an Aircraft at any time (other than pursuant to this Clause 20) pursuant to the Transaction Documents (or by reason of the
exercise of any of the powers thereunder or with respect thereto) or otherwise shall be applied in the following manner and order: 
  

	 	(a)	Firstly, in or towards payment of any Expenses incurred in connection with the Trust Property and/or (i) in the case of any Net Sale Proceeds, the sale or other
disposal of the relevant Aircraft (to the extent that such Expenses have not already been accounted for when calculating the relevant Net Sale Proceeds) or (ii) in the case of any Total Loss Proceeds, the relevant Total Loss;

  
 -41-

	 	(b)	Secondly, in or towards payment to the Facility Agent for the account of the Lenders of all interest (including, without limitation, default interest) then due and
payable (or then becoming due and payable) by the Borrower in relation to the Advance relating to the relevant Aircraft (the “Relevant Advance”) to the Lenders under or pursuant to this Agreement to be applied on a pro
rata and pari passu basis; 

  

	 	(c)	Thirdly, in or towards payment to the Facility Agent for the account of the Lenders of all principal then due and payable (or then becoming due and payable) by the
Borrower in relation to the Relevant Advance to the Lenders under or pursuant to this Agreement to be applied on a pro rata and pari passu basis; 

 

	 	(d)	Fourthly, in or towards payment to the Facility Agent for the account of the Lenders of any and all amounts (other than principal, interest and Fees) then due and
payable (or then becoming due and payable) by any Obligor in relation to the Relevant Advance to any Finance Party under or pursuant to any Transaction Document to be applied on a pro rata and pari passu basis;

  

	 	(e)	Fifthly, in or towards payment of any and all Fees then due and payable (or then becoming due and payable) by any Obligor in relation to the Relevant Advance;

  

	 	(f)	Sixthly, in or towards payment to either Representative of any and all amounts (other than Fees) then due and payable (or then becoming due and payable) by any Obligor
in relation to the Relevant Advance to such Representative pursuant to any Transaction Document; 

  

	 	(g)	Seventhly, to the extent that the applicable Proceeds constitute Surplus Proceeds that are, pursuant to Clause 20.6(b), to be applied in accordance with the provisions
of this Clause 20.4(g), in or towards discharge of the Borrower’s obligation to prepay each Advance (other than the Relevant Advance) pursuant to and in accordance with the provisions of Clause 7.7, which application shall be made (i) in
relation to the remaining instalments of each such Advance in inverse chronological order and (ii) on a pro rata and pari passu basis as between such Advances; and 

 

	 	(h)	Eighthly, as to any surplus, in accordance with the directions given by the Borrower. 

 

	20.5	Application of Insurance Proceeds (other than Total Loss Proceeds) 

 All Insurance Proceeds (other than Total Loss Proceeds, in relation to which Clause 20.4 shall apply) that are received in relation to an Aircraft at any time (other than pursuant to this Clause 20) shall
be applied as follows: 
  

	 	(a)	if such Insurance Proceeds relate to any property damage or loss in excess of the Damage Notification Threshold, such Insurance Proceeds will be paid to the Security
Trustee and applied in payment for repairs or replacement property upon the Security Trustee being satisfied that the repairs or replacement have been effected in accordance with the provisions of this Agreement and/or the Lease Agreement relating
to the relevant Aircraft; 

  

	 	(b)	 if such Insurance Proceeds relate to any property damage or loss below the Damage Notification Threshold, such Insurance Proceeds may be paid by the

  
 -42-

	 	
insurer directly to the Owner of such Aircraft (or as it may direct) or to the Lessee of such Aircraft (or as it may direct) who shall apply the same in making or causing to be made good all
damage or loss in respect of which such Insurance Proceeds became payable in accordance with the provisions of this Agreement and/or the Lease Agreement relating to the relevant Aircraft; and 

 

	 	(c)	if such Insurance Proceeds relate to third party liability, such Insurance Proceeds will be paid directly in satisfaction of the relevant liability,

 subject always to the provisions of the Lease Agreement relating to such Aircraft and of AVN67B (or any
replacement standard) as endorsed on the applicable policy of insurance. 
  

	20.6	Surplus Proceeds 

 If,
following the application of any Net Sale Proceeds or any Total Loss Proceeds in relation to an Aircraft pursuant to Clauses 20.4(a) to 20.4(f) inclusive, there remains any surplus amount of such Proceeds (the “Surplus Proceeds”):

  

	 	(a)	the Borrower shall be obliged to prepay in part each Advance (other than the Relevant Advance, as defined in Clause 20.4) pursuant to and in accordance with the
provisions of Clause 7.7; and 

  

	 	(b)	the Surplus Proceeds shall be applied in or towards discharge of such prepayment obligation in accordance with the provisions of Clause 20.4(g).

  

	20.7	Lease Security Amounts and Lease Maintenance Reserve Amounts 

 Each of the Parties hereby confirms that each applicable Obligor shall be entitled to freely deal with all Lease Security Amounts and all Lease Maintenance Reserve Amounts that are received prior to the
occurrence of an Event of Default that is continuing, subject always to the provisions of paragraph 18(b) of Part A of Schedule 6. 
  

	20.8	Third Party Amounts 

Notwithstanding the foregoing provisions of this Clause 20, any moneys (including any Insurances Proceeds) received by either
Representative which are identifiable as amounts properly due to third parties pursuant to the indemnity provisions of the Transaction Documents or otherwise shall be applied by such Representative in payment to such third parties. 

 

	20.9	Persons Entitled to Benefit 

 In considering at any time (and from time to time) the persons entitled to the benefit of any or all of the Proceeds each Representative may to the extent that any such information is not inconsistent
with information on which such Representative is entitled to rely under this Clause 20, rely and act in reliance upon any information provided to such Representative by any party to the Transaction Documents so that such Representative shall have no
liability or responsibility to any party as a consequence of placing reliance on and acting in reliance upon any such information unless such Representative has actual knowledge that such information is inaccurate or incorrect. 

  
 -43-

	20.10	Payment over to Security Trustee 

 All amounts which constitute Proceeds received by any Party shall be promptly paid by such Party, in the currency of receipt, to the Security Trustee if an Event of Default has occurred and is continuing
and to the Facility Agent otherwise for application in accordance with the provisions of Clauses 20.2, 20.3, 20.4 or 20.5, as the case may be. 
  

	20.11	Costs and Expenses 

 For
the avoidance of doubt, references in this Clause to amounts owing to the Security Trustee under any Transaction Documents shall include any Expenses suffered or incurred by, and other sums owing to, any Receiver, agent, delegate or other person to
whom any powers, trusts, authorities, discretion or duties conferred on the Security Trustee by any Trust Document have been delegated in accordance with the terms hereof or thereof and any expenditure anticipated to be incurred but not yet paid by
the Security Trustee or by any such other person. 
  

	21.	SUBORDINATION 

  

	21.1	Each Relevant Obligor hereby agrees to regulate its claims, as to subordination and priority, in respect of any Proceeds in the manner set out in Clause 20 and this
Clause 21. 

  

	21.2	Each Relevant Obligor hereby agrees that the Secured Obligations shall for all purposes whatsoever rank in priority to any other obligations that may be owed by an
Obligor to another Obligor and that such other obligations shall at all times be subject and subordinate to the Secured Obligations. 

  

	21.3	Each Relevant Obligor hereby agrees that it will not, without the prior written consent of each Representative, file or join in any petition to commence any winding up
proceedings by or against any Obligor, take any other action for the winding up, dissolution or administration of any Obligor (other than a dissolution of a dormant Obligor) or take, or acquiesce in, any other action which could or might lead to the
bankruptcy or insolvency of any Obligor, in each case unless legally obliged to do so or unless a failure to do so would cause such Relevant Obligor to be in breach of any fiduciary duty or result in any liability on the part of such Relevant
Obligor to any third party. 

  

	21.4	Without prejudice to the provisions of Clause 21.3, if, for any reason, a Relevant Obligor claims or is required to claim in the liquidation, winding-up, dissolution or
analogous proceedings in relation to any Obligor, then such Relevant Obligor shall direct that all dividends and other distributions in respect of its claim be paid to the Security Trustee for application in accordance with the provisions of Clause
20 and, to the extent that any such dividend or other distribution is actually paid to such Relevant Obligor, such Relevant Obligor, shall hold any amount received by it on trust for the Parties and shall pay that amount over to the Security Trustee
as soon as it is received. 

  

	21.5	Each Relevant Obligor hereby agrees that it shall have no rights whatsoever to instruct, or give directions to, the Security Trustee or to require that the Security
Trustee take any action or exercise any right, remedy or power, in each case in relation to any matter including, without limitation, the Trust, the Trust Property and/or the Trust Documents and that it shall not form part of the Instructing Group
in any circumstances. 

  
 -44-

	21.6	Each Relevant Obligor hereby agrees that the Security Trustee shall not be required to consult with, or have regard to the interests of, any Obligor when taking any
action (including, without limitation, any enforcement action) or when exercising any right, remedy or power, in each case in relation to any matter including, without limitation, the Trust, the Trust Property and/or the Trust Documents.

  

	22.	COSTS AND EXPENSES 

  

	22.1	The Borrower shall from time to time on first demand reimburse each Finance Party for all reasonable Expenses (including reasonable legal fees together with
irrecoverable VAT and disbursements) incurred by it in relation to the negotiation, preparation and execution of any and all Transaction Documents provided that the Borrower shall not be required to reimburse a Finance Party for any such
Expenses to the extent incurred in connection with any Transfer Certificate or the transfer effected thereby (except in connection with any mitigating action pursuant to Clause 17). 

 

	22.2	The Borrower shall from time to time on first demand reimburse each Finance Party for all reasonable Expenses (including reasonable legal fees together with
irrecoverable VAT and disbursements) incurred by it in relation to the preservation of any of the rights of any of the Finance Parties under this Agreement or any other Transaction Document, or in relation to any proposed amendment to this Agreement
or any such other Transaction Document (except where the proposed amendment is requested by any Finance Party), or any request for a consent or waiver hereunder or thereunder provided that the Borrower shall not be required to reimburse a
Finance Party for any such Expenses to the extent incurred in connection with any Transfer Certificate or the transfer effected thereby (except in connection with any mitigating action pursuant to Clause 17). 

 

	22.3	The Borrower shall from time to time on first demand reimburse each Finance Party for all Expenses (including legal fees together with irrecoverable VAT and
disbursements) incurred by it in relation to the enforcement of any of the rights of the Finance Parties under this Agreement (including any steps necessary or desirable in connection with any proposal for remedying or otherwise resolving any Event
of Default) or any other Transaction Document. 

  

	22.4	The Borrower shall on demand pay all stamp, registration and other documentary Taxes to which this Agreement or any other Transaction Document is or at any time may be
subject and shall on demand indemnify the Security Trustee against any Expenses which result from any failure to pay or any delay in paying any such Tax and in respect of which the Security Trustee shall not have previously been indemnified under
Clause 15. 

  

	23.	CONFIDENTIALITY 

  

	23.1	Each Party shall, and shall procure that its officers, employees and agents shall, keep confidential and shall not, without the prior written consent of the other
Parties, disclose to any third party, a Transaction Document or any of the terms of a Transaction Document or any documents or materials supplied by or on behalf of any Party in connection with a Transaction Document, save that any Party shall be
entitled to make such disclosure: 

  

	 	(a)	in the case of a Lender, as permitted pursuant to Clause 31.17; 

  
 -45-

	 	(b)	in the case of the Borrower, (i) to any Affiliate of the Borrower and (ii) in connection with any public or private offering of shares or other securities in
the Borrower or any Affiliate of the Borrower, to any bona fide potential equity investor in relation to the Borrower or any direct shareholder in the Borrower, subject in each case to the Borrower obtaining an undertaking from such person in
the terms of this Clause 23 provided that the Borrower shall have notified the Facility Agent of any proposal to effect any such disclosure at least five (5) Business Days prior to the proposed date of disclosure and the Facility Agent
(acting reasonably) shall have confirmed that it has no objection to such disclosure; 

  

	 	(c)	to an Indemnitee; 

  

	 	(d)	in connection with any proceedings arising out of or in connection with a Transaction Document to the extent that such Party may consider necessary to protect its
interests; 

  

	 	(e)	if required to do so by an order of a court of competent jurisdiction whether in pursuance of any procedure for discovering documents or otherwise or pursuant to any
law; 

  

	 	(f)	to its auditors, legal or tax advisors or other professional advisers; or 

  

	 	(g)	if required to do so by any applicable law (which shall include, in the case of the Borrower, the rules of any applicable stock exchange in the context of the IPO) or
in order for such Party to comply with its obligations under a Transaction Document, 

 provided that under
no circumstances may the commercial or economic terms of a Transaction Document or any documents or materials supplied by or on behalf of any Party in connection with a Transaction Document be disclosed to Lease Corporation International (Aviation)
Limited or any of its Affiliates. 
  

	23.2	For the avoidance of doubt, nothing in Clause 23.1 shall be taken to prevent the Borrower, the Purchaser or the Sponsor from disclosing information, and the consent of
the Finance Parties will not be required, to the extent that disclosure is required (a) to confirm to Lease Corporation International (Aviation) Limited fulfilment of the financing condition precedent under the Share Sale and Purchase Agreement
or (b) as a basis upon which to request further documentation from Lease Corporation International (Aviation) Limited to fulfil any of the conditions set out in Schedule 7. 

 

	24.	ENFORCEMENT OF AND OTHER ACTION UNDER THE TRUST DOCUMENTS 

  

	24.1	No Enforcement by Finance Parties 

 None of the Finance Parties (other than the Security Trustee) shall have any independent power to enforce any of the Trust Documents, to exercise any rights and/or powers or to grant any consents or
releases under or pursuant to any of the Trust Documents or otherwise have direct recourse to the security constituted by any of the Trust Documents. 
  

	24.2	Action under Trust Documents 

 If an Event of Default shall occur and be continuing, then subject to the Security Trustee being indemnified to its satisfaction and without prejudice to Clause 24.1, the

  
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Security Trustee shall (acting on the instructions of the Instructing Group) ensure that the appropriate person takes such action (including, without limitation, the exercise of all rights and/or
powers and the granting of consents or releases) or, as the case may be, refrains from taking such action under or pursuant to the Trust Documents as the Instructing Group shall specifically direct the Security Trustee. Unless and until the Security
Trustee shall have received such directions or instructions, the Security Trustee shall not be required to ensure that any action is taken under any of the Trust Documents. 

 

	25.	APPOINTMENT AND POWERS OF THE SECURITY TRUSTEE 

  

	25.1	Each of the Finance Parties irrevocably appoints the Security Trustee as its agent and trustee to hold the Trust Property on its behalf on the terms set out in this
Agreement and in the Trust Documents. 

  

	25.2	By virtue of the appointment pursuant to Clause 25.1, each of the Finance Parties hereby authorises the Security Trustee (whether or not by or through its employees as
agents) to take such action on its behalf and to exercise such powers as are specifically delegated to the Security Trustee by this Agreement together with such powers and rights as are reasonably incidental thereto. 

 

	25.3	The Security Trustee shall have no duties, obligations or liabilities to any of the parties by whom it has been appointed beyond those expressly stated in this
Agreement and specifically (but without prejudice to the generality of the foregoing) the Security Trustee shall not be obliged to take any action or exercise any rights, remedies or powers under or pursuant to this Agreement beyond those which it
is specifically instructed in writing to take or exercise as provided in Clause 24 and then only to the extent stated in such specific written instructions. 

 

	25.4	The Parties agree, in relation to any jurisdiction the courts of which do not recognise or give effect to the trusts expressed to be constituted by this Agreement, that
the relationship of the Finance Parties to the Security Trustee shall in the case of each of the trusts constituted hereby be construed simply as one of principal and agent but, to the fullest extent permissible under the laws of each and every such
jurisdiction, this Agreement shall have full force and effect as between the Parties. 

  

	26.	DECLARATION OF TRUST, SUPPLEMENTAL PROVISIONS 

  

	26.1	The Security Trustee hereby accepts its appointment under Clause 25 as agent and trustee in relation to the Trust Property with effect from the date of this Agreement
and irrevocably acknowledges and declares that from such date it holds the same on trust for the respective Finance Parties and that it shall apply, and deal with, the Trust Property (including, without limitation, any moneys received by the
Security Trustee under the Trust Documents) in accordance with the provisions of this Agreement. 

  

	26.2	The trusts constituted or evidenced by this Agreement shall remain in full force and effect until whichever is the earlier of the expiration of a period of eighty
(80) years from the date of this Agreement, and receipt by the Security Trustee of written confirmation from the Facility Agent that all the obligations and liabilities for which the Trust Documents are constituted as security have been
discharged in full. The Parties declare that the perpetuity period applicable to this Agreement shall, for the purposes of the Perpetuities and Accumulations Act 1964 be a period of eighty (80) years from the date of this Agreement.

  
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	26.3	The Security Trustee may, in the conduct of any trusts constituted by this Agreement and in the conduct of its obligations under and in respect of any of the Trust
Documents, instead of acting personally, employ and pay any agent (whether being a lawyer, chartered accountant or any other person) to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the
Security Trustee (including the receipt and payment of money). Any such agent engaged in any profession or business shall be entitled to be paid all usual professional and other charges for business transacted and acts done by him or any partner or
employee of his in connection with such trusts. The Security Trustee shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of any such agent if the Security Trustee shall have exercised reasonable
care in the selection of such agent. 

  

	26.4	In its capacity as trustee in relation to the Trust Documents, the Security Trustee shall, without prejudice to any of the powers and immunities conferred upon trustees
by law (and to the extent not inconsistent with the provisions of this Agreement or any of the Trust Documents), have all the same powers as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security
Trustee by this Agreement and/or any of the Trust Documents. 

  

	26.5	In its capacity as agent and/or trustee in relation to the Trust Documents, the Security Trustee shall have full power to determine all questions and doubts arising in
relation to the interpretation or application of any of the provisions of this Agreement or any of the Trust Documents as it affects the Security Trustee and every such determination (whether made upon a question actually raised or implied in the
acts or proceedings of the Security Trustee) shall, in the absence of manifest error, be conclusive and shall bind all the other Parties. 

  

	26.6	The Security Trustee shall be entitled (and bound) to assume that any directions received by it from the Facility Agent under or pursuant to this Agreement or any of
the other Transaction Documents are the directions of the Facility Agent itself acting pursuant to the provisions of the Transaction Documents. The Security Trustee shall not be liable to the Finance Parties (or any of them) for any action taken or
omitted under or in connection with this Agreement or any of the other Transaction Documents in accordance with any such directions unless caused by the gross negligence or wilful misconduct of the Security Trustee. 

 

	26.7	The Security Trustee shall be entitled to place all Trust Documents and other deeds, certificates and other documents relating to the Trust Property or any of them in
any safe deposit, safe or receptacle selected by the Security Trustee or with any solicitor or firm of solicitors and may make any such arrangements as it thinks fit for allowing each Finance Party access to, or its solicitors or auditors possession
of, such documents when necessary or convenient, and the Security Trustee shall not be responsible for any loss incurred in connection with any such deposit, access or possession. 

 

	26.8	Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Trustee in relation to the trusts constituted by this Agreement. Where there are
any inconsistencies between the Trustee Act 1925 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of
this Agreement shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000. 

  
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	27.	CHANGE OF SECURITY TRUSTEE 

  

	27.1	The Security Trustee may retire from its appointment as Security Trustee of the Trusts under this Agreement without giving any reason and without being responsible for
any costs occasioned by such retirement having given to the Finance Parties and the Borrower not less than thirty (30) days’ (or, following the date upon which all of the Secured Obligations shall have been duly and finally discharged,
five (5) days’) notice of its intention to do so provided always that no such retirement shall take effect unless there has been appointed as a successor security agent and trustee in respect of the Trust by instrument in writing signed by
the Security Trustee: 

  

	 	(a)	a reputable and experienced bank or financial institution with offices in London or Germany (or, if different, any Lender) nominated by the Lenders after (for so long
as there shall not have occurred and be continuing an Event of Default) consultation in good faith with the Borrower; or 

  

	 	(b)	failing such a nomination, any reputable trust corporation, bank or financial institution with offices in London or Germany (or, if different, any Lender) nominated by
the Security Trustee after consultation in good faith with the Finance Parties and (for so long as there shall not have occurred and be continuing an Event of Default) the Borrower, 

and, in either case, such successor security trustee shall have duly accepted such appointment by delivering to the Facility Agent written
confirmation (in a form acceptable to the Facility Agent) of such acceptance agreeing to be bound by this Agreement in the capacity of Security Trustee as if it had been an original Party. 

 

	27.2	An Instructing Group may at any time require the Security Trustee to retire from its appointment as Security Trustee with respect to the Trust under this Agreement
without giving any reason upon giving to the Security Trustee and the Borrower not less than thirty (30) days’ prior written notice to such effect. The Security Trustee agrees to co-operate in giving effect to such resignation in
accordance with any such notice duly received by it and, in such connection, shall execute all such deeds and documents as the Facility Agent may reasonably require in order to provide for (a) such resignation, (b) the appointment of a
successor security agent and trustee of all the Trusts and (c) the transfer of the rights and obligations of the Security Trustee under this Agreement to such successor, in each case in a legal, valid and binding manner. The retiring Security
Trustee shall not be responsible for any costs occasioned by such retirement (including in relation to any such deeds or documents previously referred to in this Clause 27.2). 

 

	27.3	Upon any successor to the Security Trustee being appointed pursuant to Clauses 27.1 or 27.2, the retiring Security Trustee shall be discharged from any further
obligation under this Agreement with respect to the Trust Property and its successor and each of the other Parties shall have the same rights and obligations among themselves as they would have had if such successor had been a Party in place of the
retiring Security Trustee. 

  

	27.4	If any appointment of a successor security trustee pursuant to this Clause 27 gives rise to an obligation on the part of any Obligor to make a payment under any
Transaction Document in excess of that which it would have been obliged to make thereunder had no such appointment taken place, then the relevant Obligor shall not be obliged (other than as a result of a Change in Law after the date of such
appointment) to make any payment thereunder in excess of that which it would have been obliged to make had such appointment not taken place, unless (a) such appointment is made at the request of an Obligor or (b) such appointment is
necessary in order to comply with any Change in Law or any request from or requirement of any Governmental Authority (whether or not having the force of law but in respect of which compliance is generally customary). 

  
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	27.5	Each Party hereby agrees, for so long as no Event of Default shall have occurred and be continuing, that no successor security trustee appointed pursuant to this Clause
27 shall be a person who is, in the opinion of the Borrower (acting reasonably) a competitor of the Borrower. 

  

	28.	FACILITY AGENT 

  

	28.1	Each of the Lenders irrevocably appoints the Facility Agent as its agent for the purposes of this Agreement and the other Transaction Documents and authorises the
Facility Agent (whether or not by or through employees or agents) to take such action on the relevant Lender’s behalf and to exercise such rights, remedies, powers and discretions as are specifically delegated to Facility Agent by this
Agreement, together with such powers and discretions as are reasonably incidental thereto. The Facility Agent shall not, however, have any duties, obligations or liabilities to the Lenders beyond those expressly stated in this Agreement and the
other Transaction Documents. 

  

	28.2	Each of the Finance Parties agrees as follows: 

  

	 	(a)	unless a contrary indication appears in a Transaction Document, the Facility Agent shall (i) exercise any right, power, authority or discretion vested in it as
Facility Agent in accordance with any instructions given to it by the Instructing Group (or, if so instructed by the Instructing Group, refrain from exercising any right, power, authority or discretion vested in it as Facility Agent) and
(ii) not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Instructing Group; 

 

	 	(b)	unless a contrary indication appears in a Transaction Document, any instructions given by the Instructing Group will be binding on all the Finance Parties;

  

	 	(c)	the Facility Agent may refrain from acting in accordance with the instructions of the Instructing Group (or, if appropriate, the Lenders) until it has received such
security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions; 

  

	 	(d)	in the absence of instructions from the Instructing Group, (or if appropriate, the Lenders) the Facility Agent may act (or refrain from taking action) as it considers
to be in the best interest of the Lenders; and 

  

	 	(e)	the Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating
to any Transaction Document. 

  

	28.3	The Facility Agent may retire from its appointment as agent for the Lenders having given to the Lenders and the Borrower not less than thirty (30) days notice of
its intention to do so provided always that no such retirement by the Facility Agent shall take effect unless there has been appointed by the Lenders as a successor agent either: 

 

	 	(a)	any reputable and experienced bank or financial institution with offices in London or Germany (or, if different, any Lender) nominated by the Lenders after (for so long
as there shall not have occurred and be continuing an Event of Default) consultation in good faith with the Borrower; or 

  
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	 	(b)	failing such a nomination, any reputable and experienced bank or financial institution with offices in London or Germany (or, if different, any Lender) nominated by the
Facility Agent after consultation in good faith with the Lenders and (for so long as there shall not have occurred and be continuing an Event of Default) the Borrower. 

 

	28.4	The Instructing Group may at any time require the Facility Agent to retire from its appointment as Facility Agent under this Agreement and the other Transaction
Document without giving any reason upon giving to the Facility Agent and the Borrower not less than thirty (30) days’ prior written notice to such effect. The Facility Agent agrees to co-operate in giving effect to such resignation in
accordance with any such notice duly received by it and, in such connection, shall execute all such deeds and documents as the Lenders may reasonably require in order to provide for (a) such resignation, (b) the appointment of a successor
facility agent and (c) the transfer of the rights and obligations of the Facility Agent under this Agreement and the other Transaction Documents to such successor, in each case in a legal, valid and binding manner. The retiring Facility Agent
shall not be responsible for any costs occasioned by such retirement (including in relation to any such deeds or documents previously referred to in this Clause 28.4). 

 

	28.5	Upon any such successor as aforesaid being appointed, the retiring Facility Agent shall be discharged from any further obligation under this Agreement and its successor
and each of the other Parties shall have the same rights and obligations among themselves as they would have had if such successor had been a Party in place of the retiring Facility Agent. 

 

	28.6	If any appointment of a successor facility agent pursuant to this Clause 28 gives rise to an obligation on the part of any Obligor to make a payment under any
Transaction Document in excess of that which it would have been obliged to make thereunder had no such appointment taken place, then the relevant Obligor shall not be obliged (other than as a result of a Change in Law after the date of such
appointment) to make any payment thereunder in excess of that which it would have been obliged to make had such appointment not taken place, unless (a) such appointment is made at the request of an Obligor or (b) such appointment is
necessary in order to comply with any Change in Law or any request from or requirement of any Governmental Authority (whether or not having the force of law but in respect of which compliance is generally customary). 

 

	28.7	Each Party hereby agrees, for so long as no Event of Default shall have occurred and be continuing, that no successor facility agent appointed pursuant to this Clause
28 shall be a person who is, in the opinion of the Borrower (acting reasonably) a competitor of the Borrower. 

  

	29.	COMMON FACILITY AGENT AND SECURITY TRUSTEE 

 Notwithstanding that the Facility Agent and the Security Trustee may from time to time be the same legal entities, the Facility Agent and the Security Trustee have each entered into this Agreement in
their separate capacities as agent for the relevant Lenders and as security agent and trustee for the Finance Parties under and pursuant to the Transaction Documents provided always that, where this Agreement provides for such entity to communicate
with or provide instructions to another such entity, it will not be necessary, for so long as such entities are the same or related 

  
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entities, for there to be any such formal communication or instructions notwithstanding that this Agreement provides in certain cases for the same to be in writing. 

 

	30.	REPRESENTATIVES 

  

	30.1	Each Representative shall be entitled to rely on any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by
the proper person and shall be entitled to rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected or approved by it. 

 

	30.2	Each Representative may refrain from doing anything which would, or might in its reasonable opinion, be contrary to any law of any jurisdiction or any directive,
regulation or regulatory requirement of any state (or any agency thereof) or which would or might render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive, regulation or regulatory
requirement. 

  

	30.3	Each Representative shall notify the other Representative as soon as is reasonably practicable, of the contents of any communication received by it from any Relevant
Person pursuant to any Transaction Document. 

  

	30.4	Each Representative may assume that each Lender’s Lending Office is that specified, in the case of the Initial Lender, in Clause 33.3 or, in the case of any other
Lender, in the Transfer Certificate whereby such Lender became a Party until it has received from the relevant Lender a notice designating some other office of the relevant Lender as its Lending Office and act upon any such notice until the same is
superseded by a further such notice. 

  

	30.5	Except with the prior written consent of each of the Finance Parties and subject as otherwise provided in this Agreement, neither Representative shall have authority on
behalf of the Finance Parties to agree with any Obligor or any other person any amendment (other than an amendment described in Clause 30.6) to any Transaction Document which would: 

 

	 	(a)	reduce the Margin or the amount of any payment to be made for account of any of the Finance Parties under any Transaction Document; 

 

	 	(b)	alter the due date (including any Repayment Date), reduce the amount or alter the currency of any payment of principal, interest or other amount payable under any
Transaction Document; 

  

	 	(c)	subject any Lender to any obligations not expressly contemplated by any Transaction Document; 

 

	 	(d)	alter the Availability Period; 

  

	 	(e)	amend, modify or vary the definition of “Lenders” in this Agreement; 

 

	 	(f)	amend, modify, vary, release or discharge any of the Security Documents or the Liens constituted thereby or consent to any of the same save in accordance with the terms
of this Agreement and the other Transaction Documents; or 

  

	 	(g)	amend, modify or vary this Clause 30.5. 

  
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	30.6	Either Representative may, without the prior written consent of the other Finance Parties, amend on behalf of the Finance Parties any provision of this Agreement or any
other Transaction Document if such amendment is necessary to correct any manifest error herein or therein, and any such amendment shall be binding on all of the Finance Parties. 

 

	30.7	With respect to its own participation in the Loan (if any), each Representative shall have the same rights and powers under this Agreement and the Transaction Documents
as any other Lender and may exercise the same as though it were not performing the duties and functions delegated to it (as agent or security agent and trustee) under this Agreement or, as the case may be, the Transaction Documents, and the term
“Lender” shall, unless the context otherwise indicates, include such Representative. Neither this Agreement nor any Transaction Document shall (nor shall the same be construed so as to) constitute a partnership between the Parties or any
of them or so as to establish a fiduciary relationship between either Representative (in any capacity) and any other person. 

  

	30.8	Each Lender acknowledges that it has not relied on any statement, opinion, forecast or other representation made by either Representative to induce it to enter into any
Transaction Document and that it has made and will continue to make, without reliance on either Representative and based on such documents as it considers appropriate, its own appraisal of the creditworthiness of each Relevant Person and its own
independent investigation of the financial condition and affairs of each Relevant Person in connection with the making and continuation of any of the Advances. Neither Representative shall have any duty or responsibility, either initially or on a
continuing basis, to provide the Lenders with any credit or other information with respect to any Relevant Person whether coming into its possession before the making of an Advance or at any time thereafter. Neither Representative shall have any
duty or responsibility for the completeness or accuracy of any information given by any Relevant Person in connection with or pursuant to any Transaction Document, whether the same is given to such Representative and passed on by it to any Lenders
or otherwise. 

  

	30.9	Neither Representative shall have any responsibility to any Finance Party: 

 

	 	(a)	on account of the failure by any Relevant Person to perform its obligations under any Transaction Document; or 

 

	 	(b)	for the financial condition of any Relevant Person; or 

  

	 	(c)	for the completeness or accuracy of any statements, representations or warranties in any Transaction Document or any document delivered under this Agreement or any of
the other Transaction Documents; or 

  

	 	(d)	for the execution, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of this Agreement or any of the other Transaction
Documents or of any certificate, report or other document executed or delivered under this Agreement or any of the other Transaction Documents; or 

  

	 	(e)	to investigate of make enquiry into the title of any Relevant Person to the Trust Property or any part thereof; or 

  
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	 	(f)	for the failure to register any Transaction Document on any register with any authority, court or relevant body; or 

 

	 	(g)	for the failure to take or require any Relevant Person or any provider of insurances or reinsurances, to take any steps to render any of the Trust Property effective or
to secure the creation of any ancillary charge under the laws of the jurisdiction concerned; or 

  

	 	(h)	otherwise in connection with either Advance or the negotiation of any Transaction Document; or 

 

	 	(i)	otherwise in connection with the Transaction Documents and their negotiation or for acting (or, as the case may be, refraining from acting) in accordance with the
instructions of the Instructing Group and/or in accordance with any provision of any Transaction Document. 

  

	30.10	Each Representative shall be entitled to rely on any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by
the proper person and shall be entitled to rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected or approved by it. 

 

	30.11	Each Representative may, without any liability to account to any of the Finance Parties, accept deposits from, lend money to, and generally engage in any kind of
banking or trust business with any Relevant Person or any of its Affiliates or associated companies or any of the other Finance Parties as if it were not an agent or security agent and trustee hereunder. 

 

	31.	TRANSFERS 

  

	31.1	This Agreement shall be binding upon and enure to the benefit of each Party and its successors, permitted assigns and permitted transferees. 

 

	31.2	Subject to this Clause 31, a Lender (the “Existing Lender”) may assign any of its rights, or transfer by novation any of its rights and obligations,
under any Transaction Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial
assets (the “New Lender”). 

  

	31.3	The consent of the Borrower is required for an assignment or transfer by an Existing Lender provided that such consent shall not be required in relation to any
such transfer (a) to an existing Finance Party or an Affiliate of an existing Finance Party, (b) to any person that (i) is engaged in the aircraft finance business (other than a person whose principal business is aircraft operating
leasing), (ii) has a Standard & Poor’s long-term credit rating of at least BBB and (iii) is organised under the laws of any OECD country or (c) following the occurrence of an Event of Default that is continuing.

  

	31.4	If required, the consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed. The Borrower will be deemed to have given its
consent five (5) Business Days after the Existing Lender has requested it unless such consent is expressly refused by the Borrower within that time. 

  
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	31.5	An assignment will only be effective on: 

  

	 	(a)	receipt by the Facility Agent of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the
same obligations to the other Finance Parties as it would have been under if it was an Existing Lender; and 

  

	 	(b)	performance by the Facility Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such
assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	31.6	A transfer by novation will only be effective if the procedure set out in Clauses 31.13 to 31.15 inclusive is complied with. 

 

	31.7	If: 

  

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

 

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment pursuant to Clause 15 or
Clause 16 to the New Lender or Lender acting through its new Lending Office, 

 then the New Lender or Lender
acting through its new Lending Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Lending Office would have been if the assignment, transfer or change had
not occurred unless (i) the assignment, transfer or change is made in connection with the provisions of Clause 17 or at the request of an Obligor or (ii) the assignment, transfer or change is required in order to comply with any Change in
Law or any request from or requirement of any Governmental Authority (whether or not having the force of law but in respect of which compliance is generally customary). 
  

	31.8	If any assignment or transfer by a Lender of its rights or obligations under the Transaction Documents or any change in the Lending Office of a Lender gives rise to an
obligation on the part of an Obligor to make a payment under any Transaction Document in excess of that which it would have been obliged to make under such Transaction Document had no such assignment, transfer or change taken place, then such
Obligor shall not be obliged (other than as a result of a Change in Law after the date of such assignment, transfer or change) to make any payment under any Transaction Document to the relevant New Lender or Lender in excess of that which it would
have been obliged to make had such assignment, transfer or change not taken place unless (a) the assignment, transfer or change is made in connection with the provisions of Clause 17 or at the request of an Obligor or (b) the assignment,
transfer or change is required in order to comply with any Change in Law or any request from or requirement of any Governmental Authority (whether or not having the force of law but in respect of which compliance is generally customary).

  

	31.9	The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of one thousand Dollars
(US$1,000). 

  

	31.10	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	 	(a)	the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents or any other documents; 

  
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	 	(b)	the financial condition of any Obligor; 

  

	 	(c)	the performance and observance by any Obligor of its obligations under the Transaction Documents or any other documents; or 

 

	 	(d)	the accuracy of any statements (whether written or oral) made in or in connection with any Transaction Document or any other document, 

and any representations or warranties implied by law are excluded. 

 

	31.11	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Transaction Document; and 

 

	 	(b)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under
the Transaction Documents or any Commitment is in force. 

  

	31.12	Nothing in any Transaction Document obliges an Existing Lender to: 

  

	 	(a)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 31; or 

 

	 	(b)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Transaction Documents
or otherwise. 

  

	31.13	Subject to the conditions set out above in this Clause, a transfer is effected in accordance with Clause 31.15 when the Facility Agent executes an otherwise duly
completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 31.14, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on
its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	31.14	The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

 

	31.15	On the Transfer Date: 

  

	 	(a)	 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Transaction
Documents and in respect of the Trust Property, each of the Relevant Obligors and the Existing Lender shall be released from further obligations towards one another under the Transaction Documents and in respect of the

  
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Trust Property and their respective rights against one another under the Transaction Documents and in respect of the Trust Property shall be cancelled (being the “Discharged Rights and
Obligations”); 

  

	 	(b)	each of the Relevant Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged
Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

 

	 	(c)	the Facility Agent, the Security Trustee, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves and in
respect of the Trust Property as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the
Security Trustee and the Existing Lender shall each be released from further obligations to each other under the Transaction Documents; and 

  

	 	(d)	the New Lender shall become a Party as a “Lender”. 

  

	31.16	The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Borrower a copy of that Transfer Certificate.

  

	31.17	Disclosure of information is subject to the following conditions: 

  

	 	(a)	Any Lender may disclose to any of its Affiliates and any other person: 

  

	 	(i)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under the Transaction Documents;

  

	 	(ii)	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, the Transaction Documents or any Obligor; or 

  

	 	(iii)	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

any information about any Obligor, its Affiliates and the Transaction Documents as that Lender shall consider appropriate. 

 

	 	(b)	Any Finance Party may disclose such information to a rating agency or its professional advisers or (with the consent of the Borrower) any other person.

  

	31.18	No Obligor may assign any of its rights or transfer any of its rights and/or obligations under the Transaction Documents. 

 

	32.	MISCELLANEOUS 

  

	32.1	This Agreement may be executed in any number of counterparts and on separate counterparts, each of which when executed shall constitute an original, but all
counterparts shall together constitute one and the same instrument. 

  
 -57-

	32.2	Any amendment, supplement or variation to any Transaction Document must be in writing and executed by each party to such Transaction Document. 

 

	32.3	Neither the failure to exercise, nor the delay in any exercise of, nor the single or partial exercise of, any right, power or remedy by any Finance Party under or in
relation to this Agreement shall (a) operate as a waiver of such right, power or remedy, (b) prevent any further or other exercise of such right, power or remedy or (c) prevent the exercise of any other right, power or remedy. The rights,
powers and remedies of each Finance Party provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 

  

	32.4	Any waiver or consent given by a Party under or in relation to this Agreement must, in order to be effective, be in writing and shall only be effective in the specific
circumstances in which it is given. 

  

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

 

	32.6	A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Agreement
provided that each Indemnitee shall be entitled to enforce and enjoy the benefit of the terms of Clause 14 subject to and in accordance the provisions thereof. 

 

	33.	NOTICES 

  

	33.1	Unless otherwise expressly provided in this Agreement, all notices, requests, demands or other written communications in relation to this Agreement (for the purposes of
this Clause 33, “Written Notices”) shall, in order to be effective, be in English and in writing and shall be delivered by letter or by facsimile transmission. 

 

	33.2	All Written Notices shall: 

  

	 	(a)	in order to be effectively delivered to a Party, be: 

  

	 	(i)	left at the postal address of that Party set out in Clause 33.3; 

  

	 	(ii)	posted by first class (if to a local destination) or airmail (if to an international destination) postage prepaid or sent with an internationally recognised courier
service, in each case in an envelope addressed to that Party at its postal address set out in Clause 33.3; or 

  

	 	(iii)	sent by facsimile to the facsimile number of that Party set out in Clause 33.3; and 

 

	 	(b)	be effective and deemed to have been delivered to a Party: 

  

	 	(i)	in the case of a letter (x) if delivered in the manner referred to in Clause 33.2(a)(i), when left at the postal address of that Party or (y) if delivered in
the manner referred to in Clause 33.2(a)(ii), five (5) Business Days after having been posted or deposited with the relevant courier service; or 

  
 -58-

	 	(ii)	in the case of a facsimile transmission, upon receipt by the sender of a transmission slip confirming that the entire Written Notice has been sent to the correct
facsimile number (provided that if the time of dispatch of a facsimile transmission is not within normal business hours on a business day in the country of the recipient, such facsimile transmission shall be deemed to have been delivered at the
opening of business on the next succeeding business day in such country). 

  

	33.3	The addresses of the Parties for the purposes of this Clause 33 are as follows: 

 

	 	(a)	Each Relevant Obligor 

 c/o GAHF
(Ireland) Limited 
 70 Sir John Rogerson’s Quay 
 Dublin 2 
 Ireland 

 

					
		  	Attention:	  	Matsack Trust Limited (Company Secretary)
		  	Fax:	  	+353 1 232 3333

  

	 	(b)	the Initial Lender, the Facility Agent and the Security Trustee 

 Norddeutsche Landesbank Girozentrale 
 Ship and Aircraft Finance Department

 Friedrichswall 10 
 30159 Hannover 
 Federal Republic of Germany 

 

					
		  	Attention:	  	Officer in Charge
		  	Fax:	  	+49 511 361 4785

  

	 	(c)	any Lender (other than the Initial Lender), to it at the address designated for such purpose in the Transfer Certificate by which it becomes a party to this Agreement

 or, in each case, such other address as one Party may from time to time designate to the other Parties upon not
less than five (5) Business Days notice. 
  

	33.4	All notices from any Obligor to a Finance Party shall be sent through the Facility Agent and all notices from a Finance Party to any Obligor shall be sent through the
Facility Agent. 

  

	34.	RECOURSE 

  

	34.1	Each Obligor, as security for its obligations under the Transaction Documents to which it is a party, is willing to create Liens for the benefit of the Finance Parties
pursuant to the Security Documents. In recognition of the willingness of each Obligor to do such acts and things each of the Finance Parties is prepared to limit its recourse against each Obligor as provided in this Clause 34.

  
 -59-

	34.2	Notwithstanding anything contained herein (save in this Clause 34) or in any of the other Transaction Documents to the contrary, the Parties irrevocably and
unconditionally agree that the rights of the Finance Parties to enforce (whether by legal proceedings or otherwise) the obligations of each Obligor under the Transaction Documents shall be limited to: 

 

	 	(a)	the recovery from such Obligor or from any other person of all sums that are paid to or recovered by such Obligor (or any person claiming through or on behalf of such
Obligor) pursuant to any provision of any of the Transaction Documents or as a result of the enforcement of any of the Transaction Documents; and 

  

	 	(b)	the realisation of any proceeds from the enforcement of any security granted to the Security Trustee under any of the Security Documents, 

provided that in calculating the amount due from an Obligor pursuant to Clauses 34.2(a) and 34.2(b), there shall be deducted any
amounts in each case (i) to the extent that such Obligor is not entitled to retain such sums or proceeds as against any third party by virtue of any law, including as a result of any judgment or order of any court or in any bankruptcy of such
third party and (ii) to the extent that such Obligor is obliged to apply any such sums or proceeds or part thereof in discharge of any liability of it to pay Taxes. 

 

	34.3	This Clause 34 shall be of no application if any Finance Party incurs any Loss (a) as a result of the gross negligence or wilful misconduct of an Obligor,
(b) as a result of the occurrence of any Recourse Event of Default or (c) as a result of any representation or warranty made or deemed to be made by an Obligor in this Agreement at any time proving to have been false or incorrect in any
material respect on the date as of which made or deemed to be made (and such Finance Party shall be at liberty to pursue all its rights and remedies against such Obligor in respect of such loss, damage, liability, claim or expense without
restriction in the event of any such circumstances). 

  

	34.4	Notwithstanding the provisions of Clause 34.2, each Relevant Obligor undertakes and agrees with each Finance Party that: 

 

	 	(a)	each of the obligations of each Obligor under each Transaction Document (i) is a continuing obligation (unless and until the Security Trustee confirms that its rights
and remedies under the Transaction Documents have been fully, finally and indefeasibly exhausted and extinguished), (ii) shall not be extinguished by reason of any inability of any Party to enforce such obligation as a result of the limitation
on recourse contained herein or by performance in part of any such obligation and (iii) is due to be performed on the date on which it is expressed by the terms of such Transaction Document to become due to be performed; and

  

	 	(b)	the provisions of Clause 34.2 shall not derogate from or otherwise limit the right of recovery, realisation or application by any Finance Party under or pursuant to any
of the Transaction Documents or anything assigned, mortgaged, charged, pledged or secured under or pursuant to any of the Security Documents. 

  

	35.	GOVERNING LAW AND JURISDICTION 

  

	35.1	This Agreement is governed by and shall be construed in accordance with English law. 

 

	35.2	Each Party irrevocably agrees for the benefit of each of the other Parties that the courts of England shall have jurisdiction to hear and determine any suit, action or
proceeding (“Proceedings”), and to settle any disputes, which may arise out of or in connection with this Agreement and for such purpose irrevocably submits to the jurisdiction of such courts. 

  
 -60-

	35.3	Each Relevant Obligor agrees that the process by which any Proceedings are begun may be served on it by being delivered to Clifford Chance Secretaries Limited at 10
Upper Bank Street, London E14 5JJ, England (for the attention of Denise Miller) or, if different, its registered office in England from time to time. If such person ceases to act or to be appointed as process agent in relation to a Relevant Obligor,
such Relevant Obligor will promptly appoint a replacement process agent in England acceptable to the Security Trustee and notify the Security Trustee in writing thereof. Failing any such appointment by a Relevant Obligor, the Relevant Obligor hereby
by way of security irrevocably appoints the Security Trustee as its attorney to appoint another such process agent on its behalf. Nothing contained herein shall affect the right to serve process in any other manner permitted by law.

  

	35.4	The submission by the Parties to the jurisdiction mentioned in Clause 35.2 shall not (and shall not be construed so as to) limit the right of any Party to take
Proceedings against any other Party in any other court of competent jurisdiction nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not if and to
the extent permitted by applicable law. 

  

	35.5	Each Relevant Obligor hereby consents generally in respect of any Proceedings arising out of or in connection with this Agreement to the giving of any relief or the
issue of any process in connection with such Proceedings including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or
given in such Proceedings. 

  

	35.6	To the extent that any Relevant Obligor may in any jurisdiction claim for itself or themselves or its assets immunity from suit, execution, attachment (whether in aid
of execution, or their judgment or otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or themselves or its or their asset such immunity (whether or not claimed) such Relevant Obligor
hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. 

 AS WITNESS the hands of the duly authorised representatives of the Parties the day and year first above written. 

  
 -61-

 EXECUTION PAGE 1 

NORDLB / GAHF – LOAN AGREEMENT 

 

	
	Sponsor
	
	  

	for and on behalf of
	GLOBAL AVIATION HOLDINGS FUND LIMITED
	Name:
	Title:
	
	Borrower
	
	  

	for and on behalf of
	GAHF (IRELAND) LIMITED
	Name:
	Title:
	
	Purchaser
	
	  

	for and on behalf of
	CALEDONIAN AVIATION HOLDINGS LIMITED
	Name:
	Title:

  
 -151-

 EXECUTION PAGE 2 

NORDLB / GAHF – LOAN AGREEMENT 

 

			
	Initial Lender
	
	  

	for and on behalf of
	NORDDEUTSCHE LANDESBANK GIROZENTRALE
	Name:	 	Carola Emmerich
	Title:	 	Attorney-in-Fact
	
	Facility Agent
	
	  

	for and on behalf of
	NORDDEUTSCHE LANDESBANK GIROZENTRALE
	Name:	 	Carola Emmerich
	Title:	 	Attorney-in-Fact
	
	Security Trustee
	
	  

	for and on behalf of
	NORDDEUTSCHE LANDESBANK GIROZENTRALE
	Name:	 	Carola Emmerich
	Title:	 	Attorney-in-Fact

  
 -152-

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